# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-25-154919
**Filing Date:** 2025-7
**Character Count:** 222549
**Document Hash:** 9b5ccabc93808a443a846ce617e9426f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154919.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154919

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251100557

**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 High Yield Active ETF (Series ID: S000085059)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000249922 | iShares High Yield Active 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 <br> iShares High Yield Active 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:

10/31/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK BlackRock Logo](g944323images_4976.jpg)

### iShares High Yield Active ETF

### BRHY \| NASDAQ

#### Semi-Annual Shareholder Report — April 30, 2025

------

This semi-annual shareholder report contains important information about iShares High Yield Active ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### What were the Fund costs for the last six months?
(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 High Yield Active ETF | $23 | 0.45%(a) |

---

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

Fund performance

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *6-Month<br> Total<br> Returns* | *Since Fund<br> Inception* |
| Fund NAV | 1.88% | 6.62% |
| Bloomberg U.S. Universal Index | 2.53 | 5.01 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index | 1.17 | 6.78 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$100554263 |
| Number of Portfolio Holdings | &nbsp;&nbsp;791 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

The inception date of the Fund was June 17, 2024.

 **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 **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 90.3% |
| Floating Rate Loan Interests | 6.8% |
| Convertible Bonds | 0.8% |
| Fixed Rate Loan Interests | 0.7% |
| Common Stocks | 0.7% |
| Preferred Stocks | 0.7% |

---

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| A | 0.1% |
| BBB/Baa | 3.7% |
| BB/Ba | 37.7% |
| B | 45.6% |
| CCC/Caa | 10.0% |
| N/R | 2.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### 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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited 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 - BLK BlackRock Logo Footer](g944323images_4975.jpg)

iShares High Yield Active ETF

Semi-Annual Shareholder Report — April 30, 2025

BRHY-04/25-SAR

------

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

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

------

April 30, 2025

![](g944323img28aac5691.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares High Yield Active ETF \| BRHY \| NASDAQ |

---

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

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

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_FS-Footer-BLKReport_1)  | &nbsp;&nbsp; 20 |
| [Statement of Operations](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_FS-Footer-BLKReport_2)  | &nbsp;&nbsp; 21 |
| [Statement of Changes in Net Assets](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_FS-Footer-BLKReport_3)  | &nbsp;&nbsp; 22 |
| [Financial Highlights](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_FS-Footer-BLKReport_4)  | &nbsp;&nbsp; 23 |
| [Notes to Financial Statements](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_NTFS-Footer-BLKReport-1309_1)  | &nbsp;&nbsp; 24 |
| [Additional Information](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_ADI-Footer-BLKReport-1309_1)  | &nbsp;&nbsp; 34 |
| [Glossary of Terms Used in these Financial Statements](#xx_08789c58-9bea-4915-93d8-1187ffba98ae_Abbreviations-Footer-BLKReport_1)  | &nbsp;&nbsp; 35 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares High Yield Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| FirstEnergy Corp., 4.00%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $175865 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| NextEra Energy Partners LP, 2.50%, 06/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 141940 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 107781 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Cable One Inc., 1.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 108800 |
| **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23899 |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3715 |
|  |  | &nbsp;&nbsp; 27614 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| MKS Instruments Inc., 1.25%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 104052 |
| ON Semiconductor Corp., 0.50%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 59547 |
|  |  | &nbsp;&nbsp; 163599 |
| **Total Convertible Bonds — 0.7%** <br>**(Cost: $758,947)** | **Total Convertible Bonds — 0.7%** <br>**(Cost: $758,947)** | &nbsp;&nbsp; 725599 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 1.1%** | **Advertising — 1.1%** | **Advertising — 1.1%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 5.13%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 110841 |
| 7.50%, 06/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 184410 |
| 7.75%, 04/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 52290 |
| 7.88%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 235105 |
| 9.00%, 09/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 170784 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 149520 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 114237 |
| 4.63%, 03/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26799 |
| 5.00%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24497 |
| 7.38%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 69113 |
|  |  | &nbsp;&nbsp; 1137596 |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4095 |
| Bombardier Inc. |  |  |
| 6.00%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36589 |
| 7.00%, 06/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 109267 |
| 7.25%, 07/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52217 |
| 8.75%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 162870 |
| Efesto Bidco Spa/U.S. LLC, 7.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 269854 |
| F-Brasile SpA/F-Brasile U.S. LLC, Series XR, <br> 7.38%, 08/15/26<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199520 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 84065 |
| Spirit AeroSystems Inc. |  |  |
| 9.38%, 11/30/29<sup>(b)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 131958 |
| 9.75%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 138363 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 263453 |
| 6.38%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 448233 |
| 6.63%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 497836 |
| 6.75%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 205039 |
| 7.13%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 281674 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Triumph Group Inc., 9.00%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; $187 | &nbsp;&nbsp; $196164 |
|  |  | &nbsp;&nbsp; 3081197 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients Inc., 6.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 58834 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| American Airlines Inc., 8.50%, 05/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 94785 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 53425 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65611 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 63873 |
|  |  | &nbsp;&nbsp; 277694 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Crocs Inc., 4.13%, 08/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 58562 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 61124 |
| Kontoor Brands Inc., 4.13%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2757 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 67478 |
|  |  | &nbsp;&nbsp; 189921 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Wabash National Corp., 4.50%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 70875 |
| **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
| Aptiv PLC/Aptiv Global Financing DAC, 6.88%, <br> 12/15/54, (5-year CMT + 3.385%)<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 187054 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.75%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 190936 |
| 6.75%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 145474 |
| 8.50%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 473734 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 22138 |
| 4.50%, 02/15/32 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 33297 |
| Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(b)</sup><br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 62873 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.25%, 04/30/31 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3727 |
| 5.63%, 04/30/33<sup>(c)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 60046 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(b)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 128967 |
|  |  | &nbsp;&nbsp; 1308246 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Bank of America Corp., 6.63%, , (5-year CMT + <br> 2.684%)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 345159 |
| Barclays PLC, 9.63%, (5-year USD ICE Swap + <br> 5.775%)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 360 | &nbsp;&nbsp; 392998 |
| Brookfield Finance Inc., 6.30%, 01/15/55, (5-year <br> CMT + 2.076%)<sup>(d)</sup><br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; 152162 |
| Citigroup Inc. |  |  |
| Series CC, 7.13%, (5-year CMT + 2.693%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 195279 |
| Series DD, 7.00%, (10-year CMT + <br> 2.757%)<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64489 |
| Series EE, 6.75%, , (5-year CMT + <br> 2.572%)<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 108490 |
| Series FF, 6.95%, , (5-year CMT + <br> 2.726%)<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45063 |
| Goldman Sachs Group Inc. (The) |  |  |
| 6.85%, , (5-year CMT + 2.461%)<sup>(c)(d)(e)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 103558 |
| Series Y, 6.13%, (10-year CMT + 2.400%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 192338 |
| PNC Financial Services Group Inc. (The) |  |  |
| Series V, 6.20%, (5-year CMT + 3.238%)<sup>(c)(d)(e)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35976 |
| Series W, 6.25%, (7-year CMT + 2.808%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 74772 |
| State Street Corp., Series I, 6.70%, (5-year CMT + <br> 2.613%)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34120 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| UBS Group AG |  |  |
| 7.75%, (5-year USD ICE Swap + 4.160%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; $200 | &nbsp;&nbsp; $204608 |
| 9.25%, (5-year CMT + 4.758%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 223558 |
| Walker & Dunlop Inc., 6.63%, 04/01/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41703 |
| Wells Fargo & Co., 6.85%, (5-year CMT + <br> 2.767%)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 68742 |
|  |  | &nbsp;&nbsp; 2283015 |
| **Building Materials — 2.3%** | **Building Materials — 2.3%** | **Building Materials — 2.3%** |
| Builders FirstSource Inc., 6.38%, 03/01/34<sup>(b)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 52604 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.63%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 724074 |
| 6.75%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 72403 |
| JELD-WEN Inc., 7.00%, 09/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 120319 |
| New Enterprise Stone & Lime Co. Inc. |  |  |
| 5.25%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 61156 |
| 9.75%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87018 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 396221 |
| 6.75%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 83310 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 98676 |
| 8.88%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 178521 |
| Standard Industries Inc./New York |  |  |
| 3.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 30021 |
| 4.38%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 137094 |
| 6.50%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 188316 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 96858 |
|  |  | &nbsp;&nbsp; 2326591 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45508 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 138934 |
| Celanese U.S. Holdings LLC |  |  |
| 6.50%, 04/15/30 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14657 |
| 6.75%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 48812 |
| Chemours Co. (The) |  |  |
| 4.63%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28471 |
| 5.38%, 05/15/27 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 110043 |
| 5.75%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 83335 |
| 8.00%, 01/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 51364 |
| Element Solutions Inc., 3.88%, 09/01/28<sup>(b)</sup> | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 285503 |
| Illuminate Buyer LLC/Illuminate Holdings IV Inc., <br> 9.00%, 07/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 97100 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 61907 |
| Kobe U.S. Midco 2 Inc., 9.25%, 11/01/26, (10.00% <br> PIK)<sup>(b)(c)(f)</sup><br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 84512 |
| Mativ Holdings Inc., 8.00%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34914 |
| Methanex U.S. Operations Inc., 6.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 54920 |
| Minerals Technologies Inc., 5.00%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60809 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200000 |
| 9.75%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 276119 |
| SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(b)</sup><br>| &nbsp;&nbsp; 132 | &nbsp;&nbsp; 123919 |
| WR Grace Holdings LLC |  |  |
| 5.63%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 371212 |
| 7.38%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 109582 |
|  |  | &nbsp;&nbsp; 2281621 |
| **Commercial Services — 5.1%** | **Commercial Services — 5.1%** | **Commercial Services — 5.1%** |
| ADT Security Corp. (The), 4.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 37722 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 523958 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; $400 | &nbsp;&nbsp; $375110 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL, 4.63%, <br> 06/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 383728 |
| APi Group DE Inc., 4.13%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 82164 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 213727 |
| Block Inc. |  |  |
| 2.75%, 06/01/26<sup>(c)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 64420 |
| 6.50%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 517282 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 304969 |
| Brink's Co. (The) |  |  |
| 6.50%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55014 |
| 6.75%, 06/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 101335 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35047 |
| EquipmentShare.com Inc., 8.00%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36521 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 89443 |
| 6.00%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 62669 |
| 7.75%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 174451 |
| 8.25%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 119852 |
| 8.38%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 224905 |
| Herc Holdings Inc., 6.63%, 06/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26674 |
| Hertz Corp. (The), 12.63%, 07/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38905 |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc., 6.25%, 01/15/28<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 85929 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 66324 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 162820 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2686 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 73957 |
| 5.75%, 10/15/32 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 276427 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc.<br>|  |  |
| 4.63%, 11/01/26<sup>(b)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 31560 |
| 6.75%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 203864 |
| Sotheby's, 7.38%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 187712 |
| Verde Purchaser LLC, 10.50%, 11/30/30<sup>(b)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 44916 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 164829 |
| WEX Inc., 6.50%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 94322 |
| Williams Scotsman Inc. |  |  |
| 6.63%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 86137 |
| 6.63%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 88576 |
| 7.38%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 78830 |
|  |  | &nbsp;&nbsp; 5116785 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 79345 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 194750 |
| Diebold Nixdorf Inc., 7.75%, 03/31/30<sup>(b)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 39562 |
| Fortress Intermediate 3 Inc., 7.50%, 06/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 151290 |
| Insight Enterprises Inc., 6.63%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52754 |
| KBR Inc., 4.75%, 09/30/28<sup>(b)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 92909 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 108837 |
| Science Applications International Corp., 4.88%, <br> 04/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; 46669 |
|  |  | &nbsp;&nbsp; 766116 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32<sup>(c)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 169742 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| Gates Corp./DE, 6.88%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 105521 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Distribution & Wholesale (continued)** | **Distribution & Wholesale (continued)** | **Distribution & Wholesale (continued)** |
| Resideo Funding Inc. |  |  |
| 4.00%, 09/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $61672 |
| 6.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 65471 |
|  |  | &nbsp;&nbsp; 232664 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| Apollo Global Management Inc., 6.00%, 12/15/54, <br> (5-year CMT + 2.168%)<sup>(d)</sup><br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 89916 |
| Azorra Finance Ltd., 7.75%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46589 |
| Bread Financial Holdings Inc., 8.38%, 06/15/35, <br> (5-year CMT + 4.300%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11223 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 146873 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 44989 |
| 9.13%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 106163 |
| 9.25%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56028 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 58099 |
| 6.88%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 179732 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 83370 |
| Jane Street Group/JSG Finance Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60283 |
| Macquarie Airfinance Holdings Ltd., 6.50%, <br> 03/26/31<sup>(b)</sup><br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 77040 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.75%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36134 |
| 6.50%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 161607 |
| 7.13%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 233416 |
| Navient Corp., 9.38%, 07/25/30 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 104204 |
| OneMain Finance Corp. |  |  |
| 4.00%, 09/15/30<sup>(c)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 61183 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 91265 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 185377 |
| 7.13%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31128 |
| 7.50%, 05/15/31 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11155 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 133262 |
| PennyMac Financial Services Inc. |  |  |
| 6.88%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42940 |
| 7.13%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 183047 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 82997 |
| 3.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9943 |
| 4.00%, 10/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 64876 |
| SLM Corp. |  |  |
| 3.13%, 11/02/26 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62964 |
| 6.50%, 01/31/30<sup>(c)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18581 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 144375 |
|  |  | &nbsp;&nbsp; 2618759 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
| AES Corp. (The), 7.60%, 01/15/55, (5-year CMT + <br> 3.201%)<sup>(d)</sup><br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 96831 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 93758 |
| CenterPoint Energy Inc., Series B, 6.85%, 02/15/55, <br> (5-year CMT + 2.946%)<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38943 |
| Clearway Energy Operating LLC, 3.75%, <br> 01/15/32<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 123 | &nbsp;&nbsp; 106667 |
| ContourGlobal Power Holdings SA, 6.75%, <br> 02/28/30<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202382 |
| Dominion Energy Inc., 6.63%, 05/15/55, (5-year <br> CMT + 2.207%)<sup>(d)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24580 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Duke Energy Corp., 6.45%, 09/01/54, (5-year CMT <br> + 2.588%)<sup>(d)</sup><br>| &nbsp;&nbsp; $57 | &nbsp;&nbsp; $57120 |
| Edison International, Series A, 5.38%, (5-year CMT <br> + 4.698%)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 274 | &nbsp;&nbsp; 256818 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32117 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(d)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70148 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(c)(d)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50509 |
| NRG Energy Inc. |  |  |
| 5.75%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114459 |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 213733 |
| 6.25%, 11/01/34<sup>(b)(c)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 173733 |
| 10.25%, (5-year CMT + 5.920%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 161045 |
| Pattern Energy Operations LP/Pattern Energy <br> Operations Inc., 4.50%, 08/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18054 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 58749 |
| Vistra Corp. |  |  |
| 7.00%, (5-year CMT + 5.740%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 227227 |
| 8.00%, (5-year CMT + 6.930%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52125 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 101506 |
| 7.75%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 113140 |
| XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 226 | &nbsp;&nbsp; 226830 |
|  |  | &nbsp;&nbsp; 2490474 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 178044 |
| 6.63%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38654 |
|  |  | &nbsp;&nbsp; 216698 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 120630 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 77345 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 44580 |
| 4.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 127253 |
| 6.63%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198144 |
|  |  | &nbsp;&nbsp; 567952 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| Arcosa Inc. |  |  |
| 4.38%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 86481 |
| 6.88%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8152 |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 441715 |
| Dycom Industries Inc., 4.50%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33904 |
|  |  | &nbsp;&nbsp; 570252 |
| **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
| Boyne USA Inc., 4.75%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 89455 |
| Caesars Entertainment Inc. |  |  |
| 6.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 182953 |
| 7.00%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 235438 |
| Churchill Downs Inc. |  |  |
| 5.75%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 258187 |
| 6.75%, 05/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 130287 |
| Cinemark USA Inc., 7.00%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23519 |
| Great Canadian Gaming Corp., 8.75%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 108017 |
| Light & Wonder International Inc., 7.50%, <br> 09/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35961 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13383 |
| 4.75%, 10/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 56771 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Merlin Entertainments Group U.S. Holdings Inc., <br> 7.38%, 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; $200 | &nbsp;&nbsp; $186274 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29266 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; 71988 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.88%, 09/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 95 | &nbsp;&nbsp; 49400 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; 47378 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo Inc., 6.63%, 03/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; 83758 |
| Six Flags Entertainment Corp./DE, 7.25%, <br> 05/15/31<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50687 |
| Six Flags Entertainment Corp./Six Flags Theme <br> Parks Inc., 6.63%, 05/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24215 |
| Vail Resorts Inc., 6.50%, 05/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 80011 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 225608 |
| 6.25%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 111161 |
|  |  | &nbsp;&nbsp; 2093717 |
| **Environmental Control — 1.0%** | **Environmental Control — 1.0%** | **Environmental Control — 1.0%** |
| Clean Harbors Inc., 6.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42781 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47628 |
| 4.38%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 87810 |
| 4.75%, 06/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 131950 |
| 6.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11435 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38190 |
| 5.88%, 06/30/29<sup>(b)</sup> | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 142791 |
| Reworld Holding Corp., 5.00%, 09/01/30 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 42242 |
| Waste Pro USA Inc., 7.00%, 02/01/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 325470 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 98547 |
|  |  | &nbsp;&nbsp; 968844 |
| **Food — 2.0%** | **Food — 2.0%** | **Food — 2.0%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 4.63%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 113699 |
| 4.88%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 104333 |
| 6.25%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 127833 |
| B&G Foods Inc., 8.00%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26788 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% <br> PIK)<sup>(b)(f)</sup><br>| &nbsp;&nbsp; 417 | &nbsp;&nbsp; 441654 |
| Chobani LLC/Chobani Finance Corp. Inc. |  |  |
| 4.63%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 158295 |
| 7.63%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 247185 |
| Fiesta Purchaser Inc. |  |  |
| 7.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11523 |
| 9.63%, 09/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25095 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46035 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(b)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 41277 |
| 4.38%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 75122 |
| Performance Food Group Inc. |  |  |
| 4.25%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 83288 |
| 6.13%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 157047 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $28211 |
| 6.25%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25194 |
| 6.25%, 10/15/34<sup>(b)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 67436 |
| 6.38%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 92943 |
| Simmons Foods Inc./Simmons Prepared <br> Foods Inc./Simmons Pet Food Inc./Simmons <br> Feed, 4.63%, 03/01/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17650 |
| U.S. Foods Inc., 4.75%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 55361 |
| United Natural Foods Inc., 6.75%, 10/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 76584 |
|  |  | &nbsp;&nbsp; 2022553 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42306 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36880 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| AltaGas Ltd., 7.20%, 10/15/54, (5-year CMT + <br> 3.573%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 57621 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 129264 |
| 7.75%, 05/01/35<sup>(b)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 131443 |
|  |  | &nbsp;&nbsp; 318328 |
| **Health Care - Products — 1.3%** | **Health Care - Products — 1.3%** | **Health Care - Products — 1.3%** |
| Avantor Funding Inc., 4.63%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 223115 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 327222 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 68353 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 380805 |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 208 | &nbsp;&nbsp; 209592 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 81768 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 66667 |
|  |  | &nbsp;&nbsp; 1357522 |
| **Health Care - Services — 2.6%** | **Health Care - Services — 2.6%** | **Health Care - Services — 2.6%** |
| Acadia Healthcare Co. Inc., 7.38%, 03/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27976 |
| AHP Health Partners Inc., 5.75%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 113284 |
| CHS/Community Health Systems Inc. |  |  |
| 5.25%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 334436 |
| 5.63%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 273060 |
| 10.88%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 240574 |
| Concentra Escrow Issuer Corp., 6.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 114665 |
| DaVita Inc., 6.88%, 09/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40387 |
| Encompass Health Corp., 4.63%, 04/01/31 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 82823 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 31240 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 56610 |
| HealthEquity Inc., 4.50%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 202223 |
| LifePoint Health Inc. |  |  |
| 8.38%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 65276 |
| 9.88%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31912 |
| 10.00%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 100880 |
| 11.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 205794 |
| Molina Healthcare Inc., 6.25%, 01/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 67488 |
| Prime Healthcare Services Inc., 9.38%, <br> 09/01/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17161 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 125466 |
| Surgery Center Holdings Inc., 7.25%, 04/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 232471 |
| Tenet Healthcare Corp., 6.75%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 220394 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 91366 |
|  |  | &nbsp;&nbsp; 2675486 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified — 1.1%** | **Holding Companies - Diversified — 1.1%** | **Holding Companies - Diversified — 1.1%** |
| Apollo Debt Solutions BDC |  |  |
| 6.55%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11065 |
| 6.70%, 07/29/31 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55972 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 83455 |
| 5.70%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 67874 |
| Bain Capital Specialty Finance Inc., 5.95%, <br> 03/15/30<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19594 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34<sup>(b)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 181292 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30202 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/27<sup>(c)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 58035 |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16035 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 59431 |
| HA Sustainable Infrastructure Capital Inc., 6.38%, <br> 07/01/34<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48011 |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 5.25%, 05/15/27 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 216200 |
| 9.75%, 01/15/29 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 154959 |
| 10.00%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 64536 |
|  |  | &nbsp;&nbsp; 1066661 |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
| Ashton Woods USA LLC/Ashton Woods Finance <br> Co., 4.63%, 08/01/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 60140 |
| Beazer Homes USA Inc., 5.88%, 10/15/27 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15630 |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 148 | &nbsp;&nbsp; 131736 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20490 |
| K Hovnanian Enterprises Inc., 11.75%, 09/30/29<sup>(b)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 248975 |
| LGI Homes Inc. |  |  |
| 7.00%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 65497 |
| 8.75%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56549 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 40251 |
| New Home Co. Inc. (The), 9.25%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 83581 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56872 |
|  |  | &nbsp;&nbsp; 779721 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Tempur Sealy International Inc., 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 60347 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Central Garden & Pet Co. |  |  |
| 4.13%, 04/30/31<sup>(b)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12601 |
| 5.13%, 02/01/28 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20759 |
| Kronos Acquisition Holdings Inc., 8.25%, <br> 06/30/31<sup>(b)</sup><br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14876 |
|  |  | &nbsp;&nbsp; 48236 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29<sup>(c)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 68083 |
| **Insurance — 6.0%** | **Insurance — 6.0%** | **Insurance — 6.0%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 260528 |
| 5.88%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 240370 |
| 6.75%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 285929 |
| 6.75%, 04/15/28<sup>(b)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41295 |
| 7.00%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 327812 |
| 7.38%, 10/01/32<sup>(b)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 126320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(b)</sup> | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $45827 |
| 6.38%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59703 |
| APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Inves, 7.88%, <br> 11/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 60511 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 407122 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 408007 |
| AssuredPartners Inc., 7.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 138173 |
| Corebridge Financial Inc., 6.38%, 09/15/54, (5-year <br> CMT + 2.646%)<sup>(d)</sup><br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 64549 |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.25%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 410807 |
| 8.13%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202881 |
| HUB International Ltd. |  |  |
| 7.25%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 840167 |
| 7.38%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 962292 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 146615 |
| 10.50%, 12/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 96816 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 637236 |
| Ryan Specialty LLC |  |  |
| 4.38%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 61657 |
| 5.88%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 85931 |
| USI Inc./New York, 7.50%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 160082 |
|  |  | &nbsp;&nbsp; 6070630 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 34633 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 11147 |
| 4.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 50639 |
| Rakuten Group Inc., 9.75%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210962 |
| Snap Inc., 6.88%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 290632 |
|  |  | &nbsp;&nbsp; 598013 |
| **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** |
| ATI Inc. |  |  |
| 5.13%, 10/01/31 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 85179 |
| 7.25%, 08/15/30 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 187205 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)</sup><br>| &nbsp;&nbsp; 195 | &nbsp;&nbsp; 196200 |
| Carpenter Technology Corp., 7.63%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 98795 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 72640 |
| 7.38%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23502 |
| 7.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18387 |
|  |  | &nbsp;&nbsp; 681908 |
| **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** |
| Carnival Corp. |  |  |
| 6.00%, 05/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 175957 |
| 6.13%, 02/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 256810 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 72093 |
| NCL Corp. Ltd. |  |  |
| 6.25%, 03/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40969 |
| 6.75%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 151348 |
| 7.75%, 02/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14449 |
| 8.13%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 58644 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 266932 |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200551 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $70855 |
| 10.75%, 11/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 137160 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 66864 |
| 9.13%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 209562 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, <br> 02/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39599 |
|  |  | &nbsp;&nbsp; 1761793 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12384 |
| 5.88%, 03/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 157919 |
| 6.13%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23306 |
| Las Vegas Sands Corp., 6.00%, 06/14/30 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50281 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 179980 |
| MGM Resorts International, 6.13%, 09/15/29 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 118462 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60788 |
| 6.63%, 03/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 84507 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(b)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 373160 |
|  |  | &nbsp;&nbsp; 1060787 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| ATS Corp., 4.13%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 60312 |
| BWX Technologies Inc., 4.13%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 101737 |
| Chart Industries Inc. |  |  |
| 7.50%, 01/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 103749 |
| 9.50%, 01/01/31<sup>(b)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 28773 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44644 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 279 | &nbsp;&nbsp; 283221 |
| Manitowoc Co. Inc. (The), 9.25%, 10/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37509 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13391 |
| 6.25%, 10/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 45938 |
| TK Elevator Holdco GmbH, 7.63%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200342 |
| TK Elevator U.S. Newco Inc., 5.25%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 369261 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 104301 |
|  |  | &nbsp;&nbsp; 1393178 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
| Amsted Industries Inc., 6.38%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36162 |
| Axon Enterprise Inc. |  |  |
| 6.13%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81392 |
| 6.25%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 54019 |
|  |  | &nbsp;&nbsp; 171573 |
| **Media — 4.1%** | **Media — 4.1%** | **Media — 4.1%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 117458 |
| 4.25%, 01/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 302417 |
| 4.50%, 05/01/32 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10662 |
| 4.50%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9571 |
| 4.75%, 02/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 53393 |
| 6.38%, 09/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 245177 |
| 7.38%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 292506 |
| CSC Holdings LLC |  |  |
| 3.38%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 133522 |
| 11.75%, 01/31/29<sup>(b)</sup> | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 579541 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc., 5.88%, 08/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 232 | &nbsp;&nbsp; 224222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| DISH DBS Corp. |  |  |
| 5.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $175628 |
| 5.75%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 230957 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 469774 |
| Gray Television Inc. |  |  |
| 7.00%, 05/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 43779 |
| 10.50%, 07/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 172449 |
| Midcontinent Communications, 8.00%, <br> 08/15/32<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 112145 |
| Radiate Holdco LLC/Radiate Finance Inc., 4.50%, <br> 09/15/26<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 30197 |
| Sinclair Television Group Inc., 8.13%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 186094 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 105094 |
| 4.00%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23518 |
| 5.00%, 08/01/27<sup>(b)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 190679 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 140300 |
| 8.00%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 132103 |
| 8.50%, 07/31/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 119923 |
|  |  | &nbsp;&nbsp; 4101109 |
| **Metal Fabricate & Hardware — 0.3%** | **Metal Fabricate & Hardware — 0.3%** | **Metal Fabricate & Hardware — 0.3%** |
| Advanced Drainage Systems Inc., 6.38%, <br> 06/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29448 |
| Roller Bearing Co of America Inc., 4.38%, <br> 10/15/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42687 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207066 |
|  |  | &nbsp;&nbsp; 279201 |
| **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51768 |
| 11.50%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 327202 |
| Constellium SE |  |  |
| 3.75%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 229736 |
| 6.38%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 246100 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 119505 |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210250 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 191407 |
| 4.63%, 03/01/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 74085 |
| New Gold Inc., 6.88%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 88980 |
| Novelis Corp. |  |  |
| 3.25%, 11/15/26<sup>(b)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 201723 |
| 3.88%, 08/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 122558 |
| 4.75%, 01/30/30<sup>(b)</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 126156 |
| Novelis Inc., 6.88%, 01/30/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 128830 |
|  |  | &nbsp;&nbsp; 2118300 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Xerox Corp., 10.25%, 10/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34646 |
| Zebra Technologies Corp., 6.50%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65302 |
|  |  | &nbsp;&nbsp; 99948 |
| **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 93376 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp., 5.88%, 06/30/29<sup>(b)</sup><br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27169 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32122 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 184089 |
| Civitas Resources Inc. |  |  |
| 8.38%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11789 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 8.75%, 07/01/31<sup>(b)</sup> | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $68438 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23986 |
| Comstock Resources Inc. |  |  |
| 5.88%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 113156 |
| 6.75%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 136306 |
| Crescent Energy Finance LLC, 7.63%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 251684 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 48756 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44801 |
| EQT Corp. |  |  |
| 4.75%, 01/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38630 |
| 6.38%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 86975 |
| Gulfport Energy Operating Corp., 6.75%, <br> 09/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40405 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.75%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 89885 |
| 6.88%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 101127 |
| 7.25%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 34849 |
| 8.38%, 11/01/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 113164 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 169946 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 36793 |
| Matador Resources Co. |  |  |
| 6.50%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51051 |
| 6.88%, 04/15/28<sup>(b)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 47733 |
| Nabors Industries Inc., 7.38%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 63174 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71458 |
| Northern Oil & Gas Inc., 8.13%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202386 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 57733 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 45247 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 79101 |
| 6.25%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 143751 |
| 7.00%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51341 |
| Sitio Royalties Operating Partnership LP/Sitio <br> Finance Corp., 7.88%, 11/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 98658 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64912 |
| TGNR Intermediate Holdings LLC, 5.50%, <br> 10/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 91895 |
| Transocean Aquila Ltd., 8.00%, 09/30/28<sup>(b)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7235 |
| Transocean Inc. |  |  |
| 8.00%, 02/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 101254 |
| 8.25%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 43538 |
| 8.50%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 47155 |
| 8.75%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 71943 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2689 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 157414 |
| Vital Energy Inc. |  |  |
| 7.88%, 04/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 16315 |
| 9.75%, 10/15/30 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 168587 |
| Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 60390 |
|  |  | &nbsp;&nbsp; 3492406 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 185683 |
| 6.63%, 09/01/32<sup>(b)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 133246 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $52162 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 175705 |
| Oceaneering International Inc., 6.00%, 02/01/28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25670 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90872 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 129848 |
|  |  | &nbsp;&nbsp; 793186 |
| **Packaging & Containers — 2.7%** | **Packaging & Containers — 2.7%** | **Packaging & Containers — 2.7%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC<br>|  |  |
| 4.00%, 09/01/29<sup>(b)</sup> | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 303772 |
| 6.00%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199266 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc., 4.13%, 08/15/26<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 176448 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 104763 |
| 6.75%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 261761 |
| 6.88%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 185936 |
| 8.75%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 98911 |
| LABL Inc. |  |  |
| 5.88%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15713 |
| 8.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 37605 |
| 9.50%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 138925 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 807125 |
| 9.25%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26608 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20261 |
| 6.50%, 07/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 57977 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6248 |
| Trident TPI Holdings Inc., 12.75%, 12/31/28<sup>(b)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 56648 |
| Trivium Packaging Finance BV, 5.50%, 08/15/26<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198035 |
|  |  | &nbsp;&nbsp; 2696002 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 676609 |
| Bausch Health Companies Inc., 11.00%, <br> 09/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 336 | &nbsp;&nbsp; 315975 |
| Endo Finance Holdings Inc., 8.50%, 04/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22874 |
| Option Care Health Inc., 4.38%, 10/31/29<sup>(b)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 90666 |
| Teva Pharmaceutical Finance Netherlands III BV, <br> 3.15%, 10/01/26<br>| &nbsp;&nbsp; 321 | &nbsp;&nbsp; 309646 |
|  |  | &nbsp;&nbsp; 1415770 |
| **Pipelines — 4.2%** | **Pipelines — 4.2%** | **Pipelines — 4.2%** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 6.63%, 02/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; 76786 |
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., 7.00%, 07/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; 116985 |
| Buckeye Partners LP |  |  |
| 5.60%, 10/15/44 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 61448 |
| 6.75%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19333 |
| 6.88%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5094 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 34978 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 239908 |
| DT Midstream Inc., 4.38%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 39605 |
| Enbridge Inc. |  |  |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(d)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59636 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(d)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61285 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54, (5-year CMT + 2.829%)<sup>(d)</sup> | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $89367 |
| 8.00%, 05/15/54, (5-year CMT + 4.020%)<sup>(d)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 133894 |
| Series G, 7.13%, , (5-year CMT + 5.306%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 57157 |
| Series H, 6.50%, (5-year CMT + 5.694%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 121157 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 53839 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.88%, 05/15/32 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 116762 |
| 8.00%, 05/15/33 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38796 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 169724 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35620 |
| Hess Midstream Operations LP, 6.50%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 86323 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28660 |
| 8.88%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 56120 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 137872 |
| Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14656 |
| NFE Financing LLC, 12.00%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 99542 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 70486 |
| 8.38%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 254373 |
| Northriver Midstream Finance LP, 6.75%, <br> 07/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 51673 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 63486 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 55417 |
| 7.38%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 178348 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16104 |
| Venture Global LNG Inc. |  |  |
| 8.38%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 179363 |
| 9.00%, (5-year CMT + 5.440%)<sup>(b)(c)(d)(e)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 812260 |
| 9.50%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 410348 |
| 9.88%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 181750 |
|  |  | &nbsp;&nbsp; 4228155 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 134 | &nbsp;&nbsp; 119109 |
| CoreLogic Inc., 4.50%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 300929 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 93073 |
| Howard Hughes Corp. (The), 4.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 61186 |
|  |  | &nbsp;&nbsp; 574297 |
| **Real Estate Investment Trusts — 3.0%** | **Real Estate Investment Trusts — 3.0%** | **Real Estate Investment Trusts — 3.0%** |
| Blackstone Mortgage Trust Inc. |  |  |
| 3.75%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39919 |
| 7.75%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30120 |
| Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 89261 |
| Global Net Lease Inc./Global Net Lease Operating <br> Partnership LP, 3.75%, 12/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 62947 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, <br> 06/15/26<sup>(b)</sup><br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 89249 |
| Iron Mountain Inc. |  |  |
| 5.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6783 |
| 6.25%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 165696 |
| 7.00%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 100656 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Iron Mountain Information Management <br> Services Inc., 5.00%, 07/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; $159 | &nbsp;&nbsp; $148550 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp., 7.00%, 07/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 69870 |
| MPT Operating Partnership LP/MPT Finance Corp., <br> 8.50%, 02/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 247 | &nbsp;&nbsp; 250948 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 7.00%, <br> 02/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89079 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32407 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 58371 |
| 6.50%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 259132 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 29825 |
| SBA Communications Corp., 3.13%, 02/01/29 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 116736 |
| Service Properties Trust |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 431857 |
| 8.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 129473 |
| Starwood Property Trust Inc. |  |  |
| 6.00%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23723 |
| 6.50%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61354 |
| 6.50%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62557 |
| 7.25%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 61184 |
| Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 562 | &nbsp;&nbsp; 596723 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32506 |
|  |  | &nbsp;&nbsp; 3038926 |
| **Retail — 2.5%** | **Retail — 2.5%** | **Retail — 2.5%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| 4.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 83723 |
| 4.38%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11617 |
| 5.63%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 52825 |
| Asbury Automotive Group Inc., 5.00%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 20961 |
| Beacon Roofing Supply Inc., 6.75%, 04/30/32<sup>(b)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 280724 |
| Carvana Co. |  |  |
| 13.00%, 06/01/30, (13.00% PIK)<sup>(b)(f)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 145446 |
| 14.00%, 06/01/31, (14.00% PIK)<sup>(b)(c)(f)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 429010 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 75696 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 219967 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc.<br>|  |  |
| 4.63%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 79669 |
| 6.75%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 56869 |
| Group 1 Automotive Inc., 6.38%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45460 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 129773 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 59558 |
| 8.25%, 08/01/31<sup>(b)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 92038 |
| Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8478 |
| Staples Inc., 10.75%, 09/01/29<sup>(b)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 51985 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 53932 |
| Walgreen Co., 4.40%, 09/15/42 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5430 |
| Walgreens Boots Alliance Inc. |  |  |
| 4.80%, 11/18/44 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26782 |
| 8.13%, 08/15/29 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43699 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 526149 |
|  |  | &nbsp;&nbsp; 2499791 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software — 5.3%** | **Software — 5.3%** | **Software — 5.3%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; $863 | &nbsp;&nbsp; $824900 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44339 |
| Capstone Borrower Inc., 8.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 215555 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 152 | &nbsp;&nbsp; 130347 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 323660 |
| 4.88%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 173599 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(b)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 525189 |
| 8.25%, 06/30/32<sup>(b)</sup> | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 692630 |
| 9.00%, 09/30/29<sup>(b)</sup> | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 682030 |
| Dun & Bradstreet Corp. (The), 5.00%, 12/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 156622 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 83053 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 231772 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 77677 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 25452 |
| SS&C Technologies Inc., 6.50%, 06/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 179432 |
| Twilio Inc., 3.63%, 03/15/29 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 90010 |
| UKG Inc., 6.88%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 830237 |
| ZoomInfo Technologies LLC/ZoomInfo Finance <br> Corp., 3.88%, 02/01/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 49620 |
|  |  | &nbsp;&nbsp; 5336124 |
| **Telecommunications — 5.8%** | **Telecommunications — 5.8%** | **Telecommunications — 5.8%** |
| Altice Financing SA, 5.75%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 206506 |
| Altice France SA |  |  |
| 5.13%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 326353 |
| 5.50%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 163722 |
| CommScope LLC |  |  |
| 4.75%, 09/01/29<sup>(b)</sup> | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 152694 |
| 9.50%, 12/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 143216 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75% PIK)<sup>(c)(f)</sup> | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 542869 |
| Series ., 10.75%, 11/30/29 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 435695 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 130638 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 50611 |
| 6.00%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66234 |
| 6.75%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31130 |
| 8.63%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 148472 |
| 8.75%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 482591 |
| Iliad Holding SASU |  |  |
| 7.00%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202726 |
| 8.50%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210966 |
| Level 3 Financing Inc. |  |  |
| 3.88%, 10/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8676 |
| 4.50%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 105798 |
| 4.88%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 108626 |
| 10.50%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 368670 |
| 10.50%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 231349 |
| 10.75%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 201720 |
| 11.00%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 386483 |
| Lumen Technologies Inc., 10.00%, 10/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59570 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 196510 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22925 |
| Viavi Solutions Inc., 3.75%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 76048 |
| Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 175776 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 432 | &nbsp;&nbsp; 442247 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Zayo Group Holdings Inc. |  |  |
| 4.00%, 03/01/27<sup>(b)</sup> | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $105914 |
| 6.13%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43094 |
|  |  | &nbsp;&nbsp; 5827829 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Genesee & Wyoming Inc., 6.25%, 04/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 149954 |
| Rand Parent LLC, 8.50%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 65092 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20305 |
| Watco Companies LLC/Watco Finance Corp., <br> 7.13%, 08/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37908 |
|  |  | &nbsp;&nbsp; 273259 |
| **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** |
| Fortress Transportation and Infrastructure <br> Investors LLC<br>|  |  |
| 5.88%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 177976 |
| 7.00%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 294867 |
| 7.00%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 224953 |
| 7.88%, 12/01/30<sup>(b)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 221636 |
| 5.50%, 05/01/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 131595 |
|  |  | &nbsp;&nbsp; 1051027 |
| **Total Corporate Bonds & Notes — 86.4%** <br>**(Cost: $87,087,848)** | **Total Corporate Bonds & Notes — 86.4%** <br>**(Cost: $87,087,848)** | &nbsp;&nbsp; 86866928 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<sup>(g)</sup><br>| &nbsp;&nbsp; 487 | &nbsp;&nbsp; 479695 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 152555 |
|  |  | &nbsp;&nbsp; 632250 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Abe Investment Holdings Inc., 2025 USD Term Loan <br> B, 11.25%, 02/21/30<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 50235 |
| **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $694,754)** | **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $694,754)** | &nbsp;&nbsp; 682485 |
| **Floating Rate Loan Interests**<sup>(d)</sup> | **Floating Rate Loan Interests**<sup>(d)</sup> | **Floating Rate Loan Interests**<sup>(d)</sup> |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Clear Channel Outdoor Holdings Inc., 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.11%), 8.44%, 08/23/28<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 87835 |
| Neptune Bidco U.S. Inc., 2022 USD Term Loan B, <br> (3-mo. CME Term SOFR + 5.10%), 9.33%, <br> 04/11/29<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 87277 |
| Summer BC Holdco B SARL, (3-mo. CME Term <br> SOFR at 0.00% Floor + 5.26%), 9.56%, 02/15/29<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23606 |
|  |  | &nbsp;&nbsp; 198718 |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Barnes Group Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 01/27/32<sup>(h)</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12158 |
| Kaman Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 02/26/32<sup>(h)</sup><br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 91787 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Signia Aerospace LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, 12/11/31 | &nbsp;&nbsp; $0 <br><sup>(i)</sup><br>| &nbsp;&nbsp; $325 |
| 2024 Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.00%), 7.32%, 11/21/31<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16136 |
|  |  | &nbsp;&nbsp; 120406 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 01/28/32<sup>(h)</sup><br>| &nbsp;&nbsp; 102 | &nbsp;&nbsp; 99748 |
| Tenneco Inc. |  |  |
| (3-mo. CME Term SOFR at 0.50% Floor + <br> 4.85%), 9.17%, 11/17/28<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7737 |
| 2022 Term Loan B, (3-mo. CME Term SOFR + <br> 5.10%), 9.42%, 11/17/28<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33595 |
|  |  | &nbsp;&nbsp; 141080 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Cornerstone Building Brands Inc., 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.50%), 8.82%, 05/15/31<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15295 |
| Quikrete Holdings Inc., (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.57%, 02/10/32<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42797 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.55%, <br> 08/05/31<br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; 72952 |
|  |  | &nbsp;&nbsp; 131044 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Advancion Holdings LLC, 2020 2nd Lien Term Loan, <br> (1-mo. CME Term SOFR + 7.85%), 12.17%, <br> 11/24/28<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26926 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77123 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.03%), 8.32%, <br> 07/03/28<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 101134 |
| Momentive Performance Materials Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.32%, <br> 03/29/28<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 31234 |
|  |  | &nbsp;&nbsp; 236417 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.17%, 05/12/28<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56107 |
| Archkey Solutions LLC, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.03%, 11/01/31<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19356 |
| Champions Financing Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.07%, 02/23/29<br>| &nbsp;&nbsp; 106 | &nbsp;&nbsp; 94729 |
| Galaxy U.S. Opco Inc., Term Loan, (3-mo. CME <br> Term SOFR + 5.00%), 9.28%, 07/31/30<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 41880 |
| Wand NewCo 3 Inc., 1st Lien Term Loan B-2, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.82%, 01/30/31<sup>(h)</sup><br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 68528 |
|  |  | &nbsp;&nbsp; 280600 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Amentum Government Services Holdings LLC, <br> 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.57%, 09/29/31<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42249 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Atlas CC Acquisition Corp. |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.82%, 05/25/28<br>| &nbsp;&nbsp; $62 | &nbsp;&nbsp; $33933 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.82%, 05/25/28<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 6902 |
| Fortress Intermediate 3 Inc., Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), <br> 8.07%, 06/27/31<sup>(g)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8940 |
|  |  | &nbsp;&nbsp; 92024 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Deerfield Dakota Holding LLC |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term <br> SOFR at 1.00% Floor + 3.75%), 8.05%, <br> 04/09/27<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26394 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 7.01%), 11.31%, <br> 04/07/28<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 63629 |
| EOC Borrower LLC, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.32%, 03/24/32<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 89273 |
| Summit Acquisition Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), <br> 8.07%, 10/16/31<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30884 |
|  |  | &nbsp;&nbsp; 210180 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| LSF12 Crown U.S. Commercial Bidco LLC, Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 4.25%), 8.57%, 12/02/31<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60375 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Covia Holdings Corp., (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.57%, 02/14/32<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8327 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Apple Bidco LLC, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.82%, 09/23/31<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11271 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.05%, 11/01/29<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28215 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.80%, 11/12/29<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15477 |
| OVG Business Services LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 06/25/31<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3367 |
|  |  | &nbsp;&nbsp; 47059 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL ES U.S. LLC, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.82%, 02/04/32<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8700 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Chobani LLC, 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.82%, <br> 10/25/27<sup>(h)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3984 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** |
| Bausch & Lomb Corp. |  |  |
| Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.35%), 7.67%, 05/10/27<br>| &nbsp;&nbsp; $89 | &nbsp;&nbsp; $87919 |
| 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.32%, <br> 09/29/28<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63650 |
|  |  | &nbsp;&nbsp; 151569 |
| **Health Care - Services — 0.3%** | **Health Care - Services — 0.3%** | **Health Care - Services — 0.3%** |
| LifePoint Health Inc. |  |  |
| 2024 Incremental Term Loan B1, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 05/19/31<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50332 |
| 2024 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.75%), 8.01%, <br> 05/19/31<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 53409 |
| Star Parent Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>| &nbsp;&nbsp; 172 | &nbsp;&nbsp; 166334 |
|  |  | &nbsp;&nbsp; 270075 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Hunter Douglas Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.55%, 01/20/32<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24634 |
| Springs Windows Fashions LLC, 2024 First Lien <br> Second Out TL A2, (1-mo. CME Term SOFR at <br> 1.00% Floor + 4.11%), 8.44%, 10/06/28<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6035 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, <br> (1-mo. CME Term SOFR at 1.00% Floor + <br> 4.50%), 8.82%, 12/19/29<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5713 |
|  |  | &nbsp;&nbsp; 36382 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 4.27%, 02/15/31<sup>(h)</sup><br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48260 |
| AssuredPartners Inc., 2024 Incremental Term Loan <br> B5, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.50%), 7.82%, 02/14/31<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16820 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.05%, 05/06/32<br>| &nbsp;&nbsp; 159 | &nbsp;&nbsp; 158265 |
|  |  | &nbsp;&nbsp; 223345 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.57%, 05/03/28<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 92040 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.57%, 12/31/31<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 57619 |
| Proofpoint Inc., 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.32%, 08/31/28<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32253 |
| StubHub Holdco Sub LLC, 2024 Extended Term <br> Loan B, (1-mo. CME Term SOFR + 4.75%), <br> 9.07%, 03/15/30<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73466 |
|  |  | &nbsp;&nbsp; 255378 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.76%), <br> 8.04%, 07/22/30<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 60044 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| &nbsp;&nbsp; $6 | &nbsp;&nbsp; $6135 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.42%, 11/15/29<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28044 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.42%, 11/15/29<sup>(g)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8441 |
| 2022 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.35%), 8.67%, 06/30/28<sup>(h)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1543 |
|  |  | &nbsp;&nbsp; 107707 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Titan Acquisition Ltd./Canada, 2024 Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.78%, 02/15/29<br>| &nbsp;&nbsp; 230 | &nbsp;&nbsp; 224186 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Coral-US Co-Borrower LLC, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.51%, 02/02/32<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; 46937 |
| CSC Holdings LLC |  |  |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.82%, 01/18/28<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 69271 |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 92539 |
| Directv Financing LLC, (1-mo. CME Term SOFR at <br> 0.75% Floor + 5.50%), 9.82%, 02/15/31<br>| &nbsp;&nbsp; 194 | &nbsp;&nbsp; 179341 |
| Gray Media Inc., (1-mo. CME Term SOFR + 3.11%), <br> 7.44%, 12/01/28<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 38637 |
| Gray Television Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 5.25%), 9.57%, 06/04/29<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14614 |
| Radiate Holdco LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), <br> 7.69%, 09/25/26<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 26848 |
|  |  | &nbsp;&nbsp; 468187 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Star Holding LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.82%, 07/31/31<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 114695 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| LABL Inc., 2021 USD 1st Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 5.10%), <br> 9.42%, 10/30/28<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 86401 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 5.50%), 9.82%, 05/04/28<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8995 |
| Endo Finance Holdings Inc., 2024 1st Lien Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.00%), 8.32%, 04/23/31<br>| &nbsp;&nbsp; 102 | &nbsp;&nbsp; 98711 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 4.10%), <br> 8.40%, 10/01/27<br>| &nbsp;&nbsp; 148 | &nbsp;&nbsp; 137757 |
|  |  | &nbsp;&nbsp; 245463 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoreLogic Inc. |  |  |
| Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 06/02/28<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63368 |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.61%), 10.94%, 06/04/29<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 79669 |
|  |  | &nbsp;&nbsp; 143037 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Foundation Building Materials Holding Co. LLC |  |  |
| (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.36%), 7.79%, 01/31/28<br>| &nbsp;&nbsp; $5 | &nbsp;&nbsp; $4777 |
| 2024 Term Loan B2, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.28%, 01/29/31<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; 114824 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.85%), 8.17%, <br> 02/11/28<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 50422 |
| White Cap Buyer LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 10/19/29<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 146548 |
|  |  | &nbsp;&nbsp; 316571 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| Applied Systems Inc., 2024 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.80%, 02/23/32<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20475 |
| Ascend Learning LLC |  |  |
| (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.32%, 12/11/28<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9576 |
| 2021 2nd Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 5.85%), 10.17%, <br> 12/10/29<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19808 |
| AthenaHealth Group Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 02/15/29<br>| &nbsp;&nbsp; 223 | &nbsp;&nbsp; 221261 |
| BMC Software Inc., 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 07/30/31<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 41513 |
| Boxer Parent Co. Inc., 2024 2nd Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 5.75%), 10.07%, 07/30/32<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 55657 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 40937 |
| Cloud Software Group Inc. |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 03/29/29<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30263 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 153130 |
| Cloudera Inc. |  |  |
| 2021 Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.85%), 8.17%, 10/08/28<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27211 |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.42%, <br> 10/08/29<br>| &nbsp;&nbsp; 126 | &nbsp;&nbsp; 118020 |
| Cotiviti Inc., 7.63%, 05/01/31 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 511955 |
| Ellucian Holdings Inc., 2024 2nd Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.75%), 9.07%, 11/22/32<br>| &nbsp;&nbsp; 182 | &nbsp;&nbsp; 181773 |
| Mitchell International Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.57%, 06/17/31<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19230 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 66303 |
| RealPage Inc., 2024 Incremental Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), <br> 8.05%, 04/24/28<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 41877 |
|  |  | &nbsp;&nbsp; 1558989 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| CommScope Inc., 12/17/29<sup>(h)</sup> | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $28296 |
| Connect Finco SARL, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.50%), 8.82%, 09/27/29<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 71899 |
| Delta Topco Inc., 2024 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), <br> 9.57%, 11/29/30<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18707 |
| Frontier Communications Corp., 2025 Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.79%, 07/01/31<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21817 |
| Level 3 Financing Inc., 03/27/32<sup>(h)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 282010 |
| Lumen Technologies Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, <br> 04/16/29<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 46872 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, <br> 04/15/30<sup>(h)</sup><br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26500 |
| Windstream Services LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.85%), 9.17%, 10/01/31<sup>(g)</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 33745 |
| Zayo Group Holdings Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), <br> 7.44%, 03/09/27<br>| &nbsp;&nbsp; 285 | &nbsp;&nbsp; 264399 |
|  |  | &nbsp;&nbsp; 794245 |
| **Total Floating Rate Loan Interests — 6.5%** <br>**(Cost: $6,737,710)** | **Total Floating Rate Loan Interests — 6.5%** <br>**(Cost: $6,737,710)** | &nbsp;&nbsp; 6546415 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| JELD-WEN Holding Inc.<sup>(j)</sup> | &nbsp;&nbsp; 3636 | &nbsp;&nbsp; 20071 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| TKO Group Holdings Inc., Class A | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 56856 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Churchill Downs Inc. | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 52438 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Avantor Inc.<sup>(j)</sup> | &nbsp;&nbsp; 4187 | &nbsp;&nbsp; 54389 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Constellium SE, Class A<sup>(j)</sup> | &nbsp;&nbsp; 8567 | &nbsp;&nbsp; 86612 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| Energy Transfer LP | &nbsp;&nbsp; 6952 | &nbsp;&nbsp; 114986 |
| Enterprise Products Partners LP | &nbsp;&nbsp; 2633 | &nbsp;&nbsp; 78727 |
| MPLX LP | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 49860 |
| ONEOK Inc. | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 57101 |
| Western Midstream Partners LP | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 12258 |
|  |  | &nbsp;&nbsp; 312932 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 4436 | &nbsp;&nbsp; 142041 |
| **Total Common Stocks — 0.7%** <br>**(Cost $861,981)** | **Total Common Stocks — 0.7%** <br>**(Cost $861,981)** | &nbsp;&nbsp; 725339 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The), 6.00%<sup>(a)</sup> | &nbsp;&nbsp; 3857 | &nbsp;&nbsp; $236743 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Alliant Cali Inc., NVS, (Acquired 09/25/24, Cost $327,020)<sup>(g)(k)</sup><br>| &nbsp;&nbsp; 332 | &nbsp;&nbsp; 346561 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Microchip Technology Inc., 7.50%<sup>(a)(c)</sup> | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 78309 |
| **Total Preferred Stocks — 0.7%** <br>**(Cost $607,852)** | **Total Preferred Stocks — 0.7%** <br>**(Cost $607,852)** | &nbsp;&nbsp; 661613 |
| **Total Long-Term Investments — 95.7%** <br>**(Cost: $96,749,092)** | **Total Long-Term Investments — 95.7%** <br>**(Cost: $96,749,092)** | &nbsp;&nbsp; 96208379 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 14.6%** | **Money Market Funds — 14.6%** | **Money Market Funds — 14.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(l)(m)(n)</sup><br>| &nbsp;&nbsp; 11991655 | &nbsp;&nbsp; 11996452 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(l)(m)</sup><br>| &nbsp;&nbsp; 2660000 | &nbsp;&nbsp; 2660000 |
| **Total Short-Term Securities — 14.6%** <br>**(Cost: $14,657,015)** | **Total Short-Term Securities — 14.6%** <br>**(Cost: $14,657,015)** | &nbsp;&nbsp; 14656452 |
| **Total Investments — 110.3%** <br>**(Cost: $111,406,107)** | **Total Investments — 110.3%** <br>**(Cost: $111,406,107)** | &nbsp;&nbsp; 110864831 |
| **Liabilities in Excess of Other Assets — (10.3)%** | **Liabilities in Excess of Other Assets — (10.3)%** | &nbsp;&nbsp; (10310568)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $100554263 |

---

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

<sup>(a)</sup> Convertible security.

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

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

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

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(g)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(h)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. 

<sup>(i)</sup> Rounds to less than 1,000.

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

<sup>(k)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $346,561, representing 0.3% of its net assets as of period end, and an original cost of $327,020. 

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $5392874<br> $6605639 <br><sup>(a)</sup><br>| $— | $(1496)<br>| $(565)<br>| $11996452 | 11991655 | $13776 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1680000<br> 980000 <br><sup>(a)</sup><br>|  |  |  | 2660000 | 2660000 | 37726 |  |
|  |  |  | $(1496) | $(565) | $14656452 |  | $51502 | $— |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

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

**Centrally Cleared Credit Default Swaps — Sell Protection** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> %<br>| Quarterly | 06/20/30<br> B | USD | 1784 | $74945 | $103606 | $(28661) |

---

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

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| JPMorgan <br> Chase Bank <br> N.A.<br>| N/A | 09/20/25 | USD | 170 | $(1807)<br>| $(1525)<br>| $(282)<br>|
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 09/20/25 | USD | 165 | (1673)<br>| (1399)<br>| (274)<br>|
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 09/20/25 | USD | 10 | (38)<br>| (100)<br>| 62 |
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| BNP Paribas <br> S.A.<br>| N/A | 12/20/25 | USD | 4480 | (9573)<br>| (48895)<br>| 39322 |
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| JPMorgan <br> Chase Bank <br> N.A.<br>| N/A | 12/20/25 | USD | 80 | (27)<br>| (805)<br>| 778 |
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 21 | (186)<br>| (191)<br>| 5 |
| 1-DAY SOFR, 4.41% | Quarterly | Markit iBoxx $ Liquid High <br> Yield Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 14 | (36)<br>| (141)<br>| 105 |
|  |  |  |  |  |  |  |  |  | $(13340)<br>| $(53056)<br>| $39716 |

---

**Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps | &nbsp;&nbsp; $103606 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(28661)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53056)<br>| &nbsp;&nbsp;&nbsp; 40272 | &nbsp;&nbsp;&nbsp; (556)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40272 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40272 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28661 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53612 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82273 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement 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). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14030 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14030 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 309864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 310288 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $424 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $324318 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7849)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7849)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (33561)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (279119)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (312680)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(33561)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(286968)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(320529)<br>|

---

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

---

| | |
|:---|:---|
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp; $2432755 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $5690000 |

---

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

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Swaps - centrally cleared | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $28661 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 40272 | &nbsp;&nbsp;&nbsp; 53612 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 40272 | &nbsp;&nbsp;&nbsp; 82273 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28661)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $40272 | &nbsp;&nbsp;&nbsp; $53612 |

---

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

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas S.A. | &nbsp;&nbsp; $39322 | &nbsp;&nbsp; $(39322)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 778 | &nbsp;&nbsp; (778)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 172 | &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $40272 | &nbsp;&nbsp; $(40272)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| BNP Paribas S.A. | &nbsp;&nbsp; $48895 | &nbsp;&nbsp; $(39322)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9573 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2612 | &nbsp;&nbsp; (778)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1834 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 2105 | &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1933 |
|  | &nbsp;&nbsp; $53612 | &nbsp;&nbsp; $(40272)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13340 |

---

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

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $725599 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $725599 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 86866928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86866928 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 202790 | &nbsp;&nbsp; 479695 | &nbsp;&nbsp; 682485 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 6495289 | &nbsp;&nbsp; 51126 | &nbsp;&nbsp; 6546415 |
| Common Stocks | &nbsp;&nbsp; 725339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 725339 |
| Preferred Stocks | &nbsp;&nbsp; 315052 | &nbsp;&nbsp; — | &nbsp;&nbsp; 346561 | &nbsp;&nbsp; 661613 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 14656452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14656452 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (183)<br>|
|  | &nbsp;&nbsp; $15696843 | &nbsp;&nbsp; $94290423 | &nbsp;&nbsp; $877382 | &nbsp;&nbsp; $110864648 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40272 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40272 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (28661)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (28661)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Active ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(556)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(556)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11055 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11055 |

---

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

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. <br> <sup>(b)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

April 30, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>High Yield <br> Active ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $96208379 |
| Investments, at value—affiliated<sup>(c)</sup> | 14656452 |
| Cash | 17836 |
| Cash pledged for centrally cleared swaps | 158238 |
| Receivables: |  |
| Investments sold | 663616 |
| Securities lending income—affiliated | 2397 |
| Loans | 16131 |
| Dividends—unaffiliated | 1409 |
| Dividends—affiliated | 13664 |
| Interest—unaffiliated | 1606073 |
| Unrealized appreciation on OTC swaps | 40272 |
| Total assets | 113384467 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 11998729 |
| Payables: |  |
| Investments purchased | 735224 |
| Investment advisory fees | 36427 |
| Variation margin on centrally cleared swaps | 6029 |
| Swap premiums received | 53056 |
| Unrealized depreciation on: |  |
| OTC derivatives | 556 |
| Unfunded floating rate loan interests | 183 |
| Total liabilities | 12830204 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $100554263 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $100350000 |
| Accumulated earnings | 204263 |
| NET ASSETS | $100554263 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 2000000 |
| Net asset value | $50.28 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $96749092 |
| <sup>(b)</sup> Securities loaned, at value | $11477026 |
| <sup>(c)</sup> Investments, at cost—affiliated | $14657015 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>High Yield <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $10205 |
| Dividends—affiliated | &nbsp;&nbsp; 37726 |
| Interest—unaffiliated | &nbsp;&nbsp; 3657237 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 13776 |
| Other income—unaffiliated | &nbsp;&nbsp; 4817 |
| Total investment income | &nbsp;&nbsp; 3723761 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 226655 |
| Commitment costs | &nbsp;&nbsp; 95 |
| Total expenses | &nbsp;&nbsp; 226750 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (773)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 225977 |
| Net investment income | &nbsp;&nbsp; 3497784 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 81173 |
| Investments—affiliated | &nbsp;&nbsp; (1496)<br>|
| Futures contracts | &nbsp;&nbsp; 14030 |
| Swaps | &nbsp;&nbsp; 310288 |
|  | &nbsp;&nbsp; 403995 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1671088)<br>|
| Investments—affiliated | &nbsp;&nbsp; (565)<br>|
| Futures contracts | &nbsp;&nbsp; (7849)<br>|
| Swaps | &nbsp;&nbsp; (312680)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; (181)<br>|
|  | &nbsp;&nbsp; (1992363)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (1588368)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1909416 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>High Yield Active ETF  | iShares <br>High Yield Active ETF  |
|  | Six Months <br> Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>06/17/24<sup>(a)</sup> <br>to 10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $3497784 | &nbsp;&nbsp;&nbsp; $2608894 |
| Net realized gain | &nbsp;&nbsp; 403995 | &nbsp;&nbsp;&nbsp; 215232 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1992363)<br>| &nbsp;&nbsp;&nbsp; 1461959 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1909416 | &nbsp;&nbsp;&nbsp; 4286085 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4090376 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1900862)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100350000 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (2180960)<br>| &nbsp;&nbsp;&nbsp; 102735223 |
| Beginning of period | &nbsp;&nbsp; 102735223 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $100554263 | &nbsp;&nbsp;&nbsp; $102735223 |

---

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

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

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statement of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | iShares High Yield Active ETF  | iShares High Yield Active ETF  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>06/17/24<sup>(a)</sup> <br>to 10/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net increase from investment operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Distributions**<sup>(d)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (1.87 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| From net realized gain | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp; $51.37 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 1.88 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.45 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.45 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(i)</sup><br>|
| Net investment income | 6.94 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.81 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $100554 | &nbsp;&nbsp;&nbsp; $102735 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <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 <br> 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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***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 investment 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 fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> High Yield Active Non-diversified

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the funds referred to as the BlackRock Fixed-Income Complex.

***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. The 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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is 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 Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund 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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund's tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by the 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 Fund.

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

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

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

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The 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 Trustees of the Trust (the "Board") of the Fund has approved the designation of BFA , Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference 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 the 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.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to 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 Private Companies 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. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| High Yield Active |  |  |  |  |
| BMO Capital Markets | &nbsp;&nbsp; $250243 | &nbsp;&nbsp;&nbsp; $(250243) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 302598 | &nbsp;&nbsp;&nbsp; (302598) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 3872251 | &nbsp;&nbsp;&nbsp; (3872251) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 189578 | &nbsp;&nbsp;&nbsp; (189578) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2085870 | &nbsp;&nbsp;&nbsp; (2085870) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 36222 | &nbsp;&nbsp;&nbsp; (36222) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 255126 | &nbsp;&nbsp;&nbsp; (255126) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 2213027 | &nbsp;&nbsp;&nbsp; (2213027) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA) Inc | &nbsp;&nbsp; 404971 | &nbsp;&nbsp;&nbsp; (404971) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Prime Services LLC | &nbsp;&nbsp; 361286 | &nbsp;&nbsp;&nbsp; (361286) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 29120 | &nbsp;&nbsp;&nbsp; (29120) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 242676 | &nbsp;&nbsp;&nbsp; (242676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1234058 | &nbsp;&nbsp;&nbsp; (1234058) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $11477026 | &nbsp;&nbsp;&nbsp; $(11477026) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

(depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| High Yield Active | Archkey Solutions LLC | &nbsp;&nbsp;&nbsp; $2245 | &nbsp;&nbsp;&nbsp; $2233 | &nbsp;&nbsp;&nbsp; $2233 | &nbsp;&nbsp;&nbsp; $— |
|  | Kaman Corp. | &nbsp;&nbsp;&nbsp; 8799 | &nbsp;&nbsp;&nbsp; 8788 | &nbsp;&nbsp;&nbsp; 8659 | &nbsp;&nbsp;&nbsp;&nbsp;(129) |
|  | Signia Aerospace LLC | &nbsp;&nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  | SWF Holdings I Corp. | &nbsp;&nbsp;&nbsp; 7655 | &nbsp;&nbsp;&nbsp; 7655 | &nbsp;&nbsp;&nbsp; 7617 | &nbsp;&nbsp;&nbsp;&nbsp;(38) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(183) |

---

***5. 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 Fund 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 Fund is 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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty ("CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

Total return swaps are entered into by the Fund to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

***6. 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 the Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, 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 the Fund, BFA will be paid a management fee from the Fund, based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $5 billion | 0.45% |
| Over 5 billion, up to and including $10 billion | 0.44 |
| Over $10 billion | 0.42 |

---

**Expense Waivers:** BFA has contractually agreed to waive a portion of its management fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the 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 the Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any,

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

attributable to investments by the 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.

For the six months ended April 30, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| High Yield Active | &nbsp;&nbsp; $773 |

---

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund.

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

**ETF Servicing Fees:** The 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 Fund does not pay BRIL for ETF Services.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Fixed-Income Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended April 30, 2025, the Fund paid BTC $4,503 for securities lending agent services.

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

**Other Transactions:** The 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 Statement of Operations.

***7. PURCHASES AND SALES***

For the six months ended April 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| High Yield Active | &nbsp;&nbsp; $26293399 | &nbsp;&nbsp;&nbsp; $28413052 |

---

There were no in-kind transactions for the six months ended April 30, 2025.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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

***8. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the 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 Fund as of April 30, 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 Fund's 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 Fund's NAV.

As of April 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| High Yield Active | &nbsp;&nbsp; $111420908 | &nbsp;&nbsp;&nbsp; $1125259 | &nbsp;&nbsp;&nbsp; $(1670281) | &nbsp;&nbsp;&nbsp; $(545022) |

---

***9. LINE OF CREDIT***

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 Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, 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. The Fund paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations. 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 six months ended April 30, 2025, the Fund did not borrow under the credit agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the 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 Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

**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. A fund may invest in illiquid investments. An illiquid investment is any investment that a 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. A 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 a 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 a fund may lose value, regardless of the individual results of the securities and other instruments in which a 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 and centrally cleared swaps, there is less counterparty credit risk to the Fund 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, the 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 and centrally cleared swaps 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 Fund.

**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 the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Fund invests a significant portion of its assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

**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.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Period Ended <br>10/31/24<sup>(a)</sup>  | Period Ended <br>10/31/24<sup>(a)</sup>  |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| High Yield Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; $100350000 |

---

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

<sup>(a)</sup> The Fund commenced operations on June 17, 2024.

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its 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, the Fund's custodian, and the Fund. 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 Statement of Assets and Liabilities.

As of April 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

<u> *iShares ETF* </u> <u> *Shares* </u> <br> High Yield Active 1,000,000

***12. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**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 **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 management 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 **iShares.com**.

**Fund and Service Providers** 

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock Fund Advisors <br>San Francisco, CA 94105<br>| PricewaterhouseCoopers LLP <br>Philadelphia, Pennsylvania 19103<br>|
| **Sub-Adviser** | **Legal Counsel** |
| BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom<br>| Willkie Farr & Gallagher LLP <br>New York, NY 10019<br>|
| **Administrator, Custodian and Transfer Agent** | **Address of the Trust** |
| State Street Bank and Trust Company <br>Boston, MA, 02114<br>| 100 Bellevue Parkway <br>Wilmington, DE 19809<br>|
| **Distributor** |  |
| BlackRock Investments, LLC <br>New York, NY 10001<br>|  |

---

Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CMT | Constant Maturity Treasury |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

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2025 BlackRock Semi-Annual Financial Statements and Additional Information

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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 Fund unless preceded or accompanied by the Fund's 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.**

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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

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

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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

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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 – Not Applicable to this semi-annual report

(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](d944323dex99cert.htm)

(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](d944323dex99906cert.htm)

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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

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

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Date: June 24, 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.

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust II |
| Date: June 24, 2025 | Date: June 24, 2025 |
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock ETF Trust II |
| Date: June 24, 2025 | Date: June 24, 2025 |

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## 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 trustees (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: June 24, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

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**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 trustees (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: June 24, 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 April 30, 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: June 24, 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 April 30, 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: June 24, 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**.**