# EDGAR Filing Document

**Accession Number:** 0001761055
**File Stem:** 0001193125-26-005882
**Filing Date:** 2026-1
**Character Count:** 443595
**Document Hash:** 589324aa51029702489713831965c173
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005882.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005882

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust
- **CENTRAL INDEX KEY:** 0001761055

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23402
- **FILM NUMBER:** 26514776

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 8004417762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### iShares International Dividend Active ETF (Series ID: S000083238)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000246764 | iShares International Dividend Active ETF |  |

### iShares Disciplined Volatility Equity Active ETF (Series ID: S000090467)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000257712 | iShares Disciplined Volatility Equity Active ETF |  |

### iShares Dynamic Equity Active ETF (Series ID: S000090468)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000257713 | iShares Dynamic Equity Active ETF |  |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-23402

Name of Fund:

---

| |
|:---|
| BlackRock ETF Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Disciplined Volatility Equity Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Dynamic Equity Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares International Dividend Active ETF |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

4/30/2026

Date of reporting period:

10/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK Retail Logo](g124080images_5389.jpg)

### iShares Disciplined Volatility Equity Active ETF

### BDVL \| NASDAQ

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Disciplined Volatility Equity Active ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Disciplined Volatility Equity Active ETF | $19 | 0.36%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1318849983 |
| Number of Portfolio Holdings | &nbsp;&nbsp;703 |
| Portfolio Turnover Rate | &nbsp;&nbsp;49% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 73.2% |
| Japan | 10.2% |
| China | 8.8% |
| Taiwan | 1.9% |
| France | 1.2% |
| Hong Kong | 0.9% |
| Netherlands | 0.6% |
| South Korea | 0.5% |
| Switzerland | 0.5% |
| Saudi Arabia | 0.3% |
| Other<sup>#</sup> | 1.2% |
| Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)(b)</sup>* | *Percent of<br> Net Assets* |
| iShares MSCI India ETF | 3.1% |
| Microsoft Corp. | 1.8% |
| KDDI Corp. | 1.5% |
| Motorola Solutions, Inc. | 1.4% |
| Chubb Ltd. | 1.3% |
| AT&T, Inc. | 1.3% |
| Coca-Cola Co. | 1.3% |
| T-Mobile U.S., Inc. | 1.3% |
| Verizon Communications, Inc. | 1.2% |
| McKesson Corp. | 1.2% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes underlying investments in equity swaps.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g124080images_5388.jpg)

iShares Disciplined Volatility Equity Active ETF

Semi-Annual Shareholder Report — October 31, 2025

BDVL-10/25-SAR

![TSR - BLK Retail Logo](g124080images_5389.jpg)

### iShares Dynamic Equity Active ETF

### BDYN \| NASDAQ

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Dynamic Equity Active ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Dynamic Equity Active ETF | $21 | 0.37%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2241218385 |
| Number of Portfolio Holdings | &nbsp;&nbsp;332 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 86.9% |
| France | 2.8% |
| United Kingdom | 2.8% |
| Italy | 2.0% |
| Netherlands | 1.5% |
| China | 0.9% |
| Canada | 0.9% |
| Taiwan | 0.6% |
| Denmark | 0.5% |
| Germany | 0.4% |
| Other<sup>#</sup> | 0.2% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 5.4% |
| Apple, Inc. | 5.1% |
| Microsoft Corp. | 4.8% |
| Alphabet, Inc., Class C | 4.4% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.1% |
| Meta Platforms, Inc., Class A | 2.1% |
| Tesla, Inc. | 1.7% |
| Eli Lilly & Co. | 1.6% |
| SPDR Gold Shares | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities, short investments and options, if any.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g124080images_5388.jpg)

iShares Dynamic Equity Active ETF

Semi-Annual Shareholder Report — October 31, 2025

BDYN-10/25-SAR

![TSR - BLK Retail Logo](g124080images_5389.jpg)

### iShares International Dividend Active ETF

### BIDD \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares International Dividend Active ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares International Dividend Active ETF | $32 | 0.60%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$512839345 |
| Number of Portfolio Holdings | &nbsp;&nbsp;45 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| United Kingdom | 16.2% |
| France | 10.4% |
| Taiwan | 8.5% |
| Germany | 7.4% |
| Netherlands | 7.2% |
| Japan | 6.8% |
| China | 5.9% |
| Canada | 5.6% |
| Sweden | 5.2% |
| United States | 4.6% |
| Other<sup>#</sup> | 22.6% |
| Liabilities in Excess of Other Assets | (0.4)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
| Shell PLC | 4.2% |
| HDFC Bank Ltd. | 4.1% |
| SAP SE | 3.4% |
| Tencent Holdings Ltd. | 3.3% |
| Sony Group Corp. | 3.0% |
| AstraZeneca PLC | 2.9% |
| FinecoBank Banca Fineco SpA | 2.9% |
| Air Liquide SA | 2.9% |
| Koninklijke KPN NV | 2.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g124080images_5388.jpg)

iShares International Dividend Active ETF

Semi-Annual Shareholder Report — October 31, 2025

BIDD-10/25-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

------

![](g124080img7d884eda1.jpg)

October 31, 2025

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

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

---

| |
|:---|
| **BlackRock ETF Trust** |
| • iShares Disciplined Volatility Equity Active ETF \| BDVL \| NASDAQ |
| • iShares Dynamic Equity Active ETF \| BDYN \| NASDAQ |

---

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_RskDeriv-Footer-FundBookName-1354_1)  | 3 |
| [Schedules of Investments](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_SOI-Footer-FundBookName-1354_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_FS-Footer-FundBookName-1354_1)  | 28 |
| [Statements of Operations](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_FS-Footer-FundBookName-1354_3)  | 30 |
| [Statements of Changes in Net Assets](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_FS-Footer-FundBookName-1354_5)  | 32 |
| [Financial Highlights](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_FIHI-Footer-FundBookName-1354_1)  | 33 |
| [Notes to Financial Statements](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_NTF-Footer-FundBookName-1354_1)  | 35 |
| [Additional Information](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_ADDInfo-Footer-FundBookName-1354_1)  | 47 |
| [Disclosure of Investment Advisory Agreement](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_IAA1-Footer-FundBookName-1354_1)  | 48 |
| [Glossary of Terms Used in these Financial Statements](#xx_fac07d61-43be-4ebe-b9e8-764c5a46dce9_Terms-Footer-FundBookName-1354_1)  | 54 |

---

------

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Derivative Financial Instruments

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| Macquarie Group Ltd. | 5542 | $790481 |
| **Belgium — 0.0%** | **Belgium — 0.0%** |  |
| UCB SA | 1512 | 388799 |
| **Brazil — 0.3%** | **Brazil — 0.3%** |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 1517 | 3530453 |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Kinross Gold Corp. | 31838 | 740477 |
| WSP Global, Inc. | 2761 | 527849 |
|  |  | 1268326 |
| **China — 8.8%** | **China — 8.8%** |  |
| AAC Technologies Holdings, Inc. | 138000 | 709374 |
| Airtac International Group | 118000 | 3480406 |
| ANTA Sports Products Ltd. | 265200 | 2768192 |
| Bank of China Ltd., Class H | 5419000 | 3068473 |
| Bestechnic Shanghai Co. Ltd., Class A | 72918 | 2518248 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | 336420 | 10160888 |
| BOC Hong Kong Holdings Ltd. | 119500 | 587189 |
| Bosideng International Holdings Ltd. | 1680000 | 1028015 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | 17772 | 3429953 |
| Changzhou Xingyu Automotive Lighting Systems Co. <br> Ltd., Class A<br>| 28400 | 517177 |
| China Hongqiao Group Ltd. | 223500 | 848583 |
| China Overseas Land & Investment Ltd. | 120000 | 201383 |
| China Petroleum & Chemical Corp., Class H | 338000 | 179784 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | 199900 | 288785 |
| CITIC Ltd. | 111000 | 171565 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 245000 | 424887 |
| Eastroc Beverage Group Co. Ltd., Class A | 5590 | 219675 |
| Geely Automobile Holdings Ltd. | 661000 | 1568097 |
| GF Securities Co. Ltd., Class A | 1160800 | 3680617 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | 256800 | 1230657 |
| Great Wall Motor Co. Ltd., Class A | 891533 | 2852058 |
| Guoyuan Securities Co. Ltd., Class A | 1486600 | 1828797 |
| Haier Smart Home Co. Ltd., Class H | 54400 | 176903 |
| JD.com, Inc., Class A | 416150 | 6870626 |
| Kingsoft Corp. Ltd. | 179600 | 782900 |
| Laopu Gold Co. Ltd., Class H | 1200 | 105631 |
| Lenovo Group Ltd. | 3156000 | 4604125 |
| NARI Technology Co. Ltd., Class A | 206400 | 702267 |
| PetroChina Co. Ltd., Class H | 4588000 | 4742699 |
| PICC Property & Casualty Co. Ltd., Class H | 158000 | 373279 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | 364800 | 10376781 |
| SAIC Motor Corp. Ltd., Class A | 3267050 | 7632941 |
| Seres Group Co. Ltd., Class A | 11600 | 252957 |
| Shanjin International Gold Co. Ltd., Class A | 3168200 | 9670351 |
| Shenzhou International Group Holdings Ltd. | 226400 | 1954241 |
| Sinotruk Hong Kong Ltd. | 129500 | 432638 |
| Tencent Holdings Ltd. | 3500 | 284297 |
| Tingyi Cayman Islands Holding Corp. | 2580000 | 3539834 |
| Trip.com Group Ltd. | 13350 | 939458 |
| Weichai Power Co. Ltd., Class H | 2177000 | 4498332 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | 680000 | 1063126 |
| Yangzijiang Shipbuilding Holdings Ltd. | 955600 | 2580842 |
| Yum China Holdings, Inc. | 213726 | 9239855 |
| Yunnan Yuntianhua Co. Ltd., Class A | 304800 | 1230605 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| Yutong Bus Co. Ltd., Class A | 404300 | $1834890 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| 167800 | 434328 |
| Zhongjin Gold Corp. Ltd., Class A | 156550 | 485564 |
|  |  | 116572273 |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Kone OYJ, Class B | 27287 | 1823127 |
| **France — 1.2%** | **France — 1.2%** |  |
| Air Liquide SA | 944 | 182701 |
| Airbus SE | 29746 | 7334502 |
| Safran SA | 7765 | 2759047 |
| Thales SA | 18061 | 5150144 |
|  |  | 15426394 |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| Allianz SE, Registered Shares | 1909 | 767115 |
| Deutsche Telekom AG, Class N, Registered Shares | 24735 | 766171 |
| Siemens Energy AG<sup>(a)</sup> | 2470 | 307726 |
|  |  | 1841012 |
| **Hong Kong — 0.9%** | **Hong Kong — 0.9%** |  |
| Futu Holdings Ltd., ADR | 14874 | 2960521 |
| Henderson Land Development Co. Ltd. | 131000 | 460825 |
| HKT Trust & HKT Ltd., Class SS | 2894000 | 4225737 |
| Techtronic Industries Co. Ltd. | 259000 | 3020978 |
| WH Group Ltd.<sup>(b)</sup> | 1085000 | 1043679 |
|  |  | 11711740 |
| **Ireland — 0.0%** | **Ireland — 0.0%** |  |
| AerCap Holdings NV | 2892 | 376654 |
| **Israel — 0.3%** | **Israel — 0.3%** |  |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 180132 | 3689103 |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| Prysmian SpA | 3363 | 350639 |
| **Japan — 10.2%** | **Japan — 10.2%** |  |
| Advantest Corp. | 34500 | 5166230 |
| Asahi Kasei Corp. | 316100 | 2421995 |
| Bridgestone Corp. | 41600 | 1816053 |
| Canon, Inc. | 283200 | 8132887 |
| Capcom Co. Ltd. | 5700 | 148845 |
| Chubu Electric Power Co., Inc. | 19300 | 268381 |
| Daiwa Securities Group, Inc. | 307300 | 2364966 |
| ENEOS Holdings, Inc. | 1594200 | 10057350 |
| Idemitsu Kosan Co. Ltd. | 965100 | 6711065 |
| Japan Exchange Group, Inc. | 538800 | 6008246 |
| Japan Post Holdings Co. Ltd. | 208000 | 1949178 |
| Japan Tobacco, Inc. | 328100 | 11428669 |
| Kao Corp. | 2600 | 110031 |
| KDDI Corp. | 1220400 | 19453602 |
| Keyence Corp. | 4300 | 1595878 |
| LY Corp. | 3068400 | 9016540 |
| Murata Manufacturing Co. Ltd. | 264700 | 5707174 |
| Nexon Co. Ltd. | 201400 | 4107450 |
| NIDEC Corp. | 319000 | 3881201 |
| Nintendo Co. Ltd. | 11200 | 955247 |
| NTT, Inc. | 5600 | 5764 |
| Obayashi Corp. | 155500 | 2630662 |
| Obic Co. Ltd. | 6500 | 201637 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Olympus Corp. | 136600 | $1681131 |
| Osaka Gas Co. Ltd. | 31600 | 994289 |
| Otsuka Holdings Co. Ltd. | 53200 | 2895356 |
| Seven & i Holdings Co. Ltd. | 783700 | 9968503 |
| Shionogi & Co. Ltd. | 29800 | 499823 |
| SoftBank Group Corp. | 28200 | 4948212 |
| Sompo Holdings, Inc. | 48100 | 1465870 |
| Subaru Corp. | 42000 | 893471 |
| Suzuki Motor Corp. | 125200 | 1869095 |
| Takeda Pharmaceutical Co. Ltd. | 22700 | 612616 |
| Tokyo Gas Co. Ltd. | 3100 | 108792 |
| Toyota Motor Corp. | 27200 | 554530 |
| Trend Micro, Inc./Japan | 58100 | 2964985 |
| ZOZO, Inc. | 88800 | 767632 |
|  |  | 134363356 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** |  |
| Argenx SE, ADR<sup>(a)</sup> | 1997 | 1634545 |
| NXP Semiconductors NV | 30436 | 6364776 |
|  |  | 7999321 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |  |
| Al Rajhi Bank | 29402 | 831022 |
| Alinma Bank | 88759 | 614579 |
| Bank Al-Jazira<sup>(a)</sup> | 294177 | 989335 |
| Jarir Marketing Co. | 311204 | 1178646 |
| Saudi Investment Bank | 129430 | 474404 |
| Saudi National Bank | 31709 | 337401 |
|  |  | 4425387 |
| **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| Vodacom Group Ltd. | 23811 | 192756 |
| **South Korea — 0.5%** | **South Korea — 0.5%** |  |
| Krafton, Inc.<sup>(a)</sup> | 11939 | 2310764 |
| KT&G Corp. | 14226 | 1338834 |
| NAVER Corp. | 9549 | 1789637 |
| Samsung Electronics Co. Ltd. | 6304 | 474541 |
| SK Telecom Co. Ltd. | 6153 | 225273 |
|  |  | 6139049 |
| **Sweden — 0.1%** | **Sweden — 0.1%** |  |
| Assa Abloy AB, Class B | 19198 | 723468 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** |  |
| ABB Ltd., Class N, Registered Shares | 10621 | 789645 |
| TE Connectivity PLC | 20550 | 5076056 |
|  |  | 5865701 |
| **Taiwan — 1.9%** | **Taiwan — 1.9%** |  |
| Accton Technology Corp. | 148000 | 5146951 |
| Advantech Co. Ltd. | 98898 | 1004544 |
| Asia Cement Corp. | 1167000 | 1375479 |
| Catcher Technology Co. Ltd. | 87000 | 560997 |
| Chunghwa Telecom Co. Ltd. | 242000 | 1031151 |
| eMemory Technology, Inc. | 31000 | 1996335 |
| Far EasTone Telecommunications Co. Ltd. | 312000 | 936983 |
| Hon Hai Precision Industry Co. Ltd. | 187000 | 1555350 |
| International Games System Co. Ltd. | 43000 | 1004787 |
| Jentech Precision Industrial Co. Ltd. | 5000 | 342831 |
| MediaTek, Inc. | 38000 | 1611558 |
| Realtek Semiconductor Corp. | 359000 | 5994818 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 26000 | 1257351 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| TS Financial Holding Co. Ltd. | 1061000 | $644564 |
| Zhen Ding Technology Holding Ltd. | 77000 | 406600 |
|  |  | 24870299 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| AstraZeneca PLC | 8116 | 1338722 |
| CK Hutchison Holdings Ltd. | 64000 | 424414 |
| NatWest Group PLC | 14963 | 115193 |
|  |  | 1878329 |
| **United States — 70.0%** | **United States — 70.0%** |  |
| Abbott Laboratories | 23813 | 2943763 |
| Accenture PLC, Class A | 37436 | 9362744 |
| Adobe, Inc.<sup>(a)</sup> | 34968 | 11899960 |
| Airbnb, Inc., Class A<sup>(a)</sup> | 32563 | 4120522 |
| Alphabet, Inc., Class C | 46656 | 13148594 |
| Altria Group, Inc. | 160123 | 9027735 |
| Amazon.com, Inc.<sup>(a)</sup> | 53057 | 12957581 |
| Ameren Corp. | 43987 | 4487554 |
| American Water Works Co., Inc. | 9501 | 1220213 |
| AMETEK, Inc. | 3472 | 701726 |
| Amgen, Inc. | 19533 | 5829233 |
| Amphenol Corp., Class A | 74185 | 10336938 |
| Analog Devices, Inc. | 30360 | 7108187 |
| Apple, Inc. | 5003 | 1352661 |
| Arch Capital Group Ltd. | 102342 | 8833138 |
| Archer-Daniels-Midland Co. | 119581 | 7238238 |
| AT&T, Inc. | 680990 | 16854502 |
| AutoNation, Inc.<sup>(a)</sup> | 4184 | 836256 |
| Bank of America Corp. | 16545 | 884330 |
| Best Buy Co., Inc. | 18188 | 1493962 |
| Booking Holdings, Inc. | 2025 | 10282423 |
| Bristol-Myers Squibb Co. | 263089 | 12120510 |
| Broadcom, Inc. | 25933 | 9585615 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 13024 | 4411099 |
| Capital One Financial Corp. | 3737 | 822103 |
| Cencora, Inc. | 7933 | 2679847 |
| Centene Corp.<sup>(a)</sup> | 77252 | 2732403 |
| CF Industries Holdings, Inc. | 16233 | 1352047 |
| Charles Schwab Corp. | 6957 | 657576 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | 10926 | 2554936 |
| Chubb Ltd. | 62461 | 17297949 |
| Church & Dwight Co., Inc. | 21256 | 1863939 |
| Cisco Systems, Inc. | 57620 | 4212598 |
| Clorox Co. | 1631 | 183422 |
| CMS Energy Corp. | 19812 | 1457173 |
| Coca-Cola Co. | 240630 | 16579407 |
| Cognizant Technology Solutions Corp., Class A | 87375 | 6367890 |
| Colgate-Palmolive Co. | 52317 | 4031025 |
| Consolidated Edison, Inc. | 18803 | 1831600 |
| Costco Wholesale Corp. | 13019 | 11866168 |
| CVS Health Corp. | 19551 | 1527911 |
| Dillard's, Inc., Class A | 1353 | 811908 |
| Docusign, Inc.<sup>(a)</sup> | 36164 | 2645035 |
| Dollar General Corp. | 112992 | 11147791 |
| Domino's Pizza, Inc. | 16719 | 6661853 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 13262 | 3373455 |
| Duke Energy Corp. | 60765 | 7553089 |
| eBay, Inc. | 48492 | 3942884 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 35133 | 2896716 |
| EMCOR Group, Inc. | 4522 | 3055877 |
| EOG Resources, Inc. | 1895 | 200567 |
| Everest Group Ltd. | 5335 | 1677964 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| FactSet Research Systems, Inc. | 9554 | $2549007 |
| Fair Isaac Corp.<sup>(a)</sup> | 4738 | 7862853 |
| First Citizens BancShares, Inc., Class A | 1059 | 1932484 |
| Fiserv, Inc.<sup>(a)</sup> | 17929 | 1195685 |
| Flex Ltd.<sup>(a)</sup> | 95962 | 5999544 |
| Ford Motor Co. | 725233 | 9522309 |
| Fox Corp., Class A | 110962 | 7173693 |
| Freeport-McMoRan, Inc. | 18761 | 782334 |
| GE Vernova, Inc. | 16685 | 9763061 |
| General Dynamics Corp. | 3770 | 1300273 |
| General Electric Co. | 17302 | 5345453 |
| General Mills, Inc. | 292814 | 13648061 |
| General Motors Co. | 94656 | 6539783 |
| Gilead Sciences, Inc. | 101730 | 12186237 |
| Goldman Sachs Group, Inc. | 1090 | 860413 |
| Graco, Inc. | 18789 | 1536376 |
| HCA Healthcare, Inc. | 3505 | 1611178 |
| HEICO Corp., Class A | 1580 | 391413 |
| Hershey Co. | 2255 | 382516 |
| Hewlett Packard Enterprise Co. | 112275 | 2741755 |
| Hilton Worldwide Holdings, Inc. | 28 | 7195 |
| Holcim AG | 23272 | 2068909 |
| Howmet Aerospace, Inc. | 54978 | 11322719 |
| Humana, Inc. | 7344 | 2043027 |
| Illinois Tool Works, Inc. | 22149 | 5402584 |
| Incyte Corp.<sup>(a)</sup> | 139833 | 13071589 |
| Insmed, Inc.<sup>(a)</sup> | 11319 | 2146082 |
| Intuit, Inc. | 3063 | 2044706 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 9129 | 4877442 |
| Jabil, Inc. | 48858 | 10792244 |
| JBS NV, Class A<sup>(a)</sup> | 66670 | 880711 |
| Johnson & Johnson | 31509 | 5951105 |
| Kenvue, Inc. | 34195 | 491382 |
| Keurig Dr. Pepper, Inc. | 460241 | 12500146 |
| Lam Research Corp. | 44383 | 6988547 |
| Las Vegas Sands Corp. | 180114 | 10689766 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(a)</sup> | 116425 | 11625036 |
| Lockheed Martin Corp. | 25289 | 12439153 |
| Louisiana-Pacific Corp. | 22433 | 1954139 |
| Marsh & McLennan Cos., Inc. | 38509 | 6860378 |
| Masimo Corp.<sup>(a)</sup> | 46517 | 6542616 |
| Mastercard, Inc., Class A | 12415 | 6852956 |
| McKesson Corp. | 19799 | 16063721 |
| Medtronic PLC | 22550 | 2045285 |
| Meta Platforms, Inc., Class A | 20876 | 13534955 |
| Micron Technology, Inc. | 16693 | 3735393 |
| Microsoft Corp. | 46138 | 23890718 |
| Monolithic Power Systems, Inc. | 5800 | 5829000 |
| Motorola Solutions, Inc. | 45208 | 18386546 |
| MSCI, Inc., Class A | 2011 | 1183574 |
| Netflix, Inc.<sup>(a)</sup> | 7892 | 8830043 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 3650 | 522716 |
| Newmont Corp. | 87220 | 7062203 |
| NVIDIA Corp. | 37912 | 7676801 |
| Omnicom Group, Inc. | 43619 | 3272297 |
| OneMain Holdings, Inc. | 45 | 2664 |
| Otis Worldwide Corp. | 104371 | 9681454 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 33991 | 2354557 |
| Pfizer, Inc. | 202106 | 4981913 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Philip Morris International, Inc. | 64323 | $9283739 |
| PNC Financial Services Group, Inc. | 11627 | 2122509 |
| Principal Financial Group, Inc. | 78938 | 6633949 |
| Procter & Gamble Co. | 626 | 94132 |
| Progressive Corp. | 21177 | 4362462 |
| Prudential Financial, Inc. | 9671 | 1005784 |
| Raymond James Financial, Inc. | 2587 | 410479 |
| Regeneron Pharmaceuticals, Inc. | 9701 | 6323112 |
| Republic Services, Inc. | 4226 | 880022 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 46569 | 5295827 |
| Rocket Cos., Inc., Class A | 102788 | 1712448 |
| Rockwell Automation, Inc. | 2040 | 751454 |
| Roper Technologies, Inc. | 5085 | 2268673 |
| Royalty Pharma PLC, Class A | 14358 | 538999 |
| RTX Corp. | 3700 | 660450 |
| S&P Global, Inc. | 6614 | 3222407 |
| Salesforce, Inc. | 35255 | 9180755 |
| Sanofi SA | 3097 | 313301 |
| SLM Corp. | 36629 | 983489 |
| Snap, Inc., Class A<sup>(a)</sup> | 728542 | 5682628 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 38499 | 10582605 |
| Southern Co. | 109846 | 10329918 |
| Spotify Technology SA<sup>(a)</sup> | 4689 | 3072795 |
| State Street Corp. | 7411 | 857156 |
| Stryker Corp. | 996 | 354815 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 11909 | 3053110 |
| Tapestry, Inc. | 20175 | 2215618 |
| TD SYNNEX Corp. | 14394 | 2252517 |
| Tesla, Inc.<sup>(a)</sup> | 7671 | 3502272 |
| Texas Instruments, Inc. | 2753 | 444499 |
| Textron, Inc. | 120107 | 9705847 |
| TJX Cos., Inc. | 6119 | 857517 |
| T-Mobile U.S., Inc. | 78567 | 16502998 |
| Trane Technologies PLC | 22837 | 10245820 |
| TransDigm Group, Inc. | 1420 | 1858084 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 9486 | 4517802 |
| U.S. Bancorp | 30486 | 1423086 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1514 | 787098 |
| UnitedHealth Group, Inc. | 7095 | 2423368 |
| Universal Health Services, Inc., Class B | 11756 | 2551170 |
| VeriSign, Inc. | 39541 | 9481932 |
| Verisk Analytics, Inc. | 24995 | 5467906 |
| Verizon Communications, Inc. | 414961 | 16490550 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 23952 | 10193253 |
| Vertiv Holdings Co., Class A | 66194 | 12766175 |
| VICI Properties, Inc. | 245812 | 7371902 |
| Visa, Inc., Class A | 24833 | 8461596 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 606 | 13605 |
| Waste Management, Inc. | 16254 | 3247062 |
| Wells Fargo & Co. | 157491 | 13696992 |
| Western Digital Corp. | 3108 | 466853 |
| Workday, Inc., Class A<sup>(a)</sup> | 15257 | 3660459 |
| XPO, Inc.<sup>(a)</sup> | 15644 | 2250702 |
| Yum! Brands, Inc. | 22560 | 3118018 |
| Zimmer Biomet Holdings, Inc. | 89082 | 8958086 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Zoetis, Inc., Class A | 48506 | $6989230 |
| Zoom Communications, Inc., Class A<sup>(a)</sup> | 138328 | 12066351 |
|  |  | 922918703 |
| **Total Common Stocks — 96.1%** <br>**(Cost: $1,183,218,372)** | **Total Common Stocks — 96.1%** <br>**(Cost: $1,183,218,372)** | 1267145370 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 3.1%** | **United States — 3.1%** |  |
| iShares MSCI India ETF<sup>(c)</sup> | 759608 | 40996045 |
| **Total Investment Companies — 3.1%** <br>**(Cost: $40,398,668)** | **Total Investment Companies — 3.1%** <br>**(Cost: $40,398,668)** | 40996045 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $1,223,617,040)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $1,223,617,040)** | 1308141415 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |  |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(c)(d)</sup><br>| 2120000 | 2120000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $2,120,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $2,120,000)** | 2120000 |
| **Total Investments — 99.3%** <br>**(Cost: $1,225,737,040)** | **Total Investments — 99.3%** <br>**(Cost: $1,225,737,040)** | 1310261415 |
| **Other Assets Less Liabilities — 0.7%** | **Other Assets Less Liabilities — 0.7%** | 8588568 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1318849983 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months 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>*04/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*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 Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | &nbsp;&nbsp; $— | $2120000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | $2120000 | 2120000 | $128530 | $— |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<sup>(b)</sup><br>| &nbsp;&nbsp; 3910098 |  | &nbsp;&nbsp; (3910098 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  |  | 358033 |  |
| iShares MSCI Brazil ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 19880370 | &nbsp;&nbsp; (20879692)<br>| &nbsp;&nbsp; 999322 |  |  |  |  |  |
| iShares MSCI India ETF | &nbsp;&nbsp; — | 47040812 | &nbsp;&nbsp; (6531168)<br>| &nbsp;&nbsp; (110976)<br>| 597377 | 40996045 | 759608 |  |  |
| iShares MSCI South Korea ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 24422390 | &nbsp;&nbsp; (27242171)<br>| &nbsp;&nbsp; 2819781 |  |  |  |  |  |
|  |  |  |  | &nbsp;&nbsp; $3708127 | $597377 | $43116045 |  | $486563 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $3437 | &nbsp;&nbsp;&nbsp;&nbsp; $(11049)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CAD | 2536720 | USD | 1811955 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $788 |
| HKD | 351696362 | USD | 45267148 | Canadian Imperial Bank of Commerce | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23304 |
| HKD | 3545527 | USD | 456401 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| HKD | 4552318 | USD | 585794 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
| HKD | 10085907 | USD | 1297980 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 |
| HKD | 21228900 | USD | 2732283 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| HKD | 519028 | USD | 66778 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| IDR | 24129374300 | USD | 1449125 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| ILS | 13543200 | USD | 4075164 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81400 |
| INR | 550242000 | USD | 6175163 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8580 |
| INR | 634271063 | USD | 7119066 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9014 |
| INR | 508000400 | USD | 5699877 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9145 |
| INR | 435546300 | USD | 4881608 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13159 |
| MXN | 43821430 | USD | 2336860 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11255 |
| MYR | 20462100 | USD | 4871465 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19825 |
| THB | 34181204 | USD | 1046837 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13904 |
| TRY | 60465500 | USD | 1347637 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40620 |
| TRY | 34448949 | USD | 782841 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| USD | 396319 | AUD | 597598 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5126 |
| USD | 2774206 | AUD | 4230700 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4756 |
| USD | 2291430 | AUD | 3468300 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21053 |
| USD | 195774 | AUD | 298630 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
| USD | 201775 | AUD | 305385 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1867 |
| USD | 234401 | AUD | 351135 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4546 |
| USD | 1216047 | BRL | 6590100 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3630 |
| USD | 4734111 | CAD | 6508100 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83418 |
| USD | 1369030 | CAD | 1897900 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12789 |
| USD | 4926696 | CAD | 6785500 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77772 |
| USD | 19158194 | CAD | 26444165 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261172 |
| USD | 121490 | CAD | 167194 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013 |
| USD | 3715388 | CHF | 2918300 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70609 |
| USD | 201863 | CHF | 158684 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3676 |
| USD | 124325 | CHF | 98255 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| USD | 96376 | CHF | 75980 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| USD | 619585 | CHF | 491059 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6281 |
| USD | 2620045 | CNY | 18545200 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2191 |
| USD | 1186110 | CNY | 8381300 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| USD | 4938336 | CNY | 34898200 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12082 |
| USD | 11509316 | CNY | 81290300 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34321 |
| USD | 9688005 | DKK | 61272306 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203661 |
| USD | 195199 | EUR | 163886 | Canadian Imperial Bank of Commerce | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5834 |
| USD | 325714 | EUR | 275186 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7747 |
| USD | 198914 | EUR | 169907 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592 |
| USD | 314600 | EUR | 266711 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6426 |
| USD | 627881 | EUR | 534364 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10443 |
| USD | 1073925 | EUR | 915509 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16088 |
| USD | 1167964 | EUR | 1001398 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10886 |
| USD | 1887834 | EUR | 1596777 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42819 |
| USD | 289084 | EUR | 247834 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2721 |
| USD | 383438 | EUR | 324986 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7929 |
| USD | 385007 | EUR | 329337 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4471 |
| USD | 544766 | EUR | 462244 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10660 |
| USD | 3554095 | EUR | 3003100 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84127 |
| USD | 3579147 | EUR | 3037000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70008 |
| USD | 1743424 | EUR | 1480400 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32877 |
| USD | 1847941 | EUR | 1559700 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45766 |
| USD | 12584473 | EUR | 10671265 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254230 |
| USD | 1860445 | GBP | 1385100 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40740 |
| USD | 10584676 | GBP | 7812380 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320993 |
| USD | 2724473 | HKD | 21145170 | Canadian Imperial Bank of Commerce | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458 |
| USD | 532824 | HKD | 4136859 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| USD | 1742504 | HKD | 13525839 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 1596970 | HKD | 12400500 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69 |
| USD | 443230 | JPY | 66890026 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7319 |
| USD | 952824 | JPY | 144855567 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8824 |
| USD | 5876332 | JPY | 866270700 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230985 |
| USD | 1424162 | JPY | 216629100 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12425 |
| USD | 3112975 | JPY | 455876798 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142099 |
| USD | 4756693 | JPY | 697664900 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210123 |
| USD | 4945650 | JPY | 725023100 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220791 |
| USD | 191229 | JPY | 28112650 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8024 |
| USD | 261127 | JPY | 38307930 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11480 |
| USD | 355341 | JPY | 51533303 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19507 |
| USD | 627230 | JPY | 93051318 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20829 |
| USD | 3176977 | JPY | 475745980 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76617 |
| USD | 7894858 | KRW | 10916141600 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242374 |
| USD | 8888931 | NOK | 88079200 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193857 |
| USD | 1424401 | PLN | 5183000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21474 |
| USD | 2384782 | SEK | 22331200 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28118 |
| USD | 1364961 | SEK | 12670859 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27775 |
| USD | 2128572 | TWD | 63803700 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53635 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3576091 |
| AUD | 1885800 | USD | 1241610 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7150)<br>|
| AUD | 12990856 | USD | 8621680 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117761)<br>|
| BRL | 21860700 | USD | 4034828 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12994)<br>|
| CAD | 7329162 | USD | 5255135 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17710)<br>|
| CAD | 8111700 | USD | 5802060 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5433)<br>|
| CAD | 9195544 | USD | 6573264 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2121)<br>|
| CAD | 7987700 | USD | 5743142 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35125)<br>|
| CAD | 493792 | USD | 355879 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3015)<br>|
| CAD | 659876 | USD | 474655 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3108)<br>|
| CAD | 1950090 | USD | 1397415 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3879)<br>|
| CHF | 1469300 | USD | 1855674 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20607)<br>|
| CHF | 1026605 | USD | 1299796 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17629)<br>|
| CHF | 1285300 | USD | 1626553 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21291)<br>|
| CHF | 355898 | USD | 448719 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4224)<br>|
| CHF | 54623 | USD | 68757 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (535)<br>|
| CHF | 5223505 | USD | 6596971 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73130)<br>|
| CHF | 1073239 | USD | 1361037 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20627)<br>|
| DKK | 8537200 | USD | 1356192 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34718)<br>|
| EUR | 543248 | USD | 642097 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14394)<br>|
| EUR | 724817 | USD | 845998 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8499)<br>|
| EUR | 2219559 | USD | 2600236 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35619)<br>|
| EUR | 4498436 | USD | 5240328 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42555)<br>|
| EUR | 1682269 | USD | 1962501 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18703)<br>|
| EUR | 1986948 | USD | 2339275 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43432)<br>|
| GBP | 385039 | USD | 521389 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15537)<br>|
| GBP | 874322 | USD | 1194709 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46049)<br>|
| GBP | 780961 | USD | 1040347 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14342)<br>|
| GBP | 1229300 | USD | 1655678 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40659)<br>|
| HKD | 18692632 | USD | 2407193 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| HKD | 25656100 | USD | 3304389 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (470)<br>|
| HKD | 1001292 | USD | 128999 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| HKD | 3718671 | USD | 479039 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160)<br>|
| IDR | 52446952000 | USD | 3177608 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26316)<br>|
| INR | 137651809 | USD | 1563658 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16696)<br>|
| INR | 415424300 | USD | 4687386 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18755)<br>|
| INR | 182845090 | USD | 2074240 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19386)<br>|
| INR | 3198311447 | USD | 36129315 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185974)<br>|
| JPY | 43655111 | USD | 293731 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9237)<br>|
| JPY | 137884819 | USD | 908226 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9652)<br>|
| JPY | 3001417031 | USD | 20546099 | Canadian Imperial Bank of Commerce | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (986346)<br>|
| JPY | 391301044 | USD | 2670838 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120792)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPY | 331590260 | USD | 2191725 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30805)<br>|
| JPY | 436350976 | USD | 2870330 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26701)<br>|
| JPY | 895617167 | USD | 6150587 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (313994)<br>|
| KRW | 6546576700 | USD | 4733824 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144512)<br>|
| KRW | 6842522200 | USD | 4929203 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132426)<br>|
| NOK | 12629800 | USD | 1270580 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23781)<br>|
| NOK | 2359566 | USD | 235423 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2490)<br>|
| NOK | 618132 | USD | 62567 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1546)<br>|
| NZD | 1546100 | USD | 922192 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35818)<br>|
| PHP | 80451300 | USD | 1403618 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33979)<br>|
| PLN | 4514100 | USD | 1238370 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16500)<br>|
| SEK | 17855800 | USD | 1914203 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29839)<br>|
| SGD | 12575954 | USD | 9876546 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183036)<br>|
| SGD | 2362000 | USD | 1851360 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30737)<br>|
| SGD | 1671500 | USD | 1292004 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3616)<br>|
| THB | 108485700 | USD | 3438947 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72326)<br>|
| TWD | 670233415 | USD | 22397107 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (600688)<br>|
| TWD | 31996553 | USD | 1041863 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1315)<br>|
| TWD | 96635800 | USD | 3215239 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72581)<br>|
| TWD | 54071500 | USD | 1785192 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26752)<br>|
| USD | 5150203 | AUD | 7932159 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42252)<br>|
| USD | 1419659 | BRL | 7850854 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24707)<br>|
| USD | 2351522 | BRL | 12789200 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1378)<br>|
| USD | 5561965 | BRL | 30370000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25372)<br>|
| USD | 998359 | HKD | 7758678 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (781)<br>|
| USD | 7115493 | HKD | 55309103 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7055)<br>|
| USD | 1720293 | KRW | 2466007100 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8439)<br>|
| USD | 3232579 | ZAR | 56758756 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31513)<br>|
| USD | 1171333 | ZAR | 20465200 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5583)<br>|
| ZAR | 27348400 | USD | 1580219 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7462)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4012679)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(436588)<br>|

---

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Admiral Group PLC | Citibank N.A. | $439933 | 02/26/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(9619)<br>|
| Admiral Group PLC | JPMorgan Chase Bank N.A. | 761761 | 02/10/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23847)<br>|
| Adyen NV | Citibank N.A. | 1335887 | 02/26/26 | 0.15% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14791)<br>|
| Adyen NV | JPMorgan Chase Bank N.A. | 5911845 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (92853)<br>|
| Alimentation Couche-Tard, Inc. | Citibank N.A. | 1507785 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (56774)<br>|
| Alimentation Couche-Tard, Inc. | JPMorgan Chase Bank N.A. | 2777857 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69567)<br>|
| Argenx SE | JPMorgan Chase Bank N.A. | 580579 | 02/10/26 | 0.28% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14447 |
| ASML Holding NV | Citibank N.A. | 5338513 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 248310 |
| Baloise Holding AG | Citibank N.A. | 184679 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87 |
| Banco Bradesco SA | Citibank N.A. | 3303974 | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 76522 |
| Banco Bradesco SA | JPMorgan Chase Bank N.A. | 5049150 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 315002 |
| Banco BTG Pactual SA | JPMorgan Chase Bank N.A. | 145593 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3327 |
| Bankinter SA | Citibank N.A. | 2794296 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (75975)<br>|
| Bayer AG | JPMorgan Chase Bank N.A. | 652400 | 02/10/26 | 0.31% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (15566)<br>|
| BB Seguridade Participacoes SA | Citibank N.A. | 154785 | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3983 |
| BB Seguridade Participacoes SA | JPMorgan Chase Bank N.A. | 600549 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12231 |
| BHP Group Ltd. | Citibank N.A. | 1129662 | 02/25/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8442 |
| BHP Group Ltd. | JPMorgan Chase Bank N.A. | 638005 | 02/10/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17427 |
| British American Tobacco PLC | Citibank N.A. | 2185306 | 02/26/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15372 |
| Carrefour SA | Citibank N.A. | 255413 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9559)<br>|
| CD Projekt SA | Citibank N.A. | 1902303 | 02/26/26 | 0.50% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (80112)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| CD Projekt SA | JPMorgan Chase Bank N.A. | $68285 | 02/10/26 | 0.55% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(6654)<br>|
| Celestica, Inc. | JPMorgan Chase Bank N.A. | 1120868 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20076 |
| CGI, Inc. | Citibank N.A. | 2072055 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4115)<br>|
| CGI, Inc. | JPMorgan Chase Bank N.A. | 966668 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (42787)<br>|
| Coles Group Ltd. | Citibank N.A. | 2279264 | 02/25/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (64263)<br>|
| Coles Group Ltd. | JPMorgan Chase Bank N.A. | 2087827 | 02/10/26 | 0.55% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (106745)<br>|
| Coloplast A/S | Citibank N.A. | 4761608 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (162781)<br>|
| Coloplast A/S | JPMorgan Chase Bank N.A. | 3546628 | 02/10/26 | 0.31% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3225 |
| D Ieteren Group | Citibank N.A. | 892690 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13851)<br>|
| D Ieteren Group | JPMorgan Chase Bank N.A. | 975209 | 02/10/26 | 0.42% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9784)<br>|
| Deutsche Telekom AG | Citibank N.A. | 4913229 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (548703)<br>|
| Deutsche Telekom AG | JPMorgan Chase Bank N.A. | 8950420 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (794223)<br>|
| E.ON SE | Citibank N.A. | 7879092 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (41361)<br>|
| Elia Group SA/NV, Class B | Citibank N.A. | 1171935 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (41379)<br>|
| Elisa OYJ | Citibank N.A. | 6190852 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (851417)<br>|
| Elisa OYJ | JPMorgan Chase Bank N.A. | 2262743 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (262141)<br>|
| Emera, Inc. | Citibank N.A. | 3325863 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (128427)<br>|
| Emera, Inc. | JPMorgan Chase Bank N.A. | 1873339 | 02/10/26 | 0.29% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18917)<br>|
| Empire Co., Ltd. | Citibank N.A. | 753999 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16122)<br>|
| Empire Co., Ltd. | JPMorgan Chase Bank N.A. | 620616 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16256)<br>|
| Engie SA | Citibank N.A. | 2284859 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 70507 |
| EXOR NV | Citibank N.A. | 2121141 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23450)<br>|
| FirstService Corp. | Citibank N.A. | 1938459 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (265621)<br>|
| FirstService Corp. | JPMorgan Chase Bank N.A. | 36483 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5124)<br>|
| Fomento Economico Mexicano SAB <br> de CV<br>| Citibank N.A. | 836420 | 02/24/28 | 0.50% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16716)<br>|
| Fomento Economico Mexicano SAB <br> de CV<br>| JPMorgan Chase Bank N.A. | 164668 | 02/10/26 | 0.50% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3327)<br>|
| Fortis Inc/Canada | Citibank N.A. | 571774 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (19858)<br>|
| Fortis Inc/Canada | JPMorgan Chase Bank N.A. | 693525 | 02/10/26 | 0.27% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2876)<br>|
| Fresenius Medical Care AG | Citibank N.A. | 348565 | 02/26/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6900)<br>|
| Fresenius Medical Care AG | JPMorgan Chase Bank N.A. | 510851 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6782)<br>|
| Fresnillo PLC | Citibank N.A. | 271655 | 02/26/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14314 |
| Galderma Group AG | Citibank N.A. | 2861813 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 69465 |
| Galderma Group AG | JPMorgan Chase Bank N.A. | 968580 | 02/10/26 | 0.37% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41136 |
| Gildan Activewear, Inc. | Citibank N.A. | 148116 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6177)<br>|
| Grupo Financiero Banorte SAB de <br> CV<br>| Citibank N.A. | 642286 | 02/24/28 | 0.50% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1719 |
| Harmony Gold Mining Co. Ltd. | Citibank N.A. | 3831498 | 02/26/26 | 0.55% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (152728)<br>|
| Harmony Gold Mining Co. Ltd. | JPMorgan Chase Bank N.A. | 1180880 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (124813)<br>|
| Hydro One Ltd. | Citibank N.A. | 349123 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10612)<br>|
| J Sainsbury PLC | Citibank N.A. | 1872044 | 02/26/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (37074)<br>|
| Kinross Gold Corp. | Citibank N.A. | 5183327 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (62065)<br>|
| Kinross Gold Corp. | JPMorgan Chase Bank N.A. | 1182368 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (95609)<br>|
| Leonardo SpA | Citibank N.A. | 2809132 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (40549)<br>|
| Leonardo SpA | JPMorgan Chase Bank N.A. | 1127569 | 02/10/26 | 0.45% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (15594)<br>|
| LVMH Moet Hennessy Louis Vuitton <br> SE<br>| Citibank N.A. | 1581129 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (36721)<br>|
| LVMH Moet Hennessy Louis Vuitton <br> SE<br>| JPMorgan Chase Bank N.A. | 2297958 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 130685 |
| Novartis AG | Citibank N.A. | 1586903 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (96689)<br>|
| Novartis AG | JPMorgan Chase Bank N.A. | 17669249 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1231473)<br>|
| Orange SA | Citibank N.A. | 4469597 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (93295)<br>|
| Partners Group Holding AG | Citibank N.A. | 6809615 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (80346)<br>|
| Partners Group Holding AG | JPMorgan Chase Bank N.A. | 330794 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18517)<br>|
| Powszechny Zaklad Ubezpieczen SA | JPMorgan Chase Bank N.A. | 1404445 | 02/10/26 | 0.50% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 59971 |
| Renault SA | JPMorgan Chase Bank N.A. | 143884 | 02/10/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2110 |
| Rio Tinto Ltd. | Citibank N.A. | 567265 | 02/25/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13516 |
| Rio Tinto Ltd. | JPMorgan Chase Bank N.A. | 3029292 | 02/10/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 99231 |
| Rolls-Royce Holdings PLC | Citibank N.A. | 8229282 | 02/26/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 341692 |
| Sanofi SA | JPMorgan Chase Bank N.A. | 1383503 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40262 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Scout24 SE | Citibank N.A. | $564978 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(16005)<br>|
| Scout24 SE | JPMorgan Chase Bank N.A. | 1259821 | 02/10/26 | 0.39% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (58950)<br>|
| Siemens Healthineers AG | Citibank N.A. | 211118 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4574)<br>|
| Sodexo SA | JPMorgan Chase Bank N.A. | 317669 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (36332)<br>|
| Sun Life Financial, Inc. | Citibank N.A. | 4754258 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (51092)<br>|
| Sun Life Financial, Inc. | JPMorgan Chase Bank N.A. | 5129679 | 02/10/26 | 0.23% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (94713)<br>|
| Symrise AG, Class A | Citibank N.A. | 2215891 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (261714)<br>|
| Symrise AG, Class A | JPMorgan Chase Bank N.A. | 333339 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24706)<br>|
| Tele2 AB | Citibank N.A. | 173308 | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1201)<br>|
| Tele2 AB | JPMorgan Chase Bank N.A. | 1348453 | 02/10/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (49545)<br>|
| Telefonaktiebolaget LM Ericsson, <br> Class B<br>| Citibank N.A. | 2078385 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17932 |
| Telefonaktiebolaget LM Ericsson, <br> Class B<br>| JPMorgan Chase Bank N.A. | 3731217 | 02/10/26 | 0.23% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 243677 |
| Telefonica Brasil SA | JPMorgan Chase Bank N.A. | 161383 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2760)<br>|
| Telenor ASA | Citibank N.A. | 5970044 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (508592)<br>|
| Telenor ASA | JPMorgan Chase Bank N.A. | 782519 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (73935)<br>|
| Telia Co. AB | Citibank N.A. | 669521 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36465 |
| Transurban Group | Citibank N.A. | 7015817 | 02/25/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (188365)<br>|
| Transurban Group | JPMorgan Chase Bank N.A. | 2190439 | 02/10/26 | 0.25% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 34222 |
| Valterra Platinum, Ltd. | Citibank N.A. | 2232307 | 02/26/26 | 0.55% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 92976 |
| Valterra Platinum, Ltd. | JPMorgan Chase Bank N.A. | 373755 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (55293)<br>|
| WiseTech Global Ltd. | JPMorgan Chase Bank N.A. | 2067811 | 02/10/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69613)<br>|
| Wolters Kluwer NV | Citibank N.A. | 3961460 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (226769)<br>|
| Wolters Kluwer NV | JPMorgan Chase Bank N.A. | 1412112 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (68329)<br>|
| Woolworths Group Ltd. | Citibank N.A. | 1498799 | 02/25/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 86621 |
| Woolworths Group Ltd. | JPMorgan Chase Bank N.A. | 738515 | 02/10/26 | 0.44% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 55700 |
| Zurich Insurance Group AG | Citibank N.A. | 225265 | 02/26/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4800)<br>|
| Zurich Insurance Group AG | JPMorgan Chase Bank N.A. | 879242 | 02/10/26 | 0.26% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34940)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (5673081)<br>|
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| Affirm Holdings, Inc. | Citibank N.A. | (1466540) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10324 |
| Alexandria Real Estate Equities, Inc. | Citibank N.A. | (601084) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 151102 |
| Alfa SAB de CV | Citibank N.A. | (3111181) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 153004 |
| Alfa SAB de CV | JPMorgan Chase Bank N.A. | (1313456) | 02/10/26 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80501 |
| Alibaba Health Information <br> Technology Ltd.<br>| Citibank N.A. | (276443) | 02/25/26 | (3.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9415 |
| Align Technology, Inc. | JPMorgan Chase Bank N.A. | (178074) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6409)<br>|
| Alstom SA | JPMorgan Chase Bank N.A. | (1089903) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 56690 |
| Amrize, Ltd. | Citibank N.A. | (3252840) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (205960)<br>|
| Amrize, Ltd. | JPMorgan Chase Bank N.A. | (5138559) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (323739)<br>|
| Ares Management Corp., Class A | Citibank N.A. | (465760) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4313 |
| Axon Enterprise, Inc. | Citibank N.A. | (3190661) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (141718)<br>|
| Baidu, Inc. | Citibank N.A. | (2511698) | 02/25/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53892)<br>|
| Barratt Developments PLC | Citibank N.A. | (1587062) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 138336 |
| Barratt Developments PLC | JPMorgan Chase Bank N.A. | (1404027) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 74545 |
| Barry Callebaut AG | Citibank N.A. | (2835086) | 02/26/26 | (2.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 427412 |
| Barry Callebaut AG | JPMorgan Chase Bank N.A. | (5722751) | 02/10/26 | (0.57)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 640895 |
| Baxter International, Inc. | Citibank N.A. | (3144735) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 611667 |
| Baxter International, Inc. | JPMorgan Chase Bank N.A. | (2876624) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 541185 |
| Beijing Enterprises Water Group Ltd. | Citibank N.A. | (1563385) | 02/25/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7846 |
| Beijing Enterprises Water Group Ltd. | JPMorgan Chase Bank N.A. | (621228) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34448)<br>|
| Block, Inc. | Citibank N.A. | (9467831) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2494)<br>|
| Block, Inc. | JPMorgan Chase Bank N.A. | (421123) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26843 |
| BlueScope Steel Ltd. | JPMorgan Chase Bank N.A. | (739236) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38639)<br>|
| Boston Properties, Inc. | Citibank N.A. | (471042) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12934 |
| Boston Properties, Inc. | JPMorgan Chase Bank N.A. | (8687804) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 47972 |
| Brookfield Asset Management Ltd. | Citibank N.A. | (920193) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2278)<br>|
| Brookfield Asset Management Ltd. | JPMorgan Chase Bank N.A. | (979542) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 72543 |
| Builders FirstSource, Inc. | Citibank N.A. | (2688064) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 125121 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Builders FirstSource, Inc. | JPMorgan Chase Bank N.A. | $(1162112) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $108450 |
| C&D International Investment Group <br> Ltd.<br>| Citibank N.A. | (734287) | 02/25/26 | (0.66)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51767 |
| C&D International Investment Group <br> Ltd.<br>| JPMorgan Chase Bank N.A. | (3496515) | 02/10/26 | (0.32)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 229860 |
| Carvana Co., Class A | Citibank N.A. | (969199) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 60308 |
| CCC SA | Citibank N.A. | (2725586) | 02/26/26 | (0.74)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (123924)<br>|
| Cheng Shin Rubber Industry Co., <br> Ltd.<br>| JPMorgan Chase Bank N.A. | (255391) | 02/10/26 | (0.88)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12807 |
| Chesapeake Energy Corp. | Citibank N.A. | (5909831) | 02/24/28 | 0.12% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61142 |
| Chesapeake Energy Corp. | JPMorgan Chase Bank N.A. | (760977) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37601 |
| Cloudflare, Inc. | Citibank N.A. | (137607) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27798)<br>|
| Cloudflare, Inc. | JPMorgan Chase Bank N.A. | (1149280) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (173959)<br>|
| Davide Campari-Milano NV | Citibank N.A. | (496328) | 02/26/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6514)<br>|
| Davide Campari-Milano NV | JPMorgan Chase Bank N.A. | (168701) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10874)<br>|
| Delivery Hero SE, Class A | Citibank N.A. | (2475486) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 136449 |
| Delivery Hero SE, Class A | JPMorgan Chase Bank N.A. | (1533559) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 94435 |
| Dow, Inc. | Citibank N.A. | (1458207) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (115011)<br>|
| Dow, Inc. | JPMorgan Chase Bank N.A. | (1190062) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (73320)<br>|
| Dr Ing hc F Porsche AG | Citibank N.A. | (224179) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8041 |
| Entegris, Inc. | Citibank N.A. | (316164) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9826)<br>|
| Estee Lauder Cos, Inc., Class A | Citibank N.A. | (607166) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11943 |
| First Solar, Inc. | Citibank N.A. | (718549) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (140197)<br>|
| Formosa Chemicals & Fibre Corp. | Citibank N.A. | (835367) | 02/25/26 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31061 |
| Gcl Technology Holdings Ltd. | Citibank N.A. | (681230) | 02/25/26 | (2.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53145)<br>|
| Grifols SA | JPMorgan Chase Bank N.A. | (161791) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15419 |
| Hensoldt AG | Citibank N.A. | (805124) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19606 |
| Hensoldt AG | JPMorgan Chase Bank N.A. | (762636) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 48325 |
| Holmen AB | Citibank N.A. | (1059925) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8889)<br>|
| Holmen AB | JPMorgan Chase Bank N.A. | (133903) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3600)<br>|
| Horizon Robotics | JPMorgan Chase Bank N.A. | (56786) | 02/10/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1746 |
| Hyatt Hotels Corp., Class A | Citibank N.A. | (2149552) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 206712 |
| IHI Corp. | Citibank N.A. | (548256) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16965)<br>|
| IMCD NV | Citibank N.A. | (3325784) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 193655 |
| IMCD NV | JPMorgan Chase Bank N.A. | (1783543) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27640 |
| Inpost SA | Citibank N.A. | (1137052) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21167)<br>|
| Inpost SA | JPMorgan Chase Bank N.A. | (596123) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20877)<br>|
| International Paper Co. | Citibank N.A. | (5072966) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 984970 |
| International Paper Co. | JPMorgan Chase Bank N.A. | (4919410) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 845557 |
| Ivanhoe Mines Ltd. | JPMorgan Chase Bank N.A. | (5371937) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 689535 |
| J&T Global Express Ltd. | JPMorgan Chase Bank N.A. | (206151) | 02/10/26 | (1.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9414)<br>|
| JD Sports Fashion PLC | Citibank N.A. | (2156057) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 180809 |
| JD Sports Fashion PLC | JPMorgan Chase Bank N.A. | (448527) | 02/10/26 | (0.46)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 43446 |
| Kawasaki Heavy Industries Ltd. | Citibank N.A. | (3136832) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (442592)<br>|
| Kawasaki Heavy Industries Ltd. | JPMorgan Chase Bank N.A. | (252489) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (51802)<br>|
| Kering SA | Citibank N.A. | (7274708) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 262925 |
| Kering SA | JPMorgan Chase Bank N.A. | (2743719) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80342 |
| Kingdee International Software Group <br> Co., Ltd.<br>| Citibank N.A. | (3940850) | 02/25/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22290 |
| Kingdee International Software Group <br> Co., Ltd.<br>| JPMorgan Chase Bank N.A. | (153885) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21820 |
| KKR & Co., Inc. | Citibank N.A. | (5326400) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 205196 |
| KKR & Co., Inc. | JPMorgan Chase Bank N.A. | (963165) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 49421 |
| Klabin SA | Citibank N.A. | (299194) | 02/24/28 | (0.34)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8015)<br>|
| Li Auto, Inc. | Citibank N.A. | (4886837) | 02/25/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 297059 |
| Li Auto, Inc. | JPMorgan Chase Bank N.A. | (1369431) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 211350 |
| M3, Inc. | Citibank N.A. | (3056372) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 153897 |
| M3, Inc. | JPMorgan Chase Bank N.A. | (1278722) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 48218 |
| Meitu, Inc. | JPMorgan Chase Bank N.A. | (5111) | 02/10/26 | (1.00)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (442)<br>|
| MMG, Ltd. | Citibank N.A. | (4247918) | 02/25/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (150296)<br>|
| Molina Healthcare, Inc. | Citibank N.A. | (1831966) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89684 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Neste OYJ | JPMorgan Chase Bank N.A. | $(1398727) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(152256)<br>|
| Nexi SpA | JPMorgan Chase Bank N.A. | (190675) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6228 |
| Nibe Industrier AB | Citibank N.A. | (2126328) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41520 |
| Nibe Industrier AB | JPMorgan Chase Bank N.A. | (1820287) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31696)<br>|
| NIO, Inc., Class A | Citibank N.A. | (6540117) | 02/25/26 | (2.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (195695)<br>|
| NIO, Inc., Class A | JPMorgan Chase Bank N.A. | (1448396) | 02/10/26 | (1.05)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 92239 |
| Northern Star Resources Ltd. | JPMorgan Chase Bank N.A. | (5116621) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 52924 |
| Occidental Petroleum Corp. | Citibank N.A. | (236108) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2999 |
| Occidental Petroleum Corp. | JPMorgan Chase Bank N.A. | (704471) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 60061 |
| Open Text Corp. | Citibank N.A. | (174281) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3477 |
| Pure Storage, Inc. | Citibank N.A. | (758010) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11751)<br>|
| Pure Storage, Inc. | JPMorgan Chase Bank N.A. | (1886363) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (172223)<br>|
| Quanta Services, Inc. | Citibank N.A. | (777840) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69668)<br>|
| Restaurant Brands International, Inc. | Citibank N.A. | (4271802) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 123233 |
| Rheinmetall AG | Citibank N.A. | (2280569) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 74960 |
| Rheinmetall AG | JPMorgan Chase Bank N.A. | (445105) | 02/10/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20496 |
| Rivian Automotive, Inc. | Citibank N.A. | (1726354) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (32969)<br>|
| Rivian Automotive, Inc. | JPMorgan Chase Bank N.A. | (2468204) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (82712)<br>|
| Robinhood Markets, Inc. | Citibank N.A. | (201080) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2210)<br>|
| Ryohin Keikaku Co., Ltd. | Citibank N.A. | (208812) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1123 |
| Sasol Ltd. | JPMorgan Chase Bank N.A. | (4719668) | 02/10/26 | (0.40)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (205603)<br>|
| SBI Holdings, Inc. | JPMorgan Chase Bank N.A. | (223045) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9328)<br>|
| Sembcorp Industries Ltd. | Citibank N.A. | (1651791) | 02/25/26 | (0.19)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16721)<br>|
| Sembcorp Industries Ltd. | JPMorgan Chase Bank N.A. | (1466395) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13720)<br>|
| SGH Ltd. | JPMorgan Chase Bank N.A. | (7715716) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 297401 |
| Shandong Weigao Group Medical <br> Polymer Co., Ltd.<br>| Citibank N.A. | (257946) | 02/25/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8750 |
| Shiseido Co. Ltd. | Citibank N.A. | (2908763) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 195218 |
| Shopify, Inc., Class A | Citibank N.A. | (2897915) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (214167)<br>|
| Shopify, Inc., Class A | JPMorgan Chase Bank N.A. | (810525) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (35347)<br>|
| Sigma Healthcare Ltd. | JPMorgan Chase Bank N.A. | (6751765) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (319499)<br>|
| Smurfit WestRock PLC | Citibank N.A. | (5833371) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 784893 |
| Smurfit WestRock PLC | JPMorgan Chase Bank N.A. | (4282500) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 631001 |
| Stora Enso OYJ | Citibank N.A. | (127283) | 02/26/26 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16814)<br>|
| Stora Enso OYJ | JPMorgan Chase Bank N.A. | (529744) | 02/10/26 | (0.26)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (37350)<br>|
| Super Micro Computer, Inc. | Citibank N.A. | (2578012) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26517 |
| Super Micro Computer, Inc. | JPMorgan Chase Bank N.A. | (2610791) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 298986 |
| Synopsys, Inc. | Citibank N.A. | (8504042) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8985 |
| Taishin Financial Holding Co., Ltd. | JPMorgan Chase Bank N.A. | (164379) | 02/10/26 | (0.35)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (552)<br>|
| Texas Pacific Land Corp. | Citibank N.A. | (1380457) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (26122)<br>|
| Texas Pacific Land Corp. | JPMorgan Chase Bank N.A. | (292546) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2929 |
| Toast, Inc. | Citibank N.A. | (3356157) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 173488 |
| Toast, Inc. | JPMorgan Chase Bank N.A. | (3061697) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 46718 |
| Tokyo Metro Co., Ltd. | Citibank N.A. | (4180478) | 02/26/26 | (8.00)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87062 |
| Tokyo Metro Co., Ltd. | JPMorgan Chase Bank N.A. | (3347153) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 96808 |
| U-Haul Holding Co. | Citibank N.A. | (3975770) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 166541 |
| U-Haul Holding Co. | JPMorgan Chase Bank N.A. | (1717002) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 67033 |
| Wise PLC, Class A | Citibank N.A. | (107816) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4905 |
| Xinyi Solar Holdings Ltd. | Citibank N.A. | (4002031) | 02/25/26 | (1.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (175552)<br>|
| Xinyi Solar Holdings Ltd. | JPMorgan Chase Bank N.A. | (5751) | 02/10/26 | (0.30)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 222 |
| Zeta Global Holdings Corp. | Citibank N.A. | (269283) | 02/26/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13992 |
| Zeta Global Holdings Corp. | JPMorgan Chase Bank N.A. | (718052) | 02/10/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 8078489 |
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 2405408 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (848628)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $1556780 |

---

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

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14369300 | &nbsp;&nbsp;&nbsp; $(12812520)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3576091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3576091 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14369300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14369300 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14369300 | &nbsp;&nbsp; $3576091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17945391 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11049 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11049 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4012679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4012679 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12812520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12812520 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12823569 | &nbsp;&nbsp; $4012679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16836248 |

---

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317369 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317369 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3197428)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3197428)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (50717125)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (50717125)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50399756)<br>| &nbsp;&nbsp; $(3197428)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53597184)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11049)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11049)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109667 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8244281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8244281 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8233232 | &nbsp;&nbsp; $109667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8342899 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1718500 |
| Average notional value of contracts — short | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 209907240 |
| Average amounts sold — in USD | &nbsp;&nbsp; 284080712 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 219617005 |
| Average notional value — short | &nbsp;&nbsp; 265005284 |

---

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

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $9250 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 3576091 | &nbsp;&nbsp;&nbsp;&nbsp; 4012679 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 14369300 | &nbsp;&nbsp;&nbsp;&nbsp; 12812520 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 17954641 | &nbsp;&nbsp;&nbsp;&nbsp; 16825199 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (9250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $17945391 | &nbsp;&nbsp;&nbsp;&nbsp; $16825199 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $22016 | &nbsp;&nbsp; $(22016)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 7319 | &nbsp;&nbsp; (7319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 30596 | &nbsp;&nbsp; (30596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 7821301 | &nbsp;&nbsp; (6841920)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 979381 |
| Deutsche Bank AG | &nbsp;&nbsp; 98169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 98169 |
| Goldman Sachs International | &nbsp;&nbsp; 111229 | &nbsp;&nbsp; (111229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 352142 | &nbsp;&nbsp; (239230)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112912 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 7861043 | &nbsp;&nbsp; (5475837)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2385206 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1063291 | &nbsp;&nbsp; (313913)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 749378 |
| Natwest Markets PLC | &nbsp;&nbsp; 4606 | &nbsp;&nbsp; (4606)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 309141 | &nbsp;&nbsp; (58617)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 250524 |
| Societe Generale | &nbsp;&nbsp; 45931 | &nbsp;&nbsp; (45931)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 218607 | &nbsp;&nbsp; (218607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $17945391 | &nbsp;&nbsp; $(13369821)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4575570 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $183036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183036 |
| Barclays Bank PLC | &nbsp;&nbsp; 765271 | &nbsp;&nbsp; (22016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 743255 |
| BNP Paribas SA | &nbsp;&nbsp; 43012 | &nbsp;&nbsp; (7319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35693 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 986346 | &nbsp;&nbsp; (30596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 955750 |
| Citibank N.A. | &nbsp;&nbsp; 6841920 | &nbsp;&nbsp; (6841920)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(c)(e)</sup><br>|
| Goldman Sachs International | &nbsp;&nbsp; $178971 | &nbsp;&nbsp; $(111229)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67742 |
| HSBC Bank PLC | &nbsp;&nbsp; 239230 | &nbsp;&nbsp; (239230)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 5475837 | &nbsp;&nbsp; (5475837)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 313913 | &nbsp;&nbsp; (313913)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 42888 | &nbsp;&nbsp; (4606)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38282 |
| Royal Bank of Canada | &nbsp;&nbsp; 58617 | &nbsp;&nbsp; (58617)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 306312 | &nbsp;&nbsp; (45931)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 260381 |
| UBS AG | &nbsp;&nbsp; 541218 | &nbsp;&nbsp; (218607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 322611 |
|  | &nbsp;&nbsp; $15976571 | &nbsp;&nbsp; $(13369821)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2606750 |

---

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

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

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

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $790481 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $790481 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388799 |
| Brazil | &nbsp;&nbsp; 3530453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3530453 |
| Canada | &nbsp;&nbsp; 1268326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1268326 |
| China | &nbsp;&nbsp; 9765573 | &nbsp;&nbsp;&nbsp;&nbsp; 106806700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116572273 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1823127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1823127 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15426394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15426394 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1841012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1841012 |
| Hong Kong | &nbsp;&nbsp; 2960521 | &nbsp;&nbsp;&nbsp;&nbsp; 8751219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11711740 |
| Ireland | &nbsp;&nbsp; 376654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 376654 |
| Israel | &nbsp;&nbsp; 3689103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3689103 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 350639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 350639 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134363356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134363356 |
| Netherlands | &nbsp;&nbsp; 7999321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7999321 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4425387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4425387 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192756 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6139049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6139049 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723468 |
| Switzerland | &nbsp;&nbsp; 5076056 | &nbsp;&nbsp;&nbsp;&nbsp; 789645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5865701 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24870299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24870299 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1878329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1878329 |
| United States | &nbsp;&nbsp; 920536493 | &nbsp;&nbsp;&nbsp;&nbsp; 2382210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 922918703 |
| Investment Companies | &nbsp;&nbsp; 40996045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40996045 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 |
|  | &nbsp;&nbsp; $998318545 | &nbsp;&nbsp;&nbsp;&nbsp; $311942870 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1310261415 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Disciplined Volatility Equity Active ETF** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14369300 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14369300 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3576091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3576091 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (11049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12812520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12823569)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4012679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4012679)<br>|
|  | &nbsp;&nbsp; $(11049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1120192 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1109143 |

---

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

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)

October 31, 2025

**iShares Dynamic Equity Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 0.9%** | **Canada — 0.9%** |  |
| Cameco Corp. | 134425 | $13739579 |
| Suncor Energy, Inc. | 172219 | 6857454 |
|  |  | 20597033 |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |  |
| Bullish<sup>(a)</sup> | 23250 | 1175752 |
| **China — 0.9%** | **China — 0.9%** |  |
| BYD Co. Ltd., ADR | 414657 | 5365662 |
| Tencent Holdings Ltd., ADR | 190473 | 15498788 |
|  |  | 20864450 |
| **Denmark — 0.5%** | **Denmark — 0.5%** |  |
| DSV A/S, ADR | 74699 | 7927805 |
| Novo Nordisk A/S, Class B, ADR | 84230 | 4166016 |
|  |  | 12093821 |
| **France — 2.8%** | **France — 2.8%** |  |
| Airbus SE, ADR | 54940 | 3373316 |
| Cie de Saint-Gobain SA, ADR | 542731 | 10539836 |
| EssilorLuxottica SA, ADR | 112674 | 20683893 |
| Hermes International SCA, ADR | 60960 | 15077846 |
| LVMH Moet Hennessy Louis Vuitton SE, ADR | 32383 | 4579280 |
| Societe Generale SA, ADR | 667191 | 8473326 |
|  |  | 62727497 |
| **Germany — 0.5%** | **Germany — 0.5%** |  |
| adidas AG, ADR | 5697 | 540759 |
| Birkenstock Holding PLC<sup>(a)</sup> | 15292 | 610304 |
| SAP SE, ADR | 33768 | 8780018 |
|  |  | 9931081 |
| **Italy — 2.0%** | **Italy — 2.0%** |  |
| Intesa Sanpaolo SpA, ADR | 634793 | 24598229 |
| Leonardo SpA, ADR | 70099 | 2053199 |
| UniCredit SpA, ADR | 471053 | 17367724 |
|  |  | 44019152 |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** |  |
| ASML Holding NV, ADR, Registered Shares<sup>(b)</sup> | 17386 | 18415773 |
| ING Groep NV, ADR | 606813 | 15127848 |
|  |  | 33543621 |
| **Spain — 0.1%** | **Spain — 0.1%** |  |
| CaixaBank SA, ADR | 322657 | 1122846 |
| Industria de Diseno Textil SA, ADR | 45498 | 627873 |
|  |  | 1750719 |
| **Taiwan — 0.6%** | **Taiwan — 0.6%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 47269 | 14201026 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| NMC Health PLC<sup>(a)(c)</sup> | 504 |  |
| **United Kingdom — 2.8%** | **United Kingdom — 2.8%** |  |
| BAE Systems PLC, ADR | 208402 | 20613042 |
| Compass Group PLC, ADR | 382643 | 12833846 |
| National Grid PLC, ADR | 202828 | 15262807 |
| RELX PLC, ADR | 308337 | 13640829 |
|  |  | 62350524 |
| **United States — 71.1%** | **United States — 71.1%** |  |
| Abbott Laboratories | 26565 | 3283965 |
| AbbVie, Inc. | 25079 | 5468225 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 19318 | 4947726 |
| Air Products and Chemicals, Inc. | 26300 | 6380117 |
| Alphabet, Inc., Class C | 345673 | 97417565 |
| Amazon.com, Inc.<sup>(a)</sup> | 321323 | 78473503 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Apollo Global Management, Inc. | 72302 | $8987862 |
| Apple, Inc. | 422896 | 114338391 |
| Arista Networks, Inc.<sup>(a)</sup> | 17569 | 2770456 |
| Autodesk, Inc.<sup>(a)</sup> | 40319 | 12149727 |
| AutoZone, Inc.<sup>(a)</sup> | 162 | 595258 |
| Bank of America Corp. | 634792 | 33929632 |
| Best Buy Co., Inc. | 7866 | 646113 |
| Boeing Co.<sup>(a)</sup> | 102047 | 20513488 |
| Booking Holdings, Inc. | 405 | 2056485 |
| Boston Scientific Corp.<sup>(a)</sup> | 200671 | 20211583 |
| Broadcom, Inc. | 129567 | 47891850 |
| Burlington Stores, Inc.<sup>(a)</sup> | 2407 | 658531 |
| Capital One Financial Corp. | 102099 | 22460759 |
| Chevron Corp. | 90813 | 14323026 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 3 | 95 |
| Circle Internet Group, Inc., Class A<sup>(a)</sup> | 3321 | 421701 |
| Cisco Systems, Inc. | 285153 | 20847536 |
| Citigroup, Inc. | 249278 | 25234412 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 5325 | 1830628 |
| Confluent, Inc., Class A<sup>(a)</sup> | 452 | 10563 |
| Constellation Energy Corp. | 2890 | 1089530 |
| Costco Wholesale Corp. | 30440 | 27744538 |
| CRH PLC | 115268 | 13728419 |
| D.R. Horton, Inc. | 49284 | 7347259 |
| Delta Air Lines, Inc. | 179453 | 10297013 |
| Dick's Sporting Goods, Inc. | 2833 | 627368 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 13132 | 1082733 |
| Eli Lilly & Co. | 41523 | 35828536 |
| EQT Corp. | 164153 | 8795318 |
| Fifth Third Bancorp | 30673 | 1276610 |
| Figma, Inc., Class A<sup>(a)</sup> | 14643 | 729807 |
| Freeport-McMoRan, Inc. | 262267 | 10936534 |
| General Electric Co. | 37088 | 11458338 |
| Hilton Worldwide Holdings, Inc. | 15191 | 3903479 |
| Home Depot, Inc. | 58098 | 22053420 |
| Intel Corp.<sup>(a)</sup> | 70921 | 2836131 |
| Intuit, Inc. | 23504 | 15690095 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 24008 | 12826994 |
| Johnson & Johnson | 24872 | 4697575 |
| JPMorgan Chase & Co. | 104814 | 32609732 |
| Lam Research Corp. | 25060 | 3945948 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 62672 | 9371344 |
| Marsh & McLennan Cos., Inc. | 66073 | 11770905 |
| Mastercard, Inc., Class A | 36833 | 20331448 |
| McDonald's Corp. | 24791 | 7398378 |
| McKesson Corp. | 23171 | 18799559 |
| Medtronic PLC | 158410 | 14367787 |
| Merck & Co., Inc. | 53212 | 4575168 |
| Meta Platforms, Inc., Class A | 72299 | 46875057 |
| Micron Technology, Inc. | 85837 | 19207745 |
| Microsoft Corp. | 208718 | 108076268 |
| MongoDB, Inc., Class A<sup>(a)</sup> | 23560 | 8477359 |
| Morgan Stanley | 16836 | 2761104 |
| Netflix, Inc.<sup>(a)</sup> | 12071 | 13505759 |
| NextEra Energy, Inc. | 213109 | 17347073 |
| NVIDIA Corp. | 598504 | 121191075 |
| Oracle Corp. | 78867 | 20711263 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 60953 | 12219248 |
| Pfizer, Inc. | 81757 | 2015310 |
| Philip Morris International, Inc. | 102203 | 14750959 |
| Progressive Corp. | 77837 | 16034422 |
| Salesforce, Inc. | 62335 | 16232657 |
| Sanofi SA, ADR | 193929 | 9808929 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| ServiceNow, Inc.<sup>(a)</sup> | 9775 | $8985962 |
| ServiceTitan, Inc., Class A<sup>(a)</sup> | 60766 | 5733880 |
| Shell PLC, ADR | 262377 | 19657285 |
| Starbucks Corp. | 7552 | 610730 |
| Stryker Corp. | 60042 | 21389362 |
| Target Corp. | 6916 | 641252 |
| Tesla, Inc.<sup>(a)</sup> | 81831 | 37360761 |
| Thermo Fisher Scientific, Inc. | 12720 | 7217201 |
| TJX Cos., Inc. | 137312 | 19242904 |
| Trane Technologies PLC | 45622 | 20468310 |
| TransDigm Group, Inc. | 9837 | 12871813 |
| Uber Technologies, Inc.<sup>(a)</sup> | 65673 | 6337444 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1222 | 635293 |
| Union Pacific Corp. | 36019 | 7937507 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 36497 | 3432178 |
| UnitedHealth Group, Inc. | 22308 | 7619520 |
| Valero Energy Corp. | 30564 | 5182432 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 17237 | 7335550 |
| Vertiv Holdings Co., Class A | 84048 | 16209497 |
| Vistra Corp. | 67959 | 12796680 |
| Walmart, Inc. | 263373 | 26648080 |
| Walt Disney Co. | 140419 | 15813988 |
| Wells Fargo & Co. | 291814 | 25379064 |
| Williams Cos., Inc. | 233613 | 13519184 |
|  |  | 1594209268 |
| **Total Common Stocks — 83.8%** <br>**(Cost: $1,498,367,453)** | **Total Common Stocks — 83.8%** <br>**(Cost: $1,498,367,453)** | 1877463944 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 2.2%** | **United States — 2.2%** |  |
| iShares China Large-Cap ETF<sup>(d)</sup> | 153989 | 6114904 |
| iShares Core S&P Small-Cap ETF<sup>(d)</sup> | 4432 | 522090 |
| iShares MSCI China ETF<sup>(d)</sup> | 20962 | 1332554 |
| KraneShares CSI China Internet ETF | 91539 | 3656983 |
| SPDR Gold Shares<sup>(a)(e)</sup> | 94104 | 34641564 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| State Street SPDR S&P Homebuilders ETF | 4426 | $464863 |
| State Street SPDR S&P Regional Banking ETF | 68078 | 4084680 |
| **Total Investment Companies — 2.2%** <br>**(Cost: $42,562,422)** | **Total Investment Companies — 2.2%** <br>**(Cost: $42,562,422)** | 50817638 |
| **Total Long-Term Investments — 86.0%** <br>**(Cost: $1,540,929,875)** | **Total Long-Term Investments — 86.0%** <br>**(Cost: $1,540,929,875)** | 1928281582 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 13.5%** | **Money Market Funds — 13.5%** |  |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(d)(f)</sup><br>| 302452329 | 302452329 |
| **Total Short-Term Securities — 13.5%** <br>**(Cost: $302,452,329)** | **Total Short-Term Securities — 13.5%** <br>**(Cost: $302,452,329)** | 302452329 |
| **Options Purchased — 0.7%** <br>**(Cost: $13,379,124)** | **Options Purchased — 0.7%** <br>**(Cost: $13,379,124)** | 15671749 |
| **Total Investments Before Options Written — 100.2%** <br>**(Cost: $1,856,761,328)** | **Total Investments Before Options Written — 100.2%** <br>**(Cost: $1,856,761,328)** | 2246405660 |
| **Options Written — (0.5)%** <br>**(Premiums Received: $(7237175))** | **Options Written — (0.5)%** <br>**(Premiums Received: $(7237175))** | (11279052)<br>|
| **Total Investments, Net of Options Written — 99.7%** <br>**(Cost: $1,849,524,153)** | **Total Investments, Net of Options Written — 99.7%** <br>**(Cost: $1,849,524,153)** | 2235126608 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 6091777 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2241218385 |

---

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

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

<sup>(b)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

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

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

<sup>(e)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary. 

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months 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>*April 30, 2025*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*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 Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; $— | $302452329 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | $302452329 | 302452329 | $1622481 | $— |
| BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<sup>(b)</sup><br>| &nbsp;&nbsp; 229882821 |  | &nbsp;&nbsp; (229882821 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  |  | 5389302 |  |
| iShares China Large-Cap ETF | &nbsp;&nbsp; 2765955 | 7092147 | &nbsp;&nbsp; (4332900)<br>| &nbsp;&nbsp; 20408 | 569294 | 6114904 | 153989 | 41564 |  |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp; 417442 | 31194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 73454 | 522090 | 4432 | 3471 |  |
| iShares MSCI China ETF | &nbsp;&nbsp; 1024108 | 73980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 234466 | 1332554 | 20962 | 10617 |  |
| iShares Russell 2000 ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 16797985 | &nbsp;&nbsp; (16774041)<br>| &nbsp;&nbsp; (23944)<br>|  |  |  |  |  |
|  |  |  |  | &nbsp;&nbsp; $(3536)<br>| $877214 | $310421877 |  | $7067435 | $— |

---

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; $3727 | &nbsp;&nbsp;&nbsp;&nbsp; $(38776)<br>|
| Nikkei 225 Index | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 51003 | &nbsp;&nbsp;&nbsp;&nbsp; 4401900 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 | &nbsp;&nbsp;&nbsp;&nbsp; 23355 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17554 | &nbsp;&nbsp;&nbsp;&nbsp; 170380 |
| Euro Stoxx 50 Index | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6273 | &nbsp;&nbsp;&nbsp;&nbsp; 303092 |
| Euro Stoxx Banks Index | &nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7185 | &nbsp;&nbsp;&nbsp;&nbsp; 107194 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 107234 | &nbsp;&nbsp;&nbsp;&nbsp; 2108798 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7075943 |
| Short Contracts  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 5392 |
| SPI 200 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30165 | &nbsp;&nbsp;&nbsp;&nbsp; (1472032)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1466451)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $5609492 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 3302385 | USD | 2144642 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17127 |
| ILS | 10427500 | USD | 3137646 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62673 |
| JPY | 110956799 | USD | 722687 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| USD | 34078 | CNY | 240646 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| USD | 3243121 | DKK | 20511224 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68187 |
| USD | 2165512 | EUR | 1856161 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20788 |
| USD | 337410 | EUR | 287098 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5678 |
| USD | 5370971 | EUR | 4611124 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42992 |
| USD | 4287698 | EUR | 3681053 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34381 |
| USD | 2093545 | EUR | 1777700 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39480 |
| USD | 2866029 | GBP | 2115400 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86876 |
| USD | 18868181 | GBP | 13925790 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572873 |
| USD | 2050644 | HKD | 15920700 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| USD | 282483 | JPY | 41285269 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13433 |
| USD | 217393 | JPY | 33050022 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012 |
| USD | 468089 | JPY | 70346503 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9653 |
| USD | 218639 | JPY | 32143228 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9167 |
| USD | 116234 | KRW | 160716110 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3568 |
| USD | 9674139 | TWD | 289498618 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259459 |
| USD | 2465127 | TWD | 73891900 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62115 |
| USD | 2828996 | TWD | 86260900 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23736 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335129 |
| AUD | 50935774 | USD | 33803730 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (460760)<br>|
| CAD | 3290300 | USD | 2388915 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37664)<br>|
| CAD | 3674400 | USD | 2672866 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47136)<br>|
| CAD | 3654900 | USD | 2614376 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2581)<br>|
| CAD | 87868443 | USD | 63672047 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (881185)<br>|
| CHF | 845346 | USD | 1070388 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14602)<br>|
| CHF | 2239600 | USD | 2838692 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41568)<br>|
| CHF | 36818172 | USD | 46689914 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (706251)<br>|
| EUR | 173344 | USD | 204880 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4588)<br>|
| EUR | 287919 | USD | 340394 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7715)<br>|
| EUR | 39091027 | USD | 46092738 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (924535)<br>|
| GBP | 7761900 | USD | 10426091 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (228727)<br>|
| GBP | 3856000 | USD | 5193669 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127765)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPY | 322244832 | USD | 2137086 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(37069)<br>|
| JPY | 865152500 | USD | 5687654 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49594)<br>|
| JPY | 32937484 | USD | 223343 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8694)<br>|
| JPY | 50557283 | USD | 337226 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7752)<br>|
| JPY | 58843542 | USD | 401296 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17822)<br>|
| JPY | 73865408 | USD | 489084 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7715)<br>|
| JPY | 302990500 | USD | 2065777 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91237)<br>|
| JPY | 50892596 | USD | 349636 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17977)<br>|
| JPY | 319601500 | USD | 2180121 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97329)<br>|
| JPY | 110359762 | USD | 735840 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16643)<br>|
| JPY | 195057337 | USD | 1288355 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17198)<br>|
| JPY | 15942174019 | USD | 109164261 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5271674)<br>|
| JPY | 30015454 | USD | 206164 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10558)<br>|
| JPY | 69395279 | USD | 465975 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13737)<br>|
| NOK | 23540400 | USD | 2375479 | Natwest Markets PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51599)<br>|
| SEK | 21043300 | USD | 2247303 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26554)<br>|
| SEK | 141308792 | USD | 15214087 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301438)<br>|
| SGD | 9679600 | USD | 7601525 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140517)<br>|
| USD | 9050505 | HKD | 70316548 | Canadian Imperial Bank of Commerce | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4659)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9674843)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8339714)<br>|

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 11/14/25 | USD | 697.00 | USD | 20462 | &nbsp;&nbsp;&nbsp; $49950 |
| Amazon.com, Inc. | &nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 240.00 | USD | 8694 | &nbsp;&nbsp;&nbsp; 359560 |
| Apple, Inc. | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 235.00 | USD | 6354 | &nbsp;&nbsp;&nbsp; 851287 |
| ASML Holding N.V., ADR | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 1060.00 | USD | 10698 | &nbsp;&nbsp;&nbsp; 405515 |
| McDonald's Corp. | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 330.00 | USD | 3880 | &nbsp;&nbsp;&nbsp; 5200 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 750.00 | USD | 6484 | &nbsp;&nbsp;&nbsp; 33750 |
| SPDR Gold Trust<sup>(a)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 360.00 | USD | 110436 | &nbsp;&nbsp;&nbsp; 3757500 |
| NVIDIA Corp. | &nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 11/28/25 | USD | 200.00 | USD | 16017 | &nbsp;&nbsp;&nbsp; 963042 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 290.00 | USD | 6623 | &nbsp;&nbsp;&nbsp; 257325 |
| Amazon.com, Inc. | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 245.00 | USD | 5739 | &nbsp;&nbsp;&nbsp; 272012 |
| Apple, Inc. | &nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 3596 | &nbsp;&nbsp;&nbsp; 134663 |
| Apple, Inc. | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 280.00 | USD | 6354 | &nbsp;&nbsp;&nbsp; 132775 |
| Bank of America Corp. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 55.00 | USD | 3207 | &nbsp;&nbsp;&nbsp; 82800 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 5900.00 | USD | 6093 | &nbsp;&nbsp;&nbsp; 22440 |
| Broadcom, Inc. | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 350.00 | USD | 8354 | &nbsp;&nbsp;&nbsp; 922645 |
| Broadcom, Inc. | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 390.00 | USD | 11532 | &nbsp;&nbsp;&nbsp; 671580 |
| Capital One Financial Corp. | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 230.00 | USD | 2530 | &nbsp;&nbsp;&nbsp; 69000 |
| Citigroup, Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 105.00 | USD | 6074 | &nbsp;&nbsp;&nbsp; 169500 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 1451 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 62.50 | USD | 8326 | &nbsp;&nbsp;&nbsp; 267710 |
| iShares China Large-Cap ETF | &nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 42.00 | USD | 12270 | &nbsp;&nbsp;&nbsp; 194670 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 325.00 | USD | 5227 | &nbsp;&nbsp;&nbsp; 96180 |
| Lam Research Corp. | &nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 165.00 | USD | 3999 | &nbsp;&nbsp;&nbsp; 215265 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 760.00 | USD | 6484 | &nbsp;&nbsp;&nbsp; 75000 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 815.00 | USD | 4668 | &nbsp;&nbsp;&nbsp; 29340 |
| Microsoft Corp. | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 560.00 | USD | 5385 | &nbsp;&nbsp;&nbsp; 51740 |
| NVIDIA Corp. | &nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 185.00 | USD | 9942 | &nbsp;&nbsp;&nbsp; 1195585 |
| NVIDIA Corp. | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 200.00 | USD | 8383 | &nbsp;&nbsp;&nbsp; 636525 |
| NVIDIA Corp. | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 205.00 | USD | 4759 | &nbsp;&nbsp;&nbsp; 299625 |
| SPDR Gold Trust<sup>(a)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 390.00 | USD | 40493 | &nbsp;&nbsp;&nbsp; 519750 |
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 105.00 | USD | 3019 | &nbsp;&nbsp;&nbsp; 90362 |
| Valero Energy Corp. | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 170.00 | USD | 3832 | &nbsp;&nbsp;&nbsp; 177975 |
| Wells Fargo & Co. | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 90.00 | USD | 3305 | &nbsp;&nbsp;&nbsp; 81320 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 18487 | &nbsp;&nbsp;&nbsp; 1308720 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

**Exchange-Traded Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| Apple, Inc. | &nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 285.00 | USD | 19521 | &nbsp;&nbsp;&nbsp; $471105 |
| SPDR Gold Trust<sup>(a)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 390.00 | USD | 40493 | &nbsp;&nbsp;&nbsp; 775500 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 15646916 |
| Put  |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 11/07/25 | USD | 660.00 | USD | 26259 | &nbsp;&nbsp;&nbsp; 24833 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $15671749 |

---

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

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 140.00 | USD | 435 | &nbsp;&nbsp;&nbsp; $(2713)<br>|
| Apple, Inc. | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 255.00 | USD | 6354 | &nbsp;&nbsp;&nbsp; (403025)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 55.00 | USD | 1545 | &nbsp;&nbsp;&nbsp; (22831)<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 105.00 | USD | 1017 | &nbsp;&nbsp;&nbsp; (7323)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 230.00 | USD | 1100 | &nbsp;&nbsp;&nbsp; (13500)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 105.00 | USD | 1437 | &nbsp;&nbsp;&nbsp; (18815)<br>|
| CRH PLC | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 130.00 | USD | 786 | &nbsp;&nbsp;&nbsp; (8745)<br>|
| D.R. Horton, Inc. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 175.00 | USD | 432 | &nbsp;&nbsp;&nbsp; (653)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 420.00 | USD | 835 | &nbsp;&nbsp;&nbsp; (1980)<br>|
| Intuit, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 730.00 | USD | 601 | &nbsp;&nbsp;&nbsp; (5760)<br>|
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 495.00 | USD | 641 | &nbsp;&nbsp;&nbsp; (52920)<br>|
| Live Nation Entertainment, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 165.00 | USD | 523 | &nbsp;&nbsp;&nbsp; (4463)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 790.00 | USD | 2269 | &nbsp;&nbsp;&nbsp; (7578)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 820.00 | USD | 6484 | &nbsp;&nbsp;&nbsp; (17400)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 575.00 | USD | 4971 | &nbsp;&nbsp;&nbsp; (6672)<br>|
| NextEra Energy, Inc. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 90.00 | USD | 855 | &nbsp;&nbsp;&nbsp; (2258)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 210.00 | USD | 5467 | &nbsp;&nbsp;&nbsp; (178200)<br>|
| Salesforce, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 270.00 | USD | 781 | &nbsp;&nbsp;&nbsp; (14400)<br>|
| ServiceNow, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 1020.00 | USD | 368 | &nbsp;&nbsp;&nbsp; (2580)<br>|
| SPDR Gold Trust<sup>(a)</sup> | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 380.00 | USD | 99392 | &nbsp;&nbsp;&nbsp; (958500)<br>|
| Tesla, Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 520.00 | USD | 1507 | &nbsp;&nbsp;&nbsp; (22440)<br>|
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 590.00 | USD | 340 | &nbsp;&nbsp;&nbsp; (4260)<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 470.00 | USD | 987 | &nbsp;&nbsp;&nbsp; (9130)<br>|
| TransDigm Group, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 1420.00 | USD | 654 | &nbsp;&nbsp;&nbsp; (3050)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 125.00 | USD | 586 | &nbsp;&nbsp;&nbsp; (5850)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 5016 | &nbsp;&nbsp;&nbsp; (1133860)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 210.00 | USD | 1973 | &nbsp;&nbsp;&nbsp; (516250)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 315.00 | USD | 9948 | &nbsp;&nbsp;&nbsp; (138552)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 8621 | &nbsp;&nbsp;&nbsp; (119137)<br>|
| Apple, Inc. | &nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 240.00 | USD | 8679 | &nbsp;&nbsp;&nbsp; (1058497)<br>|
| Apple, Inc. | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 250.00 | USD | 2001 | &nbsp;&nbsp;&nbsp; (179080)<br>|
| Apple, Inc. | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 295.00 | USD | 9544 | &nbsp;&nbsp;&nbsp; (73071)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 52.50 | USD | 438 | &nbsp;&nbsp;&nbsp; (22017)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 57.50 | USD | 3207 | &nbsp;&nbsp;&nbsp; (36600)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 380.00 | USD | 3548 | &nbsp;&nbsp;&nbsp; (243600)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 370.00 | USD | 739 | &nbsp;&nbsp;&nbsp; (59950)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 410.00 | USD | 9093 | &nbsp;&nbsp;&nbsp; (373920)<br>|
| Cameco Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 100.00 | USD | 276 | &nbsp;&nbsp;&nbsp; (27810)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 240.00 | USD | 2530 | &nbsp;&nbsp;&nbsp; (35938)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 100.00 | USD | 709 | &nbsp;&nbsp;&nbsp; (36400)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 110.00 | USD | 6074 | &nbsp;&nbsp;&nbsp; (81300)<br>|
| CRH PLC | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 110.00 | USD | 548 | &nbsp;&nbsp;&nbsp; (54280)<br>|
| Delta Air Lines, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 70.00 | USD | 52 | &nbsp;&nbsp;&nbsp; (513)<br>|
| Delta Air Lines, Inc. | &nbsp;&nbsp; 2902 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 72.50 | USD | 16652 | &nbsp;&nbsp;&nbsp; (114629)<br>|
| iShares China Large-Cap ETF | &nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 46.00 | USD | 12270 | &nbsp;&nbsp;&nbsp; (54075)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 820.00 | USD | 6484 | &nbsp;&nbsp;&nbsp; (38500)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 900.00 | USD | 7002 | &nbsp;&nbsp;&nbsp; $(22248)<br>|
| Micron Technology, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 150.00 | USD | 448 | &nbsp;&nbsp;&nbsp; (152700)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 580.00 | USD | 8751 | &nbsp;&nbsp;&nbsp; (42588)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 600.00 | USD | 8130 | &nbsp;&nbsp;&nbsp; (20567)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 7958 | &nbsp;&nbsp;&nbsp; (274117)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 210.00 | USD | 9942 | &nbsp;&nbsp;&nbsp; (519232)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 230.00 | USD | 7148 | &nbsp;&nbsp;&nbsp; (156202)<br>|
| Oracle Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 280.00 | USD | 446 | &nbsp;&nbsp;&nbsp; (26350)<br>|
| Palantir Technologies Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 200.00 | USD | 40 | &nbsp;&nbsp;&nbsp; (3885)<br>|
| SPDR Gold Trust<sup>(a)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 430.00 | USD | 2356 | &nbsp;&nbsp;&nbsp; (5056)<br>|
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 991 | &nbsp;&nbsp;&nbsp; (124822)<br>|
| Tesla, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 460.00 | USD | 365 | &nbsp;&nbsp;&nbsp; (29440)<br>|
| Tesla, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 500.00 | USD | 183 | &nbsp;&nbsp;&nbsp; (8890)<br>|
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 115.00 | USD | 113 | &nbsp;&nbsp;&nbsp; (1434)<br>|
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 125.00 | USD | 6037 | &nbsp;&nbsp;&nbsp; (39804)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 305.00 | USD | 18487 | &nbsp;&nbsp;&nbsp; (637960)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 3517 | &nbsp;&nbsp;&nbsp; (81360)<br>|
| Apple, Inc. | &nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 3217 | &nbsp;&nbsp;&nbsp; (155592)<br>|
| Apple, Inc. | &nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 315.00 | USD | 19521 | &nbsp;&nbsp;&nbsp; (90250)<br>|
| Autodesk, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 350.00 | USD | 452 | &nbsp;&nbsp;&nbsp; (5625)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 1604 | &nbsp;&nbsp;&nbsp; (17400)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 2366 | &nbsp;&nbsp;&nbsp; (200000)<br>|
| Cameco Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 736 | &nbsp;&nbsp;&nbsp; (104580)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 260.00 | USD | 1232 | &nbsp;&nbsp;&nbsp; (9380)<br>|
| CRH PLC | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 135.00 | USD | 715 | &nbsp;&nbsp;&nbsp; (12150)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 900.00 | USD | 1812 | &nbsp;&nbsp;&nbsp; (80745)<br>|
| EQT Corp. | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 65.00 | USD | 402 | &nbsp;&nbsp;&nbsp; (6150)<br>|
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 575.00 | USD | 588 | &nbsp;&nbsp;&nbsp; (17270)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 350.00 | USD | 1680 | &nbsp;&nbsp;&nbsp; (15012)<br>|
| McKesson Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 1055 | &nbsp;&nbsp;&nbsp; (39455)<br>|
| Micron Technology, Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 155.00 | USD | 917 | &nbsp;&nbsp;&nbsp; (303605)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 605.00 | USD | 4246 | &nbsp;&nbsp;&nbsp; (22837)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 230.00 | USD | 5002 | &nbsp;&nbsp;&nbsp; (172282)<br>|
| Oracle Corp. | &nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 360.00 | USD | 16860 | &nbsp;&nbsp;&nbsp; (266430)<br>|
| Salesforce, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 310.00 | USD | 807 | &nbsp;&nbsp;&nbsp; (16043)<br>|
| SPDR Gold Trust<sup>(a)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 405.00 | USD | 3129 | &nbsp;&nbsp;&nbsp; (35063)<br>|
| Tesla, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 1050 | &nbsp;&nbsp;&nbsp; (90908)<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 170.00 | USD | 373 | &nbsp;&nbsp;&nbsp; (22220)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (10002677)<br>|
| Put  |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 11/07/25 | USD | 630.00 | USD | 52519 | &nbsp;&nbsp;&nbsp; (8085)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 11/14/25 | USD | 663.00 | USD | 6821 | &nbsp;&nbsp;&nbsp; (22650)<br>|
| Booking Holdings, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 4900.00 | USD | 6093 | &nbsp;&nbsp;&nbsp; (161400)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 300.00 | USD | 9093 | &nbsp;&nbsp;&nbsp; (140220)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 160.00 | USD | 4961 | &nbsp;&nbsp;&nbsp; (40670)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 12/19/25 | USD | 155.00 | USD | 4921 | &nbsp;&nbsp;&nbsp; (31590)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 240.00 | USD | 11104 | &nbsp;&nbsp;&nbsp; (145780)<br>|
| Apollo Global Management, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 398 | &nbsp;&nbsp;&nbsp; (10880)<br>|
| Apple, Inc. | &nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 240.00 | USD | 14194 | &nbsp;&nbsp;&nbsp; (130725)<br>|
| Boeing Co. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 180.00 | USD | 905 | &nbsp;&nbsp;&nbsp; (14963)<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 1007 | &nbsp;&nbsp;&nbsp; (10500)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 1185 | &nbsp;&nbsp;&nbsp; (14950)<br>|
| Intuit, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 560.00 | USD | 401 | &nbsp;&nbsp;&nbsp; (4440)<br>|
| Live Nation Entertainment, Inc. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 130.00 | USD | 628 | &nbsp;&nbsp;&nbsp; (9975)<br>|
| McKesson Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 580.00 | USD | 1055 | &nbsp;&nbsp;&nbsp; (6240)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 529 | &nbsp;&nbsp;&nbsp; (5358)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| Broadcom, Inc. | &nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 09/18/26 | USD | 280.00 | USD | 4768 | &nbsp;&nbsp;&nbsp; $(312502)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 09/18/26 | USD | 150.00 | USD | 4192 | &nbsp;&nbsp;&nbsp; (205447)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (1276375)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(11279052)<br>|

---

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

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Options Written | &nbsp;&nbsp; $ N/A | &nbsp;&nbsp;&nbsp; $(7237175)<br>| &nbsp;&nbsp;&nbsp; $1905047 | &nbsp;&nbsp;&nbsp; $(5946924)<br>| &nbsp;&nbsp;&nbsp; $(11279052)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7120300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7120300 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1335129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1335129 |
| Options purchased <br>Investments at value — unaffiliated<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15671749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15671749 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22792049 | &nbsp;&nbsp; $1335129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24127178 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1510808 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1510808 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9674843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9674843 |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11279052 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11279052 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12789860 | &nbsp;&nbsp; $9674843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22464703 |

---

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30621433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30621433 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4112750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4112750 |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (759946)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (759946)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7345694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7345694 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 168137 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 168137 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37375318 | &nbsp;&nbsp; $4112750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41488068 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3099465 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3099465 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14484600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14484600)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1846672 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1846672 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2911438)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2911438)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2034699 | &nbsp;&nbsp; $(14484600)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12449901)<br>|

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $167069831 |
| Average notional value of contracts — short | &nbsp;&nbsp; 20332358 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 65370233 |
| Average amounts sold — in USD | &nbsp;&nbsp; 348066949 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 8854073 |
| Average value of option contracts written | &nbsp;&nbsp; 8841988 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 2208212 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $1347606 | &nbsp;&nbsp;&nbsp;&nbsp; $4032 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1335129 | &nbsp;&nbsp;&nbsp;&nbsp; 9674843 |
| Options | &nbsp;&nbsp; 15671749 | &nbsp;&nbsp;&nbsp;&nbsp; 11279052 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 18354484 | &nbsp;&nbsp;&nbsp;&nbsp; 20957927 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (17019355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11283084)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1335129 | &nbsp;&nbsp;&nbsp;&nbsp; $9674843 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $272892 | &nbsp;&nbsp; $(42252)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $230640 |
| BNP Paribas SA | &nbsp;&nbsp; 37915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37915 |
| Citibank N.A. | &nbsp;&nbsp; 89419 | &nbsp;&nbsp; (89419)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 7690 | &nbsp;&nbsp; (7690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 42992 | &nbsp;&nbsp; (42992)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 34890 | &nbsp;&nbsp; (34890)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 96529 | &nbsp;&nbsp; (96529)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 680962 | &nbsp;&nbsp; (135480)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 545482 |
| Societe Generale | &nbsp;&nbsp; 9167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9167 |
| UBS AG | &nbsp;&nbsp; 62673 | &nbsp;&nbsp; (62673)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1335129 | &nbsp;&nbsp; $(511925)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $823204 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Dynamic Equity Active ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $42252 | &nbsp;&nbsp; $(42252)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 4659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4659 |
| Citibank N.A. | &nbsp;&nbsp; 265796 | &nbsp;&nbsp; (89419)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 176377 |
| Deutsche Bank AG | &nbsp;&nbsp; 14602 | &nbsp;&nbsp; (7690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6912 |
| Goldman Sachs International | &nbsp;&nbsp; 49594 | &nbsp;&nbsp; (42992)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6602 |
| HSBC Bank PLC | &nbsp;&nbsp; 341859 | &nbsp;&nbsp; (34890)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 306969 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 162442 | &nbsp;&nbsp; (96529)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65913 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 135480 | &nbsp;&nbsp; (135480)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 7165415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7165415 |
| Royal Bank of Canada | &nbsp;&nbsp; 301438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 301438 |
| UBS AG | &nbsp;&nbsp; 1191306 | &nbsp;&nbsp; (62673)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1128633 |
|  | &nbsp;&nbsp; $9674843 | &nbsp;&nbsp; $(511925)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9162918 |

---

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

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

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

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1877463944 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1877463944 |
| Investment Companies | &nbsp;&nbsp; 50817638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50817638 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 302452329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302452329 |
| Options Purchased  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; 15671749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15671749 |
|  | &nbsp;&nbsp; $2246405660 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2246405660 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2713008 | &nbsp;&nbsp;&nbsp;&nbsp; $4407292 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7120300 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335129 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (12751084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12789860)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9674843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9674843)<br>|
|  | &nbsp;&nbsp; $(10038076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3971198)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(14009274)<br>|

---

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

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

*See notes to financial statements.*

Consolidated Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Disciplined Volatility <br>Equity Active ETF<br>| iShares <br>Dynamic Equity <br>Active ETF<sup>(a)</sup> <br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(b)</sup> | $1267145370 | $1935983783 |
| Investments, at value — affiliated<sup>(c)</sup> | 43116045 | 310421877 |
| Cash | 17651 |  |
| Cash pledged: |  |  |
| Collateral — exchange-traded options written |  | 200000 |
| Collateral — OTC derivatives | 1735000 |  |
| Futures contracts | 237000 | 11840000 |
| Foreign currency, at value<sup>(d)</sup> | 1990481 | 3213225 |
| Receivables: |  |  |
| Investments sold | 13407336 | 2037498 |
| Swaps | 42022048 |  |
| Capital shares sold | 325655 |  |
| Dividends — unaffiliated | 3138884 | 827382 |
| Dividends — affiliated | 72929 | 1058498 |
| Variation margin on futures contracts | 9250 | 1347606 |
| Unrealized appreciation on: |  |  |
| Forward foreign currency exchange contracts | 3576091 | 1335129 |
| OTC swaps | 14369300 |  |
| Prepaid expenses | 61714 | 28003 |
| Total assets | 1391224754 | 2268293001 |
| **LIABILITIES** |  |  |
| Bank overdraft |  | 517169 |
| Cash received as collateral for OTC derivatives | 2120000 |  |
| Options written, at value<sup>(e)</sup> |  | 11279052 |
| Payables: |  |  |
| Investments purchased | 10833660 | 4948006 |
| Swaps | 42288058 |  |
| Capital shares redeemed |  | 1405 |
| Investment advisory fees | 307854 | 645428 |
| Professional fees |  | 4681 |
| Variation margin on futures contracts |  | 4032 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Disciplined Volatility<br> Equity Active ETF<br>| iShares<br> Dynamic Equity<br> Active ETF<sup>(a)</sup><br>|
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | $4012679 | $9674843 |
| OTC swaps | 12812520 |  |
| Total liabilities | 72374771 | 27074616 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1318849983 | $2241218385 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $1212952963 | $1809991564 |
| Accumulated earnings | 105897020 | 431226821 |
| NET ASSETS | $1318849983 | $2241218385 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 52803133 | 86738938 |
| Net asset value | $24.98 | $25.84 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |
| <sup>(b)</sup> Investments, at cost—unaffiliated | $1183218372 | $1547011697 |
| <sup>(c)</sup> Investments, at cost—affiliated | $42518668 | $309749631 |
| <sup>(d)</sup> Foreign currency, at cost | $2010313 | $3217643 |
| <sup>(e)</sup> Premiums received | $— | $7237175 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Disciplined Volatility <br>Equity Active ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; iShares <br>Dynamic Equity <br>Active ETF<sup>(a)(b)</sup> <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $12301926 | &nbsp;&nbsp;&nbsp; $3139314 |
| Dividends — affiliated | &nbsp;&nbsp; 486563 | &nbsp;&nbsp;&nbsp; 7067435 |
| Interest — unaffiliated | &nbsp;&nbsp; 45629 | &nbsp;&nbsp;&nbsp; 7215842 |
| Foreign taxes withheld | &nbsp;&nbsp; (538653)<br>| &nbsp;&nbsp;&nbsp; (328446)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49796 |
| Total investment income | &nbsp;&nbsp; 12295465 | &nbsp;&nbsp;&nbsp; 17143941 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 2269329 | &nbsp;&nbsp;&nbsp; 3723811 |
| Transfer agent — class specific | &nbsp;&nbsp; 374012 | &nbsp;&nbsp;&nbsp; 620667 |
| Registration | &nbsp;&nbsp; 146813 | &nbsp;&nbsp;&nbsp; 213735 |
| Accounting services | &nbsp;&nbsp; 73334 | &nbsp;&nbsp;&nbsp; 89069 |
| Reorganization | &nbsp;&nbsp; 71136 | &nbsp;&nbsp;&nbsp; 114490 |
| Professional | &nbsp;&nbsp; 65198 | &nbsp;&nbsp;&nbsp; 73060 |
| Custodian | &nbsp;&nbsp; 39064 | &nbsp;&nbsp;&nbsp; 34330 |
| Printing and postage | &nbsp;&nbsp; 9182 | &nbsp;&nbsp;&nbsp; 13972 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 8393 | &nbsp;&nbsp;&nbsp; 2266 |
| Trustees and Officer | &nbsp;&nbsp; 2933 | &nbsp;&nbsp;&nbsp; 4182 |
| Miscellaneous | &nbsp;&nbsp; 16804 | &nbsp;&nbsp;&nbsp; 15080 |
| Total expenses excluding dividend expense | &nbsp;&nbsp; 3076198 | &nbsp;&nbsp;&nbsp; 4904662 |
| Dividends expense — unaffiliated | &nbsp;&nbsp; 23785 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 3099983 | &nbsp;&nbsp;&nbsp; 4904662 |
| Less: |  |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (48861)<br>| &nbsp;&nbsp;&nbsp; (42188)<br>|
| Fees waived and/or reimbursed by the Investment Adviser | &nbsp;&nbsp; (101861)<br>| &nbsp;&nbsp;&nbsp; (219215)<br>|
| Transfer agent fees waived and/or reimbursed by the Investment Adviser — class specific | &nbsp;&nbsp; (33347)<br>| &nbsp;&nbsp;&nbsp; (28648)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 2915914 | &nbsp;&nbsp;&nbsp; 4614611 |
| Net investment income | &nbsp;&nbsp; 9379551 | &nbsp;&nbsp;&nbsp; 12529330 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 59961872 | &nbsp;&nbsp;&nbsp; 24171297 |
| Investments — affiliated | &nbsp;&nbsp; 3708127 | &nbsp;&nbsp;&nbsp; (3536)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (3197428)<br>| &nbsp;&nbsp;&nbsp; 4112750 |
| Foreign currency transactions | &nbsp;&nbsp; 82483 | &nbsp;&nbsp;&nbsp; 678950 |
| Futures contracts | &nbsp;&nbsp; 317369 | &nbsp;&nbsp;&nbsp; 30621433 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7345694 |
| Swaps | &nbsp;&nbsp; (50717125)<br>| &nbsp;&nbsp;&nbsp; 168137 |
|  | &nbsp;&nbsp; 10155298 | &nbsp;&nbsp;&nbsp; 67094725 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Disciplined Volatility<br> Equity Active ETF<sup>(a)</sup><br>| &nbsp;&nbsp; iShares<br> Dynamic Equity<br> Active ETF<sup>(a)(b)</sup><br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; $36918211 | &nbsp;&nbsp;&nbsp; $273265600 |
| Investments — affiliated | &nbsp;&nbsp; 597377 | &nbsp;&nbsp;&nbsp; 877214 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 109667 | &nbsp;&nbsp;&nbsp; (14484600)<br>|
| Foreign currency translations | &nbsp;&nbsp; (94120)<br>| &nbsp;&nbsp;&nbsp; (138049)<br>|
| Futures contracts | &nbsp;&nbsp; (11049)<br>| &nbsp;&nbsp;&nbsp; 3099465 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2911438)<br>|
| Short sales — unaffiliated | &nbsp;&nbsp; (594617)<br>| &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 8244281 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 45169750 | &nbsp;&nbsp;&nbsp; 259708192 |
| Net realized and unrealized gain | &nbsp;&nbsp; 55325048 | &nbsp;&nbsp;&nbsp; 326802917 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $64704599 | &nbsp;&nbsp;&nbsp; $339332247 |
| <sup>(a)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial <br> Statements for information on the Fund's reorganization. | <sup>(a)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial <br> Statements for information on the Fund's reorganization. | <sup>(a)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial <br> Statements for information on the Fund's reorganization. |
| <sup>(b)</sup> Consolidated Statement of Operations. | <sup>(b)</sup> Consolidated Statement of Operations. | <sup>(b)</sup> Consolidated Statement of Operations. |
| <sup>(c)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(91633)<br>| &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF | iShares Dynamic Equity Active ETF<sup>(a)</sup>  | iShares Dynamic Equity Active ETF<sup>(a)</sup>  |
|  | Six Months Ended<sup>(b)</sup> <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended<sup>(a)</sup> <br>04/30/25<br>| &nbsp;&nbsp; Six Months Ended<sup>(b)</sup> <br>10/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $9379551 | &nbsp;&nbsp;&nbsp; $7658920 | &nbsp;&nbsp;&nbsp; $12529330 | &nbsp;&nbsp;&nbsp; $11757319 |
| Net realized gain (loss) | &nbsp;&nbsp; 10155298 | &nbsp;&nbsp;&nbsp; 57373688 | &nbsp;&nbsp;&nbsp; 67094725 | &nbsp;&nbsp;&nbsp; (13447536)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 45169750 | &nbsp;&nbsp;&nbsp; 13569536 | &nbsp;&nbsp;&nbsp; 259708192 | &nbsp;&nbsp;&nbsp; 70602434 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 64704599 | &nbsp;&nbsp;&nbsp; 78602144 | &nbsp;&nbsp;&nbsp; 339332247 | &nbsp;&nbsp;&nbsp; 68912217 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(c)</sup> <br>|  |  |  |  |
| Predecessor Fund |  |  |  |  |
| Institutional | &nbsp;&nbsp; (45709178 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (19586906)<br>| &nbsp;&nbsp;&nbsp; (12562455 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (22457821)<br>|
| Class K | &nbsp;&nbsp; (14941)<br>| &nbsp;&nbsp;&nbsp; (9775)<br>| &nbsp;&nbsp;&nbsp; (8251)<br>| &nbsp;&nbsp;&nbsp; (7142)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (45724119)<br>| &nbsp;&nbsp;&nbsp; (19596681)<br>| &nbsp;&nbsp;&nbsp; (12570706)<br>| &nbsp;&nbsp;&nbsp; (22464963)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 378322184 | &nbsp;&nbsp;&nbsp; 426107863 | &nbsp;&nbsp;&nbsp; 430145811 | &nbsp;&nbsp;&nbsp; 759975576 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 397302664 | &nbsp;&nbsp;&nbsp; 485113326 | &nbsp;&nbsp;&nbsp; 756907352 | &nbsp;&nbsp;&nbsp; 806422830 |
| Beginning of period | &nbsp;&nbsp; 921547319 | &nbsp;&nbsp;&nbsp; 436433993 | &nbsp;&nbsp;&nbsp; 1484311033 | &nbsp;&nbsp;&nbsp; 677888203 |
| End of period | &nbsp;&nbsp; $1318849983 | &nbsp;&nbsp;&nbsp; $921547319 | &nbsp;&nbsp;&nbsp; $2241218385 | &nbsp;&nbsp;&nbsp; $1484311033 |

---

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

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets.

<sup>(b)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization. 

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF | iShares Disciplined Volatility Equity Active ETF |
|  | Six Months Ended <br>10/31/25<sup>(b)</sup> <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/23<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/22<sup>(a)</sup>  | &nbsp;&nbsp; Period from <br>11/01/2020 <br>to 04/30/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>10/31/25<sup>(b)</sup> <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/23<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/22<sup>(a)</sup>  | &nbsp;&nbsp; Period from <br>11/01/2020 <br>to 04/30/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $20.19 | &nbsp;&nbsp;&nbsp; $19.41 | &nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp;&nbsp; $18.15 | &nbsp;&nbsp;&nbsp; $18.65 |
| Net investment income<sup>(c)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net increase (decrease) from investment operations | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| **Distributions**<sup>(e)</sup> <br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.79 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| From net realized gain | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Total distributions | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.98 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $20.19 | &nbsp;&nbsp;&nbsp; $19.41 | &nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp;&nbsp; $18.15 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 6.49 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.71<br> %<br>| &nbsp;&nbsp;&nbsp; (3.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.68 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99 %<sup>(j)(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.36 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding <br> dividend expense and/or reorganization costs<br>| 0.36 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.89 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1318850 | &nbsp;&nbsp;&nbsp; $355 | &nbsp;&nbsp;&nbsp; $319 | &nbsp;&nbsp;&nbsp; $285 | &nbsp;&nbsp;&nbsp; $6672 | &nbsp;&nbsp;&nbsp; $6901 | &nbsp;&nbsp;&nbsp; $5765 |
| Portfolio turnover rate | &nbsp;&nbsp; 49 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp; 196 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp; 169 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp; 252 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>|

---

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

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> As of the close of trading on the New York Stock Exchange on September 12, 2025, BlackRock GA Disciplined Volatility Equity Fund was reorganized into the Fund. The activity in the table above's for the accounting survivor, Class K Shares of BlackRock GA Disciplined Volatility Equity Fund, for the periods prior to the date of the reorganization, and for the post-reorganization combined fund thereafter. The net asset values and other per share information have been restated for periods prior to the reorganization to reflect the share conversion ratio of 0.60122800. See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization. 

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

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

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

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

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

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

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

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

<sup>(k)</sup> Audit and printing were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.26%.

<sup>(l)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Dynamic Equity Active ETF | iShares Dynamic Equity Active ETF | iShares Dynamic Equity Active ETF | iShares Dynamic Equity Active ETF | iShares Dynamic Equity Active ETF | iShares Dynamic Equity Active ETF | iShares Dynamic Equity Active ETF |
|  | Six Months Ended <br>10/31/25<sup>(a)(b)</sup> <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Six Months Ended <br>10/31/25<sup>(a)(b)</sup> <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.57 | &nbsp;&nbsp;&nbsp; $20.07 | &nbsp;&nbsp;&nbsp; $17.30 | &nbsp;&nbsp;&nbsp; $16.69 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $15.44 | &nbsp;&nbsp;&nbsp; $14.36 |
| Net investment income<sup>(c)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net increase (decrease) from investment operations | 4.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| **Distributions**<sup>(e)</sup> <br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $21.57 | &nbsp;&nbsp;&nbsp; $20.07 | &nbsp;&nbsp;&nbsp; $17.30 | &nbsp;&nbsp;&nbsp; $16.69 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $15.44 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 20.63 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp; (9.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.59 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15 %<sup>(j)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding <br> reorganization costs<br>| 0.37 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 0.71 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2241218 | &nbsp;&nbsp;&nbsp; $1148 | &nbsp;&nbsp;&nbsp; $320 | &nbsp;&nbsp;&nbsp; $273 | &nbsp;&nbsp;&nbsp; $7142 | &nbsp;&nbsp;&nbsp; $7875 | &nbsp;&nbsp;&nbsp; $5984 |
| Portfolio turnover rate<sup>(n)</sup> | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>|

---

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

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> As of the close of trading on the New York Stock Exchange on September 12, 2025, BlackRock GA Dynamic Equity Fund was reorganized into the Fund. The activity in the table above is for the accounting survivor, Class K Shares of BlackRock GA Dynamic Equity Fund, for the periods prior to the date of the reorganization, and for the post-reorganization combined fund thereafter. The net asset values and other per share information have been restated for periods prior to the reorganization to reflect the share conversion ratio of 0.76030000. See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization. 

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

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

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

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

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

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

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

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

<sup>(k)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(l)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.44% and 0.44%,respectively. 

<sup>(m)</sup> Audit and printing were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.28%.

<sup>(n)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

***1.*** ***ORGANIZATION***

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

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

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| iShares Disciplined Volatility Equity Active ETF | Disciplined Volatility Equity Active | Diversified |
| iShares Dynamic Equity Active ETF | Dynamic Equity Active | Diversified |

---

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

**Reorganization:** The Board of Trustees of Managed Account Series (the "Predecessor Board"), on behalf of BlackRock GA Disciplined Volatility Equity Fund ("GA Disciplined Volatility Equity") and BlackRock GA Dynamic Equity Fund ("GA Dynamic Equity") (individually a "Predecessor Fund" or collectively the "Predecessor Funds"), each of which is a series of Managed Account Series (the "Predecessor Trust"), approved an Agreement and Plan of Reorganization, together (the "Reorganization"), pursuant to which the Predecessor Funds reorganized into the Funds. The Reorganization was completed as of the close of trading on the New York Stock Exchange on September 12, 2025 and was not subject to approval by shareholders of the Predecessor Funds. The Funds have the same investment objective, strategies and policies and portfolio management team as the Predecessor Funds.

Each Fund was a newly-formed "shell" fund that had not commenced operations prior to the Reorganization and therefore did not have performance history prior to the Reorganization. The Funds had been organized solely in connection with the Reorganization to acquire all of the assets and assume certain of the liabilities of the corresponding Predecessor Fund and continue the business of the respective Predecessor Fund. In connection with the Reorganization, shareholders of the Predecessor Funds received ETF shares of the Funds equal in value to the number of shares of the respective Predecessor Fund they owned, including a cash payment in lieu of fractional shares of the respective Fund, which the cash payment may be taxable. After the Reorganization, the Class K Share class of each Predecessor Fund was the accounting and performance survivor, meaning that the respective Fund assumed the performance and financial history of the Predecessor Fund upon completion of the Reorganization.

The Reorganization was accomplished by a tax-free exchange of shares of each Fund in the following amounts and at the following conversion ratio:

---

| | | | |
|:---|:---|:---|:---|
| *GA Disciplined Volatility Equity's Share Class* | &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *Shares of* <br>*Disciplined Volatility* <br>*Equity Active*<br>|
| Institutional | &nbsp;&nbsp; 80599679 | 0.60011600 | &nbsp;&nbsp; 48369157 |
| Class K | &nbsp;&nbsp; 23246 | 0.60122800 | &nbsp;&nbsp; 13976 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *GA Dynamic Equity's Share Class* | &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *Shares of* <br>*Dynamic Equity Active*<br>|
| Institutional | &nbsp;&nbsp; 107298281 | 0.75922000 | &nbsp;&nbsp; 81463001 |
| Class K | &nbsp;&nbsp; 20962 | 0.76030000 | &nbsp;&nbsp; 15937 |

---

Each Predecessor Fund's net assets and composition of net assets as of the close of trading on the New York Stock Exchange on September 12, 2025, the valuation date of the Reorganization, were as follows:

---

| | | |
|:---|:---|:---|
|  | *GA Disciplined Volatility Equity* | *GA Dynamic Equity* |
| Net assets | &nbsp;&nbsp; $1209578325 | &nbsp;&nbsp; $2036973450 |
| Paid-in-capital | &nbsp;&nbsp; 1102681424 | &nbsp;&nbsp; 1676926427 |
| Accumulated earnings | &nbsp;&nbsp; 106896901 | &nbsp;&nbsp; 360047023 |

---

For financial reporting purposes, assets received and shares issued by each Fund were recorded at fair value. However, the cost basis of the investments received from each Predecessor Fund was carried forward to align ongoing reporting of each Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Prior to the Reorganization, the Funds had not yet commenced operations and had no assets or liabilities. Each Predecessor Fund's fair value and cost of financial instruments prior to the Reorganization were as follows:

---

| | | |
|:---|:---|:---|
| *Predecessor Funds*  | *Fair Value of* <br>*Investments*<br>| &nbsp;&nbsp; *Cost of* <br>*Investments*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $1205380420 | &nbsp;&nbsp; $1107671140 |
| GA Dynamic Equity | &nbsp;&nbsp; 1979216829 | &nbsp;&nbsp; 1643769048 |

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Prior to the Reorganization, the Predecessor Funds' independent registered public accounting firm was Deloitte & Touche LLP. The independent registered public accounting firm for the Funds is PricewaterhouseCoopers LLP.

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

**Basis of Consolidation:** The accompanying consolidated financial statements of Dynamic Equity Active include the account of Cayman Dynamic Equity Active, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of Dynamic Equity Active and primarily invests in commodity-related instruments. The Cayman Subsidiary enables Dynamic Equity Active to hold these commodity-related instruments and satisfy regulated investment company tax requirements. Dynamic Equity Active may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $38,895,696, which is 1.7% of Dynamic Equity Active's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to Dynamic Equity Active, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

The accompanying consolidated financial statements of Disciplined Volatility Equity Active include the account of Cayman GA Disciplined Volatility Equity Fund, Ltd. (the "GA Disciplined Volatility Equity Cayman Subsidiary"). During the six months ended October 31, 2025, there were no transactions in the GA Disciplined Volatility Equity Cayman Subsidiary. Effective September 12, 2025, the GA Disciplined Volatility Equity Cayman Subsidiary, which was wholly-owned by GA Disciplined Volatility Equity Fund, was dissolved. The GA Disciplined Volatility Equity Cayman Subsidiary enabled GA Disciplined Volatility Equity to hold commodity-related instruments and other derivatives and satisfy regulated investment company tax requirements.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest, are recognized daily on an accrual basis. Prior to September 13, 2025, income, expenses and realized and unrealized gains and losses were allocated daily to each class of the respective Predecessor Fund based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, and net realized capital gains and/or return of capital for financial reporting purposes. Effective September 13, 2025, dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset Dynamic Equity Active's ordinary income and/or capital gains for that year.

**Reorganization Costs:** Certain costs incurred in connection with the Reorganization were expensed by the Predecessor Funds.

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

**Other:** Prior to September 13, 2025, expenses directly related to each Predecessor Fund or its classes were charged to each Predecessor Fund or the applicable class. Expenses directly related to the Predecessor Funds and other shared expenses prorated to the Predecessor Funds were allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Investment Adviser"), were prorated among those funds on the basis of relative net assets or other appropriate methods.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to 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 Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

**Short Sale Transactions:** In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short from a broker/counterparty and deliver the security to the purchaser. To close out a short position, a fund delivers the same security to the broker and records a liability to reflect the obligation to return the security to the broker. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A fund maintains a segregated account of securities or deposits cash with the broker-dealer as collateral for the short sales. Cash deposited with the broker is recorded as an asset in the Statements of Assets and Liabilities. Securities segregated as collateral are denoted in the Schedules of Investments. A fund may pay a financing fee for the difference between the market value of the short position and the cash collateral deposited with the broker which would be recorded as interest expense. A fund is required to repay the counterparty any dividends received on the security sold short, which, if applicable, is shown as dividend expense in the Statements of Operations. A fund may pay a fee on the assets borrowed from the counterparty, which, if applicable, is shown as broker fees and expenses on short sales in the Statements of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

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

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

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

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

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

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

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

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

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

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

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

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

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

For its investment advisory services to each Fund, BFA is paid a management fee from each Fund, based on a percentage of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.40<br> % <br>|
| $1 billion — $3 billion | 0.38 |
| $3 billion — $5 billion | 0.36 |
| $5 billion — $10 billion | 0.35 |
| Greater than $10 billion | 0.34 |

---

For the period September 13, 2025 through October 31, 2025, the Funds paid BFA the following amounts, which are included in investment advisory fees in the Statements of Operations:

---

| | |
|:---|:---|
| *Fund Name*  | *Investment* <br>Advisory Fees<br>|
| Disciplined Volatility Equity Active | &nbsp;&nbsp; $674230 |
| Dynamic Equity Active | &nbsp;&nbsp; 1122234 |

---

Prior to September 13, 2025, the Predecessor Trust, on behalf of each Predecessor Fund, had entered into an Investment Advisory Agreement with BAL, the Predecessor Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, provided investment advisory services. BAL was responsible for the management of each Predecessor Fund's portfolio and provided the personnel, facilities, equipment and certain other services necessary to the operations of the Predecessor Funds. For such services, each Predecessor Fund paid BAL a monthly fee at an annual rate equal to the following percentages of the average daily value of each Predecessor Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.40<br> % <br>|
| $1 billion — $3 billion | 0.38 |
| $3 billion — $5 billion | 0.36 |
| $5 billion — $10 billion | 0.35 |
| Greater than $10 billion | 0.34 |

---

For the period May 1, 2025 through September 12, 2025, the Predecessor Funds paid BAL the following amounts, which are included in investment advisory fees in the Statements of Operations:

---

| | |
|:---|:---|
| *Predecessor Fund Name*  | *Investment* <br>*Advisory Fees*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $1595099 |
| GA Dynamic Equity | &nbsp;&nbsp; 2601577 |

---

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

**Transfer Agent:** Prior to September 13, 2025, pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provided the Predecessor Funds with sub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities received an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the period May 1, 2025 through September 12, 2025, the Predecessor Funds did not pay any amounts to affiliates in return for these services.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

For the period May 1, 2025 through September 12, 2025, the following table showed the class specific transfer agent fees borne directly by each share class of each Predecessor Fund:

---

| | | |
|:---|:---|:---|
| *Predecessor Fund Name* | *Institutional* | *Total* |
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $374012 | $374012 |
| GA Dynamic Equity | &nbsp;&nbsp; 620667 | 620667 |

---

**Expense Limitations, Waivers and Reimbursements:** BFA has contractually agreed to waive a portion of its investment advisory fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by a Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to waive a portion of its investment advisory fees by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by a Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Funds. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the period September 13, 2025 through October 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Disciplined Volatility Equity Active | &nbsp;&nbsp; $48861 |
| Dynamic Equity Active | &nbsp;&nbsp; 42188 |

---

Prior to September 13, 2025, with respect to each Predecessor Fund, BAL contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Predecessor Fund paid to BAL indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement could have been terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Predecessor Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Predecessor Fund. These amounts are included in fees waived and/or reimbursed by the Investment Adviser in the Statements of Operations. For the period May 1, 2025 through September 12, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Predecessor Fund Name* | *Fees Waived and/or* <br>*Reimbursed by the* <br>*Investment Adviser*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $6655 |
| GA Dynamic Equity | &nbsp;&nbsp; 82747 |

---

Prior to September 13, 2025, BAL had contractually agreed to waive its investment advisory fee with respect to any portion of each Predecessor Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement could have been terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Predecessor Fund. For the period May 1, 2025 through September 12, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Predecessor Fund Name* | *Fees Waived and/or* <br>*Reimbursed by the* <br>*Investment Adviser*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $18813 |
| GA Dynamic Equity | &nbsp;&nbsp; 7864 |

---

With respect to each Predecessor Fund, BAL had contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Predecessor Fund's business ("expense limitation"). For the period May 1, 2025 through September 12, 2025, expense limitations as a percentage of average daily net assets were as follows:

---

| | | |
|:---|:---|:---|
| *Predecessor Fund Name*  | *Institutional* | *Class K* |
| GA Disciplined Volatility Equity | 0.55<br> % <br>| 0.50<br> % <br>|
| GA Dynamic Equity | 0.55 | 0.50 |

---

Prior to September 13, 2025, BAL had agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Predecessor Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Predecessor Fund. For the period May 1, 2025 through September 12, 2025, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Predecessor Fund Name* | *Fees Waived and/or* <br>*Reimbursed by the* <br>*Investment Adviser*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $76393 |
| GA Dynamic Equity | &nbsp;&nbsp; 128604 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Investment Adviser were included in transfer agent fees waived and/or reimbursed by the Investment Adviser — class specific in the Statements of Operations. For the period May 1, 2025 through September 12, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | |
|:---|:---|:---|
|  | *Transfer Agent Fees Waived* <br>*and/or Reimbursed by the* <br>*Investment Adviser -* <br> *Class Specific* | *Transfer Agent Fees Waived* <br>*and/or Reimbursed by the* <br>*Investment Adviser -* <br> *Class Specific* |
| *Predecessor Fund Name*  | *Institutional* | *Total* |
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $33347 | &nbsp;&nbsp; $33347 |
| GA Dynamic Equity | &nbsp;&nbsp; 28648 | &nbsp;&nbsp; 28648 |

---

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

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

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

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

***7.*** ***PURCHASES AND SALES*** 

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

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| Disciplined Volatility Equity Active | &nbsp;&nbsp; $581086110 | &nbsp;&nbsp; $539949426 |
| Dynamic Equity Active | &nbsp;&nbsp; 590995901 | &nbsp;&nbsp; 414653117 |

---

For the period ended October 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *Fund* | *Purchases* | *Sales* |
| Disciplined Volatility Equity Active | &nbsp;&nbsp; $88436520 | &nbsp;&nbsp; $— |
| Dynamic Equity Active | &nbsp;&nbsp; 106633778 | &nbsp;&nbsp; — |

---

***8.*** ***INCOME TAX INFORMATION*** 

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

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

As of April 30, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified* <br>*Late-Year* <br>*Capital Losses*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $— |
| GA Dynamic Equity | &nbsp;&nbsp; (10820072)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Disciplined Volatility Equity Active | &nbsp;&nbsp; $1232826613 | &nbsp;&nbsp; $134181097 | &nbsp;&nbsp; $(55637152)<br>| &nbsp;&nbsp; $78543945 |
| Dynamic Equity Active | &nbsp;&nbsp; 1866148268 | &nbsp;&nbsp; 428964943 | &nbsp;&nbsp; (55479650)<br>| &nbsp;&nbsp; 373485293 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

***9.*** ***LINE OF CREDIT***

Prior to September 13, 2025, the Predecessor Trust, on behalf of each Predecessor Fund, along with certain other funds managed by BAL and its affiliates ("Participating Funds"), was party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Predecessor Funds could borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Predecessor Funds, could borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement had the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) OBFR (but, in any event, not less than 0.00%) on the date the loan was made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) SOFR (but, in any event, not less than 0.00%) on the date the loan was made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. For the period May 1, 2025 through September 12, 2025, the Predecessor Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

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

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

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

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

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

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

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Period from <br>09/13/25 <br>to 10/31/25 | Period from <br>09/13/25 <br>to 10/31/25 |
| *Fund Name*  | *Shares*  | *Amounts*  |
| Disciplined Volatility Equity Active<sup>(a)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp; 4420000 | &nbsp;&nbsp;&nbsp; $110271947 |
| Shares issued in reorganization | &nbsp;&nbsp; 48383133 | &nbsp;&nbsp;&nbsp; 1209578325 |
|  | &nbsp;&nbsp; 52803133 | &nbsp;&nbsp;&nbsp; $1319850272 |

---

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

---

| | | |
|:---|:---|:---|
|  | Period from <br>09/13/25 <br>to 10/31/25 | Period from <br>09/13/25 <br>to 10/31/25 |
| *Fund Name*  | *Shares*  | *Amounts*  |
| Dynamic Equity Active<sup>(a)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp; 5260000 | &nbsp;&nbsp;&nbsp; $133063736 |
| Shares issued in reorganization | &nbsp;&nbsp; 81478938 | &nbsp;&nbsp;&nbsp; 2036973450 |
|  | &nbsp;&nbsp; 86738938 | &nbsp;&nbsp;&nbsp; $2170037186 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Period from <br>05/01/25 <br>to 09/12/25 | Period from <br>05/01/25 <br>to 09/12/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *Predecessor Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| GA Disciplined Volatility Equity<sup>(a)</sup>  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 20720693 | &nbsp;&nbsp;&nbsp; $312549259 | &nbsp;&nbsp;&nbsp; 45752509 | &nbsp;&nbsp;&nbsp; $651163007 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 3096828 | &nbsp;&nbsp;&nbsp; 45709179 | &nbsp;&nbsp;&nbsp; 1390284 | &nbsp;&nbsp;&nbsp; 19586796 |
| Shares redeemed | &nbsp;&nbsp; (6015448) | &nbsp;&nbsp;&nbsp; (90194173) | &nbsp;&nbsp;&nbsp; (17144398) | &nbsp;&nbsp;&nbsp; (244643376) |
| Shares converted in reorganization | &nbsp;&nbsp; (80599679) | &nbsp;&nbsp;&nbsp; (1209228925) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (62797606) | &nbsp;&nbsp;&nbsp; $(941164660) | &nbsp;&nbsp;&nbsp; 29998395 | &nbsp;&nbsp;&nbsp; $426106427 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp; $14594 | &nbsp;&nbsp;&nbsp; 9599 | &nbsp;&nbsp;&nbsp; $138230 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 2655 |
| Shares redeemed | &nbsp;&nbsp; (1949) | &nbsp;&nbsp;&nbsp; (29199) | &nbsp;&nbsp;&nbsp; (9599) | &nbsp;&nbsp;&nbsp; (139449) |
| Shares converted in reorganization | &nbsp;&nbsp; (23246) | &nbsp;&nbsp;&nbsp; (349400) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (24182) | &nbsp;&nbsp;&nbsp; $(363428) | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; $1436 |
|  | &nbsp;&nbsp; (62821788) | &nbsp;&nbsp;&nbsp; $(941528088) | &nbsp;&nbsp;&nbsp; 29998585 | &nbsp;&nbsp;&nbsp; $426107863 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Period from <br>05/01/25 <br>to 09/12/25 | Period from <br>05/01/25 <br>to 09/12/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *Predecessor* Fund *Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| GA Dynamic Equity<sup>(a)</sup>  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 24055824 | &nbsp;&nbsp;&nbsp; $429462063 | &nbsp;&nbsp;&nbsp; 61781614 | &nbsp;&nbsp;&nbsp; $1017160461 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 687968 | &nbsp;&nbsp;&nbsp; 12562300 | &nbsp;&nbsp;&nbsp; 1356859 | &nbsp;&nbsp;&nbsp; 22457689 |
| Shares redeemed | &nbsp;&nbsp; (8012336) | &nbsp;&nbsp;&nbsp; (144032545) | &nbsp;&nbsp;&nbsp; (17025872) | &nbsp;&nbsp;&nbsp; (280461021) |
| Shares converted in reorganization | &nbsp;&nbsp; (107298281) | &nbsp;&nbsp;&nbsp; (2036575025) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (90566825) | &nbsp;&nbsp;&nbsp; $(1738583207) | &nbsp;&nbsp;&nbsp; 46112601 | &nbsp;&nbsp;&nbsp; $759157129 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp; $35516 | &nbsp;&nbsp;&nbsp; 61198 | &nbsp;&nbsp;&nbsp; $1018932 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 5558 | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 3237 |
| Shares redeemed | &nbsp;&nbsp; (51293) | &nbsp;&nbsp;&nbsp; (950817) | &nbsp;&nbsp;&nbsp; (12353) | &nbsp;&nbsp;&nbsp; (203722) |
| Shares converted in reorganization | &nbsp;&nbsp; (20962) | &nbsp;&nbsp;&nbsp; (398425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (69988) | &nbsp;&nbsp;&nbsp; $(1308168) | &nbsp;&nbsp;&nbsp; 49044 | &nbsp;&nbsp;&nbsp; $818447 |
|  | &nbsp;&nbsp; (90636813) | &nbsp;&nbsp;&nbsp; $(1739891375) | &nbsp;&nbsp;&nbsp; 46161645 | &nbsp;&nbsp;&nbsp; $759975576 |

---

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

<sup>(a)</sup> See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization.

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

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

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

***12.*** ***SUBSEQUENT EVENTS***

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;•Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each independent trustee for services to the Funds from BFA's investment management fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of each Fund's portfolio securities is available in the Funds Prospectus. Each Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator, Custodian and Transfer Agent**

State Street Bank and Trust Company

Boston, MA 02114

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Disclosure of Investment Advisory Agreement

At a meeting on February 19-21, 2025 (the "February Meeting"), the Board of Trustees of Managed Account Series ("Managed Account Series"), with respect to its series BlackRock GA Disciplined Volatility Equity Fund (the "Target Fund"), and the Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust (the "Trust"), with respect to its series iShares Disciplined Volatility Equity Active ETF (the "Fund"), approved the acquisition of the Target Fund by the Fund. In connection with the acquisition, the Board of Trustees of Managed Account Series also approved the termination of the Target Fund.

At the February Meeting, the Board of the Trust considered the initial approval of the proposed investment advisory agreement between BlackRock Fund Advisors (the "Manager") and the Trust, on behalf of the Fund (the "Agreement"). The Board of the Trust was informed that the Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services.

At the February Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement. The Board considered all factors it believed relevant with respect to the Fund, including, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; (h) BlackRock's portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.

In considering approval of the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement. The Board received materials in advance of the February Meeting relating to its consideration of the Agreement, including (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge") regarding the Fund's fees and estimated expense ratio as compared with a peer group of funds as determined by Broadridge ("Expense Peers"); (b) information regarding BlackRock's economic outlook for the Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement. The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management and BlackRock's services related to the valuation and pricing of the portfolio holdings of the Fund. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

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

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. The Board considered the scope of the services provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock's services to be provided to the Fund was consistent with the Fund's operational requirements, including, in addition to seeking to meet the Fund's investment objective(s), compliance with investment restrictions, tax and reporting requirements and related shareholder services.

The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock's code of ethics (regulating the personal trading of BlackRock's officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund. The Board considered that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates will provide the Fund with administrative services, including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund*** 

The Board, including the Independent Board Members, previously received and considered information about BlackRock's investment performance for other funds. The Board, however, did not consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the date of the February Meeting.

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

In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Additionally, the Board noted information received at prior Board meetings concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

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

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the estimated actual management fee rate and estimated total expense ratio would each rank in the first quartile, relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels.

Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.

As the Fund had not commenced operations as of the date of the February Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

***D. Economies of Scale***

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

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

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

In connection with its consideration of the Agreement, the Board noted that it considered information regarding BlackRock's brokerage and soft dollar practices and received and reviewed reports from BlackRock and its affiliates at prior meetings of the boards of directors/trustees of other funds in the BlackRock Multi-Asset Complex which included information on brokerage commissions and trade execution practices.

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

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

**Conclusion**

Following discussion, the Board, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

At a meeting on February 19-21, 2025 (the "February Meeting"), the Board of Trustees of Managed Account Series ("Managed Account Series"), with respect to its series BlackRock GA Dynamic Equity Fund (the "Target Fund"), and the Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust (the "Trust"), with respect to its series iShares Dynamic Equity Active ETF (the "Fund"), approved the acquisition of the Target Fund by the Fund. In connection with the acquisition, the Board of Trustees of Managed Account Series also approved the termination of the Target Fund.

At the February Meeting, the Board of the Trust considered the initial approval of the proposed investment advisory agreement between BlackRock Fund Advisors (the "Manager") and the Trust, on behalf of the Fund (the "Agreement"). The Board of the Trust was informed that the Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services.

At the February Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement. The Board considered all factors it believed relevant with respect to the Fund, including, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; (h) BlackRock's portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.

In considering approval of the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement. The Board received materials in advance of the February Meeting relating to its consideration of the Agreement, including (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge") regarding the Fund's fees and estimated expense ratio as compared with a peer group of funds as determined by Broadridge ("Expense Peers"); (b) information regarding BlackRock's economic outlook for the Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement. The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management and BlackRock's services related to the valuation and pricing of the portfolio holdings of the Fund. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

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

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. The Board considered the scope of the services provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock's services to be provided to the Fund was consistent with the Fund's operational requirements, including, in addition to seeking to meet the Fund's investment objective(s), compliance with investment restrictions, tax and reporting requirements and related shareholder services.

The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock's code of ethics (regulating the personal trading of BlackRock's officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund. The Board considered that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates will provide the Fund with administrative services, including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, previously received and considered information about BlackRock's investment performance for other funds. The Board, however, did not consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the date of the February Meeting.

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

In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Additionally, the Board noted information received at prior Board meetings concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

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

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the estimated actual management fee rate and estimated total expense ratio would each rank in the first quartile, relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels.

Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.

As the Fund had not commenced operations as of the date of the February Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

***D. Economies of Scale***

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

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

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

In connection with its consideration of the Agreement, the Board noted that it considered information regarding BlackRock's brokerage and soft dollar practices and received and reviewed reports from BlackRock and its affiliates at prior meetings of the boards of directors/trustees of other funds in the BlackRock Multi-Asset Complex which included information on brokerage commissions and trade execution practices.

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

**Conclusion**

Following discussion, the Board, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

Disclosure of Investment Advisory Agreement

------

Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| CD | Certificate of Deposit  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SCA | Societe en Commandite par Actions |
| SPDR | Standard & Poor's Depository Receipt |

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2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Want to know more?

blackrock.com \| 1-800-474-2737

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

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October 31, 2025

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

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

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| |
|:---|
| **BlackRock ETF Trust** |
| • iShares International Dividend Active ETF \| BIDD \| NYSE Arca |

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

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

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**Table of Contents**

**Page**

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| | |
|:---|:---|
| [Schedule of Investments](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_SOI-Footer-FundBookName-1324_1)  | 3 |
| [Statement of Assets and Liabilities](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_FS-Footer-FundBookName-1324_1)  | 5 |
| [Statement of Operations](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_FS-Footer-FundBookName-1324_2)  | 6 |
| [Statements of Changes in Net Assets](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_FS-Footer-FundBookName-1324_3)  | 7 |
| [Financial Highlights](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_FIHI-Footer-FundBookName-1324_1)  | 8 |
| [Notes to Financial Statements](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_NTF-Footer-FundBookName-1324_1)  | 9 |
| [Additional Information](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_ADDInfo-Footer-FundBookName-1324_1)  | 17 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_IAAS-Footer-FundBookName-1324_1)  | 18 |
| [Glossary of Terms Used in these Financial Statements](#xx_3e187587-b1ae-418c-bc91-522889fcd94d_Terms-Footer-FundBookName-1324_1)  | 21 |

---

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Schedule of Investments (unaudited)

October 31, 2025

**iShares International Dividend Active ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 5.6%** | **Canada — 5.6%** |  |
| Teck Resources Ltd., Class B | 194156 | $8329376 |
| Toronto-Dominion Bank | 164599 | 13514827 |
| Waste Connections, Inc. | 40238 | 6748268 |
|  |  | 28592471 |
| **China — 5.9%** | **China — 5.9%** |  |
| Alibaba Group Holding Ltd., ADR | 78098 | 13310242 |
| Tencent Holdings Ltd., ADR | 206650 | 16815111 |
|  |  | 30125353 |
| **Finland — 2.0%** | **Finland — 2.0%** |  |
| Kone OYJ, Class B | 152538 | 10191526 |
| **France — 10.4%** | **France — 10.4%** |  |
| Air Liquide SA | 77268 | 14954361 |
| BNP Paribas SA | 65608 | 5081862 |
| EssilorLuxottica SA | 27893 | 10214936 |
| Sanofi SA | 103337 | 10453858 |
| Schneider Electric SE | 44612 | 12711288 |
|  |  | 53416305 |
| **Germany — 7.4%** | **Germany — 7.4%** |  |
| Allianz SE, Registered Shares | 30436 | 12230451 |
| Deutsche Telekom AG, Class N, Registered Shares | 269808 | 8357349 |
| SAP SE | 66301 | 17243057 |
|  |  | 37830857 |
| **India — 4.2%** | **India — 4.2%** |  |
| AceVector Ltd., (Acquired 05/07/14, Cost: <br> $7,423,816)<sup>(a)(b)</sup><br>| 1595200 | 551672 |
| HDFC Bank Ltd., ADR | 580784 | 21035997 |
|  |  | 21587669 |
| **Italy — 2.9%** | **Italy — 2.9%** |  |
| FinecoBank Banca Fineco SpA | 655111 | 14989035 |
| **Japan — 6.8%** | **Japan — 6.8%** |  |
| Honda Motor Co. Ltd. | 756000 | 7641076 |
| Keyence Corp. | 32300 | 11987644 |
| Sony Group Corp. | 552400 | 15384108 |
|  |  | 35012828 |
| **Mexico — 1.4%** | **Mexico — 1.4%** |  |
| Grupo Financiero Banorte SAB de CV, Class O | 776400 | 7307024 |
| **Netherlands — 7.2%** | **Netherlands — 7.2%** |  |
| ASM International NV | 21254 | 13790543 |
| ASR Nederland NV | 131969 | 8807431 |
| Koninklijke KPN NV | 3155819 | 14603430 |
|  |  | 37201404 |
| **Singapore — 2.2%** | **Singapore — 2.2%** |  |
| United Overseas Bank Ltd. | 421054 | 11198963 |
| **South Korea — 3.4%** | **South Korea — 3.4%** |  |
| Kia Corp. | 115652 | 9700725 |
| SK Hynix, Inc. | 19404 | 7549969 |
|  |  | 17250694 |
| **Spain — 4.2%** | **Spain — 4.2%** |  |
| Banco Bilbao Vizcaya Argentaria SA | 522320 | 10522696 |
| Industria de Diseno Textil SA | 197155 | 10886975 |
|  |  | 21409671 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Sweden — 5.2%** | **Sweden — 5.2%** |  |
| Assa Abloy AB, Class B | 360138 | $13571642 |
| Atlas Copco AB, A Shares | 794013 | 13304524 |
|  |  | 26876166 |
| **Switzerland — 2.3%** | **Switzerland — 2.3%** |  |
| UBS Group AG, Registered Shares | 305168 | 11677349 |
| **Taiwan — 8.5%** | **Taiwan — 8.5%** |  |
| MediaTek, Inc. | 245000 | 10390308 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 684000 | 33078012 |
|  |  | 43468320 |
| **United Kingdom — 16.2%** | **United Kingdom — 16.2%** |  |
| Anglo American PLC | 207488 | 7849814 |
| AstraZeneca PLC | 91277 | 15056007 |
| British American Tobacco PLC | 178973 | 9166191 |
| Haleon PLC | 2056665 | 9563963 |
| RELX PLC | 295971 | 13035648 |
| Shell PLC | 571013 | 21439046 |
| Taylor Wimpey PLC | 4958540 | 6858852 |
|  |  | 82969521 |
| **United States — 3.5%** | **United States — 3.5%** |  |
| General Electric Co. | 27289 | 8430937 |
| Mastercard, Inc., Class A | 17353 | 9578682 |
|  |  | 18009619 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $425,024,088)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $425,024,088)** | 509114775 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.27%<sup>(c)(d)(e)</sup><br>| 3009712 | 3011217 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(c)(d)</sup><br>| 2740000 | 2740000 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $5,750,988)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $5,750,988)** | 5751217 |
| **Total Investments — 100.4%** <br>**(Cost: $430,775,076)** | **Total Investments — 100.4%** <br>**(Cost: $430,775,076)** | 514865992 |
| **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (2026647)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $512839345 |

---

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

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

<sup>(b)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $551,672, representing 0.1% of its net assets as of period end, and an original cost of $7,423,816. 

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares International Dividend Active ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months 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>*04/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*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 Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $3012450 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1462)<br>| $229 | $3011217 | 3009712 | $3825 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 7840000 |  | &nbsp;&nbsp; (5100000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 2740000 | 2740000 | 123426 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(1462)<br>| $229 | $5751217 |  | $127251 | &nbsp;&nbsp; $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Canada | &nbsp;&nbsp; $28592471 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28592471 |
| China | &nbsp;&nbsp; 30125353 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30125353 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10191526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10191526 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53416305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53416305 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37830857 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37830857 |
| India | &nbsp;&nbsp; 21035997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 551672 | &nbsp;&nbsp;&nbsp;&nbsp; 21587669 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14989035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14989035 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35012828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35012828 |
| Mexico | &nbsp;&nbsp; 7307024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7307024 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37201404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37201404 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11198963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11198963 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17250694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17250694 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21409671 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21409671 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26876166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26876166 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11677349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11677349 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43468320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43468320 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82969521 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82969521 |
| United States | &nbsp;&nbsp; 18009619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18009619 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5751217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5751217 |
|  | &nbsp;&nbsp; $110821681 | &nbsp;&nbsp;&nbsp;&nbsp; $403492639 | &nbsp;&nbsp;&nbsp;&nbsp; $551672 | &nbsp;&nbsp;&nbsp;&nbsp; $514865992 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Statement of Assets and Liabilities (unaudited)

October 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>International <br>Dividend Active ETF<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $509114775 |
| Investments, at value — affiliated<sup>(c)</sup> | 5751217 |
| Foreign currency, at value<sup>(d)</sup> | 36471 |
| Receivables: |  |
| Securities lending income — affiliated | 1076 |
| Dividends — unaffiliated | 2244016 |
| Dividends — affiliated | 11963 |
| Prepaid expenses | 266 |
| Other assets | 73 |
| Total assets | 517159857 |
| **LIABILITIES** |  |
| Bank overdraft | 6147 |
| Collateral on securities loaned | 3012450 |
| Payables: |  |
| Investments purchased | 79735 |
| Capital shares redeemed | 902798 |
| Investment advisory fees | 294677 |
| Other accrued expenses | 19021 |
| Professional fees | 5684 |
| Total liabilities | 4320512 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $512839345 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $378611880 |
| Accumulated earnings | 134227465 |
| NET ASSETS | $512839345 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 18074563 |
| Net asset value | $28.37 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $425024088 |
| <sup>(b)</sup> Securities loaned, at value | $2890356 |
| <sup>(c)</sup> Investments, at cost—affiliated | $5750988 |
| <sup>(d)</sup> Foreign currency, at cost | $36884 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended October 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>International <br>Dividend Active ETF<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $8412198 |
| Dividends — affiliated | &nbsp;&nbsp; 123426 |
| Interest — unaffiliated | &nbsp;&nbsp; 2752 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 3825 |
| Foreign taxes withheld | &nbsp;&nbsp; (865022)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 292992 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; 25120 |
| Total investment income | &nbsp;&nbsp; 7995291 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 2077150 |
| Professional | &nbsp;&nbsp; 1421 |
| Commitment costs | &nbsp;&nbsp; 513 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 38 |
| Total expenses | &nbsp;&nbsp; 2079122 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (2634)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 2076488 |
| Net investment income | &nbsp;&nbsp; 5918803 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 11942190 |
| Investments — affiliated | &nbsp;&nbsp; (1462)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (219019)<br>|
| In-kind redemptions — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 48659661 |
|  | &nbsp;&nbsp; 60381370 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 2114234 |
| Investments — affiliated | &nbsp;&nbsp; 229 |
| Foreign currency translations | &nbsp;&nbsp; (40189)<br>|
|  | &nbsp;&nbsp; 2074274 |
| Net realized and unrealized gain | &nbsp;&nbsp; 62455644 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $68374447 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares International Dividend Active ETF | iShares International Dividend Active ETF | iShares International Dividend Active ETF |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>06/01/24 <br>to 04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>05/31/24 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>06/01/24 <br>to 04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>05/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $5918803 | &nbsp;&nbsp;&nbsp; $10078429 | &nbsp;&nbsp;&nbsp; $13241156 |
| Net realized gain (loss) | &nbsp;&nbsp; 60381370 | &nbsp;&nbsp;&nbsp; 27779838 | &nbsp;&nbsp;&nbsp; (10909234)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2074274 | &nbsp;&nbsp;&nbsp; (36654313)<br>| &nbsp;&nbsp;&nbsp; 90934411 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 68374447 | &nbsp;&nbsp;&nbsp; 1203954 | &nbsp;&nbsp;&nbsp; 93266333 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |
| Fund | &nbsp;&nbsp; (9963341 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1179591)<br>| &nbsp;&nbsp;&nbsp; — |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14144433)<br>| &nbsp;&nbsp;&nbsp; (9705515)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3138833)<br>| &nbsp;&nbsp;&nbsp; (2302905)<br>|
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (105431)<br>| &nbsp;&nbsp;&nbsp; (63643)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1896336)<br>| &nbsp;&nbsp;&nbsp; (1364928)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (9963341)<br>| &nbsp;&nbsp;&nbsp; (20464624)<br>| &nbsp;&nbsp;&nbsp; (13436991)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (269941509)<br>| &nbsp;&nbsp;&nbsp; 7742712 | &nbsp;&nbsp;&nbsp; 36925249 |
| *NET ASSETS* |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (211530403)<br>| &nbsp;&nbsp;&nbsp; (11517958)<br>| &nbsp;&nbsp;&nbsp; 116754591 |
| Beginning of period | &nbsp;&nbsp; 724369748 | &nbsp;&nbsp;&nbsp; 735887706 | &nbsp;&nbsp;&nbsp; 619133115 |
| End of period | &nbsp;&nbsp; $512839345 | &nbsp;&nbsp;&nbsp; $724369748 | &nbsp;&nbsp;&nbsp; $735887706 |

---

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

<sup>(a)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization. 

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | iShares International Dividend Active ETF<sup>(a)</sup>  | iShares International Dividend Active ETF<sup>(a)</sup>  | iShares International Dividend Active ETF<sup>(a)</sup>  | iShares International Dividend Active ETF<sup>(a)</sup>  | iShares International Dividend Active ETF<sup>(a)</sup>  | iShares International Dividend Active ETF<sup>(a)</sup>  | iShares International Dividend Active ETF<sup>(a)</sup>  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>06/01/24 <br>to 04/30/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 | &nbsp;&nbsp; Period from <br>10/01/19 <br>to 05/31/20 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>06/01/24 <br>to 04/30/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 | &nbsp;&nbsp; Period from <br>10/01/19 <br>to 05/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp; $26.62 | &nbsp;&nbsp;&nbsp; $23.73 | &nbsp;&nbsp;&nbsp; $23.39 | &nbsp;&nbsp;&nbsp; $26.28 | &nbsp;&nbsp;&nbsp; $20.41 | &nbsp;&nbsp;&nbsp; $20.73 |
| Net investment income<sup>(b)</sup> | 0.24 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | 2.41 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net increase (decrease) from investment operations | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.38 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total distributions | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $28.37 | &nbsp;&nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp; $26.62 | &nbsp;&nbsp;&nbsp; $23.73 | &nbsp;&nbsp;&nbsp; $23.39 | &nbsp;&nbsp;&nbsp; $26.28 | &nbsp;&nbsp;&nbsp; $20.41 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 10.22 %<sup>(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.81<br> %<br>| &nbsp;&nbsp;&nbsp; (5.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 0.60 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(i)(j)(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(i)(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.60 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(i)(j)(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(i)(l)</sup><br>|
| Net investment income | 1.71 %<sup>(c)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(i)(l)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $512839 | &nbsp;&nbsp;&nbsp; $724370 | &nbsp;&nbsp;&nbsp; $519289 | &nbsp;&nbsp;&nbsp; $432855 | &nbsp;&nbsp;&nbsp; $118637 | &nbsp;&nbsp;&nbsp; $101899 | &nbsp;&nbsp;&nbsp; $74681 |
| Portfolio turnover rate<sup>(m)</sup> | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|

---

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

<sup>(a)</sup> As of the close of trading on the New York Stock Exchange on November 15, 2024, BlackRock International Dividend Fund was reorganized into the Fund. The activity in the table above is for the accounting survivor, Institutional Shares of BlackRock International Dividend Fund, for the periods prior to the date of the reorganization, and for the post-reorganization combined fund thereafter. The net asset values and other per share information have been restated for periods prior to the reorganization to reflect the share conversion ratio of 1.3833. See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization. 

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

<sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended October 31, 2025: . Net investment income per share by $0.01. . Total return by 0.07%. . Ratio of net investment income to average net assets by 0.08%.

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

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

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

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

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

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

<sup>(j)</sup> Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.75% and 0.65%, respectively. 

<sup>(k)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.74% and 0.63%, respectively. 

<sup>(l)</sup> Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.19% and 0.84%, respectively. 

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

***1.*** ***ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

<u> *Fund Name* </u> <u> *Diversification* *Classification* </u> <br> iShares International Dividend Active ETF Diversified

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

**Prior Year Reorganization:** The Board of Trustees of BlackRock Funds<sup>SM</sup> (the "Predecessor Board"), on behalf of BlackRock International Dividend Fund (the "Predecessor Fund"), approved an Agreement and Plan of Reorganization (the "Reorganization"), pursuant to which the Predecessor Fund reorganized into the Fund. The Reorganization was completed as of the close of trading on the New York Stock Exchange on November 15, 2024 and was not subject to approval by shareholders of the Predecessor Fund. The Fund has the same investment objective, strategies and policies and portfolio management team as the Predecessor Fund.

The Fund was a newly-formed "shell" fund that had not commenced operations prior to the Reorganization and therefore did not have performance history prior to the Reorganization. The Fund had been organized solely in connection with the Reorganization to acquire all of the assets and assume certain of the liabilities of the Predecessor Fund and continue the business of the Predecessor Fund. In connection with the Reorganization, shareholders of the Predecessor Fund received ETF shares of the Fund equal in value to the number of shares of the Predecessor Fund they owned, including a cash payment in lieu of fractional shares of the Fund, which cash payment may be taxable. After the Reorganization, the Institutional Share class of the Predecessor Fund was the accounting and performance survivor, meaning that the Fund assumed the performance and financial history of the Predecessor Fund upon completion of the Reorganization.

The Reorganization was accomplished by a tax-free exchange of shares of the Fund in the following amounts and at the following conversion ratio:

---

| | | | |
|:---|:---|:---|:---|
| *Predecessor Fund's Share Class* | &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *Shares of* <br>*the Acquiring Fund*<br>|
| Institutional | &nbsp;&nbsp; 16946665 | 1.38330000 | &nbsp;&nbsp; 23442320 |
| Investor A | &nbsp;&nbsp; 2999116 | 1.27104800 | &nbsp;&nbsp; 3812020 |
| Investor C | &nbsp;&nbsp; 122995 | 1.07851600 | &nbsp;&nbsp; 132652 |
| Class K | &nbsp;&nbsp; 2058166 | 1.38354800 | &nbsp;&nbsp; 2847571 |

---

The Predecessor Fund's net assets and composition of net assets as of the close of trading on the New York Stock Exchange on November 15, 2024, the valuation date of the Reorganization, were as follows:

---

| | |
|:---|:---|
| Net assets | &nbsp;&nbsp; $755897280 |
| Paid-in-capital | &nbsp;&nbsp; 698747368 |
| Accumulated earnings | &nbsp;&nbsp; 57149912 |

---

For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value. However, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Prior to the Reorganization, the Fund had not yet commenced operations and had no assets or liabilities. The Predecessor Fund's fair value and cost of financial instruments prior to the Reorganization were as follows:

---

| | | |
|:---|:---|:---|
| *Predecessor Fund* | &nbsp;&nbsp; *Fair Value of* <br>*Investments*<br>| &nbsp;&nbsp; *Cost of* <br>*Investments*<br>|
| BlackRock International Dividend Fund | &nbsp;&nbsp; $751175290 | &nbsp;&nbsp; $691147013 |

---

Prior to the Reorganization, the Predecessor Fund's fiscal year end was May 31 and its independent registered public accounting firm was Deloitte & Touche LLP. The fiscal year end for the Fund is April 30 and its independent registered public accounting firm is PricewaterhouseCoopers LLP.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

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

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

**Reorganization Costs:** Certain costs incurred in connection with the Reorganization were expensed by the Predecessor Fund.

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp; $2238396 | &nbsp;&nbsp; $(2238396)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 651960 | &nbsp;&nbsp; (651960)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2890356 | &nbsp;&nbsp; $(2890356)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

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

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

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

For its investment advisory services to the Fund, BFA will be paid a management fee from the Fund, based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.60<br> % <br>|
| $1 billion - $3 billion | 0.56 |
| $3 billion - $5 billion | 0.54 |
| $5 billion - $10 billion | 0.52 |
| Greater than $10 billion | 0.51 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Expense Waivers**: BFA has contractually agreed to waive a portion of its management fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to waive a portion of its management fees to the Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended October 31, 2025, the amount waived in investment advisory fees pursuant to these arrangements was $2,634.

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

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

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

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended October 31, 2025, the Fund paid BTC $1,489 for securities lending agent services.

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

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

***6.*** ***PURCHASES AND SALES*** 

For the six months ended October 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were $205,501,657 and $258,261,800, respectively.

For the six months ended October 31, 2025, purchases and sales related to in-kind transactions were $3,610,496 and $218,022,438, respectively.

***7.*** ***INCOME TAX INFORMATION*** 

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

As of April 30, 2025, the Fund had qualified late-year losses as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified* <br>*Late-Year* <br>*Capital Losses*<sup>(a)</sup> <br>|
| iShares International Dividend Active ETF | &nbsp;&nbsp; $(6774145)<br>|

---

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

<sup>(a)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares International Dividend Active ETF | &nbsp;&nbsp; $436069665 | &nbsp;&nbsp; $99410682 | &nbsp;&nbsp; $(20614355)<br>| &nbsp;&nbsp; $78796327 |

---

***8.*** ***BANK BORROWINGS*** 

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

***9.*** ***PRINCIPAL RISKS*** 

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

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

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

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

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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

The Fund invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

***10.*** ***CAPITAL SHARE TRANSACTIONS*** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>10/31/25 | Six Months Ended <br>10/31/25 | Period from <br>11/16/24 <br>to 04/30/25 | Period from <br>11/16/24 <br>to 04/30/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares International Dividend Active ETF<sup>(a)</sup>  |  |  |  |  |
| Fund |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; $4394961 | &nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; $21511366 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30234563 | &nbsp;&nbsp;&nbsp; 755864075 |
| Shares redeemed | &nbsp;&nbsp; (9840000) | &nbsp;&nbsp;&nbsp; (274336470) | &nbsp;&nbsp;&nbsp; (3360000) | &nbsp;&nbsp;&nbsp; (85601762) |
|  | &nbsp;&nbsp; (9680000) | &nbsp;&nbsp;&nbsp; $(269941509) | &nbsp;&nbsp;&nbsp; 27754563 | &nbsp;&nbsp;&nbsp; $691773679 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Period from <br>06/01/24 <br>to 11/15/24 | Period from <br>06/01/24 <br>to 11/15/24 | Year Ended <br>05/31/24 | Year Ended <br>05/31/24 |
| *Predecessor Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock International Dividend Fund<sup>(a)</sup>  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6442616 | &nbsp;&nbsp;&nbsp; $237355331 | &nbsp;&nbsp;&nbsp; 9816189 | &nbsp;&nbsp;&nbsp; $328663471 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 151435 | &nbsp;&nbsp;&nbsp; 5624256 | &nbsp;&nbsp;&nbsp; 272838 | &nbsp;&nbsp;&nbsp; 9209734 |
| Shares redeemed | &nbsp;&nbsp; (3745784) | &nbsp;&nbsp;&nbsp; (136960760) | &nbsp;&nbsp;&nbsp; (9178188) | &nbsp;&nbsp;&nbsp; (307341218) |
| Shares converted in reorganization | &nbsp;&nbsp; (16946665) | &nbsp;&nbsp;&nbsp; (586057990) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (14098398) | &nbsp;&nbsp;&nbsp; $(480039163) | &nbsp;&nbsp;&nbsp; 910839 | &nbsp;&nbsp;&nbsp; $30531987 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 303416 | &nbsp;&nbsp;&nbsp; $10385466 | &nbsp;&nbsp;&nbsp; 701634 | &nbsp;&nbsp;&nbsp; $21794880 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 40866 | &nbsp;&nbsp;&nbsp; 1395129 | &nbsp;&nbsp;&nbsp; 72025 | &nbsp;&nbsp;&nbsp; 2243948 |
| Shares redeemed | &nbsp;&nbsp; (1272543) | &nbsp;&nbsp;&nbsp; (42144443) | &nbsp;&nbsp;&nbsp; (858667) | &nbsp;&nbsp;&nbsp; (26686177) |
| Shares converted in reorganization | &nbsp;&nbsp; (2999116) | &nbsp;&nbsp;&nbsp; (95300555) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (3927377) | &nbsp;&nbsp;&nbsp; $(125664403) | &nbsp;&nbsp;&nbsp; (85008) | &nbsp;&nbsp;&nbsp; $(2647349) |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Period from<br> 06/01/24<br> to 11/15/24 | Period from<br> 06/01/24<br> to 11/15/24 | Year Ended<br> 05/31/24 | Year Ended<br> 05/31/24 |
| *Predecessor Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock International Dividend Fund<sup>(a)</sup> (continued) |  |  |  |  |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 13744 | &nbsp;&nbsp;&nbsp; $397491 | &nbsp;&nbsp;&nbsp; 31067 | &nbsp;&nbsp;&nbsp; $825606 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp; 42891 | &nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp; 63357 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (37179) | &nbsp;&nbsp;&nbsp; (1057298) | &nbsp;&nbsp;&nbsp; (63264) | &nbsp;&nbsp;&nbsp; (1695558) |
| Shares converted in reorganization | &nbsp;&nbsp; (122995) | &nbsp;&nbsp;&nbsp; (3316305) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (144954) | &nbsp;&nbsp;&nbsp; $(3933221) | &nbsp;&nbsp;&nbsp; (29825) | &nbsp;&nbsp;&nbsp; $(806595) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 231184 | &nbsp;&nbsp;&nbsp; $8557168 | &nbsp;&nbsp;&nbsp; 1250900 | &nbsp;&nbsp;&nbsp; $42132615 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 23810 | &nbsp;&nbsp;&nbsp; 884000 | &nbsp;&nbsp;&nbsp; 40417 | &nbsp;&nbsp;&nbsp; 1364927 |
| Shares redeemed | &nbsp;&nbsp; (348651) | &nbsp;&nbsp;&nbsp; (12646123) | &nbsp;&nbsp;&nbsp; (977770) | &nbsp;&nbsp;&nbsp; (33650336) |
| Shares converted in reorganization | &nbsp;&nbsp; (2058166) | &nbsp;&nbsp;&nbsp; (71189225) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (2151823) | &nbsp;&nbsp;&nbsp; $(74394180) | &nbsp;&nbsp;&nbsp; 313547 | &nbsp;&nbsp;&nbsp; $9847206 |
|  | &nbsp;&nbsp; 29558953 | &nbsp;&nbsp;&nbsp; $763606787 | &nbsp;&nbsp;&nbsp; 1109553 | &nbsp;&nbsp;&nbsp; $36925249 |

---

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

<sup>(a)</sup> See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization.

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

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

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

***11.*** ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of October 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

During the period, the Fund filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2023, and the related tax compliance fee, including interest, was paid to the IRS.

***12.*** ***SUBSEQUENT EVENTS***

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;•Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each independent trustee for services to the Funds from BFA's investment management fees.

**Availability of Portfolio Holdings Information**

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

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Administrator, Custodian and Transfer Agent**

State Street Bank and Trust Company

Boston, MA 02114

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

**iShares International Dividend Active ETF**

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of BlackRock ETF Trust (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares International Dividend Active ETF (the "Fund"), and BlackRock Fund Advisors (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock International Limited (the "Sub-Advisor"), with respect to the Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock". The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements".

**The Approval Process**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

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

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

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

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

**B. The Investment Performance of the Fund**

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

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

The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the fourth, first and first quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

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

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

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

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

The Board noted that the Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and third quartiles, respectively, relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels.

**D. Economies of Scale**

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

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

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

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

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

**Conclusion**

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| SAB | Special Assessment Bonds |

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Glossary of Terms Used in these Financial Statements

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Want to know more?

blackrock.com \| 1-800-474-2737

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

![](g124080imgb1c2e08b2.jpg)

![](g124080imgb312445b1.jpg)

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

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

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

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

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

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

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

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

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940

------

Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

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

[(a)(3) Section 302 Certifications are attached](d124080dex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d124080dex99906cert.htm)

------

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

BlackRock ETF Trust

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

---

Date: December 22, 2025

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

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

---

Date: December 22, 2025

---

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

---

Date: December 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

------

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

## Exhibit 99.906

Exhibit 99.906CERT

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

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

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

Date: December 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

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

Date: December 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

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