# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-043473
**Filing Date:** 2025-12
**Character Count:** 92091
**Document Hash:** 5ea80098fc65c0018d2c9d020107e5c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043473.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043473

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust II
- **CENTRAL INDEX KEY:** 0001804196

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251606896

**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 Short-Term California Muni Active ETF (Series ID: S000080457)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000242862 | iShares Short-Term California Muni Active ETF |  |

## Nport-Ex

October 31, 2025

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Short-Term California Muni Active ETF \| CALI \| NASDAQ |

---

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

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

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares Short-Term California Muni 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* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 100.5%** | **California — 100.5%** | **California — 100.5%** |
| &nbsp;&nbsp;&nbsp; Amador Water Agency Financing Corp. COP, 5.00%, <br> 03/01/26<br>| &nbsp;&nbsp;&nbsp; $500 | $503310 |
| &nbsp;&nbsp;&nbsp; Anaheim Redevelopment Successor Agency, 5.00%, <br> 02/01/28<br>| &nbsp;&nbsp;&nbsp; 425 | 447213 |
| Bay Area Toll Authority RB, VRDN, 1.75%, 11/07/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2000000 |
| California Community Choice Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 3230 | 3278738 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 3450 | 3527318 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 410 | 423127 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | &nbsp;&nbsp;&nbsp; 770 | 808071 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | &nbsp;&nbsp;&nbsp; 150 | 157898 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | &nbsp;&nbsp;&nbsp; 800 | 834428 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 3505 | 3735587 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 3500 | 3701592 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 | &nbsp;&nbsp;&nbsp; 2000 | 2133731 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 800 | 854301 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 435 | 463853 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 | &nbsp;&nbsp;&nbsp; 2450 | 2624123 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/30 | &nbsp;&nbsp;&nbsp; 3525 | 3786972 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/28 | &nbsp;&nbsp;&nbsp; 2915 | 3105412 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency RB, <br> 5.00%, 06/01/28<br>| &nbsp;&nbsp;&nbsp; 430 | 452132 |
| California Health Facilities Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/21/25 | &nbsp;&nbsp;&nbsp; 260 | 260074 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/21/25 | &nbsp;&nbsp;&nbsp; 1400 | 1401079 |
| California Housing Finance Agency RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/01/28 | &nbsp;&nbsp;&nbsp; 1385 | 1377908 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/30 (FHA 542(C)) | &nbsp;&nbsp;&nbsp; 460 | 467566 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank <br> RB, VRDN, 3.22%, 11/07/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 125 | 125000 |
| California Municipal Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 999932 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 150 | 158517 |
| California Municipal Finance Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/05/28 | &nbsp;&nbsp;&nbsp; 1000 | 989660 |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/01/25 | &nbsp;&nbsp;&nbsp; 1500 | 1503211 |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/01/26 | &nbsp;&nbsp;&nbsp; 1500 | 1498761 |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/25 | &nbsp;&nbsp;&nbsp; 750 | 749775 |
| &nbsp;&nbsp;&nbsp; 3.85%, 12/01/25 | &nbsp;&nbsp;&nbsp; 2000 | 1997736 |
| &nbsp;&nbsp;&nbsp; 3.85%, 01/15/26 | &nbsp;&nbsp;&nbsp; 875 | 874382 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/25 | &nbsp;&nbsp;&nbsp; 250 | 250084 |
| California Pollution Control Financing Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 01/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 1999578 |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/17/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 1997741 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 | &nbsp;&nbsp;&nbsp; 500 | 503226 |
| California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | &nbsp;&nbsp;&nbsp; 500 | 500843 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/26 | &nbsp;&nbsp;&nbsp; 1000 | 1021992 |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 12/01/25 | &nbsp;&nbsp;&nbsp; 200 | 200324 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 1500 | 1635501 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.67%, 11/07/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1700 | 1700000 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Harbor Revenue RB AMT, 5.00%, <br> 05/15/27<br>| &nbsp;&nbsp;&nbsp; 400 | 412565 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 210 | 212266 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 570 | 576151 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 890 | 898959 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 | &nbsp;&nbsp;&nbsp; 1760 | 1811092 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp; 200 | 208111 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/28 | &nbsp;&nbsp;&nbsp; 1000 | 1051942 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/28 | &nbsp;&nbsp;&nbsp; 770 | 808629 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29 | &nbsp;&nbsp;&nbsp; 575 | 616661 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; City of Modesto Water Revenue COP, VRDN, 2.95%, <br> 11/07/25 (AGM)<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $9465 | $9465000 |
| &nbsp;&nbsp;&nbsp; Compton Community Redevelopment Successor Agency, <br> 5.00%, 08/01/26 (AGM)<br>| &nbsp;&nbsp;&nbsp; 415 | 421943 |
| &nbsp;&nbsp;&nbsp; County of Sacramento Airport System Revenue RB AMT, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp;&nbsp; 700 | 761491 |
| &nbsp;&nbsp;&nbsp; East County Advanced Water Purification Joint Powers <br> Authority RB, 5.00%, 06/01/26<br>| &nbsp;&nbsp;&nbsp; 125 | 126783 |
| &nbsp;&nbsp;&nbsp; East Side Union High School District GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 110085 |
| El Rancho Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (BAM) | &nbsp;&nbsp;&nbsp; 125 | 133606 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/27 (BAM) | &nbsp;&nbsp;&nbsp; 110 | 115890 |
| &nbsp;&nbsp;&nbsp; Fullerton Redevelopment Successor Agency, 4.00%, <br> 09/01/26 (BAM)<br>| &nbsp;&nbsp;&nbsp; 375 | 378658 |
| Jefferson Union High School District GO, 5.00%, 08/01/29 | &nbsp;&nbsp;&nbsp; 100 | 110085 |
| Jurupa Public Financing Authority, 4.00%, 09/01/29 (BAM) | &nbsp;&nbsp;&nbsp; 1000 | 1057122 |
| Jurupa Unified School District GO, 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 1000 | 1045925 |
| &nbsp;&nbsp;&nbsp; Kern Community College District GO, 0.00%, 11/01/25 <br> (AGM)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 205 | 205000 |
| &nbsp;&nbsp;&nbsp; Lake Elsinore Facilities Financing Authority Successor <br> Agency, 5.00%, 09/01/29 (AG)<br>| &nbsp;&nbsp;&nbsp; 500 | 545332 |
| &nbsp;&nbsp;&nbsp; Long Beach Unified School District GO, 0.00%, <br> 11/21/25<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 470451 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Capital Asset Leasing Corp., 2.55%, <br> 12/03/25<br>| &nbsp;&nbsp;&nbsp; 500 | 499953 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California RB, <br> VRDN, 2.55%, 11/07/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 7400 | 7400000 |
| Modesto Irrigation District RB, 5.00%, 11/21/25 | &nbsp;&nbsp;&nbsp; 920 | 920868 |
| &nbsp;&nbsp;&nbsp; Mount Diablo Unified School District California GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp;&nbsp; 550 | 606927 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, 2.55%, <br> 12/02/25<br>| &nbsp;&nbsp;&nbsp; 1000 | 999952 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles RB, 5.00%, <br> 11/01/29<br>| &nbsp;&nbsp;&nbsp; 330 | 363737 |
| &nbsp;&nbsp;&nbsp; Municipal Water District of Orange County Water Facilities <br> Corp. COP, VRDN, 2.78%, 11/07/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6345 | 6345000 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 | &nbsp;&nbsp;&nbsp; 500 | 503158 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 | &nbsp;&nbsp;&nbsp; 400 | 402526 |
| Northern California Energy Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | &nbsp;&nbsp;&nbsp; 1275 | 1380050 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | &nbsp;&nbsp;&nbsp; 375 | 379745 |
| &nbsp;&nbsp;&nbsp; Northern California Transmission Agency RB, 5.00%, <br> 05/01/26<br>| &nbsp;&nbsp;&nbsp; 285 | 288776 |
| Ontario Public Financing Authority RB, 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 190 | 210443 |
| Peralta Community College District GO, 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 500 | 523664 |
| Port of Los Angeles RB AMT, 5.00%, 08/01/29 | &nbsp;&nbsp;&nbsp; 400 | 430134 |
| Port of Oakland RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 | &nbsp;&nbsp;&nbsp; 400 | 411602 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp; 1100 | 1142651 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 500 | 524491 |
| &nbsp;&nbsp;&nbsp; Poway Redevelopment Successor Agency, 5.00%, <br> 12/15/25<br>| &nbsp;&nbsp;&nbsp; 565 | 566568 |
| &nbsp;&nbsp;&nbsp; Poway Unified School District Public Financing Authority, <br> 5.00%, 09/01/26<br>| &nbsp;&nbsp;&nbsp; 500 | 507537 |
| &nbsp;&nbsp;&nbsp; Riverside County Housing Authority RB, VRDN, 3.10%, <br> 11/07/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 545 | 545000 |
| &nbsp;&nbsp;&nbsp; Sacramento County Housing Authority RB, VRDN, 3.05%, <br> 11/07/25 (FANNIE MAE)<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 295 | 295000 |
| San Diego County Regional Airport Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp; 405 | 409202 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 300 | 322403 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 1785 | 1900358 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Short-Term California Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; $1145 | $1201029 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 645 | 689230 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 500 | 534802 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 705 | 754070 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 915 | 977744 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | &nbsp;&nbsp;&nbsp; 800 | 870054 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Power Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/07/26 | &nbsp;&nbsp;&nbsp; 1600 | 1599840 |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/04/25 | &nbsp;&nbsp;&nbsp; 400 | 399986 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utility Commission <br> Water Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/08/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999994 |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/19/25 | &nbsp;&nbsp;&nbsp; 2000 | 2000036 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Redevelopment Successor <br> Agency, 5.00%, 08/01/28 (AGC)<br>| &nbsp;&nbsp;&nbsp; 520 | 553389 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority RB, 5.00%, <br> 07/01/29<br>| &nbsp;&nbsp;&nbsp; 840 | 882729 |
| &nbsp;&nbsp;&nbsp; San Mateo Union High School District GO, Series C, <br> 0.00%, 09/01/27 (NPFGC)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 400 | 383380 |
| San Rafael City High School District GO, 4.00%, 11/21/25 | &nbsp;&nbsp;&nbsp; 300 | 300162 |
| Sequoia Union High School District GO, 4.00%, 07/01/26 | &nbsp;&nbsp;&nbsp; 440 | 445355 |
| Southern California Public Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 150 | 151855 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 200 | 218983 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/25 | &nbsp;&nbsp;&nbsp; 425 | 425000 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.25%, 11/07/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100000 |
| State of California, 2.50%, 12/08/25 | &nbsp;&nbsp;&nbsp; 2000 | 1999982 |
| State of California Department of Water Resources |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/05/25 | &nbsp;&nbsp;&nbsp; 600 | 599974 |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/18/25 | &nbsp;&nbsp;&nbsp; 1081 | 1080973 |
| &nbsp;&nbsp;&nbsp; 2.62%, 12/01/25 | &nbsp;&nbsp;&nbsp; 1500 | 1500050 |
| &nbsp;&nbsp;&nbsp; 2.68%, 11/20/25 | &nbsp;&nbsp;&nbsp; 1400 | 1399962 |
| State of California GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 750 | 763858 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 800 | 816292 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 800 | 835484 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp; 500 | 525368 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/29 | &nbsp;&nbsp;&nbsp; 850 | 920112 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.47%, 11/07/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1200 | 1200000 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.55%, 11/07/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3100 | 3100000 |
| &nbsp;&nbsp;&nbsp; Temecula Valley Unified School District Financing <br> Authority, 5.00%, 09/01/26<br>| &nbsp;&nbsp;&nbsp; 500 | 509851 |
| Tender Option Bond Trust Receipts/Certificates GO |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 3.23%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.25%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2010 | 2010000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.55%, 11/03/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 254 | 254000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.80%, 11/03/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.85%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 160 | 160000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Tender Option Bond Trust Receipts/Certificates RB |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 3.22%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $1690 | $1690000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.22%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1875 | 1875000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.24%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 800 | 800000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.24%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.24%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 275 | 275000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.24%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.24%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4275 | 4275000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.24%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1325 | 1325000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.25%, 11/03/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.25%, 11/07/25 (AG)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3000 | 3000000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.30%, 11/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4600 | 4600000 |
| University of California |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 12/04/25 | &nbsp;&nbsp;&nbsp; 2000 | 1999893 |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/18/26 | &nbsp;&nbsp;&nbsp; 1000 | 999837 |
| &nbsp;&nbsp;&nbsp; 2.70%, 12/03/25 | &nbsp;&nbsp;&nbsp; 2000 | 1999990 |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/04/26 | &nbsp;&nbsp;&nbsp; 1500 | 1499983 |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/05/26 | &nbsp;&nbsp;&nbsp; 1000 | 999861 |
| University of California RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 400 | 405213 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.25%, 11/03/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1900 | 1900000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.52%, 11/07/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp; Yucaipa Valley Water District Financing Authority RB, <br> 5.00%, 06/01/26<br>| &nbsp;&nbsp;&nbsp; 400 | 402885 |
|  |  | 175185394 |
| **Total Municipal Debt Obligations — 100.5%** <br>**(Cost $174,516,966)** | **Total Municipal Debt Obligations — 100.5%** <br>**(Cost $174,516,966)** | 175185394 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Liquidity Funds: MuniCash, 3.01%<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 47065 | 47070 |
| **Total Money Market Funds — 0.0%** <br>**(Cost: $47,070)** | **Total Money Market Funds — 0.0%** <br>**(Cost: $47,070)** | 47070 |
| **Total Investments — 100.5%** <br>**(Cost: $174,564,036)** | **Total Investments — 100.5%** <br>**(Cost: $174,564,036)** | 175232464 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (800301)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $174432163 |

---

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

<sup>(a)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. 

<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> Zero-coupon bond.

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $57012 | $—<br> $(9942 )<sup>(a)</sup><br>| $— | $— | $47070 | 47065 | $3866 | $— |

---

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

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

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Short-Term California Muni Active ETF**

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $175185394 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $175185394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 47070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47070 |
|  | &nbsp;&nbsp; $47070 | &nbsp;&nbsp; $175185394 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $175232464 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Mutual Assurance Co. |
| COP | Certificates of Participation |

---

---

| | |
|:---|:---|
| FHA | Federal Housing Administration |
| GO | General Obligation |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Short-Term California Muni Active ETF

- **b. EDGAR series identifier (if any):** S000080457

- **c. LEI of Series:** 529900R8UUYH8SM2G094

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $178065316.44

**Total Liabilities:** $3635166.48

**Net Assets:** $174430149.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 744.50000000 | **1-Year:** 3092.24000000 | **5-Year:** 16840.89000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 51.78000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242862 | 0.45%                | 0.28%                | 0.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $301206.54                                 |
| Month 2  | $-0.01                   | $47534.56                                  |
| Month 3  | $-1408.33                | $-137438.40                                |

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amador Water Agency Financing Corp                                           | AMADOR CA WTR AGY COPS                                                | CUSIP: 022653BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503309.90    | 0.29%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Redevelopment Agency Successor Agency                                | ANAHEIM CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                     | CUSIP: 032564AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $447212.71    | 0.26%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024UN0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.15%             | 2047-04-01      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.80%             | 2055-04-01      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024YF3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.29%             | 2055-04-01      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3278737.79   | 1.88%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3527318.30   | 2.02%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3505000 | PA      | $3735586.94   | 2.14%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3701591.60   | 2.12%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $3105412.17   | 1.78%             | 2054-05-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCT1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $423126.64    | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3786972.36   | 2.17%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDH6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    770000 | PA      | $808071.03    | 0.46%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDV5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $834428.48    | 0.48%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFJ0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $854301.04    | 0.49%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157897.56    | 0.09%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFZ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    435000 | PA      | $463853.20    | 0.27%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JGV2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2624123.46   | 1.50%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE          | CUSIP: 13016NHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $452131.93    | 0.26%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                         | CUSIP: 13032WCQ5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    460000 | PA      | $467565.67    | 0.27%             | 2030-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401078.98   | 0.80%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LS32<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260074.41    | 0.15%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE                  | CUSIP: 13033WTH6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.07%             | 2031-03-01      | Floating      | 3.22%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DBE3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1377908.11   | 0.79%             | 2029-11-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158517.23    | 0.09%             | 2056-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999932.20    | 0.57%             | 2039-02-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250084.15    | 0.14%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $749774.78    | 0.43%             | 2045-10-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498761.30   | 0.86%             | 2041-07-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    875000 | PA      | $874381.64    | 0.50%             | 2051-07-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503210.75   | 0.86%             | 2041-10-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997736.40   | 1.15%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989659.80    | 0.57%             | 2050-09-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536KL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503225.65    | 0.29%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999577.80   | 1.15%             | 2042-11-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997741.40   | 1.15%             | 2043-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063C8S2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    800000 | PA      | $835483.92    | 0.48%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063CR69<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763858.35    | 0.44%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DBU1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525367.65    | 0.30%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DD62<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    800000 | PA      | $816292.16    | 0.47%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063EEV4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.69%             | 2046-05-01      | Floating      | 2.47%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063EGK6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3100000.00   | 1.78%             | 2050-05-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063ELG9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    850000 | PA      | $920111.91    | 0.53%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California                                                   | CUSIP: 13066UXH5<br>LEI: 9845007J7054602FF597 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999981.80   | 1.15%             | 2025-12-08      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LQP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500842.85    | 0.29%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LVT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200324.00    | 0.11%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LYV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021992.00   | 0.59%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KEM4<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |    600000 | PA      | $599974.02    | 0.34%             | 2025-11-05      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KET9<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500049.65   | 0.86%             | 2025-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KFG6<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |   1081000 | PA      | $1080972.65   | 0.62%             | 2025-11-18      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KFJ0<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |   1400000 | PA      | $1399961.50   | 0.80%             | 2025-11-20      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE                            | CUSIP: 130795W45<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.97%             | 2036-08-15      | Floating      | 2.67%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                               | CUSIP: 13080SYA6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1635501.00   | 0.94%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency Successor Agency                      | COMPTON CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION               | CUSIP: 204713AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $421943.32    | 0.24%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East County Advanced Water Purification Joint Powers Authority               | EAST CNTY ADVANCED WTR PURIFICATION JT PWRS AUTH                      | CUSIP: 271843AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126782.84    | 0.07%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                         | EAST SIDE CA UNION HIGH SCH DIST SANTA CLARA CNTY                     | CUSIP: 275282TD3<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110084.76    | 0.06%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133606.00    | 0.08%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839D54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115889.71    | 0.07%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fullerton Redevelopment Agency Successor Agency                              | FULLERTON CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                   | CUSIP: 35981VAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $378658.43    | 0.22%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Union High School District                                         | JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY                       | CUSIP: 4724667F2<br>LEI: 549300S1EAFO90X8HQ88 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110084.76    | 0.06%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                            | CUSIP: 482085EQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057121.90   | 0.61%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Unified School District                                               | JURUPA CA UNIF SCH DIST                                               | CUSIP: 482124TD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045925.00   | 0.60%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern Community College District                                              | KERN CA CMNTY CLG DIST                                                | CUSIP: 492244DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205000.00    | 0.12%             | 2025-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lake Elsinore Facilities Financing Authority Successor Agency                | LAKE ELSINORE CA FACS FING AUTH LOCAL AGY REVENUE                     | CUSIP: 50962CCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545332.25    | 0.31%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                         | LONG BEACH CA HARBOR REVENUE                                          | CUSIP: 542424UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412565.20    | 0.24%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Unified School District                                           | LONG BEACH CA UNIF SCH DIST                                           | CUSIP: 542433QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470451.45    | 0.27%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445BT5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    890000 | PA      | $898958.56    | 0.52%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EX3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1811091.74   | 1.04%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EZ8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    770000 | PA      | $808628.98    | 0.46%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445FR5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208110.90    | 0.12%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445K40<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    210000 | PA      | $212266.15    | 0.12%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445ND7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    570000 | PA      | $576150.98    | 0.33%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445SH3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051941.80   | 0.60%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445W88<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    575000 | PA      | $616661.45    | 0.35%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                          | LOS ANGELES CA HARBOR DEPT                                            | CUSIP: 544552B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $430133.60    | 0.25%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                            | CUSIP: 544587V21<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    330000 | PA      | $363737.48    | 0.21%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | Municipal Improvement Corp of Los Angeles                             | CUSIP: 54460VAB7<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999952.30    | 0.57%             | 2025-12-02      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Capital Asset Leasing Corp                                | Los Angeles County Capital Asset Leasing Corp                         | CUSIP: 54468VLQ4<br>LEI: 5493008TSJ8UPQJX7Y66 | Long             | STIV             | MUN               | US        |    500000 | PA      | $499952.55    | 0.29%             | 2025-12-03      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                               | CUSIP: 59266TXN6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7400000.00   | 4.24%             | 2047-07-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE                        | CUSIP: 607767BH2<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |    920000 | PA      | $920867.65    | 0.53%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Modesto CA Water Revenue                                             | MODESTO CA WTR REVENUE COPS                                           | CUSIP: 607804AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9465000 | PA      | $9465000.00   | 5.43%             | 2036-10-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District/CA                                      | MOUNT DIABLO CA UNIF SCH DIST                                         | CUSIP: 621196V35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $606926.65    | 0.35%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AF2<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $379744.91    | 0.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1380050.44   | 0.79%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                      | NTHRN CA TRANSMISSION AGY REVENUE                                     | CUSIP: 664848BM9<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |    285000 | PA      | $288775.65    | 0.17%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | ONTARIO PUB FING AUTH LEASE REVENUE                                   | CUSIP: 68304RDR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $210443.22    | 0.12%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Water District Of Orange County Water Facilities Corp              | ORANGE CNTY CA WTR DIST COPS                                          | CUSIP: 684421CB4<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |   6345000 | PA      | $6345000.00   | 3.64%             | 2042-08-01      | Floating      | 2.78%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                             | CUSIP: 713575ZD3<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523664.20    | 0.30%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1142651.40   | 0.66%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $411601.80    | 0.24%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524491.25    | 0.30%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Redevelopment Agency Successor Agency                                  | POWAY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                       | CUSIP: 738798AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $566567.59    | 0.32%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                     | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE               | CUSIP: 73885QJP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507536.65    | 0.29%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Housing Authority                                           | RIVERSIDE CNTY CA HSG AUTH                                            | CUSIP: 76911MCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $545000.00    | 0.31%             | 2027-01-15      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                                   | CUSIP: 786107WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $761490.80    | 0.44%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Housing Authority                                          | SACRAMENTO CNTY CA HSG AUTH                                           | CUSIP: 786111EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.17%             | 2029-07-15      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority Water Revenue                | San Diego Public Facilities Financing Authority Water Revenue         | CUSIP: 79731CDF7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000035.80   | 1.15%             | 2025-11-19      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GLN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $409202.12    | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GLS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1900358.48   | 1.09%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GSL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $322403.01    | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DSN0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    705000 | PA      | $754070.40    | 0.43%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVD8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    915000 | PA      | $977744.39    | 0.56%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVH9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1201028.63   | 0.69%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVJ5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    800000 | PA      | $870053.76    | 0.50%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DWG0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    645000 | PA      | $689229.65    | 0.40%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DXF1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534801.70    | 0.31%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue        | San Francisco City & County Public Utilities Commission Power Revenue | CUSIP: 79766MDG1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    400000 | PA      | $399986.08    | 0.23%             | 2025-11-04      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue        | San Francisco City & County Public Utilities Commission Power Revenue | CUSIP: 79766MDH9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1600000 | PA      | $1599840.16   | 0.92%             | 2026-01-07      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utility Commission Water Revenue          | San Francisco City & County Public Utility Commission Water Revenue   | CUSIP: 79766RAA6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999994.20   | 1.15%             | 2026-01-08      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency            | SAN FRANCISCO CITY & CNTY CA REDEV AGY SUCCESSOR AGY TAX              | CUSIP: 79770GKF2<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    520000 | PA      | $553388.89    | 0.32%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE             | CUSIP: 79811YAC2<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |    840000 | PA      | $882729.46    | 0.51%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                              | CUSIP: 798136VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503157.80    | 0.29%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                              | CUSIP: 798136WW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402526.24    | 0.23%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                         | SAN MATEO CA UNION HIGH SCH DIST                                      | CUSIP: 799017DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $383380.28    | 0.22%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Rafael City High School District/CA                                      | SAN RAFAEL CITY CA HIGH SCH DIST                                      | CUSIP: 799289KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300161.85    | 0.17%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Union High School District                                           | SEQUOIA CA UNION HIGH SCH DIST                                        | CUSIP: 817409F83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $445354.58    | 0.26%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH NATURAL GAS PROJ REVENUE                     | CUSIP: 842471AT1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425000.00    | 0.24%             | 2025-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CALIFORNIA ST PUBLIC PWR AUTH                                   | CUSIP: 842475Q57<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.06%             | 2036-07-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CALIFORNIA ST PUBLIC PWR AUTH                                   | CUSIP: 842475Q81<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    200000 | PA      | $218983.42    | 0.13%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH REVENUE                                      | CUSIP: 84247PMY4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151854.92    | 0.09%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temecula Valley Unified School District Financing Authority                  | TEMECULA VLY UNIF SCH DIST FING AUTH CA SPL TAX REVENUE               | CUSIP: 87975BBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509851.15    | 0.29%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035ERN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 2.64%             | 2043-10-15      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035F7U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.46%             | 2048-10-15      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CALIF UN HIGH SCH DIST                                             | SAN MATEO CALIF UN HIGH SCH DIST                                      | CUSIP: 88035FEX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    254000 | PA      | $254000.00    | 0.15%             | 2031-03-01      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| CHINO VY UNI SCH DIST CALIF                                                  | CHINO VY UNI SCH DIST CALIF                                           | CUSIP: 88035G8N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.29%             | 2029-02-01      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                                | CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                         | CUSIP: 88035HW69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.29%             | 2030-02-01      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                           | CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                    | CUSIP: 88035J8W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.29%             | 2033-02-01      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2023E)                                | CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2023E)                         | CUSIP: 88035JCT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.16%             | 2029-03-01      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH                                           | SAN DIEGO CALIF PUB FACS FING AUTH                                    | CUSIP: 88035M6Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.15%             | 2054-10-15      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CALIF PUB FING AUTH                                                | PITTSBURG CALIF PUB FING AUTH                                         | CUSIP: 88035PFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.72%             | 2052-08-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| VENTURA CALIF UNI SCH DIST                                                   | VENTURA CALIF UNI SCH DIST                                            | CUSIP: 88035PYP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.09%             | 2055-08-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035RK52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 2.87%             | 2054-09-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY                                  | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY                           | CUSIP: 88035RKG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4275000 | PA      | $4275000.00   | 2.45%             | 2055-10-01      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035RKR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325000.00   | 0.76%             | 2053-05-15      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN                              | SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN                       | CUSIP: 88035RLT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1690000.00   | 0.97%             | 2055-11-01      | Floating      | 3.22%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF UNI SCH DIST                                                 | SAN DIEGO CALIF UNI SCH DIST                                          | CUSIP: 88035RMF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2010000.00   | 1.15%             | 2047-07-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035RS39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1875000.00   | 1.07%             | 2055-10-15      | Floating      | 3.22%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                           | CUSIP: 91412GSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 1.26%             | 2048-05-15      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                                        | CUSIP: 91412HTC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405212.96    | 0.23%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                                        | CUSIP: 91412HTJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.15%             | 2054-05-15      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YCM6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999893.40   | 1.15%             | 2025-12-04      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YDJ2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999989.60   | 1.15%             | 2025-12-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YDW3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999837.10    | 0.57%             | 2026-02-18      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YEA0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499983.50   | 0.86%             | 2026-02-04      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YED4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999860.60    | 0.57%             | 2026-02-05      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                    | BlackRock Liquidity Funds: MuniCash, Institutional Shares             | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   1435034 | NS      | $1435177.43   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Yucaipa Valley Water District Financing Authority                            | YUCAIPA VLY WTR DIST FING AUTH REVENUE                                | CUSIP: 98840BBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402885.40    | 0.23%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer