# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-25-230052
**Filing Date:** 2025-10
**Character Count:** 1270541
**Document Hash:** c604f006d46f40452f3751c81e43b2a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-230052.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-230052

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251373615

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

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

## Series and Classes Contracts Data

### iShares Short Duration High Yield Muni Active ETF (Series ID: S000068548)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000219258 | iShares Short Duration High Yield Muni Active ETF |  |

### iShares Intermediate Muni Income Active ETF (Series ID: S000070976)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000225367 | iShares Intermediate Muni Income Active ETF |  |

### iShares Floating Rate Loan Active ETF (Series ID: S000077718)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000238207 | iShares Floating Rate Loan Active ETF |  |

### iShares AAA CLO Active ETF (Series ID: S000079064)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000239899 | iShares AAA CLO Active ETF |  |

### iShares Flexible Income Active ETF (Series ID: S000080411)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000242803 | iShares Flexible Income Active ETF |  |

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

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

### iShares Total Return Active ETF (Series ID: S000083073)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246586 | iShares Total Return Active ETF |  |

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-23511

Name of Fund:

---

| |
|:---|
| BlackRock ETF Trust II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares AAA CLO Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares BBB-B CLO Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Flexible Income Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Floating Rate Loan Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Intermediate Muni Income Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Short Duration High Yield Muni Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Short-Term California Muni Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Total Return Active ETF |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

7/31/2025

Date of reporting period:

7/31/2025

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 BlackRock Logo](g46642images_5225.jpg)

### iShares AAA CLO Active ETF

### CLOA \| NASDAQ

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares AAA CLO Active ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 6.09%. 

* For the same period, the Bloomberg U.S. Universal Index returned 4.00%, and the J.P. Morgan Collateralized Loan Obligation AAA Index returned 5.97%. 

What contributed to performance?

The largest contributor to the Fund's absolute return was portfolio yield as the Secured Overnight Financing Rate which serves as the base rate for CLOs benefited from the U.S. Federal Reserve holding short term policy rates steady over the time frame. In addition, discount margins on the floating rate securities held generally tightened over the period, despite some volatility in April of 2025, resulting in a modest contribution from price appreciation. Modest allocations to CLOs rated AA and A also proved additive.

What detracted from performance?

There were no material detractors from performance.

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

#### Fund performance
Cumulative performance: January 10, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193806.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 6.09% | 7.50% |
| Bloomberg U.S. Universal Index | 4.00 | 4.06 |
| J.P. Morgan Collateralized Loan Obligation AAA Index | 5.97 | 7.32 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1023592905 |
| Number of Portfolio Holdings | &nbsp;&nbsp;316 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1356604 |
| Portfolio Turnover Rate | &nbsp;&nbsp;89% |

---

The inception date of the Fund was January 10, 2023.

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

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

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 1-5 Years | 0.3% |
| 5-10 Years | 19.3% |
| 10-15 Years | 80.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| OHA Credit Funding 3 Ltd., 5.65%, 01/20/38 | 1.4% |
| AGL CLO 37 Ltd., 5.57%, 04/22/38 | 1.0% |
| Elmwood CLO 40 Ltd., 5.52%, 03/22/38 | 1.0% |
| ARES Loan Funding VIII Ltd., 5.57%, 01/24/38 | 1.0% |
| Sculptor CLO XXXV Ltd., 5.56%, 04/27/38 | 1.0% |
| OHA Credit Funding 2 Ltd., 5.57%, 01/21/38 | 0.8% |
| OHA Credit Funding 4 Ltd., 5.62%, 01/22/38 | 0.8% |
| Generate CLO 15 Ltd., 5.90%, 07/20/37 | 0.8% |
| ARES XXXIX CLO Ltd., 5.75%, 07/18/37 | 0.8% |
| OCP CLO Ltd., 5.70%, 07/20/37 | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

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

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock AAA CLO ETF to iShares AAA CLO Active ETF. This change became effective on October 10, 2024.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, JPMorgan Securities, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares AAA CLO Active ETF

Annual Shareholder Report — July 31, 2025

CLOA-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares BBB-B CLO Active ETF

### BCLO \| NASDAQ

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

------

This annual shareholder report contains important information about iShares BBB-B CLO Active ETF (the "Fund") for the period of January 29, 2025 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### What were the Fund costs for the period?
(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 BBB-B CLO Active ETF | $23(a) | 0.45%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Annualized.</sup> |

---

How did the Fund perform during the period?

* For the period beginning with the Fund's January 29, 2025 inception and ended July 31, 2025, the Fund returned 2.84%. 

* For the same period, the Bloomberg U.S. Universal Index returned 3.32%, and the J.P. Morgan CLO High Quality Mezzanine Index returned 3.27%. 

What contributed to performance?

The largest contributor to the Fund's absolute return was portfolio yield as the Secured Overnight Financing Rate which serves as the base rate for CLOs benefited from the U.S. Federal Reserve holding short term policy rates steady over the time frame. In addition, the average discount margin on the floating rate securities held contributed positively to the contribution to return from portfolio yield.

What detracted from performance?

The widening of spreads and accompanying downward pressure on prices for CLOs rated BBB and BB during the elevated market volatility in April of 2025 weighed on returns for the period.

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

#### Fund performance
Cumulative performance: January 29, 2025 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193699.jpg)

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

#### Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$64849853 |
| Number of Portfolio Holdings | &nbsp;&nbsp;41 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$134857 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

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

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

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 5-10 Years | 4.7% |
| 10-15 Years | 95.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| OHA Credit Partners XIV Ltd., 7.18%, 07/21/37 | 6.3% |
| GoldenTree Loan Management U.S. CLO 10 Ltd., 7.43%, 10/20/37 | 4.8% |
| Apidos CLO L, 7.13%, 01/20/38 | 4.6% |
| Birch Grove CLO 11 Ltd., 7.43%, 01/22/38 | 4.0% |
| Barings CLO Ltd., 8.82%, 10/15/36 | 3.6% |
| Madison Park Funding XXXVII Ltd., 8.07%, 04/15/37 | 3.2% |
| Elmwood CLO V Ltd., 8.58%, 10/20/37 | 3.2% |
| Whitebox CLO I Ltd., 8.57%, 07/24/36 | 3.2% |
| Palmer Square CLO Ltd., 6.97%, 01/15/38 | 3.2% |
| Ballyrock CLO 28 Ltd., 7.13%, 01/20/38 | 3.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, JPMorgan Securities, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares BBB-B CLO Active ETF

Annual Shareholder Report — July 31, 2025

BCLO-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares Flexible Income Active ETF

### BINC \| NYSE Arca

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Flexible Income Active ETF | $39 | 0.38% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 6.50%. 

* For the same period, the Bloomberg U.S. Universal Index returned 4.00%. 

What contributed to performance?

For the 12-month period, positive contributions to the Fund's performance were led by exposures to U.S. high yield and European high yield corporate bonds. The allocation to securitized assets including commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities and non-agency residential mortgage-backed securities also proved additive. Positioning with respect to duration and corresponding interest rate sensitivity in emerging markets as well as in European and other developed international markets also contributed to return. Other contributors included exposures to emerging market hard currencies, agency mortgage-backed securities and European investment grade corporate bonds.

The Fund utilized derivatives to help manage interest rate and credit exposures, as well as to hedge foreign currency exposures. The use of derivatives contributed modestly to the Fund's performance during the period.

What detracted from performance?

The Fund's positioning with respect to duration and corresponding interest rate sensitivity in the U.S. market weighed most heavily on return over the 12-month period. Exposure to U.S. investment grade corporate bonds also detracted from performance.

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

#### Fund performance
Cumulative performance: May 19, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193759.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 6.50% | 8.11% |
| Bloomberg U.S. Universal Index | 4.00 | 4.63 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10728405834 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3774 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$28226931 |
| Portfolio Turnover Rate | &nbsp;&nbsp;291% |

---

The inception date of the Fund was May 19, 2023.

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

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

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 39.8% |
| Collateralized Mortgage Obligations | 21.2% |
| U.S. Government & Agency Obligations | 15.5% |
| Asset-Backed Securities | 15.0% |
| Foreign Government Obligations | 8.0% |
| Floating Rate Loan Interests | 2.8% |
| Investment Companies | 1.6% |
| Convertible Bonds | 0.2% |
| Municipal Debt Obligations | 0.0 %(b) |
| Preferred Stocks | 0.0 %(b) |
| Other^ | (4.1)% |

---

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 30.6% |
| AA/Aa | 5.1% |
| A | 3.7% |
| BBB/Baa | 7.2% |
| BB/Ba | 19.7% |
| B | 14.4% |
| CCC/Caa | 1.4% |
| CC/Ca | 0.1% |
| C | 0.0 %(b) |
| D | 0.0 %(b) |
| N/R | 17.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>^</sup></sup><sup>Ten largest investment types are presented. Additional asset types are found in Other.</sup> |
| <sup><sup>\*</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

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

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Flexible Income ETF to iShares Flexible Income Active ETF. This change became effective on October 10, 2024.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

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

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares Flexible Income Active ETF

Annual Shareholder Report — July 31, 2025

BINC-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares Floating Rate Loan Active ETF

### BRLN \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares Floating Rate Loan Active ETF (the "Fund") (formerly known as BlackRock Floating Rate Loan ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Floating Rate Loan Active ETF | $55 | 0.53% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 7.04%. 

* For the same period, the Bloomberg U.S. Universal Index returned 4.00%, and the Morningstar LSTA Leveraged Loan Index returned 7.50%. 

What contributed to performance?

The core allocation to bank loans was the primary contributor to the Fund's absolute return. The overall bank loan market experienced strong performance over the period, returning 7.50%. Allocations to both high yield corporate bonds and bank loans via indexed products also contributed positively to performance, as both asset classes posted strong returns over the period. In terms of credit categories, issues rated BB and higher led positive contributions, followed by those rated B2 and B3. In sector terms, holdings within technology, diversified manufacturing, and property & casualty insurance proved most additive.

What detracted from performance?

While there were no material detractors from performance, holdings within the lodging and construction machinery sectors detracted very slightly.

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

#### Fund performance
Cumulative performance: October 4, 2022 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193819.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 7.04% | 9.39% |
| Bloomberg U.S. Universal Index | 4.00 | 4.69 |
| Morningstar LSTA Leveraged Loan Index | 7.50 | 9.92 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$60015526 |
| Number of Portfolio Holdings | &nbsp;&nbsp;448 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$307665 |
| Portfolio Turnover Rate | &nbsp;&nbsp;38% |

---

The inception date of the Fund was October 4, 2022.

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

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| A | 0.0 %(b) |
| BBB/Baa | 8.2% |
| BB/Ba | 29.1% |
| B | 55.3% |
| CCC/Caa | 2.8% |
| N/R | 4.6% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 0.1% |
| 1-5 Years | 44.4% |
| 5-10 Years | 55.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

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

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Floating Rate Loan ETF to iShares Floating Rate Loan Active ETF. This change became effective on October 10, 2024.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares Floating Rate Loan Active ETF

Annual Shareholder Report — July 31, 2025

BRLN-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares Intermediate Muni Income Active ETF

### INMU \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Intermediate Muni Income Active ETF (the "Fund") (formerly known as BlackRock Intermediate Muni Income Bond ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares Intermediate Muni Income Active ETF | $29 | 0.29% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 2.01%. 

* For the same period, the Bloomberg Municipal Bond Index returned 0.00%, the Bloomberg Municipal Bond 3-10 Year Index returned 3.44%, and the Bloomberg Custom Blend Benchmark returned 1.98%. 

What contributed to performance?

Income, which offset the impact of falling prices and widening yield spreads, was the key contributor to performance. At the sector level, transportation and corporate-backed issues made the largest contributions.

What detracted from performance?

Positions in longer-duration securities, which posted negative total returns, detracted from performance. (Duration is a measure of interest rate sensitivity.) The decision to add to the Fund's weighting in the intermediate-term portion of the yield curve during the course of the period detracted from results.

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

#### Fund performance
Cumulative performance: March 16, 2021 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193879.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | 2.01% | 1.13% |
| Bloomberg Municipal Bond Index | 0.00 | (0.12) |
| Bloomberg Municipal 3-10 Year Index | 3.44 | 0.65 |
| Bloomberg Custom Blend Benchmark | 1.98 | 0.69 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$116731073 |
| Number of Portfolio Holdings | &nbsp;&nbsp;216 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$151879 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

The inception date of the Fund was March 16, 2021.

The Bloomberg Custom Blend Benchmark is comprised of the Bloomberg 1-15 Year Municipal Bond Index (90%) and the Bloomberg Municipal High Yield 1-15 Year Index (10%).

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

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa | 13.9% |
| AA/Aa | 37.2% |
| A | 34.9% |
| BBB/Baa | 9.2% |
| BB/Ba | 1.0% |
| B | 0.4% |
| N/R | 3.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total <br>Investments<sup>(a)</sup>* |
| Oklahoma Water Resources Board RB, 5.00%, 04/01/41 | 1.7% |
| Indiana Finance Authority RB, 5.00%, 10/01/57 | 1.6% |
| Commonwealth Financing Authority RB, 5.00%, 06/01/34 | 1.4% |
| State of Washington GO, 5.00%, 02/01/41 | 1.4% |
| Chicago O'Hare International Airport RB, 5.00%, 01/01/35 | 1.4% |
| Commonwealth Financing Authority RB, 5.00%, 06/01/35 | 1.4% |
| New Jersey Educational Facilities Authority RB, 5.00%, 07/01/35 | 1.4% |
| Black Belt Energy Gas District RB, 5.25%, 02/01/53 | 1.1% |
| Central Plains Energy Project RB, 5.00%, 05/01/53 | 1.1% |
| New Jersey Transportation Trust Fund Authority RB, 5.00%, 06/15/35 | 1.1% |

---

---

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

---

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

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Intermediate Muni Income Bond ETF to iShares Intermediate Muni Income Active ETF. This change became effective on October 10, 2024.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

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

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares Intermediate Muni Income Active ETF

Annual Shareholder Report — July 31, 2025

INMU-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares Short Duration High Yield Muni Active ETF

### SHYM \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares Short Duration High Yield Muni Active ETF (the "Fund") (formerly known as BlackRock High Yield Muni Income ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Short Duration High Yield Muni Active ETF | $33 | 0.33% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 0.86%. 

* For the same period, the Bloomberg Municipal Bond Index returned 0.00%, the Bloomberg Municipal High Yield Bond Index returned (0.86)%, and the Bloomberg Custom Blend Benchmark returned (0.75)%. 

What contributed to performance?

Income, which offset the impact of falling prices and widening yield spreads, was the key contributor to performance. At the sector level, holdings in short-term development district issues and prepaid gas bonds contributed.

What detracted from performance?

Holdings in longer-duration securities and those with maturities of 20 years and longer, which posted negative total returns, detracted from performance. (Duration is a measure of interest rate sensitivity.) In terms of sectors, transportation was the largest detractor.

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

#### Fund performance
Cumulative performance: March 16, 2021 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193926.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 0.86% | 1.14% |
| Bloomberg Municipal Bond Index | 0.00 | (0.12) |
| Bloomberg Custom Blend Muni Index | N/A | N/A |
| Bloomberg Municipal High Yield Bond Index | (0.86) | 1.05 |
| Bloomberg Custom Blend Benchmark | (0.75) | 0.89 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$366732564 |
| Number of Portfolio Holdings | &nbsp;&nbsp;321 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$895878 |
| Portfolio Turnover Rate | &nbsp;&nbsp;50% |

---

The inception date of the Fund was March 16, 2021.

Effective July 1, 2025, the Fund has changed the benchmark against which it measures its performance from Bloomberg Municipal High Yield Bond Index and Bloomberg Custom Blend Benchmark to Bloomberg Custom Blend Muni Index. The Bloomberg Custom Blend Muni Index is relevant to the Fund because it has characteristics similar to the Fund's investment strategies. The Fund's returns shown prior to July 1, 2025 are the returns of the Fund when it followed different investment strategies under the name iShares High Yield Muni Income Active ETF.

The Bloomberg Custom Blend Muni Index is comprised of the Bloomberg Municipal High Yield (0-18 years) Index (60%), the Bloomberg Muni BBB (0-18 years) Index (20%) and 20% IG ex BBB (0-18 years) Index (20%). The Bloomberg Custom Blend Muni Index commenced on May 1, 2025.

The Bloomberg Custom Blend Benchmark is comprised of the Bloomberg Municipal High Yield Index (80%), the Bloomberg BBB Index (10%) and the Bloomberg Single A Index (10%).

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

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 0.1% |
| AA/Aa | 8.9% |
| A | 10.2% |
| BBB/Baa | 8.9% |
| BB/Ba | 14.9% |
| B | 7.5% |
| CCC/Caa | 0.2% |
| N/R | 49.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total <br> Investments<sup>(a)</sup>* |
| University of Vermont and State Agricultural College RB, 5.00%, 10/01/40 | 3.8% |
| New York Transportation Development Corp RB AMT, 5.25%, 08/01/31 | 3.4% |
| California Infrastructure & Economic Development Bank RB AMT, 9.50%, 01/01/65 | 2.9% |
| California Municipal Finance Authority RB AMT, 4.00%, 07/15/29 | 2.2% |
| City & County of Denver CO RB AMT, 5.00%, 10/01/32 | 2.2% |
| New York Transportation Development Corp. RB AMT, 5.00%, 07/01/46 | 2.1% |
| City of Philadelphia PA Water & Wastewater Revenue RB, Series A, 5.00%, 10/01/42 | 2.1% |
| Southeast Energy Authority A Cooperative District RB, 5.00%, 01/01/56 | 1.9% |
| Vermont Economic Development Authority RB AMT, 5.00%, 06/01/52 | 1.6% |
| Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/37 | 1.6% |

---

---

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

---

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

On July 30, 2024, the Fund's Board approved to change the name of the Fund from BlackRock High Yield Muni Income ETF to iShares High Yield Muni Income Active ETF. This change became effective on October 10, 2024. Additionally, on February 10, 2025, the Fund changed its ticker from HYMU to SHYM.

On September 13, 2024, the Fund's Board approved to change the name of the Fund from iShares High Yield Muni Income Active ETF to iShares Short Duration High Yield Muni Active ETF. In connection with the Fund's name change, the Fund made certain changes to its investment strategies, including (i) seeking a weighted average effective duration of less than 5 years and (ii) adding the ability to invest in derivatives, other investment companies, and tender option bonds. These changes became effective on July 1, 2025.

Effective July 1, 2025, BlackRock Fund Advisors LLC has contractually agreed to reduce the Fund's investment advisory fee from 0.45% to 0.40% based on the Fund's average daily net assets and to reduce the advisory fee waiver from 0.10% to 0.05%.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

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

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares Short Duration High Yield Muni Active ETF

Annual Shareholder Report — July 31, 2025

SHYM-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares Short-Term California Muni Active ETF

### CALI \| NASDAQ

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

------

This annual shareholder report contains important information about iShares Short-Term California Muni Active ETF (the "Fund") (formerly known as BlackRock Short-Term California Muni Bond ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Short-Term California Muni Active ETF | $20 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 3.26%. 

* For the same period, the Bloomberg Municipal Bond Index returned 0.00%, and the Bloomberg California Municipal 0-2 Year Index returned 3.24%. 

What contributed to performance?

Holdings in longer-dated securities—those with maturities of up to five years—in the corporate, prepaid gas, and transportation sectors contributed to performance, as did select holdings in the school district, tax-backed state, and tax-backed local categories. A focus on variable rate demand notes (VRDNs) and tender option bond floaters (TOBs) as core holdings, which in the adviser's view featured both attractive yields and price stability, also contributed. Select commercial paper purchases, which offered additional yield and short maturity profiles, further helped results in a volatile interest rate environment. In terms of credit tiers, holdings in AA and A rated bonds had the strongest influence on the Fund's performance.

What detracted from performance?

At a time of positive return for the California municipal market, there were no meaningful detractors from absolute returns.

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

#### Fund performance
Cumulative performance: July 11, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193746.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 3.26% | 3.30% |
| Bloomberg Municipal Bond Index | 0.00 | 2.15 |
| Bloomberg California Municipal 0-2 Year Index | 3.24 | 3.26 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$131136615 |
| Number of Portfolio Holdings | &nbsp;&nbsp;138 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$125081 |
| Portfolio Turnover Rate | &nbsp;&nbsp;113% |

---

The inception date of the Fund was July 11, 2023.

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

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 4.2% |
| AA/Aa | 64.0% |
| A | 30.3% |
| BBB/Baa | 1.3% |
| N/R | 0.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total <br> Investments<sup>(a)</sup>* |
| City of Modesto California Water Revenue COP, 1.80%, 08/07/25 | 4.6% |
| Metropolitan Water District of Southern California RB, 1.54%, 08/07/25 | 4.2% |
| San Diego Public Facilities Financing Authority RB, 2.37%, 08/07/25 | 3.5% |
| Anaheim Housing & Public Improvements Authority RB, 2.60%, 08/01/25 | 3.4% |
| Orange County Water District COP, VRDN, 2.35%, 08/07/25 | 3.0% |
| California Community Choice Financing Authority RB, 5.25%, 01/01/30 | 2.9% |
| San Francisco City & County Airport Comm-San Francisco International Airport RB, 1.00%, 08/07/25 | 2.3% |
| Tender Option Bond Trust Receipts/Certificates RB, 2.32%, 08/07/25 | 2.3% |
| University of California RB, 2.25%, 08/01/25 | 2.2% |
| California Housing Finance Agency RB, 1.00%, 08/07/25 | 1.8% |

---

---

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

---

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

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Short-Term California Muni Bond ETF to iShares Short-Term California Muni Active ETF. The Fund's ticker was changed from CALY to CALI. These changes became effective on October 10, 2024.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

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

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares Short-Term California Muni Active ETF

Annual Shareholder Report — July 31, 2025

CALI-07/25-AR

![TSR - BLK BlackRock Logo](g46642images_5225.jpg)

### iShares Total Return Active ETF

### BRTR \| NASDAQ

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Total Return Active ETF | $38 | 0.37% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 3.59%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index returned 3.38%. 

What contributed to performance?

Over the 12-month period, economic growth generally surprised to the upside and credit sensitive sectors across fixed income performed well despite elevated interest rate volatility. Positive contributions to the Fund's performance were led by the allocation to securitized assets including commercial mortgage-backed securities, non-agency mortgage-backed securities, collateralized loan obligations and asset-backed securities. The Fund's allocation to and positioning within both investment grade corporate bonds and agency mortgage-backed securities also proved additive, along with an allocation to high yield corporate bonds.

What detracted from performance?

The Fund's positioning with respect to duration and corresponding interest rate sensitivity was a modest detractor from performance over the period.

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

#### Fund performance
Cumulative performance: December 12, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g46642chartimages_6193866.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 3.59% | 5.17% |
| Bloomberg U.S. Aggregate Bond Index | 3.38 | 4.69 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$257870012 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1681 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$594314 |
| Portfolio Turnover Rate | &nbsp;&nbsp;647% |

---

The inception date of the Fund was December 12, 2023.

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

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 63.2% |
| AA/Aa | 3.1% |
| A | 5.6% |
| BBB/Baa | 13.8% |
| BB/Ba | 3.8% |
| B | 0.9% |
| CCC/Caa | 0.8% |
| CC/Ca | 0.1% |
| C | 0.5% |
| N/R | 8.2% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 2.0% |
| 1-5 Years | 19.9% |
| 5-10 Years | 21.2% |
| 10-15 Years | 10.1% |
| 15-20 Years | 4.9% |
| More than 20 Years | 41.9% |

---

---

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

---

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

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Total Return ETF to iShares Total Return Active ETF. This change became effective on October 10, 2024.

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

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

![TSR - BLK BlackRock Logo Footer](g46642images_5224.jpg)

iShares Total Return Active ETF

Annual Shareholder Report — July 31, 2025

BRTR-07/25-AR

------

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

---

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

---

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

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

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

Item 4 – Principal Accountant Fees and Services

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **P<u>revious</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; iShares AAA CLO Active ETF | $13989 | $13989 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares BBB-B CLO Active ETF | $12625 | $0 | $0 | $0 | $8148 | N/A | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Flexible Income Active ETF | $18584 | $16564 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Floating Rate Loan Active ETF | $18584 | $16564 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Short Duration High Yield Muni Active ETF | $13989 | $13989 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Intermediate Muni Income Active ETF | $13989 | $13989 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Short-Term California Muni Active ETF | $13989 | $13989 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Total Return Active ETF | $16009 | $12500 | $0 | $0 | $10185 | $9700 | $0 | $0 |

---

------

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

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

---

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

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

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

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

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

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current Fiscal Year</u>**<br> **<u>End</u>** | **<u>Previous Fiscal</u>**<br> **<u>Year End</u>** |
| &nbsp;&nbsp;&nbsp; iShares AAA CLO Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares BBB-B CLO Active ETF | $8148 | N/A |
| &nbsp;&nbsp;&nbsp; iShares Flexible Income Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Floating Rate Loan Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Short Duration High Yield Muni Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Intermediate Muni Income Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Short-Term California Muni Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Total Return Active ETF | $10185 | $9700 |

---

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

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

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

Item 5 – Audit Committee of Listed Registrant

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

Lorenzo A. Flores

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

Catherine A. Lynch

Arthur P. Steinmetz

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

Item 6 – Investments

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

------

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

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

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

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

------

July 31, 2025

![](g46642img654274ec1.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares AAA CLO Active ETF \| CLOA \| NASDAQ |
| • iShares BBB-B CLO Active ETF \| BCLO \| NASDAQ |
| • iShares Flexible Income Active ETF \| BINC \| NYSE Arca |
| • iShares Floating Rate Loan Active ETF \| BRLN \| Cboe BZX Exchange |
| • iShares Intermediate Muni Income Active ETF \| INMU \| NYSE Arca |
| • iShares Short-Term California Muni Active ETF \| CALI \| NASDAQ |
| • iShares Short Duration High Yield Muni Active ETF \| SHYM \| Cboe BZX Exchange |
| • iShares Total Return Active ETF \| BRTR \| NASDAQ |

---

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

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

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_FS-Footer-BLKReport_1)  | &nbsp;&nbsp; 148 |
| [Statements of Operations](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_FS-Footer-BLKReport_5)  | &nbsp;&nbsp; 152 |
| [Statements of Changes in Net Assets](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_FS-Footer-BLKReport_7)  | &nbsp;&nbsp; 154 |
| [Financial Highlights](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_FS-Footer-BLKReport_11)  | &nbsp;&nbsp; 158 |
| [Notes to Financial Statements](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_NTFS-Footer-BLKReport_1)  | &nbsp;&nbsp; 166 |
| [Report of Independent Registered Public Accounting Firm](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_opinion-Footer-BLKReport-1178_1)  | &nbsp;&nbsp; 183 |
| [Important Tax Information](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_Tax-annual-Footer-BLKReport_1)  | &nbsp;&nbsp; 184 |
| [Additional Information](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_ADI-Footer-BLKReport-1178_1)  | &nbsp;&nbsp; 185 |
| [Disclosure of Investment Advisory Agreement](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_15C-Footer-BLKReport-1249_1)  | &nbsp;&nbsp; 186 |
| [Glossary of Terms Used in these Financial Statements](#xx_383b84b8-3ffd-4d4a-9e08-20a88286dce0_Abbreviations-Footer-BLKReport-1178_1)  | &nbsp;&nbsp; 190 |

---

------

Schedule of Investments

July 31, 2025

**iShares AAA CLO Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 1988 CLO 5 Ltd., 5.86%, 07/15/37, (3-mo. CME <br> Term SOFR + 1.540%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2500 | $2511250 |
| 37 Capital CLO 3 Ltd., 5.82%, 07/15/38, (3-mo. <br> CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005265 |
| 522 Funding CLO Ltd. |  |  |
| 5.65%, 04/15/35, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1752885 |
| 6.17%, 04/15/35, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2502840 |
| 720 East CLO IV Ltd., 5.92%, 04/15/37, (3-mo. CME <br> Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007381 |
| 720 East CLO Ltd., 5.69%, 04/15/38, (3-mo. CME <br> Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5485 | 5505409 |
| AB BSL CLO 2 Ltd., 5.68%, 04/15/34, (3-mo. CME <br> Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4700 | 4708305 |
| AB BSL CLO 3 Ltd., 5.58%, 04/20/38, (3-mo. CME <br> Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5007507 |
| AGL CLO 12 Ltd., 5.75%, 07/20/34, (3-mo. CME <br> Term SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5102 | 5110061 |
| AGL CLO 29 Ltd., 5.90%, 04/21/37, (3-mo. CME <br> Term SOFR + 1.570%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1925 | 1933494 |
| AGL CLO 37 Ltd., 5.57%, 04/22/38, (3-mo. CME <br> Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10500 | 10516393 |
| AGL Clo 40 Ltd., 5.55%, 07/22/38, (3-mo. CME <br> Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004136 |
| AGL CLO 42 Ltd., 5.57%, 07/22/38, (3-mo. CME <br> Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004050 |
| AGL CLO 7 Ltd., 5.78%, 07/15/34, (3-mo. CME <br> Term SOFR + 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1310 | 1313633 |
| AGL Core CLO 15 Ltd., 5.74%, 01/20/35, (3-mo. <br> CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4010000 |
| AGL Core CLO 2 Ltd., 5.79%, 07/20/37, (3-mo. CME <br> Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004117 |
| AGL Core CLO 8 Ltd., 5.66%, 01/20/38, (3-mo. CME <br> Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003120 |
| AIMCO CLO, 5.59%, 10/17/37, (3-mo. CME Term <br> SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5013426 |
| AIMCO CLO 11 Ltd., 5.62%, 07/17/37, (3-mo. CME <br> Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1800 | 1805313 |
| AIMCO CLO 14 Ltd., 5.58%, 04/20/34, (3-mo. CME <br> Term SOFR + 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1502587 |
| AIMCO CLO 18 Ltd., 6.52%, 10/16/36, (3-mo. CME <br> Term SOFR + 2.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2012377 |
| Allegany Park CLO Ltd., 5.63%, 01/20/35, (3-mo. <br> CME Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| AMMC CLO 28 Ltd., 5.88%, 07/20/37, (3-mo. CME <br> Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2390 | 2400845 |
| AMMC CLO 31 Ltd., 5.64%, 02/20/38, (3-mo. CME <br> Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3006680 |
| AMMC CLO 32 Ltd., 5.63%, 10/17/38, (3-mo. CME <br> Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Anchorage Capital CLO 15 Ltd., 5.62%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020782 |
| Anchorage Capital CLO 17 Ltd., 5.55%, <br> 02/15/38, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2002148 |
| Anchorage Capital CLO 24 Ltd., 5.75%, <br> 07/15/37, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Anchorage Capital CLO 25 Ltd., 5.72%, <br> 04/20/35, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1001827 |
| Anchorage Capital CLO 6 Ltd., 5.72%, <br> 07/22/38, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1997238 |
| Anchorage Capital CLO 7 Ltd., 5.87%, <br> 04/28/37, (3-mo. CME Term SOFR + <br> 1.560%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2008644 |
| Apidos CLO LII Ltd., 5.39%, 04/20/38, (3-mo. CME <br> Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4750 | 4745380 |
| Apidos CLO LIII, 5.65%, 07/20/38, (3-mo. CME <br> Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5015104 |
| Apidos CLO XX, 6.13%, 07/16/31, (3-mo. CME Term <br> SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5560 | 5573999 |
| Apidos CLO XXXI, 5.68%, 04/15/31, (3-mo. CME <br> Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1229 | 1229716 |
| Apidos CLO XXXIV, 5.74%, 01/20/35, (3-mo. CME <br> Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4750 | 4761756 |
| Apidos CLO XXXIX Ltd., 5.63%, 04/21/35, (3-mo. <br> CME Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3250 | 3255147 |
| Apidos CLO XXXVII, 5.72%, 10/22/34, (3-mo. CME <br> Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3250 | 3256026 |
| ARES Loan Funding III Ltd., 5.59%, <br> 07/25/36, (3-mo. CME Term SOFR + <br> 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1250 | 1254379 |
| Ares Loan Funding IV Ltd., 6.07%, 10/15/36, (3-mo. <br> CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2290 | 2295278 |
| ARES Loan Funding VIII Ltd., 5.57%, <br> 01/24/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10000 | 10019923 |
| Ares LVI CLO Ltd., 5.57%, 01/25/38, (3-mo. CME <br> Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003978 |
| ARES XLIII CLO Ltd., 5.67%, 01/15/38, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3020 | 3031469 |
| ARES XXXIX CLO Ltd., 5.75%, 07/18/37, (3-mo. <br> CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8000 | 8026554 |
| Bain Capital Credit CLO Ltd. |  |  |
| 6.12%, 07/24/36, (3-mo. CME Term SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1700 | 1700000 |
| 5.66%, 01/21/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002952 |
| 5.72%, 07/25/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4355 | 4368745 |
| 5.57%, 07/19/34, (3-mo. CME Term SOFR + <br> 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002011 |
| Ballyrock CLO 14 Ltd. |  |  |
| 6.03%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002989 |
| 5.71%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3345 | 3356671 |
| Ballyrock CLO 19 Ltd., 5.66%, 04/20/35, (3-mo. <br> CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2175 | 2179328 |
| Ballyrock CLO 2 Ltd., 5.72%, 02/20/36, (3-mo. CME <br> Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2840 | 2845932 |
| Ballyrock CLO 26 Ltd., 5.83%, 07/25/37, (3-mo. <br> CME Term SOFR + 1.510%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004330 |
| Ballyrock CLO Ltd., 6.14%, 10/20/31, (3-mo. CME <br> Term SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003010 |
| BBAM U.S. CLO I Ltd. |  |  |
| 5.52%, 03/30/38, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1999476 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.92%, 03/30/38, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1001416 |
| Beechwood Park CLO Ltd., 5.58%, 01/17/35, (3-mo. <br> CME Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3004240 |
| Benefit Street Partners CLO XX Ltd., 5.75%, <br> 07/15/34, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2360 | 2365900 |
| Benefit Street Partners CLO XXI Ltd. Series 2020 <br> 21A, Class A1R, 5.75%, 10/15/34, (3-mo. CME <br> Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5009615 |
| Benefit Street Partners CLO XXIX, 5.50%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4136 | 4133956 |
| Benefit Street Partners CLO XXVI Ltd., 5.71%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003369 |
| Benefit Street Partners CLO XXVII Ltd., 5.70%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4513500 |
| Benefit Street Partners CLO XXXIII Ltd., 6.07%, <br> 01/25/36, (3-mo. CME Term SOFR + <br> 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007184 |
| Benefit Street Partners CLO XXXVII Ltd., 5.67%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6250 | 6273196 |
| Benefit Street Partners CLO XXXVIII Ltd., 5.63%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5012796 |
| Birch Grove CLO 12 Ltd., 5.51%, 04/22/38, (3-mo. <br> CME Term SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1498920 |
| Birch Grove CLO 2 Ltd., 5.73%, 10/19/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010775 |
| Birch Grove CLO 3 Ltd., 5.59%, 01/19/38, (3-mo. <br> CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6006818 |
| Birch Grove CLO 4 Ltd., 5.80%, 07/15/37, (3-mo. <br> CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5820 | 5843421 |
| Birch Grove CLO 5 Ltd., 5.74%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2509265 |
| Birch Grove CLO 7 Ltd., 6.13%, 10/20/36, (3-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2870 | 2877353 |
| Birch Grove CLO 8 Ltd., 5.96%, 04/20/37, (3-mo. <br> CME Term SOFR + 1.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5210 | 5230840 |
| Birch Grove CLO 9 Ltd., 5.73%, 10/22/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1756312 |
| Birch Grove CLO Ltd., 5.87%, 07/17/37, (3-mo. <br> CME Term SOFR + 1.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5025400 |
| BlueMountain CLO XXX Ltd., 5.69%, <br> 04/15/35, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7250 | 7265297 |
| Brant Point CLO Ltd., 6.28%, 07/20/37, (3-mo. CME <br> Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1700 | 1703060 |
| Bridge Street CLO I Ltd., 5.88%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004652 |
| Bridge Street CLO Ltd., 5.55%, 04/20/38, (3-mo. <br> CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1999800 |
| Bryant Park CLO Ltd., 1.00%, 07/20/38, (3-mo. CME <br> Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4000000 |
| Bryant Park Funding Ltd. |  |  |
| 5.94%, 04/15/37, (3-mo. CME Term SOFR + <br> 1.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1920 | 1927216 |
| 6.38%, 10/18/36, (3-mo. CME Term SOFR + <br> 2.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3017136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.90%, 05/15/37, (3-mo. CME Term SOFR + <br> 1.570%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2500 | $2510179 |
| 5.72%, 10/15/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1350 | 1354479 |
| 5.65%, 01/18/38, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006755 |
| Canyon Capital CLO Ltd., 5.50%, 04/15/38, (3-mo. <br> CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2499132 |
| Canyon CLO Ltd., 5.75%, 10/15/34, (3-mo. CME <br> Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2503269 |
| Carlyle U.S. CLO Ltd. |  |  |
| 6.19%, 04/20/31, (3-mo. CME Term SOFR + <br> 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003382 |
| 5.64%, 04/15/35, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3005949 |
| 5.88%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012701 |
| 5.71%, 04/15/35, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002151 |
| CarVal CLO IX-C Ltd. |  |  |
| 6.01%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3750 | 3769875 |
| 6.43%, 04/20/37, (3-mo. CME Term SOFR + <br> 2.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1006633 |
| CarVal CLO VC Ltd., 5.78%, 10/15/34, (3-mo. CME <br> Term SOFR + 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 945 | 947442 |
| Carval CLO VIII-C Ltd., 5.75%, 10/22/37, (3-mo. <br> CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505743 |
| Carval CLO X-C Ltd., 5.79%, 07/20/37, (3-mo. CME <br> Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1756798 |
| CarVal CLO XI C Ltd., 5.72%, 10/20/37, (3-mo. CME <br> Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4013961 |
| Cayuga Park CLO Ltd., 5.66%, 07/17/34, (3-mo. <br> CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4740 | 4750257 |
| Cedar Funding VI CLO Ltd., 5.64%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3001640 |
| Cedar Funding XIV CLO Ltd., 5.70%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007155 |
| CIFC Funding Ltd. |  |  |
| 5.76%, 10/20/34, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 750 | 751885 |
| 5.66%, 04/20/34, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3540 | 3544604 |
| 5.72%, 07/15/36, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1200 | 1201637 |
| 5.68%, 07/23/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3007645 |
| 5.73%, 07/15/36, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3004620 |
| 5.59%, 01/18/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2330 | 2336954 |
| 5.43%, 04/23/38, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1498515 |
| 5.68%, 10/24/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5015322 |
| 5.81%, 07/21/37, (3-mo. CME Term SOFR + <br> 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1506488 |
| 5.66%, 04/27/31, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1000035 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.77%, 04/18/37, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2000 | $2006998 |
| 5.49%, 01/17/38, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5007042 |
| Series 2020 3A, Class A1R, 5.72%, <br> 10/20/34, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1560 | 1562894 |
| Series 2021 6A, Class A, 5.72%, 10/15/34, (3-mo. <br> CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4007495 |
| Series 2021 7A, Class A1, 5.71%, <br> 01/23/35, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3005958 |
| Clover CLO LLC, 5.71%, 07/15/37, (3-mo. CME <br> Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2005938 |
| Creeksource Dunes Creek CLO Ltd., 5.73%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012764 |
| Crown Point CLO 9 Ltd., 5.77%, 07/14/34, (3-mo. <br> CME Term SOFR + 1.452%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2005247 |
| Diameter Capital CLO 1 Ltd., 5.71%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4200 | 4217538 |
| Diameter Capital CLO 10 Ltd., 5.60%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1502834 |
| Diameter Capital CLO 2 Ltd., 5.71%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7300 | 7330486 |
| Diameter Capital CLO 3 Ltd., 5.65%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6017510 |
| Diameter Capital CLO 7 Ltd. |  |  |
| 5.81%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4016800 |
| 6.18%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1300 | 1304550 |
| Diameter Capital CLO 8 Ltd., 5.73%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003500 |
| Diameter Capital CLO 9 Ltd., 5.50%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 4998261 |
| Dryden 40 Senior Loan Fund, 5.48%, <br> 08/15/31, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 791 | 790977 |
| Dryden 83 CLO Ltd., 5.86%, 04/18/37, (3-mo. CME <br> Term SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1270 | 1275153 |
| Eaton Vance CLO Ltd., 1.00%, 10/15/38, (3-mo. <br> CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5002087 |
| Elmwood CLO 19 Ltd., 6.68%, 10/17/36, (3-mo. <br> CME Term SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001730 |
| Elmwood CLO 21 Ltd., 5.98%, 10/20/36, (3-mo. <br> CME Term SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4008422 |
| Elmwood CLO 24 Ltd., 5.60%, 01/17/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2505625 |
| Elmwood CLO 29 Ltd., 5.85%, 04/20/37, (3-mo. <br> CME Term SOFR + 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5019927 |
| Elmwood CLO 31 Ltd., 5.63%, 07/17/37, (3-mo. <br> CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4009688 |
| Elmwood CLO 40 Ltd., 5.52%, 03/22/38, (3-mo. <br> CME Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10500 | 10515750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Elmwood CLO II Ltd., 5.68%, 10/20/37, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2500 | $2507679 |
| Elmwood CLO VIII Ltd., 5.88%, 04/20/37, (3-mo. <br> CME Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4016902 |
| Elmwood CLO XII Ltd., 5.68%, 10/15/37, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1010 | 1013038 |
| Flatiron CLO 25 Ltd., 5.63%, 10/17/37, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3650 | 3660645 |
| Fort Washington CLO Ltd., 5.81%, 10/20/34, (3-mo. <br> CME Term SOFR + 1.482%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7250 | 7257921 |
| Galaxy XXI CLO Ltd., 5.94%, 04/20/31, (3-mo. CME <br> Term SOFR + 1.612%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2200 | 2203300 |
| Galaxy XXV CLO Ltd., 5.74%, 04/25/36, (3-mo. <br> CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002188 |
| Generate CLO 11 Ltd., 5.74%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007400 |
| Generate CLO 13 Ltd., 6.13%, 01/20/37, (3-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4015282 |
| Generate CLO 15 Ltd., 5.90%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.570%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8180 | 8218749 |
| Generate CLO 17 Ltd., 5.73%, 10/22/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505410 |
| Generate CLO 8 Ltd., 5.71%, 01/20/38, (3-mo. CME <br> Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011569 |
| Generate CLO 9 Ltd., 5.68%, 01/20/38, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010500 |
| GoldentTree Loan Management U.S. CLO 1 Ltd., <br> 5.83%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3675 | 3687517 |
| Golub Capital Partners CLO 41B-R Ltd., 5.65%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4400 | 4401845 |
| Golub Capital Partners CLO 55B Ltd., 5.79%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3500 | 3510627 |
| Golub Capital Partners CLO 58B Ltd., 5.76%, <br> 01/25/35, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6150 | 6167342 |
| Golub Capital Partners CLO 66B Ltd., 5.77%, <br> 07/25/38, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7035411 |
| Golub Capital Partners CLO 72 B Ltd., 5.87%, <br> 04/25/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1320 | 1325577 |
| Golub Capital Partners CLO 74 B Ltd., 5.82%, <br> 07/25/37, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3013368 |
| Golub Capital Partners CLO 76 B Ltd., 5.69%, <br> 10/25/37, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3009748 |
| Golub Capital Partners CLO 77 B Ltd., 5.57%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1502150 |
| Golub Capital Partners CLO 79B Ltd., 5.42%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1999161 |
| Golub Capital Partners CLO 81 B Ltd., 5.64%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3005937 |
| HalseyPoint CLO 3 Ltd., 5.79%, 07/30/37, (3-mo. <br> CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1240 | 1246410 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| HalseyPoint CLO 4 Ltd., 5.81%, 04/20/34, (3-mo. <br> CME Term SOFR + 1.482%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $5000 | $5004986 |
| HalseyPoint CLO 6 Ltd., 6.38%, 01/20/38, (3-mo. <br> CME Term SOFR + 2.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004927 |
| Halseypoint CLO 7 Ltd., 5.78%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.450%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1500 | 1507388 |
| Harriman Park CLO Ltd., 5.63%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5013608 |
| ICG U.S. CLO I Ltd., 5.71%, 07/18/38, (3-mo. CME <br> Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010992 |
| ICG U.S. Clo Ltd., 5.43%, 01/20/35, (3-mo. CME <br> Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4960 | 4969511 |
| ICG US CLO 2025-1 Ltd, 1.00%, 07/25/38<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 5000000 |
| KKR CLO 50 Ltd., 5.88%, 04/20/37, (3-mo. CME <br> Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020663 |
| Madison Park Funding LIX Ltd., 5.83%, <br> 04/18/37, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1757445 |
| Madison Park Funding LV Ltd., 5.63%, <br> 07/18/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2396 | 2402923 |
| Madison Park Funding LVIII Ltd., 5.83%, <br> 04/25/37, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003984 |
| Madison Park Funding LX Ltd., 5.69%, <br> 10/25/37, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5016234 |
| Madison Park Funding LXI Ltd., 6.06%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.730%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1504684 |
| Madison Park Funding LXVII Ltd., 5.83%, <br> 04/25/37, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1312 | 1317228 |
| Madison Park Funding XXIX Ltd., 5.51%, <br> 03/25/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 6997571 |
| Madison Park Funding XXX Ltd., 5.68%, <br> 07/16/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2600 | 2607471 |
| Madison Park Funding XXXIII Ltd., 5.61%, <br> 10/15/32, (3-mo. CME Term SOFR + <br> 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6324 | 6331507 |
| Madison Park Funding XXXVII Ltd., 6.92%, <br> 04/15/37, (3-mo. CME Term SOFR + <br> 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1509461 |
| MidOcean Credit CLO XIX, 5.77%, 07/20/36, (3-mo. <br> CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007142 |
| Midocean Credit CLO XV Ltd., 5.86%, <br> 07/21/37, (3-mo. CME Term SOFR + <br> 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010213 |
| MidOcean Credit CLO XVIII LLC, 7.00%, <br> 10/18/35, (3-mo. CME Term SOFR + <br> 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| MP CLO VIII Ltd., 5.78%, 04/28/34, (3-mo. CME <br> Term SOFR + 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4510350 |
| Neuberger Berman CLO XXI Ltd., 5.65%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1504492 |
| Neuberger Berman Loan Advisers CLO 46 Ltd., <br> 5.83%, 01/20/37, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 998717 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Neuberger Berman Loan Advisers NBLA CLO 52<br> Ltd., 5.67%, 10/24/38, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $3000 | $3008881 |
| New Mountain CLO 2 Ltd., 5.68%, 01/15/38, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5018765 |
| New Mountain CLO 3 Ltd. |  |  |
| 6.29%, 10/20/34, (3-mo. CME Term SOFR + <br> 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002117 |
| 5.77%, 10/20/34, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7250 | 7267356 |
| New Mountain CLO 5 Ltd., 5.58%, 07/20/36, (3-mo. <br> CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2502453 |
| Oaktree CLO Ltd. |  |  |
| 5.88%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3940 | 3956295 |
| 5.51%, 01/15/38, (3-mo. CME Term SOFR + <br> 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2499225 |
| 5.71%, 01/20/38, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010819 |
| Ocean Trails CLO IX, 5.55%, 01/15/38, (3-mo. CME <br> Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3885 | 3887171 |
| Ocean Trails CLO XIV Ltd., 5.67%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002945 |
| OCP CLO Ltd. |  |  |
| 5.80%, 04/18/37, (3-mo. CME Term SOFR + <br> 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4900 | 4919423 |
| 5.96%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6023982 |
| 5.67%, 11/26/37, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006562 |
| 5.66%, 01/21/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2370 | 2376990 |
| 5.58%, 01/20/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4005768 |
| 5.62%, 01/26/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5150 | 5163203 |
| 5.68%, 10/20/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3008987 |
| 5.70%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8000 | 8024000 |
| Octagon 55 Ltd., 5.73%, 07/20/34, (3-mo. CME <br> Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2002698 |
| Octagon 66 Ltd., 6.08%, 11/16/36, (3-mo. CME <br> Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1754831 |
| Octagon Investment Partners 46 Ltd., 5.74%, <br> 07/15/36, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4006888 |
| Octagon Investment Partners 47 Ltd., 5.61%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3006484 |
| Octagon Investment Partners XVI Ltd., 6.14%, <br> 07/17/30, (3-mo. CME Term SOFR + <br> 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3009493 |
| OHA Credit Funding 17 Ltd., 5.81%, <br> 04/20/37, (3-mo. CME Term SOFR + <br> 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4700 | 4715663 |
| OHA Credit Funding 2 Ltd., 5.57%, 01/21/38, (3-mo. <br> CME Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8750 | 8765575 |
| OHA Credit Funding 3 Ltd., 5.65%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 14930 | 14974790 |
| OHA Credit Funding 4 Ltd., 5.62%, 01/22/38, (3-mo. <br> CME Term SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8294 | 8313760 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OHA Credit Funding 6 Ltd., 5.66%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2500 | $2507140 |
| OHA Credit Partners VII Ltd., 5.46%, <br> 02/20/38, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7250 | 7242861 |
| OHA Credit Partners XVI, 5.68%, 10/18/37, (3-mo. <br> CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3300 | 3310100 |
| OHA Credit Partners XVII Ltd., 5.72%, <br> 01/18/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1778 | 1783331 |
| OHA Loan Funding Ltd. |  |  |
| 5.74%, 01/19/37, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5010016 |
| 6.03%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1800 | 1806963 |
| Onex CLO Subsidiary Ltd., 5.83%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004392 |
| Palmer Square CLO 2021-3 Ltd., 1.00%, <br> 10/15/38<sup>(a)</sup><br>| &nbsp;&nbsp; 3550 | 3550000 |
| Palmer Square CLO Ltd. |  |  |
| 5.72%, 11/14/34, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5050 | 5061751 |
| 5.98%, 11/15/36, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2506086 |
| 6.98%, 11/15/36, (3-mo. CME Term SOFR + <br> 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2013072 |
| 5.65%, 04/20/35, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5860 | 5871720 |
| 5.69%, 10/20/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003044 |
| 1.00%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4000000 |
| Park Blue Clo Ltd., 1.00%, 10/20/38, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1000000 |
| Park Blue CLO Ltd. |  |  |
| 5.80%, 07/25/37, (3-mo. CME Term SOFR + <br> 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004259 |
| 5.47%, 04/25/38, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000493 |
| PARK BLUE CLO Ltd., 5.81%, 04/20/37, (3-mo. <br> CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3013500 |
| Pikes Peak CLO 11 Ltd., 5.72%, 07/25/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1225 | 1228866 |
| Pikes Peak CLO 12 Ltd., 5.55%, 04/20/38, (3-mo. <br> CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7006139 |
| Pikes Peak CLO 16 Ltd., 5.78%, 07/25/37, (3-mo. <br> CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1506090 |
| Polus U.S. CLO II Ltd., 5.80%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009919 |
| Post CLO Ltd., 5.93%, 04/20/37, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011245 |
| Rad CLO 14 Ltd., 5.75%, 01/15/35, (3-mo. CME <br> Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1041 | 1044005 |
| Rad CLO 15 Ltd., 5.70%, 07/20/40, (3-mo. CME <br> Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010500 |
| Rad CLO 22 Ltd., 6.16%, 01/20/37, (3-mo. CME <br> Term SOFR + 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020421 |
| RAD CLO 27 Ltd., 5.64%, 01/15/38, (3-mo. CME <br> Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2506994 |
| Rad CLO 6 Ltd., 5.72%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2530 | 2538850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Rad CLO 7 Ltd., 5.63%, 04/17/36, (3-mo. CME Term <br> SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1001500 |
| Rad CLO 9 Ltd., 5.66%, 01/15/38, (3-mo. CME Term <br> SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3009246 |
| Reese Park CLO Ltd., 5.64%, 01/15/38, (3-mo. CME <br> Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002963 |
| Regatta 30 Funding Ltd., 5.64%, 01/25/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6625 | 6641562 |
| Regatta 32 Funding Ltd., 5.63%, 07/25/38, (3-mo. <br> CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5015660 |
| Regatta XI Funding Ltd., 5.68%, 07/17/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7500 | 7523413 |
| Regatta XIX Funding Ltd., 6.18%, 04/20/35, (3-mo. <br> CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1815 | 1819878 |
| Regatta XVII Funding Ltd., 5.70%, 10/15/37, (3-mo. <br> CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5017115 |
| Regatta XXII Funding Ltd., 5.58%, 07/20/35, (3-mo. <br> CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5015745 |
| Regatta XXIII Funding Ltd., 5.74%, 01/20/35, (3-mo. <br> CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4511232 |
| Regatta XXIV Funding Ltd., 5.65%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5360 | 5376051 |
| Regatta XXV Funding Ltd., 5.67%, 07/15/38, (5-year <br> CMT + 3.228%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006400 |
| Regatta XXVII Funding Ltd., 5.84%, <br> 04/26/37, (3-mo. CME Term SOFR + <br> 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012476 |
| Regatta XXVIII Funding Ltd., 5.87%, <br> 04/25/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004319 |
| RR 14 Ltd., 5.70%, 04/15/36, (3-mo. CME Term <br> SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1538 | 1541019 |
| RR 18 Ltd., 6.18%, 10/15/34, (3-mo. CME Term <br> SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002208 |
| RR 21 Ltd., 5.72%, 07/15/39, (3-mo. CME Term <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5015458 |
| RR 5 Ltd., 5.82%, 07/15/39, (3-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4519512 |
| RR 8 Ltd. |  |  |
| 5.67%, 07/15/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3350 | 3358365 |
| 6.02%, 07/15/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001968 |
| RRX 7 Ltd. |  |  |
| 5.68%, 07/15/35, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3550 | 3557100 |
| 6.32%, 07/15/35, (3-mo. CME Term SOFR + <br> 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1100 | 1103715 |
| Sagard-Halseypoint CLO 8 Ltd., 5.70%, <br> 01/30/38, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3215 | 3228860 |
| Sandstone Peak II Ltd., 5.74%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012825 |
| Sculptor CLO XXX Ltd., 5.72%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005105 |
| Sculptor CLO XXXIV Ltd., 5.70%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5375 | 5395076 |
| Sculptor CLO XXXV Ltd., 5.56%, 04/27/38, (3-mo. <br> CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10000 | 10013687 |
| Signal Peak CLO 9 Ltd., 5.69%, 01/21/38, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4750 | 4767224 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Silver Point CLO 4 Ltd., 5.95%, 04/15/37, (3-mo. <br> CME Term SOFR + 1.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $5900 | $5923214 |
| Silver Point CLO 5 Ltd., 6.43%, 10/20/37, (3-mo. <br> CME Term SOFR + 2.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005254 |
| Silver Point CLO 6 Ltd., 5.72%, 10/15/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003700 |
| Silver Point CLO 7 Ltd., 5.68%, 01/15/38, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4516867 |
| Sixth Street CLO XVII Ltd., 5.43%, 04/17/38, (3-mo. <br> CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5250 | 5246069 |
| Sixth Street CLO XX Ltd., 5.58%, 07/17/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1900 | 1904266 |
| Sixth Street CLO XXV Ltd., 5.80%, 07/24/37, (3-mo. <br> CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4850 | 4870660 |
| Sycamore Tree CLO Ltd. |  |  |
| 5.98%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012766 |
| 5.72%, 01/20/38, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7450 | 7482700 |
| Symphony CLO 35 Ltd., 6.02%, 10/24/36, (3-mo. <br> CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004028 |
| Symphony CLO 40 Ltd., 5.63%, 01/05/38, (3-mo. <br> CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4010633 |
| Symphony CLO XXVIII Ltd., 5.72%, <br> 10/23/34, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003731 |
| Symphony CLO XXXIII Ltd., 5.58%, <br> 01/24/38, (3-mo. CME Term SOFR + <br> 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5507240 |
| Symphony Loan Funding CLO 1 Ltd., 5.76%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4015525 |
| TCW CLO Ltd. |  |  |
| 5.60%, 01/20/38, (3-mo. CME Term SOFR + <br> 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2250 | 2254179 |
| 5.72%, 10/20/37, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4750 | 4767233 |
| 5.52%, 04/20/38, (3-mo. CME Term SOFR + <br> 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 2999588 |
| 5.46%, 10/29/34, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2002000 |
| Trestles CLO III Ltd., 5.72%, 10/20/37, (3-mo. CME <br> Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7800 | 7832836 |
| Trestles CLO IV Ltd., 5.76%, 07/21/34, (3-mo. CME <br> Term SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1830 | 1834668 |
| Trestles CLO Ltd., 5.78%, 07/25/37, (3-mo. CME <br> Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5250 | 5271337 |
| Trestles CLO VII Ltd., 5.70%, 10/25/37, (3-mo. CME <br> Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3700 | 3712457 |
| Trimaran CAVU Ltd. |  |  |
| 5.73%, 10/22/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007215 |
| 5.70%, 01/25/38, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505475 |
| Trinitas CLO VI Ltd., 5.65%, 01/25/34, (3-mo. CME <br> Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5005309 |
| Trinitas CLO XVIII Ltd., 5.55%, 01/20/35, (3-mo. <br> CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Trinitas CLO XXIII Ltd., 6.13%, 10/20/36, (3-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2005023 |
| Trinitas CLO XXIV Ltd., 5.92%, 04/25/37, (3-mo. <br> CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Trinitas CLO XXIX Ltd., 5.81%, 07/23/37, (3-mo. <br> CME Term SOFR + 1.490%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $3485 | $3499664 |
| Trinitas CLO XXV Ltd., 6.17%, 01/23/37, (3-mo. <br> CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2008385 |
| Trinitas CLO XXX Ltd., 5.69%, 10/23/37, (3-mo. <br> CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006070 |
| Trinitas CLO XXXII Ltd., 1.00%, 07/23/38, (3-mo. <br> CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5000000 |
| Voya CLO Ltd. |  |  |
| 5.73%, 07/16/34, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1502345 |
| 5.62%, 10/17/32, (3-mo. CME Term SOFR + <br> 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1386 | 1387862 |
| 5.84%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5521451 |
| 5.84%, 04/15/37, (3-mo. CME Term SOFR + <br> 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3100 | 3115297 |
| Warwick Capital CLO 1 Ltd., 7.13%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002615 |
| Warwick Capital CLO 4 Ltd., 5.73%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4900 | 4918288 |
| Warwick Capital CLO 5 Ltd., 5.69%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5018952 |
| Wellfleet CLO Ltd., 5.52%, 04/15/33, (3-mo. CME <br> Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6502 | 6508247 |
| Wellington Management CLO 1 Ltd., 6.13%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2005127 |
| Wellington Management CLO 3 Ltd., 5.69%, <br> 07/18/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6017377 |
| Wellington Management CLO 4 Ltd., 5.43%, <br> 04/18/38, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 2997424 |
| Whitebox CLO I Ltd. |  |  |
| 5.64%, 07/24/36, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2270 | 2273405 |
| 6.07%, 07/24/36, (3-mo. CME Term SOFR + <br> 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001000 |
| Whitebox CLO II Ltd., 5.70%, 10/24/37, (3-mo. CME <br> Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3300 | 3310362 |
| Whitebox CLO III Ltd., 5.59%, 10/15/35, (3-mo. <br> CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4060 | 4068120 |
| Whitebox Clo V Ltd., 1.00%, 07/20/38, (3-mo. CME <br> Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1996377 |
| Wise CLO Ltd., 5.78%, 07/15/37, (3-mo. CME Term <br> SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4015833 |
| **Total Long-Term Investments — 101.3%** <br>**(Cost: $1,036,467,173)** | **Total Long-Term Investments — 101.3%** <br>**(Cost: $1,036,467,173)** | 1037295272 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 23120000 | $23120000 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $23,120,000)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $23,120,000)** | 23120000 |
| **Total Investments — 103.6%** <br>**(Cost: $1,059,587,173)** | **Total Investments — 103.6%** <br>**(Cost: $1,059,587,173)** | 1060415272 |
| **Liabilities in Excess of Other Assets — (3.6)%** | **Liabilities in Excess of Other Assets — (3.6)%** | (36822367)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1023592905 |

---

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

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

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

<sup>(c)</sup> 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.

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $10430000<br> $12690000 <br><sup>(a)</sup><br>| $— | $— | $— | $23120000 | 23120000 | $526068 | $— |

---

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

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

**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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1035787884 | &nbsp;&nbsp; $1507388 | &nbsp;&nbsp; $1037295272 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 23120000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23120000 |
|  | &nbsp;&nbsp; $23120000 | &nbsp;&nbsp; $1035787884 | &nbsp;&nbsp; $1507388 | &nbsp;&nbsp; $1060415272 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares BBB-B CLO Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 720 East CLO Ltd., 7.23%, 01/20/38, (3-mo. CME Term <br> SOFR + 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1250 | $1258268 |
| AIMCO CLO 18 Ltd., 7.18%, 07/20/37, (3-mo. CME Term <br> SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004687 |
| Apidos CLO L, 7.13%, 01/20/38, (3-mo. CME Term <br> SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2890 | 2907836 |
| Ares LXXV CLO Ltd., 7.12%, 01/15/37, (3-mo. CME <br> Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003656 |
| Ballyrock CLO 28 Ltd., 7.13%, 01/20/38, (3-mo. CME <br> Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009991 |
| Barings CLO Ltd., 8.82%, 10/15/36, (3-mo. CME Term <br> SOFR + 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2250 | 2270430 |
| Birch Grove CLO 11 Ltd., 7.43%, 01/22/38, (3-mo. CME <br> Term SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2518003 |
| Bryant Park Funding Ltd. |  |  |
| 9.29%, 04/15/38, (3-mo. CME Term SOFR + <br> 5.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 993690 |
| 7.73%, 04/15/38, (3-mo. CME Term SOFR + <br> 3.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 999464 |
| Elmwood CLO V Ltd., 8.58%, 10/20/37, (3-mo. CME <br> Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2019373 |
| Flatiron CLO 23 LLC |  |  |
| 7.01%, 04/17/36, (3-mo. CME Term SOFR + <br> 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002728 |
| 9.26%, 04/17/36, (3-mo. CME Term SOFR + <br> 4.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003206 |
| GoldenTree Loan Management U.S. CLO 10 Ltd., <br> 7.43%, 10/20/37, (3-mo. CME Term SOFR + <br> 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3050 | 3057249 |
| Golub Capital Partners CLO 74 B Ltd., 7.52%, <br> 07/25/37, (3-mo. CME Term SOFR + 3.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009989 |
| Golub Capital Partners CLO 76 B Ltd., 10.07%, <br> 10/25/37, (3-mo. CME Term SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 650 | 658298 |
| Invesco U.S. CLO Ltd., 7.37%, 07/15/38, (3-mo. CME <br> Term SOFR + 3.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001248 |
| Madison Park Funding XXXVII Ltd., 8.07%, <br> 04/15/37, (3-mo. CME Term SOFR + 3.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2020499 |
| Neuberger Berman Loan Advisers CLO 44 Ltd., 6.97%, <br> 10/16/35, (3-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1999695 |
| Neuberger Berman Loan Advisers CLO 59 Ltd., 8.12%, <br> 01/23/39, (3-mo. CME Term SOFR + 3.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1650 | 1665339 |
| OCP CLO Ltd., 6.77%, 04/17/37, (3-mo. CME Term <br> SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 995086 |
| OHA Credit Funding 11 Ltd., 7.18%, 07/19/37, (3-mo. <br> CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 550 | 551142 |
| OHA Credit Funding 2 Ltd., 7.03%, 01/21/38, (3-mo. <br> CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2002048 |
| OHA Credit Partners XIV Ltd., 7.18%, 07/21/37, (3-mo. <br> CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4010445 |
| Palmer Square CLO Ltd. |  |  |
| 7.07%, 05/21/34, (3-mo. CME Term SOFR + <br> 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2000504 |
| 6.98%, 01/20/38, (3-mo. CME Term SOFR + <br> 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009991 |
| 6.97%, 01/15/38, (3-mo. CME Term SOFR + <br> 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009992 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 9.23%, 01/20/38, (3-mo. CME Term SOFR + <br> 4.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $500 | $501118 |
| Pikes Peak CLO 6, 8.92%, 05/18/34, (3-mo. CME Term <br> SOFR + 4.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 984152 |
| Regatta VIII Funding Ltd., 7.98%, 04/17/37, (3-mo. CME <br> Term SOFR + 3.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1007771 |
| RR 28 Ltd., 8.77%, 04/15/37, (3-mo. CME Term SOFR + <br> 4.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1950 | 1969895 |
| Sandstone Peak III Ltd., 9.57%, 04/25/37, (3-mo. CME <br> Term SOFR + 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1513189 |
| Sixth Street CLO XX Ltd., 7.21%, 07/17/38, (3-mo. CME <br> Term SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 700 | 701978 |
| Symphony CLO XXXIII Ltd., 6.92%, 01/24/38, (3-mo. <br> CME Term SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004481 |
| Trimaran Cavu Ltd., 8.04%, 04/25/38, (3-mo. CME Term <br> SOFR + 3.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1007129 |
| Trinitas CLO XXXI Ltd., 7.33%, 01/22/38, (3-mo. CME <br> Term SOFR + 3.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1764720 |
| Trinitas CLO XXXII Ltd., 1.00%, 07/23/38, (3-mo. CME <br> Term SOFR + 5.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 750 | 750000 |
| Voya CLO Ltd., 7.18%, 01/20/38, (3-mo. CME Term <br> SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002978 |
| Wellington Management CLO 3 Ltd., 10.08%, <br> 07/18/37, (3-mo. CME Term SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 505878 |
| Whitebox CLO I Ltd., 8.57%, 07/24/36, (3-mo. CME <br> Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2013340 |
| Whitebox Clo II Ltd., 10.07%, 10/24/37, (3-mo. CME <br> Term SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 503300 |
| **Total Long-Term Investments — 97.5%** <br>**(Cost: $63,792,590)** | **Total Long-Term Investments — 97.5%** <br>**(Cost: $63,792,590)** | 63212786 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 2160000 | 2160000 |
| **Total Short-Term Securities — 3.3%** <br>**(Cost: $2,160,000)** | **Total Short-Term Securities — 3.3%** <br>**(Cost: $2,160,000)** | 2160000 |
| **Total Investments — 100.8%** <br>**(Cost: $65,952,590)** | **Total Investments — 100.8%** <br>**(Cost: $65,952,590)** | 65372786 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (522933)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $64849853 |

---

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares BBB-B CLO Active ETF**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*01/29/25*<sup>(a)</sup> <br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $— | &nbsp;&nbsp; $2160000 <br><sup>(b)</sup><br>| $— | $— | $— | $2160000 | 2160000 | $36614 | $— |
| iShares AAA CLO Active ETF<sup>(c)</sup> |  | 2495520 | &nbsp;&nbsp; (2491611)<br>| (3909)<br>|  |  |  | 11702 |  |
|  |  |  |  | $(3909) | $— | $2160000 |  | $48316 | $— |

---

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

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

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

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63212786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63212786 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2160000 |
|  | &nbsp;&nbsp; $2160000 | &nbsp;&nbsp; $63212786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65372786 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares Flexible Income Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 1988 CLO 2 Ltd., 5.49%, 04/15/38, (3-mo. <br> CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,545 | $3543816 |
| 1988 CLO 5 Ltd., 5.86%, 07/15/37, (3-mo. <br> CME Term SOFR + 1.540%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4018000 |
| 522 Funding CLO Ltd. |  |  |
| 5.65%, 04/15/35, (3-mo. CME Term <br> SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | 3255358 |
| 6.64%, 10/20/31, (3-mo. CME Term <br> SOFR + 2.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250907 |
| 5.63%, 10/20/31, (3-mo. CME Term <br> SOFR + 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD964 | 964355 |
| 720 East CLO Ltd., 5.66%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,755 | 2763122 |
| 720 East CLO VII Ltd., 5.34%, <br> 04/20/37, (3-mo. CME Term SOFR + <br> 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,500 | 4498095 |
| AB BSL CLO 2 Ltd., 5.68%, <br> 04/15/34, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1502651 |
| AB BSL CLO 3 Ltd., 5.58%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003003 |
| AB Carval Euro CLO II-C DAC, 5.89%, <br> 02/15/37, (3-mo. EURIBOR + <br> 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR730 | 843424 |
| ACREC LLC, 5.66%, 08/18/42, (1-mo. CME <br> Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5006272 |
| ACRES LLC, 5.95%, 08/18/40, (1-mo. CME <br> Term SOFR + 1.619%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,290 | 7298680 |
| Affirm Asset Securitization Trust |  |  |
| 5.61%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,731 | 2741212 |
| 4.62%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,287 | 4284060 |
| 5.34%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,591 | 1590025 |
| 5.08%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,848 | 5851112 |
| Affirm Master Trust |  |  |
| 4.99%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD5,756 | 5779859 |
| 5.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD3,418 | 3423332 |
| AGL CLO 11 Ltd., 10.94%, 04/15/34, (3-mo. <br> CME Term SOFR + 6.622%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | 350179 |
| AGL CLO 12 Ltd., 5.75%, 07/20/34, (3-mo. <br> CME Term SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,106 | 3111239 |
| AGL CLO 23 Ltd., 5.48%, 04/20/38, (3-mo. <br> CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,250 | 4245852 |
| AGL CLO 28 Ltd., 6.03%, 01/21/37, (3-mo. <br> CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002944 |
| AGL CLO 32 Ltd., 5.71%, 07/21/37, (3-mo. <br> CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752337 |
| AGL CLO 34 Ltd., 5.67%, 01/22/38, (3-mo. <br> CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1505182 |
| AGL CLO 35 Ltd., 5.67%, 01/21/38, (3-mo. <br> CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003450 |
| AGL CLO 39 Ltd. |  |  |
| 6.71%, 04/20/38, (3-mo. CME Term <br> SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1999620 |
| 8.71%, 04/20/38, (3-mo. CME Term <br> SOFR + 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | 1289682 |
| AGL CLO 7 Ltd., 6.28%, 07/15/34, (3-mo. <br> CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD580 | 580675 |
| AGL CLO 9 Ltd., 6.33%, 04/20/37, (3-mo. <br> CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD450 | 452472 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| AGL Core CLO 15 Ltd., 5.74%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1002500 |
| Aimco CLO, 6.32%, 04/16/37, (3-mo. CME <br> Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251600 |
| AIMCO CLO 11 Ltd., 5.93%, <br> 07/17/37, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD550 | 551781 |
| AIMCO CLO 18 Ltd., 7.18%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002344 |
| AIMCO CLO 23 Ltd., 5.39%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1248783 |
| AMMC CLO 30 Ltd., 6.67%, <br> 01/15/37, (3-mo. CME Term SOFR + <br> 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1005000 |
| Anchorage Capital CLO 15 Ltd., 5.62%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008313 |
| Anchorage Capital CLO 18 Ltd., 5.73%, <br> 04/15/34, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | 350571 |
| Anchorage Capital CLO 19 Ltd., 5.79%, <br> 10/15/34, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003351 |
| Anchorage Capital CLO 29 Ltd., 5.93%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4018858 |
| Anchorage Capital CLO 6 Ltd., 5.72%, <br> 07/22/38, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,795 | 3789759 |
| Annisa CLO Ltd., 6.18%, 07/20/31, (3-mo. <br> CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 400865 |
| Apidos CLO LII Ltd., 5.39%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1998055 |
| Apidos CLO LIII, 5.65%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006042 |
| Apidos CLO XL Ltd., 5.67%, <br> 07/15/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2004799 |
| APIDOS CLO XLVIII Ltd., 5.76%, <br> 07/25/37, (3-mo. CME Term SOFR + <br> 1.440%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD489 | 490750 |
| Apidos CLO XV, 5.60%, 04/20/31, (3-mo. <br> CME Term SOFR + 1.272%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD145 | 144750 |
| Apidos CLO XX |  |  |
| 6.13%, 07/16/31, (3-mo. CME Term <br> SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD725 | 726825 |
| 5.68%, 07/16/31, (3-mo. CME Term <br> SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD440 | 440768 |
| Apidos CLO XXII, 5.65%, 04/20/31, (3-mo. <br> CME Term SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD427 | 427338 |
| Apidos CLO XXIV |  |  |
| 5.54%, 10/20/30, (3-mo. CME Term <br> SOFR + 1.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD109 | 108903 |
| 5.94%, 10/20/30, (3-mo. CME Term <br> SOFR + 1.612%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,500 | 4507830 |
| Apidos Clo Xxv, 8.28%, 01/20/37, (3-mo. <br> CME Term SOFR + 3.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1514802 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Apidos CLO XXV, 5.93%, 01/20/37, (3-mo. <br> CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | $501014 |
| Apidos CLO XXXII |  |  |
| 5.43%, 01/20/33, (3-mo. CME Term <br> SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,726 | 1725498 |
| 5.83%, 01/20/33, (3-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD555 | 554283 |
| Apidos CLO XXXV, 5.64%, 04/20/34, (3-mo. <br> CME Term SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,344 | 1344932 |
| Apidos CLO XXXVII, 5.72%, <br> 10/22/34, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,815 | 1818365 |
| Apidos Loan Fund Ltd., 5.59%, <br> 04/25/35, (3-mo. CME Term SOFR + <br> 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001280 |
| Arbor Realty Collateralized Loan Obligation <br> Ltd., 6.28%, 01/20/41, (1-mo. CME Term <br> SOFR + 1.925%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,424 | 7437759 |
| Arbour CLO VI DAC, 5.34%, <br> 11/15/37, (3-mo. EURIBOR + <br> 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,150 | 1311033 |
| Arbour Clo XI DAC, 5.94%, 05/15/38, (3-mo. <br> EURIBOR + 3.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR800 | 919389 |
| Arcano Euro Clo II DAC, 1.00%, <br> 07/25/39, (1-year EURIBOR ICE Swap + <br> 12.105%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1141199 |
| AREIT LLC , 6.45%, 08/17/41, (1-mo. CME <br> Term SOFR + 2.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD239 | 239113 |
| AREIT Ltd. |  |  |
| 6.03%, 05/17/41, (1-mo. CME Term <br> SOFR + 1.686%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,368 | 3370795 |
| 5.73%, 12/17/29, (1-mo. CME Term <br> SOFR + 1.388%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,146 | 10160000 |
| Ares LIV CLO Ltd., 5.62%, 07/15/38, (3-mo. <br> CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006005 |
| Ares Loan Funding IV Ltd., 9.00%, <br> 10/15/36, (3-mo. CME Term SOFR + <br> 4.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1008026 |
| Ares LXVI CLO Ltd., 6.82%, <br> 07/25/36, (3-mo. CME Term SOFR + <br> 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | 300749 |
| Ares XXXIV CLO Ltd., 5.60%, <br> 04/17/33, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD792 | 792956 |
| ARI Fleet Lease Trust |  |  |
| 5.41%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD142 | 142335 |
| 5.30%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,409 | 1414685 |
| 3.79%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD685 | 680499 |
| 5.69%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,288 | 2314756 |
| 6.03%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,492 | 2523845 |
| 5.16%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD829 | 836910 |
| 5.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD469 | 474160 |
| Arini European CLO IV DAC, 5.53%, <br> 01/15/38, (3-mo. EURIBOR + <br> 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,660 | 1916289 |
| Arini European CLO V DAC, 5.17%, <br> 01/15/39, (3-mo. EURIBOR + <br> 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,560 | 1778027 |
| Asimi Funding PLC |  |  |
| 5.22%, 09/16/31, (1-day SONIA + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP69 | 90858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.57%, 09/16/31, (1-day SONIA + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | $132345 |
| 5.17%, 05/16/32, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP409 | 542587 |
| 5.97%, 05/16/32, (1-day SONIA + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP168 | 222017 |
| 5.62%, 05/16/32, (1-day SONIA + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP213 | 282701 |
| 6.62%, 05/16/32, (1-day SONIA + <br> 0.840%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP89 | 117910 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Five SRL<br>|  |  |
| 4.39%, 11/15/39, (1-mo. EURIBOR + <br> 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114970 |
| 3.14%, 11/15/39, (1-mo. EURIBOR + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR141 | 161813 |
| 3.49%, 11/15/39, (1-mo. EURIBOR + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114617 |
| 5.89%, 11/15/39, (1-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR129 | 147888 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Three SARL<br>|  |  |
| 3.50%, 03/21/34, (1-mo. EURIBOR + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115195 |
| 3.80%, 03/21/34, (1-mo. EURIBOR + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115151 |
| 4.30%, 03/21/34, (1-mo. EURIBOR + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115144 |
| 3.20%, 03/21/34<sup>(c)</sup> | &nbsp;&nbsp; EUR600 | 690320 |
| Assurant CLO II Ltd. |  |  |
| 7.44%, 04/20/31, (3-mo. CME Term <br> SOFR + 3.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1505826 |
| Series 2018-2A, Class A, 5.63%, <br> 04/20/31, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD86 | 86224 |
| Atrium XIII, 5.47%, 11/21/30, (3-mo. CME <br> Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD777 | 777576 |
| Atrium XV, 5.71%, 07/16/36, (3-mo. CME <br> Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002891 |
| Aurium CLO XIII DAC, 5.17%, <br> 04/15/38, (3-mo. EURIBOR + <br> 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,100 | 1246266 |
| Auto ABS Italian Stella Loans SRL |  |  |
| 3.10%, 12/29/36, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR294 | 337301 |
| 2.63%, 12/29/36, (1-mo. EURIBOR + <br> 0.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR680 | 776679 |
| 3.60%, 12/29/36, (1-mo. EURIBOR + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR82 | 94084 |
| 4.20%, 12/29/36, (1-mo. EURIBOR + <br> 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR82 | 94356 |
| 2.91%, 12/28/40, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR653 | 746925 |
| 2.64%, 12/28/40, (1-mo. EURIBOR + <br> 0.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR926 | 1058674 |
| 3.16%, 12/28/40, (1-mo. EURIBOR + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR163 | 186654 |
| 3.81%, 12/28/40, (1-mo. EURIBOR + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115133 |
| Auto ABS Spanish Loans FT |  |  |
| 2.76%, 09/28/38, (1-mo. EURIBOR + <br> 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR797 | 911852 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 3.21%, 09/28/38, (1-mo. EURIBOR + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR354 | $405540 |
| Auto1 Car Funding SARL, 2.61%, <br> 12/15/33, (1-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR369 | 421613 |
| AutoNoria Spain FT |  |  |
| 2.91%, 04/30/43, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR500 | 572545 |
| 3.11%, 04/30/43, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114479 |
| 3.41%, 04/30/43, (1-mo. EURIBOR + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114464 |
| 4.91%, 04/30/43, (1-mo. EURIBOR + <br> 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114846 |
| Avoca CLO XVIII DAC, 5.71%, <br> 01/15/38, (3-mo. EURIBOR + <br> 3.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,170 | 1342826 |
| Avoca Static CLO I DAC, 4.93%, <br> 01/15/35, (3-mo. EURIBOR + <br> 2.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR580 | 659538 |
| Bain Capital CLO Ltd. Series 2024-1A, <br> Class A1, 5.87%, 04/16/37, (3-mo. CME <br> Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004083 |
| Bain Capital Credit CLO Ltd., 5.66%, <br> 01/21/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752214 |
| Ballyrock CLO 14 Ltd., 6.03%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002989 |
| Ballyrock CLO 15 Ltd., 5.65%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250729 |
| Ballyrock CLO 17 Ltd., 5.74%, <br> 10/20/34, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250350 |
| Ballyrock CLO 19 Ltd., 5.66%, <br> 04/20/35, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001990 |
| Ballyrock CLO 2 Ltd., 5.72%, <br> 02/20/36, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,420 | 1422966 |
| Ballyrock CLO 28 Ltd., 6.03%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501539 |
| Bardot CLO Ltd., 5.31%, 10/22/32, (3-mo. <br> CME Term SOFR + 0.980%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,159 | 1158199 |
| Barings CLO Ltd. |  |  |
| 5.58%, 01/20/31, (3-mo. CME Term <br> SOFR + 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD669 | 668933 |
| 5.53%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD885 | 886070 |
| Barings Equipment Finance LLC, 5.02%, <br> 06/13/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD6,409 | 6488720 |
| Bavarian Sky U.K. 6 PLC, 4.77%, <br> 06/20/32, (1-day SONIA + 0.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP831 | 1098160 |
| Bayswater Park CLO Ltd., 6.06%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.730%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1253910 |
| BBAM U.S. CLO I Ltd., 5.52%, <br> 03/30/38, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,560 | 4558806 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| BDS LLC |  |  |
| 5.93%, 09/19/39, (1-mo. CME Term <br> SOFR + 1.576%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,315 | $7340383 |
| 5.63%, 10/21/42, (1-mo. CME Term <br> SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,895 | 7883049 |
| Bean Creek CLO Ltd. |  |  |
| 10.34%, 04/20/31, (3-mo. CME Term <br> SOFR + 6.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500628 |
| 6.04%, 04/20/31, (3-mo. CME Term <br> SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD916 | 916767 |
| Bear Mountain Park CLO Ltd., 7.42%, <br> 07/15/37, (3-mo. CME Term SOFR + <br> 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005247 |
| Benefit Street Partners CLO IV Ltd., 5.68%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,360 | 1362007 |
| Benefit Street Partners CLO Ltd., 5.51%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999680 |
| Benefit Street Partners CLO V-B Ltd., <br> 5.86%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,340 | 3354893 |
| Benefit Street Partners CLO VIII Ltd. |  |  |
| 6.04%, 01/20/31, (3-mo. CME Term <br> SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001991 |
| 6.44%, 01/20/31, (3-mo. CME Term <br> SOFR + 2.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501809 |
| Series 2015-8A, Class A1AR, 5.69%, <br> 01/20/31, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD67 | 67043 |
| Benefit Street Partners CLO XII-B Ltd., <br> 5.69%, 10/15/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD950 | 953019 |
| Benefit Street Partners CLO XVI Ltd., <br> 6.98%, 01/17/38, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250876 |
| Benefit Street Partners CLO XX Ltd. |  |  |
| 5.75%, 07/15/34, (3-mo. CME Term <br> SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250625 |
| 6.28%, 07/15/34, (3-mo. CME Term <br> SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250520 |
| Benefit Street Partners Clo XXII Ltd., 7.08%, <br> 04/20/35, (3-mo. CME Term SOFR + <br> 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003209 |
| Benefit Street Partners CLO XXIII Ltd., <br> 5.42%, 04/25/34, (3-mo. CME Term <br> SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250438 |
| Benefit Street Partners CLO XXIV Ltd., <br> 5.39%, 10/20/34, (3-mo. CME Term <br> SOFR + 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001190 |
| Benefit Street Partners CLO XXIX |  |  |
| 5.50%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,750 | 7746169 |
| 5.82%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000808 |
| Benefit Street Partners CLO XXVII Ltd., <br> 5.70%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4012000 |
| Benefit Street Partners CLO XXVIII Ltd., <br> 5.68%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003503 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Benefit Street Partners CLO XXXIX Ltd., <br> 6.81%, 04/15/38, (3-mo. CME Term <br> SOFR + 2.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,550 | $1556151 |
| Benefit Street Partners CLO XXXV Ltd., <br> 7.62%, 04/25/37, (3-mo. CME Term <br> SOFR + 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD375 | 376321 |
| Benefit Street Partners CLO XXXVIII Ltd., <br> 5.63%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,250 | 7268555 |
| Bethpage Park CLO Ltd., 5.71%, <br> 01/15/35, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001831 |
| Betony CLO 2 Ltd. |  |  |
| 5.65%, 04/30/31, (3-mo. CME Term <br> SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,238 | 1238429 |
| 6.42%, 04/30/31, (3-mo. CME Term <br> SOFR + 2.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251000 |
| Birch Grove CLO 10 Ltd., 5.72%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD450 | 451827 |
| Birch Grove CLO 12 Ltd., 5.51%, <br> 04/22/38, (3-mo. CME Term SOFR + <br> 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1998560 |
| Birch Grove CLO 3 Ltd. |  |  |
| 5.59%, 01/19/38, (3-mo. CME Term <br> SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4004545 |
| 5.93%, 01/19/38, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500653 |
| Birch Grove CLO 6 Ltd., 5.75%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,200 | 3209103 |
| Birch Grove CLO 7 Ltd., 6.13%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD840 | 842152 |
| Birch Grove CLO 8 Ltd., 7.03%, <br> 04/20/37, (3-mo. CME Term SOFR + <br> 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,200 | 2214626 |
| Blueberry Park CLO Ltd., 9.68%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 5.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007332 |
| BlueMountain CLO Ltd. |  |  |
| 5.59%, 04/20/31, (3-mo. CME Term <br> SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,377 | 1378072 |
| 6.29%, 08/15/31, (3-mo. CME Term <br> SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250548 |
| 5.51%, 10/25/30, (3-mo. CME Term <br> SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,219 | 2218675 |
| 6.17%, 10/25/30, (3-mo. CME Term <br> SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,650 | 1654125 |
| 5.53%, 11/15/30, (3-mo. CME Term <br> SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,911 | 1910717 |
| 6.03%, 11/15/30, (3-mo. CME Term <br> SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000727 |
| 5.70%, 08/15/31, (3-mo. CME Term <br> SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,954 | 2956865 |
| BlueMountain CLO XXII Ltd. |  |  |
| 6.08%, 07/15/31, (3-mo. CME Term <br> SOFR + 1.762%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250463 |
| 5.66%, 07/15/31, (3-mo. CME Term <br> SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD449 | 448908 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| BlueMountain CLO XXIV Ltd., 6.19%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | $250240 |
| BlueMountain Fuji U.S. CLO II Ltd., 5.59%, <br> 10/20/30, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,033 | 1034152 |
| BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD4,359 | 4353649 |
| Brex Commercial Charge Card Master Trust, <br> 6.05%, 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,549 | 2564650 |
| Brignole Co. |  |  |
| 2.68%, 02/24/42, (1-mo. EURIBOR + <br> 0.780%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR588 | 671976 |
| 3.10%, 02/24/42, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114774 |
| 5.90%, 02/24/42, (1-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR64 | 73606 |
| Bryant Park Funding Ltd. |  |  |
| 5.65%, 01/18/38, (3-mo. CME Term <br> SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2508444 |
| 6.01%, 01/18/38, (3-mo. CME Term <br> SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1502380 |
| 5.49%, 04/15/38, (3-mo. CME Term <br> SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999629 |
| 7.09%, 04/15/38, (3-mo. CME Term <br> SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 750491 |
| 8.24%, 04/15/38, (3-mo. CME Term <br> SOFR + 3.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1499955 |
| BSPDF Issuer LLC, 5.84%, 12/15/42, (1-mo. <br> CME Term SOFR + 1.524%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,217 | 8220385 |
| BXMT Ltd., 5.99%, 10/18/42, (1-mo. CME <br> Term SOFR + 1.639%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD12,785 | 12750239 |
| Cabinteely Park CLO DAC, 5.49%, <br> 08/15/34, (3-mo. EURIBOR + <br> 3.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR700 | 799132 |
| California Street CLO IX LP, 5.68%, <br> 07/16/32, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD841 | 842051 |
| Canyon Capital CLO Ltd. |  |  |
| 6.33%, 04/15/34, (3-mo. CME Term <br> SOFR + 2.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250816 |
| 5.65%, 07/15/31, (3-mo. CME Term <br> SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD769 | 769894 |
| 9.32%, 10/15/36, (3-mo. CME Term <br> SOFR + 5.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250000 |
| 5.50%, 04/15/38, (3-mo. CME Term <br> SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,835 | 2834016 |
| Canyon CLO Ltd. |  |  |
| 5.65%, 07/15/31, (3-mo. CME Term <br> SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD484 | 484489 |
| 5.72%, 10/15/37, (3-mo. CME Term <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250922 |
| Capital Four CLO VIII DAC, 5.19%, <br> 10/25/37, (3-mo. EURIBOR + <br> 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,360 | 1562912 |
| Carbone CLO Ltd., 5.73%, 01/20/31, (3-mo. <br> CME Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,687 | 1688453 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| 6.12%, 08/20/31<sup>(c)</sup> | &nbsp;&nbsp; GBP230 | 303956 |
| 6.82%, 08/20/31, (1-day SONIA + <br> 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP175 | 232008 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.62%, 08/20/31, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP381 | $503798 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 5.72%, 07/15/31, (3-mo. CME Term <br> SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,004 | 1005155 |
| 5.57%, 07/20/31, (3-mo. CME Term <br> SOFR + 1.242%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD602 | 602276 |
| 5.64%, 05/15/31, (3-mo. CME Term <br> SOFR + 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD873 | 873253 |
| 5.94%, 04/17/31, (3-mo. CME Term <br> SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,100 | 1102341 |
| 5.55%, 07/20/32, (3-mo. CME Term <br> SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,764 | 2766676 |
| Series 2014-1A, Class A1R2, 5.51%, <br> 04/17/31, (3-mo. CME Term SOFR + <br> 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD228 | 227627 |
| Carlyle U.S. CLO Ltd. |  |  |
| 6.24%, 04/20/34, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD580 | 581645 |
| 6.23%, 10/15/34, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005540 |
| 6.11%, 10/21/37, (3-mo. CME Term <br> SOFR + 1.780%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003738 |
| 8.18%, 04/20/37, (3-mo. CME Term <br> SOFR + 3.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 252491 |
| 8.63%, 01/20/38, (3-mo. CME Term <br> SOFR + 4.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1010092 |
| CARLYLE U.S. CLO Ltd. |  |  |
| 5.68%, 10/15/37, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3008991 |
| 5.48%, 04/20/38, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,405 | 1403656 |
| 7.18%, 07/20/37, (3-mo. CME Term <br> SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1756217 |
| CarVal CLO I Ltd., 5.55%, 07/16/31, (3-mo. <br> CME Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,923 | 1924652 |
| CarVal CLO II Ltd., 5.35%, 04/20/32, (3-mo. <br> CME Term SOFR + 1.020%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD961 | 961457 |
| Cayuga Park CLO Ltd., 5.66%, <br> 07/17/34, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,110 | 2114566 |
| CBAM Ltd. |  |  |
| 5.71%, 04/20/32, (3-mo. CME Term <br> SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,719 | 1720531 |
| 6.39%, 01/20/34, (3-mo. CME Term <br> SOFR + 2.062%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003036 |
| 5.69%, 04/20/34, (3-mo. CME Term <br> SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001557 |
| Cedar Funding V CLO Ltd., 5.68%, <br> 07/17/31, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD299 | 298935 |
| Cedar Funding VII CLO Ltd., 5.41%, <br> 01/20/31, (3-mo. CME Term SOFR + <br> 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,907 | 3907321 |
| Cedar Funding XI CLO Ltd., 5.39%, <br> 05/29/32, (3-mo. CME Term SOFR + <br> 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,773 | 1772519 |
| Cedar Funding XIV CLO Ltd., 5.70%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD550 | 551968 |
| Chesapeake Funding II LLC |  |  |
| 5.65%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD56 | 56631 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 6.16%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD242 | $244456 |
| Cifc Funding Ltd., 6.12%, 01/17/35, (3-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3004726 |
| CIFC Funding Ltd. |  |  |
| 5.70%, 01/22/31, (3-mo. CME Term <br> SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,510 | 2511710 |
| 5.76%, 10/20/34, (3-mo. CME Term <br> SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,840 | 2847137 |
| 5.53%, 10/18/30, (3-mo. CME Term <br> SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD567 | 567960 |
| 6.19%, 07/18/31, (3-mo. CME Term <br> SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD640 | 642160 |
| 5.66%, 04/20/34, (3-mo. CME Term <br> SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2753577 |
| 5.88%, 04/21/37, (3-mo. CME Term <br> SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD320 | 321357 |
| 5.93%, 01/18/31, (3-mo. CME Term <br> SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501000 |
| 5.69%, 07/18/31, (3-mo. CME Term <br> SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,147 | 2149096 |
| 5.72%, 07/15/36, (3-mo. CME Term <br> SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD900 | 901228 |
| 5.69%, 07/17/37, (3-mo. CME Term <br> SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,670 | 3681817 |
| 5.77%, 07/16/37, (3-mo. CME Term <br> SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,700 | 4713968 |
| 6.07%, 07/25/37, (3-mo. CME Term <br> SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250784 |
| 5.68%, 07/23/37, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2255733 |
| 7.27%, 07/23/37, (3-mo. CME Term <br> SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,730 | 1734676 |
| 5.73%, 07/15/36, (3-mo. CME Term <br> SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,745 | 2749227 |
| 8.58%, 01/20/37, (3-mo. CME Term <br> SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2018748 |
| 5.70%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2257569 |
| 6.08%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2508645 |
| 6.23%, 10/15/34, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,370 | 1373189 |
| 5.43%, 04/23/38, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999010 |
| 6.78%, 04/23/38, (3-mo. CME Term <br> SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2509223 |
| 5.68%, 10/24/37, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3009193 |
| 5.41%, 04/15/38, (3-mo. CME Term <br> SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,690 | 3686387 |
| 6.73%, 01/15/35, (3-mo. CME Term <br> SOFR + 2.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005051 |
| 10.59%, 01/22/31, (3-mo. CME Term <br> SOFR + 6.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,600 | 1599811 |
| Series 2021 7A, Class A1, 5.71%, <br> 01/23/35, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD327 | 327649 |
| CIT Mortgage Loan Trust |  |  |
| 7.09%, 10/25/37, (1-mo. CME Term <br> SOFR + 2.739%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 3934425 |
| 7.09%, 10/25/37, (1-mo. CME Term <br> SOFR + 2.739%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,321 | 2916171 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| College Ave Student Loans LLC |  |  |
| 3.06%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp; USD75 | $70085 |
| 5.24%, 06/25/52, (1-mo. CME Term <br> SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD807 | 795017 |
| 2.72%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp; USD152 | 138151 |
| 1.60%, 07/25/51<sup>(a)</sup> | &nbsp;&nbsp; USD337 | 304952 |
| College Avenue Student Loans LLC, 5.37%, <br> 07/26/55, (1-mo. CME Term SOFR + <br> 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,056 | 1045956 |
| Compass Datacenters Issuer III LLC, 5.29%, <br> 07/25/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,205 | 5206459 |
| Concord Music Royalties LLC, 5.64%, <br> 10/20/74<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,013 | 1018641 |
| Contego CLO V DAC, 5.13%, <br> 10/15/37, (3-mo. EURIBOR + <br> 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,560 | 1782040 |
| Contego CLO VII DAC, 5.42%, <br> 01/23/38, (3-mo. EURIBOR + <br> 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,980 | 2264730 |
| Contego CLO XI DAC, 5.30%, <br> 11/20/38, (3-mo. EURIBOR + <br> 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR850 | 974055 |
| Crown Point CLO 8 Ltd., 5.78%, <br> 10/20/34, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250617 |
| Cumulus Static CLO DAC, 5.84%, <br> 11/15/33, (3-mo. EURIBOR + <br> 3.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR333 | 381575 |
| Diameter Capital CLO 10 Ltd., 5.60%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2254250 |
| Diameter Capital CLO 2 Ltd., 5.71%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012528 |
| Diameter Capital CLO 3 Ltd., 5.65%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3008755 |
| Diameter Capital CLO 4 Ltd., 6.15%, <br> 01/15/37, (3-mo. CME Term SOFR + <br> 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,855 | 1862420 |
| Diameter Capital CLO 7 Ltd., 7.53%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 3.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007554 |
| Diameter Capital CLO 9 Ltd., 5.50%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,650 | 6647687 |
| Dilosk Rmbs No. 9 Dac, 2.62%, <br> 01/25/63, (3-mo. EURIBOR + <br> 0.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR533 | 608963 |
| Dowson PLC |  |  |
| 5.82%, 08/20/31, (1-day SONIA + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP118 | 154999 |
| 6.57%, 08/20/31, (1-day SONIA + <br> 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 131345 |
| 5.10%, 08/20/31<sup>(c)</sup> | &nbsp;&nbsp; GBP913 | 1207655 |
| 5.47%, 08/20/31, (1-day SONIA + <br> 1.250%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP665 | 879181 |
| 8.17%, 08/20/31, (1-day SONIA + <br> 3.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP500 | 658108 |
| 11.17%, 08/20/31, (1-day SONIA + <br> 6.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP500 | 658161 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Dryden 102 CLO Ltd., 7.22%, <br> 10/15/36, (3-mo. CME Term SOFR + <br> 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | $251656 |
| Dryden 107 CLO Ltd., 9.48%, <br> 08/15/35, (3-mo. CME Term SOFR + <br> 5.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 252583 |
| Dryden 121 CLO Ltd., 7.22%, <br> 01/15/37, (3-mo. CME Term SOFR + <br> 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004014 |
| Dryden 40 Senior Loan Fund, 5.48%, <br> 08/15/31, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,748 | 4745862 |
| Dryden 54 Senior Loan Fund, 5.48%, <br> 10/19/29, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,074 | 1074509 |
| Dryden 60 CLO Ltd., 5.63%, <br> 07/15/31, (3-mo. CME Term SOFR + <br> 1.312%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,318 | 1318148 |
| Dryden 64 CLO Ltd., 5.56%, <br> 04/18/31, (3-mo. CME Term SOFR + <br> 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD444 | 444663 |
| Dryden 70 CLO Ltd., 5.75%, <br> 01/16/32, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD550 | 550503 |
| Dryden 72 CLO Ltd., 5.43%, <br> 05/15/32, (3-mo. CME Term SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,989 | 1989928 |
| Dryden 77 CLO Ltd., 5.70%, <br> 05/20/34, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250527 |
| Dryden 87 CLO Ltd., 5.68%, <br> 05/20/34, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD630 | 630000 |
| Dwight Issuer LLC, 6.01%, 09/18/42, (1-mo. <br> CME Term SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,570 | 1571418 |
| Eaton Vance CLO Ltd. |  |  |
| 6.13%, 01/15/34, (3-mo. CME Term <br> SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,400 | 2400000 |
| 5.71%, 10/15/37, (3-mo. CME Term <br> SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD822 | 824940 |
| ECARAT DE SA Compartment Lease |  |  |
| 3.16%, 05/25/34, (1-mo. EURIBOR + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR200 | 229126 |
| 2.91%, 05/25/34, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR500 | 571792 |
| Edenbrook Mortgage Funding PLC |  |  |
| 6.19%, 03/22/57, (1-day SONIA + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP144 | 190907 |
| 6.79%, 03/22/57, (1-day SONIA + <br> 2.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP99 | 132139 |
| EDvestinU Private Education Loan Issue <br> No. 1 LLC, 3.58%, 11/25/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD47 | 46224 |
| ELFI Graduate Loan Program LLC |  |  |
| 4.51%, 08/26/47<sup>(a)</sup> | &nbsp;&nbsp; USD110 | 107143 |
| 6.37%, 02/04/48<sup>(a)</sup> | &nbsp;&nbsp; USD318 | 329098 |
| 5.56%, 08/25/49<sup>(a)</sup> | &nbsp;&nbsp; USD5,103 | 5146029 |
| Elmwood CLO 14 Ltd., 5.65%, <br> 04/20/35, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250496 |
| Elmwood CLO 16 Ltd., 6.83%, <br> 04/20/37, (3-mo. CME Term SOFR + <br> 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1257781 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Elmwood CLO 19 Ltd., 11.28%, <br> 10/17/36, (3-mo. CME Term SOFR + <br> 7.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $2008519 |
| Elmwood CLO 24 Ltd., 5.60%, <br> 01/17/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,447 | 4457006 |
| Elmwood CLO 29 Ltd. |  |  |
| 5.85%, 04/20/37, (3-mo. CME Term <br> SOFR + 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003985 |
| 10.73%, 04/20/37, (3-mo. CME Term <br> SOFR + 6.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1518708 |
| Elmwood CLO 39 Ltd., 5.42%, <br> 04/17/38, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,250 | 5244827 |
| Elmwood CLO II Ltd., 5.68%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752304 |
| Elmwood CLO III Ltd., 5.71%, <br> 07/18/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,500 | 9529383 |
| Elmwood CLO IV Ltd., 6.18%, <br> 04/18/37, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752729 |
| Elmwood CLO VII Ltd., 5.64%, <br> 10/17/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003029 |
| Elmwood CLO XI Ltd. |  |  |
| 5.88%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,115 | 1116504 |
| 7.03%, 01/20/38, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000154 |
| Enterprise Fleet Financing LLC |  |  |
| 4.38%, 07/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD340 | 339496 |
| 6.40%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD445 | 450699 |
| 5.23%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,227 | 1234741 |
| 5.51%, 01/22/29<sup>(a)</sup> | &nbsp;&nbsp; USD817 | 819621 |
| FACT SA, 2.95%, 09/22/31, (1-mo. <br> EURIBOR + 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR300 | 343454 |
| Fair Oaks Loan Funding III DAC, 5.03%, <br> 10/15/34, (3-mo. EURIBOR + <br> 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,160 | 1320744 |
| FCT Noria |  |  |
| 3.04%, 07/25/43, (1-mo. EURIBOR + <br> 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114212 |
| 3.29%, 07/25/43, (1-mo. EURIBOR + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114211 |
| 4.64%, 07/25/43, (1-mo. EURIBOR + <br> 2.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114318 |
| 2.79%, 07/25/43, (1-mo. EURIBOR + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR300 | 342565 |
| Fidelity Grand Harbour CLO DAC |  |  |
| 5.63%, 10/15/34, (3-mo. EURIBOR + <br> 3.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1146736 |
| 6.13%, 04/15/38, (3-mo. EURIBOR + <br> 4.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR200 | 228980 |
| 4.84%, 02/15/38, (3-mo. EURIBOR + <br> 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,040 | 2310053 |
| FIGRE Trust |  |  |
| 5.06%, 09/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,583 | 6553707 |
| 5.83%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,360 | 5402436 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Finance Ireland Auto Receivables No. 2 <br> DAC, 2.83%, 11/14/34, (1-mo. EURIBOR <br> + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR249 | $284440 |
| First Mobility Sarl - Compartment Swiss <br> Lease, 1.00%, 10/14/32, (1-mo. <br> EURIBOR)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR300 | 342702 |
| FirstKey Homes Trust, 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 491007 |
| Flatiron CLO 21 Ltd., 5.69%, <br> 10/19/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250757 |
| Flatiron CLO 23 LLC, 5.55%, <br> 04/17/36, (3-mo. CME Term SOFR + <br> 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,420 | 2423269 |
| Flatiron CLO 25 Ltd., 9.53%, <br> 10/17/37, (3-mo. CME Term SOFR + <br> 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD780 | 785759 |
| Flatiron CLO 28 Ltd., 5.64%, <br> 07/15/36, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501036 |
| Ford Credit Auto Owner Trust |  |  |
| 5.27%, 05/17/27 | &nbsp;&nbsp; USD52 | 52586 |
| 5.28%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD166 | 170148 |
| 4.87%, 08/15/36<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,251 | 1270863 |
| Ford Credit Auto Owner Trust/Ford Credit, <br> 5.01%, 08/15/37<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD3,872 | 3919965 |
| Fort Greene Park CLO LLC, 8.73%, <br> 04/22/34, (3-mo. CME Term SOFR + <br> 4.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999943 |
| Fortuna Consumer Loan ABS DAC |  |  |
| 2.60%, 10/18/34, (1-mo. EURIBOR + <br> 0.720%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR2,300 | 2629092 |
| 3.18%, 10/18/34, (1-mo. EURIBOR + <br> 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR300 | 343776 |
| 3.53%, 10/18/34, (1-mo. EURIBOR + <br> 1.650%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR100 | 114953 |
| 5.98%, 10/18/34, (1-mo. EURIBOR + <br> 4.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR300 | 348619 |
| 2.88%, 04/18/35, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR600 | 686339 |
| 3.23%, 04/18/35, (1-mo. EURIBOR + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR200 | 229211 |
| 2.58%, 04/18/35, (1-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,300 | 3773822 |
| Foundation Finance Trust |  |  |
| 2.19%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp; USD307 | 290564 |
| 6.53%, 06/15/49<sup>(a)</sup> | &nbsp;&nbsp; USD1,812 | 1878377 |
| 4.60%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD3,210 | 3191254 |
| 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD4,463 | 4439259 |
| 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD3,652 | 3668003 |
| 5.67%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD2,904 | 2954750 |
| 5.68%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD522 | 519495 |
| FS Rialto Issuer LLC |  |  |
| 5.98%, 10/19/39, (1-mo. CME Term <br> SOFR + 1.631%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4027873 |
| 5.74%, 08/19/42, (1-mo. CME Term <br> SOFR + 1.385%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,370 | 7388257 |
| FTA Consumo Santander |  |  |
| 3.67%, 07/20/38, (3-mo. EURIBOR + <br> 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR157 | 179729 |
| 3.32%, 07/20/38, (3-mo. EURIBOR + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR157 | 179732 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 3.29%, 01/21/40, (3-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR400 | $458460 |
| 2.86%, 01/21/40, (3-mo. EURIBOR + <br> 0.770%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR600 | 686456 |
| 3.59%, 01/21/40, (3-mo. EURIBOR + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR200 | 228658 |
| 4.84%, 01/21/40, (3-mo. EURIBOR + <br> 2.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114320 |
| Fulvia Spv Srl |  |  |
| 3.10%, 12/23/41, (3-mo. EURIBOR + <br> 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114184 |
| 2.65%, 12/23/41, (3-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR717 | 819449 |
| 2.85%, 12/23/41, (3-mo. EURIBOR + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR404 | 461301 |
| Galaxy 32 CLO Ltd., 8.63%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 4.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1510869 |
| Galaxy 34 CLO Ltd., 6.23%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005430 |
| Galaxy XXI CLO Ltd., 5.61%, <br> 04/20/31, (3-mo. CME Term SOFR + <br> 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD219 | 218736 |
| Galaxy XXV CLO Ltd., 6.32%, <br> 04/25/36, (3-mo. CME Term SOFR + <br> 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250810 |
| Galaxy XXVI CLO Ltd. |  |  |
| 5.50%, 11/22/31, (3-mo. CME Term <br> SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD393 | 393322 |
| 5.93%, 11/22/31, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,480 | 1480801 |
| GAMMA Sociedade de Titularizacao de <br> Creditos, 2.95%, 02/25/34, (3-mo. <br> EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR813 | 930602 |
| Generate CLO 13 Ltd., 6.13%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5019103 |
| Generate CLO 17 Ltd., 5.73%, <br> 10/22/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003607 |
| Generate CLO 20 Ltd., 5.62%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,615 | 1618253 |
| Generate CLO 4 Ltd., 5.76%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,125 | 1128825 |
| Generate CLO 7 Ltd., 5.95%, <br> 04/22/37, (3-mo. CME Term SOFR + <br> 1.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501922 |
| Generate CLO 9 Ltd., 5.68%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4014000 |
| GM Financial Revolving Receivables Trust, <br> 4.52%, 03/11/37<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,400 | 2408221 |
| GMF Floorplan Owner Revolving Trust, <br> 5.83%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD188 | 192447 |
| Golden Bar Securitisation Srl |  |  |
| 3.00%, 12/20/44, (3-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR478 | 546463 |
| 3.25%, 12/20/44, (3-mo. EURIBOR + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR165 | 188807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 3.90%, 12/20/44, (3-mo. EURIBOR + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | $115081 |
| Golden Bar Securitisation SRL, 3.54%, <br> 09/22/43, (3-mo. EURIBOR + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR192 | 221470 |
| Golden Ray SA - Compartment 1 |  |  |
| 2.70%, 12/27/57, (1-mo. EURIBOR + <br> 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR622 | 710577 |
| 3.40%, 12/27/57, (1-mo. EURIBOR + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113912 |
| GoldenTree Loan Management U.S. CLO 10<br> Ltd., 7.43%, 10/20/37, (3-mo. CME Term <br> SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 751783 |
| GoldenTree Loan Management U.S. CLO 11<br> Ltd., 9.23%, 10/20/34, (3-mo. CME Term <br> SOFR + 4.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,200 | 1196930 |
| GoldenTree Loan Management U.S. CLO 14<br> Ltd., 10.23%, 07/20/37, (3-mo. CME Term <br> SOFR + 5.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1013071 |
| Goldentree Loan Management U.S. CLO 15<br> Ltd., 6.73%, 10/20/36, (3-mo. CME Term <br> SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD340 | 340520 |
| GoldenTree Loan Management U.S. CLO 16<br> Ltd., 5.45%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.120%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3496603 |
| GoldenTree Loan Management U.S. CLO 20<br> Ltd., 5.78%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD722 | 724816 |
| GoldenTree Loan Management U.S. CLO 22<br> Ltd., 6.23%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005394 |
| GoldenTree Loan Management U.S. CLO 23<br> Ltd., 5.60%, 01/20/39, (3-mo. CME Term <br> SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4007459 |
| GoldenTree Loan Management U.S. CLO 24<br> Ltd., 5.43%, 10/20/38, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1998342 |
| Goldentree Loan Management U.S. Clo 26 <br> Ltd.<br>|  |  |
| 1.00%, 07/20/38, (3-mo. CME Term <br> SOFR + 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2500000 |
| 1.00%, 07/20/38, (3-mo. CME Term <br> SOFR + 3.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| GoldentTree Loan Management U.S. CLO 1<br> Ltd., 6.73%, 04/20/37, (3-mo. CME Term <br> SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251591 |
| Goldman Home Improvement Trust Issuer <br> Trust, 6.80%, 10/25/52<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,193 | 1222338 |
| Golub Capital Partners 48 LP, 5.59%, <br> 04/17/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2504850 |
| Golub Capital Partners CLO 41B-R Ltd. |  |  |
| 5.65%, 07/20/38, (3-mo. CME Term <br> SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,250 | 4251782 |
| 7.27%, 07/20/38, (3-mo. CME Term <br> SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3002863 |
| Golub Capital Partners CLO 55B Ltd., <br> 5.79%, 07/20/34, (3-mo. CME Term <br> SOFR + 1.462%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | 3259868 |
| Golub Capital Partners CLO 58B Ltd., <br> 5.76%, 01/25/35, (3-mo. CME Term <br> SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002820 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Golub Capital Partners CLO 64B Ltd., <br> 7.37%, 10/25/37, (3-mo. CME Term <br> SOFR + 3.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1006802 |
| Golub Capital Partners CLO 66B Ltd., <br> 5.77%, 07/25/38, (3-mo. CME Term <br> SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010117 |
| Golub Capital Partners CLO 74 B Ltd., <br> 6.17%, 07/25/37, (3-mo. CME Term <br> SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD950 | 954005 |
| Golub Capital Partners CLO 76 B Ltd., <br> 5.69%, 10/25/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | 351137 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| 7.02%, 01/25/38, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3001530 |
| 5.57%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001434 |
| Golub Capital Partners CLO 81 B Ltd., <br> 5.64%, 07/20/38, (3-mo. CME Term <br> SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003958 |
| GoodLeap Home Improvement <br> Solutions Trust<br>|  |  |
| 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp; USD4,559 | 4594141 |
| 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD8,043 | 8093479 |
| 5.32%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD5,360 | 5383695 |
| Gracie Point International Funding, 7.45%, <br> 09/01/26, (90-day Avg SOFR + <br> 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,700 | 1700408 |
| Gracie Point International Funding LLC |  |  |
| 6.60%, 03/01/27, (90-day Avg SOFR + <br> 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD244 | 244592 |
| 6.30%, 09/01/26, (90-day Avg SOFR + <br> 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,746 | 1747346 |
| 6.12%, 03/01/28, (90-day Avg SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,510 | 4517286 |
| Green Lakes Park CLO LLC, 5.50%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 4998328 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.15%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD893 | 899479 |
| 6.43%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD4,201 | 4286704 |
| 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD5,801 | 5829788 |
| 5.22%, 03/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD964 | 970480 |
| 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD5,014 | 5020451 |
| 5.26%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD690 | 691557 |
| 5.56%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD547 | 548323 |
| 7.79%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD540 | 543935 |
| GreenSky Home Improvement Trust |  |  |
| 5.67%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; USD822 | 835730 |
| 5.87%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; USD2,143 | 2173942 |
| Greenwood Park CLO Ltd., 5.59%, <br> 04/15/31, (3-mo. CME Term SOFR + <br> 1.272%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD181 | 181437 |
| Greystone CRE Notes LLC, 5.82%, <br> 01/15/43, (1-mo. CME Term SOFR + <br> 1.481%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,069 | 4073499 |
| Greywolf CLO VI Ltd., 5.61%, <br> 04/26/31, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD791 | 791551 |
| HalseyPoint CLO 3 Ltd., 8.61%, <br> 07/30/37, (3-mo. CME Term SOFR + <br> 4.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,340 | 1349717 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| HalseyPoint CLO 4 Ltd., 5.81%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD900 | $900897 |
| Halseypoint CLO 6 Ltd., 5.68%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,100 | 1104039 |
| Halseypoint CLO 7 Ltd., 5.78%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; USD2,000 | 2009850 |
| Harriman Park CLO Ltd., 5.63%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,150 | 1153130 |
| Henley CLO IV DAC, 4.94%, <br> 04/25/34, (3-mo. EURIBOR + <br> 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1151127 |
| Henley CLO XI DAC, 4.96%, <br> 04/25/39, (3-mo. EURIBOR + <br> 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,280 | 2598030 |
| Henley CLO XII DAC, 5.13%, <br> 01/15/38, (3-mo. EURIBOR + <br> 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR850 | 977215 |
| Hermitage PLC |  |  |
| 5.47%, 04/21/33, (1-day SONIA + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP189 | 249662 |
| 5.12%, 04/21/33, (1-day SONIA + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP566 | 748789 |
| 8.12%, 04/21/33, (1-day SONIA + <br> 3.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP63 | 83767 |
| 6.57%, 04/21/33, (1-day SONIA + <br> 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP63 | 83727 |
| 5.82%, 04/21/33, (1-day SONIA + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP63 | 83270 |
| 5.62%, 04/21/33, (1-day SONIA + <br> 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP106 | 140060 |
| 7.42%, 04/21/33, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132130 |
| 5.92%, 04/21/33, (1-day SONIA + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132131 |
| 5.32%, 04/21/33, (5-year CMT + <br> 1.457%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP300 | 396337 |
| Hill FL BV |  |  |
| 2.60%, 10/18/32, (1-mo. EURIBOR + <br> 0.720%)<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,347 | 1538562 |
| 3.83%, 10/18/32, (1-mo. EURIBOR + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 112596 |
| Household Capital 2025-1 RMBS, 5.74%, <br> 07/21/87, (5-year EURIBOR ICE Swap + <br> 2.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD540 | 345848 |
| Huntington Bank Auto Credit-Linked Notes, <br> 5.70%, 10/20/32, (30-day Avg SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,046 | 2055832 |
| Huntington Bank Auto Credit-Linked Notes <br> Series, 5.75%, 05/20/32, (30-day Avg <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD689 | 691253 |
| ICG US CLO 2025-1 Ltd, 1.00%, <br> 07/25/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,000 | 2000000 |
| Incref LLC, 6.08%, 10/19/42, (3-mo. CME <br> Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,695 | 8703110 |
| Invesco CLO Ltd., 6.13%, 04/20/35, (3-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500250 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Italian Stella Loans SRL, 3.31%, <br> 05/27/39, (1-mo. EURIBOR + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR96 | $109693 |
| Jubilee CLO DAC, 5.23%, 01/15/39, (3-mo. <br> EURIBOR + 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,420 | 1626610 |
| Kings Park CLO Ltd., 5.72%, <br> 01/21/35, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,622 | 1625128 |
| KKR Clo 25 Ltd., 5.90%, 07/15/34, (3-mo. <br> CME Term SOFR + 1.580%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | 1301300 |
| KKR CLO 47 Ltd., 5.69%, 01/15/38, (3-mo. <br> CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,815 | 2825400 |
| KKR Financial CLO Ltd., 5.77%, <br> 04/15/29, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,849 | 1849929 |
| Lake George Park CLO Ltd., 8.89%, <br> 04/15/38, (3-mo. CME Term SOFR + <br> 4.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003724 |
| Latitude Australia Credit Card Master Trust |  |  |
| 4.97%, 11/23/37, (1-day SONIA + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD500 | 321595 |
| 4.72%, 11/23/37, (Update <br> Replacements.xls: BBSW1M + <br> 1.150%)<sup>(c)</sup><br>| &nbsp;&nbsp; AUD2,663 | 1709169 |
| LCM 29 Ltd., 6.18%, 04/15/31, (3-mo. CME <br> Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,420 | 1422939 |
| LCM 36 Ltd., 5.39%, 01/15/34, (3-mo. CME <br> Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,250 | 9264391 |
| Lendmark Funding Trust |  |  |
| 1.90%, 11/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD280 | 268258 |
| 3.41%, 11/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD710 | 668992 |
| 5.53%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp; USD6,407 | 6488527 |
| 6.40%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,957 | 2002540 |
| 7.21%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,241 | 5387196 |
| 3.09%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD945 | 877897 |
| 4.47%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,850 | 1836385 |
| 5.25%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,153 | 2148243 |
| 4.94%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD3,295 | 3308791 |
| 5.33%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,395 | 4428358 |
| Liberty Series, 4.90%, 05/25/32, (1-month <br> BB Swap + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD261 | 168283 |
| LoanCore, 5.73%, 08/17/42, (1-mo. CME <br> Term SOFR + 1.385%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,050 | 9042069 |
| Long Point Park CLO Ltd., 6.94%, <br> 01/17/30, (3-mo. CME Term SOFR + <br> 2.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,650 | 2656837 |
| LT Rahoitus DAC, 2.81%, 07/18/36, (1-mo. <br> EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR200 | 228014 |
| Lyra Music Assets Delaware LP |  |  |
| 5.76%, 12/22/64<sup>(a)</sup> | &nbsp;&nbsp; USD2,284 | 2303034 |
| 5.60%, 09/20/65<sup>(a)</sup> | &nbsp;&nbsp; USD1,416 | 1415988 |
| Madison Park Funding LIX Ltd., 5.83%, <br> 04/18/37, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008508 |
| Madison Park Funding LXI Ltd., 6.06%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.730%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD255 | 255796 |
| Madison Park Funding LXXI Ltd., 5.41%, <br> 04/23/38, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,715 | 9705590 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Madison Park Funding XXIX Ltd., 5.51%, <br> 03/25/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | $3248872 |
| Madison Park Funding XXX Ltd., 5.68%, <br> 07/16/37, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,375 | 1378951 |
| Madison Park Funding XXXI Ltd. |  |  |
| 6.12%, 07/23/37, (3-mo. CME Term <br> SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001500 |
| 10.72%, 07/23/37, (3-mo. CME Term <br> SOFR + 6.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,425 | 2437095 |
| Madison Park Funding XXXIII Ltd. |  |  |
| 6.12%, 10/15/32, (3-mo. CME Term <br> SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD475 | 475126 |
| 5.61%, 10/15/32, (3-mo. CME Term <br> SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,981 | 2984214 |
| Madison Park Funding XXXIV Ltd., 7.67%, <br> 10/16/37, (3-mo. CME Term SOFR + <br> 3.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1505153 |
| Madison Park Funding XXXVI Ltd., 5.38%, <br> 04/15/35, (3-mo. CME Term SOFR + <br> 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250423 |
| Madison Park Funding XXXVII Ltd. |  |  |
| 8.07%, 04/15/37, (3-mo. CME Term <br> SOFR + 3.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 505125 |
| 6.92%, 04/15/37, (3-mo. CME Term <br> SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1509461 |
| Marathon CLO XIII Ltd., 5.52%, <br> 04/15/32, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,958 | 2958756 |
| Mariner Finance Issuance Trust |  |  |
| 2.33%, 03/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD350 | 334274 |
| 7.11%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp; USD774 | 785608 |
| 6.70%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp; USD5,997 | 6032855 |
| 7.90%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp; USD1,395 | 1431285 |
| 8.85%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp; USD2,725 | 2811718 |
| 2.10%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,987 | 1895433 |
| 3.42%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,177 | 1103399 |
| 1.86%, 03/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD480 | 465181 |
| 5.13%, 09/22/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,600 | 1612955 |
| 6.77%, 09/22/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,592 | 1635242 |
| 5.73%, 11/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,340 | 2376015 |
| 6.36%, 11/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,102 | 2133408 |
| 4.98%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD5,108 | 5148272 |
| 5.33%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD671 | 678649 |
| 5.69%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,834 | 2866483 |
| Metro Finance Trust |  |  |
| 4.94%, 10/15/31, (1-month BB Swap + <br> 1.550%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD5,253 | 3383888 |
| 5.32%, 10/15/31, (1-day SONIA + <br> 0.950%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD510 | 328659 |
| MF1 LLC |  |  |
| 6.09%, 03/19/39, (1-mo. CME Term <br> SOFR + 1.737%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,181 | 8223047 |
| 5.84%, 05/18/42, (1-mo. CME Term <br> SOFR + 1.488%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,617 | 8660819 |
| MFA Trust, 6.33%, 09/25/54<sup>(d)</sup> | &nbsp;&nbsp; USD1,727 | 1728461 |
| MidOcean Credit CLO XII Ltd., 5.67%, <br> 07/18/38, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2507876 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| MidOcean Credit CLO XIX, 5.77%, <br> 07/20/36, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1003571 |
| Mila BV |  |  |
| 2.57%, 09/16/41 | &nbsp;&nbsp; EUR396 | 452447 |
| 2.83%, 09/16/41, (1-mo. EURIBOR + <br> 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR98 | 111646 |
| Milford Park CLO Ltd., 5.49%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 2998500 |
| Milos CLO Ltd. |  |  |
| 6.14%, 10/20/30, (3-mo. CME Term <br> SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003332 |
| 5.66%, 10/20/30, (3-mo. CME Term <br> SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD422 | 422152 |
| MMAF Equipment Finance LLC, 5.10%, <br> 07/13/49<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,677 | 1712235 |
| Morgan Stanley Eaton Vance CLO Ltd., <br> 6.28%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006020 |
| Mosaic Solar Loan Trust |  |  |
| 1.64%, 04/22/47<sup>(a)</sup> | &nbsp;&nbsp; USD285 | 233253 |
| 4.01%, 06/22/43<sup>(a)</sup> | &nbsp;&nbsp; USD36 | 33268 |
| 6.40%, 05/20/53<sup>(a)</sup> | &nbsp;&nbsp; USD122 | 121751 |
| 4.20%, 02/22/44<sup>(a)</sup> | &nbsp;&nbsp; USD118 | 109711 |
| Navient Education Loan Trust, 5.53%, <br> 07/15/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,024 | 3031138 |
| Navient Private Education Loan Trust |  |  |
| 3.61%, 12/15/59<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 239189 |
| 5.91%, 07/16/40, (1-mo. CME Term <br> SOFR + 1.564%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,347 | 1352863 |
| 6.16%, 11/15/30, (1-mo. CME Term <br> SOFR + 1.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD207 | 207400 |
| 5.18%, 12/15/59, (1-mo. CME Term <br> SOFR + 0.834%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD826 | 826553 |
| Navient Private Education Refi Loan Trust |  |  |
| 3.42%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD31 | 31000 |
| 5.51%, 10/15/71<sup>(a)</sup> | &nbsp;&nbsp; USD222 | 226107 |
| 0.97%, 12/16/69<sup>(a)</sup> | &nbsp;&nbsp; USD7,658 | 6836299 |
| 1.06%, 10/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD3,661 | 3315928 |
| 3.33%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 87248 |
| 6.06%, 11/15/68, (1-mo. CME Term <br> SOFR + 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,853 | 1864460 |
| 5.36%, 01/15/43, (1-mo. CME Term <br> SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD600 | 599653 |
| 5.51%, 12/15/59, (1-mo. CME Term <br> SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,585 | 1577713 |
| 0.84%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD279 | 253612 |
| 5.66%, 10/15/72<sup>(a)</sup> | &nbsp;&nbsp; USD5,023 | 5121401 |
| 1.33%, 04/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD738 | 670431 |
| Series 2020-IA, Class A1B, 5.46%, <br> 04/15/69, (1-mo. CME Term SOFR + <br> 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,834 | 2819029 |
| Series 2021-DA, Class A, 5.51%, <br> 04/15/60, (PRIME - 1.990%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD359 | 354448 |
| Navient Student Loan Trust, 6.00%, <br> 03/15/72, (30-day Avg SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD904 | 911448 |
| Nelnet Student Loan Trust |  |  |
| 5.50%, 04/20/62, (1-mo. CME Term <br> SOFR + 1.144%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,883 | 10864715 |
| 2.85%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD300 | 267293 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.21%, 04/20/62, (1-mo. CME Term <br> SOFR + 0.854%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,190 | $3173027 |
| 3.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD664 | 563390 |
| 5.16%, 04/20/62, (1-mo. CME Term <br> SOFR + 0.804%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD236 | 231789 |
| 2.90%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 443240 |
| 1.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD1,666 | 1565093 |
| 6.60%, 11/25/53, (30-day Avg SOFR + <br> 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD292 | 296109 |
| 2.85%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD1,483 | 1321317 |
| 1.63%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD2,022 | 1906152 |
| 1.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD920 | 864081 |
| 5.44%, 03/15/57, (30-day Avg SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,893 | 5859068 |
| 5.27%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; USD4,550 | 4553395 |
| Series 2021-A, Class A1, 5.27%, <br> 04/20/62, (1-mo. CME Term SOFR + <br> 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD426 | 425032 |
| Series 2021-BA, Class AFL, 5.25%, <br> 04/20/62, (1-mo. CME Term SOFR + <br> 0.894%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,203 | 1196625 |
| Neuberger Berman CLO XX Ltd., 5.47%, <br> 04/15/39, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1748328 |
| Neuberger Berman Loan Advisers CLO 34<br> Ltd.<br>|  |  |
| 5.57%, 01/20/35, (3-mo. CME Term <br> SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,831 | 3831290 |
| 1.00%, 07/20/39, (3-mo. CME Term <br> SOFR + 2.850%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; USD2,000 | 2000000 |
| Neuberger Berman Loan Advisers CLO 44<br> Ltd., 6.97%, 10/16/35, (3-mo. CME Term <br> SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD425 | 424935 |
| Neuberger Berman Loan Advisers Clo 58 <br> Ltd., 5.67%, 10/18/38, (3-mo. CME Term <br> SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,125 | 1128322 |
| Neuberger Berman Loan Advisers NBLA <br> CLO Ltd., 6.32%, 10/24/38, (3-mo. CME <br> Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3014153 |
| New Mountain 7 Ltd., 5.48%, <br> 03/31/38, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1999136 |
| New Mountain CLO 2 Ltd., 5.68%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3011259 |
| New Mountain CLO 5 Ltd., 5.58%, <br> 07/20/36, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2001962 |
| NewDay Funding |  |  |
| 5.72%, 07/15/33, (1-day SONIA + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP152 | 200807 |
| 5.27%, 07/15/33, (1-day SONIA + <br> 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP475 | 627524 |
| 5.02%, 07/15/33, (3-mo. EURIBOR + <br> 3.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,490 | 1970494 |
| Newday Funding Master Issuer PLC |  |  |
| 6.87%, 07/15/32, (1-day SONIA + <br> 2.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP142 | 190112 |
| 6.12%, 07/15/32, (1-day SONIA + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133294 |
| 5.62%, 07/15/32, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132690 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.82%, 11/15/32, (1-day SONIA + <br> 1.600%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP151 | $200294 |
| 5.52%, 11/15/32, (1-day SONIA + <br> 1.300%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP438 | 580316 |
| 5.12%, 11/15/32, (1-day SONIA + <br> 0.900%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP1,047 | 1387489 |
| 5.67%, 04/15/33, (1-day SONIA + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP317 | 420444 |
| 5.37%, 04/15/33, (1-day SONIA + <br> 1.150%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP194 | 257477 |
| 5.07%, 04/15/33, (1-day SONIA + <br> 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,989 | 2633368 |
| Newday Funding Master Issuer PLC - <br> Series, 5.12%, 07/15/32, (1-day SONIA + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP710 | 940668 |
| Noria DE |  |  |
| 2.86%, 02/25/43, <br> (1-mo. EURIBOR + 0.950%)<br>| &nbsp;&nbsp; EUR386 | 441409 |
| 3.16%, 02/25/43, (1-mo. EURIBOR + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR193 | 220551 |
| 3.56%, 02/25/43, (1-mo. EURIBOR + <br> 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR96 | 110639 |
| 5.46%, 02/25/43, (1-mo. EURIBOR + <br> 3.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR96 | 111713 |
| NYACK Park CLO Ltd., 5.71%, <br> 10/20/34, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD252 | 252415 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,737 | 1726815 |
| Oak Hill Credit Partners X-R Ltd. |  |  |
| 5.46%, 04/20/38, (3-mo. CME Term <br> SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 2997054 |
| 6.83%, 04/20/38, (3-mo. CME Term <br> SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD950 | 951599 |
| 7.93%, 04/20/38, (3-mo. CME Term <br> SOFR + 3.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1509378 |
| Oaktree CLO Ltd. |  |  |
| 7.33%, 10/22/37, (3-mo. CME Term <br> SOFR + 3.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD270 | 271449 |
| 5.51%, 01/15/38, (3-mo. CME Term <br> SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1999380 |
| 5.29%, 01/15/35, (3-mo. CME Term <br> SOFR + 0.970%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2499493 |
| 5.71%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3010819 |
| OCP Aegis CLO Ltd., 5.48%, <br> 01/16/37, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2004000 |
| OCP CLO Ltd. |  |  |
| 5.59%, 04/10/33, (3-mo. CME Term <br> SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,511 | 4515531 |
| 5.66%, 04/26/31, (3-mo. CME Term <br> SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD35 | 35365 |
| 6.08%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501000 |
| 5.73%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2758550 |
| 6.03%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD680 | 680680 |
| 7.43%, 07/20/37, (3-mo. CME Term <br> SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,260 | 1267543 |
| 11.08%, 04/23/37, (3-mo. CME Term <br> SOFR + 6.760%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,200 | 1212562 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.64%, 10/18/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $2006400 |
| 5.95%, 10/18/37, (3-mo. CME Term <br> SOFR + 1.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,750 | 4762553 |
| 5.68%, 10/15/37, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2759827 |
| 5.67%, 11/26/37, (3-mo. CME Term <br> SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3009843 |
| 5.66%, 01/21/38, (3-mo. CME Term <br> SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5014746 |
| 5.58%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001442 |
| 5.93%, 01/21/38, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3005829 |
| 10.17%, 07/16/35, (3-mo. CME Term <br> SOFR + 5.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,240 | 1240000 |
| 5.62%, 01/26/38, (3-mo. CME Term <br> SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005127 |
| 5.51%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1249588 |
| 5.51%, 04/20/38, (3-mo. CME Term <br> SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2249260 |
| 5.70%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501500 |
| Octagon 75 Ltd., 5.53%, 01/22/38, (3-mo. <br> CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2001972 |
| Octagon Investment Partners 18-R Ltd., <br> 5.54%, 04/16/31, (3-mo. CME Term <br> SOFR + 1.222%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD789 | 789141 |
| Octagon Investment Partners 35 Ltd., <br> 5.65%, 01/20/31, (3-mo. CME Term <br> SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD593 | 593245 |
| Octagon Investment Partners 36 Ltd. |  |  |
| 5.55%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,160 | 1160820 |
| 5.97%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.652%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250591 |
| Octagon Investment Partners XVI Ltd., <br> 5.56%, 07/17/30, (3-mo. CME Term <br> SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD743 | 744123 |
| Octagon Investment Partners XVII Ltd. <br> Series 2013-1A, Class A1R2, 5.58%, <br> 01/25/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD19 | 18635 |
| OHA Credit Funding 10 Ltd., 5.72%, <br> 01/18/36, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD950 | 951913 |
| OHA Credit Funding 13 Ltd., 5.68%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD751 | 752830 |
| OHA Credit Funding 2 Ltd. |  |  |
| 5.57%, 01/21/38, (3-mo. CME Term <br> SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500890 |
| 7.03%, 01/21/38, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,550 | 1551588 |
| OHA Credit Funding 22 Ltd., 5.61%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,050 | 2054437 |
| OHA Credit Funding 3 Ltd., 5.65%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752250 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OHA Credit Funding 4 Ltd., 5.62%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD700 | $701668 |
| OHA Credit Funding 5 Ltd., 6.03%, <br> 10/18/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1756612 |
| OHA Credit Funding 6 Ltd., 5.66%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3008568 |
| OHA Credit Funding 9 Ltd. |  |  |
| 5.68%, 10/19/37, (3-mo. CME Term <br> SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5015339 |
| 6.03%, 10/19/37, (3-mo. CME Term <br> SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007537 |
| 6.28%, 10/19/37, (3-mo. CME Term <br> SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002948 |
| OHA Credit Partners XVI, 5.68%, <br> 10/18/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD625 | 626913 |
| OHA Loan Funding Ltd. |  |  |
| 5.63%, 05/23/31, (3-mo. CME Term <br> SOFR + 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD97 | 97438 |
| 5.74%, 01/19/37, (3-mo. CME Term <br> SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,715 | 3722442 |
| 6.29%, 01/19/37, (3-mo. CME Term <br> SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501247 |
| 5.79%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251030 |
| OneMain Direct Auto Receivables Trust |  |  |
| 5.94%, 03/14/29, (30-day Avg SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD201 | 201774 |
| 5.81%, 02/14/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,910 | 1949276 |
| 6.10%, 07/14/37<sup>(a)</sup> | &nbsp;&nbsp; USD1,651 | 1672872 |
| Onemain Financial Issuance Trust, 5.79%, <br> 07/14/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,072 | 1076947 |
| OneMain Financial Issuance Trust |  |  |
| 3.14%, 10/14/36<sup>(a)</sup> | &nbsp;&nbsp; USD350 | 340363 |
| 2.47%, 06/16/36<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 453656 |
| 4.89%, 10/14/34<sup>(a)</sup> | &nbsp;&nbsp; USD717 | 716806 |
| 1.75%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 488401 |
| 5.50%, 06/14/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,310 | 2364109 |
| 1.95%, 06/16/36<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 186406 |
| 2.21%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp; USD392 | 372075 |
| 7.52%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD595 | 609935 |
| 5.84%, 09/15/36, (30-day Avg SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,250 | 4318785 |
| 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD5,323 | 5468238 |
| 7.49%, 06/14/38<sup>(a)</sup> | &nbsp;&nbsp; USD595 | 616601 |
| 2.76%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp; USD575 | 546958 |
| 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp; USD3,710 | 3857326 |
| Orchard Park CLO Ltd. |  |  |
| 5.69%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003041 |
| 9.93%, 10/20/37, (3-mo. CME Term <br> SOFR + 5.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1013619 |
| Owl Rock CLO V Ltd., 6.11%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.780%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1501072 |
| OZLM VI Ltd., 5.45%, 04/17/31, (3-mo. CME <br> Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD755 | 755475 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OZLM XVIII Ltd. |  |  |
| 5.60%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,310 | $1311556 |
| 6.13%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500952 |
| Palmer Square CLO Ltd. |  |  |
| 6.23%, 01/15/35, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500493 |
| 6.27%, 11/14/34, (3-mo. CME Term <br> SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250648 |
| 5.68%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250731 |
| 5.93%, 07/20/37, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,940 | 6948457 |
| 10.73%, 01/15/35, (3-mo. CME Term <br> SOFR + 6.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD275 | 276333 |
| 6.98%, 01/20/38, (3-mo. CME Term <br> SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD480 | 482398 |
| 8.81%, 04/20/38, (3-mo. CME Term <br> SOFR + 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752124 |
| 6.97%, 01/15/38, (3-mo. CME Term <br> SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,060 | 1065296 |
| 6.76%, 04/20/38, (3-mo. CME Term <br> SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003697 |
| 5.59%, 07/15/38, (3-mo. CME Term <br> SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005845 |
| 9.23%, 01/20/38, (3-mo. CME Term <br> SOFR + 4.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501118 |
| Series 2021-3A, Class A1, 5.73%, <br> 01/15/35, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002405 |
| Palmer Square European CLO DAC, 6.03%, <br> 01/15/38, (3-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR372 | 424964 |
| Palmer Square European Loan <br> Funding DAC<br>|  |  |
| 5.29%, 05/15/34, (3-mo. EURIBOR + <br> 3.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR730 | 834867 |
| 5.19%, 05/15/34, (3-mo. EURIBOR + <br> 3.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR850 | 969800 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.37%, 04/15/30, (3-mo. CME Term <br> SOFR + 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD21 | 21265 |
| 5.92%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000740 |
| 5.42%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD178 | 177852 |
| 5.59%, 10/15/30, (3-mo. CME Term <br> SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD64 | 63961 |
| 5.39%, 08/08/32, (3-mo. CME Term <br> SOFR + 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,912 | 3912044 |
| 5.96%, 08/08/32, (3-mo. CME Term <br> SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2004000 |
| 6.21%, 08/08/32, (3-mo. CME Term <br> SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,200 | 2204626 |
| 7.26%, 08/08/32, (3-mo. CME Term <br> SOFR + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2002249 |
| 6.22%, 10/15/30, (3-mo. CME Term <br> SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,050 | 4059829 |
| 9.22%, 10/15/32, (3-mo. CME Term <br> SOFR + 4.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD945 | 945045 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 9.02%, 01/15/33, (3-mo. CME Term <br> SOFR + 4.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | $750034 |
| 5.72%, 04/15/31, (3-mo. CME Term <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,150 | 1150132 |
| 6.57%, 02/15/33, (3-mo. CME Term <br> SOFR + 2.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| 6.82%, 01/15/33, (3-mo. CME Term <br> SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,698 | 2705928 |
| Panorama Auto Trust |  |  |
| 4.74%, 03/15/33, (3-mo. EURIBOR + <br> 0.810%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD3,007 | 1930567 |
| 5.12%, 03/15/33, (1-month BB Swap + <br> 1.350%)<sup>(c)</sup><br>| &nbsp;&nbsp; AUD576 | 369041 |
| Park Blue Clo Ltd., 1.00%, 10/20/38, (3-mo. <br> CME Term SOFR + 3.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| Park Blue CLO Ltd. |  |  |
| 5.80%, 07/25/37, (3-mo. CME Term <br> SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,725 | 2736605 |
| 5.47%, 04/25/38, (3-mo. CME Term <br> SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4000658 |
| PARK BLUE CLO Ltd., 5.81%, <br> 04/20/37, (3-mo. CME Term SOFR + <br> 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,615 | 1622267 |
| PCL Funding IX PLC |  |  |
| 5.12%, 07/16/29, (1-day SONIA + <br> 0.900%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP1,142 | 1512465 |
| 5.52%, 07/16/29, (1-day SONIA + <br> 1.300%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132139 |
| Peace Park CLO Ltd. Series 2021 1A, <br> Class A, 5.72%, 10/20/34, (3-mo. CME <br> Term SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,237 | 1239230 |
| Penta CLO 17 DAC, 5.39%, <br> 08/15/38, (3-mo. EURIBOR + <br> 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR685 | 784690 |
| PFP Ltd., 6.17%, 09/17/39, (1-mo. CME <br> Term SOFR + 1.832%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,444 | 1445226 |
| PFS Financing Corp. |  |  |
| 4.90%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,172 | 1171757 |
| 5.64%, 01/15/28, (30-day Avg SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,440 | 2443915 |
| 5.54%, 04/15/28, (30-day Avg SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1751132 |
| 5.14%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD8,050 | 8074156 |
| Pikes Peak CLO 14 Ltd., 5.71%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,620 | 1626303 |
| Point Au Roche Park CLO Ltd., 5.67%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD700 | 701125 |
| Point Broadband Funding LLC |  |  |
| 5.34%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD4,410 | 4410891 |
| 5.73%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD2,510 | 2511819 |
| Polus U.S. CLO II Ltd., 5.80%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,150 | 2160662 |
| Pony SA Compartment German Auto Loans |  |  |
| 2.78%, 01/14/33, (1-mo. EURIBOR + <br> 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113910 |
| 2.45%, 01/14/33, (1-mo. EURIBOR + <br> 0.520%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,026 | 1172448 |
| 3.13%, 01/14/33, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Post CLO Ltd., 6.23%, 04/20/35, (3-mo. <br> CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,805 | $1808831 |
| Post CLO VI Ltd., 5.75%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1758033 |
| PRET LLC |  |  |
| 7.00%, 07/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,086 | 2085617 |
| 5.96%, 09/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,633 | 4629955 |
| Progress Residential Trust, 3.40%, <br> 04/17/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,089 | 1972026 |
| Providus CLO II DAC, 5.23%, <br> 10/15/38, (3-mo. EURIBOR + <br> 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR910 | 1037059 |
| Providus Clo VI DAC, 5.30%, <br> 05/20/34, (3-mo. EURIBOR + <br> 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1148618 |
| Quarzo Srl, 2.79%, 03/15/42, (1-month BB <br> Swap + 1.170%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,067 | 1221195 |
| Quarzo SRL |  |  |
| 3.58%, 06/15/41, (3-mo. EURIBOR + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR246 | 283619 |
| 2.77%, 06/15/41, (3-mo. EURIBOR + <br> 0.790%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR932 | 1065199 |
| 4.28%, 06/15/41, (3-mo. EURIBOR + <br> 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR82 | 94408 |
| Race Point IX CLO Ltd., 5.52%, <br> 10/15/30, (3-mo. CME Term SOFR + <br> 1.202%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD93 | 92758 |
| Rad CLO 10 Ltd. |  |  |
| 5.98%, 04/23/34, (3-mo. CME Term <br> SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250009 |
| 5.75%, 04/23/34, (3-mo. CME Term <br> SOFR + 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,510 | 3515253 |
| Rad CLO 18 Ltd., 5.72%, 07/15/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003021 |
| RAD CLO 21 Ltd., 6.12%, 01/25/37, (3-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,120 | 3125154 |
| Rad CLO 22 Ltd., 6.16%, 01/20/37, (3-mo. <br> CME Term SOFR + 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,890 | 1897719 |
| Rad CLO 24 Ltd., 6.33%, 07/20/37, (3-mo. <br> CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004737 |
| Rad CLO 25 Ltd., 5.79%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008008 |
| RAD CLO 27 Ltd., 5.64%, 01/15/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002798 |
| RAD CLO 28 Ltd., 7.06%, 04/20/38, (3-mo. <br> CME Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 756000 |
| Rad CLO 4 Ltd., 5.55%, 04/25/32, (3-mo. <br> CME Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD625 | 625185 |
| Rad CLO 5 Ltd., 5.70%, 07/24/32, (3-mo. <br> CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,237 | 1238395 |
| Rad CLO 6 Ltd., 5.72%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3010494 |
| Rad CLO 7 Ltd., 5.63%, 04/17/36, (3-mo. <br> CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1502250 |
| Recette CLO Ltd., 5.67%, 04/20/34, (3-mo. <br> CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,280 | 2283460 |
| Red & Black Auto Italy SRL |  |  |
| 2.71%, 07/28/36, (1-mo. EURIBOR + <br> 0.810%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR843 | 965042 |
| 3.00%, 07/28/36, (1-mo. EURIBOR + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114336 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Regatta 30 Funding Ltd., 5.64%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | $3007500 |
| Regatta 31 Funding Ltd. |  |  |
| 5.40%, 03/25/38, (3-mo. CME Term <br> SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,590 | 2587850 |
| 5.83%, 03/25/38, (3-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,075 | 1076108 |
| 7.03%, 03/25/38, (3-mo. CME Term <br> SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2002938 |
| Regatta VI Funding Ltd., 5.75%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003242 |
| Regatta XI Funding Ltd., 5.68%, <br> 07/17/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006243 |
| Regatta XII Funding Ltd., 5.71%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,540 | 3553196 |
| Regatta XVII Funding Ltd., 5.70%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,900 | 3913350 |
| Regatta XVIII Funding Ltd. |  |  |
| 5.87%, 04/15/38, (3-mo. CME Term <br> SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,855 | 2858281 |
| 5.48%, 04/15/38, (3-mo. CME Term <br> SOFR + 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,200 | 3196960 |
| Regatta XXIV Funding Ltd., 5.65%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3008983 |
| Regatta XXV Funding Ltd., 5.67%, <br> 07/15/38, (5-year CMT + 3.228%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006400 |
| Regatta XXVIII Funding Ltd., 5.87%, <br> 04/25/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 753239 |
| Regional Management Issuance Trust |  |  |
| 3.07%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD515 | 511417 |
| 1.68%, 03/17/31<sup>(a)</sup> | &nbsp;&nbsp; USD92 | 91569 |
| 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD4,477 | 4262953 |
| 2.42%, 03/17/31<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 398594 |
| 2.35%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,710 | 1579665 |
| 3.71%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,080 | 1065846 |
| 5.83%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,371 | 1395088 |
| 7.46%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD3,844 | 3974064 |
| 5.49%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,033 | 1038642 |
| 5.74%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD3,736 | 3755219 |
| 6.33%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD750 | 753026 |
| 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,797 | 2820665 |
| Republic Finance Issuance Trust |  |  |
| 2.30%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,486 | 2473049 |
| 3.53%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp; USD5,550 | 5415324 |
| 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,124 | 4170860 |
| 6.47%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,801 | 1836894 |
| 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp; USD7,613 | 7691245 |
| 5.86%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp; USD3,630 | 3671742 |
| 7.28%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,665 | 1703323 |
| Riverbank Park Clo Ltd., 9.12%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 4.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004651 |
| Rockford Tower CLO Ltd. |  |  |
| 5.78%, 10/20/30, (3-mo. CME Term <br> SOFR + 1.452%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD380 | 380861 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.75%, 07/20/34, (3-mo. CME Term <br> SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD550 | $551100 |
| 5.75%, 10/20/31, (3-mo. CME Term <br> SOFR + 1.422%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD120 | 120032 |
| 5.60%, 10/15/29, (3-mo. CME Term <br> SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD27 | 26908 |
| Rockford Tower Europe CLO DAC, 5.21%, <br> 10/25/37, (3-mo. EURIBOR + <br> 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,980 | 2272757 |
| Rockland Park CLO Ltd., 10.84%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 6.512%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| RR 16 Ltd., 5.69%, 07/15/36, (3-mo. CME <br> Term SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250481 |
| RR 18 Ltd., 6.18%, 10/15/34, (3-mo. CME <br> Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2505519 |
| RR 19 Ltd. |  |  |
| 5.50%, 04/15/40, (3-mo. CME Term <br> SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,630 | 1629664 |
| 5.87%, 04/15/40, (3-mo. CME Term <br> SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 751125 |
| RR 20 Ltd., 5.31%, 07/15/37, (1-day SONIA <br> + 0.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2001582 |
| RR 32 Ltd., 5.68%, 10/15/39, (3-mo. CME <br> Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250751 |
| RR 38 Ltd. |  |  |
| 5.47%, 04/15/40, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,125 | 1123919 |
| 5.82%, 04/15/40, (3-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 750328 |
| RR 8 Ltd., 5.67%, 07/15/37, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,045 | 2050106 |
| RR15 Ltd., 6.03%, 04/15/36, (3-mo. CME <br> Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | 300434 |
| Sandstone Peak II Ltd., 5.74%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004275 |
| Sandstone Peak Ltd., 6.15%, <br> 10/15/34, (3-mo. CME Term SOFR + <br> 1.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003826 |
| SC Germany SA Compartment Consumer |  |  |
| 3.63%, 05/14/38, (1-mo. EURIBOR + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115042 |
| 3.33%, 05/14/38, (1-mo. EURIBOR + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115047 |
| 2.63%, 05/14/38<sup>(c)</sup> | &nbsp;&nbsp; EUR934 | 1067406 |
| 3.03%, 05/14/38, (1-mo. EURIBOR + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR600 | 687702 |
| 3.13%, 12/14/38, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114986 |
| 3.68%, 12/14/38, (1-mo. EURIBOR + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115158 |
| 2.88%, 12/14/38, (1-mo. EURIBOR + <br> 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR400 | 457279 |
| SCF Rahoituspalvelut XIII DAC |  |  |
| 2.49%, 06/25/34, (1-mo. EURIBOR + <br> 0.580%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR390 | 445220 |
| 2.91%, 06/25/34, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114387 |
| 3.31%, 06/25/34, (1-mo. EURIBOR + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114754 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Service Experts Issuer LLC |  |  |
| 2.67%, 02/02/32<sup>(a)</sup> | &nbsp;&nbsp; USD27 | $26640 |
| 6.39%, 11/20/35<sup>(a)</sup> | &nbsp;&nbsp; USD919 | 930492 |
| Sesac Finance LLC, 5.50%, 07/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD3,866 | 3801183 |
| Shackleton CLO Ltd. |  |  |
| 5.58%, 04/13/31, (3-mo. CME Term <br> SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD326 | 326198 |
| 6.24%, 08/15/30, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250250 |
| Signal Peak CLO 11 Ltd., 5.78%, <br> 07/18/37, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003580 |
| Signal Peak CLO 14 Ltd., 5.63%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,420 | 4428832 |
| Signal Peak CLO 7 Ltd., 5.75%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003813 |
| Signal Peak CLO 8 Ltd., 5.72%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,300 | 3313367 |
| Silver Point CLO 11 Ltd, 1.00%, <br> 07/15/38, (5-year EUR Swap + <br> 3.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1996377 |
| Silver Point CLO 4 Ltd., 5.95%, <br> 04/15/37, (3-mo. CME Term SOFR + <br> 1.630%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007869 |
| Silver Point CLO 7 Ltd., 5.68%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,170 | 3181882 |
| Silver Point CLO 8 Ltd. |  |  |
| 5.43%, 04/15/38, (3-mo. CME Term <br> SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 2999998 |
| 9.37%, 04/15/38, (3-mo. CME Term <br> SOFR + 5.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1009111 |
| Sixth Street CLO XIII Ltd., 5.55%, <br> 01/21/38, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000883 |
| Sixth Street CLO XIV Ltd. |  |  |
| 5.83%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,735 | 3734576 |
| 5.48%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,200 | 5195071 |
| Sixth Street CLO XIX Ltd0.00% 07/17/38 | &nbsp;&nbsp; USD500 | 500000 |
| Sixth Street CLO XIX Ltd., 6.29%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500000 |
| Sixth Street CLO XVII Ltd., 5.43%, <br> 04/17/38, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1748690 |
| Sixth Street CLO XX Ltd., 5.91%, <br> 07/17/38, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250415 |
| SLM Private Credit Student Loan Trust |  |  |
| 4.82%, 12/16/41, (3-mo. CME Term <br> SOFR + 0.502%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD341 | 333284 |
| 5.01%, 09/15/33, (3-mo. CME Term <br> SOFR + 0.692%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD210 | 207363 |
| Series 2004-A, Class A3, 4.98%, <br> 06/15/33, (3-mo. CME Term SOFR + <br> 0.662%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD240 | 239354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Series 2005-A, Class A4, 4.89%, <br> 12/15/38, (3-mo. CME Term SOFR + <br> 0.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,265 | $1248750 |
| Series 2006-A, Class A5, 4.87%, <br> 06/15/39, (3-mo. CME Term SOFR + <br> 0.552%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD76 | 72727 |
| SLM Private Education Loan Trust, 9.21%, <br> 10/15/41, (1-mo. CME Term SOFR + <br> 4.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,454 | 2569240 |
| SMB Private Education Loan Trust |  |  |
| 3.44%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD92 | 90766 |
| 2.76%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,016 | 906255 |
| 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD3,271 | 3178510 |
| 5.26%, 01/15/53, (1-mo. CME Term <br> SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,584 | 1567087 |
| 2.30%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,219 | 1177003 |
| 5.79%, 02/16/55, (30-day Avg SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,264 | 1275182 |
| 5.46%, 06/15/37, (1-mo. CME Term <br> SOFR + 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD485 | 485545 |
| 4.48%, 05/16/50<sup>(a)</sup> | &nbsp;&nbsp; USD831 | 821814 |
| 1.59%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD5,403 | 4945481 |
| 6.14%, 10/16/56, (30-day Avg SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,554 | 2605040 |
| 2.84%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD170 | 165877 |
| 1.34%, 03/17/53<sup>(a)</sup> | &nbsp;&nbsp; USD120 | 111968 |
| 2.23%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD104 | 99720 |
| 5.21%, 10/15/35, (1-mo. CME Term <br> SOFR + 0.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD63 | 62995 |
| 5.67%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD1,895 | 1932148 |
| 5.89%, 11/15/52, (30-day Avg SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,333 | 4374149 |
| 5.29%, 09/15/37, (1-mo. CME Term <br> SOFR + 0.945%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,042 | 1041453 |
| 5.18%, 01/15/37, (1-mo. CME Term <br> SOFR + 0.834%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD133 | 132787 |
| 3.50%, 09/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD18 | 17993 |
| 3.50%, 06/17/41<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 98374 |
| 0.00%, 01/15/53, (1-mo. CME Term <br> SOFR + 0.844%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1976684 |
| 3.50%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 23294 |
| 5.33%, 07/15/36, (1-mo. CME Term <br> SOFR + 0.984%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD709 | 708791 |
| 5.32%, 09/15/54, (1-mo. CME Term <br> SOFR + 0.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD528 | 526318 |
| 2.50%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; USD380 | 334620 |
| 5.84%, 01/15/53, (30-day Avg SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,567 | 1577482 |
| 1.07%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,124 | 1017197 |
| 5.56%, 07/15/53, (1-mo. CME Term <br> SOFR + 1.214%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD173 | 173338 |
| 5.79%, 03/15/56, (30-day Avg SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,114 | 9229959 |
| 5.88%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp; USD669 | 682981 |
| 5.32%, 09/15/54, (1-mo. CME Term <br> SOFR + 0.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,234 | 3210599 |
| 5.26%, 02/15/36, (1-mo. CME Term <br> SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD130 | 129682 |
| 6.15%, 10/15/58<sup>(a)</sup> | &nbsp;&nbsp; USD1,501 | 1538616 |
| 5.24%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp; USD2,022 | 2048933 |
| 1.39%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD231 | 209928 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.44%, 06/17/52, (30-day Avg SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,704 | $1703749 |
| 3.25%, 11/16/54<sup>(a)</sup> | &nbsp;&nbsp; USD459 | 420966 |
| 5.09%, 05/16/50<sup>(a)</sup> | &nbsp;&nbsp; USD5,072 | 4857311 |
| 3.00%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; USD3,600 | 3273029 |
| 5.44%, 07/15/53, (30-day Avg SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD440 | 439998 |
| 3.56%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD9,155 | 8699155 |
| Series 2017-A, Class A2B, 5.36%, <br> 09/15/34, (1-mo. CME Term SOFR + <br> 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6 | 6125 |
| SoFi Consumer Loan Program Trust |  |  |
| 4.80%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp; USD8,133 | 8141816 |
| 5.12%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,393 | 4415464 |
| SoFi Personal Loan Trust |  |  |
| 6.00%, 11/12/30<sup>(a)</sup> | &nbsp;&nbsp; USD57 | 57619 |
| 6.06%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp; USD577 | 578928 |
| Sofi Professional Loan Program LLC |  |  |
| 3.09%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; USD845 | 825474 |
| 2.95%, 02/25/42<sup>(a)</sup> | &nbsp;&nbsp; USD129 | 128184 |
| SoFi Professional Loan Program LLC |  |  |
| 3.59%, 01/25/48<sup>(a)</sup> | &nbsp;&nbsp; USD21 | 20646 |
| 3.12%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD365 | 310334 |
| 3.36%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD537 | 449900 |
| 1.95%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD1,834 | 1708975 |
| 1.14%, 02/15/47<sup>(a)</sup> | &nbsp;&nbsp; USD1,641 | 1421314 |
| SoFi Professional Loan Program Trust |  |  |
| 2.17%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD1,463 | 1371170 |
| 2.73%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD1,350 | 1115400 |
| Sona Fios CLO III DAC, 5.27%, <br> 04/20/37, (3-mo. EURIBOR + <br> 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,800 | 2050132 |
| Sona Fios CLO V DAC, 1.00%, <br> 08/25/38, (3-mo. EURIBOR + <br> 3.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,200 | 1369439 |
| Sound Point CLO V-R Ltd. |  |  |
| 5.74%, 07/18/31, (3-mo. CME Term <br> SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD446 | 446047 |
| 6.34%, 07/18/31, (3-mo. CME Term <br> SOFR + 2.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002623 |
| Sound Point CLO XXV Ltd., 5.60%, <br> 04/25/33, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD870 | 870838 |
| Sound Point CLO XXXII Ltd., 5.73%, <br> 10/25/34, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3005028 |
| Sounds Point CLO IV-R Ltd., 5.74%, <br> 04/18/31, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,664 | 4669131 |
| STAR Trust, 6.79%, 02/17/42, (1-mo. CME <br> Term SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,667 | 1666667 |
| Stream Innovations Issuer Trust, 5.05%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,988 | 1990991 |
| Subway Funding LLC, 6.03%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp; USD1,104 | 1117483 |
| Sycamore Tree CLO Ltd. |  |  |
| 5.75%, 04/20/36, (3-mo. CME Term <br> SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001954 |
| 5.98%, 04/20/37, (3-mo. CME Term <br> SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004255 |
| 6.48%, 04/20/37, (3-mo. CME Term <br> SOFR + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1006028 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Symphony CLO 40 Ltd., 5.63%, <br> 01/05/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $2005317 |
| Symphony CLO 44 Ltd., 10.47%, <br> 07/14/37, (3-mo. CME Term SOFR + <br> 6.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1013373 |
| Symphony CLO XIX Ltd., 5.54%, <br> 04/16/31, (3-mo. CME Term SOFR + <br> 1.222%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD780 | 780732 |
| Symphony CLO XVI Ltd., 5.52%, <br> 10/15/31, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,743 | 2743209 |
| Symphony CLO XX Ltd., 5.87%, <br> 01/16/32, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000104 |
| Symphony CLO XXVI Ltd., 5.67%, <br> 04/20/33, (3-mo. CME Term SOFR + <br> 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,510 | 1510583 |
| Symphony CLO XXXIII Ltd., 5.58%, <br> 01/24/38, (3-mo. CME Term SOFR + <br> 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001316 |
| TAGUS - Sociedade de Titularizacao de <br> Creditos SA/Silk Finance No. 6<br>|  |  |
| 3.75%, 12/25/39, (3-mo. EURIBOR + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 114524 |
| 3.25%, 12/25/39, (3-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR300 | 342392 |
| TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 2<br>|  |  |
| 4.51%, 10/27/42, (1-mo. EURIBOR + <br> 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115755 |
| 3.71%, 10/27/42, (1-mo. EURIBOR + <br> 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115213 |
| 5.91%, 10/27/42, (1-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 115268 |
| TCI-Symphony CLO Ltd. |  |  |
| 5.60%, 10/13/32, (3-mo. CME Term <br> SOFR + 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,525 | 1526279 |
| 5.51%, 07/15/30, (3-mo. CME Term <br> SOFR + 1.192%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD308 | 307689 |
| TCW CLO Ltd., 5.60%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 751393 |
| Texas Debt Capital CLO Ltd. |  |  |
| 10.33%, 04/22/37, (3-mo. CME Term <br> SOFR + 6.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2022497 |
| 7.07%, 07/20/38, (3-mo. CME Term <br> SOFR + 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3019078 |
| Texas Debt Capital Euro CLO DAC, 5.64%, <br> 07/16/38, (3-mo. EURIBOR + <br> 3.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR828 | 946666 |
| Thayer Park CLO Ltd., 5.63%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000809 |
| TIAA CLO IV Ltd., 6.08%, 01/20/32, (3-mo. <br> CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,240 | 1242465 |
| TICP CLO VI Ltd., 5.70%, 01/15/34, (3-mo. <br> CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250445 |
| TICP CLO VII Ltd., 6.22%, 04/15/33, (3-mo. <br> CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002107 |
| TICP CLO XI Ltd., 5.85%, 04/25/37, (3-mo. <br> CME Term SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 401661 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Tikehau CLO VI DAC, 5.63%, <br> 01/15/35, (3-mo. EURIBOR + <br> 3.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,000 | $1147442 |
| Tikehau CLO XII DAC, 5.27%, <br> 10/20/38, (3-mo. EURIBOR + <br> 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,300 | 1497135 |
| Towd Point Mortgage Trust, 5.80%, <br> 01/25/65<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD5,469 | 5487337 |
| Trestles CLO II Ltd., 5.89%, <br> 07/25/37, (3-mo. CME Term SOFR + <br> 1.570%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 753699 |
| Trestles CLO III Ltd., 10.43%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 6.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1014492 |
| Trestles CLO IV Ltd., 5.76%, <br> 07/21/34, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,580 | 2586581 |
| Trestles CLO VI Ltd., 5.50%, <br> 04/25/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,670 | 5668073 |
| Trestles CLO VII Ltd., 5.70%, <br> 10/25/37, (3-mo. CME Term SOFR + <br> 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003367 |
| Trestles CLO VIII Ltd., 5.63%, <br> 06/11/35, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1252449 |
| TREVA Equipment Finance SA - <br> Compartment<br>|  |  |
| 2.80%, 01/20/35, (1-mo. EURIBOR + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR97 | 110308 |
| 2.54%, 01/20/35, (1-mo. EURIBOR + <br> 0.640%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR484 | 552137 |
| Tricon Residential Trust |  |  |
| 4.75%, 04/17/41<sup>(a)</sup> | &nbsp;&nbsp; USD1,818 | 1795245 |
| 4.50%, 08/17/41<sup>(a)</sup> | &nbsp;&nbsp; USD1,373 | 1357487 |
| Trimaran Cavu Ltd., 7.83%, 10/25/34, (3-mo. <br> CME Term SOFR + 3.512%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1511829 |
| Trimaran CAVU Ltd. |  |  |
| 5.73%, 10/22/37, (3-mo. CME Term <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4014430 |
| 5.70%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4014600 |
| 10.57%, 01/25/38, (3-mo. CME Term <br> SOFR + 6.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,750 | 3813519 |
| 5.57%, 03/27/38, (3-mo. CME Term <br> SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2001539 |
| Trinitas CLO VI Ltd., 5.65%, <br> 01/25/34, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD255 | 255271 |
| Trinitas CLO VII Ltd., 5.38%, <br> 01/25/35, (3-mo. CME Term SOFR + <br> 1.060%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 2997600 |
| Trinitas CLO XIV Ltd., 5.66%, <br> 01/25/34, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,405 | 2407840 |
| Trinitas CLO XVI Ltd., 5.77%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,430 | 3439299 |
| Trinitas CLO XVIII Ltd., 5.55%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Trinitas CLO XXX Ltd., 11.22%, <br> 10/23/37, (3-mo. CME Term SOFR + <br> 6.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | $1532453 |
| Trinitas CLO XXXII Ltd., 1.00%, <br> 07/23/38, (3-mo. CME Term SOFR + <br> 5.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 750000 |
| Trinitas CLO XXXIII Ltd., 10.27%, <br> 07/22/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,000 | 1999838 |
| TSTAT Ltd., 5.48%, 07/20/37, (3-mo. CME <br> Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD494 | 494111 |
| Upgrade Master Pass-Thru Trust Series, <br> 5.50%, 08/16/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,938 | 1933908 |
| Valley Stream Park CLO Ltd., 6.18%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,840 | 5851835 |
| Vantage Data Centers Germany Borrower <br> Lux Sarl, 4.29%, 06/28/50<sup>(c)</sup><br>| &nbsp;&nbsp; EUR597 | 686300 |
| Vantage Data Centers Jersey Borrower Spv <br> Ltd., 6.17%, 05/28/39<sup>(c)</sup><br>| &nbsp;&nbsp; GBP480 | 650379 |
| Verizon Master Trust, 4.83%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp; USD345 | 350177 |
| Victory Street CLO I DAC, 5.48%, <br> 01/15/38, (3-mo. EURIBOR + <br> 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,250 | 1440950 |
| Vista Point Securitization Trust, 6.68%, <br> 05/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD1,667 | 1683220 |
| Voya CLO Ltd. |  |  |
| 6.19%, 10/17/32, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250851 |
| 6.48%, 10/20/36, (3-mo. CME Term <br> SOFR + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 401666 |
| 5.58%, 07/15/31, (3-mo. CME Term <br> SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD93 | 93073 |
| 5.52%, 10/15/31, (3-mo. CME Term <br> SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,219 | 3219603 |
| 5.53%, 07/20/32, (3-mo. CME Term <br> SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,396 | 3399310 |
| 5.48%, 10/20/31, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,543 | 1542363 |
| 5.48%, 10/18/31, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,055 | 1054493 |
| 5.52%, 04/18/31, (3-mo. CME Term <br> SOFR + 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,114 | 1114527 |
| 5.89%, 04/19/31, (3-mo. CME Term <br> SOFR + 1.562%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,050 | 1052097 |
| 5.55%, 04/25/31, (3-mo. CME Term <br> SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD267 | 267581 |
| 5.54%, 04/19/31, (3-mo. CME Term <br> SOFR + 1.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD332 | 331935 |
| 5.69%, 10/15/37, (3-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5016595 |
| 5.64%, 01/20/38, (3-mo. CME Term <br> SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003000 |
| Voya Euro CLO IV DAC, 5.13%, <br> 10/15/34, (3-mo. EURIBOR + <br> 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR500 | 571623 |
| Voya Ltd. Series 2012-4, , 5.58%, <br> 10/15/30, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD42 | 41911 |
| Warwick Capital CLO 1 Ltd., 6.43%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 2.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2012001 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Warwick Capital CLO 5 Ltd., 5.69%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | $501895 |
| Warwick Capital CLO 6 Ltd., 5.70%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,620 | 1626857 |
| Wellfleet CLO Ltd., 5.74%, 07/15/37, (3-mo. <br> CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006516 |
| Wellington Management CLO 4 Ltd., 5.43%, <br> 04/18/38, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3496995 |
| Whitebox CLO I Ltd. |  |  |
| 5.64%, 07/24/36, (3-mo. CME Term <br> SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,435 | 4441652 |
| 8.57%, 07/24/36, (3-mo. CME Term <br> SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,960 | 1973073 |
| Whitebox CLO II Ltd. |  |  |
| 5.70%, 10/24/37, (3-mo. CME Term <br> SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1755495 |
| 6.07%, 10/24/37, (3-mo. CME Term <br> SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250259 |
| Whitebox CLO III Ltd. |  |  |
| 7.17%, 10/15/35, (3-mo. CME Term <br> SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752821 |
| 9.97%, 10/15/35, (3-mo. CME Term <br> SOFR + 5.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1512754 |
| Whitebox Clo V Ltd., 1.00%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 997589 |
| Wildwood Park CLO Ltd. |  |  |
| 5.69%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3010590 |
| 10.08%, 10/20/37, (3-mo. CME Term <br> SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1017410 |
| Wireless PropCo Funding LLC, 8.51%, <br> 06/25/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD9,225 | 9291172 |
| **Total Asset-Backed Securities — 15.3%** <br>**(Cost: $1,629,221,305)** | **Total Asset-Backed Securities — 15.3%** <br>**(Cost: $1,629,221,305)** | 1638492850 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** |
| Domi BV, 2.74%, 04/16/57, (3-mo. <br> EURIBOR + 0.710%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,552 | 1773678 |
| Edenbrook Mortgage Funding PLC, 5.11%, <br> 03/22/57, (1-day SONIA + 0.870%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP557 | 738567 |
| FIGRE Trust |  |  |
| 5.72%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,018 | 7063080 |
| 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,206 | 6238997 |
| Hops Hill NO 5 PLC |  |  |
| 5.22%, 06/21/56, (1-day SONIA + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP249 | 329054 |
| 5.67%, 06/21/56, (1-day SONIA + <br> 0.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132149 |
| Hops Hill No. 5 PLC, 4.95%, 06/21/56, <br> (1-day SONIA + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP897 | 1186032 |
| London Bridge Mortgages PLC |  |  |
| 5.27%, 03/20/67, (5-year EURIBOR ICE <br> Swap + 4.235%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP310 | 412190 |
| 5.62%, 03/20/67, (1-day SONIA + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132948 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| London Wall Mortgage Capital PLC |  |  |
| 5.73%, 05/15/57, (1-day SONIA + <br> 1.500%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP379 | $501666 |
| 6.23%, 05/15/57, (1-day SONIA + <br> 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP282 | 372663 |
| RCKT Mortgage Trust |  |  |
| 5.49%, 11/25/44<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,900 | 5898229 |
| 6.59%, 05/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,450 | 1466937 |
| Towd Point Mortgage Trust |  |  |
| 5.12%, 09/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,053 | 4029172 |
| 5.17%, 09/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,000 | 2974031 |
| Tower Bridge Funding PLC, 5.33%, <br> 12/20/66, (1-day SONIA + 1.100%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP333 | 440696 |
| Vista Point Securitization Trust Series, <br> 5.25%, 10/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD6,536 | 6503296 |
|  |  | 40193385 |
| **Financial — 0.0%** | **Financial — 0.0%** | **Financial — 0.0%** |
| Taurus 2025-4 UK DAC, 6.17%, 08/18/35<sup>(c)</sup> | &nbsp;&nbsp; GBP129 | 170364 |
| **Mortgage Securities — 0.4%** | **Mortgage Securities — 0.4%** | **Mortgage Securities — 0.4%** |
| 1301 Trust, 8.37%, 08/11/30<sup>(a)</sup> | &nbsp;&nbsp; USD10,595 | 10595000 |
| Durst Commercial Mortgage Trust |  |  |
| 1.00%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD4,125 | 4125000 |
| 5.32%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD3,861 | 3861000 |
| PENN Commercial Mortgage Trust <br> 2025-P11<br>|  |  |
| 5.52%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD6,364 | 6382161 |
| 6.56%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD3,076 | 3069534 |
| PRPM 2025-NQM3 Trust |  |  |
| 5.61%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD11,753 | 11746119 |
| 6.86%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD1,218 | 1208281 |
| SCG Commercial Mortgage Trust 2025, <br> 7.10%, 08/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,259 | 1259000 |
| Think Tank Commercial Series 2025, 1.00%, <br> 12/10/57<sup>(c)</sup><br>| &nbsp;&nbsp; AUD1,720 | 1104595 |
|  |  | 43350690 |
| **Mortgage-Backed Securities — 20.8%** | **Mortgage-Backed Securities — 20.8%** | **Mortgage-Backed Securities — 20.8%** |
| 1345T |  |  |
| 5.94%, 06/15/30, (1-mo. CME Term <br> SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13,575 | 13595872 |
| 8.84%, 06/15/30, (1-mo. CME Term <br> SOFR + 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,711 | 11710831 |
| 2023-MIC Trust (The), 8.44%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,040 | 6534213 |
| 280 Park Avenue Mortgage Trust, Series <br> 2017-280P, Class A, 5.52%, 09/15/34, <br> (1-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,941 | 2919102 |
| A&D Mortgage Trust |  |  |
| 5.46%, 08/25/69<sup>(a)</sup> | &nbsp;&nbsp; USD1,521 | 1518325 |
| 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp; USD6,205 | 6211048 |
| 5.79%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,640 | 4650075 |
| 6.20%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD688 | 690197 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,449 | 6437582 |
| ADMT, 5.67%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,295 | 9300693 |
| ALA Trust, 6.04%, 06/15/40, (1-mo. CME <br> Term SOFR + 1.743%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,577 | 7619621 |
| Alternative Loan Trust, 7.09%, 02/25/35, <br> (1-mo. CME Term SOFR + 2.739%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,623 | 3461674 |
| Angel Oak Mortgage Trust |  |  |
| 0.99%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,818 | 3249127 |
| 1.19%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD242 | 206979 |
| 1.31%, 07/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,422 | 1225675 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 1.45%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,532 | $2181482 |
| 1.47%, 06/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD183 | 174248 |
| 2.04%, 06/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD400 | 383130 |
| 2.88%, 12/25/66<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,555 | 1436306 |
| 3.35%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD575 | 541434 |
| 3.86%, 01/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD81 | 78180 |
| 3.86%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,140 | 1965907 |
| 4.12%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,949 | 7285611 |
| 4.75%, 09/26/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,478 | 4429298 |
| 4.80%, 11/26/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,554 | 2519803 |
| 5.14%, 09/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,694 | 6637261 |
| 5.21%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,172 | 1162972 |
| 5.35%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD7,064 | 7024930 |
| 5.41%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD7,712 | 7706011 |
| 5.46%, 12/26/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,322 | 5318463 |
| 5.57%, 04/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD11,477 | 11466006 |
| 5.64%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,236 | 4231333 |
| 5.65%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD12,809 | 12793923 |
| 5.69%, 01/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,632 | 3632479 |
| 5.70%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,143 | 3143845 |
| 5.99%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,521 | 1524810 |
| 6.20%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,772 | 1782589 |
| 6.50%, 12/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD202 | 203073 |
| AOMT, 4.65%, 11/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD904 | 889270 |
| Arbor Multifamily Mortgage Securities Trust, <br> 1.75%, 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp; USD190 | 151310 |
| ARES Commercial Mortgage Trust |  |  |
| 6.03%, 07/15/41, (1-mo. CME Term <br> SOFR + 1.692%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,030 | 8057603 |
| 8.28%, 07/15/41, (1-mo. CME Term <br> SOFR + 3.938%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1501890 |
| ARES1, 5.78%, 10/15/34, (1-mo. CME Term <br> SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,970 | 11996184 |
| Arroyo Mortgage Trust |  |  |
| 2.96%, 10/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp; USD401 | 379867 |
| 3.81%, 01/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD507 | 491628 |
| ARZ Trust, 5.77%, 06/11/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,430 | 2481928 |
| Atlas Funding PLC |  |  |
| 5.07%, 09/20/61<sup>(c)</sup> | &nbsp;&nbsp; GBP554 | 735872 |
| 5.52%, 09/20/61, (1-day SONIA + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP101 | 134870 |
| 5.77%, 09/20/61, (1-day SONIA + <br> 1.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133047 |
| ATLX Trust, 3.85%, 04/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,460 | 6211074 |
| Atrium Hotel Portfolio Trust |  |  |
| 5.41%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,900 | 7983677 |
| 9.21%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,855 | 4951386 |
| BAHA Trust |  |  |
| 5.97%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,840 | 10104785 |
| 6.84%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,160 | 2229032 |
| 7.52%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,225 | 8464749 |
| BAMLL Trust, 6.69%, 08/15/39, (1-mo. CME <br> Term SOFR + 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,800 | 1804426 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, 3.75%, 02/15/50<br>| &nbsp;&nbsp; USD420 | 410526 |
| Bank5 Trust, 6.23%, 05/15/57 | &nbsp;&nbsp; USD2,189 | 2292850 |
| Barclays Mortgage Loan Trust |  |  |
| 1.75%, 09/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD153 | 136407 |
| 5.64%, 05/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD14,900 | 14918783 |
| 5.90%, 01/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,856 | 2860096 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| BAY Mortgage Trust, 6.14%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,140 | $9147236 |
| Bayview Commercial Mortgage <br> Pass-Through Trust, 6.12%, 04/25/36, <br> (1-mo. CME Term SOFR + 1.764%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD981 | 962608 |
| BBCMS Mortgage Trust |  |  |
| 4.50%, 07/15/58<sup>(a)</sup> | &nbsp;&nbsp; USD2,385 | 1819180 |
| 5.59%, 07/15/58 | &nbsp;&nbsp; USD2,541 | 2629953 |
| 5.66%, 05/15/58 | &nbsp;&nbsp; USD6,649 | 6890637 |
| 5.84%, 07/15/58 | &nbsp;&nbsp; USD2,100 | 2165461 |
| Series 2018-TALL, Class A, 5.26%, <br> 03/15/37, (1-mo. CME Term SOFR + <br> 0.919%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 3800669 |
| Benchmark Mortgage Trust, 0.81%, <br> 07/15/56<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,997 | 64406 |
| BFLD Commercial Mortgage Trust, 5.83%, <br> 11/15/41, (1-mo. CME Term SOFR + <br> 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,340 | 5356687 |
| BFLD Mortgage Trust |  |  |
| 6.06%, 06/15/38, (1-mo. CME Term <br> SOFR + 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,017 | 3018880 |
| 6.23%, 07/15/41, (1-mo. CME Term <br> SOFR + 1.890%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,300 | 6327562 |
| BFLD Trust, 5.89%, 06/15/42, (1-mo. CME <br> Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,385 | 8390246 |
| BHMS Mortgage Trust |  |  |
| 5.89%, 07/15/35, (1-mo. CME Term <br> SOFR + 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,945 | 5943840 |
| 6.14%, 07/15/35, (1-mo. CME Term <br> SOFR + 1.797%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD235 | 234660 |
| BINOM Securitization Trust, 2.03%, <br> 06/25/56<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,478 | 1327033 |
| Bletchley Park Funding PLC |  |  |
| 5.42%, 01/27/70, (1-day SONIA + <br> 3.380%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP366 | 486552 |
| 5.72%, 01/27/70, (1-day SONIA + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132716 |
| 6.10%, 01/27/70, (5-year UK Government <br> Bond + 3.590%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP131 | 173954 |
| 7.60%, 01/27/70, (1-day SONIA + <br> 1.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP180 | 239142 |
| BLP Commercial Mortgage Trust |  |  |
| 5.68%, 03/15/41, (1-mo. CME Term <br> SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,754 | 4763114 |
| 6.03%, 03/15/40, (1-mo. CME Term <br> SOFR + 1.692%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,160 | 1160362 |
| BMP, 7.73%, 06/15/41, (1-mo. CME Term <br> SOFR + 3.389%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,380 | 2376208 |
| BMP Trust, 5.71%, 06/15/41, (1-mo. CME <br> Term SOFR + 1.372%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,555 | 6565242 |
| BOCA Commercial Mortgage Trust, 6.26%, <br> 08/15/41, (1-mo. CME Term SOFR + <br> 1.921%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6026250 |
| BPR Commercial Mortgage Trust, 7.00%, <br> 11/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,050 | 4108968 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp; USD5,250 | 5445047 |
| BPR Trust |  |  |
| 5.51%, 09/15/38, (1-mo. CME Term <br> SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,822 | 5824320 |
| 7.57%, 08/15/39, (1-mo. CME Term <br> SOFR + 3.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 2999996 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Braccan Mortgage Funding PLC |  |  |
| 5.07%, 02/15/67 | &nbsp;&nbsp; GBP1,139 | $1510022 |
| 5.07%, 05/17/67, (1-day SONIA + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP888 | 1178487 |
| 5.33%, 05/17/67, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP182 | 242169 |
| 5.43%, 02/15/67, (1-day SONIA + <br> 1.200%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP405 | 540964 |
| 5.63%, 05/17/67, (1-day SONIA + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP104 | 138366 |
| 8.58%, 02/15/67, (1-day SONIA + <br> 4.340%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP558 | 740447 |
| BRAVO Residential Funding Trust |  |  |
| 1.44%, 03/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD438 | 425009 |
| 1.96%, 04/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,520 | 1404739 |
| 4.30%, 08/01/53<sup>(a)(d)</sup> | &nbsp;&nbsp; USD9,983 | 9723946 |
| 4.35%, 01/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,356 | 1326935 |
| 4.35%, 01/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp; USD904 | 882649 |
| 5.11%, 07/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,557 | 1548443 |
| 5.57%, 03/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,287 | 1288800 |
| 5.61%, 02/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD14,059 | 14074106 |
| 5.68%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,026 | 3034245 |
| 5.76%, 01/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,232 | 2227712 |
| 6.19%, 03/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,097 | 1104956 |
| BSTN Commercial Mortgage Trust, 5.37%, <br> 06/15/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,612 | 5687591 |
| BWAY Trust, 6.31%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,867 | 5977166 |
| BX Commercial Mortgage Trust |  |  |
| 5.13%, 06/15/38, (1-mo. CME Term <br> SOFR + 0.784%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,710 | 1709104 |
| 5.35%, 02/15/39, (1-mo. CME Term <br> SOFR + 1.012%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD954 | 954491 |
| 5.63%, 12/15/39, (1-mo. CME Term <br> SOFR + 1.293%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,738 | 2745826 |
| 5.73%, 03/15/41, (1-mo. CME Term <br> SOFR + 1.392%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,245 | 5256110 |
| 5.78%, 02/15/39, (1-mo. CME Term <br> SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,304 | 5312264 |
| 5.78%, 02/15/39, (1-mo. CME Term <br> SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,239 | 8254603 |
| 5.79%, 04/15/40, (1-mo. CME Term <br> SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,218 | 6231602 |
| 5.83%, 10/15/41, (1-mo. CME Term <br> SOFR + 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,043 | 6054165 |
| 5.88%, 05/15/34, (1-mo. CME Term <br> SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,927 | 5928821 |
| 5.88%, 11/15/41, (1-mo. CME Term <br> SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,750 | 5764375 |
| 5.98%, 12/15/39, (1-mo. CME Term <br> SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,922 | 2928309 |
| 5.98%, 05/15/41, (1-mo. CME Term <br> SOFR + 1.641%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,330 | 6346282 |
| 6.03%, 08/15/39, (1-mo. CME Term <br> SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,014 | 11051294 |
| 6.10%, 12/09/40, (1-mo. CME Term <br> SOFR + 1.761%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,774 | 8790423 |
| 6.23%, 12/15/39, (1-mo. CME Term <br> SOFR + 1.892%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD844 | 846316 |
| 7.03%, 03/15/41, (1-mo. CME Term <br> SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,594 | 3602986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.22%, 10/15/41, (1-mo. CME Term <br> SOFR + 2.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,465 | $6511467 |
| 7.48%, 06/15/27, (1-mo. CME Term <br> SOFR + 3.141%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,900 | 2918125 |
| 8.08%, 02/15/39, (1-mo. CME Term <br> SOFR + 3.738%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,328 | 1331210 |
| 8.23%, 06/15/27, (1-mo. CME Term <br> SOFR + 3.889%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD600 | 606375 |
| 10.31%, 10/15/41, (1-mo. CME Term <br> SOFR + 5.971%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,289 | 4304993 |
| 11.31%, 10/15/41, (1-mo. CME Term <br> SOFR + 6.968%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,400 | 2389665 |
| BX Trust |  |  |
| 5.19%, 01/15/39, (1-mo. CME Term <br> SOFR + 0.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,850 | 4848484 |
| 5.26%, 02/15/36, (1-mo. CME Term <br> SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,300 | 4297342 |
| 5.26%, 02/15/36, (1-mo. CME Term <br> SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,194 | 1193757 |
| 5.34%, 01/15/39, (1-mo. CME Term <br> SOFR + 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,385 | 5390032 |
| 5.78%, 04/15/41, (1-mo. CME Term <br> SOFR + 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,124 | 4136465 |
| 5.79%, 03/15/42, (1-mo. CME Term <br> SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,242 | 8236849 |
| 5.81%, 02/15/36, (1-mo. CME Term <br> SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99689 |
| 5.83%, 07/15/29, (1-mo. CME Term <br> SOFR + 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,476 | 8481297 |
| 5.83%, 04/15/37, (1-mo. CME Term <br> SOFR + 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,198 | 2199035 |
| 5.84%, 06/15/40, (1-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,600 | 4613790 |
| 5.88%, 06/15/37, (1-mo. CME Term <br> SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,754 | 7753846 |
| 5.92%, 01/15/39, (1-mo. CME Term <br> SOFR + 1.580%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD60 | 59869 |
| 6.43%, 03/15/41, (1-mo. CME Term <br> SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,460 | 2460795 |
| 7.03%, 05/15/38, (1-mo. CME Term <br> SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,859 | 5891957 |
| 7.03%, 04/15/41, (1-mo. CME Term <br> SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,399 | 1402921 |
| 7.04%, 01/15/39, (1-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,450 | 2450000 |
| 7.28%, 03/15/30, (1-mo. CME Term <br> SOFR + 2.941%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,283 | 4203247 |
| 7.38%, 03/15/41, (1-mo. CME Term <br> SOFR + 3.039%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999999 |
| 7.64%, 06/15/35, (1-mo. CME Term <br> SOFR + 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,130 | 5129979 |
| 7.68%, 05/15/38, (1-mo. CME Term <br> SOFR + 3.339%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007500 |
| CAFL Issuer LLC, 6.75%, 11/28/31<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,000 | 3029051 |
| Cali, 6.23%, 07/15/41, (1-mo. CME Term <br> SOFR + 1.891%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,580 | 4587156 |
| Castell PLC |  |  |
| 5.19%, 01/27/62, (1-day SONIA + <br> 4.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP764 | 1013860 |
| 5.47%, 01/27/62, (1-day SONIA + <br> 3.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP134 | 177266 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.77%, 01/27/62, (1-day SONIA + <br> 0.970%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | $132370 |
| 6.22%, 01/27/62, (1-day SONIA + <br> 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132368 |
| 7.72%, 01/27/62, (1-day SONIA + <br> 1.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP121 | 161520 |
| 8.37%, 01/27/62, (1-day SONIA + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP149 | 197528 |
| CD Mortgage Trust, 4.51%, 08/15/51<sup>(b)</sup> | &nbsp;&nbsp; USD430 | 418472 |
| CEDR Commercial Mortgage Trust, 5.33%, <br> 02/15/39, (1-mo. CME Term SOFR + <br> 0.988%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | 295727 |
| CENT 2025-CITY, 5.09%, 07/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,335 | 7360022 |
| CFCRE Commercial Mortgage Trust, 3.69%, <br> 05/10/58<br>| &nbsp;&nbsp; USD435 | 429929 |
| CFK Trust, 2.39%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 468247 |
| CFMT LLC |  |  |
| 3.00%, 06/25/34<sup>(a)(b)</sup> | &nbsp;&nbsp; USD315 | 298382 |
| 4.00%, 10/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,140 | 4055681 |
| Chase Home Lending Mortgage Trust |  |  |
| 5.50%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 99891 |
| 6.00%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,495 | 1502827 |
| 6.00%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,573 | 3596355 |
| 6.00%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,321 | 1328234 |
| 6.50%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD795 | 799928 |
| CHNGE Mortgage Trust, 3.01%, <br> 01/25/67<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,818 | 1715924 |
| CIM Trust |  |  |
| 1.43%, 07/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,412 | 5709759 |
| 5.66%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,501 | 3512078 |
| 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,561 | 3587781 |
| 6.64%, 12/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD675 | 678475 |
| Citadel PLC |  |  |
| 5.24%, 04/28/60, (1-day SONIA + <br> 1.020%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP1,748 | 2316733 |
| 5.67%, 04/28/60, (1-day SONIA + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132337 |
| 5.97%, 04/28/60, (1-day SONIA + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132365 |
| 6.67%, 04/28/60, (1-day SONIA + <br> 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132230 |
| 7.97%, 04/28/60, (1-day SONIA + <br> 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132259 |
| Citigroup Commercial Mortgage Trust |  |  |
| 2.46%, 11/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD833 | 733647 |
| 3.58%, 04/10/49 | &nbsp;&nbsp; USD1,000 | 987634 |
| 4.41%, 06/10/51<sup>(b)</sup> | &nbsp;&nbsp; USD425 | 415342 |
| 5.82%, 10/12/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,310 | 2370331 |
| COAST Commercial Mortgage Trust, 6.93%, <br> 08/15/36, (1-mo. CME Term SOFR + <br> 2.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,645 | 2643789 |
| Colt Mortgage Loan Trust, 5.54%, <br> 12/26/69<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD7,381 | 7379096 |
| COLT Mortgage Loan Trust |  |  |
| 0.96%, 09/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD698 | 577960 |
| 1.21%, 07/27/54<sup>(a)</sup> | &nbsp;&nbsp; USD888 | 810095 |
| 1.33%, 10/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD907 | 845594 |
| 2.02%, 04/27/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD57 | 55639 |
| 3.70%, 03/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1464112 |
| 3.90%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD138 | 134320 |
| 4.30%, 03/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,637 | 1619668 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.12%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,072 | $6031562 |
| 5.39%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,003 | 4997565 |
| 5.47%, 06/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD8,148 | 8144836 |
| 5.61%, 05/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD7,781 | 7776110 |
| 5.79%, 04/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD12,442 | 12516086 |
| 5.84%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,226 | 1229286 |
| 6.05%, 04/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD277 | 276954 |
| 6.60%, 07/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,456 | 2467379 |
| 6.92%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,400 | 1400112 |
| 7.10%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,671 | 2671688 |
| 7.43%, 09/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD80 | 81127 |
| 7.84%, 09/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2028407 |
| COLT Pass-Through Certificates, 0.86%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,224 | 2889462 |
| Commission Mortgage Trust |  |  |
| 3.53%, 02/10/48 | &nbsp;&nbsp; USD2 | 1845 |
| 3.83%, 02/10/48<sup>(b)</sup> | &nbsp;&nbsp; USD205 | 201868 |
| 4.33%, 10/10/48<sup>(b)</sup> | &nbsp;&nbsp; USD2,000 | 1950920 |
| 5.50%, 08/10/40<sup>(a)</sup> | &nbsp;&nbsp; USD3,667 | 3651756 |
| 5.73%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,731 | 3724572 |
| 5.87%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,550 | 8634878 |
| 6.18%, 06/15/41, (1-mo. CME Term <br> SOFR + 1.841%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,430 | 6409906 |
| 8.47%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,395 | 2385412 |
| Series 2015-CR22, Class AM, 3.60%, <br> 03/10/48<sup>(b)</sup><br>| &nbsp;&nbsp; USD112 | 109800 |
| CONE Trust |  |  |
| 5.98%, 08/15/41, (1-mo. CME Term <br> SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,278 | 6274083 |
| 8.23%, 08/15/41, (1-mo. CME Term <br> SOFR + 3.888%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD690 | 684863 |
| Cross Mortgage Trust |  |  |
| 5.13%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,775 | 7725702 |
| 5.59%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,949 | 5949588 |
| 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,171 | 11201901 |
| 5.85%, 08/26/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,541 | 5565137 |
| 5.88%, 04/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,518 | 11596438 |
| 6.09%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD865 | 868968 |
| 6.09%, 04/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,291 | 4315268 |
| 6.13%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,091 | 2086352 |
| 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,979 | 2996296 |
| 7.14%, 11/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD609 | 616471 |
| CSAIL Commercial Mortgage Trust |  |  |
| 3.59%, 12/15/52 | &nbsp;&nbsp; USD72 | 65592 |
| 3.61%, 06/15/52 | &nbsp;&nbsp; USD915 | 864454 |
| 4.17%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp; USD720 | 715272 |
| CSMC Trust |  |  |
| 0.83%, 03/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,350 | 1910209 |
| 2.13%, 02/25/43<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,161 | 1011907 |
| 3.24%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,984 | 3784974 |
| 3.50%, 12/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD137 | 126508 |
| 3.50%, 03/25/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD127 | 117886 |
| 4.05%, 12/15/49<sup>(b)</sup> | &nbsp;&nbsp; USD900 | 870376 |
| 4.06%, 10/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,546 | 2507468 |
| 5.61%, 11/15/38, (1-mo. CME Term <br> SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,505 | 1501237 |
| CSTL Commercial Mortgage Trust, 4.76%, <br> 11/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,880 | 7817378 |
| DBGS, 6.22%, 08/15/34, (1-mo. CME Term <br> SOFR + 1.882%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,820 | 7827331 |
| DBJPM Mortgage Trust, 3.56%, 06/10/50<sup>(b)</sup> | &nbsp;&nbsp; USD250 | 238244 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| DBWF Mortgage Trust, 6.08%, 04/15/37, <br> (1-mo. CME Term SOFR + 1.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $1999375 |
| DC Trust |  |  |
| 5.73%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,440 | 2451899 |
| 7.71%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,250 | 3229882 |
| Deephaven Residential Mortgage Trust |  |  |
| 0.72%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,584 | 1506808 |
| 1.19%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD761 | 665113 |
| 2.96%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD140 | 114986 |
| 5.74%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,578 | 3587073 |
| DK Trust |  |  |
| 5.84%, 03/15/34, (1-mo. CME Term <br> SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,910 | 4922275 |
| 7.09%, 03/15/34, (1-mo. CME Term <br> SOFR + 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,400 | 1403500 |
| Dutch Property Finance BV, 2.85%, <br> 04/28/64, (3-mo. EURIBOR + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR937 | 1074523 |
| EFMT |  |  |
| 5.39%, 05/26/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD8,709 | 8684743 |
| 5.44%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD11,324 | 11314054 |
| 6.45%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 2999938 |
| 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,388 | 3415367 |
| 6.65%, 03/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,163 | 2187223 |
| 7.45%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,232 | 3143227 |
| Ellington Financial Mortgage Trust |  |  |
| 4.30%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,409 | 7319593 |
| 5.00%, 08/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,175 | 5155689 |
| 5.04%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD8,319 | 8243425 |
| 5.71%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,770 | 4769284 |
| 5.73%, 02/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD82 | 81240 |
| ELM Trust |  |  |
| 5.80%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,320 | 3343097 |
| 5.80%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,690 | 3715671 |
| Elstree Funding, 4.94%, 01/21/65, (1-day <br> SONIA + 0.720%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,116 | 1476685 |
| Elstree Funding No. 5 PLC, 5.07%, <br> 08/21/61, (1-day SONIA + 0.850%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP539 | 714102 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,080 | 7185550 |
| EverBank Mortgage Loan Trust, 2.50%, <br> 03/25/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD140 | 127150 |
| Exmoor Funding PLC |  |  |
| 4.98%, 03/25/95, (1-day SONIA + <br> 0.760%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP991 | 1310977 |
| 5.12%, 03/25/94, (1-day SONIA + <br> 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP523 | 692958 |
| 5.47%, 03/25/95, (1-day SONIA + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP240 | 317426 |
| 5.74%, 03/25/94, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP157 | 209326 |
| 5.97%, 03/25/95, (1-day SONIA + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP101 | 133680 |
| 6.14%, 03/25/94, (1-day SONIA + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 133441 |
| 6.60%, 03/25/95, (1-day SONIA + <br> 2.380%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132352 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Extended Stay America Trust |  |  |
| 7.31%, 07/15/38, (1-mo. CME Term <br> SOFR + 2.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,106 | $2114276 |
| Series 2021-ESH, Class A, 5.54%, <br> 07/15/38, (1-mo. CME Term SOFR + <br> 1.194%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,326 | 5329812 |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.80%, 02/25/55, (30-day Avg SOFR + <br> 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD13,276 | 13311532 |
| 5.85%, 02/25/55, (30-day Avg SOFR + <br> 1.500%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,487 | 5518664 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 0.26%, 06/25/33<sup>(b)</sup> | &nbsp;&nbsp; USD4,245 | 85613 |
| 0.56%, 12/25/27<sup>(b)</sup> | &nbsp;&nbsp; USD68,994 | 758403 |
| Federal Home Loan Mortgage <br> Corp. REMICS<br>|  |  |
| 5.35%, 09/25/54, (30-day Avg SOFR + <br> 1.000%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD10,217 | 10181640 |
| 5.41%, 10/25/54, (30-day Avg SOFR + <br> 1.060%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD22,521 | 22401480 |
| 5.45%, 09/25/54, (30-day Avg SOFR + <br> 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,205 | 5155760 |
| 5.45%, 10/25/54, (30-day Avg SOFR + <br> 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD21,457 | 21263946 |
| 5.45%, 11/25/54, (30-day Avg SOFR + <br> 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,482 | 7433551 |
| 5.47%, 08/25/54, (30-day Avg SOFR + <br> 1.120%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD15,204 | 15210311 |
| 5.50%, 10/25/54, (30-day Avg SOFR + <br> 1.150%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD12,135 | 12050072 |
| 5.55%, 06/25/54, (30-day Avg SOFR + <br> 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,712 | 3725204 |
| 5.60%, 03/25/54, (30-day Avg SOFR + <br> 1.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,683 | 1691138 |
| 5.70%, 03/25/55, (30-day Avg SOFR + <br> 1.350%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD22,051 | 22050627 |
| 5.80%, 03/25/54, (30-day Avg SOFR + <br> 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD6,991 | 6999468 |
| 5.80%, 04/25/54, (30-day Avg SOFR + <br> 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,264 | 7283680 |
| Federal Home Loan Mortgage Corp. <br> STRIPS, 5.55%, 05/25/54, (30-day Avg <br> SOFR + 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,662 | 3673356 |
| Federal National Mortgage <br> Association REMICS<br>|  |  |
| 5.30%, 10/25/54, (30-day Avg SOFR + <br> 0.950%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD14,102 | 14016271 |
| 5.40%, 06/25/54, (30-day Avg SOFR + <br> 1.050%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,291 | 4282952 |
| 5.40%, 06/25/54, (30-day Avg SOFR + <br> 1.050%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,666 | 4657617 |
| 5.45%, 08/25/54, (30-day Avg SOFR + <br> 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,850 | 3849347 |
| 5.55%, 12/25/54, (30-day Avg SOFR + <br> 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD9,260 | 9302855 |
| 5.60%, 05/25/55, (30-day Avg SOFR + <br> 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD16,953 | 16852483 |
| 5.65%, 07/25/53, (30-day Avg SOFR + <br> 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,773 | 5754252 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.65%, 06/25/54, (5-year CMT + <br> 3.084%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD24,546 | $24498788 |
| 5.65%, 03/25/55, (30-day Avg SOFR + <br> 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD23,752 | 23645763 |
| 5.77%, 12/25/54, (30-day Avg SOFR + <br> 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,162 | 2167716 |
| Flagstar Mortgage Trust |  |  |
| 3.50%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD143 | 127899 |
| 3.50%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD123 | 109628 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |
| 5.79%, 12/15/39, (1-mo. CME Term <br> SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,530 | 8544911 |
| 8.59%, 12/15/39, (1-mo. CME Term <br> SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,600 | 6593812 |
| FS Trust, 6.15%, 08/15/39, (1-mo. CME <br> Term SOFR + 1.811%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,166 | 6181377 |
| GCAT 2019-NQM2 Trust, 3.55%, <br> 01/25/60<sup>(a)</sup><br>| &nbsp;&nbsp; USD701 | 682065 |
| GCAT Trust |  |  |
| 1.09%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,262 | 1868361 |
| 1.50%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,572 | 1363982 |
| 1.92%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD51 | 46848 |
| 2.56%, 04/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,927 | 1839882 |
| 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD882 | 818567 |
| 3.27%, 04/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD214 | 206540 |
| 3.36%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,680 | 4445193 |
| 3.69%, 11/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,197 | 1157994 |
| 3.94%, 04/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD139 | 134449 |
| 4.25%, 10/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,083 | 3856952 |
| 5.50%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,759 | 5694002 |
| 5.71%, 08/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD309 | 307625 |
| 6.00%, 05/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,413 | 11493764 |
| 6.50%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD201 | 203126 |
| 7.21%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 2996573 |
| Government National Mortgage <br> Association REMICS<br>|  |  |
| 5.35%, 03/20/54, (30-day Avg SOFR + <br> 1.000%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,471 | 2468276 |
| 5.35%, 08/20/54, (30-day Avg SOFR + <br> 1.000%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,980 | 5942037 |
| 5.50%, 06/20/54, (30-day Avg SOFR + <br> 1.150%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,619 | 3613123 |
| Great Wolf Trust, 5.88%, 03/15/39, (1-mo. <br> CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,250 | 5269687 |
| GS Mortgage Securities Corp. Trust |  |  |
| 5.34%, 11/15/36, (1-mo. CME Term <br> SOFR + 0.999%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,010 | 2987425 |
| 5.41%, 10/15/36, (1-mo. CME Term <br> SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,370 | 6367028 |
| 5.86%, 12/15/36, (1-mo. CME Term <br> SOFR + 1.514%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,414 | 1403395 |
| 6.43%, 03/15/28, (1-mo. CME Term <br> SOFR + 2.091%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,390 | 4406462 |
| 6.46%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,870 | 2856643 |
| 7.00%, 11/25/41, (1-mo. CME Term <br> SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,471 | 7485094 |
| 7.13%, 03/15/28, (1-mo. CME Term <br> SOFR + 2.790%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD580 | 582900 |
| 7.43%, 09/10/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,510 | 3516561 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| GS Mortgage Securities Corportation Trust, <br> 5.61%, 10/15/36, (1-mo. CME Term <br> SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | $99503 |
| GS Mortgage-Backed Securities Trust, <br> 3.75%, 07/25/61<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD890 | 863948 |
| GSAT Trust, 5.84%, 07/15/40, (1-mo. CME <br> Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,475 | 9477878 |
| GWT, 6.03%, 05/15/41, (1-mo. CME Term <br> SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,555 | 4576352 |
| Harvest Commercial Capital Loan Trust, <br> 6.16%, 10/25/56<br>| &nbsp;&nbsp; USD2,821 | 2847230 |
| HIH Trust, 6.18%, 10/15/41, (1-mo. CME <br> Term SOFR + 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,030 | 4032207 |
| HILT Commercial Mortgage Trust |  |  |
| 5.88%, 05/15/37, (1-mo. CME Term <br> SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,193 | 11199996 |
| 6.78%, 05/15/37, (1-mo. CME Term <br> SOFR + 2.440%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,100 | 3101937 |
| Hilton USA Trust, 3.72%, 11/05/38<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 196446 |
| HLTN Commercial Mortgage Trust, 5.98%, <br> 06/15/41, (1-mo. CME Term SOFR + <br> 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,641 | 7648277 |
| Homes Trust, 5.72%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD10,276 | 10294542 |
| HOMES Trust |  |  |
| 5.22%, 08/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,148 | 6117322 |
| 5.43%, 02/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD15,108 | 15101119 |
| 5.63%, 02/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD6,179 | 6189898 |
| 5.92%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD8,042 | 8065840 |
| 6.18%, 01/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,900 | 6890641 |
| 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,286 | 2294133 |
| 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2013174 |
| HONO Mortgage Trust, 5.61%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,700 | 6679062 |
| HTL Commercial Mortgage Trust |  |  |
| 5.88%, 05/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,840 | 2867932 |
| 10.26%, 05/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 3110040 |
| Hudson Yards Mortgage Trust, 2.94%, <br> 12/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 369182 |
| ILPT Commercial Mortgage Trust, 5.29%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,792 | 8875299 |
| INV Mortgage Trust, 6.08%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.742%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,342 | 7337888 |
| J.P. Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| 5.80%, 10/05/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,000 | 5074283 |
| 6.08%, 10/15/33, (1-mo. CME Term <br> SOFR + 1.734%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,860 | 2845700 |
| J.P. Morgan Mortgage Trust, 2.93%, <br> 05/25/52<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD525 | 442814 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| 2.85%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,180 | 1152452 |
| 5.17%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,020 | 6046400 |
| 5.51%, 04/15/38, (1-mo. CME Term <br> SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,875 | 2874945 |
| 6.04%, 03/15/40, (1-mo. CME Term <br> SOFR + 1.693%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,917 | 7926874 |
| 6.48%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,750 | 2734182 |
| JP Morgan Mortgage Trust |  |  |
| 1.00%, 08/25/50, (1-mo. CME Term <br> SOFR + 3.886%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD406 | 5092 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD748 | $683929 |
| 3.00%, 01/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD125 | 107261 |
| 3.50%, 08/25/47<sup>(a)(b)</sup> | &nbsp;&nbsp; USD944 | 843289 |
| 3.51%, 07/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD205 | 178580 |
| 4.98%, 10/26/48<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,313 | 1310356 |
| 5.42%, 05/25/49, (1-mo. CME Term <br> SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD21 | 20403 |
| 5.59%, 02/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD10,183 | 10185355 |
| 5.99%, 07/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,061 | 2070103 |
| 6.00%, 08/25/50, (1-mo. CME Term <br> SOFR + 2.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD406 | 408819 |
| 6.00%, 08/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD882 | 886463 |
| 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,344 | 2355737 |
| 6.41%, 02/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,800 | 2805504 |
| JP Morgan Mortgage Trust Series |  |  |
| 5.50%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,000 | 4999930 |
| 6.42%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,300 | 1299968 |
| JP Morgan Trust, 5.92%, 05/25/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD931 | 927294 |
| JPMBB Commercial Mortgage Securities <br> Trust, 3.97%, 03/17/49<br>| &nbsp;&nbsp; USD430 | 420326 |
| Jubilee Place 7 BV |  |  |
| 2.72%, 09/18/62, (3-mo. EURIBOR + <br> 0.720%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,196 | 1366003 |
| 3.05%, 09/18/62, (3-mo. EURIBOR + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR257 | 293797 |
| 3.40%, 09/18/62, (3-mo. EURIBOR + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR100 | 113710 |
| JW Commercial Mortgage Trust, 5.96%, <br> 06/15/39, (1-mo. CME Term SOFR + <br> 1.621%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,805 | 6813489 |
| JW Trust, 5.93%, 11/15/39, (1-mo. CME <br> Term SOFR + 1.593%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,360 | 4365437 |
| KSL Commercial Mortgage |  |  |
| 6.23%, 06/15/42 | &nbsp;&nbsp; USD6,105 | 6105648 |
| 8.43%, 06/05/42 | &nbsp;&nbsp; USD8,585 | 8584704 |
| KSL Commercial Mortgage Trust, 5.88%, <br> 12/15/39, (1-mo. CME Term SOFR + <br> 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,825 | 7822555 |
| La Trobe Financial Capital Markets Trust, <br> 1.00%, 05/15/57, (7-year EUR Swap + <br> 2.663%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD1,260 | 808047 |
| Lagarino European Loan Conduit No. 40 <br> DAC<br>|  |  |
| 3.52%, 06/22/37, (3-mo. EURIBOR + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,126 | 2426190 |
| 4.17%, 06/22/37, (3-mo. EURIBOR + <br> 2.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR582 | 664187 |
| 4.67%, 06/22/37, (3-mo. EURIBOR + <br> 2.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR370 | 422248 |
| 5.57%, 06/22/37, (3-mo. EURIBOR + <br> 3.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,049 | 1197127 |
| Last Mile Logistics Pan Euro Finance DAC, <br> 4.83%, 08/17/33, (3-mo. EURIBOR + <br> 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,871 | 2129989 |
| Last Mile Securities PE DAC, 4.48%, <br> 08/17/31, (3-mo. EURIBOR + <br> 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR915 | 1044018 |
| LBA Trust |  |  |
| 5.78%, 10/15/41, (1-mo. CME Term <br> SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,180 | 6202041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.93%, 06/15/39, (1-mo. CME Term <br> SOFR + 1.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,325 | $7331867 |
| LUX, 7.03%, 08/15/40, (1-mo. CME Term <br> SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD882 | 885654 |
| MCR Mortgage Trust |  |  |
| 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD4,800 | 4834734 |
| 6.10%, 02/15/37, (1-mo. CME Term <br> SOFR + 1.758%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD894 | 894039 |
| 6.13%, 12/15/41, (1-mo. CME Term <br> SOFR + 1.793%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,830 | 5837287 |
| 7.45%, 02/15/37, (1-mo. CME Term <br> SOFR + 3.107%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,813 | 1812807 |
| 8.25%, 02/15/37, (1-mo. CME Term <br> SOFR + 3.905%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,652 | 1653734 |
| MF1 Trust |  |  |
| 5.41%, 12/15/34, (1-mo. CME Term <br> SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD130 | 129651 |
| 5.71%, 12/15/34, (1-mo. CME Term <br> SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99598 |
| MFA Trust |  |  |
| 1.47%, 11/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,026 | 3537928 |
| 4.23%, 12/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,100 | 949332 |
| 5.27%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,588 | 6557913 |
| 5.57%, 09/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,496 | 1490409 |
| 5.75%, 11/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD562 | 560403 |
| 6.11%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,151 | 2156898 |
| 6.58%, 03/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,317 | 1328794 |
| 6.62%, 07/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,572 | 2585697 |
| MFRA Trust |  |  |
| 5.72%, 12/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,940 | 6959311 |
| 6.67%, 12/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,529 | 3565183 |
| MHP |  |  |
| 5.16%, 07/15/38, (1-mo. CME Term <br> SOFR + 0.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,720 | 4720000 |
| 5.16%, 01/15/39, (1-mo. CME Term <br> SOFR + 0.815%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,636 | 2635813 |
| 5.36%, 07/15/38, (1-mo. CME Term <br> SOFR + 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | 1300000 |
| 5.51%, 07/15/38, (1-mo. CME Term <br> SOFR + 1.164%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD215 | 215000 |
| 5.81%, 07/15/38, (1-mo. CME Term <br> SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD215 | 215000 |
| 6.21%, 07/15/38, (1-mo. CME Term <br> SOFR + 1.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | 350000 |
| Miltonia Mortgage Finance SRL, 3.25%, <br> 04/28/62, (3-mo. EURIBOR + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR200 | 225238 |
| MIRA Trust, 6.75%, 06/10/38<sup>(a)</sup> | &nbsp;&nbsp; USD103 | 106491 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust, 4.50%, 10/15/48<sup>(b)</sup><br>| &nbsp;&nbsp; USD117 | 114919 |
| Morgan Stanley Capital I Trust |  |  |
| 3.52%, 07/15/52 | &nbsp;&nbsp; USD895 | 838245 |
| 3.70%, 06/15/52 | &nbsp;&nbsp; USD895 | 844404 |
| 3.89%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp; USD230 | 223083 |
| 4.43%, 07/15/51<sup>(b)</sup> | &nbsp;&nbsp; USD650 | 636514 |
| 4.62%, 07/15/51<sup>(b)</sup> | &nbsp;&nbsp; USD182 | 174970 |
| 5.89%, 11/15/34, (1-mo. CME Term <br> SOFR + 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD799 | 776052 |
| 5.91%, 12/15/38, (1-mo. CME Term <br> SOFR + 1.563%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,338 | 3038446 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| 5.04%, 07/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,977 | $5925570 |
| 5.44%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD13,831 | 13815865 |
| 5.44%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD14,900 | 14899990 |
| 5.56%, 03/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD11,376 | 11404080 |
| 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,652 | 2658221 |
| 5.96%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,215 | 3235833 |
| 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,830 | 1847372 |
| 6.97%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1474663 |
| Mortimer PLC |  |  |
| 5.06%, 09/22/67, (1-day SONIA + <br> 0.830%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP1,180 | 1563555 |
| 5.38%, 09/22/67, (1-day SONIA + <br> 1.150%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP561 | 743743 |
| 5.78%, 09/22/67, (1-day SONIA + <br> 1.550%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132956 |
| 6.33%, 09/22/67, (1-day SONIA + <br> 2.100%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132919 |
| NCMF Trust, 7.53%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,493 | 4524785 |
| New Residential Mortgage Loan Trust |  |  |
| 1.00%, 01/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,656 | 3671060 |
| 2.49%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,717 | 1633937 |
| 2.71%, 11/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD102 | 96741 |
| 2.72%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD636 | 599060 |
| 2.77%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,855 | 1743934 |
| 2.80%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,863 | 2723246 |
| 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD92 | 87447 |
| 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD449 | 428423 |
| 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD36 | 34005 |
| 3.75%, 05/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD152 | 143932 |
| 3.99%, 04/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD922 | 836903 |
| 4.00%, 03/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD124 | 119112 |
| 4.50%, 02/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD84 | 82312 |
| 4.75%, 12/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD142 | 140924 |
| 5.12%, 09/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,533 | 6468923 |
| 5.35%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,900 | 4894515 |
| 5.47%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD9,371 | 9365122 |
| 5.53%, 05/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD19,374 | 19437378 |
| 6.13%, 03/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,688 | 1693624 |
| 6.30%, 11/25/52<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,338 | 2329699 |
| 6.47%, 01/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,172 | 2193397 |
| 7.05%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,500 | 3466156 |
| NEW Residential Mortgage Loan Trust, <br> 5.57%, 04/25/65<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD2,282 | 2290303 |
| NLT Trust, 3.20%, 10/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,262 | 1133694 |
| NYC Commercial Mortgage Trust, 7.39%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,179 | 1178186 |
| NYCT Trust 2024-3ELV |  |  |
| 6.33%, 08/15/29, (1-mo. CME Term <br> SOFR + 1.991%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5016617 |
| 7.18%, 08/15/29, (1-mo. CME Term <br> SOFR + 2.840%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 992870 |
| 8.18%, 08/15/29, (1-mo. CME Term <br> SOFR + 3.838%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 3958776 |
| NYMT Loan Trust |  |  |
| 3.75%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,900 | 9423253 |
| 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,315 | 7292029 |
| OBX Trust |  |  |
| 1.07%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,472 | 1255087 |
| 4.50%, 11/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp; USD246 | 236273 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.94%, 09/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,192 | $3165362 |
| 5.11%, 08/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp; USD420 | 417732 |
| 5.61%, 11/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,535 | 8529527 |
| 5.88%, 06/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,457 | 1460890 |
| 5.95%, 01/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD987 | 991814 |
| 5.95%, 02/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp; USD8,586 | 8583680 |
| 5.99%, 01/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,275 | 1279649 |
| 6.07%, 01/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,217 | 3235253 |
| 6.10%, 09/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,590 | 1584094 |
| 6.13%, 12/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,122 | 1129406 |
| 6.45%, 09/25/62<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,328 | 1324290 |
| 6.52%, 07/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,900 | 1909237 |
| ONE Mortgage Trust, 5.16%, 03/15/36, <br> (1-mo. CME Term SOFR + 0.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,800 | 1768584 |
| One New York Plaza Trust |  |  |
| 5.41%, 01/15/36, (1-mo. CME Term <br> SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 978377 |
| 5.71%, 01/15/36, (1-mo. CME Term <br> SOFR + 1.364%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD519 | 504658 |
| 5.96%, 01/15/36, (1-mo. CME Term <br> SOFR + 1.614%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 968616 |
| ONNI Commerical Mortgage Trust, 5.57%, <br> 07/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,605 | 3672829 |
| OPEN Trust, 7.43%, 11/15/40, (1-mo. CME <br> Term SOFR + 3.089%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD422 | 422633 |
| ORL Trust, 5.83%, 12/15/39, (1-mo. CME <br> Term SOFR + 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,400 | 4403901 |
| PGA Trust, 6.23%, 06/15/39, (1-mo. CME <br> Term SOFR + 1.891%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,760 | 6768450 |
| Pierpont BTL PLC |  |  |
| 5.03%, 03/21/62, (1-day SONIA + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP552 | 731419 |
| 5.08%, 09/21/61, (1-day SONIA + <br> 0.840%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,396 | 1851697 |
| 5.28%, 03/21/62, (1-day SONIA + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP289 | 384313 |
| 5.53%, 03/21/62, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132966 |
| PMT Loan Trust |  |  |
| 5.50%, 03/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,830 | 3783873 |
| 5.50%, 10/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,386 | 7302281 |
| 6.00%, 02/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,498 | 7542483 |
| Polaris PLC |  |  |
| 5.04%, 02/26/68, (1-day SONIA + <br> 0.820%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,820 | 2408658 |
| 5.27%, 02/26/68, (1-day SONIA + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP413 | 546230 |
| 5.27%, 08/25/68, (1-day SONIA + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP196 | 259059 |
| 5.62%, 02/26/68, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP108 | 142745 |
| 5.62%, 08/25/68, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132172 |
| 6.02%, 02/26/68, (1-day SONIA + <br> 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132170 |
| PRET Trust |  |  |
| 4.00%, 08/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,222 | 1173222 |
| 4.00%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,699 | 3561852 |
| PRKCM, 5.55%, 02/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,371 | 3369777 |
| PRKCM Trust |  |  |
| 2.07%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,929 | 2577517 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.33%, 03/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp; USD951 | $956208 |
| 6.43%, 05/25/59<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,242 | 1251215 |
| 6.60%, 02/25/58<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,058 | 2055458 |
| PRM5 Trust |  |  |
| 4.47%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,507 | 7436547 |
| 5.62%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,200 | 3163349 |
| PRPM, 5.23%, 08/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD6,572 | 6539892 |
| PRPM LLC, 4.00%, 07/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,509 | 1476771 |
| PRPM Trust |  |  |
| 5.50%, 08/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,968 | 2961331 |
| 5.67%, 12/26/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD11,196 | 11175313 |
| 5.69%, 04/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD12,566 | 12597135 |
| 5.80%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD4,707 | 4717081 |
| 6.22%, 11/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,653 | 3665357 |
| 6.27%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,403 | 1410543 |
| 6.52%, 12/26/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,000 | 5035920 |
| 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,027 | 2046435 |
| Radian Mortgage Capital Trust, 5.50%, <br> 03/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,918 | 1892834 |
| Radian Mortgage Capital Trust LLC, 6.00%, <br> 11/25/54<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,836 | 1838230 |
| RESIMAC Premier Series 2025-1, 4.89%, <br> 09/12/56<sup>(c)</sup><br>| &nbsp;&nbsp; AUD1,531 | 987152 |
| ROCK Trust, 8.82%, 11/13/41<sup>(a)</sup> | &nbsp;&nbsp; USD2,000 | 2103801 |
| RUN Trust, 4.00%, 03/25/67<sup>(a)</sup> | &nbsp;&nbsp; USD2,044 | 1991582 |
| Sage AR Funding |  |  |
| 4.22%, 05/17/37, (1-day SONIA + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,948 | 2587794 |
| 6.23%, 05/17/37, (1-day SONIA + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP988 | 1314489 |
| 6.63%, 05/17/37, (5-year EUR Swap + <br> 4.281%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP390 | 518260 |
| 8.13%, 05/17/37, (1-day SONIA + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP337 | 447692 |
| SAIF Securitization Trust, 5.97%, <br> 07/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD2,854 | 2864264 |
| Santander Mortgage Asset Receivable <br> Trust, 5.73%, 02/25/65<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,218 | 3225809 |
| Sapphire XXXII Trust, 4.89%, 06/14/66, <br> (1-month BB Swap + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD5,880 | 3782787 |
| SCG Commercial Mortgage Trust, 7.29%, <br> 03/15/35, (1-mo. CME Term SOFR + <br> 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,410 | 7365286 |
| SCG Mortgage Trust, 6.08%, 04/15/41, <br> (1-mo. CME Term SOFR + 1.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,700 | 8705434 |
| SDAL Trust, 6.78%, 04/15/42, (1-mo. CME <br> Term SOFR + 2.441%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,496 | 10513886 |
| SELF Commercial Mortgage Trust |  |  |
| 5.88%, 11/15/34, (1-mo. CME Term <br> SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,680 | 4709656 |
| 8.53%, 11/15/34, (1-mo. CME Term <br> SOFR + 4.188%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,050 | 3041936 |
| Sequoia Mortgage Trust |  |  |
| 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD629 | 580737 |
| 4.45%, 11/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,410 | 6382105 |
| 5.50%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,831 | 5772136 |
| SG Residential Mortgage Trust, 5.35%, <br> 08/25/62<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD2,584 | 2574493 |
| SHR Trust |  |  |
| 6.29%, 10/15/41, (1-mo. CME Term <br> SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,130 | 5129999 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 8.79%, 10/15/41, (1-mo. CME Term <br> SOFR + 4.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD345 | $346722 |
| SMRT Commercial Mortgage Trust, 5.34%, <br> 01/15/39, (1-mo. CME Term SOFR + <br> 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,150 | 5137125 |
| SREIT Trust |  |  |
| 5.19%, 11/15/38, (1-mo. CME Term <br> SOFR + 0.845%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,565 | 5564875 |
| 5.28%, 11/15/36, (1-mo. CME Term <br> SOFR + 0.936%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,670 | 6667916 |
| 5.83%, 11/15/36, (1-mo. CME Term <br> SOFR + 1.485%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD265 | 264917 |
| Starwood Mortgage Residential Trust |  |  |
| 0.94%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,002 | 3734296 |
| 1.17%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,181 | 1102242 |
| 1.92%, 09/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD599 | 503342 |
| 2.18%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD500 | 443471 |
| Stratton Mortgage Funding PLC |  |  |
| 5.21%, 06/25/49, (1-day SONIA + <br> 0.975%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP385 | 508424 |
| 5.59%, 06/25/49, (1-day SONIA + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP179 | 236481 |
| STWD Trust, 5.03%, 07/15/36, (1-mo. CME <br> Term SOFR + 0.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,780 | 4778103 |
| Taurus 2025-4 UK DAC |  |  |
| 5.47%, 08/18/35, (1-day SONIA + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP782 | 1032748 |
| 5.82%, 08/18/35, (1-day SONIA + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132065 |
| Taurus U.K. DAC |  |  |
| 5.74%, 02/18/35, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP2,037 | 2701955 |
| 6.24%, 02/18/35, (1-day SONIA + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP401 | 528781 |
| 6.74%, 02/18/35, (1-day SONIA + <br> 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP496 | 650086 |
| TCO Commercial Mortgage Trust, 7.08%, <br> 12/15/39, (1-mo. CME Term SOFR + <br> 2.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2475576 |
| THPT Mortgage Trust, 6.99%, 12/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,627 | 6723962 |
| Thunder Logistics DAC |  |  |
| 3.63%, 11/17/36, (3-mo. EURIBOR + <br> 1.500%)<sup>(c)</sup><br>| &nbsp;&nbsp; EUR797 | 906576 |
| 4.18%, 11/17/36, (3-mo. EURIBOR + <br> 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR72 | 81806 |
| 4.68%, 11/17/36, (3-mo. EURIBOR + <br> 2.550%)<sup>(c)</sup><br>| &nbsp;&nbsp; EUR72 | 81886 |
| Together Asset Backed Securitisation PLC, <br> 5.42%, 01/15/57, (5-year UK Government <br> Bond + 5.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,549 | 2047102 |
| Together Asset-Backed Securitisation PLC |  |  |
| 5.15%, 09/12/56, (1-day SONIA + <br> 0.930%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP863 | 1143744 |
| 5.18%, 10/12/65, (1-day SONIA + <br> 0.960%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP1,190 | 1579768 |
| 5.42%, 09/12/56, (1-day SONIA + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP424 | 561140 |
| 5.72%, 09/12/56, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132318 |
| 5.72%, 01/15/57, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP182 | 240549 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.02%, 01/15/57, (1-day SONIA + <br> 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP109 | $145113 |
| 6.17%, 09/12/56, (1-day SONIA + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132419 |
| Towd Point Mortgage Trust |  |  |
| 3.50%, 03/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1449375 |
| 3.75%, 07/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD822 | 775761 |
| 3.75%, 08/01/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,057 | 1943508 |
| 4.94%, 11/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 98962 |
| 5.73%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp; USD10,340 | 10374954 |
| TRK Trust, 4.34%, 06/25/57<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,423 | 1349328 |
| TTAN |  |  |
| 5.31%, 03/15/38, (1-mo. CME Term <br> SOFR + 0.964%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,113 | 6114448 |
| 5.81%, 03/15/38, (1-mo. CME Term <br> SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,309 | 1310130 |
| TYSN Mortgage Trust, 6.58%, 12/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,304 | 4523597 |
| U.K. Logistics DAC |  |  |
| 5.88%, 05/17/34, (1-day SONIA + <br> 1.650%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP202 | 267310 |
| 8.32%, 05/17/35, (1-day SONIA + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP824 | 1091912 |
| UBS Commercial Mortgage Trust |  |  |
| 3.76%, 10/15/52<sup>(b)</sup> | &nbsp;&nbsp; USD1,200 | 1037178 |
| 3.84%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; USD565 | 539170 |
| UK Logistics DAC |  |  |
| 5.59%, 02/17/35, (1-day SONIA + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,404 | 1864510 |
| 5.94%, 02/17/35, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP197 | 263357 |
| 6.34%, 02/17/35, (1-day SONIA + <br> 2.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132874 |
| 7.34%, 02/17/35, (1-day SONIA + <br> 3.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP219 | 290539 |
| VEGAS, 6.22%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,390 | 5061050 |
| VEGAS Trust, 5.52%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp; USD4,850 | 4893026 |
| Velocity Commercial Capital Loan Trust |  |  |
| 5.22%, 06/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,006 | 1923314 |
| 5.49%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,869 | 2851624 |
| 5.81%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,492 | 6499064 |
| 5.87%, 06/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD12,919 | 12972596 |
| 6.03%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,112 | 2124038 |
| 6.58%, 04/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD750 | 757303 |
| 6.98%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,997 | 2007144 |
| 9.67%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,604 | 1615309 |
| Verus Securitization Trust |  |  |
| 1.82%, 11/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD663 | 601853 |
| 3.80%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,631 | 2386445 |
| 4.13%, 02/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,866 | 1776597 |
| 5.10%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,791 | 6740110 |
| 5.22%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,891 | 6851196 |
| 5.33%, 08/26/69<sup>(a)</sup> | &nbsp;&nbsp; USD1,829 | 1820664 |
| 5.36%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,577 | 4567228 |
| 5.42%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD14,900 | 14886448 |
| 5.43%, 06/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD12,980 | 12983387 |
| 5.62%, 05/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp; USD9,064 | 9100883 |
| 5.71%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD5,482 | 5482476 |
| 5.81%, 05/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,222 | 2221248 |
| 5.85%, 12/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp; USD426 | 424710 |
| 5.93%, 03/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD3,941 | 3943390 |
| 6.10%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD289 | 290376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.12%, 03/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,014 | $2024165 |
| 6.34%, 04/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,643 | 2667386 |
| 6.40%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD583 | 571548 |
| 6.76%, 02/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp; USD2,245 | 2245975 |
| 7.64%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,335 | 1361863 |
| 8.03%, 04/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD500 | 510806 |
| 8.19%, 11/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1535163 |
| Verus Securitization Trust 2024, 8.38%, <br> 04/25/69<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,240 | 1248222 |
| Visio Trust, 1.31%, 11/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD68 | 64830 |
| Vista Point Securitization Trust |  |  |
| 5.68%, 01/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp; USD7,199 | 7185051 |
| 6.00%, 01/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp; USD1,000 | 1004626 |
| WaMu Mortgage Pass-Through Certificates <br> Series Trust, 4.93%, 09/25/46, (12-mo. <br> MTA + 0.960%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD36 | 29755 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Series Trust, 5.22%, <br> 04/25/47, (12-mo. MTA + 1.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD245 | 210779 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 3.75%, 03/15/59 | &nbsp;&nbsp; USD850 | 840310 |
| 3.98%, 12/15/49<sup>(b)</sup> | &nbsp;&nbsp; USD440 | 431486 |
| 4.06%, 08/17/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD210 | 204631 |
| 4.70%, 01/15/59<sup>(b)</sup> | &nbsp;&nbsp; USD205 | 203156 |
| Series 2015-C31, Class B, 4.48%, <br> 11/15/48<sup>(b)</sup><br>| &nbsp;&nbsp; USD450 | 446936 |
| Series 2018-C46, Class AS, 4.38%, <br> 08/15/51<br>| &nbsp;&nbsp; USD660 | 645695 |
| Series 2019-C50, Class AS, 4.02%, <br> 05/15/52<br>| &nbsp;&nbsp; USD870 | 827772 |
| Wells Fargo Mortgage-Backed Securities <br> Trust, 3.50%, 07/25/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD170 | 154675 |
| WEST Trust, 5.28%, 04/10/35<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,126 | 4181838 |
| WHARF Commercial Mortgage Trust |  |  |
| 5.35%, 07/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,947 | 4009752 |
| 7.72%, 07/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,897 | 2946795 |
| Winchester 1 PLC |  |  |
| 5.11%, 10/21/56<sup>(c)</sup> | &nbsp;&nbsp; GBP781 | 1036370 |
| 5.42%, 10/21/56, (1-day SONIA + <br> 1.200%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP340 | 451342 |
| 5.77%, 10/21/56, (1-day SONIA + <br> 1.550%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132389 |
| 6.22%, 10/21/56, (1-day SONIA + <br> 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp; GBP100 | 132608 |
| WinWater Mortgage Loan Trust |  |  |
| 3.50%, 11/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD299 | 277461 |
| 3.50%, 01/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD131 | 121944 |
| 3.50%, 02/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD374 | 343068 |
| 3.50%, 02/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD150 | 137227 |
| 3.93%, 06/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD389 | 373428 |
| 4.00%, 09/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD98 | 93665 |
|  |  | 2235526463 |
| **Municpal Debt Obligations — 0.0%** | **Municpal Debt Obligations — 0.0%** | **Municpal Debt Obligations — 0.0%** |
| Tower Bridge Funding PLC, 5.02%, <br> 12/20/66<sup>(c)</sup><br>| &nbsp;&nbsp; GBP496 | 656692 |
| **Total Collateralized Mortgage Obligations — 21.6%** <br>**(Cost: $2,312,523,638)** | **Total Collateralized Mortgage Obligations — 21.6%** <br>**(Cost: $2,312,523,638)** | 2319897594 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Nexi SpA, Series ., 0.00% 02/24/28<sup>(c)(f)</sup> | &nbsp;&nbsp; EUR10,600 | $11034096 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Cellnex Telecom SA, Series CLNX, 0.75%, <br> 11/20/31<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,400 | 4480178 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Ocado Group PLC, 0.75%, 01/18/27<sup>(c)</sup> | &nbsp;&nbsp; GBP3,500 | 4252517 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| ams-OSRAM AG, Series ., 2.13%, <br> 11/03/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,100 | 1208245 |
| **Total Convertible Bonds — 0.2%** <br>**(Cost: $19,966,624)** | **Total Convertible Bonds — 0.2%** <br>**(Cost: $19,966,624)** | 20975036 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 5.13%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD812 | 810898 |
| 7.13%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,895 | 2891004 |
| 7.50%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 239574 |
| 7.88%, 04/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,325 | 3424108 |
| 9.00%, 09/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,061 | 3207135 |
| Lamar Media Corp. |  |  |
| 3.63%, 01/15/31 | &nbsp;&nbsp; USD240 | 220786 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; USD150 | 144898 |
| 4.00%, 02/15/30 | &nbsp;&nbsp; USD240 | 227723 |
| 4.88%, 01/15/29 | &nbsp;&nbsp; USD2,877 | 2825383 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD880 | 837805 |
| 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,988 | 3947864 |
| 7.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 251992 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,644 | 2544896 |
| Summer BC Holdco B SARL |  |  |
| 5.88%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR1,997 | 2241447 |
| 6.39%, 02/15/30, (3-mo. EURIBOR + <br> 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,253 | 1408453 |
|  |  | 25223966 |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| Bombardier Inc. |  |  |
| 6.75%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,248 | 1282721 |
| 7.00%, 06/01/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,184 | 1224835 |
| 7.25%, 07/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,321 | 2423602 |
| 8.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,180 | 1269826 |
| Czechoslovak Group AS, 5.25%, <br> 01/10/31<sup>(c)</sup><br>| &nbsp;&nbsp; EUR6,517 | 7641720 |
| Spirit AeroSystems Inc. |  |  |
| 4.60%, 06/15/28 | &nbsp;&nbsp; USD178 | 175126 |
| 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD737 | 778742 |
| 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD7,087 | 7794305 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | &nbsp;&nbsp; USD3,103 | 3033847 |
| 6.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD895 | 899420 |
| 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD10,165 | 10403380 |
| 6.38%, 05/31/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,657 | 2673877 |
| 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,276 | 2340340 |
| 6.75%, 08/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,886 | 2944765 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 7.13%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD197 | $205126 |
|  |  | 45091632 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Darling Ingredients Inc. |  |  |
| 5.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 399439 |
| 6.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD227 | 228451 |
| Tereos Finance Groupe I SA |  |  |
| 5.75%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp; EUR832 | 935236 |
| 5.88%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,104 | 2405142 |
| 7.25%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR2,559 | 3017370 |
|  |  | 6985638 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| ABRA Global Finance, 14.00%, 10/22/29, <br> (6.00% cash and 8.00% PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD268 | 204680 |
| Air France-KLM, Series ., 5.75%, (1-day <br> SONIA + 0.800%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR7,000 | 8148164 |
| Air New Zealand Ltd., 6.50%, 05/25/29 | &nbsp;&nbsp; AUD270 | 182509 |
| American Airlines Inc. |  |  |
| 7.25%, 02/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,890 | 4989822 |
| 8.50%, 05/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,176 | 1229067 |
| American Airlines Inc./AAdvantage Loyalty <br> IP Ltd.<br>|  |  |
| 5.50%, 04/20/26<sup>(a)</sup> | &nbsp;&nbsp; USD88 | 88107 |
| 5.75%, 04/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD479 | 478832 |
| Delta Air Lines Inc. |  |  |
| 4.95%, 07/10/28 | &nbsp;&nbsp; USD10,048 | 10092573 |
| 5.25%, 07/10/30<sup>(g)</sup> | &nbsp;&nbsp; USD8,033 | 8108702 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55, <br> (5-year EURIBOR ICE Swap + <br> 2.855%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR10,700 | 12404129 |
| Grupo Aeromexico SAB de CV, 8.25%, <br> 11/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD952 | 933341 |
| JetBlue Airways Corp./JetBlue Loyalty LP, <br> 9.88%, 09/20/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD7,571 | 7320022 |
| Qantas Airways Ltd., 5.90%, 09/19/34<sup>(c)</sup> | &nbsp;&nbsp; AUD1,500 | 984652 |
| VistaJet Malta Finance PLC/Vista <br> Management Holding Inc.<br>|  |  |
| 6.38%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,745 | 1648429 |
| 7.88%, 05/01/27<sup>(a)(g)</sup> | &nbsp;&nbsp; USD900 | 903080 |
| 9.50%, 06/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,160 | 1188999 |
|  |  | 58905108 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Beach Acquisition Bidco LLC |  |  |
| 5.25%, 07/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR6,356 | 7380207 |
| 10.00%, 07/15/33, (10.00 % Cash and <br> 10.75 % PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD1,500 | 1563862 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD912 | 959889 |
| Levi Strauss & Co., 4.00%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR1,318 | 1529754 |
| PrestigeBidCo GmbH, 5.78%, 07/01/29, <br> (3-mo. EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,253 | 1436786 |
|  |  | 12870498 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| Allison Transmission Inc., 4.75%, <br> 10/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,225 | 1212685 |
| Aston Martin Capital Holdings Ltd., 10.38%, <br> 03/31/29<sup>(c)</sup><br>| &nbsp;&nbsp; GBP7,662 | 9476274 |
| Hyundai Capital America, 5.70%, 03/27/30, <br> (1-day SOFR + 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; USD4,500 | 4520476 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.50%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 239096 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.88%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD701 | $703137 |
| Mercedes-Benz International Finance BV, <br> 2.50%, 09/05/28<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,000 | 4554877 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.85%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp; USD825 | 791633 |
| 7.05%, 09/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,988 | 2048167 |
| Nissan Motor Co. Ltd. |  |  |
| 4.35%, 09/17/27<sup>(a)</sup> | &nbsp;&nbsp; USD855 | 834091 |
| 4.81%, 09/17/30<sup>(a)</sup> | &nbsp;&nbsp; USD8,899 | 8178552 |
| 5.25%, 07/17/29<sup>(c)</sup> | &nbsp;&nbsp; EUR9,658 | 11197428 |
| 7.75%, 07/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,130 | 2205005 |
| RCI Banque SA |  |  |
| 4.75%, 03/24/37, (5-year EURIBOR ICE <br> Swap + 2.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,100 | 2431784 |
| 5.50%, 10/09/34, (5-year EURIBOR ICE <br> Swap + 2.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR20,000 | 23840229 |
| Traton Finance Luxembourg SA, 3.02%, <br> 01/21/26, (3-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR10,800 | 12363346 |
| Volkswagen Financial Services AG, 2.25%, <br> 10/16/26<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,091 | 4658740 |
| Volkswagen International Finance NV |  |  |
| 3.88%, (10-year EUR Swap + <br> 3.370%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,000 | 5711296 |
| 5.49%, (8-year EUR Swap + <br> 3.494%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1174148 |
| Series ., 5.99%, (1-year UK Government <br> Bond + 1.250%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR4,900 | 5758676 |
| Volkswagen Leasing GmbH, 3.63%, <br> 10/11/26<sup>(c)</sup><br>| &nbsp;&nbsp; EUR8,226 | 9501746 |
|  |  | 111401386 |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 245668 |
| 7.50%, 02/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,571 | 4661327 |
| 8.25%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 250868 |
| American Axle & Manufacturing Inc. |  |  |
| 5.00%, 10/01/29<sup>(g)</sup> | &nbsp;&nbsp; USD7,493 | 6798682 |
| 6.88%, 07/01/28 | &nbsp;&nbsp; USD625 | 622603 |
| Aptiv PLC/Aptiv Global Financing DAC, <br> 6.88%, 12/15/54, (5-year CMT + <br> 3.385%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD782 | 787155 |
| Clarios Global LP / Clarios U.S. Finance <br> Co., 4.75%, 06/15/31<sup>(c)</sup><br>| &nbsp;&nbsp; EUR11,359 | 13106835 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,716 | 1754490 |
| 6.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,106 | 1140319 |
| Dana Financing Luxembourg SARL, 8.50%, <br> 07/15/31<sup>(c)</sup><br>| &nbsp;&nbsp; EUR2,411 | 2974241 |
| Forvia SE |  |  |
| 2.38%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,046 | 1122706 |
| 3.75%, 06/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR360 | 410226 |
| 5.50%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR7,820 | 9135505 |
| 5.63%, 06/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,320 | 2716830 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.00%, 07/15/29<sup>(g)</sup> | &nbsp;&nbsp; USD2,979 | 2889961 |
| 5.25%, 07/15/31<sup>(g)</sup> | &nbsp;&nbsp; USD1,927 | 1828453 |
| 5.63%, 04/30/33<sup>(g)</sup> | &nbsp;&nbsp; USD1,771 | 1662083 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| IHO Verwaltungs GmbH |  |  |
| 7.00%, 11/15/31, (7.00 % in Cash and <br> 7.75 % in PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; EUR1,271 | $1556762 |
| 8.75%, 05/15/28, (8.75% PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp; EUR4,000 | 4786112 |
| LG Energy Solution Ltd. |  |  |
| 5.38%, 04/02/30<sup>(c)</sup> | &nbsp;&nbsp; USD2,500 | 2533800 |
| 6.05%, 04/02/30<sup>(b)(c)</sup> | &nbsp;&nbsp; USD2,500 | 2529900 |
| Mahle GmbH |  |  |
| 2.38%, 05/14/28<sup>(c)</sup> | &nbsp;&nbsp; EUR200 | 216018 |
| 6.50%, 05/02/31<sup>(c)</sup> | &nbsp;&nbsp; EUR8,381 | 9657913 |
| Opmobility, 4.30%, 02/05/31<sup>(c)</sup> | &nbsp;&nbsp; EUR1,200 | 1386215 |
| Robert Bosch GmbH, 4.38%, 06/02/43<sup>(c)</sup> | &nbsp;&nbsp; EUR6,700 | 7718802 |
| Schaeffler AG |  |  |
| 3.38%, 10/12/28<sup>(c)</sup> | &nbsp;&nbsp; EUR4,400 | 5025420 |
| 4.25%, 04/01/28<sup>(c)</sup> | &nbsp;&nbsp; EUR1,800 | 2090884 |
| 5.38%, 04/01/31<sup>(c)</sup> | &nbsp;&nbsp; EUR1,200 | 1414098 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD7,744 | 7686275 |
| ZF Europe Finance BV |  |  |
| 2.50%, 10/23/27<sup>(c)</sup> | &nbsp;&nbsp; EUR9,900 | 10759311 |
| 3.00%, 10/23/29<sup>(c)</sup> | &nbsp;&nbsp; EUR4,400 | 4440257 |
| 6.13%, 03/13/29<sup>(c)</sup> | &nbsp;&nbsp; EUR3,000 | 3427878 |
| 7.00%, 06/12/30<sup>(c)</sup> | &nbsp;&nbsp; EUR4,200 | 4847111 |
| ZF Finance GmbH |  |  |
| 2.25%, 05/03/28<sup>(c)</sup> | &nbsp;&nbsp; EUR500 | 524952 |
| 5.75%, 08/03/26<sup>(c)</sup> | &nbsp;&nbsp; EUR100 | 115637 |
| ZF North America Capital Inc. |  |  |
| 6.75%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,045 | 994436 |
| 6.88%, 04/23/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,351 | 2193773 |
| 7.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,797 | 3680433 |
|  |  | 129693939 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| Abanca Corp. Bancaria SA, 4.63%, <br> 12/11/36, (5-year EURIBOR ICE Swap + <br> 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR6,000 | 7040042 |
| ABN AMRO Bank NV, 5.50%, 09/21/33, <br> (5-year EURIBOR ICE Swap + <br> 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4249441 |
| Abu Dhabi Commercial Bank PJSC, 8.00%, <br> (5-year CMT + 3.524%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD250 | 264144 |
| AIB Group PLC |  |  |
| 6.00%, (5-year EURIBOR ICE Swap + <br> 3.705%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4024981 |
| 7.13%, (5-year EURIBOR ICE Swap + <br> 4.387%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,436 | 6669671 |
| Al Rajhi Sukuk Ltd., 6.25%, (6-year CMT + <br> 1.594%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD684 | 689465 |
| Alpha Bank SA, 6.00%, 09/13/34, (5-year <br> EURIBOR ICE Swap + 3.270%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,000 | 3696028 |
| Axis Bank Ltd./Gandhinagar, 4.10%, (5-year <br> CMT + 3.315%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD4,500 | 4381875 |
| B&M European Value Retail SA, 6.50%, <br> 11/27/31<sup>(c)</sup><br>| &nbsp;&nbsp; GBP6,300 | 8395191 |
| Banca Monte dei Paschi di Siena SpA, <br> 4.38%, 10/02/35, (1-month BB Swap + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR8,500 | 9818722 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.88%, (5-year EUR Swap + <br> 4.267%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1225580 |
| 7.75%, (5-year CMT + 3.249%)<sup>(b)(g)(i)</sup> | &nbsp;&nbsp; USD3,227 | 3344093 |
| 8.38%, (5-year EURIBOR ICE Swap + <br> 5.544%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,000 | 6341075 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banco de Credito e Inversiones SA, 8.75%, <br> (5-year CMT + 4.944%)<sup>(a)(b)(g)(i)</sup><br>| &nbsp;&nbsp; USD400 | $426800 |
| Banco de Credito Social Cooperativo SA, <br> 5.25%, 11/27/31, (5-year EUR Swap + <br> 5.419%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2321916 |
| Banco de Sabadell SA, Series ., 6.50%, <br> (5-year EURIBOR ICE Swap + <br> 3.012%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,600 | 1899504 |
| Banco del Estado de Chile, 7.95%, (30-day <br> Avg SOFR + 1.250%)<sup>(a)(b)(i)</sup><br>| &nbsp;&nbsp; USD276 | 293026 |
| Banco Mercantil del <br> Norte SA/Grand Cayman<br>|  |  |
| 5.88%, (5-year CMT + 4.643%)<sup>(a)(b)(i)</sup> | &nbsp;&nbsp; USD260 | 254881 |
| 8.38%, (5-year CMT + 4.072%)<sup>(a)(b)(i)</sup> | &nbsp;&nbsp; USD411 | 420010 |
| Bancolombia SA, 8.63%, 12/24/34, (5-year <br> CMT + 4.320%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD510 | 541365 |
| Bangkok Bank PCL/Hong Kong, 5.30%, <br> 09/21/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD650 | 660328 |
| Bank Negara Indonesia Persero Tbk PT, <br> 4.30%, (5-year CMT + 3.466%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD4,500 | 4336875 |
| Bank of America Corp. |  |  |
| 0.69%, 03/22/31, (3-mo. EURIBOR + <br> 0.790%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,291 | 5429326 |
| 1.66%, 04/25/28, (3-mo. EURIBOR + <br> 0.890%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR7,697 | 8667514 |
| Bank of Queensland Ltd., 5.54%, 01/29/35, <br> (5-year EURIBOR ICE Swap + <br> 4.189%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD590 | 379535 |
| Bankinter SA |  |  |
| 5.00%, 06/25/34, (5-year UK Government <br> Bond + 4.493%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2398648 |
| 6.25%, (5-year EUR Swap + <br> 6.714%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,600 | 3017382 |
| 7.38%, (5-year EURIBOR ICE Swap + <br> 4.708%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR7,800 | 9651856 |
| Banque Federative du Credit Mutuel SA, <br> 4.00%, 01/15/35, (5-year EURIBOR ICE <br> Swap + 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR16,700 | 19355956 |
| Barclays PLC |  |  |
| 4.51%, 01/31/33, (1-year EURIBOR ICE <br> Swap + 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR6,500 | 7835385 |
| 4.92%, 08/08/30, (1-year EUR Swap + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,072 | 4977356 |
| 6.37%, 01/31/31, (1-year UK Government <br> Bond + 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP3,975 | 5529219 |
| 9.25%, (5-year GBP Swap + 5.639%)<sup>(b)(i)</sup> | &nbsp;&nbsp; GBP2,600 | 3716969 |
| BPCE SA, 4.00%, 01/20/34, (3-mo. <br> EURIBOR + 1.470%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,000 | 3499916 |
| BPER Banca SpA, 6.50%, (5-year <br> EURIBOR ICE Swap + 4.346%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,000 | 5926072 |
| CaixaBank SA |  |  |
| 6.25%, (5-year EURIBOR ICE Swap + <br> 3.935%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,200 | 2592322 |
| 7.50%, (5-year EURIBOR ICE Swap + <br> 5.295%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,600 | 3297210 |
| Series ., 5.88%, (5-year EUR Swap + <br> 6.346%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,400 | 6409777 |
| Commerzbank AG |  |  |
| 4.25%, (5-year EUR Swap + <br> 4.387%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR3,600 | 4050473 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.50%, (5-year EUR Swap + <br> 6.743%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,000 | $6080014 |
| 6.63%, (1-day SONIA + 1.500%)<sup>(b)(c)(i)</sup> | &nbsp;&nbsp; EUR200 | 237540 |
| 7.88%, (5-year EURIBOR ICE Swap + <br> 5.129%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,800 | 2315908 |
| 8.63%, 02/28/33, (5-year UK Government <br> Bond + 5.251%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,500 | 2132860 |
| Credit Agricole SA, 5.88%, (5-year <br> EURIBOR ICE Swap + 3.636%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR3,400 | 3914553 |
| Deutsche Bank AG |  |  |
| 4.50%, (5-year EURIBOR ICE Swap + <br> 4.552%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,800 | 6515000 |
| 4.63%, (5-year EURIBOR ICE Swap + <br> 4.747%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR7,400 | 8212811 |
| 8.13%, (5-year USD ICE Swap + <br> 4.358%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD2,800 | 2935800 |
| Eurobank Ergasias Services and <br> Holdings SA, 4.25%, 04/30/35, (5-year <br> EURIBOR ICE Swap + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,275 | 3770081 |
| Freedom Mortgage Corp. |  |  |
| 7.63%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD580 | 582516 |
| 12.00%, 10/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,947 | 4221384 |
| 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,971 | 2180212 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.25%, 02/07/29<sup>(c)</sup> | &nbsp;&nbsp; EUR15,282 | 16579286 |
| 1.50%, 12/07/27<sup>(c)</sup> | &nbsp;&nbsp; GBP1,595 | 1973292 |
| 3.63%, 10/29/29, (1-year UK Government <br> Bond + 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP1,400 | 1795014 |
| 5.73%, 01/28/56, (1-day SOFR + <br> 1.696%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,584 | 4603270 |
| 7.25%, 04/10/28 | &nbsp;&nbsp; GBP617 | 871185 |
| HSBC Holdings PLC |  |  |
| 1.75%, 07/24/27, (1-day SONIA + <br> 1.307%)<sup>(b)</sup><br>| &nbsp;&nbsp; GBP4,830 | 6204142 |
| 5.60%, 03/11/35, (3-month BB Swap + <br> 1.870%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD2,610 | 1674616 |
| ING Groep NV |  |  |
| 1.75%, 02/16/31, (3-mo. EURIBOR + <br> 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,300 | 3565169 |
| 2.13%, 05/26/31, (5-year EUR Swap + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,500 | 3978120 |
| 7.25%, (5-year USD ICE Swap + <br> 4.084%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD4,050 | 4176178 |
| 8.00%, (5-year USD ICE Swap + <br> 4.360%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD2,525 | 2726154 |
| Intesa Sanpaolo SpA, 5.50%, (5-year EUR <br> Swap + 5.848%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR4,258 | 5007677 |
| KBC Group NV, 8.00%, (5-year EURIBOR <br> ICE Swap + 4.928%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,200 | 2811991 |
| LG Electronics Inc., 5.63%, 04/24/27<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 645268 |
| Lloyds Banking Group PLC |  |  |
| 8.50%, (5-year UK Government Bond + <br> 5.883%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; GBP1,300 | 1804799 |
| Series ., 7.50%, (5-year UK Government <br> Bond + 3.436%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; GBP3,075 | 4119233 |
| Morgan Stanley |  |  |
| 3.96%, 03/21/35, (3-mo. EURIBOR + <br> 1.242%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR9,556 | 11198270 |
| 4.66%, 03/02/29<sup>(b)</sup> | &nbsp;&nbsp; EUR19,486 | 23305127 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| National Australia Bank Ltd., 5.77%, <br> 07/30/40, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD4,575 | $2959734 |
| National Bank of Greece SA, 5.88%, <br> 06/28/35, (5-year EURIBOR ICE Swap + <br> 3.154%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,700 | 4585156 |
| NatWest Group PLC, 7.50%, (5-year UK <br> Government Bond + 3.294%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; GBP5,025 | 6681890 |
| Societe Generale SA, 0.50%, 06/12/29, <br> (3-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,900 | 4172641 |
| Sumitomo Mitsui Financial Group Inc., <br> 6.45%, (5-year CMT + 1.900%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; USD4,625 | 4592473 |
| U.S. Bancorp, 2.88%, 05/21/28, (3-mo. <br> EURIBOR + 0.800%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR10,860 | 12419350 |
| UBS Group AG |  |  |
| 0.25%, 11/05/28, (1-year EUR Swap + <br> 0.770%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR6,670 | 7215898 |
| 4.88%, (5-year CMT + 3.404%)<sup>(a)(b)(i)</sup> | &nbsp;&nbsp; USD300 | 294296 |
| 5.13%, (5-year CMT + 4.855%)<sup>(b)(c)(i)</sup> | &nbsp;&nbsp; USD1,200 | 1195980 |
| 6.85%, (5-year USD ICE Swap + <br> 3.630%)<sup>(a)(b)(g)(i)</sup><br>| &nbsp;&nbsp; USD4,450 | 4549796 |
| Wells Fargo & Co. |  |  |
| 1.00%, 02/02/27<sup>(c)</sup> | &nbsp;&nbsp; EUR13,048 | 14584595 |
| 2.70%, 07/22/28, (3-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR19,550 | 22352996 |
| 3.90%, 07/22/32, (3-mo. EURIBOR + <br> 1.220%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR6,466 | 7603419 |
| Westpac Banking Corp., 5.82%, 06/04/40, <br> (1-year EURIBOR ICE Swap + <br> 1.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD800 | 519883 |
|  |  | 401895506 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Primo Water Holdings Inc./Triton Water <br> Holdings Inc.<br>|  |  |
| 4.38%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,966 | 1896409 |
| 6.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD237 | 237487 |
|  |  | 2133896 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Amgen Inc., 5.75%, 03/02/63 | &nbsp;&nbsp; USD4,755 | 4561950 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Builders FirstSource Inc. |  |  |
| 4.25%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD585 | 539896 |
| 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,901 | 1860848 |
| 6.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,337 | 1367226 |
| 6.38%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,741 | 1766608 |
| 6.75%, 05/15/35<sup>(a)(g)</sup> | &nbsp;&nbsp; USD711 | 728988 |
| Camelot Return Merger Sub Inc., 8.75%, <br> 08/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,953 | 4538285 |
| Cemex SAB de CV, 7.20%, (5-year CMT + <br> 2.292%)<sup>(a)(b)(i)</sup><br>| &nbsp;&nbsp; USD260 | 265070 |
| Cornerstone Building Brands Inc., 9.50%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,943 | 2697673 |
| EMRLD Borrower LP/Emerald <br> Co-Issuer Inc.<br>|  |  |
| 6.38%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR10,223 | 12236980 |
| 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,426 | 4512789 |
| 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,389 | 1430489 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR3,937 | 4720979 |
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD434 | 443108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| PCF GmbH, 4.75%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR3,487 | $3121061 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,451 | 5590518 |
| 6.75%, 03/01/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,481 | 3570198 |
| Sisecam U.K. PLC, 8.25%, 05/02/29<sup>(c)</sup> | &nbsp;&nbsp; USD876 | 896209 |
| Smyrna Ready Mix Concrete LLC, 8.88%, <br> 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD8,041 | 8462244 |
| Standard Industries Inc./New York |  |  |
| 3.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD178 | 159013 |
| 4.38%, 07/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,387 | 5100084 |
| 6.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,557 | 1589942 |
|  |  | 65598208 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Avient Corp., 6.25%, 11/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,808 | 1814427 |
| Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,123 | 2104282 |
| Braskem Netherlands Finance BV, 8.00%, <br> 10/15/34<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD570 | 403987 |
| Celanese U.S. Holdings LLC |  |  |
| 6.50%, 04/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD2,549 | 2577679 |
| 6.75%, 04/15/33<sup>(g)</sup> | &nbsp;&nbsp; USD1,314 | 1325283 |
| 6.83%, 07/15/29 | &nbsp;&nbsp; USD450 | 467444 |
| 6.85%, 11/15/28 | &nbsp;&nbsp; USD1,105 | 1150333 |
| 7.05%, 11/15/30 | &nbsp;&nbsp; USD2,381 | 2479633 |
| 7.20%, 11/15/33<sup>(g)</sup> | &nbsp;&nbsp; USD1,196 | 1248632 |
| Chemours Co. (The) |  |  |
| 4.63%, 11/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,956 | 1656658 |
| 5.75%, 11/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,701 | 2480682 |
| 8.00%, 01/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,938 | 1802768 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, <br> 08/01/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR3,175 | 3655579 |
| FMC Corp., 8.45%, 11/01/55, (5-year CMT + <br> 4.366%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD907 | 937686 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,682 | 1466368 |
| Ineos Finance PLC |  |  |
| 5.63%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,000 | 2185840 |
| 6.38%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR5,503 | 6292947 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,076 | 1059668 |
| 7.50%, 04/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,034 | 2019005 |
| Ineos Quattro Finance 2 PLC |  |  |
| 6.75%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR4,453 | 4809161 |
| 8.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR4,212 | 4860425 |
| Inversion Escrow Issuer LLC, 6.75%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,920 | 1897272 |
| Itelyum Regeneration SpA, 5.75%, <br> 04/15/30<sup>(c)</sup><br>| &nbsp;&nbsp; EUR8,600 | 10065169 |
| Kronos International Inc., 9.50%, <br> 03/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR7,463 | 9119003 |
| Lenzing AG, 9.00%, (1-month BB Swap + <br> 1.050%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR4,800 | 5532535 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR4,892 | 2272603 |
| MEGlobal BV, 4.25%, 11/03/26<sup>(c)</sup> | &nbsp;&nbsp; USD300 | 298031 |
| Methanex Corp., 5.13%, 10/15/27 | &nbsp;&nbsp; USD348 | 346253 |
| Methanex U.S. Operations Inc., 6.25%, <br> 03/15/32<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,471 | 2449365 |
| NOVA Chemicals Corp. |  |  |
| 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,034 | 987470 |
| 5.25%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD5,287 | 5266456 |
| 9.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,489 | 1599993 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| OCP SA |  |  |
| 5.13%, 06/23/51<sup>(c)</sup> | &nbsp;&nbsp; USD263 | $201542 |
| 7.50%, 05/02/54<sup>(a)</sup> | &nbsp;&nbsp; USD488 | 493419 |
| Olin Corp., 6.63%, 04/01/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,525 | 3430181 |
| Olympus Water U.S. Holding Corp. |  |  |
| 4.25%, 10/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,409 | 3246014 |
| 5.38%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,421 | 1505146 |
| 6.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD535 | 512485 |
| 7.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,624 | 2679760 |
| 9.63%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR4,500 | 5405979 |
| Orbia Advance Corp. SAB de CV, 6.80%, <br> 05/13/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD335 | 342598 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | &nbsp;&nbsp; USD200 | 197400 |
| 6.50%, 09/27/28 | &nbsp;&nbsp; USD221 | 212768 |
| SCIH Salt Holdings Inc., 4.88%, <br> 05/01/28<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD3,616 | 3511023 |
| SCIL IV LLC/SCIL USA Holdings LLC |  |  |
| 4.38%, 11/01/26<sup>(c)</sup> | &nbsp;&nbsp; EUR350 | 399668 |
| 9.50%, 07/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR2,852 | 3417825 |
| Synthomer PLC, 7.38%, 05/02/29<sup>(c)</sup> | &nbsp;&nbsp; EUR6,000 | 6335139 |
| Tronox Inc., 4.63%, 03/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD7,123 | 5541765 |
| UPL Corp. Ltd., 4.63%, 06/16/30<sup>(c)</sup> | &nbsp;&nbsp; USD3,000 | 2733000 |
| WR Grace Holdings LLC, 4.88%, <br> 06/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,913 | 2896580 |
|  |  | 129694929 |
| **Commercial Services — 2.4%** | **Commercial Services — 2.4%** | **Commercial Services — 2.4%** |
| ADT Security Corp. (The), 4.13%, <br> 08/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD109 | 104273 |
| Albion Financing 1 SARL / Aggreko <br> Holdings Inc.<br>|  |  |
| 5.38%, 05/21/30<sup>(c)</sup> | &nbsp;&nbsp; EUR5,595 | 6609586 |
| 7.00%, 05/21/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,504 | 2577332 |
| Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD5,540 | 5809449 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD3,383 | 3292561 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL<br>|  |  |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD927 | 901868 |
| 4.88%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp; GBP9,072 | 11653220 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR9,000 | 10858760 |
| APCOA Group GmbH, 6.00%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR13,000 | 15088392 |
| Arena Luxembourg Finance SARL, 4.52%, <br> 05/01/30, (3-mo. EURIBOR + <br> 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,122 | 4727402 |
| Autostrade per l'Italia SpA, 1.75%, <br> 02/01/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,061 | 4593026 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc.<br>|  |  |
| 5.38%, 03/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,442 | 4252809 |
| 8.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,903 | 3985470 |
| 8.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 246968 |
| 8.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD139 | 143393 |
| BCP V Modular Services Finance II PLC |  |  |
| 4.75%, 11/30/28<sup>(c)</sup> | &nbsp;&nbsp; EUR800 | 890922 |
| 6.13%, 11/30/28<sup>(c)</sup> | &nbsp;&nbsp; GBP7,576 | 9628995 |
| 6.50%, 07/10/31<sup>(c)</sup> | &nbsp;&nbsp; EUR12,964 | 14634118 |
| Block Inc., 2.75%, 06/01/26 | &nbsp;&nbsp; USD2,782 | 2728163 |
| Boels Topholding BV |  |  |
| 5.75%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR6,051 | 7199982 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 6.25%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR2,297 | $2714733 |
| Boost Newco Borrower LLC, 7.50%, <br> 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,841 | 3003821 |
| Brink's Co. (The) |  |  |
| 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD963 | 948807 |
| 6.75%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,387 | 1428616 |
| Clarivate Science Holdings Corp., 3.88%, <br> 07/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,609 | 1538012 |
| Currenta Group Holdings Sarl |  |  |
| 5.50%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,304 | 2700378 |
| 6.14%, 05/15/32, (3-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,354 | 2707192 |
| DP World Salaam, 6.00%, (5-year CMT + <br> 5.750%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD580 | 579638 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(c)</sup> | &nbsp;&nbsp; EUR3,400 | 3821212 |
| EquipmentShare.com Inc. |  |  |
| 8.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD660 | 689047 |
| 8.63%, 05/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,040 | 2171325 |
| 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,537 | 3727736 |
| Flinders Port Holdings Pty Ltd., 6.10%, <br> 07/10/34<br>| &nbsp;&nbsp; AUD1,500 | 1006187 |
| Garda World Security Corp. |  |  |
| 7.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD390 | 401634 |
| 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,060 | 2123976 |
| 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,189 | 5345090 |
| GEO Group Inc. (The), 8.63%, 04/15/29 | &nbsp;&nbsp; USD3,014 | 3200039 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,514 | 2503880 |
| 7.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,715 | 4873120 |
| Kapla Holding SAS |  |  |
| 5.00%, 04/30/31<sup>(c)</sup> | &nbsp;&nbsp; EUR9,500 | 11012786 |
| 5.48%, 07/31/30, (3-mo. EURIBOR + <br> 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1145435 |
| Kaspi.KZ JSC |  |  |
| 6.25%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp; USD801 | 817020 |
| 6.25%, 03/26/30<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 204000 |
| La Financiere Atalian SASU, 8.50%, <br> 06/30/28, (3.50 % Cash and 5.00 % <br> PIK)<sup>(h)</sup><br>| &nbsp;&nbsp; EUR1,004 | 413321 |
| Loxam SAS |  |  |
| 4.25%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR4,281 | 4891582 |
| 6.38%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR900 | 1063260 |
| 6.38%, 05/31/29<sup>(c)</sup> | &nbsp;&nbsp; EUR4,508 | 5357656 |
| NSW Ports Finance Co. Pty Ltd., 5.43%, <br> 09/19/34<sup>(c)</sup><br>| &nbsp;&nbsp; AUD650 | 414940 |
| Pachelbel Bidco SpA |  |  |
| 6.27%, 05/17/31, (3-mo. EURIBOR + <br> 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,116 | 4736314 |
| 7.13%, 05/17/31<sup>(c)</sup> | &nbsp;&nbsp; EUR6,821 | 8425533 |
| Port of Newcastle Investments Financing <br> Pty Ltd., 6.10%, 07/18/33<sup>(c)</sup><br>| &nbsp;&nbsp; AUD1,600 | 1048496 |
| Prime Security Services <br> Borrower LLC/Prime Finance Inc., 3.38%, <br> 08/31/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,922 | 1852894 |
| Q-Park Holding I BV |  |  |
| 5.13%, 03/01/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,229 | 1454316 |
| 5.13%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR3,303 | 3919252 |
| RR Donnelley & Sons Co. |  |  |
| 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 245225 |
| 10.88%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD7,154 | 6969199 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30 | &nbsp;&nbsp; USD878 | $800099 |
| 4.63%, 12/15/27<sup>(g)</sup> | &nbsp;&nbsp; USD1,528 | 1512408 |
| 5.13%, 06/01/29 | &nbsp;&nbsp; USD265 | 262590 |
| 5.75%, 10/15/32 | &nbsp;&nbsp; USD1,776 | 1780209 |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub Inc.<br>|  |  |
| 5.50%, 05/15/33<sup>(c)</sup> | &nbsp;&nbsp; EUR3,518 | 4186554 |
| 6.75%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD514 | 530959 |
| Transurban Queensland Finance Pty Ltd., <br> 5.50%, 09/02/32<br>| &nbsp;&nbsp; AUD3,500 | 2284161 |
| United Rentals North America Inc. |  |  |
| 3.75%, 01/15/32<sup>(g)</sup> | &nbsp;&nbsp; USD4,494 | 4093495 |
| 3.88%, 02/15/31 | &nbsp;&nbsp; USD411 | 383488 |
| 4.88%, 01/15/28 | &nbsp;&nbsp; USD593 | 589349 |
| 5.25%, 01/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD413 | 411906 |
| 5.50%, 05/15/27 | &nbsp;&nbsp; USD753 | 753154 |
| 6.13%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD858 | 879710 |
| Varanasi Aurangabad Nh-2 Tollway Pvt Ltd., <br> 5.90%, 02/28/34<sup>(c)</sup><br>| &nbsp;&nbsp; USD705 | 723260 |
| Verisure Holding AB |  |  |
| 7.13%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp; EUR375 | 442831 |
| 9.25%, 10/15/27<sup>(c)</sup> | &nbsp;&nbsp; EUR400 | 474063 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,839 | 1930897 |
| Williams Scotsman Inc. |  |  |
| 4.63%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD253 | 248884 |
| 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,742 | 1785224 |
| 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD900 | 927990 |
| 7.38%, 10/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD859 | 896730 |
| Worldline SA/France |  |  |
| 4.13%, 09/12/28<sup>(c)</sup> | &nbsp;&nbsp; EUR3,700 | 3814491 |
| 5.25%, 11/27/29<sup>(c)</sup> | &nbsp;&nbsp; EUR6,800 | 6951696 |
| 5.50%, 06/10/30<sup>(c)</sup> | &nbsp;&nbsp; EUR8,700 | 8911805 |
|  |  | 254958314 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Almaviva-The Italian Innovation Co. SpA <br> 5.00%, 10/30/30<sup>(c)</sup><br>| &nbsp;&nbsp; EUR12,092 | 13996030 |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,370 | 2451699 |
| Atos SE |  |  |
| 5.00%, 12/18/30<sup>(c)(d)</sup> | &nbsp;&nbsp; EUR3,457 | 3294456 |
| Series ., 9.00%, 12/18/29<sup>(c)(d)</sup> | &nbsp;&nbsp; EUR6,948 | 8793074 |
| Cedacri Mergeco SpA, 6.77%, 05/15/28, <br> (3-mo. EURIBOR + 4.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR7,927 | 9099175 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD6,919 | 6415221 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,872 | 4194750 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,268 | 5181879 |
| 5.13%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 235206 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(c)</sup> | &nbsp;&nbsp; EUR6,000 | 6996402 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| 4.09%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,601 | 1529940 |
| 8.25%, 12/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,015 | 1081870 |
| 8.50%, 07/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,081 | 2197791 |
| 9.63%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD784 | 882961 |
|  |  | 66350454 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| Edgewell Personal Care Co., 4.13%, <br> 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD240 | 227065 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Opal Bidco SAS |  |  |
| 5.50%, 03/31/32<sup>(c)</sup> | &nbsp;&nbsp; EUR4,165 | $4896021 |
| 6.50%, 03/31/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,131 | 1142351 |
| Prestige Brands Inc. |  |  |
| 3.75%, 04/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD803 | 734830 |
| 5.13%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,569 | 1555919 |
|  |  | 8556186 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| American Builders & Contractors Supply Co. <br> Inc., 3.88%, 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD240 | 226190 |
| Azelis Finance NV, 4.75%, 09/25/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,000 | 1184540 |
| IMCD NV |  |  |
| 2.13%, 03/31/27<sup>(c)</sup> | &nbsp;&nbsp; EUR9,382 | 10591996 |
| 4.88%, 09/18/28<sup>(c)</sup> | &nbsp;&nbsp; EUR4,481 | 5392759 |
| RB Global Holdings Inc., 7.75%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,047 | 3193232 |
|  |  | 20588717 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| Ally Financial Inc. |  |  |
| 5.75%, 11/20/25 | &nbsp;&nbsp; USD200 | 200276 |
| 6.65%, 01/17/40, (5-year CMT + <br> 2.450%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD594 | 589627 |
| 6.70%, 02/14/33<sup>(g)</sup> | &nbsp;&nbsp; USD150 | 155770 |
| Aretec Group Inc., 10.00%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,626 | 7225116 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,928 | 1967776 |
| Bracken MidCo1 PLC, 6.75%, 11/01/27, <br> (6.75% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; GBP3,326 | 4377452 |
| Burford Capital Global Finance LLC |  |  |
| 7.50%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,300 | 1308450 |
| 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,744 | 2901695 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,047 | 2072936 |
| 9.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD987 | 1043835 |
| Encore Capital Group Inc., 9.25%, <br> 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,530 | 3717941 |
| Far East Horizon Ltd., 6.00%, 10/01/28<sup>(c)</sup> | &nbsp;&nbsp; USD3,715 | 3708053 |
| Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,957 | 3021799 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD720 | 736398 |
| 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,602 | 2704818 |
| 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,769 | 2886092 |
| Garfunkelux Holdco 3 SA, 9.00%, <br> 09/01/28<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,753 | 2050536 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD876 | 902466 |
| 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,422 | 2494040 |
| 8.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,068 | 2187524 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(b)</sup> | &nbsp;&nbsp; USD17,990 | 18307883 |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29<sup>(c)</sup> | &nbsp;&nbsp; USD1,395 | 1436976 |
| Intrum Investments And Financing AB |  |  |
| 7.75%, 09/11/27 | &nbsp;&nbsp; EUR701 | 748950 |
| 7.75%, 09/11/28<sup>(a)</sup> | &nbsp;&nbsp; EUR876 | 905061 |
| 8.00%, 09/11/27<sup>(c)</sup> | &nbsp;&nbsp; EUR1,301 | 1517139 |
| 8.50%, 09/11/29 | &nbsp;&nbsp; EUR876 | 895060 |
| 8.50%, 09/11/30<sup>(a)</sup> | &nbsp;&nbsp; EUR1,052 | 1059071 |
| Jane Street Group/JSG Finance Inc. |  |  |
| 6.13%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,948 | 2924900 |
| 7.13%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,776 | 4932774 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 5.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,070 | 1996196 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 6.63%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,842 | $2827555 |
| Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,655 | 1726733 |
| Julius Baer Group Ltd. |  |  |
| 4.88%, (5-year CMT + 4.616%)<sup>(b)(c)(i)</sup> | &nbsp;&nbsp; USD1,000 | 981270 |
| 6.63%, (5-year EUR Swap + <br> 3.847%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,577 | 3070931 |
| Muangthai Capital PCL |  |  |
| 6.88%, 09/30/28<sup>(c)</sup> | &nbsp;&nbsp; USD4,500 | 4494375 |
| 7.55%, 07/21/30<sup>(c)</sup> | &nbsp;&nbsp; USD1,360 | 1377680 |
| Muthoot Finance Ltd., 6.38%, 04/23/29<sup>(c)</sup> | &nbsp;&nbsp; USD1,000 | 1000000 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 149715 |
| 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD878 | 876818 |
| 5.75%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,659 | 2688531 |
| 6.00%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD139 | 139144 |
| 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,638 | 3720980 |
| 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,158 | 1209238 |
| Nomura Holdings Inc., 7.00%, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(b)(g)(i)</sup><br>| &nbsp;&nbsp; USD3,225 | 3265487 |
| Osaic Holdings Inc., 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 404824 |
| PennyMac Financial Services Inc. |  |  |
| 6.88%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,698 | 1729997 |
| 6.88%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 101921 |
| 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,485 | 6684725 |
| 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD38 | 40105 |
| Power Finance Corp. Ltd., 1.84%, <br> 09/21/28<sup>(c)</sup><br>| &nbsp;&nbsp; EUR204 | 221521 |
| Rocket Companies Inc. |  |  |
| 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD906 | 918641 |
| 6.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD625 | 637490 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD494 | 481684 |
| 3.63%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD561 | 529940 |
| 3.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,664 | 2457319 |
| 4.00%, 10/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,461 | 2177321 |
| SLM Corp., 3.13%, 11/02/26 | &nbsp;&nbsp; USD1,697 | 1657965 |
| Stonex Escrow Issuer LLC, 6.88%, <br> 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD601 | 611795 |
| SURA Asset Management SA, 6.35%, <br> 05/13/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD390 | 407706 |
| Synchrony Financial, 7.25%, 02/02/33 | &nbsp;&nbsp; USD240 | 252211 |
| Titanium 2l Bondco SARL, 6.25%, 01/14/31, <br> (6.75% PIK)<sup>(h)</sup><br>| &nbsp;&nbsp; EUR2,698 | 873630 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(c)</sup> | &nbsp;&nbsp; USD912 | 961886 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,424 | 4327294 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,755 | 3754585 |
|  |  | 137737627 |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| A2A SpA, 5.00%, (5-year EURIBOR ICE <br> Swap + 2.258%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR3,805 | 4558442 |
| ACEN Finance Ltd., 4.00%<sup>(c)(i)</sup> | &nbsp;&nbsp; USD1,198 | 776005 |
| AES Andes SA |  |  |
| 6.30%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 412152 |
| 6.30%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD961 | 990195 |
| 8.15%, 06/10/55, (5-year CMT + <br> 3.835%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD470 | 491437 |
| AES Corp. (The), 6.95%, 07/15/55, (5-year <br> CMT + 2.890%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,997 | 3851197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| AES Panama Generation Holdings SRL, <br> 4.38%, 05/31/30<sup>(c)</sup><br>| &nbsp;&nbsp; USD704 | $639706 |
| Alpha Generation LLC, 6.75%, <br> 10/15/32<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,739 | 2802882 |
| Atlantica Sustainable Infrastructure Ltd., <br> 4.13%, 06/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,046 | 1010107 |
| Ausgrid Finance Pty Ltd., 5.41%, 03/28/31 | &nbsp;&nbsp; AUD170 | 111466 |
| AusNet Services Holdings Pty Ltd. |  |  |
| 6.05%, 02/12/55, (3-month BB Swap + <br> 2.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD550 | 357798 |
| 6.19%, 02/12/55, (3-month BB Swap + <br> 2.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD1,740 | 1150874 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |
| 5.63%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR5,763 | 6877751 |
| 6.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD963 | 972740 |
| Calpine Corp., 5.13%, 03/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,430 | 5403730 |
| Clean Renewable Power Mauritius Pte. Ltd., <br> 4.25%, 03/25/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD3,623 | 3518353 |
| Continuum Energy Aura Pte. Ltd., 9.50%, <br> 02/24/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD4,500 | 4629375 |
| Continuum Green Energy India Pvt / <br> Co-Issuers, 7.50%, 06/26/33<sup>(c)</sup><br>| &nbsp;&nbsp; USD2,842 | 2924100 |
| Continuum Green Energy India <br> Pvt./Co-Issuers, 7.50%, 06/26/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD299 | 307591 |
| ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(c)</sup><br>| &nbsp;&nbsp; EUR8,901 | 10386367 |
| Diamond II Ltd. |  |  |
| 7.95%, 07/28/26<sup>(a)</sup> | &nbsp;&nbsp; USD235 | 236699 |
| 7.95%, 07/28/26<sup>(c)</sup> | &nbsp;&nbsp; USD5,500 | 5539767 |
| Duke Energy Corp. |  |  |
| 3.10%, 06/15/28 | &nbsp;&nbsp; EUR2,359 | 2717461 |
| 3.75%, 04/01/31 | &nbsp;&nbsp; EUR7,273 | 8458908 |
| Edison International |  |  |
| 7.88%, 06/15/54, (5-year CMT + <br> 3.658%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,474 | 1412835 |
| 8.13%, 06/15/53, (5-year CMT + <br> 3.864%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,090 | 4010554 |
| EDP SA |  |  |
| 1.88%, 03/14/82, (5-year EUR Swap + <br> 2.080%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,100 | 3277236 |
| 4.75%, 05/29/54, (5-year EURIBOR ICE <br> Swap + 2.052%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,700 | 5546967 |
| ElectraNet Pty Ltd. |  |  |
| 2.47%, 12/15/28 | &nbsp;&nbsp; AUD510 | 307274 |
| 5.30%, 07/10/31<sup>(c)</sup> | &nbsp;&nbsp; AUD1,500 | 980469 |
| Electricite de France SA |  |  |
| 2.63%, (3-mo. EURIBOR + <br> 1.550%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,400 | 2677254 |
| 3.38%, (5-year EUR Swap + <br> 3.970%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR12,200 | 13399847 |
| 3.75%, 06/05/27<sup>(c)</sup> | &nbsp;&nbsp; EUR6,700 | 7814160 |
| 5.13%, (5-year EURIBOR ICE Swap + <br> 2.943%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2365277 |
| 5.63%, (5-year EURIBOR ICE Swap + <br> 3.277%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR600 | 720867 |
| 5.88%, (15-year GBP Swap + <br> 3.322%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; GBP4,600 | 6014239 |
| 7.38%, (5-year UK Government Bond + <br> 3.775%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; GBP2,900 | 3905516 |
| Emera Inc., Series 16-A, 6.75%, 06/15/76<sup>(b)</sup> | &nbsp;&nbsp; USD435 | 438147 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Enel SpA, 4.25%, (5-year EURIBOR ICE <br> Swap + 2.009%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR6,375 | $7438601 |
| Engie SA, 5.13%, (5-year EURIBOR ICE <br> Swap + 2.367%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,400 | 1696626 |
| EUSHI Finance Inc., 7.63%, 12/15/54, <br> (5-year CMT + 3.136%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD1,248 | 1303944 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,186 | 1239925 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(a)</sup> | &nbsp;&nbsp; USD322 | 315077 |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD3,049 | 2979555 |
| MVM Energetika Zrt |  |  |
| 6.50%, 03/13/31<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 654050 |
| 7.50%, 06/09/28<sup>(c)</sup> | &nbsp;&nbsp; USD3,380 | 3538488 |
| NRG Energy Inc. |  |  |
| 3.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD933 | 875872 |
| 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,766 | 2532024 |
| 5.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,480 | 2452457 |
| 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,643 | 3610705 |
| 6.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD198 | 198537 |
| NSW Electricity Networks Finance Pty Ltd. |  |  |
| 5.77%, 05/29/30<sup>(c)</sup> | &nbsp;&nbsp; AUD760 | 506226 |
| 6.28%, 03/11/55, (5-year EURIBOR ICE <br> Swap + 3.940%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD600 | 393953 |
| NSW Electricity Networks Finance Pty. Ltd., <br> 5.78%, 03/11/55, (3-month BB Swap + <br> 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD2,910 | 1879256 |
| Oncor Electric Delivery Co. LLC, 3.63%, <br> 06/15/34<sup>(c)</sup><br>| &nbsp;&nbsp; EUR7,310 | 8391053 |
| Origin Energy Finance Ltd., 1.00%, <br> 09/17/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR5,554 | 5813905 |
| Orsted A/S |  |  |
| 2.50%, (5-year UK Government Bond + <br> 2.136%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP9,918 | 9833379 |
| 5.13%, (5-year EURIBOR ICE Swap + <br> 2.590%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR375 | 436976 |
| Pampa Energia SA, 7.88%, 12/16/34<sup>(a)(g)</sup> | &nbsp;&nbsp; USD273 | 273000 |
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara, 1.88%, <br> 11/05/31<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,500 | 4496683 |
| PG&E Corp., 7.38%, 03/15/55, (5-year CMT <br> + 3.883%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD9,833 | 9488672 |
| Pike Corp. |  |  |
| 5.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD80 | 79673 |
| 8.63%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD871 | 936623 |
| RTE Reseau de Transport <br> d'Electricite SADIR, 1.13%, 09/09/49<sup>(c)</sup><br>| &nbsp;&nbsp; EUR7,500 | 4600506 |
| San Miguel Global Power Holdings Corp., <br> 8.13%, (1-year CMT + 6.404%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD3,100 | 3045750 |
| Saudi Electricity Sukuk Programme Co. |  |  |
| 4.94%, 02/13/29<sup>(c)</sup> | &nbsp;&nbsp; USD400 | 403808 |
| 5.23%, 02/18/30<sup>(c)</sup> | &nbsp;&nbsp; USD1,101 | 1119442 |
| 5.68%, 04/11/53<sup>(c)</sup> | &nbsp;&nbsp; USD952 | 913330 |
| Southern Co. (The), 1.88%, 09/15/81, <br> (5-year EUR Swap + 2.108%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR4,410 | 4857460 |
| Star Energy Geothermal Darajat II/Star <br> Energy Geothermal Salak, 4.85%, <br> 10/14/38<sup>(c)</sup><br>| &nbsp;&nbsp; USD508 | 481076 |
| Terna - Rete Elettrica Nazionale, 4.75%, <br> (5-year EURIBOR ICE Swap + <br> 2.142%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR6,505 | 7721269 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| United Energy Distribution Pty Ltd., 5.42%, <br> 02/03/32<sup>(c)</sup><br>| &nbsp;&nbsp; AUD500 | $329930 |
| Vistra Operations Co. LLC |  |  |
| 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp; USD318 | 316296 |
| 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,208 | 3204312 |
| 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD710 | 737723 |
| 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,631 | 3843021 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 3.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 234242 |
| 7.25%, 01/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD6,734 | 6867358 |
| 8.63%, 03/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD964 | 1021044 |
|  |  | 233057572 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| Belden Inc. |  |  |
| 3.38%, 07/15/27<sup>(c)</sup> | &nbsp;&nbsp; EUR100 | 113673 |
| 3.88%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR100 | 114700 |
| Energizer Holdings Inc., 4.38%, <br> 03/31/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,087 | 1978583 |
| Prysmian SpA |  |  |
| 3.63%, 11/28/28<sup>(c)</sup> | &nbsp;&nbsp; EUR1,700 | 1982702 |
| Series ., 5.25%, (5-year EURIBOR ICE <br> Swap + 3.580%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR6,125 | 7278220 |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD300 | 307708 |
| 6.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD872 | 892719 |
| 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,978 | 3072730 |
| 7.25%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD456 | 462072 |
|  |  | 16203107 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Honeywell International Inc. |  |  |
| 0.75%, 03/10/32 | &nbsp;&nbsp; EUR5,000 | 4900367 |
| 3.75%, 05/17/32 | &nbsp;&nbsp; EUR3,362 | 3937662 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,405 | 1363172 |
| Sensata Technologies BV, 5.88%, <br> 09/01/30<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD1,032 | 1032833 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD288 | 262770 |
| 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,609 | 2496561 |
|  |  | 13993365 |
| **Energy - Alternate Sources — 0.2%** | **Energy - Alternate Sources — 0.2%** | **Energy - Alternate Sources — 0.2%** |
| Azure Power Energy Ltd., 3.58%, <br> 08/19/26<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,509 | 1466691 |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.25%, 09/27/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD809 | 822146 |
| 7.25%, 09/27/28<sup>(c)</sup> | &nbsp;&nbsp; USD6,860 | 6971475 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(c)</sup> | &nbsp;&nbsp; USD4,740 | 4652560 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> | &nbsp;&nbsp; USD4,000 | 3987600 |
| SK Battery America Inc., 2.13%, 01/26/26<sup>(c)</sup> | &nbsp;&nbsp; USD649 | 636098 |
|  |  | 18536570 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| Arcosa Inc., 6.88%, 08/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,759 | 2850188 |
| Australia Pacific Airports Melbourne Pty Ltd., <br> 5.95%, 06/16/55, (5-year EURIBOR ICE <br> Swap + 1.948%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD800 | 521421 |
| Bouygues SA, 5.38%, 06/30/42<sup>(c)</sup> | &nbsp;&nbsp; EUR6,700 | 8614212 |
| Gatwick Airport Finance PLC, 4.38%, <br> 04/07/26<sup>(c)</sup><br>| &nbsp;&nbsp; GBP7,292 | 9569508 |
| Heathrow Finance PLC |  |  |
| 3.88%, 03/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp; GBP6,391 | 8236104 |
| 4.13%, 09/01/29<sup>(c)(d)</sup> | &nbsp;&nbsp; GBP3,193 | 3905807 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| 6.63%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp; GBP7,030 | $9287917 |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD501 | 492583 |
| Perth Airport Pty Ltd., 5.60%, 03/05/31<sup>(c)</sup> | &nbsp;&nbsp; AUD530 | 349518 |
| QPH Finance Co. Pty Ltd., 2.85%, 01/29/31 | &nbsp;&nbsp; AUD1,350 | 782407 |
| SATS Ltd., 2.45%, 08/06/32 | &nbsp;&nbsp; SGD2,750 | 2117991 |
| Sydney Airport Finance Co. Pty Ltd., 5.50%, <br> 04/23/32<sup>(c)</sup><br>| &nbsp;&nbsp; AUD3,000 | 1972621 |
| Sydney Airport Finance Co. Pty. Ltd., 5.90%, <br> 04/19/34<sup>(c)</sup><br>| &nbsp;&nbsp; AUD2,500 | 1663853 |
| Weekley Homes LLC/Weekley Finance <br> Corp., 4.88%, 09/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD30 | 28867 |
| Worley Financial Services Pty Ltd., 5.87%, <br> 05/13/32<sup>(c)</sup><br>| &nbsp;&nbsp; AUD2,300 | 1512904 |
|  |  | 51905901 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Allwyn Entertainment Financing U.K. PLC, <br> 7.25%, 04/30/30<sup>(c)</sup><br>| &nbsp;&nbsp; EUR12,312 | 14911038 |
| Banijay Entertainment SASU, 7.00%, <br> 05/01/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR5,496 | 6543895 |
| Brightstar Lottery PLC, 5.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD202 | 200459 |
| Caesars Entertainment Inc. |  |  |
| 4.63%, 10/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD6,064 | 5730684 |
| 6.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD928 | 946390 |
| 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,914 | 3005884 |
| Churchill Downs Inc. |  |  |
| 5.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD692 | 691080 |
| 5.75%, 04/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,094 | 3086359 |
| Cinemark USA Inc. |  |  |
| 5.25%, 07/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,245 | 2229126 |
| 7.00%, 08/01/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,134 | 1170951 |
| Cirsa Finance International SARL |  |  |
| 6.50%, 03/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR4,991 | 5955736 |
| 10.38%, 11/30/27<sup>(c)</sup> | &nbsp;&nbsp; EUR270 | 323212 |
| Flutter Treasury DAC |  |  |
| 4.00%, 06/04/31<sup>(c)</sup> | &nbsp;&nbsp; EUR10,498 | 12012937 |
| 6.13%, 06/04/31<sup>(c)</sup> | &nbsp;&nbsp; GBP3,192 | 4231143 |
| Light & Wonder International Inc., 7.50%, <br> 09/01/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD3,390 | 3533346 |
| Live Nation Entertainment Inc., 4.75%, <br> 10/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,975 | 3913553 |
| Lottomatica Group SpA, 4.88%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp; EUR4,310 | 5086468 |
| Lottomatica SpA/Roma |  |  |
| 5.25%, 06/01/31, (3-mo. EURIBOR + <br> 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,192 | 1367858 |
| 5.38%, 06/01/30<sup>(c)</sup> | &nbsp;&nbsp; EUR1,734 | 2061536 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD6,508 | 6779208 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR3,158 | 3414095 |
| Pinewood Finco PLC |  |  |
| 3.63%, 11/15/27<sup>(c)</sup> | &nbsp;&nbsp; GBP713 | 909069 |
| 6.00%, 03/27/30<sup>(c)</sup> | &nbsp;&nbsp; GBP7,558 | 10031118 |
| Resorts World Las Vegas LLC/RWLV <br> Capital Inc.<br>|  |  |
| 4.63%, 04/16/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,300 | 1154946 |
| 4.63%, 04/16/29<sup>(c)</sup> | &nbsp;&nbsp; USD2,000 | 1776840 |
| 8.45%, 07/27/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,700 | 1689375 |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum <br> Management Corp.<br>|  |  |
| 5.25%, 07/15/29<sup>(g)</sup> | &nbsp;&nbsp; USD178 | 172968 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| 5.38%, 04/15/27 | &nbsp;&nbsp; USD416 | $415457 |
| Six Flags Entertainment Corp./DE, 7.25%, <br> 05/15/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD3,482 | 3548774 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,076 | 4311772 |
| Warnermedia Holdings Inc., 4.28%, <br> 03/15/32<br>| &nbsp;&nbsp; USD838 | 703702 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,270 | 2252498 |
| 6.25%, 03/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,245 | 2251587 |
| 7.13%, 02/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD921 | 979583 |
|  |  | 117392647 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Clean Harbors Inc., 4.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD482 | 478042 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,513 | 1466397 |
| 4.38%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,083 | 2016541 |
| 4.75%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 234655 |
| Luna 2 5SARL, 5.50%, 07/01/32<sup>(c)</sup> | &nbsp;&nbsp; EUR1,815 | 2141183 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,438 | 2328320 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD192 | 198367 |
|  |  | 8863505 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| Albertsons <br> Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,635 | 1541900 |
| 5.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD13 | 12990 |
| 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,424 | 2470725 |
| 6.50%, 02/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,097 | 2129538 |
| Bellis Acquisition Co. PLC |  |  |
| 8.00%, 07/01/31<sup>(c)</sup> | &nbsp;&nbsp; EUR2,027 | 2333498 |
| 8.13%, 05/14/30<sup>(c)</sup> | &nbsp;&nbsp; GBP9,567 | 12018717 |
| Cencosud SA, 4.38%, 07/17/27<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 629317 |
| Chobani LLC/Chobani Finance Corp. Inc., <br> 7.63%, 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,180 | 5396912 |
| Coles Group Treasury Pty Ltd. |  |  |
| 5.55%, 10/07/32 | &nbsp;&nbsp; AUD240 | 158613 |
| 5.80%, 07/15/31 | &nbsp;&nbsp; AUD160 | 107820 |
| Darling Global Finance BV, 4.50%, <br> 07/15/32<sup>(c)</sup><br>| &nbsp;&nbsp; EUR5,123 | 5935449 |
| ELO SACA |  |  |
| 3.25%, 07/23/27<sup>(c)</sup> | &nbsp;&nbsp; EUR2,000 | 2249516 |
| 4.88%, 12/08/28<sup>(c)</sup> | &nbsp;&nbsp; EUR8,000 | 9210415 |
| Fonterra Co-Operative Group Ltd., 5.24%, <br> 05/19/32<sup>(c)</sup><br>| &nbsp;&nbsp; AUD400 | 261600 |
| Food Service Project SA, 5.50%, <br> 01/21/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR8,521 | 9790420 |
| Froneri Lux FinCo SARL, 4.75%, <br> 08/01/32<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,293 | 4935913 |
| Indofood CBP Sukses Makmur Tbk PT, <br> 4.75%, 06/09/51<sup>(c)</sup><br>| &nbsp;&nbsp; USD2,048 | 1717760 |
| Irca SpA/Gallarate, 5.73%, 12/15/29, (3-mo. <br> EURIBOR + 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,829 | 6677627 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,295 | 5525915 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; USD184 | 175042 |
| 4.38%, 01/31/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,797 | 2613408 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 4.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD617 | $610450 |
| Lion/Polaris Lux 4 SA, 5.56%, 07/01/29, <br> (3-mo. EURIBOR + 3.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR6,481 | 7440337 |
| Market Bidco Finco PLC |  |  |
| 6.75%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp; EUR6,802 | 7741170 |
| 8.75%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp; GBP2,941 | 3854901 |
| Performance Food Group Inc., 6.13%, <br> 09/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,998 | 3044430 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,373 | 3117713 |
| 4.63%, 04/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,317 | 1258003 |
| 5.50%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,820 | 4778219 |
| 6.25%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 244483 |
| 6.25%, 10/15/34<sup>(a)(g)</sup> | &nbsp;&nbsp; USD24 | 24030 |
| 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD681 | 680487 |
| Premier Foods Finance PLC, 3.50%, <br> 10/15/26<sup>(c)</sup><br>| &nbsp;&nbsp; GBP1,028 | 1346993 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,811 | 1744526 |
| 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD363 | 355500 |
| 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,089 | 3181287 |
| 7.25%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 250047 |
| Woolworths Group Ltd., 5.91%, 11/29/34<sup>(c)</sup> | &nbsp;&nbsp; AUD3,000 | 1997645 |
|  |  | 117563316 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| Aramark International Finance Sarl, 4.38%, <br> 04/15/33<sup>(c)</sup><br>| &nbsp;&nbsp; EUR5,150 | 5875753 |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD940 | 930730 |
|  |  | 6806483 |
| **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** |
| Ahlstrom Holding 3 OY, 4.88%, <br> 02/04/28<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD8,689 | 8329973 |
| Fiber Bidco SpA |  |  |
| 5.98%, 01/15/30, (3-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,514 | 2845801 |
| 6.13%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR10,844 | 12003912 |
| LD Celulose International GmbH, 7.95%, <br> 01/26/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD320 | 334560 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,630 | 3208333 |
| 7.25%, 11/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,336 | 2198760 |
| Sappi Papier Holding GmbH, 4.50%, <br> 03/15/32<sup>(c)</sup><br>| &nbsp;&nbsp; EUR6,376 | 7184316 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | &nbsp;&nbsp; USD1,095 | 1087039 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; USD1,082 | 1108509 |
| WEPA Hygieneprodukte GmbH |  |  |
| 2.88%, 12/15/27<sup>(c)</sup> | &nbsp;&nbsp; EUR1,000 | 1132650 |
| 5.63%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR3,000 | 3590923 |
|  |  | 43024776 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| AmeriGas Partners LP/AmeriGas <br> Finance Corp.<br>|  |  |
| 9.38%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD5,586 | 5753513 |
| 9.50%, 06/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD379 | 397903 |
| Centrica PLC, 6.50%, 05/21/55, (5-year UK <br> Government Bond + 2.512%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP4,418 | 5973344 |
| Promigas SA ESP/Gases del Pacifico SAC, <br> 3.75%, 10/16/29<sup>(c)(g)</sup><br>| &nbsp;&nbsp; USD1,298 | 1213630 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,095 | $2262482 |
| 7.75%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; USD480 | 526304 |
|  |  | 16127176 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Dynamo Newco II GmbH, 6.25%, <br> 10/15/31<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,091 | 1295806 |
| IMA Industria Macchine Automatiche SpA, <br> 5.78%, 04/15/29, (3-mo. EURIBOR + <br> 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4027627 |
|  |  | 5323433 |
| **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** |
| Avantor Funding Inc. |  |  |
| 3.88%, 11/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,502 | 1416540 |
| 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD5,808 | 5677861 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD6,079 | 6337966 |
| Bausch & Lomb Netherlands BV & Bausch <br> & Lomb, Inc., 5.87%, 01/15/31, (3-mo. <br> EURIBOR + 3.875%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,246 | 2584492 |
| Dentsply Sirona Inc., 8.38%, 09/12/55, <br> (5-year CMT + 2.769%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD2,110 | 2127306 |
| Hologic Inc. |  |  |
| 3.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,570 | 1486728 |
| 4.63%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,066 | 1050122 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,648 | 4432682 |
| 5.25%, 10/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD6,028 | 5910224 |
| Medline Borrower LP/Medline <br> Co-Issuer Inc., 6.25%, 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,280 | 2324786 |
| Medtronic Inc., 4.15%, 10/15/53 | &nbsp;&nbsp; EUR6,700 | 7482147 |
| Teleflex Inc. |  |  |
| 4.25%, 06/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,728 | 1673449 |
| 4.63%, 11/15/27 | &nbsp;&nbsp; USD736 | 723938 |
|  |  | 43228241 |
| **Health Care - Services — 1.0%** | **Health Care - Services — 1.0%** | **Health Care - Services — 1.0%** |
| Acadia Healthcare Co. Inc. |  |  |
| 5.00%, 04/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,787 | 3659343 |
| 5.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 236939 |
| 7.38%, 03/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD949 | 977088 |
| Charles River Laboratories International Inc. |  |  |
| 3.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD774 | 729118 |
| 4.00%, 03/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,367 | 2172080 |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,639 | 3881626 |
| 5.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,655 | 4946853 |
| 5.63%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,190 | 3195021 |
| 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD778 | 739505 |
| 10.88%, 01/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,163 | 4364414 |
| Encompass Health Corp. |  |  |
| 4.63%, 04/01/31<sup>(g)</sup> | &nbsp;&nbsp; USD1,208 | 1153746 |
| 4.75%, 02/01/30<sup>(g)</sup> | &nbsp;&nbsp; USD2,431 | 2376175 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp; EUR13,161 | 16208536 |
| HCA Inc., 4.63%, 03/15/52 | &nbsp;&nbsp; USD5,742 | 4589253 |
| IQVIA Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD5,170 | 5157316 |
| 5.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,264 | 1256735 |
| 6.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD838 | 864007 |
| LifePoint Health Inc. |  |  |
| 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,544 | 1642653 |
| 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD974 | 1049764 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 11.00%, 10/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,613 | $6169220 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32<sup>(c)</sup> | &nbsp;&nbsp; EUR9,275 | 10663693 |
| 5.41%, 06/30/32, (3-mo. EURIBOR + <br> 3.375%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR896 | 1026918 |
| Molina Healthcare Inc. |  |  |
| 3.88%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,975 | 1783372 |
| 3.88%, 05/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,822 | 2463569 |
| 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD147 | 140690 |
| 6.25%, 01/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD315 | 310782 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,613 | 5902624 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; USD1,841 | 1776666 |
| 4.38%, 01/15/30 | &nbsp;&nbsp; USD2,771 | 2664151 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; USD4,281 | 4208202 |
| 6.13%, 10/01/28 | &nbsp;&nbsp; USD9,615 | 9615587 |
| 6.13%, 06/15/30 | &nbsp;&nbsp; USD4,364 | 4403403 |
| 6.75%, 05/15/31 | &nbsp;&nbsp; USD240 | 246948 |
|  |  | 110575997 |
| **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 193138 |
| ProGroup AG |  |  |
| 5.13%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR3,232 | 3711188 |
| 5.38%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR6,717 | 7550455 |
| Stena International SA |  |  |
| 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD11,897 | 12089434 |
| 7.25%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD3,831 | 3892967 |
| 7.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD6,339 | 6515111 |
| Turkiye Varlik Fonu Yonetimi AS, 8.25%, <br> 02/14/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD250 | 261875 |
| TVF Varlik Kiralama AS, 6.95%, 01/23/30<sup>(c)</sup> | &nbsp;&nbsp; USD1,066 | 1080324 |
|  |  | 35294492 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Ashton Woods USA LLC / Ashton Woods <br> Finance Co., 6.88%, 08/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD183 | 182609 |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 4.63%, 04/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,066 | 999645 |
| Brookfield Residential <br> Properties Inc./Brookfield Residential <br> U.S. LLC<br>|  |  |
| 4.88%, 02/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,900 | 3546348 |
| 6.25%, 09/15/27<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,813 | 1809425 |
| Century Communities Inc., 3.88%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,882 | 1734910 |
| LGI Homes Inc., 7.00%, 11/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,804 | 3661350 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD865 | 829846 |
| 5.25%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD21 | 20849 |
| Taylor Morrison Communities Inc. |  |  |
| 5.13%, 08/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD931 | 919061 |
| 5.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD840 | 845970 |
|  |  | 14550013 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International Inc., 3.88%, <br> 10/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,663 | 2404115 |
| Whirlpool Corp. |  |  |
| 4.75%, 02/26/29<sup>(g)</sup> | &nbsp;&nbsp; USD245 | 239309 |
| 6.50%, 06/15/33 | &nbsp;&nbsp; USD1,100 | 1083917 |
|  |  | 3727341 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Central Garden & Pet Co. |  |  |
| 4.13%, 10/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD265 | $249034 |
| 4.13%, 04/30/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,099 | 1017878 |
|  |  | 1266912 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands Inc. |  |  |
| 6.38%, 09/15/27 | &nbsp;&nbsp; USD1,929 | 1944094 |
| 6.38%, 05/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD1,592 | 1542711 |
| 6.63%, 05/15/32<sup>(g)</sup> | &nbsp;&nbsp; USD745 | 712465 |
| 8.50%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,888 | 3026259 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.00%, 04/01/31<sup>(g)</sup> | &nbsp;&nbsp; USD2,222 | 2028400 |
| 4.38%, 02/01/32<sup>(g)</sup> | &nbsp;&nbsp; USD539 | 489725 |
|  |  | 9743654 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| Acrisure LLC/Acrisure Finance Inc. |  |  |
| 4.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,300 | 1241128 |
| 6.75%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,193 | 2220410 |
| 7.50%, 11/06/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,506 | 3621975 |
| AIA Group Ltd., 5.40%, 09/30/54<sup>(c)</sup> | &nbsp;&nbsp; USD4,500 | 4222688 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD215 | 210488 |
| 6.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,219 | 1236705 |
| 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 240213 |
| 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD6,705 | 6795685 |
| 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,398 | 1437524 |
| 7.38%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,939 | 4049201 |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD934 | 907181 |
| 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,437 | 3499983 |
| Ardonagh Finco Ltd. |  |  |
| 6.88%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR15,595 | 18528764 |
| 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,695 | 3852636 |
| Global Atlantic Fin Co. |  |  |
| 4.70%, 10/15/51, (5-year CMT + <br> 3.796%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,053 | 1030751 |
| 7.95%, 10/15/54, (5-year CMT + <br> 3.608%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,984 | 2073290 |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, 02/15/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,899 | 3001865 |
| HUB International Ltd. |  |  |
| 5.63%, 12/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD7,211 | 7159850 |
| 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,562 | 2670721 |
| 7.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp; USD293 | 305086 |
| Insurance Australia Group Ltd., 5.39%, <br> 06/15/37, (3-month BB Swap + <br> 1.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD1,340 | 854288 |
| Jones Deslauriers Insurance <br> Management Inc., 10.50%, 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,583 | 1682251 |
| Liberty Mutual Group Inc. |  |  |
| 4.13%, 12/15/51, (5-year CMT + <br> 3.315%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD321 | 312369 |
| 4.30%, 02/01/61<sup>(a)(g)</sup> | &nbsp;&nbsp; USD539 | 330873 |
| Panther Escrow Issuer LLC, 7.13%, <br> 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD6,086 | 6293517 |
| Phoenix Group Holdings PLC, 8.50%, <br> (5-year CMT + 4.189%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD1,520 | 1603600 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,620 | 2513905 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Tongyang Life Insurance Co. Ltd., 6.25%, <br> 05/07/35, (5-year CMT + 4.588%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; USD2,500 | $2575200 |
| UnipolSai Assicurazioni SpA, 4.90%, <br> 05/23/34<sup>(c)</sup><br>| &nbsp;&nbsp; EUR5,200 | 6261273 |
|  |  | 90733420 |
| **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** |
| Alphabet Inc., 4.00%, 05/06/54 | &nbsp;&nbsp; EUR8,330 | 9405167 |
| Arches Buyer Inc., 4.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,411 | 2322153 |
| Booking Holdings Inc. |  |  |
| 3.63%, 11/12/28 | &nbsp;&nbsp; EUR3,730 | 4397767 |
| 4.13%, 05/12/33 | &nbsp;&nbsp; EUR2,500 | 2997791 |
| Cogent Communications Group Inc./Cogent <br> Communications Finance Inc.<br>|  |  |
| 7.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD753 | 754695 |
| 7.00%, 06/15/27<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,065 | 2066976 |
| Cogent Communications Group LLC/Cogent <br> Finance Inc., 6.50%, 07/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,247 | 2202022 |
| Engineering - Ingegneria Informatica - SpA, <br> 11.13%, 05/15/28<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,865 | 5879542 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD492 | 501583 |
| 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,747 | 2792133 |
| 7.13%, 09/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 248031 |
| Go Daddy Operating Co. LLC/GD Finance <br> Co. Inc.<br>|  |  |
| 3.50%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,125 | 1994513 |
| 5.25%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 199255 |
| iliad SA |  |  |
| 5.38%, 02/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR2,600 | 3147484 |
| 5.63%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,700 | 3329149 |
| ION Trading Technologies SARL |  |  |
| 5.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD6,900 | 6672873 |
| 9.50%, 05/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,416 | 5612243 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,416 | 2161811 |
| 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD532 | 496155 |
| 5.00%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD383 | 380082 |
| Meta Platforms Inc., 4.45%, 08/15/52 | &nbsp;&nbsp; USD5,459 | 4590135 |
| Prosus NV |  |  |
| 3.06%, 07/13/31<sup>(c)</sup> | &nbsp;&nbsp; USD1,578 | 1404420 |
| 3.26%, 01/19/27<sup>(c)</sup> | &nbsp;&nbsp; USD400 | 391376 |
| 4.03%, 08/03/50<sup>(c)</sup> | &nbsp;&nbsp; USD445 | 298150 |
| Rakuten Group Inc. |  |  |
| 4.25%, (5-year EUR Swap + <br> 4.490%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR853 | 926021 |
| 8.13%, (5-year CMT + 4.250%)<sup>(a)(b)(i)</sup> | &nbsp;&nbsp; USD5,937 | 5891367 |
| 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,666 | 4013967 |
| 11.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD420 | 455175 |
| Snap Inc., 6.88%, 03/01/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,827 | 1873316 |
| United Group BV |  |  |
| 6.39%, 02/15/31, (3-mo. EURIBOR + <br> 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,498 | 2854280 |
| 6.50%, 10/31/31<sup>(c)</sup> | &nbsp;&nbsp; EUR1,637 | 1910125 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,224 | 3280372 |
|  |  | 85450129 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| ATI Inc., 7.25%, 08/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD2,662 | 2790524 |
| Cleveland-Cliffs Inc. |  |  |
| 6.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD919 | 914163 |
| 6.88%, 11/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,028 | 2028967 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| 7.00%, 03/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,624 | $3535609 |
| 7.38%, 05/01/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,012 | 985247 |
| 7.50%, 09/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,570 | 2565352 |
| Mineral Resources Ltd. |  |  |
| 8.50%, 05/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,451 | 3532574 |
| 9.25%, 10/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,912 | 5133788 |
| Samarco Mineracao SA |  |  |
| 9.50%, 06/30/31, (9.00% PIK)<sup>(a)(g)(h)</sup> | &nbsp;&nbsp; USD93 | 92499 |
| 9.50%, 06/30/31, (9.05 % PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp; USD1,270 | 1255507 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp; USD364 | 355264 |
|  |  | 23189494 |
| **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(c)</sup> | &nbsp;&nbsp; GBP11,049 | 14537140 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,726 | 1731114 |
| 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,194 | 2253502 |
| 8.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,729 | 1816384 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,496 | 1514063 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(c)</sup> | &nbsp;&nbsp; GBP8,738 | 12188294 |
| TUI Cruises GmbH |  |  |
| 5.00%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR3,941 | 4597124 |
| 6.25%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,000 | 1196093 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD320 | 319793 |
| 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD320 | 322461 |
| 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD5,905 | 6353284 |
|  |  | 46829252 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,551 | 1477322 |
| Essendi SA |  |  |
| 5.38%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR4,265 | 5029916 |
| 5.63%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR6,848 | 8048718 |
| 5.81%, 05/15/32, (3-mo. EURIBOR + <br> 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,509 | 1743036 |
| 6.38%, 10/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR800 | 965444 |
| Fortune Star BVI Ltd., 3.95%, 10/02/26<sup>(c)</sup> | &nbsp;&nbsp; EUR5,500 | 6154266 |
| Grupo Posadas SAB de CV, 7.00%, <br> 12/30/27<sup>(b)(c)</sup><br>| &nbsp;&nbsp; USD732 | 701993 |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,125 | 1014329 |
| 3.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,051 | 3859035 |
| 4.00%, 05/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,749 | 1631958 |
| 5.75%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 149948 |
| 5.75%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,540 | 1541463 |
| 5.88%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD800 | 806003 |
| 6.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD901 | 918885 |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,369 | 1258731 |
| 5.00%, 06/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,706 | 2589854 |
| Melco Resorts Finance Ltd. |  |  |
| 5.75%, 07/21/28<sup>(c)</sup> | &nbsp;&nbsp; USD6,000 | 5895000 |
| 7.63%, 04/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD300 | 307875 |
| MGM China Holdings Ltd., 7.13%, <br> 06/26/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD6,000 | 6246544 |
| MGM Resorts International |  |  |
| 4.63%, 09/01/26 | &nbsp;&nbsp; USD1,782 | 1775188 |
| 4.75%, 10/15/28<sup>(g)</sup> | &nbsp;&nbsp; USD323 | 318725 |
| 6.13%, 09/15/29<sup>(g)</sup> | &nbsp;&nbsp; USD994 | 1007626 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| 6.50%, 04/15/32<sup>(g)</sup> | &nbsp;&nbsp; USD536 | $544430 |
| Sands China Ltd., 4.38%, 06/18/30 | &nbsp;&nbsp; USD2,250 | 2171531 |
| Station Casinos LLC, 6.63%, 03/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,994 | 4072758 |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD7,211 | 6751299 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD229 | 219884 |
| 6.63%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp; USD1,876 | 1889815 |
| TVL Finance PLC, 10.25%, 04/28/28<sup>(c)</sup> | &nbsp;&nbsp; GBP3,418 | 4465793 |
| Wynn Macau Ltd. |  |  |
| 5.50%, 01/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD1,000 | 999000 |
| 5.50%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 199250 |
| 5.63%, 08/26/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,572 | 4522165 |
| 5.63%, 08/26/28<sup>(c)</sup> | &nbsp;&nbsp; USD4,885 | 4831753 |
|  |  | 84109537 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Chart Industries Inc., 7.50%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,160 | 2262667 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD5,960 | 6150339 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,991 | 1943359 |
| 6.25%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD144 | 144224 |
| TK Elevator Midco GmbH, 4.38%, <br> 07/15/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR909 | 1039203 |
| TK Elevator U.S. Newco Inc., 5.25%, <br> 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD6,032 | 6005020 |
|  |  | 17544812 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
| Axon Enterprise Inc. |  |  |
| 6.13%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD865 | 883425 |
| 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD355 | 363687 |
| Dyno Nobel Ltd., 5.82%, 08/08/35 | &nbsp;&nbsp; AUD1,230 | 800301 |
| Hillenbrand Inc., 6.25%, 02/15/29<sup>(g)</sup> | &nbsp;&nbsp; USD1,176 | 1191054 |
| Maxam Prill Sarl, 6.00%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR13,591 | 15455365 |
|  |  | 18693832 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| AMC Networks Inc. |  |  |
| 10.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,590 | 3684147 |
| 10.50%, 07/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,011 | 2046192 |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |
| 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD553 | 505112 |
| 4.25%, 01/15/34<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,551 | 3059727 |
| 4.50%, 05/01/32<sup>(g)</sup> | &nbsp;&nbsp; USD2,332 | 2115974 |
| 4.50%, 06/01/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,933 | 5266942 |
| 4.75%, 03/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD9,451 | 8980281 |
| 4.75%, 02/01/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD6,552 | 6056421 |
| 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD6,033 | 5983610 |
| 6.38%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD7,609 | 7678934 |
| 7.38%, 03/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,790 | 2868259 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.95%, 06/30/62<sup>(g)</sup> | &nbsp;&nbsp; USD4,056 | 2524200 |
| 6.83%, 10/23/55<sup>(g)</sup> | &nbsp;&nbsp; USD3,500 | 3486706 |
| Digi Romania SA, 3.25%, 02/05/28<sup>(c)</sup> | &nbsp;&nbsp; EUR2,500 | 2806637 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,184 | 4073919 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc., 10.00%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD8,877 | 8560765 |
| Discovery Communications LLC, 3.63%, <br> 05/15/30<br>| &nbsp;&nbsp; USD100 | 88582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Gray Media Inc. |  |  |
| 7.25%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD240 | $238738 |
| 9.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,125 | 4161182 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,701 | 1840821 |
| iHeartCommunications Inc. |  |  |
| 7.75%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,712 | 2111556 |
| 9.13%, 05/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,321 | 3604293 |
| McGraw-Hill Education Inc. |  |  |
| 5.75%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD390 | 388461 |
| 7.38%, 09/01/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,046 | 5244989 |
| Nexstar Media Inc., 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,213 | 3206764 |
| Paramount Global |  |  |
| 6.25%, 02/28/57<sup>(b)</sup> | &nbsp;&nbsp; USD4,766 | 4593232 |
| 6.38%, 03/30/62, (5-year CMT + <br> 3.999%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD2,318 | 2283225 |
| Sinclair Television Group Inc., 8.13%, <br> 02/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD393 | 400864 |
| Sirius XM Radio Inc. |  |  |
| 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,977 | 2833471 |
| 4.13%, 07/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,548 | 4148839 |
| 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD10,425 | 10311600 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD10,351 | 9756853 |
| Tele Columbus AG, 10.00%, 01/01/29, <br> (10.00% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; EUR7,665 | 5952646 |
| Telenet Finance Luxembourg Notes SARL, <br> 5.50%, 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD10,600 | 10465801 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,118 | 1959734 |
| 7.38%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,574 | 1565359 |
| 8.00%, 08/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,646 | 1690964 |
| 8.50%, 07/31/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,690 | 3747453 |
| 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,009 | 1046939 |
| Virgin Media O2 Vendor Financing Notes V <br> DAC, 7.88%, 03/15/32<sup>(c)</sup><br>| &nbsp;&nbsp; GBP5,098 | 6970954 |
| Virgin Media Secured Finance PLC |  |  |
| 4.13%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; GBP3,300 | 3944339 |
| 4.25%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; GBP1,500 | 1824973 |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,689 | 3430247 |
| 5.25%, 05/15/29<sup>(c)</sup> | &nbsp;&nbsp; GBP970 | 1242760 |
| 5.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD944 | 922806 |
| Virgin Media Vendor Financing Notes III <br> DAC, 4.88%, 07/15/28<sup>(c)</sup><br>| &nbsp;&nbsp; GBP6,587 | 8416399 |
| Virgin Media Vendor Financing Notes IV <br> DAC, 5.00%, 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 193959 |
| VZ Secured Financing BV |  |  |
| 3.50%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR2,980 | 3162092 |
| 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,798 | 5099012 |
| Ziggo Bond Co. BV, 6.13%, 11/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR2,392 | 2534427 |
| Ziggo BV |  |  |
| 2.88%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR4,953 | 5327350 |
| 4.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,935 | 1787497 |
|  |  | 196197007 |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| Alcoa Nederland Holding BV |  |  |
| 4.13%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD809 | 770990 |
| 7.13%, 03/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,427 | 2530327 |
| Anglo American Capital PLC, 3.75%, <br> 06/15/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR4,500 | 5300501 |
| AngloGold Ashanti Holdings PLC, 3.75%, <br> 10/01/30<br>| &nbsp;&nbsp; USD200 | 187686 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Arsenal AIC Parent LLC, 11.50%, <br> 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,332 | $2593469 |
| Compass Minerals International Inc., 8.00%, <br> 07/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD165 | 170945 |
| Constellium SE |  |  |
| 3.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD493 | 462681 |
| 5.38%, 08/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR6,586 | 7749680 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.15%, 01/14/30<sup>(c)</sup> | &nbsp;&nbsp; USD1,952 | 1819693 |
| 6.44%, 01/26/36<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 209625 |
| Fortescue Treasury Pty. Ltd. |  |  |
| 4.38%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,595 | 1494357 |
| 5.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD630 | 637893 |
| 6.13%, 04/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,287 | 1312347 |
| Freeport Indonesia PT |  |  |
| 4.76%, 04/14/27<sup>(c)</sup> | &nbsp;&nbsp; USD1,352 | 1351338 |
| 6.20%, 04/14/52<sup>(c)</sup> | &nbsp;&nbsp; USD4,500 | 4538430 |
| Glencore Capital Finance DAC, 3.75%, <br> 02/04/32<sup>(c)</sup><br>| &nbsp;&nbsp; EUR8,400 | 9688838 |
| Industrias Penoles SAB de CV, 4.15%, <br> 09/12/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD691 | 674558 |
| Kaiser Aluminum Corp., 4.50%, <br> 06/01/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD1,984 | 1850247 |
| Navoi Mining & Metallurgical Combinat |  |  |
| 6.70%, 10/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD235 | 240729 |
| 6.70%, 10/17/28<sup>(c)</sup> | &nbsp;&nbsp; USD1,479 | 1515058 |
| 6.75%, 05/14/30<sup>(a)</sup> | &nbsp;&nbsp; USD437 | 448060 |
| 6.95%, 10/17/31<sup>(a)</sup> | &nbsp;&nbsp; USD297 | 306840 |
| Nexa Resources SA, 6.75%, 04/09/34<sup>(a)</sup> | &nbsp;&nbsp; USD322 | 337376 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,420 | 2170689 |
| 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,559 | 3407404 |
| 6.88%, 01/30/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,836 | 1891899 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/26<sup>(c)</sup> | &nbsp;&nbsp; USD400 | 392252 |
| 4.50%, 11/16/29<sup>(a)</sup> | &nbsp;&nbsp; USD341 | 310566 |
| 4.50%, 11/16/29<sup>(c)</sup> | &nbsp;&nbsp; USD400 | 364300 |
| Vedanta Resources Finance II PLC |  |  |
| 9.48%, 07/24/30<sup>(c)</sup> | &nbsp;&nbsp; USD814 | 804843 |
| 9.85%, 04/24/33<sup>(a)</sup> | &nbsp;&nbsp; USD227 | 228135 |
| 10.88%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; USD382 | 390213 |
| 10.88%, 09/17/29<sup>(c)</sup> | &nbsp;&nbsp; USD3,935 | 4019602 |
| Volcan Cia Minera SAA |  |  |
| 8.75%, 01/24/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD414 | 414000 |
| 8.75%, 01/24/30<sup>(c)</sup> | &nbsp;&nbsp; USD592 | 592000 |
|  |  | 61177571 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Xerox Holdings Corp. |  |  |
| 5.50%, 08/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD8,260 | 5463164 |
| 8.88%, 11/30/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD7,580 | 4935644 |
|  |  | 10398808 |
| **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** |
| Aethon United BR LP/Aethon United <br> Finance Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,478 | 2596302 |
| Ascent Resources Utica Holdings LLC / <br> ARU Finance Corp., 6.63%, 07/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,408 | 1427506 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD390 | 388605 |
| 6.63%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD137 | 139357 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,822 | $2729053 |
| 8.50%, 04/30/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD862 | 877209 |
| BP Capital Markets PLC, 3.25%, (5-year <br> EUR Swap + 3.520%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR6,500 | 7427432 |
| CNX Resources Corp. |  |  |
| 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD462 | 461751 |
| 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,473 | 2549678 |
| Comstock Resources Inc. 6.75%, <br> 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD7,405 | 7288416 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD3,288 | 3145545 |
| 7.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,298 | 2245624 |
| 8.38%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD920 | 910575 |
| CVR Energy Inc., 8.50%, 01/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,382 | 4305257 |
| Ecopetrol SA, 8.88%, 01/13/33 | &nbsp;&nbsp; USD538 | 564362 |
| Empresa Nacional del Petroleo, 5.95%, <br> 07/30/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD400 | 407000 |
| Encino Acquisition Partners Holdings LLC, <br> 8.75%, 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD271 | 299056 |
| Eni SpA |  |  |
| 4.25%, 05/19/33<sup>(c)</sup> | &nbsp;&nbsp; EUR5,912 | 7084755 |
| 4.50%, (5-year EUR Swap + <br> 2.083%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR4,725 | 5525354 |
| Gran Tierra Energy Inc., 9.50%, <br> 10/15/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD600 | 493500 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,997 | 2885785 |
| 7.25%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD2,110 | 2056336 |
| 8.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD3,316 | 3460322 |
| KazMunayGas National Co. JSC, 5.75%, <br> 04/19/47<sup>(c)</sup><br>| &nbsp;&nbsp; USD334 | 293098 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 237752 |
| 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,105 | 1108260 |
| 6.88%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD844 | 857820 |
| MC Brazil Downstream Trading SARL, <br> 7.25%, 06/30/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD308 | 249006 |
| Medco Maple Tree Pte Ltd. |  |  |
| 8.96%, 04/27/29<sup>(a)</sup> | &nbsp;&nbsp; USD250 | 261563 |
| 8.96%, 04/27/29<sup>(c)</sup> | &nbsp;&nbsp; USD4,500 | 4708125 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,590 | 3661682 |
| Northern Oil & Gas Inc. |  |  |
| 8.13%, 03/01/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,969 | 1988168 |
| 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,118 | 2175997 |
| ORLEN SA, 6.00%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; USD285 | 292125 |
| Parkland Corp. |  |  |
| 4.63%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,683 | 1613954 |
| 5.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD672 | 672571 |
| 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,537 | 1571018 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,045 | 3046860 |
| 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,071 | 1105935 |
| 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD463 | 473425 |
| Petroleos del Peru SA, 4.75%, 06/19/32<sup>(a)</sup> | &nbsp;&nbsp; USD399 | 319076 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/31 | &nbsp;&nbsp; USD586 | 542636 |
| 6.50%, 03/13/27 | &nbsp;&nbsp; USD860 | 859768 |
| 6.88%, 10/16/25<sup>(g)</sup> | &nbsp;&nbsp; USD2,001 | 2001200 |
| 6.95%, 01/28/60<sup>(g)</sup> | &nbsp;&nbsp; USD447 | 344905 |
| 7.50%, 03/20/26 | &nbsp;&nbsp; USD10,281 | 10242446 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 8.75%, 06/02/29<sup>(g)</sup> | &nbsp;&nbsp; USD2,460 | $2588706 |
| 10.00%, 02/07/33<sup>(g)</sup> | &nbsp;&nbsp; USD405 | 450137 |
| Petron Corp., 5.95%, (5-year CMT + <br> 7.574%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD5,594 | 5558366 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 <br> SA, 6.24%, 07/03/36<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD546 | 566306 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(c)</sup> | &nbsp;&nbsp; EUR3,436 | 4066043 |
| PRIO Luxembourg Holding Sarl, 6.13%, <br> 06/09/26<sup>(c)</sup><br>| &nbsp;&nbsp; USD400 | 401500 |
| Puma International Financing SA, 7.75%, <br> 04/25/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,760 | 1821450 |
| Raizen Fuels Finance SA |  |  |
| 6.45%, 03/05/34<sup>(a)</sup> | &nbsp;&nbsp; USD345 | 342519 |
| 6.70%, 02/25/37<sup>(c)</sup> | &nbsp;&nbsp; USD510 | 496128 |
| 6.95%, 03/05/54<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 186800 |
| Range Resources Corp., 8.25%, 01/15/29 | &nbsp;&nbsp; USD832 | 853075 |
| Saudi Arabian Oil Co., 4.75%, 06/02/30<sup>(a)</sup> | &nbsp;&nbsp; USD635 | 638484 |
| SEPLAT Energy PLC, 9.13%, 03/21/30<sup>(c)</sup> | &nbsp;&nbsp; USD712 | 731580 |
| SierraCol Energy Andina LLC, 6.00%, <br> 06/15/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD635 | 596265 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/28 | &nbsp;&nbsp; USD706 | 710382 |
| 6.63%, 01/15/27 | &nbsp;&nbsp; USD532 | 530819 |
| 6.75%, 09/15/26 | &nbsp;&nbsp; USD1,693 | 1696791 |
| 6.75%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD713 | 713563 |
| 7.00%, 08/01/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,865 | 2836984 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,936 | 1960783 |
| 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD176 | 182172 |
| 7.25%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD969 | 1015507 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 4.50%, 05/15/29 | &nbsp;&nbsp; USD1,921 | 1862016 |
| 7.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,570 | 1617086 |
| TotalEnergies Capital International SA, <br> 3.85%, 03/03/45<sup>(c)</sup><br>| &nbsp;&nbsp; EUR3,500 | 3742602 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,367 | 5500403 |
| Trident Energy Finance PLC, 12.50%, <br> 11/30/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD757 | 779475 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,699 | 1754881 |
| Var Energi ASA, 7.86%, 11/15/83, (5-year <br> EURIBOR ICE Swap + 4.765%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,900 | 7427998 |
| Vista Energy Argentina SAU, 8.50%, <br> 06/10/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD292 | 299592 |
| Vital Energy Inc. |  |  |
| 7.88%, 04/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,533 | 1345532 |
| 9.75%, 10/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD3,876 | 3635954 |
| Wintershall Dea Finance 2 BV, 6.12%, <br> (1-day SONIA + 1.750%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR7,256 | 8570362 |
| Wintershall Dea Finance BV |  |  |
| 3.83%, 10/03/29<sup>(c)</sup> | &nbsp;&nbsp; EUR4,900 | 5654822 |
| 4.36%, 10/03/32<sup>(c)</sup> | &nbsp;&nbsp; EUR12,291 | 14074901 |
|  |  | 183106154 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,792 | 1791898 |
| 6.63%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD590 | 598747 |
| OEG Finance PLC 7.25%, 09/27/29<sup>(c)</sup> | &nbsp;&nbsp; EUR5,866 | 6990320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| USA Compression Partners LP/USA <br> Compression Finance Corp., 7.13%, <br> 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,511 | $4611385 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,088 | 4199651 |
|  |  | 18192001 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC<br>|  |  |
| 2.00%, 09/01/28<sup>(c)</sup> | &nbsp;&nbsp; EUR1,199 | 1299133 |
| 4.00%, 09/01/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,148 | 1956502 |
| 6.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,145 | 1146009 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA Inc. 2.13%, 08/15/26<sup>(c)</sup><br>| &nbsp;&nbsp; EUR8,749 | 9953040 |
| Ball Corp. |  |  |
| 2.88%, 08/15/30 | &nbsp;&nbsp; USD100 | 89829 |
| 3.13%, 09/15/31 | &nbsp;&nbsp; USD900 | 805537 |
| 4.25%, 07/01/32 | &nbsp;&nbsp; EUR4,020 | 4685412 |
| 6.00%, 06/15/29 | &nbsp;&nbsp; USD1,287 | 1309882 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,852 | 2885811 |
| 6.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD146 | 149549 |
| 8.75%, 04/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,245 | 4332353 |
| Crown Americas LLC/Crown Americas <br> Capital Corp. V, 4.25%, 09/30/26<br>| &nbsp;&nbsp; USD2,144 | 2122078 |
| Fiber Midco SpA, 10.75%, 06/15/29, (6.25% <br> PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; EUR900 | 937466 |
| Graphic Packaging International LLC, <br> 6.38%, 07/15/32<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,813 | 2846930 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(c)</sup> | &nbsp;&nbsp; EUR3,533 | 3710821 |
| Mauser Packaging Solutions Holding Co., <br> 9.25%, 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD14,567 | 14417623 |
| OI European Group BV |  |  |
| 5.25%, 06/01/29<sup>(c)</sup> | &nbsp;&nbsp; EUR3,000 | 3549816 |
| 6.25%, 05/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR1,200 | 1415819 |
| Owens-Brockway Glass Container Inc., <br> 7.25%, 05/15/31<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,847 | 2878992 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 233014 |
| 5.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,451 | 2417619 |
| Sealed Air Corp./Sealed Air Corp. U.S., <br> 7.25%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD519 | 539451 |
| Trivium Packaging Finance BV |  |  |
| 8.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 252730 |
| 12.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD7,815 | 8205719 |
|  |  | 72141135 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| Bayer AG |  |  |
| 5.38%, 03/25/82, (5-year EUR Swap + <br> 4.458%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,200 | 2562073 |
| 6.63%, 09/25/83, (5-year EUR Swap + <br> 3.432%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR7,900 | 9651337 |
| 7.00%, 09/25/83, (5-year EUR Swap + <br> 3.896%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,300 | 5342840 |
| Series N5.5, 4.50%, 03/25/82, (5-year <br> EUR Swap + 3.751%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,300 | 3809710 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/54, (5-year CMT + <br> 2.516%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD110 | $110091 |
| 7.00%, 03/10/55, (5-year CMT + <br> 2.886%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,130 | 4249109 |
| Dolcetto Holdco SpA |  |  |
| 5.63%, 07/14/32, (3-mo. EURIBOR + <br> 3.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,497 | 1720601 |
| 5.63%, 07/14/32<sup>(c)</sup> | &nbsp;&nbsp; EUR7,957 | 9249685 |
| Endo Finance Holdings Inc., 8.50%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,723 | 5024479 |
| Grifols SA |  |  |
| 7.13%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp; EUR8,000 | 9633502 |
| 7.50%, 05/01/30<sup>(c)</sup> | &nbsp;&nbsp; EUR3,450 | 4153522 |
| Gruenenthal GmbH |  |  |
| 4.63%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR1,154 | 1342745 |
| 6.75%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR4,594 | 5540716 |
| Hikma Finance USA LLC, 5.13%, <br> 07/08/30<sup>(c)</sup><br>| &nbsp;&nbsp; USD398 | 395015 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,087 | 2018915 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.38%, 10/23/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,500 | 2919715 |
| 5.89%, 10/23/30, (3-mo. EURIBOR + <br> 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,712 | 3114276 |
| 7.00%, 02/21/30<sup>(c)</sup> | &nbsp;&nbsp; EUR6,027 | 7180297 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer BV<br>|  |  |
| 4.13%, 04/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD287 | 271648 |
| 5.13%, 04/30/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD8,012 | 6931306 |
| 2.88%, 04/30/28<sup>(c)</sup> | &nbsp;&nbsp; EUR3,173 | 3564813 |
| 6.75%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD261 | 246117 |
| 7.88%, 05/15/34<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,155 | 4615376 |
| Rossini SARL |  |  |
| 5.86%, 12/31/29, (3-mo. EURIBOR + <br> 3.875%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR825 | 954037 |
| 6.75%, 12/31/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,868 | 2249818 |
| Teva Pharmaceutical Finance Netherlands <br> II BV<br>|  |  |
| 4.13%, 06/01/31 | &nbsp;&nbsp; EUR5,473 | 6284821 |
| 4.38%, 05/09/30 | &nbsp;&nbsp; EUR6,027 | 7040674 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; EUR3,964 | 5451642 |
| Teva Pharmaceutical Finance Netherlands <br> III BV<br>|  |  |
| 3.15%, 10/01/26 | &nbsp;&nbsp; USD3,141 | 3066401 |
| 4.75%, 05/09/27 | &nbsp;&nbsp; USD243 | 241071 |
| 5.13%, 05/09/29<sup>(g)</sup> | &nbsp;&nbsp; USD761 | 760924 |
| 6.00%, 12/01/32 | &nbsp;&nbsp; USD582 | 593640 |
| 6.75%, 03/01/28 | &nbsp;&nbsp; USD923 | 953228 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; USD819 | 887960 |
| Teva Pharmaceutical Finance Netherlands <br> IV BV, 5.75%, 12/01/30<br>| &nbsp;&nbsp; USD2,148 | 2175494 |
|  |  | 124307598 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.38%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,355 | 1343609 |
| 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,868 | 1868787 |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 7.00%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD390 | 404430 |
| 7.25%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,094 | 2207706 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Buckeye Partners LP |  |  |
| 4.13%, 12/01/27 | &nbsp;&nbsp; USD533 | $519869 |
| 6.75%, 02/01/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,170 | 2246499 |
| 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,605 | 1652177 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,431 | 1397968 |
| 7.50%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD750 | 798723 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD572 | 574778 |
| 7.38%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; USD483 | 477462 |
| 8.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,711 | 4902780 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54, (5-year CMT + <br> 2.829%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD955 | 979271 |
| 8.00%, 05/15/54, (5-year CMT + <br> 4.020%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD1,218 | 1297517 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp.<br>|  |  |
| 8.00%, 05/15/33 | &nbsp;&nbsp; USD3,779 | 3917905 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; USD560 | 584079 |
| 8.88%, 04/15/30 | &nbsp;&nbsp; USD257 | 272057 |
| Global Partners LP/GLP Finance Corp., <br> 8.25%, 01/15/32<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD2,780 | 2914858 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; USD508 | 519587 |
| 6.10%, 08/23/42<sup>(a)</sup> | &nbsp;&nbsp; USD511 | 517771 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,479 | 1497001 |
| 7.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD312 | 324303 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,572 | 2488637 |
| 5.13%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD301 | 299449 |
| 6.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 154515 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD944 | 976021 |
| 8.88%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,117 | 2207375 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,746 | 5473116 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD767 | 767620 |
| 6.63%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD891 | 911236 |
| NuStar Logistics LP, 5.63%, 04/28/27 | &nbsp;&nbsp; USD3,172 | 3188062 |
| Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,147 | 2105056 |
| South Bow Canadian Infrastructure <br> Holdings Ltd.<br>|  |  |
| 7.50%, 03/01/55, (5-year CMT + <br> 3.667%)<sup>(a)(b)(g)</sup><br>| &nbsp;&nbsp; USD1,925 | 1999956 |
| 7.63%, 03/01/55, (5-year CMT + <br> 3.949%)<sup>(a)(b)(g)</sup><br>| &nbsp;&nbsp; USD265 | 273688 |
| Tallgrass Energy Partners LP/Tallgrass <br> Energy Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,801 | 1784827 |
| 6.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,417 | 1412338 |
| 6.00%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,956 | 3875895 |
| 6.00%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,039 | 1018134 |
| Venture Global Calcasieu Pass LLC |  |  |
| 6.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,472 | 3565775 |
| 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD615 | 580516 |
| 4.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,522 | 1405851 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Venture Global LNG Inc. |  |  |
| 7.00%, 01/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,043 | $5113678 |
| 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,963 | 2032321 |
| 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD8,283 | 8567587 |
| 9.88%, 02/01/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,182 | 4512143 |
| Venture Global Plaquemines LNG LLC., <br> 6.75%, 01/15/36<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,611 | 1657245 |
|  |  | 87590178 |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| Adler Financing SARL, Series 1L, 8.25%, <br> 12/31/28, (4.13% PIK)<sup>(h)</sup><br>| &nbsp;&nbsp; EUR17,337 | 20832642 |
| Alpha Star Holding IX Ltd., 7.00%, <br> 08/26/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD347 | 354159 |
| Aroundtown Finance Sarl, 8.63%, (3-month <br> BB Swap + 1.830%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; GBP2,000 | 2680127 |
| Aroundtown Finance SARL |  |  |
| 5.00%, (5-year EURIBOR ICE Swap + <br> 2.349%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; EUR5,000 | 5332104 |
| 7.13%, (5-year EURIBOR ICE Swap + <br> 4.508%)<sup>(b)(i)</sup><br>| &nbsp;&nbsp; EUR9,942 | 11836020 |
| Aroundtown SA, 1.63%, (5-year EUR Swap <br> + 2.419%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1074131 |
| Central Plaza Development Ltd., 6.80%, <br> 04/07/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD870 | 875438 |
| Citycon OYJ, 3.63%, (5-year EURIBOR ICE <br> Swap + 4.179%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,495 | 2740071 |
| Citycon Treasury BV |  |  |
| 1.25%, 09/08/26<sup>(c)</sup> | &nbsp;&nbsp; EUR174 | 194765 |
| 1.63%, 03/12/28<sup>(c)</sup> | &nbsp;&nbsp; EUR2,140 | 2303732 |
| 2.38%, 01/15/27<sup>(c)</sup> | &nbsp;&nbsp; EUR297 | 335227 |
| 5.00%, 03/11/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,350 | 2741847 |
| 5.38%, 07/08/31<sup>(c)</sup> | &nbsp;&nbsp; EUR4,075 | 4798484 |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,156 | 3382465 |
| Elect Global Investments Ltd., 4.85%<sup>(c)(i)</sup> | &nbsp;&nbsp; USD1,067 | 693550 |
| Grand City Properties SA, 1.50%, (5-year <br> EUR Swap + 2.184%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR7,000 | 7723996 |
| Heimstaden Bostad AB |  |  |
| 1.13%, 01/21/26<sup>(c)</sup> | &nbsp;&nbsp; EUR400 | 453227 |
| 2.63%, (5-year EUR Swap + <br> 3.149%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR550 | 601941 |
| 3.38%, (5-year EUR Swap + <br> 2.860%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2263597 |
| 3.63%, (5-year EUR Swap + <br> 3.904%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1119070 |
| 6.25%, (3-month BB Swap + <br> 2.250%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR5,500 | 6425275 |
| Heimstaden Bostad Treasury BV, 1.38%, <br> 03/03/27<br>| &nbsp;&nbsp; EUR961 | 1072965 |
| Howard Hughes Corp. (The) |  |  |
| 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD880 | 838866 |
| 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD517 | 475812 |
| 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,126 | 3106822 |
| MAF Global Securities Ltd., 6.38%, (5-year <br> CMT + 3.539%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD200 | 199250 |
| Unique Pub Finance Co. PLC (The), <br> Series N, 6.46%, 03/30/32<sup>(c)</sup><br>| &nbsp;&nbsp; GBP4,017 | 5490061 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| Vivion Investments SARL |  |  |
| 6.50%, 08/31/28, (6.50 % Cash and 1.40 <br> % PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp; EUR4,276 | $4820019 |
| 6.50%, 02/28/29, (6.50 % PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp; EUR1,441 | 1612434 |
|  |  | 96378097 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| Alstria Office AG, 5.50%, 03/20/31<sup>(c)</sup> | &nbsp;&nbsp; EUR8,500 | 9917028 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 94571 |
| 4.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 238178 |
| 4.88%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,905 | 3818180 |
| 5.25%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD176 | 175104 |
| 5.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD259 | 254528 |
| 5.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,896 | 3845197 |
| 6.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD143 | 145442 |
| 7.00%, 02/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,875 | 5007971 |
| KEPPEL REIT, 4.10%<sup>(b)(c)</sup> | &nbsp;&nbsp; SGD2,750 | 2117991 |
| MPT Operating Partnership LP/MPT <br> Finance Corp.<br>|  |  |
| 0.99%, 10/15/26 | &nbsp;&nbsp; EUR1,745 | 1871669 |
| 7.00%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR12,719 | 14910157 |
| Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD762 | 733003 |
| 5.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,892 | 2880729 |
| 7.00%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,626 | 2689287 |
| RHP Hotel Properties LP/RHP <br> Finance Corp.<br>|  |  |
| 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,534 | 1491877 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; USD3,121 | 3087392 |
| 6.50%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,342 | 1370390 |
| 7.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD540 | 556867 |
| RLJ Lodging Trust LP |  |  |
| 3.75%, 07/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD1,626 | 1601764 |
| 4.00%, 09/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD255 | 237979 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29 | &nbsp;&nbsp; USD359 | 334600 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; USD9,464 | 9300505 |
| Scentre Group Trust 1 |  |  |
| 5.60%, 03/31/55, (Update <br> Replacements.xls: BBSW3M + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD2,400 | 1547774 |
| 5.88%, 09/10/54<sup>(b)</sup> | &nbsp;&nbsp; AUD800 | 526464 |
| Service Properties Trust |  |  |
| 3.95%, 01/15/28<sup>(g)</sup> | &nbsp;&nbsp; USD3,115 | 2904086 |
| 4.38%, 02/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD5,880 | 4981934 |
| 4.75%, 10/01/26 | &nbsp;&nbsp; USD933 | 915525 |
| 4.95%, 02/15/27 | &nbsp;&nbsp; USD829 | 808931 |
| 4.95%, 10/01/29<sup>(g)</sup> | &nbsp;&nbsp; USD1,620 | 1425024 |
| Starwood Property Trust Inc. |  |  |
| 3.63%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD5,314 | 5210350 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD722 | 729089 |
| 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD446 | 466444 |
| Stockland Trust, 5.42%, 03/25/32<sup>(c)</sup> | &nbsp;&nbsp; AUD1,500 | 982329 |
| Trust Fibra Uno, 4.87%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD638 | 608569 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC<br>|  |  |
| 4.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD7,090 | $6871027 |
| 10.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,288 | 3475018 |
|  |  | 98132973 |
| **Retail — 1.5%** | **Retail — 1.5%** | **Retail — 1.5%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| 3.88%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD80 | 77164 |
| 4.00%, 10/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD6,853 | 6349389 |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,662 | 3578464 |
| 5.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 150895 |
| 6.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,601 | 1636339 |
| Advance Auto Parts Inc., 3.90%, 04/15/30<sup>(g)</sup> | &nbsp;&nbsp; USD890 | 807036 |
| Afflelou SAS, 6.00%, 07/25/29<sup>(c)</sup> | &nbsp;&nbsp; EUR1,379 | 1648257 |
| Asbury Automotive Group Inc. |  |  |
| 4.50%, 03/01/28 | &nbsp;&nbsp; USD240 | 236009 |
| 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,672 | 2567406 |
| 5.00%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,545 | 1461419 |
| Bertrand Franchise Finance SAS |  |  |
| 5.99%, 07/18/30, (3-mo. EURIBOR + <br> 3.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,000 | 5556538 |
| 6.50%, 07/18/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,188 | 2501731 |
| Boots Group Finco LP |  |  |
| 5.38%, 08/31/32<sup>(c)</sup> | &nbsp;&nbsp; EUR2,638 | 3081983 |
| 7.38%, 08/31/32<sup>(c)</sup> | &nbsp;&nbsp; GBP1,303 | 1753072 |
| Bubbles Holdco SPA |  |  |
| 6.23%, 09/30/31, (3-mo. EURIBOR + <br> 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,998 | 4606765 |
| 6.50%, 09/30/31<sup>(c)</sup> | &nbsp;&nbsp; EUR1,804 | 2120985 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(c)</sup> | &nbsp;&nbsp; GBP13,581 | 18617878 |
| Dufry One BV, 4.50%, 05/23/32<sup>(c)</sup> | &nbsp;&nbsp; EUR7,310 | 8448524 |
| Duomo Bidco SpA, 6.15%, 07/15/31, (3-mo. <br> EURIBOR + 4.125%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR2,317 | 2660799 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc., 6.75%, <br> 01/15/30<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD7,431 | 6991295 |
| FirstCash Inc. |  |  |
| 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD697 | 689785 |
| 6.88%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,661 | 1702699 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(c)</sup> | &nbsp;&nbsp; EUR3,685 | 4305911 |
| Gap Inc. (The) |  |  |
| 3.63%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD116 | 107045 |
| 3.88%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,665 | 3256956 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,150 | 2000565 |
| 8.75%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,328 | 1175917 |
| 11.50%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,907 | 4870626 |
| Goldstory SAS |  |  |
| 6.02%, 02/01/30, (3-mo. EURIBOR + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,916 | 5682227 |
| 6.75%, 02/01/30<sup>(c)</sup> | &nbsp;&nbsp; EUR6,452 | 7679763 |
| Group 1 Automotive Inc. |  |  |
| 4.00%, 08/15/28<sup>(a)(g)</sup> | &nbsp;&nbsp; USD598 | 576574 |
| 6.38%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,308 | 1332282 |
| Kohl's Corp., 5.13%, 05/01/31<sup>(g)</sup> | &nbsp;&nbsp; USD4,537 | 3268279 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD10,162 | 8917155 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,604 | 3502444 |
| 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,956 | 3125438 |
| Lithia Motors Inc. |  |  |
| 3.88%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD531 | 500323 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.38%, 01/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD2,400 | $2257536 |
| 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD205 | 201820 |
| Murphy Oil USA Inc., 4.75%, 09/15/29 | &nbsp;&nbsp; USD1,160 | 1134200 |
| Nordstrom Inc., 4.38%, 04/01/30 | &nbsp;&nbsp; USD1,223 | 1108916 |
| PetSmart Inc./PetSmart Finance Corp., <br> 7.75%, 02/15/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD10,266 | 10046129 |
| QXO Building Products Inc., 6.75%, <br> 04/30/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD945 | 973136 |
| Sonic Automotive Inc. |  |  |
| 4.63%, 11/15/29<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,676 | 1611831 |
| 4.88%, 11/15/31<sup>(a)(g)</sup> | &nbsp;&nbsp; USD584 | 550414 |
| Stonegate Pub Co. Financing PLC |  |  |
| 8.77%, 07/31/29, (3-mo. EURIBOR + <br> 6.625%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR4,000 | 4494820 |
| 10.75%, 07/31/29<sup>(c)</sup> | &nbsp;&nbsp; GBP3,414 | 4578583 |
| Suburban Propane Partners LP/Suburban <br> Energy Finance Corp., 5.00%, <br> 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD977 | 917570 |
| Wesfarmers Ltd., 2.55%, 06/23/31<sup>(c)</sup> | &nbsp;&nbsp; AUD1,120 | 630200 |
| Yum! Brands Inc. |  |  |
| 3.63%, 03/15/31 | &nbsp;&nbsp; USD2,154 | 1985387 |
| 4.63%, 01/31/32<sup>(g)</sup> | &nbsp;&nbsp; USD282 | 269956 |
| 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,721 | 2681868 |
|  |  | 160988303 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| Nationwide Building Society |  |  |
| 5.75%, (5-year UK Government Bond + <br> 5.625%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; GBP2,306 | 3030983 |
| 7.50%, (5-year UK Government Bond + <br> 3.852%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; GBP5,225 | 7027708 |
| Series ., 7.88%, (1-day SONIA + <br> 1.400%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; GBP850 | 1156938 |
|  |  | 11215629 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Broadcom Inc., 3.75%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; USD5,188 | 3880736 |
| Entegris Inc. |  |  |
| 4.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD240 | 233856 |
| 5.95%, 06/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,320 | 4358699 |
| SK Hynix Inc., 6.25%, 01/17/26<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 639096 |
|  |  | 9112387 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD5,297 | 4352424 |
| Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,699 | 3137900 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,148 | 5198888 |
| 8.25%, 06/30/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD5,042 | 5368878 |
| 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD15,020 | 15543612 |
| Continuum Energy Pte. Ltd., 12.85%, <br> 09/11/27<sup>(e)(g)</sup><br>| &nbsp;&nbsp; USD1,749 | 1749061 |
| CoreWeave Inc. |  |  |
| 9.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,973 | 1964588 |
| 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,895 | 5924775 |
| Fair Isaac Corp. |  |  |
| 5.25%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD3,180 | 3174786 |
| 6.00%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD256 | 257202 |
| Helios Software Holdings Inc./ION <br> Corporate Solutions Finance SARL, <br> 7.88%, 05/01/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR13,014 | 15567883 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| IPD 3 BV 5.50%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR6,646 | $7721934 |
| Open Text Corp., 3.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,437 | 3217180 |
| Oracle Corp. |  |  |
| 3.85%, 04/01/60 | &nbsp;&nbsp; USD13,544 | 9130602 |
| 5.38%, 09/27/54<sup>(g)</sup> | &nbsp;&nbsp; USD3,600 | 3242572 |
| SS&C Technologies Inc. |  |  |
| 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD168 | 168037 |
| 6.50%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,809 | 2888321 |
| TeamSystem SpA |  |  |
| 5.00%, 07/01/31<sup>(c)</sup> | &nbsp;&nbsp; EUR6,212 | 7175357 |
| 5.19%, 07/01/32, (3-mo. EURIBOR + <br> 3.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,773 | 6588461 |
| 5.53%, 07/31/31, (3-mo. EURIBOR + <br> 3.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR5,283 | 6045968 |
| Twilio Inc., 3.63%, 03/15/29 | &nbsp;&nbsp; USD926 | 877003 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD5,820 | 5975190 |
|  |  | 115270622 |
| **Sovereign Debt Securities — 0.0%** | **Sovereign Debt Securities — 0.0%** | **Sovereign Debt Securities — 0.0%** |
| Nigeria Government International Bond, <br> 8.38%, 03/24/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 205188 |
| **Telecommunications — 2.9%** | **Telecommunications — 2.9%** | **Telecommunications — 2.9%** |
| Altice France SA, 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,000 | 1730000 |
| Altice France SA/France |  |  |
| 3.38%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR1,000 | 997694 |
| 4.00%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR900 | 901262 |
| 4.13%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR2,000 | 2009854 |
| Bell Telephone Co. of Canada or <br> Bell Canada<br>|  |  |
| 6.88%, 09/15/55, (5-year CMT + <br> 2.390%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD4,310 | 4385050 |
| 7.00%, 09/15/55, (5-year CMT + <br> 2.363%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD1,024 | 1039247 |
| British Telecommunications PLC |  |  |
| 5.13%, 10/03/54, (5-year EURIBOR ICE <br> Swap + 2.542%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR1,269 | 1518696 |
| 8.38%, 12/20/83, (5-year UK Government <br> Bond + 3.820%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP5,100 | 7255579 |
| Connect Finco SARL/Connect U.S. Finco <br> LLC, 9.00%, 09/15/29<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD8,044 | 8122920 |
| Digicel International Finance Ltd. / Difl <br> US LLC, 8.63%, 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD304 | 307059 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75% PIK)<sup>(g)(h)</sup> | &nbsp;&nbsp; USD3,380 | 3202541 |
| 10.75%, 11/30/29 | &nbsp;&nbsp; USD11,628 | 12253005 |
| Empresa Nacional de <br> Telecomunicaciones SA, 4.75%, <br> 08/01/26<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,226 | 1221893 |
| Eutelsat SA |  |  |
| 1.50%, 10/13/28<sup>(c)</sup> | &nbsp;&nbsp; EUR5,400 | 5673281 |
| 9.75%, 04/13/29<sup>(c)</sup> | &nbsp;&nbsp; EUR2,737 | 3395443 |
| Fibercop SpA |  |  |
| 4.75%, 06/30/30<sup>(c)</sup> | &nbsp;&nbsp; EUR3,237 | 3760647 |
| 5.13%, 06/30/32<sup>(c)</sup> | &nbsp;&nbsp; EUR1,615 | 1868530 |
| Series 2033, 6.38%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD317 | 307075 |
| Series 2034, 6.00%, 09/30/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,788 | 2633399 |
| Series 2036, 7.20%, 07/18/36<sup>(a)</sup> | &nbsp;&nbsp; USD2,233 | 2211117 |
| Series 2038, 7.72%, 06/04/38<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,399 | 1392054 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,070 | 4064879 |
| 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,640 | 2640478 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.88%, 11/01/29 | &nbsp;&nbsp; USD2,753 | $2775971 |
| 6.00%, 01/15/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD4,794 | 4850996 |
| Global Switch Finance BV, 1.38%, <br> 10/07/30<sup>(c)</sup><br>| &nbsp;&nbsp; EUR5,669 | 6043091 |
| Iliad Holding SASU |  |  |
| 5.38%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp; EUR2,637 | 3114026 |
| 5.63%, 10/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR100 | 116268 |
| 6.88%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp; EUR12,947 | 15886373 |
| 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,782 | 2823716 |
| 7.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD440 | 451611 |
| 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD6,260 | 6714983 |
| Kaixo Bondco Telecom SA, 5.13%, <br> 09/30/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR11,740 | 13597014 |
| Level 3 Financing Inc. |  |  |
| 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; USD4,871 | 4935957 |
| 10.75%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,752 | 5351940 |
| 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD32 | 35901 |
| Liberty Costa Rica Senior Secured Finance, <br> 10.88%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD247 | 263117 |
| NBN Co. Ltd., 2.20%, 12/16/30<sup>(c)</sup> | &nbsp;&nbsp; AUD130 | 74495 |
| Odido Group Holding BV, 5.50%, <br> 01/15/30<sup>(c)</sup><br>| &nbsp;&nbsp; EUR9,275 | 10701354 |
| Optics Bidco SpA, 5.25%, 03/17/55 | &nbsp;&nbsp; EUR3,200 | 3243640 |
| Rogers Communications Inc. |  |  |
| 5.25%, 03/15/82, (5-year CMT + <br> 3.590%)<sup>(a)(b)(g)</sup><br>| &nbsp;&nbsp; USD4,894 | 4824587 |
| 7.00%, 04/15/55, (5-year CMT + <br> 2.653%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,053 | 3121300 |
| SES SA |  |  |
| 4.13%, 06/24/30<sup>(c)</sup> | &nbsp;&nbsp; EUR1,475 | 1708811 |
| 4.88%, 06/24/33<sup>(c)</sup> | &nbsp;&nbsp; EUR1,850 | 2176362 |
| SoftBank Group Corp. |  |  |
| 3.38%, 07/06/29<sup>(c)</sup> | &nbsp;&nbsp; EUR2,322 | 2541048 |
| 3.88%, 07/06/32<sup>(c)</sup> | &nbsp;&nbsp; EUR3,616 | 3848850 |
| 5.00%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; EUR100 | 116933 |
| 5.25%, 10/10/29<sup>(c)</sup> | &nbsp;&nbsp; EUR11,237 | 13047383 |
| 5.38%, 01/08/29<sup>(c)</sup> | &nbsp;&nbsp; EUR5,975 | 6994854 |
| 5.75%, 07/08/32<sup>(c)</sup> | &nbsp;&nbsp; EUR5,645 | 6566386 |
| Series ., 5.88%, 07/10/31<sup>(c)</sup> | &nbsp;&nbsp; EUR5,117 | 6045856 |
| Series ., 6.38%, 07/10/33<sup>(c)</sup> | &nbsp;&nbsp; EUR5,303 | 6275666 |
| Sunrise HoldCo IV BV, 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,398 | 4370947 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(a)</sup> | &nbsp;&nbsp; USD285 | 292837 |
| Telefonica Emisiones SA, 3.94%, <br> 06/25/35<sup>(c)</sup><br>| &nbsp;&nbsp; EUR6,200 | 7093124 |
| Telefonica Europe BV |  |  |
| 2.50%, (5-year CMT + 2.351%)<sup>(b)(c)(i)</sup> | &nbsp;&nbsp; EUR2,500 | 2813585 |
| 6.14%, (7-year EUR Swap + <br> 3.347%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR1,500 | 1853946 |
| Series ., 5.75%, (8-year EUR Swap + <br> 3.121%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR6,500 | 7782083 |
| Telstra Group Ltd., 5.65%, 03/06/34 | &nbsp;&nbsp; AUD2,170 | 1444057 |
| TELUS Corp. |  |  |
| 6.63%, 10/15/55, (5-year CMT + <br> 2.709%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD171 | 173165 |
| 7.00%, 10/15/55, (1-day SOFR + <br> 1.350%)<sup>(b)(g)</sup><br>| &nbsp;&nbsp; USD1,228 | 1243248 |
| T-Mobile USA Inc., 5.25%, 06/15/55 | &nbsp;&nbsp; USD3,550 | 3226542 |
| Turk Telekomunikasyon AS, 7.38%, <br> 05/20/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD400 | 410468 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, <br> 01/24/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD280 | 288663 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Veon Midco BV, 3.38%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; USD319 | $295075 |
| VF Ukraine PAT via VFU Funding PLC, <br> 9.63%, 02/11/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD258 | 245174 |
| Viasat Inc., 5.63%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD4,155 | 4134929 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.00%, 01/31/29<sup>(c)</sup> | &nbsp;&nbsp; GBP6,856 | 8488477 |
| 4.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,739 | 2495589 |
| 4.50%, 07/15/31<sup>(c)</sup> | &nbsp;&nbsp; GBP2,854 | 3421639 |
| 4.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,672 | 4322395 |
| 5.63%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; EUR4,682 | 5517954 |
| 7.75%, 04/15/32<sup>(a)(g)</sup> | &nbsp;&nbsp; USD1,587 | 1653186 |
| Vmed O2 UK Financing I PLC., 5.63%, <br> 04/15/32<sup>(c)</sup><br>| &nbsp;&nbsp; EUR3,147 | 3678726 |
| Vodafone Group PLC |  |  |
| 3.00%, 08/27/80, (5-year EUR Swap + <br> 3.477%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR790 | 871092 |
| 3.25%, 06/04/81, (5-year CMT + <br> 2.447%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,006 | 2923812 |
| 4.13%, 06/04/81, (5-year CMT + <br> 2.767%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,184 | 2932212 |
| 7.00%, 04/04/79, (5-year USD Swap + <br> 4.873%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,421 | 1484935 |
| 8.00%, 08/30/86, (5-year UK Government <br> Bond + 3.837%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; GBP2,388 | 3453287 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29 | &nbsp;&nbsp; EUR4,107 | 4944686 |
| 6.75%, 07/15/29<sup>(c)</sup> | &nbsp;&nbsp; EUR10,900 | 13179370 |
|  |  | 306175395 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| Australian Rail Track Corp. Ltd., 5.60%, <br> 06/12/31<sup>(c)</sup><br>| &nbsp;&nbsp; AUD2,350 | 1562421 |
| Danaos Corp., 8.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,899 | 3975600 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(c)</sup> | &nbsp;&nbsp; GBP11,882 | 16636684 |
| gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(c)</sup><br>| &nbsp;&nbsp; CHF6,170 | 7499402 |
| Mobico Group PLC |  |  |
| 3.63%, 11/20/28<sup>(c)</sup> | &nbsp;&nbsp; GBP1,854 | 2112822 |
| 4.25%, (5-year UK Government Bond + <br> 4.135%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; GBP4,800 | 3912465 |
| 4.88%, 09/26/31<sup>(c)</sup> | &nbsp;&nbsp; EUR2,820 | 2624371 |
| MTR Corp. CI Ltd., 5.63%, (3-month BB <br> Swap + 1.900%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; USD4,000 | 4029200 |
| Pacific National Finance Pty. Ltd., 7.75%, <br> 12/11/54<sup>(b)(c)</sup><br>| &nbsp;&nbsp; AUD4,310 | 2793503 |
| Poste Italiane SpA, 2.63%, (5-year <br> EURIBOR ICE Swap + 2.677%)<sup>(b)(c)(i)</sup><br>| &nbsp;&nbsp; EUR4,555 | 5006767 |
| Qube Treasury Pty Ltd., 5.90%, 12/11/34<sup>(c)</sup> | &nbsp;&nbsp; AUD800 | 522428 |
| SGL Group ApS |  |  |
| 6.30%, 02/24/31, (3-mo. EURIBOR + <br> 4.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; EUR3,000 | 3453436 |
| 6.75%, 04/22/30, (3-mo. EURIBOR + <br> 4.750%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR10,023 | 11578933 |
| Transnet SOC Ltd., 8.25%, 02/06/28<sup>(c)</sup> | &nbsp;&nbsp; USD701 | 728921 |
| XPO Inc., 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,268 | 1318065 |
|  |  | 67755018 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| FTAI Aviation Investors LLC |  |  |
| 5.88%, 04/15/33<sup>(a)(g)</sup> | &nbsp;&nbsp; USD200 | 198208 |
| 7.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,787 | 1854095 |
| 7.00%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,717 | 2813755 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** |
| 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,458 | $2606139 |
|  |  | 7472197 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Super Senior Issuer PLC, <br> Series 144\*, 9.75%, 10/10/27<sup>(a)</sup><br>| &nbsp;&nbsp; GBP12 | 16951 |
| Thames Water Utilities Ltd.,Series 144., <br> 0.00%, 03/22/27<sup>(a)(f)</sup><br>| &nbsp;&nbsp; GBP7 | 8421 |
|  |  | 25372 |
| **Total Corporate Bonds & Notes — 40.5%** <br>**(Cost: $4,224,830,050)** | **Total Corporate Bonds & Notes — 40.5%** <br>**(Cost: $4,224,830,050)** | 4341824564 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 0.0%** | **Angola — 0.0%** | **Angola — 0.0%** |
| Angolan Government International Bond |  |  |
| 8.25%, 05/09/28<sup>(c)</sup> | &nbsp;&nbsp; USD2,807 | 2715773 |
| 9.50%, 11/12/25<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 638575 |
|  |  | 3354348 |
| **Armenia — 0.0%** | **Armenia — 0.0%** | **Armenia — 0.0%** |
| Republic of Armenia International Bond, <br> 6.75%, 03/12/35<sup>(a)</sup><br>| &nbsp;&nbsp; USD268 | 262305 |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |
| Bahrain Government International Bond |  |  |
| 5.45%, 09/16/32<sup>(c)</sup> | &nbsp;&nbsp; USD288 | 271552 |
| 7.00%, 01/26/26<sup>(c)</sup> | &nbsp;&nbsp; USD1,433 | 1439449 |
|  |  | 1711001 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |
| Barbados Government International Bond, <br> 8.00%, 06/26/35<sup>(a)</sup><br>| &nbsp;&nbsp; USD390 | 389066 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |
| Benin Government International Bond, <br> 7.96%, 02/13/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD687 | 664460 |
| **Bolivia — 0.0%** | **Bolivia — 0.0%** | **Bolivia — 0.0%** |
| Bolivian Government International Bond, <br> 4.50%, 03/20/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,108 | 845958 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Brazil Letras do Tesouro Nacional, 0.00% <br> 01/01/26<sup>(f)</sup><br>| &nbsp;&nbsp; BRL34 | 5663184 |
| Brazil Notas do Tesouro Nacional, Series F, <br> 10.00%, 01/01/27<br>| &nbsp;&nbsp; BRL263 | 44572073 |
|  |  | 50235257 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |
| Bulgaria Government International Bond, <br> 5.00%, 03/05/37<sup>(c)</sup><br>| &nbsp;&nbsp; USD358 | 348834 |
| **Cameroon, United Republic of — 0.0%** | **Cameroon, United Republic of — 0.0%** | **Cameroon, United Republic of — 0.0%** |
| Republic of Cameroon International Bond, <br> 9.50%, 07/31/31<sup>(c)</sup><br>| &nbsp;&nbsp; USD450 | 422577 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Chile Government International Bond |  |  |
| 2.75%, 01/31/27 | &nbsp;&nbsp; USD952 | 928200 |
| 3.13%, 01/21/26 | &nbsp;&nbsp; USD400 | 396200 |
| 3.75%, 01/14/32 | &nbsp;&nbsp; EUR2,677 | 3110378 |
| 4.34%, 03/07/42 | &nbsp;&nbsp; USD463 | 399222 |
|  |  | 4834000 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Colombia Government International Bond |  |  |
| 7.50%, 02/02/34 | &nbsp;&nbsp; USD656 | $665840 |
| 7.75%, 11/07/36 | &nbsp;&nbsp; USD335 | 334079 |
| 8.00%, 04/20/33 | &nbsp;&nbsp; USD892 | 938384 |
| 8.00%, 11/14/35 | &nbsp;&nbsp; USD200 | 205200 |
| 8.75%, 11/14/53 | &nbsp;&nbsp; USD200 | 203200 |
| Colombian TES |  |  |
| Series B, 5.75%, 11/03/27 | &nbsp;&nbsp; COP61,641,800 | 13699143 |
| Series B, 7.75%, 09/18/30 | &nbsp;&nbsp; COP52,005,100 | 10873046 |
|  |  | 26918892 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Costa Rica Government International Bond |  |  |
| 6.55%, 04/03/34<sup>(c)</sup> | &nbsp;&nbsp; USD284 | 296496 |
| 7.30%, 11/13/54<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 207465 |
|  |  | 503961 |
| **Czech Republic — 0.2%** | **Czech Republic — 0.2%** | **Czech Republic — 0.2%** |
| Czech Republic Government Bond |  |  |
| 4.50%, 11/11/32 | &nbsp;&nbsp; CZK138,900 | 6572425 |
| 5.00%, 09/30/30 | &nbsp;&nbsp; CZK259,060 | 12579639 |
|  |  | 19152064 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Dominican Republic International Bond |  |  |
| 4.50%, 01/30/30<sup>(a)(g)</sup> | &nbsp;&nbsp; USD739 | 704636 |
| 4.50%, 01/30/30<sup>(c)</sup> | &nbsp;&nbsp; USD593 | 565426 |
| 4.88%, 09/23/32<sup>(a)</sup> | &nbsp;&nbsp; USD522 | 482374 |
| 5.95%, 01/25/27<sup>(c)</sup> | &nbsp;&nbsp; USD1,624 | 1637804 |
| 6.88%, 01/29/26<sup>(c)</sup> | &nbsp;&nbsp; USD1,220 | 1227930 |
| 6.95%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD309 | 316184 |
| 7.05%, 02/03/31<sup>(a)</sup> | &nbsp;&nbsp; USD552 | 580704 |
| 10.75%, 06/01/36<sup>(a)</sup> | &nbsp;&nbsp; DOP140,250 | 2423741 |
| 10.75%, 06/01/36<sup>(c)</sup> | &nbsp;&nbsp; DOP52,350 | 904690 |
|  |  | 8843489 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Ecuador Government International Bond |  |  |
| 6.90%, 07/31/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD1,035 | 905625 |
| 6.90%, 07/31/35<sup>(c)(d)</sup> | &nbsp;&nbsp; USD577 | 429058 |
|  |  | 1334683 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Egypt Government International Bond |  |  |
| 5.63%, 04/16/30<sup>(c)</sup> | &nbsp;&nbsp; EUR3,787 | 4008398 |
| 6.59%, 02/21/28<sup>(c)</sup> | &nbsp;&nbsp; USD441 | 440890 |
| 7.50%, 01/31/27<sup>(c)</sup> | &nbsp;&nbsp; USD952 | 962412 |
| 7.50%, 02/16/61<sup>(a)</sup> | &nbsp;&nbsp; USD436 | 317861 |
| 7.63%, 05/29/32<sup>(c)</sup> | &nbsp;&nbsp; USD629 | 591065 |
| 7.90%, 02/21/48<sup>(c)</sup> | &nbsp;&nbsp; USD4,348 | 3369700 |
| 8.50%, 01/31/47<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 518271 |
| 8.50%, 01/31/47<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 326470 |
| 8.63%, 02/04/30<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 646113 |
| 9.45%, 02/04/33<sup>(a)</sup> | &nbsp;&nbsp; USD297 | 301529 |
|  |  | 11482709 |
| **El Salvador — 0.0%** | **El Salvador — 0.0%** | **El Salvador — 0.0%** |
| El Salvador Government International Bond, <br> 8.63%, 02/28/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,206 | 1250983 |
| **Ethiopia — 0.0%** | **Ethiopia — 0.0%** | **Ethiopia — 0.0%** |
| Ethiopia International Bond, 6.63%, <br> 12/11/24<sup>(c)(j)(k)</sup><br>| &nbsp;&nbsp; USD997 | 917240 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| French Republic Government Bond OAT, <br> 3.20%, 05/25/35<sup>(a)</sup><br>| &nbsp;&nbsp; EUR41,592 | $46924792 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |
| Gabon Government International Bond, <br> 9.50%, 02/18/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD2,443 | 2283448 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Ghana Government International Bond |  |  |
| 0.00%, 07/03/26<sup>(c)(f)</sup> | &nbsp;&nbsp; USD13 | 12909 |
| 0.00%, 01/03/30<sup>(c)(f)</sup> | &nbsp;&nbsp; USD285 | 236351 |
| 5.00%, 07/03/29<sup>(c)(d)</sup> | &nbsp;&nbsp; USD4,179 | 3959279 |
| 5.00%, 07/03/35<sup>(c)(d)</sup> | &nbsp;&nbsp; USD470 | 377347 |
|  |  | 4585886 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| Guatemala Government Bond |  |  |
| 6.25%, 08/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD295 | 296180 |
| 6.60%, 06/13/36<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 409542 |
| 7.05%, 10/04/32<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 534613 |
|  |  | 1240335 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government Bond, 7.00%, <br> 10/24/35<br>| &nbsp;&nbsp; HUF1,509,640 | 4245279 |
| Hungary Government International Bond |  |  |
| 5.00%, 02/22/27<sup>(c)</sup> | &nbsp;&nbsp; EUR2,602 | 3087257 |
| 5.25%, 06/16/29<sup>(a)</sup> | &nbsp;&nbsp; USD536 | 540667 |
| 5.38%, 09/12/33<sup>(c)</sup> | &nbsp;&nbsp; EUR413 | 509850 |
| 5.50%, 06/16/34<sup>(c)</sup> | &nbsp;&nbsp; USD400 | 394846 |
| 5.50%, 03/26/36<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 193221 |
| 6.75%, 09/23/55<sup>(a)</sup> | &nbsp;&nbsp; USD295 | 298744 |
| Magyar Export-Import Bank Zrt, 6.00%, <br> 05/16/29<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,533 | 1890728 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.50%, <br> 06/29/28<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,695 | 1755393 |
|  |  | 12915985 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| Indonesia Government International Bond, <br> 3.88%, 01/15/33<br>| &nbsp;&nbsp; EUR323 | 375633 |
| Indonesia Treasury Bond |  |  |
| 6.75%, 07/15/35 | &nbsp;&nbsp; IDR263,572,000 | 16193548 |
| 7.00%, 05/15/27 | &nbsp;&nbsp; IDR143,086,000 | 8869562 |
| 7.13%, 06/15/38 | &nbsp;&nbsp; IDR152,095,000 | 9499121 |
| 8.25%, 05/15/36 | &nbsp;&nbsp; IDR64,385,000 | 4376489 |
|  |  | 39314353 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| Ireland Government Bond, 2.60%, <br> 10/18/34<sup>(c)</sup><br>| &nbsp;&nbsp; EUR97,018 | 107978553 |
| **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** |
| Italy Buoni Poliennali Del Tesoro, 3.65%, <br> 08/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; EUR50,682 | 58682736 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |
| Ivory Coast Government International Bond |  |  |
| 5.88%, 10/17/31<sup>(c)</sup> | &nbsp;&nbsp; EUR578 | 640855 |
| 6.38%, 03/03/28<sup>(c)</sup> | &nbsp;&nbsp; USD1,223 | 1230644 |
| 8.08%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp; USD341 | 335544 |
| 8.25%, 01/30/37<sup>(a)</sup> | &nbsp;&nbsp; USD255 | 251369 |
|  |  | 2458412 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |
| Jordan Government International Bond |  |  |
| 7.50%, 01/13/29<sup>(a)</sup> | &nbsp;&nbsp; USD277 | $285778 |
| 7.50%, 01/13/29<sup>(c)</sup> | &nbsp;&nbsp; USD1,526 | 1574359 |
| 7.75%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD461 | 477827 |
|  |  | 2337964 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| Development Bank of Kazakhstan JSC |  |  |
| 13.49%, 05/23/28<sup>(a)</sup> | &nbsp;&nbsp; KZT337,500 | 559226 |
| 13.49%, 05/23/28<sup>(c)</sup> | &nbsp;&nbsp; KZT115,500 | 191379 |
| 17.30%, 07/03/28<sup>(c)</sup> | &nbsp;&nbsp; KZT328,500 | 596466 |
|  |  | 1347071 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |
| Republic of Kenya Government <br> International Bond<br>|  |  |
| 7.25%, 02/28/28<sup>(c)</sup> | &nbsp;&nbsp; USD2,589 | 2563110 |
| 9.75%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 412000 |
| 9.75%, 02/16/31<sup>(c)</sup> | &nbsp;&nbsp; USD401 | 413030 |
|  |  | 3388140 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |
| Kyrgyz Republic International Bond, 7.75%, <br> 06/03/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD658 | 658000 |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |
| Latvia Government International Bond, <br> 5.13%, 07/30/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD581 | 584329 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bond |  |  |
| 6.00%, 01/27/23<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD349 | 64565 |
| 6.10%, 10/04/22<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD489 | 90465 |
| 6.20%, 02/26/25<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD971 | 179635 |
| 6.60%, 11/27/26<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD1,674 | 309690 |
| 6.65%, 04/22/24<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD303 | 56055 |
| 6.85%, 03/23/27<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD441 | 81585 |
| 7.00%, 03/23/32<sup>(c)(j)(k)</sup> | &nbsp;&nbsp; USD522 | 96570 |
|  |  | 878565 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| Eagle Funding Luxco Sarl, 5.50%, <br> 08/17/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,600 | 1610240 |
| **Macedonia — 0.0%** | **Macedonia — 0.0%** | **Macedonia — 0.0%** |
| North Macedonia Government International <br> Bond, 6.96%, 03/13/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR200 | 239195 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Malaysia Government Bond |  |  |
| 3.83%, 07/05/34 | &nbsp;&nbsp; MYR29,323 | 7081590 |
| 4.46%, 03/31/53 | &nbsp;&nbsp; MYR5,918 | 1508466 |
|  |  | 8590056 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Mexican Bonos |  |  |
| 7.00%, 09/03/26 | &nbsp;&nbsp; MXN3,309 | 17358832 |
| 7.50%, 05/26/33 | &nbsp;&nbsp; MXN4,081 | 19656743 |
| 8.50%, 03/01/29 | &nbsp;&nbsp; MXN2,116 | 11176594 |
| Series M, 7.75%, 11/13/42 | &nbsp;&nbsp; MXN637 | 2778635 |
| Series M 20, 8.50%, 05/31/29 | &nbsp;&nbsp; MXN148 | 778390 |
| Mexico Government International Bond |  |  |
| 3.75%, 01/11/28 | &nbsp;&nbsp; USD300 | 293907 |
| 5.40%, 02/09/28 | &nbsp;&nbsp; USD1,111 | 1126832 |
| 6.00%, 05/13/30 | &nbsp;&nbsp; USD857 | 885495 |
| 6.35%, 02/09/35 | &nbsp;&nbsp; USD619 | 628827 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 6.40%, 05/07/54 | &nbsp;&nbsp; USD322 | $294308 |
| 6.63%, 01/29/38 | &nbsp;&nbsp; USD255 | 256594 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; USD4,497 | 4630915 |
|  |  | 59866072 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |
| City of Ulaanbaatar Mongolia, 7.75%, <br> 08/21/27<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,500 | 1523812 |
| Mongolia Government International Bond, <br> 6.63%, 02/25/30<sup>(c)</sup><br>| &nbsp;&nbsp; USD249 | 248636 |
|  |  | 1772448 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |
| Montenegro Government International Bond, <br> 2.88%, 12/16/27<sup>(c)</sup><br>| &nbsp;&nbsp; EUR374 | 416804 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| Morocco Government International Bond |  |  |
| 4.75%, 04/02/35<sup>(a)</sup> | &nbsp;&nbsp; EUR557 | 639621 |
| 5.95%, 03/08/28<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 411028 |
|  |  | 1050649 |
| **Namibia — 0.0%** | **Namibia — 0.0%** | **Namibia — 0.0%** |
| Namibia International Bond, 5.25%, <br> 10/29/25<sup>(c)</sup><br>| &nbsp;&nbsp; USD952 | 946164 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| Nigeria Government International Bond |  |  |
| 6.13%, 09/28/28<sup>(c)</sup> | &nbsp;&nbsp; USD1,923 | 1870117 |
| 7.14%, 02/23/30<sup>(c)</sup> | &nbsp;&nbsp; USD952 | 927419 |
| 7.63%, 11/21/25<sup>(c)</sup> | &nbsp;&nbsp; USD1,425 | 1429460 |
| 7.63%, 11/28/47<sup>(c)</sup> | &nbsp;&nbsp; USD327 | 266198 |
| 8.38%, 03/24/29<sup>(c)</sup> | &nbsp;&nbsp; USD1,306 | 1339878 |
| 10.38%, 12/09/34<sup>(a)</sup> | &nbsp;&nbsp; USD398 | 427229 |
|  |  | 6260301 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |
| Oman Government International Bond, <br> 6.75%, 01/17/48<sup>(c)</sup><br>| &nbsp;&nbsp; USD689 | 739986 |
| **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** |
| Pakistan Government International Bond |  |  |
| 6.88%, 12/05/27<sup>(c)</sup> | &nbsp;&nbsp; USD2,560 | 2502400 |
| 7.38%, 04/08/31<sup>(c)</sup> | &nbsp;&nbsp; USD635 | 593725 |
|  |  | 3096125 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| Panama Government International Bond |  |  |
| 6.40%, 02/14/35 | &nbsp;&nbsp; USD441 | 433944 |
| 7.13%, 01/29/26 | &nbsp;&nbsp; USD1,006 | 1015431 |
| 7.50%, 03/01/31 | &nbsp;&nbsp; USD631 | 676432 |
| 8.00%, 03/01/38 | &nbsp;&nbsp; USD286 | 309416 |
|  |  | 2435223 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| Paraguay Government International Bond |  |  |
| 2.74%, 01/29/33<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 170470 |
| 5.60%, 03/13/48<sup>(c)</sup> | &nbsp;&nbsp; USD290 | 261000 |
|  |  | 431470 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Corp. Financiera de Desarrollo SA |  |  |
| 2.40%, 09/28/27<sup>(c)</sup> | &nbsp;&nbsp; USD2,542 | 2422526 |
| 5.50%, 05/06/30<sup>(a)</sup> | &nbsp;&nbsp; USD285 | 287993 |
| Fondo MIVIVIENDA SA, 4.63%, 04/12/27<sup>(c)</sup> | &nbsp;&nbsp; USD1,246 | 1242885 |
| Peru Government International Bond |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; USD392 | 314235 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| 2.78%, 01/23/31 | &nbsp;&nbsp; USD603 | $541797 |
| Peruvian Government International Bond, <br> 6.85%, 08/12/35<sup>(a)</sup><br>| &nbsp;&nbsp; PEN39 | 5556188 |
|  |  | 10365624 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Philippine Government Bond |  |  |
| 6.25%, 02/28/29 | &nbsp;&nbsp; PHP265,900 | 4577529 |
| 6.38%, 04/28/35 | &nbsp;&nbsp; PHP189,450 | 3264075 |
| Philippines Government International Bond, <br> 4.63%, 07/17/28<sup>(g)</sup><br>| &nbsp;&nbsp; USD952 | 957950 |
|  |  | 8799554 |
| **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| Republic of Poland Government Bond |  |  |
| 2.00%, 08/25/36 | &nbsp;&nbsp; PLN7,584 | 1807096 |
| 4.75%, 07/25/29 | &nbsp;&nbsp; PLN42,238 | 11276466 |
| 5.00%, 10/25/34 | &nbsp;&nbsp; PLN23,256 | 6036519 |
| 5.75%, 04/25/29 | &nbsp;&nbsp; PLN72,223 | 19957420 |
| Republic of Poland Government <br> International Bond<br>|  |  |
| 4.88%, 02/12/30 | &nbsp;&nbsp; USD1,573 | 1606300 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; USD147 | 146192 |
| 5.50%, 04/04/53 | &nbsp;&nbsp; USD466 | 435827 |
|  |  | 41265820 |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |
| Qatar Government International Bond, <br> 3.25%, 06/02/26<sup>(c)</sup><br>| &nbsp;&nbsp; USD1,269 | 1256780 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |
| Romania Government International Bond |  |  |
| 2.12%, 07/16/31<sup>(c)</sup> | &nbsp;&nbsp; EUR746 | 726827 |
| 2.75%, 04/14/41<sup>(c)</sup> | &nbsp;&nbsp; EUR707 | 524539 |
| 3.63%, 03/27/32<sup>(c)</sup> | &nbsp;&nbsp; USD930 | 812299 |
| 5.25%, 11/25/27<sup>(c)</sup> | &nbsp;&nbsp; USD1,296 | 1300576 |
| 6.63%, 02/17/28<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 207250 |
| Romanian Government International Bond |  |  |
| 5.25%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; USD128 | 128452 |
| 5.25%, 03/10/30<sup>(c)</sup> | &nbsp;&nbsp; EUR640 | 754287 |
| 5.75%, 09/16/30<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 502250 |
| 5.88%, 01/30/29<sup>(c)</sup> | &nbsp;&nbsp; USD6,486 | 6584374 |
| 5.88%, 07/11/32<sup>(a)</sup> | &nbsp;&nbsp; EUR248 | 291650 |
| 6.25%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; EUR572 | 676633 |
| 6.75%, 07/11/39<sup>(a)</sup> | &nbsp;&nbsp; EUR242 | 283318 |
|  |  | 12792455 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Saudi Government International Bond |  |  |
| 2.90%, 10/22/25<sup>(c)</sup> | &nbsp;&nbsp; USD1,856 | 1845792 |
| 4.50%, 04/17/30<sup>(c)</sup> | &nbsp;&nbsp; USD600 | 600936 |
| 4.75%, 01/18/28<sup>(c)</sup> | &nbsp;&nbsp; USD1,769 | 1780277 |
| 5.00%, 01/18/53<sup>(a)</sup> | &nbsp;&nbsp; USD561 | 484216 |
| 5.00%, 01/18/53<sup>(c)</sup> | &nbsp;&nbsp; USD657 | 567077 |
| 5.13%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp; USD977 | 992571 |
|  |  | 6270869 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |
| Senegal Government International Bond, <br> 4.75%, 03/13/28<sup>(c)</sup><br>| &nbsp;&nbsp; EUR1,308 | 1285617 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |
| Serbia International Bond |  |  |
| 6.00%, 06/12/34<sup>(a)</sup> | &nbsp;&nbsp; USD390 | $396946 |
| 6.50%, 09/26/33<sup>(c)</sup> | &nbsp;&nbsp; USD200 | 211629 |
|  |  | 608575 |
| **South Africa — 0.7%** | **South Africa — 0.7%** | **South Africa — 0.7%** |
| Republic of South Africa Government Bond |  |  |
| 7.00%, 02/28/31 | &nbsp;&nbsp; ZAR386,574 | 19812736 |
| 8.00%, 01/31/30 | &nbsp;&nbsp; ZAR804,033 | 43805697 |
| 8.50%, 01/31/37 | &nbsp;&nbsp; ZAR71,310 | 3481214 |
| 8.88%, 02/28/35 | &nbsp;&nbsp; ZAR6,328 | 331347 |
| Republic of South Africa Government <br> International Bond<br>|  |  |
| 3.75%, 07/24/26 | &nbsp;&nbsp; EUR711 | 815722 |
| 5.00%, 10/12/46 | &nbsp;&nbsp; USD464 | 323640 |
| 5.75%, 09/30/49 | &nbsp;&nbsp; USD609 | 455550 |
| 5.88%, 09/16/25 | &nbsp;&nbsp; USD635 | 635216 |
| 7.10%, 11/19/36<sup>(a)</sup> | &nbsp;&nbsp; USD397 | 394122 |
| 7.95%, 11/19/54<sup>(a)</sup> | &nbsp;&nbsp; USD508 | 483616 |
|  |  | 70538860 |
| **Spain — 1.4%** | **Spain — 1.4%** | **Spain — 1.4%** |
| Spain Government Bond |  |  |
| 2.70%, 01/31/30 | &nbsp;&nbsp; EUR35,629 | 40972400 |
| 3.15%, 04/30/35<sup>(a)</sup> | &nbsp;&nbsp; EUR73,741 | 83777763 |
| 3.45%, 10/31/34<sup>(a)(c)</sup> | &nbsp;&nbsp; EUR16,842 | 19672538 |
|  |  | 144422701 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Sri Lanka Government International Bond |  |  |
| 3.10%, 01/15/30<sup>(c)(d)</sup> | &nbsp;&nbsp; USD48 | 42882 |
| 3.10%, 01/15/30<sup>(a)(d)</sup> | &nbsp;&nbsp; USD397 | 358421 |
| 3.35%, 03/15/33<sup>(a)(d)</sup> | &nbsp;&nbsp; USD788 | 644582 |
| 3.60%, 06/15/35<sup>(a)(d)</sup> | &nbsp;&nbsp; USD525 | 372499 |
| 3.60%, 05/15/36<sup>(a)(d)</sup> | &nbsp;&nbsp; USD373 | 311760 |
| 3.60%, 02/15/38<sup>(a)(d)</sup> | &nbsp;&nbsp; USD726 | 607199 |
| 4.00%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp; USD931 | 884370 |
| 4.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD382 | 362987 |
|  |  | 3584700 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Thailand Government Bond |  |  |
| 2.50%, 11/17/29 | &nbsp;&nbsp; THB841,459 | 26965697 |
| 4.00%, 06/17/55 | &nbsp;&nbsp; THB5,062 | 218268 |
|  |  | 27183965 |
| **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** |
| Trinidad & Tobago Government <br> International Bond<br>|  |  |
| 4.50%, 08/04/26<sup>(c)</sup> | &nbsp;&nbsp; USD952 | 939243 |
| 6.40%, 06/26/34<sup>(a)</sup> | &nbsp;&nbsp; USD511 | 496692 |
|  |  | 1435935 |
| **Tunisia — 0.0%** | **Tunisia — 0.0%** | **Tunisia — 0.0%** |
| Tunisian Republic, 6.38%, 07/15/26<sup>(c)</sup> | &nbsp;&nbsp; EUR2,566 | 2892212 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Turkey Government International Bond, <br> 9.13%, 07/13/30<br>| &nbsp;&nbsp; USD981 | 1090784 |
| Turkiye Government Bond |  |  |
| 26.20%, 10/05/33 | &nbsp;&nbsp; TRY43,748 | 984996 |
| 30.00%, 09/12/29 | &nbsp;&nbsp; TRY43,210 | 976209 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Turkiye Government International Bond |  |  |
| 7.13%, 02/12/32 | &nbsp;&nbsp; USD600 | $606450 |
| 9.38%, 01/19/33 | &nbsp;&nbsp; USD1,269 | 1443884 |
|  |  | 5102323 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| Abu Dhabi Government International Bond, <br> 4.88%, 04/30/29<sup>(c)</sup><br>| &nbsp;&nbsp; USD952 | 975800 |
| Emirate of Dubai Government International <br> Bond, 3.90%, 09/09/50<sup>(c)</sup><br>| &nbsp;&nbsp; USD426 | 306038 |
|  |  | 1281838 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| United Kingdom Gilt, 4.38%, 03/07/30<sup>(c)</sup> | &nbsp;&nbsp; GBP15,219 | 20409207 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |
| Oriental Republic of Uruguay, 5.25%, <br> 09/10/60<br>| &nbsp;&nbsp; USD503 | 453553 |
| Uruguay Government International Bond, <br> 9.75%, 07/20/33<br>| &nbsp;&nbsp; UYU43,861 | 1173165 |
|  |  | 1626718 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| Republic of Uzbekistan International Bond |  |  |
| 5.38%, 05/29/27<sup>(a)</sup> | &nbsp;&nbsp; EUR363 | 424011 |
| 7.85%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 212560 |
| 7.85%, 10/12/28<sup>(c)</sup> | &nbsp;&nbsp; USD1,507 | 1601641 |
| 16.63%, 05/29/27<sup>(c)</sup> | &nbsp;&nbsp; UZS5,000,000 | 410300 |
|  |  | 2648512 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |
| Zambia Government International Bond |  |  |
| 0.50%, 12/31/53<sup>(c)</sup> | &nbsp;&nbsp; USD542 | 395645 |
| 5.75%, 06/30/33<sup>(c)(d)</sup> | &nbsp;&nbsp; USD1,085 | 1006081 |
|  |  | 1401726 |
| **Total Foreign Government Obligations — 8.1%** <br>**(Cost: $860,554,800)** | **Total Foreign Government Obligations — 8.1%** <br>**(Cost: $860,554,800)** | 871679120 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| Maricopa County Industrial Development <br> Authority RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; $1330 | 1372310 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
| Port of Beaumont Navigation District RB, <br> 10.00%, 07/01/26<sup>(a)</sup><br>| &nbsp;&nbsp; 870 | 874348 |
| **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,200,000)** | **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,200,000)** | 2246658 |
| **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
| **Mortgage-Backed Securities — 15.7%** | **Mortgage-Backed Securities — 15.7%** | **Mortgage-Backed Securities — 15.7%** |
| Uniform Mortgage-Backed Securities |  |  |
| 3.50%, 08/15/54<sup>(l)</sup> | &nbsp;&nbsp; 506974 | 452843654 |
| 3.50%, 09/15/54<sup>(l)</sup> | &nbsp;&nbsp; 506974 | 452209936 |
| 4.50%, 08/15/54<sup>(l)</sup> | &nbsp;&nbsp; 46634 | 44232058 |
| 5.50%, 08/15/54<sup>(l)</sup> | &nbsp;&nbsp; 21329 | 21216079 |
| 6.00%, 08/15/54<sup>(l)</sup> | &nbsp;&nbsp; 705618 | 715357262 |
|  |  | 1685858989 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** |
| Tennessee Valley Authority, 5.25%, <br> 02/01/55<br>| &nbsp;&nbsp; $6290 | $6091009 |
| **Total U.S. Government Agency Obligations — 15.8%** <br>**(Cost: $1,688,045,953)** | **Total U.S. Government Agency Obligations — 15.8%** <br>**(Cost: $1,688,045,953)** | 1691949998 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Aernnova Aerospace S.A.U, 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 4.00%), 5.98%, 02/27/30<br>| &nbsp;&nbsp; EUR2,000 | 2281326 |
| Cobham Ultra SeniorCo SARL, EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 6.09%, 08/06/29<br>| &nbsp;&nbsp; EUR2,000 | 2270987 |
|  |  | 4552313 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Beach Acquisition Bidco LLC, 06/25/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1140344 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Clarios Global LP |  |  |
| 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.15%, 01/28/32<br>| &nbsp;&nbsp; EUR1,000 | 1144338 |
| 2024 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), <br> 4.90%, 07/16/31<br>| &nbsp;&nbsp; EUR2,000 | 2283175 |
|  |  | 3427513 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Pegasus BidCo BV, 2024 EUR Term Loan <br> B2, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.64%, 07/12/29<br>| &nbsp;&nbsp; EUR1,880 | 2154865 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Advanz Pharma Corp., 2024 EUR Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor <br> + 4.25%), 6.15%, 10/22/31<br>| &nbsp;&nbsp; EUR1,500 | 1717602 |
| Cooper Consumer Health SAS, 11/06/28<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1144053 |
|  |  | 2861655 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Hestiafloor 2, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.48%, 02/27/30<br>| &nbsp;&nbsp; EUR3,000 | 3435649 |
| Tarkett Participation, 2025 EUR Term Loan <br> B, 04/22/31<sup>(m)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2276693 |
|  |  | 5712342 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Ineos Finance PLC |  |  |
| 2024 EUR 1st Lien Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.40%, 06/23/31<br>| &nbsp;&nbsp; EUR1,000 | 1088625 |
| 2024 EUR Term Loan B1, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.15%, 02/07/31<br>| &nbsp;&nbsp; EUR2,000 | 2160131 |
| INEOS Quattro Holdings U.K. Ltd., 2023 <br> EUR 1st Lien Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 4.50%), <br> 6.40%, 04/02/29<br>| &nbsp;&nbsp; EUR3,000 | 3203393 |
| Nobian Finance B.V., 2024 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.69%, 07/02/29<br>| &nbsp;&nbsp; EUR1,750 | 1981901 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Nobian Finance BV, 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.53%, 07/01/30<br>| &nbsp;&nbsp; EUR1,895 | $2137947 |
| Rain Carbon GmbH, 2023 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.02%, 10/31/28<br>| &nbsp;&nbsp; EUR2,808 | 3204994 |
|  |  | 13776991 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| AlixPartners, LLP, 2021 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 4.98%, 02/04/28<br>| &nbsp;&nbsp; EUR2,972 | 3392563 |
| Allied Universal Holdco LLC, 2021 USD <br> Incremental Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.85%), <br> 8.21%, 05/12/28<br>| &nbsp;&nbsp; USD1,110 | 1112251 |
| Atlas Luxco 4 SARL, 2021 EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.65%, 05/12/28<br>| &nbsp;&nbsp; EUR1,969 | 2250589 |
| Belron U.K. Finance PLC, 2024 EUR <br> Incremental Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), <br> 5.15%, 10/16/31<br>| &nbsp;&nbsp; EUR3,377 | 3861112 |
| Boels Topholding BV, 2025 EUR Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.68%, 05/23/31<br>| &nbsp;&nbsp; EUR2,017 | 2303272 |
| Boluda Towage SL, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.54%, 01/31/30<br>| &nbsp;&nbsp; EUR2,000 | 2294473 |
| Eagle Bidco Ltd., 2021 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.15%, 03/20/28<br>| &nbsp;&nbsp; EUR2,000 | 2286690 |
| Fugue Finance B.V., 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.26%, 01/09/32<br>| &nbsp;&nbsp; EUR2,000 | 2283837 |
| Galileo Global Education Operations SAS, <br> 2025 EUR Term Loan B4A, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.38%, 07/31/31<br>| &nbsp;&nbsp; EUR2,000 | 2277400 |
| Holding Socotec SAS, 2025 EUR Term Loan <br> B1, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.23%, 06/02/31<br>| &nbsp;&nbsp; EUR2,938 | 3353212 |
| IFCO Management GmbH, 2024 EUR 1st <br> Lien Term Loan B, (1-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.40%, 11/29/29<br>| &nbsp;&nbsp; EUR3,000 | 3418360 |
| Inspired Finco Holdings Ltd., 2025 EUR <br> Term Loan B6, (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.15%, 02/28/31<br>| &nbsp;&nbsp; EUR2,000 | 2280504 |
| Lernen Bidco Ltd., 2025 EUR Term Loan <br> B3A, ((6-mo. EURIBOR at 0.00% Floor + <br> 3.75%)), 5.85%, 04/25/29<br>| &nbsp;&nbsp; 2000 | 2290958 |
| Modulaire Group Holdings Ltd., 07/10/31<sup>(m)</sup> | &nbsp;&nbsp; EUR2,500 | 2816166 |
| Obol France 3 SAS, 12/31/28<sup>(m)</sup> | &nbsp;&nbsp; EUR2,000 | 2242183 |
| OCS Group Holdings Ltd., EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + <br> 4.75%), 6.79%, 11/28/31<br>| &nbsp;&nbsp; EUR2,076 | 2381861 |
| Sector Alarm Holding AS, 06/14/29<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1142774 |
| Techem Verwaltungsgesellschaft 675 mbH, <br> 2024 EUR Term Loan B5, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.64%, 07/15/29<br>| &nbsp;&nbsp; EUR2,000 | 2292944 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| TMF Sapphire Bidco BV, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.25%), 5.19%, 05/03/28<br>| &nbsp;&nbsp; EUR2,000 | $2284544 |
| Trevise Holdings 1 SAS, 07/09/29<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1142980 |
| Verisure Holding AB, 2021 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 4.98%, 03/27/28<br>| &nbsp;&nbsp; EUR2,000 | 2284225 |
|  |  | 49992898 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Atos SE, 12/17/29<sup>(m)</sup> | &nbsp;&nbsp; EUR3,000 | 3620455 |
| McAfee Corp., 2024 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.53%, 03/01/29<br>| &nbsp;&nbsp; EUR2,613 | 2957437 |
| Nielsen Consumer Inc 2025 EUR Term <br> Loan, 2025 EUR Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.15%, 03/06/28<br>| &nbsp;&nbsp; EUR1,995 | 2280404 |
|  |  | 8858296 |
| **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** |
| Rainbow U.K. Bidco Ltd., EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.71%, 02/23/29<br>| &nbsp;&nbsp; EUR2,000 | 2281121 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| Parts Europe SA, 1st Lien EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.27%, 02/03/31<br>| &nbsp;&nbsp; EUR3,000 | 3436437 |
| Windsor Holdings III LLC, 2025 EUR Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor <br> + 2.75%), 4.65%, 08/01/30<br>| &nbsp;&nbsp; EUR400 | 451061 |
|  |  | 3887498 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Cervantes Bidco SL, 2024 EUR 1st Lien <br> Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.29%, 10/30/31<br>| &nbsp;&nbsp; EUR1,483 | 1695028 |
| Talbot Participation SAS, 06/25/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1143573 |
|  |  | 2838601 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Quimper AB, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.69%, 03/29/30<br>| &nbsp;&nbsp; EUR3,000 | 3433869 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Minimax Viking GmbH, 2025 EUR Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor <br> + 2.50%), 4.40%, 03/17/32<br>| &nbsp;&nbsp; EUR1,000 | 1141199 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Apave SA, EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.27%), <br> 5.18%, 12/09/31<br>| &nbsp;&nbsp; EUR1,714 | 1962055 |
| Platea BC Bidco AB |  |  |
| EUR Term Loan, (3-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.48%, <br> 04/03/31<br>| &nbsp;&nbsp; EUR1,667 | 1908237 |
| EUR Delayed Draw Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.48%, 04/03/31<br>| &nbsp;&nbsp; EUR131 | 149666 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| Radar Bidco SARL, 2024 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.44%, 04/04/31<br>| &nbsp;&nbsp; EUR3,000 | $3421681 |
|  |  | 7441639 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Banijay Entertainment SAS, 2025 EUR Term <br> Loan B (2028), (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.19%, 03/01/28<br>| &nbsp;&nbsp; EUR2,000 | 2286804 |
| Betclic Everest Group SAS, EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.14%, 12/10/31<br>| &nbsp;&nbsp; EUR2,591 | 2966738 |
| Dorna Sports, S.L., 07/29/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,750 | 2000853 |
| Elvis UK Holdco Ltd., 10/31/31<sup>(m)</sup> | &nbsp;&nbsp; EUR500 | 556584 |
| Entain PLC, 2024 EUR Term Loan B4, <br> ((6-mo. EURIBOR at 0.00% Floor + <br> 3.25%)), 5.29%, 06/30/28<br>| &nbsp;&nbsp; 2611 | 2985761 |
| QSRP Finco BV, EUR Term Loan B, ((6-mo. <br> EURIBOR at 0.00% Floor + 4.00%)), <br> 6.07%, 06/19/31<br>| &nbsp;&nbsp; 2000 | 2288516 |
| Stage Entertainment B.V., 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 4.00%), 6.12%, 06/02/29<br>| &nbsp;&nbsp; EUR2,000 | 2290958 |
| Tackle SARL, 2025 EUR Repriced Term <br> Loan B2, (6-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.37%, 05/22/28<br>| &nbsp;&nbsp; EUR3,000 | 3419319 |
|  |  | 18795533 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Beauparc, 2025 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.15%), <br> 5.19%, 08/24/28<br>| &nbsp;&nbsp; EUR3,000 | 3419319 |
| Eagle 4 Ltd., EUR Term Loan B2, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), <br> 5.73%, 07/12/28<br>| &nbsp;&nbsp; EUR2,000 | 2289999 |
|  |  | 5709318 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Bellis Acquisition Co. PLC, 2024 EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 4.00%), 6.31%, 05/14/31<br>| &nbsp;&nbsp; EUR2,000 | 2211074 |
| Flora Food Management BV, 2025 EUR <br> Term Loan B13, (6-mo. EURIBOR at <br> 0.00% Floor + 4.00%), 6.03%, 01/03/28<br>| &nbsp;&nbsp; EUR2,000 | 2272425 |
| Froneri International Ltd., 2024 EUR Term <br> Loan B3, (6-mo. EURIBOR at 0.00% <br> Floor + 2.50%), 4.58%, 09/30/31<br>| &nbsp;&nbsp; EUR4,000 | 4536816 |
| Froneri Lux FinCo SARL, 07/16/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,628 | 1852546 |
| Market Bidco Ltd., 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.50%), 6.63%, 11/04/30<br>| &nbsp;&nbsp; EUR2,230 | 2534637 |
| Platform Bidco Ltd., 09/29/28<sup>(m)</sup> | &nbsp;&nbsp; EUR2,000 | 2286690 |
| ZF Bidco SAS, 2025 EUR Fungible Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.75%), 5.75%, 07/12/31<br>| &nbsp;&nbsp; EUR2,000 | 2288744 |
|  |  | 17982932 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| Areas Worldwide SA |  |  |
| 2025 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), <br> 6.04%, 12/31/29<br>| &nbsp;&nbsp; EUR3,000 | 3425550 |
| 12/31/29<sup>(m)</sup> | &nbsp;&nbsp; EUR1,133 | 1292558 |
|  |  | 4718108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| SpA Holdings 3 Oy, EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.48%, 02/04/28<br>| &nbsp;&nbsp; EUR3,000 | $3426817 |
| **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** |
| Cooper Consumer Health, 2025 EUR Term <br> Loan B4, (3-mo. EURIBOR at 0.00% <br> Floor + 3.75%), 5.73%, 11/06/28<br>| &nbsp;&nbsp; EUR2,000 | 2292031 |
| **Health Care - Services — 0.2%** | **Health Care - Services — 0.2%** | **Health Care - Services — 0.2%** |
| AI Monet Luxembourg ParentCo SARL, <br> EUR Term Loan B, (3-mo. EURIBOR at <br> 0.00% Floor + 3.75%), 5.90%, 03/06/31<br>| &nbsp;&nbsp; EUR3,150 | 3614550 |
| Elsan SAS, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.48%, 06/16/31<br>| &nbsp;&nbsp; EUR3,000 | 3418463 |
| HomeVi SASU, 2025 EUR Term Loan B, <br> ((3-mo. EURIBOR at 0.00% Floor + <br> 5.00%)), 7.02%, 10/31/29<br>| &nbsp;&nbsp; EUR2,000 | 2281691 |
| Median B V, 2021 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.93%), 6.91%, 10/14/27<br>| &nbsp;&nbsp; EUR2,000 | 2285252 |
| Mehilainen Yhtiot Oy, 2025 EUR Term Loan <br> B1, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.48%, 08/05/31<br>| &nbsp;&nbsp; EUR2,000 | 2286119 |
| Ramsay Generale de Sante SA, 2025 EUR <br> Term Loan B4, (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.25%, 08/13/31<br>| &nbsp;&nbsp; EUR2,000 | 2275917 |
| Schoen Klinik SE, 01/12/31<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1135973 |
| Synlab Bondco PLC, 2024 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.69%, 04/16/31<br>| &nbsp;&nbsp; EUR2,000 | 2288310 |
| Vivalto Sante Investissement SA, 2025 EUR <br> Term Loan B, (1-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.40%, 07/21/31<br>| &nbsp;&nbsp; EUR4,000 | 4574293 |
|  |  | 24160568 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Acropole Holding SAS, 07/23/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,946 | 2213554 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| AVIV Group GmbH, EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.10%, 04/23/32<br>| &nbsp;&nbsp; EUR1,720 | 1968715 |
| HBX Group International PLC, 02/13/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1141918 |
| I-Logic Technologies Bidco Ltd., 2025 EUR <br> Term Loan B, (3-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.46%, 02/16/28<br>| &nbsp;&nbsp; EUR2,000 | 2263866 |
| ION Trading Finance Ltd., 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.75%), 5.75%, 04/01/28<br>| &nbsp;&nbsp; EUR2,000 | 2257361 |
| Speedster Bidco GmbH, 2024 EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.88%, 12/10/31<br>| &nbsp;&nbsp; EUR2,000 | 2288972 |
|  |  | 9920832 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Casper BidCo SAS, 2025 EUR Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.68%, 03/21/31<br>| &nbsp;&nbsp; EUR3,000 | 3433116 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Ammega Group BV, 2023 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 6.98%, 12/30/28<br>| &nbsp;&nbsp; EUR2,769 | $2960503 |
| Engineered Machinery Holdings Inc., 2021 <br> EUR Incremental Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), <br> 5.73%, 05/21/28<br>| &nbsp;&nbsp; EUR1,984 | 2267582 |
| Rubix Group Midco 3 Ltd., 2024 EUR Term <br> Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.14%, 09/30/28<br>| &nbsp;&nbsp; EUR2,000 | 2292099 |
| TK Elevator Midco GmbH, 2025 EUR Term <br> Loan B1, (6-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.33%, 04/30/30<br>| &nbsp;&nbsp; EUR2,400 | 2736770 |
|  |  | 10256954 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| Ctec III GmbH, 2022 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.76%, 03/16/29<br>| &nbsp;&nbsp; EUR2,000 | 2223559 |
| KP Germany Erste GmbH, 2021 EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 4.73%), 7.11%, 02/12/26<br>| &nbsp;&nbsp; EUR3,584 | 3772903 |
|  |  | 5996462 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Tele Columbus AG, 01/01/29<sup>(m)</sup> | &nbsp;&nbsp; EUR2,000 | 1526354 |
| Vmed O2 U.K. Holdco 4 Ltd., 2020 EUR <br> Term Loan R, (1-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.16%, 01/31/29<br>| &nbsp;&nbsp; EUR2,500 | 2841473 |
| Zegona Holdco Ltd., 07/17/29<sup>(e)(m)</sup> | &nbsp;&nbsp; EUR1,500 | 1703240 |
| Ziggo BV, 2019 EUR Term Loan H, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), <br> 4.91%, 01/31/29<br>| &nbsp;&nbsp; EUR3,000 | 3317261 |
|  |  | 9388328 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Albea Beauty Holdings SA, 2023 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 5.00%), 6.98%, 12/31/27<br>| &nbsp;&nbsp; EUR2,000 | 2286827 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Aenova Holding GmbH, 2025 EUR Repriced <br> Term Loan B, (3-mo. EURIBOR at 0.00% <br> Floor + 3.00%), 5.01%, 08/22/31<br>| &nbsp;&nbsp; EUR1,000 | 1140184 |
| AI Sirona Luxembourg Acquisition SARL, <br> 2024 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.40%, 09/29/28<br>| &nbsp;&nbsp; EUR2,000 | 2288105 |
| Boots Group Bidco Ltd. (The), 07/16/32<sup>(m)</sup> | &nbsp;&nbsp; EUR3,200 | 3659617 |
| Ceva Sante Animale, 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 4.98%, 11/08/30<br>| &nbsp;&nbsp; EUR4,000 | 4554253 |
| Nidda Healthcare Holding GmbH, 2025 EUR <br> Term Loan B, (3-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.42%, 02/21/30<br>| &nbsp;&nbsp; EUR2,000 | 2286804 |
|  |  | 13928963 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Apleona Holding GmbH, 2024 EUR Term <br> Loan B3, (3-mo. EURIBOR at 0.00% <br> Floor + 3.45%), 5.48%, 04/28/28<br>| &nbsp;&nbsp; EUR1,843 | 2107442 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| CD&R Firefly Bidco Ltd. |  |  |
| 2024 EUR Term Loan B4, 06/21/28<sup>(e)(m)</sup> | &nbsp;&nbsp; EUR2,000 | 2259575 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 2025 EUR Term Loan, (3-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.28%, <br> 04/30/29<br>| &nbsp;&nbsp; EUR1,000 | $1139385 |
| Elvis U.K. Holdco Ltd., 2021 EUR Term <br> Loan, 10/19/28<sup>(m)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2302890 |
| Peer Holding III B.V., 2024 EUR Term Loan <br> B7, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.23%, 11/26/31<br>| &nbsp;&nbsp; EUR2,800 | 3207022 |
|  |  | 8908872 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Boxer Parent Co Inc., 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.51%, 07/30/31<br>| &nbsp;&nbsp; EUR2,982 | 3414003 |
| Claudius Finance SARL, 2025 EUR Term <br> Loan B4, (3-mo. EURIBOR at 0.00% <br> Floor + 2.75%), 4.78%, 07/10/28<br>| &nbsp;&nbsp; EUR2,000 | 2278131 |
| Cloud Software Group Inc., 2024 EUR 1st <br> Lien Term Loan B, (2-mo. EURIBOR at <br> 0.00% Floor + 3.75%), 5.73%, 03/29/29<br>| &nbsp;&nbsp; EUR1,495 | 1710900 |
| Finastra USA, Inc., 07/30/32<sup>(m)</sup> | &nbsp;&nbsp; EUR2,797 | 3159731 |
| ION Corporate Solutions Finance SARL, <br> 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.23%, 03/13/28<br>| &nbsp;&nbsp; EUR1,688 | 1910546 |
| Mosel Bidco SE, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.73%, 09/16/30<br>| &nbsp;&nbsp; EUR2,000 | 2286325 |
| Polaris Newco LLC, 06/02/28<sup>(m)</sup> | &nbsp;&nbsp; EUR1,990 | 2170038 |
| Rocket Software Inc., 2023 EUR Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.65%, 11/28/28<br>| &nbsp;&nbsp; EUR2,000 | 2291437 |
| Silae, 2023 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.25%, 01/11/31<br>| &nbsp;&nbsp; EUR2,000 | 2282650 |
| Unit4 Group Holding BV, 2021 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.48%, 06/29/28<br>| &nbsp;&nbsp; EUR2,500 | 2859133 |
|  |  | 24362894 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| Eircom Finco S.a.r.l., 05/15/29<sup>(m)</sup> | &nbsp;&nbsp; EUR1,000 | 1136817 |
| MasOrange Finco PLC, 2025 EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 2.50%), 4.56%, 03/25/31<br>| &nbsp;&nbsp; EUR3,000 | 3406481 |
| Matterhorn Telecom Holding SA, EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 2.50%), 4.53%, 01/30/32<br>| &nbsp;&nbsp; EUR1,362 | 1553166 |
| Odido Holding BV, 2025 EUR Term Loan B2, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.15%), 5.13%, 03/30/29<br>| &nbsp;&nbsp; EUR2,000 | 2279546 |
| Telenet International Finance SARL, 2020 <br> EUR Term Loan AQ, (1-mo. EURIBOR at <br> 0.00% Floor + 2.25%), 4.16%, 04/30/29<br>| &nbsp;&nbsp; EUR2,000 | 2258479 |
|  |  | 10634489 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Artemis Bidco SAS, 07/02/32<sup>(m)</sup> | &nbsp;&nbsp; EUR1,653 | 1885249 |
| Edge Finco PLC, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.54%, 08/22/31<br>| &nbsp;&nbsp; EUR2,000 | 2285959 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Gategroup Finance International Sarl, <br> 06/10/32<sup>(m)</sup><br>| &nbsp;&nbsp; EUR2,478 | $2841183 |
|  |  | 7012391 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| Leased & Tenanted Pubs 1 Ltd., GBP 2nd <br> Lien Term Loan, (1-day SONIA at 3.00% <br> Floor + 9.38%), 13.84%, 03/31/28<br>| &nbsp;&nbsp; GBP4,612 | 5969173 |
| **Total Floating Rate Loan Interests — 2.8%** <br>**(Cost: $295,070,617)** | **Total Floating Rate Loan Interests — 2.8%** <br>**(Cost: $295,070,617)** | 307006748 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |
| Intrum AB<sup>(j)(k)</sup> | &nbsp;&nbsp; 15840 | 86623 |
| **Total Common Stocks — 0.0%** <br>**(Cost $82,578)** | **Total Common Stocks — 0.0%** <br>**(Cost $82,578)** | 86623 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 1.7%** | **Exchange Traded Funds — 1.7%** | **Exchange Traded Funds — 1.7%** |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(g)(n)</sup><br>| &nbsp;&nbsp; 2225116 | 178854824 |
| **Total Investment Companies — 1.7%** <br>**(Cost $174,139,646)** | **Total Investment Companies — 1.7%** <br>**(Cost $174,139,646)** | 178854824 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(o)</sup> | &nbsp;&nbsp; 12300 | 869610 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $615,000)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $615,000)** | 869610 |
| **Total Long-Term Investments — 106.0%** <br>**(Cost: $11,207,250,211)** | **Total Long-Term Investments — 106.0%** <br>**(Cost: $11,207,250,211)** | 11373883625 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.2%** | **Money Market Funds — 10.2%** | **Money Market Funds — 10.2%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 4.44%<sup>(n)(p)(q)</sup><br>| &nbsp;&nbsp; 1087953664 | 1088388845 |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares, 4.30%<sup>(n)(p)</sup><br>| &nbsp;&nbsp; 100000 | 100000 |
| **Total Short-Term Securities — 10.2%** <br>**(Cost: $1,088,465,368)** | **Total Short-Term Securities — 10.2%** <br>**(Cost: $1,088,465,368)** | 1088488845 |
| **Options Purchased — 0.0%** <br>**(Cost: $1,913,425)** | **Options Purchased — 0.0%** <br>**(Cost: $1,913,425)** | 1069315 |
| **Total Investments Before TBA Sales Commitments and** <br> **Options Written — 116.2%** <br>**(Cost: $12,297,629,004)** | **Total Investments Before TBA Sales Commitments and** <br> **Options Written — 116.2%** <br>**(Cost: $12,297,629,004)** | 12463441785 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> |
| **Mortgage-Backed Securities — (4.2)%** | **Mortgage-Backed Securities — (4.2)%** | **Mortgage-Backed Securities — (4.2)%** |
| Uniform Mortgage-Backed Securities, <br> 3.50%, 08/15/54<br>| &nbsp;&nbsp; $(506974)<br>| $(452843654)<br>|
| **Total TBA Sales Commitments — (4.2)%** <br>**(Proceeds: $(451682303))** | **Total TBA Sales Commitments — (4.2)%** <br>**(Proceeds: $(451682303))** | (452843654)<br>|
| **Options Written — (0.1%)** <br>**(Premiums Received: $(8586075))** | **Options Written — (0.1%)** <br>**(Premiums Received: $(8586075))** | (7172896)<br>|
| **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written, Net of TBA Sales Commitments and Options Written** <br> **— 111.9%** <br>**(Cost: $11,837,360,626)** | **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written, Net of TBA Sales Commitments and Options Written** <br> **— 111.9%** <br>**(Cost: $11,837,360,626)** | 12003425235 |
| **Liabilities in Excess of Other Assets — (11.9)%** | **Liabilities in Excess of Other Assets — (11.9)%** | (1275019401)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $10728405834 |

---

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

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

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

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

<sup>(d)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

<sup>(f)</sup> Zero-coupon bond.

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

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

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

<sup>(j)</sup> Issuer filed for bankruptcy and/or is in default.

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

<sup>(l)</sup> Represents or includes a TBA transaction.

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $459279101 | $629198704 <br><sup>(a)</sup><br>| $— | $(79035)<br>| $(9925)<br>| $1088388845 | 1087953664 | $19975566 | $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 100000 | 0 <br><sup>(a)</sup><br>|  |  |  | 100000 | 100000 | 4535 |  |
| iShares Broad USD High Yield <br> Corporate Bond ETF<sup>(b)</sup><br>|  | 48363114 | &nbsp;&nbsp; (47340898)<br>| (1022216)<br>|  |  |  | 1797254 |  |
| iShares iBoxx $ High Yield Corpo-<br> rate Bond ETF<br>| 137251634 | 716368521 | &nbsp;&nbsp; (679248486)<br>| 1808642 | 2674513 | 178854824 | 2225116 | 9128435 |  |
| iShares iBoxx $ Investment <br> Grade Corporate Bond ETF<sup>(b)</sup><br>| 27821776 |  | &nbsp;&nbsp; (28029455)<br>| 657662 | (449983)<br>|  |  | 99657 |  |
|  |  |  |  | $1365053 | $2214605 | $1267343669 |  | $31005447 | $— |

---

&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* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| U.S. Long Bond | 238 | 09/19/25 | &nbsp;&nbsp; $27169 | $516963 |
| Ultra U.S. Treasury Bond | 1129 | 09/19/25 | &nbsp;&nbsp; 132305 | (837975) |
| 2-Year U.S. Treasury Note | 2163 | 09/30/25 | &nbsp;&nbsp; 447775 | (1163640) |
| 5-Year U.S. Treasury Note | 11519 | 09/30/25 | &nbsp;&nbsp; 1246302 | 2142867 |
| 3-mo. SOFR | 167 | 03/17/26 | &nbsp;&nbsp; 40069 | (6493) |
|  |  |  |  | 651722 |
| Short Contracts |  |  |  |  |
| 30-Year Euro Buxl Bond | (193) | 09/08/25 | &nbsp;&nbsp; 25853 | 273997 |
| Euro BOBL | (179) | 09/08/25 | &nbsp;&nbsp; 23955 | 99214 |
| Euro Bund | (241) | 09/08/25 | &nbsp;&nbsp; 35671 | 225127 |
| Euro-Schatz | (276) | 09/08/25 | &nbsp;&nbsp; 33718 | 68874 |
| 10-Year U.S. Treasury Note | (1705) | 09/19/25 | &nbsp;&nbsp; 189388 | (438998) |
| 10-Year U.S. Ultra Treasury Note | (597) | 09/19/25 | &nbsp;&nbsp; 67517 | (411368) |
| Long Gilt | (28) | 09/26/25 | &nbsp;&nbsp; 3408 | (48103) |
|  |  |  |  | (231257) |
|  |  |  |  | $420465 |

---

**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>|
| BRL | 80529285 | USD | 14374839 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6546 |
| BRL | 41453322 | USD | 7399604 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370 |
| BRL | 11661751 | USD | 2081675 | Goldman Sachs & Co. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948 |
| USD | 14507115 | BRL | 80529285 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125730 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income 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 | 7464000 | BRL | 41453322 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61026 |
| USD | 2086928 | BRL | 11661751 | Goldman Sachs & Co. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4305 |
| USD | 1345694 | BRL | 7528753 | State Street Bank & Trust Company | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| USD | 5657883 | AUD | 8671512 | Deutsche Bank Securities Inc. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82841 |
| USD | 1831250 | CAD | 2498914 | BNP Paribas SA | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25384 |
| USD | 1254700 | CHF | 995661 | BNP Paribas SA | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25352 |
| USD | 3691662 | GBP | 2738000 | Deutsche Bank Securities Inc. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74892 |
| USD | 5863738 | JPY | 876528091 | Barclays Bank PLC | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35726 |
| USD | 5879800 | KRW | 8161162400 | Citibank N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23648 |
| USD | 2100 | NOK | 21325 | Morgan Stanley & Co. International PLC | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| USD | 2994250 | PEN | 10673872 | Deutsche Bank Securities Inc. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25349 |
| USD | 2597000 | PLN | 9518745 | BNP Paribas SA | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58077 |
| USD | 2454638 | SGD | 3138613 | Bank of America N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32866 |
| USD | 15639193 | BRL | 88058038 | Goldman Sachs & Co. | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37004 |
| USD | 3905000 | BRL | 21963672 | Morgan Stanley & Co. International PLC | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13460 |
| NGN | 1967812202 | USD | 1211702 | Bank of America N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54737 |
| NGN | 4289857412 | USD | 2694299 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66556 |
| NGN | 3631804050 | USD | 2153109 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184238 |
| USD | 2336491 | TWD | 67010562 | Citibank N.A. | 09/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90435 |
| BRL | 3433490 | USD | 605000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| COP | 8615190083 | USD | 2048821 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| MXN | 278681173 | USD | 14541000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161806 |
| MXN | 281531000 | USD | 14735214 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117945 |
| MXN | 8226813 | USD | 429000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| TRY | 3967000 | USD | 92077 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931 |
| USD | 801772 | AUD | 1230000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10678 |
| USD | 2065373 | AUD | 3147000 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41330 |
| USD | 33148496 | AUD | 50430000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713651 |
| USD | 8992427 | AUD | 13698000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182344 |
| USD | 19241058 | AUD | 29327000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378938 |
| USD | 21683289 | AUD | 33409000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195767 |
| USD | 510877 | CNH | 3646973 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3389 |
| USD | 684397 | COP | 2795453852 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19482 |
| USD | 59187710 | EUR | 50797000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049134 |
| USD | 12313395 | EUR | 10637000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139054 |
| USD | 71584041 | EUR | 60687450 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125571 |
| USD | 76520654 | EUR | 65124000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984430 |
| USD | 2453433139 | EUR | 2102169000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47442407 |
| USD | 119814975 | EUR | 102207000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2836229 |
| USD | 401655574 | GBP | 296448838 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9982580 |
| USD | 345046 | GBP | 256000 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6814 |
| USD | 21073491 | GBP | 15498000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597283 |
| USD | 3328686 | GBP | 2486000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44143 |
| USD | 1988310 | GBP | 1454967 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65984 |
| USD | 64575 | HUF | 22053941 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1792 |
| USD | 6193505 | JPY | 883234000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307769 |
| USD | 14130 | JPY | 2059000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| USD | 106567 | MXN | 2000650 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| USD | 39475 | TWD | 1129085 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| USD | 25143125 | COP | 102597780546 | Citibank N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754107 |
| USD | 20344224 | CZK | 431594165 | Bank of America N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279295 |
| USD | 2810764 | EUR | 2414231 | UBS AG | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46698 |
| USD | 4533831 | HUF | 1566661120 | State Street Bank & Trust Company | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74937 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income 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 | 39467657 | IDR | 644862052215 | Bank of America N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $443202 |
| USD | 51895047 | MXN | 982193318 | Goldman Sachs & Co. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103604 |
| USD | 6642455 | MYR | 28177160 | Morgan Stanley & Co. LLC | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31493 |
| USD | 10981339 | PEN | 39092448 | Citibank N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115346 |
| USD | 8015757 | PHP | 457825559 | UBS AG | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163075 |
| USD | 40992474 | PLN | 150570644 | Bank of America N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846185 |
| USD | 26945490 | THB | 874650620 | Citibank N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77547 |
| USD | 68263459 | ZAR | 1227042508 | Barclays Bank PLC | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130719 |
| USD | 2708080 | EUR | 2302428 | Citibank N.A. | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67863 |
| USD | 3838484 | EUR | 3263140 | UBS AG | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96610 |
| TRY | 532909430 | USD | 12185912 | UBS AG | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28106 |
| EGP | 12587180 | USD | 239300 | Bank of America N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6056 |
| EGP | 181742904 | USD | 3351600 | Citibank N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191027 |
| EGP | 37438177 | USD | 686184 | Citibank N.A. | 12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32880 |
| EGP | 149752707 | USD | 2670341 | Morgan Stanley & Co. LLC | 12/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205912 |
| USD | 256435561 | EUR | 213457051 | BNP Paribas SA | 09/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6936227 |
| USD | 256431292 | EUR | 213457051 | Deutsche Bank Securities Inc. | 09/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6931958 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88016759 |
| EUR | 8085000 | USD | 9245400 | UBS AG | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18802)<br>|
| BRL | 166480 | USD | 29900 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169)<br>|
| BRL | 2322036 | USD | 418308 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3625)<br>|
| BRL | 47407331 | USD | 8499000 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32725)<br>|
| BRL | 91431623 | USD | 16366399 | Goldman Sachs & Co. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38011)<br>|
| USD | 29717 | BRL | 166480 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 414494 | BRL | 2322036 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189)<br>|
| USD | 8462421 | BRL | 47407331 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3854)<br>|
| USD | 16320955 | BRL | 91431623 | Goldman Sachs & Co. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7432)<br>|
| CLP | 1924087108 | USD | 2001901 | Morgan Stanley & Co. International PLC | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23545)<br>|
| CNH | 156711464 | USD | 21902374 | UBS AG | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128319)<br>|
| COP | 28284744109 | USD | 7025625 | BNP Paribas SA | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283243)<br>|
| CZK | 395419675 | USD | 18806187 | Citibank N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435844)<br>|
| EUR | 164903 | USD | 193392 | UBS AG | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4906)<br>|
| HUF | 4038413567 | USD | 11817444 | Goldman Sachs & Co. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309538)<br>|
| IDR | 503664458063 | USD | 30828735 | Citibank N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (323799)<br>|
| INR | 2643164652 | USD | 30569186 | Citibank N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (406188)<br>|
| JPY | 859799786 | USD | 5863738 | State Street Bank & Trust Company | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146952)<br>|
| KRW | 8126649150 | USD | 5879800 | UBS AG | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48414)<br>|
| MXN | 404887692 | USD | 21616646 | State Street Bank & Trust Company | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209874)<br>|
| MYR | 143733994 | USD | 34096547 | Morgan Stanley & Co. International PLC | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (404944)<br>|
| NOK | 21335 | USD | 2100 | Bank of America N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| PLN | 68735177 | USD | 18870660 | Deutsche Bank Securities Inc. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (537011)<br>|
| RON | 19935444 | USD | 4588418 | Goldman Sachs & Co. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112767)<br>|
| SGD | 3137940 | USD | 2454638 | State Street Bank & Trust Company | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33385)<br>|
| THB | 953738465 | USD | 29662134 | Morgan Stanley & Co. International PLC | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (423822)<br>|
| ZAR | 316408102 | USD | 17950125 | Citibank N.A. | 08/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (609262)<br>|
| USD | 2032000 | TRY | 87699088 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72641)<br>|
| USD | 203100 | TRY | 8624556 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3876)<br>|
| USD | 812800 | TRY | 34586266 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17216)<br>|
| BRL | 11724936 | USD | 2082360 | Goldman Sachs & Co. | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4927)<br>|
| TWD | 68176237 | USD | 2336491 | Bank of America N.A. | 09/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51364)<br>|
| AUD | 703609 | USD | 461031 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8493)<br>|
| BRL | 132515390 | USD | 23963000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (560607)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income 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>|
| CLP | 19820800 | USD | 21017 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(637)<br>|
| COP | 3449917790 | USD | 843893 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23309)<br>|
| CZK | 24986000 | USD | 1170367 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8923)<br>|
| EUR | 277000 | USD | 322230 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5196)<br>|
| EUR | 213457051 | USD | 251205863 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6898347)<br>|
| EUR | 213457051 | USD | 251196258 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6888742)<br>|
| GBP | 1306000 | USD | 1778015 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52507)<br>|
| HUF | 289777000 | USD | 832047 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7112)<br>|
| IDR | 23034716515 | USD | 1408765 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14573)<br>|
| IDR | 19688465000 | USD | 1210406 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18748)<br>|
| INR | 120878376 | USD | 1408765 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30745)<br>|
| JPY | 96740430 | USD | 665577 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20914)<br>|
| PLN | 10397000 | USD | 2811475 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39153)<br>|
| SEK | 1340000 | USD | 142489 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5216)<br>|
| USD | 1019853 | BRL | 5787860 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2291)<br>|
| USD | 24023934 | BRL | 136124656 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15860)<br>|
| USD | 6146811 | CHF | 4975000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11243)<br>|
| USD | 7043824 | CHF | 5708604 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22284)<br>|
| USD | 1515036 | EUR | 1324000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>|
| USD | 14050693 | MXN | 269327408 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158623)<br>|
| ZAR | 1713262 | USD | 95932 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2165)<br>|
| ZAR | 150876056 | USD | 8423725 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166297)<br>|
| PEN | 20146031 | USD | 5643462 | Citibank N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43745)<br>|
| USD | 1187036 | UYU | 48264863 | Citibank N.A. | 09/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8972)<br>|
| USD | 1455000 | TRY | 65490859 | Barclays Bank PLC | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85509)<br>|
| USD | 311351 | TRY | 13544929 | Citibank N.A. | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7260)<br>|
| USD | 290900 | TRY | 12626109 | Morgan Stanley & Co. International PLC | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6098)<br>|
| USD | 2619000 | TRY | 118222533 | UBS AG | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (161890)<br>|
| USD | 1352000 | TRY | 63056198 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93217)<br>|
| USD | 135100 | TRY | 6015136 | Morgan Stanley & Co. International PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2764)<br>|
| USD | 540800 | TRY | 24185658 | UBS AG | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13523)<br>|
| ARS | 3759147110 | USD | 2551000 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107148)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20189124)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67827635 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | Expiration | Credit | Exercise | Notional | Notional |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating* | *Price* | *Amount (000)* | *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| 1.00% | CDX.NA.IG.44.V1 | Quarterly | Bank of America N.A. | 09/17/25 |  | USD 0.55 | USD | 243400 | $265669 |
| Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| 1.00% | CDX.NA.IG.44.V1 | Quarterly | Bank of America N.A. | 09/17/25 |  | USD 0.55 | USD | 156511 | 170830 |
|  |  |  |  |  |  |  |  |  |  | $436499 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, 11/28/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.65% | Annual | Goldman Sachs Inter-<br> national<br>| 11/26/25 | 3.65 | USD | 70790 | $632816 |

---

**Interest Rate Caps/Floors Sold** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 5Y-30Y CMS Index, Cap | 0.69<br> %<br>| Deutsche Bank AG | 09/02/25 | USD | (819130) | $(36099)<br>| $(380895)<br>| $344796 |
|  |  |  |  |  |  | $(36099)<br>| $(380895)<br>| $344796 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 38639 | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; USD | 81.00 | USD | 310580 | &nbsp;&nbsp; $(1545560)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 19139 | &nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp; USD | 81.00 | USD | 153839 | &nbsp;&nbsp; (564601)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(2110161)<br>|

---

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | Expiration | Credit | Exercise | Notional | Notional |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating* | *Price* | *Amount (000)* | *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Sold Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| CDX.NA.IG.44.V1 | 1.00% | Quarterly | Bank of America N.A. | 09/17/25 | N/A | USD 0.65 | USD | 243400 | $(108761) |
| Sold Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| CDX.NA.IG.44.V1 | 1.00% | Quarterly | Bank of America N.A. | 09/17/25 | N/A | USD 0.65 | USD | 156511 | (69935) |
|  |  |  |  |  |  |  |  |  |  | $(178696) |

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, <br> 09/04/30<br>| 2.05% | Annual | 6-mo. EURI-<br> BOR, 2.08%<br>| Semi-Annual | Morgan Stanley & Co. <br> International PLC<br>| 09/02/25 | 2.05 | EUR | 55703 | $(5873)<br>|
| 2-Year Interest Rate Swap, <br> 09/24/27<br>| 3.05% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 09/22/25 | 3.05 | USD | 372480 | (105531)<br>|
| 2-Year Interest Rate Swap, <br> 09/24/27<br>| 3.30% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Barclays Bank PLC | 09/22/25 | 3.30 | USD | 275227 | (203775)<br>|
| 2-Year Interest Rate Swap, <br> 09/28/27<br>| 3.08% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 09/26/25 | 3.08 | USD | 343155 | (128515)<br>|
| 5-Year Interest Rate Swap, <br> 10/02/30<br>| 3.00% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Deutsche Bank AG | 09/30/25 | 3.00 | USD | 138953 | (92393)<br>|
| 30-Year Interest Rate Swap, <br> 11/28/55<br>| 3.15% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 11/26/25 | 3.15 | USD | 70790 | (99985)<br>|
|  |  |  |  |  |  |  |  |  |  | (636072)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| 2-Year Interest Rate Swap, <br> 09/10/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.75% | Annual | Citibank N.A. | 09/08/25 | 3.75 | USD | 694155 | (848952)<br>|
| 2-Year Interest Rate Swap, <br> 09/24/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.90% | Annual | BNP Paribas SA | 09/22/25 | 3.90 | USD | 183452 | (103388)<br>|
| 2-Year Interest Rate Swap, <br> 09/26/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.80% | Annual | Bank of America N.A. | 09/24/25 | 3.80 | USD | 506276 | (548783)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| 5-Year Interest Rate Swap, <br> 09/27/30<br>| &nbsp;&nbsp; 6-mo. EURI-<br> BOR, 2.08%<br>| Semi-Annual | 2.50% | Annual | Deutsche Bank AG | 09/25/25 | 2.50 | EUR | 69569 | $(140895)<br>|
| 2-Year Interest Rate Swap, <br> 10/10/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.80% | Annual | Deutsche Bank AG | 10/08/25 | 3.80 | USD | 470980 | (580553)<br>|
| 2-Year Interest Rate Swap, <br> 11/01/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.80% | Annual | BNP Paribas SA | 10/30/25 | 3.80 | USD | 253240 | (359692)<br>|
| 2-Year Interest Rate Swap, <br> 11/30/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.80% | Annual | Barclays Bank PLC | 11/28/25 | 3.80 | USD | 248275 | (407846)<br>|
| 2-Year Interest Rate Swap, <br> 01/25/28<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.90% | Annual | Goldman Sachs Inter-<br> national<br>| 01/23/26 | 3.90 | USD | 800571 | (1221759)<br>|
|  |  |  |  |  |  |  |  |  |  | (4211868)<br>|
|  |  |  |  |  |  |  |  |  |  | $(4847940)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| iTraxx.XO.43.V1 | 5.00<br> %<br>| Quarterly | 06/20/30 | EUR | 2610 | $(308855) | $(179518) | $(129337) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| iTraxx.XO.42.V2 | 5.00<br> %<br>| Quarterly | 12/20/29 | BB- | EUR | 54468 | $6193920 | $4562697 | $1631223 |

---

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

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 7.84% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 67308 | &nbsp;&nbsp; $(2147)<br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; $(2151)<br>|
| 9.31% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 168220 | &nbsp;&nbsp; (65665)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (65671)<br>|
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.79% | Monthly | N/A | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 135515 | &nbsp;&nbsp; 4836 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4826 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 8.47% | Monthly | N/A | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 338686 | &nbsp;&nbsp; 86571 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 86555 |
| 8.02% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 31371 | &nbsp;&nbsp; (11892)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (11895)<br>|
| 8.45% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 11154 | &nbsp;&nbsp; (6143)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6143)<br>|
| 8.18% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 04/02/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 10177 | &nbsp;&nbsp; (4558)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4558)<br>|
| 8.15% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 05/07/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 57473 | &nbsp;&nbsp; (31506)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (31514)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.73% | Monthly | N/A | &nbsp;&nbsp; 05/11/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 93108 | &nbsp;&nbsp; $3447 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $3439 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.73% | Monthly | N/A | &nbsp;&nbsp; 05/11/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 232698 | &nbsp;&nbsp; 8153 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 8136 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.66% | Monthly | N/A | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 116342 | &nbsp;&nbsp; 2482 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2472 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.72% | Monthly | N/A | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 46551 | &nbsp;&nbsp; 2122 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2118 |
| 7.97% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 06/06/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 40149 | &nbsp;&nbsp; (19944)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (19949)<br>|
| 7.73% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 06/19/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 368947 | &nbsp;&nbsp; (18869)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; (18900)<br>|
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.69% | Monthly | N/A | &nbsp;&nbsp; 06/26/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 31945 | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1178 |
| 6.80% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/5/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/05/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 40192 | &nbsp;&nbsp; 3115 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3108 |
| 4.21% | At Termination | &nbsp;&nbsp; 3-mo. WIBOR, <br> 4.93%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 25718 | &nbsp;&nbsp; 6038 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 6016 |
| 4.31% | At Termination | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 12858 | &nbsp;&nbsp; 2506 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2495 |
| 4.43% | At Termination | &nbsp;&nbsp; 3-mo. WIBOR, <br> 4.93%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 6454 | &nbsp;&nbsp; (2090)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (2096)<br>|
| 4.46% | Annual | &nbsp;&nbsp; 3-mo. WIBOR, <br> 4.93%<br>| Semi-Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 25725 | &nbsp;&nbsp; (10751)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (10774)<br>|
| 6.94% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 58946 | &nbsp;&nbsp; (257)<br>| &nbsp;&nbsp; 1707 | &nbsp;&nbsp; (1964)<br>|
| 6.94% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 234883 | &nbsp;&nbsp; (1200)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; (1242)<br>|
| 7.03% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 234951 | &nbsp;&nbsp; (11743)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; (11786)<br>|
| 7.06% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 117435 | &nbsp;&nbsp; (7481)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (7503)<br>|
| 5.24% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/19/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 25718 | &nbsp;&nbsp; (37541)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (37563)<br>|
| 6.92% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/23/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 44367 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 294 |
| 3.43% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 2510967 | &nbsp;&nbsp; 5971 | &nbsp;&nbsp; 2504996 |
| 1-day SOFR, <br> 4.39%<br>| At Termination | 4.17% | At Termination | 10/23/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5128 |
| 1-day SOFR, <br> 4.39%<br>| At Termination | 4.21% | At Termination | 10/27/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 10/27/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 12353 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12347 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.62% | Monthly | N/A | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 24901 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 753 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 9.26% | Monthly | N/A | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 62232 | &nbsp;&nbsp; 45925 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 45916 |
| 5.13% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 13434 | &nbsp;&nbsp; (34012)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (34025)<br>|
| 5.14% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 22391 | &nbsp;&nbsp; (58168)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; (58188)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.04% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 327229 | &nbsp;&nbsp; $(3380)<br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; $(3384)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.50% | Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 817826 | &nbsp;&nbsp; 3140 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3132 |
| 7.25% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 52895 | &nbsp;&nbsp; (14715)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (14727)<br>|
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.41% | Monthly | 6/26/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/25/27 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 60949 | &nbsp;&nbsp; (3111)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (3117)<br>|
| 3.97% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 35825 | &nbsp;&nbsp; 26311 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 26266 |
| 4.05% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 17911 | &nbsp;&nbsp; 6259 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 6236 |
| 4.18% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 8991 | &nbsp;&nbsp; (2800)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (2812)<br>|
| 4.27% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 35835 | &nbsp;&nbsp; (27224)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; (27270)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 5.68% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 2099826 | &nbsp;&nbsp; (65604)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; (65632)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 5.76% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1282000 | &nbsp;&nbsp; (34728)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (34745)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 5.94% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1049851 | &nbsp;&nbsp; (18099)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (18113)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.02% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1773206 | &nbsp;&nbsp; (23636)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (23660)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.10% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 526966 | &nbsp;&nbsp; (4835)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (4843)<br>|
| 6.93% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 13274 | &nbsp;&nbsp; (877)<br>| &nbsp;&nbsp; 478 | &nbsp;&nbsp; (1355)<br>|
| 6.99% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 52895 | &nbsp;&nbsp; (6718)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (6732)<br>|
| 7.02% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 52910 | &nbsp;&nbsp; (8110)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (8124)<br>|
| 7.08% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 26446 | &nbsp;&nbsp; (5785)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (5792)<br>|
| 1-day SOFR, <br> 4.39%<br>| Annual | 4.20% | Annual | 10/23/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 10863 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10859 |
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.92% | Annual | 11/3/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 3197 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3195 |
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.95% | Annual | 11/3/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 3469 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3467 |
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.99% | Annual | 11/3/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 957 | &nbsp;&nbsp; 7575 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7571 |
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.84% | Annual | 11/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/17/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 12383 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12373 |
| 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.40% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 14758083 | &nbsp;&nbsp; (5539)<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; (5646)<br>|
| 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.40% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 28539788 | &nbsp;&nbsp; (8619)<br>| &nbsp;&nbsp; 206 | &nbsp;&nbsp; (8825)<br>|
| 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.41% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 1475244 | &nbsp;&nbsp; (322)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (332)<br>|
| 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.44% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 5902413 | &nbsp;&nbsp; 3166 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 3124 |
| 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.54% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 2709566 | &nbsp;&nbsp; (24253)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; (24560)<br>|
| 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.54% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1354580 | &nbsp;&nbsp; (10755)<br>| &nbsp;&nbsp; 153 | &nbsp;&nbsp; (10908)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.12% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/28 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 383928 | &nbsp;&nbsp; $(4434)<br>| &nbsp;&nbsp; $11 | &nbsp;&nbsp; $(4445)<br>|
| 13.57% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 3359 | &nbsp;&nbsp; (1386)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (1392)<br>|
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.77% | Monthly | N/A | &nbsp;&nbsp; 11/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 11015 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 170 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 9.04% | Monthly | N/A | &nbsp;&nbsp; 11/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 129270 | &nbsp;&nbsp; 294944 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 294893 |
| 7.78% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 12/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 13457 | &nbsp;&nbsp; (97)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (103)<br>|
| 8.97% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 12/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 33633 | &nbsp;&nbsp; (81190)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (81203)<br>|
| 1-day MIBOR, <br> 5.54%<br>| At Termination | 6.12% | At Termination | N/A | &nbsp;&nbsp; 12/18/29 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 560722 | &nbsp;&nbsp; 116760 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 116686 |
| 1-day MIBOR, <br> 5.54%<br>| At Termination | 6.12% | At Termination | N/A | &nbsp;&nbsp; 12/18/29 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 560722 | &nbsp;&nbsp; 115009 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 114935 |
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.18% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; (4335)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; (4433)<br>|
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.21% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 4281 | &nbsp;&nbsp; (11036)<br>| &nbsp;&nbsp; 775 | &nbsp;&nbsp; (11811)<br>|
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.21% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; (3734)<br>| &nbsp;&nbsp; (587)<br>| &nbsp;&nbsp; (3147)<br>|
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.42% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 25111 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 24739 |
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.63% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; 90152 | &nbsp;&nbsp; 92460 | &nbsp;&nbsp; (2308)<br>|
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.18% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 715 | &nbsp;&nbsp; (4921)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4921)<br>|
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.43% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 11126 | &nbsp;&nbsp; 6510 | &nbsp;&nbsp; 4616 |
| 7.80% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 16609 | &nbsp;&nbsp; (305)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (313)<br>|
| 8.65% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 41509 | &nbsp;&nbsp; (73124)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (73142)<br>|
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.92% | Annual | N/A | &nbsp;&nbsp; 02/26/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 1200542 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 1199672 |
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.46% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 75702 | &nbsp;&nbsp; (61428)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; (61461)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.60% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 30290 | &nbsp;&nbsp; (14599)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (14612)<br>|
| 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.94% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 8371 | &nbsp;&nbsp; 59844 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 59823 |
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.15% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 134583 | &nbsp;&nbsp; (2898)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (2902)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.55% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 336357 | &nbsp;&nbsp; 6323 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6314 |
| 7.94% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 124224 | &nbsp;&nbsp; (214279)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; (214347)<br>|
| 7.73% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 05/06/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 41509 | &nbsp;&nbsp; 7816 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 7796 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 7.82% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 05/06/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 16609 | &nbsp;&nbsp; $(125)<br>| &nbsp;&nbsp; $8 | &nbsp;&nbsp; $(133)<br>|
| 7.77% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 05/27/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 22279 | &nbsp;&nbsp; 2143 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2133 |
| 7.82% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 05/27/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 8914 | &nbsp;&nbsp; (102)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (107)<br>|
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.20% | Annual | N/A | &nbsp;&nbsp; 06/04/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 17391 | &nbsp;&nbsp; (133699)<br>| &nbsp;&nbsp; 189 | &nbsp;&nbsp; (133888)<br>|
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.82% | Monthly | N/A | &nbsp;&nbsp; 06/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 49435 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 272 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.82% | Monthly | N/A | &nbsp;&nbsp; 06/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 19780 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 131 |
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.56% | Annual | N/A | &nbsp;&nbsp; 06/18/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 23138 | &nbsp;&nbsp; (14426)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (14437)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.62% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/18/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 9258 | &nbsp;&nbsp; (4711)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (4715)<br>|
| 7.77% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | N/A | &nbsp;&nbsp; 06/21/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 5608 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 630 |
| 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.72% | Monthly | N/A | &nbsp;&nbsp; 06/24/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 47541 | &nbsp;&nbsp; (10582)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (10605)<br>|
| China Fixing Repo <br> Rates 7-Day, <br> 1.60%<br>| At Termination | 1.45% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 90611 | &nbsp;&nbsp; (74002)<br>| &nbsp;&nbsp; 141 | &nbsp;&nbsp; (74143)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.39% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 49417 | &nbsp;&nbsp; (51094)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (51119)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.41% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 98841 | &nbsp;&nbsp; (99771)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; (99820)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.55% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 99054 | &nbsp;&nbsp; (69586)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; (69637)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.62% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 34748 | &nbsp;&nbsp; (19597)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (19615)<br>|
| 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual | 3.64% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 98955 | &nbsp;&nbsp; (51168)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; (51219)<br>|
| 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.04% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 19803 | &nbsp;&nbsp; (35351)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; (35409)<br>|
| 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.14% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 8299 | &nbsp;&nbsp; (4152)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (4177)<br>|
| 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.23% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 4166 | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1870 |
| 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.33% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 16603 | &nbsp;&nbsp; 27727 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 27677 |
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 5.96% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 336357 | &nbsp;&nbsp; (17541)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (17552)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.16% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 168169 | &nbsp;&nbsp; (4865)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (4870)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.21% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 84411 | &nbsp;&nbsp; (1889)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1891)<br>|
| 6-mo. BUBOR, <br> 6.49%<br>| Semi-Annual | 6.22% | Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 201871 | &nbsp;&nbsp; (4396)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (4402)<br>|
| 7.37% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 40402 | &nbsp;&nbsp; (10314)<br>| &nbsp;&nbsp; 4424 | &nbsp;&nbsp; (14738)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 7.49% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 161039 | &nbsp;&nbsp; $(87559)<br>| &nbsp;&nbsp; $99 | &nbsp;&nbsp; $(87658)<br>|
| 7.60% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 124224 | &nbsp;&nbsp; (96978)<br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; (97054)<br>|
| 7.63% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 80491 | &nbsp;&nbsp; (68697)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; (68747)<br>|
| 7.77% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 73536 | &nbsp;&nbsp; (86280)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; (86325)<br>|
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.88% | Annual | N/A | &nbsp;&nbsp; 04/01/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 223466 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 223256 |
| 1-day MIBOR, <br> 5.54%<br>| At Termination | 6.44% | At Termination | N/A | &nbsp;&nbsp; 09/18/34 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 379219 | &nbsp;&nbsp; 182137 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 182055 |
| 1-day SOFR, <br> 4.39%<br>| Annual | 3.70% | Annual | N/A | &nbsp;&nbsp; 01/06/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34657 | &nbsp;&nbsp; (467716)<br>| &nbsp;&nbsp; 545 | &nbsp;&nbsp; (468261)<br>|
| 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 10.28% | Quarterly | 6/19/2030<sup>(a)</sup> <br>| &nbsp;&nbsp; 06/19/35 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 12397 | &nbsp;&nbsp; 9598 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9589 |
| 1-day THOR, <br> 1.74%<br>| At Termination | 1.61% | At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/17/35 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 42696 | &nbsp;&nbsp; (175)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (198)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $2662456 | &nbsp;&nbsp; $116958 | &nbsp;&nbsp; $2545498 |

---

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

<sup>(a)</sup> Forward Swap.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 8.54% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 09/09/25 | COP | $4924892 | $10615 | $— | $10615 |
| 14.18% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | 01/02/26 | BRL | 19179 | (2088)<br>|  | (2088)<br>|
| 14.79% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | 01/02/26 | BRL | 19179 | 1666 |  | 1666 |
| 14.74% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | 01/02/26 | BRL | 9589 | 1366 |  | 1366 |
| 14.87% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/26 | BRL | 19184 | 755 |  | 755 |
| 14.95% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | 01/02/26 | BRL | 4813 | (125)<br>|  | (125)<br>|
| 8.07% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/26 | COP | 1912726 | 1817 |  | 1817 |
| 8.40% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/26 | COP | 956306 | 216 |  | 216 |
| 8.61% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/26 | COP | 1913281 | (451)<br>|  | (451)<br>|
| 8.69% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/26 | COP | 480012 | (197)<br>|  | (197)<br>|
| 7.25% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | N/A | 09/25/26 | COP | 1912726 | 5962 |  | 5962 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.79% | At Termination | BNP Paribas SA | N/A | 01/04/27 | BRL | 724 | (12954)<br>|  | (12954)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.71% | At Termination | BNP Paribas SA | N/A | 01/04/27 | BRL | 1353 | (24690)<br>|  | (24690)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.96% | At Termination | Citibank N.A. | N/A | 01/04/27 | BRL | 910 | (14979)<br>|  | (14979)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.81% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/04/27 | BRL | $1182 | $(14282)<br>| $— | $(14282)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 11.68% | At Termination | Citibank N.A. | N/A | 01/04/27 | BRL | 3818 | (32061)<br>|  | (32061)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.57% | At Termination | BNP Paribas SA | N/A | 01/04/27 | BRL | 19279 | (99661)<br>|  | (99661)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.42% | At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 01/04/27 | BRL | 2103 | (4898)<br>|  | (4898)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.58% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/04/27 | BRL | 2841 | 2241 |  | 2241 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.83% | At Termination | BNP Paribas SA | N/A | 01/04/27 | BRL | 6588 | (10283)<br>|  | (10283)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.20% | At Termination | Barclays Bank PLC | N/A | 01/04/27 | BRL | 1955 | (817)<br>|  | (817)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.46% | At Termination | BNP Paribas SA | N/A | 01/02/29 | BRL | 83710 | (593108)<br>|  | (593108)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.03% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 8079 | 29764 |  | 29764 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.33% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 8079 | (11168)<br>|  | (11168)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.43% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 4039 | (2738)<br>|  | (2738)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.34% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 25866 | (27452)<br>|  | (27452)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.42% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/29 | BRL | 18431 | (11026)<br>|  | (11026)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.31% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 4624 | (5482)<br>|  | (5482)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.12% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/29 | BRL | 178020 | (403591)<br>|  | (403591)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 68188 | (199250)<br>|  | (199250)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/29 | BRL | 44322 | (129513)<br>|  | (129513)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.95% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/29 | BRL | 38085 | (123193)<br>|  | (123193)<br>|
| 8.64% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 04/04/30 | COP | 19249256 | (14848)<br>|  | (14848)<br>|
| 8.34% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| 9/17/2025 <br><sup>(a)</sup><br>| 09/17/30 | COP | 18894963 | 49887 |  | 49887 |
| 8.23% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/30 | COP | 38144218 | 141634 |  | 141634 |
| 8.58% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/30 | COP | 19070979 | 8345 |  | 8345 |
| 8.74% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/30 | COP | 38155287 | (43077)<br>|  | (43077)<br>|
| 8.86% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | Barclays Bank PLC | 9/17/2025 <br><sup>(a)</sup><br>| 09/17/30 | COP | 9572562 | (21713)<br>|  | (21713)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.04% | At Termination | Barclays Bank PLC | N/A | 01/02/31 | BRL | 25405 | (130028)<br>|  | (130028)<br>|
|  |  |  |  |  |  |  |  |  | $(1679405)<br>| $— | $(1679405)<br>|

---

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

<sup>(a)</sup> Forward Swap.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-DAY SOFR minus <br> 0.50%, 4.39%<br>| At Termination | iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 8724 | $(47321)<br>| $— | $(47321)<br>|
| 1-DAY SOFR minus <br> 0.50%, 4.39%<br>| At Termination | iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 4357 | (22553)<br>|  | (22553)<br>|
| 1-DAY SOFR minus <br> 0.55%, 4.39%<br>| Quarterly | iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At Termination | Merrill Lynch <br> International<br>| N/A | 09/19/25 | USD | 82388 | 494902 |  | 494902 |
| 1-DAY SOFR plus 0.10%, <br> 4.39%<br>| At Termination | iShares Broad USD High <br> Yield Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 20373 | 44372 |  | 44372 |
|  |  |  |  |  |  |  |  |  | $469400 | $— | $469400 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $4680242 | &nbsp;&nbsp;&nbsp; $(180105)<br>| &nbsp;&nbsp;&nbsp; $6674480 | &nbsp;&nbsp;&nbsp; $(2627096)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 793542 | &nbsp;&nbsp;&nbsp; (2003547)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (8586075)<br>| &nbsp;&nbsp;&nbsp; 2776650 | &nbsp;&nbsp;&nbsp; (1363471)<br>| &nbsp;&nbsp;&nbsp; 7172896 |

---

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

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**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 |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3327042 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3327042 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88016759 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88016759 |
| Options Purchased |  |  |  |  |  |  |  |
| Investments at value — unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp; $436499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $632816 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1069315 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1631223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5043257 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6674480 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $539274 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $254268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $793542 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2067722 | &nbsp;&nbsp; $539274 | &nbsp;&nbsp; $88016759 | &nbsp;&nbsp; $9257383 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99881138 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2906577 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2906577 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20189124 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20189124 |
| Options written |  |  |  |  |  |  |  |
| Options written at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $178696 | &nbsp;&nbsp; $2110161 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4884039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7172896 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129337 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2497759 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2627096 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1933673 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2003547 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $308033 | &nbsp;&nbsp; $2180035 | &nbsp;&nbsp; $20189124 | &nbsp;&nbsp; $12222048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34899240 |

---

&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 July 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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19147350)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19147350)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (130847608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (130847608)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (431096)<br>| &nbsp;&nbsp; (980000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2501133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3912229)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 48475 | &nbsp;&nbsp; 820329 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1942002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2810806 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1226470 | &nbsp;&nbsp; 3183547 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3268295)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1141722 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $843849 | &nbsp;&nbsp; $3023876 | &nbsp;&nbsp; $(130847608)<br>| &nbsp;&nbsp; $(22974776)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(149954659)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3015343)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3015343)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71959911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71959911 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (34003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (810107)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (844110)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; (3431)<br>| &nbsp;&nbsp; (687655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2104265 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1413179 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1501886 | &nbsp;&nbsp; 469400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 741985 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2713271 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1464452 | &nbsp;&nbsp; $(218255)<br>| &nbsp;&nbsp; $71959911 | &nbsp;&nbsp; $(979200)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $72226908 |

---

&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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1307738208 |
| Average notional value of contracts — short | &nbsp;&nbsp; $977495614 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $510361227 |
| Average amounts sold — in USD | &nbsp;&nbsp; $3032338814 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; $19576 |
| Average market value of option contracts purchased | &nbsp;&nbsp; $590129 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; $143899250 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 1381224482 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; $2609618 |
| Average notional value — sell protection | &nbsp;&nbsp; $43325424 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $286166808 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $407213695 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $82905767 |

---

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; $187057 | &nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 88016759 | &nbsp;&nbsp;&nbsp; 20189124 |
| Options | &nbsp;&nbsp; 1069315 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 7172896 |
| Swaps - centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 229466 |
| Swaps - OTC<sup>(b)</sup> | &nbsp;&nbsp; 793542 | &nbsp;&nbsp;&nbsp; 2003547 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 90066673 | &nbsp;&nbsp;&nbsp; 29595033 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (187057)<br>| &nbsp;&nbsp;&nbsp; (2339627)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $89879616 | &nbsp;&nbsp;&nbsp; $27255406 |

---

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

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $2596738 | &nbsp;&nbsp; $(1465863)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1010000)<br>| &nbsp;&nbsp; $120875 |
| Barclays Bank PLC | &nbsp;&nbsp; 12554378 | &nbsp;&nbsp; (1312030)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11242348 |
| BNP Paribas SA | &nbsp;&nbsp; 7360742 | &nbsp;&nbsp; (7360742)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 1494483 | &nbsp;&nbsp; (1494483)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 9308237 | &nbsp;&nbsp; (7481275)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1826962 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 859512 | &nbsp;&nbsp; (472675)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 386837 |
| Goldman Sachs International | &nbsp;&nbsp; 643431 | &nbsp;&nbsp; (643431)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 247622 | &nbsp;&nbsp; (247622)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3124588 | &nbsp;&nbsp; (12965)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3111623 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 48251972 | &nbsp;&nbsp; (811432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47440540 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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>|
| UBS AG | &nbsp;&nbsp; $3437913 | &nbsp;&nbsp; $(415354)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3022559 |
|  | &nbsp;&nbsp; $89879616 | &nbsp;&nbsp; $(21717872)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1010000)<br>| &nbsp;&nbsp; $67151744 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $1465863 | &nbsp;&nbsp; $(1465863)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 1312030 | &nbsp;&nbsp; (1312030)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 8498207 | &nbsp;&nbsp; (7360742)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (720000)<br>| &nbsp;&nbsp; 417465 |
| Citibank N.A. | &nbsp;&nbsp; 3057115 | &nbsp;&nbsp; (1494483)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (520000)<br>| &nbsp;&nbsp; 1042632 |
| Deutsche Bank AG | &nbsp;&nbsp; 849940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (849940)<br>| &nbsp;&nbsp; — |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 7481275 | &nbsp;&nbsp; (7481275)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 472675 | &nbsp;&nbsp; (472675)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 1427275 | &nbsp;&nbsp; (643431)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (770000)<br>| &nbsp;&nbsp; 13844 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1451275 | &nbsp;&nbsp; (247622)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30000)<br>| &nbsp;&nbsp; 1173653 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12965 | &nbsp;&nbsp; (12965)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 811432 | &nbsp;&nbsp; (811432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 415354 | &nbsp;&nbsp; (415354)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $27255406 | &nbsp;&nbsp; $(21717872)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2889940)<br>| &nbsp;&nbsp; $2647594 |

---

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

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

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

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

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

<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 Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1634483000 | &nbsp;&nbsp; $4009850 | &nbsp;&nbsp; $1638492850 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2319897594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2319897594 |
| Convertible Bonds | &nbsp;&nbsp; 20975036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20975036 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 4340075503 | &nbsp;&nbsp; 1749061 | &nbsp;&nbsp; 4341824564 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 297074760 | &nbsp;&nbsp; 9931988 | &nbsp;&nbsp; 307006748 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 871679120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 871679120 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2246658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2246658 |
| U.S. Government Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1691949998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1691949998 |
| Common Stocks | &nbsp;&nbsp; 86623 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 86623 |
| Investment Companies | &nbsp;&nbsp; 178854824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178854824 |
| Preferred Stocks | &nbsp;&nbsp; 869610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 869610 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1088488845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1088488845 |
| Options Purchased  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 632816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 632816 |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 436499 | &nbsp;&nbsp; — | &nbsp;&nbsp; 436499 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Flexible Income Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Options Purchased (continued) |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13460 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (452843654)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (452843654)<br>|
|  | &nbsp;&nbsp; $1289274938 | &nbsp;&nbsp; $10705645754 | &nbsp;&nbsp; $15690899 | &nbsp;&nbsp; $12010611591 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1631223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1631223 |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 539274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 539274 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 88016759 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88016759 |
| Interest Rate Contracts | &nbsp;&nbsp; 3158954 | &nbsp;&nbsp; 5465613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8624567 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (308033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (308033)<br>|
| Equity Contracts | &nbsp;&nbsp; (2110161)<br>| &nbsp;&nbsp; (69874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2180035)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (20189124)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20189124)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (2906577)<br>| &nbsp;&nbsp; (9315471)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12222048)<br>|
|  | &nbsp;&nbsp; $(1857784)<br>| &nbsp;&nbsp; $65770367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63912583 |

---

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

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, 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.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Clear Channel Outdoor Holdings Inc., 7.75%, <br> 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; $55 | $51936 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 100 | 92192 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 68 | 61720 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment Inc., 4.63%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 45 | 42527 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental Inc., 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24230 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Chobani LLC/Chobani Finance Corp. Inc., 7.63%, <br> 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 55 | 57303 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| SWF Holdings I Corp., 6.50%, 10/06/29<sup>(a)</sup> | &nbsp;&nbsp; 29 | 14195 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Getty Images Inc., 11.25%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 47 | 45002 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Sabre GLBL Inc., 11.13%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 60 | 63255 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 43 | 44373 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24313 |
|  |  | 68686 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Mauser Packaging Solutions Holding Co., 7.88%, <br> 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; 55 | 54711 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203618 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc., 6.75%, 01/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 160 | 150533 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 24932 |
|  |  | 175465 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 100 | 98305 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co. Inc., 8.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 94 | 79741 |
| Cloud Software Group Inc., 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; 29 | 30011 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 41 | 41534 |
|  |  | 249591 |
| **Total Corporate Bonds & Notes — 2.0%** <br>**(Cost: $1,201,790)** | **Total Corporate Bonds & Notes — 2.0%** <br>**(Cost: $1,201,790)** | 1204431 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| &nbsp;&nbsp; 129 | 128356 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | &nbsp;&nbsp; 19 | 18409 |
|  |  | 146765 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cotiviti Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | &nbsp;&nbsp; 128 | $128765 |
| **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $275,972)** | **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $275,972)** | 275530 |
| **Floating Rate Loan Interests**<sup>(c)</sup> | **Floating Rate Loan Interests**<sup>(c)</sup> | **Floating Rate Loan Interests**<sup>(c)</sup> |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Clear Channel Outdoor Holdings Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.47%, 08/23/28<br>| &nbsp;&nbsp; $24 | 23724 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 3.00%), 7.33%, 02/07/31<br>| &nbsp;&nbsp; 47 | 46921 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br> 9.56%, 02/15/29<br>| &nbsp;&nbsp; 27 | 26932 |
|  |  | 97577 |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Barnes Group Inc., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.36%, 01/27/32<br>| &nbsp;&nbsp; 46 | 45910 |
| Bleriot U.S. Bidco Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.81%, <br> 10/31/30<br>| &nbsp;&nbsp; 66 | 66252 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, <br> (6-mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>| &nbsp;&nbsp; 153 | 153002 |
| Dynasty Acquisition Co. Inc. |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.36%, 10/31/31<br>| &nbsp;&nbsp; 257 | 257952 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.36%, 10/31/31<br>| &nbsp;&nbsp; 98 | 98462 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>| &nbsp;&nbsp; 1 | 611 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.75%), 7.08%, 02/26/32<br>| &nbsp;&nbsp; 67 | 67447 |
| Propulsion BC Newco LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.04%, <br> 09/14/29<br>| &nbsp;&nbsp; 15 | 14859 |
| TransDigm Inc. |  |  |
| 2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 02/28/31<br>| &nbsp;&nbsp; 298 | 299020 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>| &nbsp;&nbsp; 162 | 162442 |
| 2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 03/22/30<br>| &nbsp;&nbsp; 117 | 116900 |
|  |  | 1282857 |
| **Airlines — 1.3%** | **Airlines — 1.3%** | **Airlines — 1.3%** |
| AAdvantage Loyalty IP Ltd. |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.58%, 04/20/28<br>| &nbsp;&nbsp; 45 | 44443 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.58%, 05/28/32<br>| &nbsp;&nbsp; 40 | 40149 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.35%, 03/21/31<br>| &nbsp;&nbsp; 142 | 142092 |
| American Airlines Inc. |  |  |
| 2017 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 1.85%), 5.98%, 01/29/27<br>| &nbsp;&nbsp; 78 | 77939 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.50%, 02/15/28<br>| &nbsp;&nbsp; 147 | 146067 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>| &nbsp;&nbsp; 109 | 108424 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, <br> 08/27/29<br>| &nbsp;&nbsp; $102 | $96187 |
| United Airlines Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.35%, <br> 02/22/31<br>| &nbsp;&nbsp; 108 | 108135 |
|  |  | 763436 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.61%, 12/21/28<br>| &nbsp;&nbsp; 105 | 105002 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.61%, 02/13/32<br>| &nbsp;&nbsp; 100 | 99345 |
| Fanatics Commerce Intermediate Holdco LLC, Term <br> Loan B, (1-mo. CME Term SOFR + 3.36%), 7.72%, <br> 11/24/28<sup>(d)</sup><br>| &nbsp;&nbsp; 37 | 36871 |
|  |  | 241218 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.86%, 05/06/30<br>| &nbsp;&nbsp; 326 | 325988 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.11%, 01/28/32<br>| &nbsp;&nbsp; 150 | 149937 |
| Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 01/30/32<br>| &nbsp;&nbsp; 13 | 12992 |
| Realtruck Group Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR + 5.11%), 9.47%, 01/31/28<br>| &nbsp;&nbsp; 45 | 41617 |
| Tenneco Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR + 5.10%), 9.42%, 11/17/28<br>| &nbsp;&nbsp; 119 | 117404 |
|  |  | 647938 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Ascensus Holdings Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.36%, <br> 08/02/28<br>| &nbsp;&nbsp; 203 | 203442 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>| &nbsp;&nbsp; 101 | 75690 |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.80%, 01/24/29<br>| &nbsp;&nbsp; 136 | 135360 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.00%), 10.40%, 01/24/30<br>| &nbsp;&nbsp; 45 | 20824 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.55%, <br> 03/31/28<br>| &nbsp;&nbsp; 107 | 107269 |
| Sazerac Co Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.50%), 6.84%, 07/09/32<br>| &nbsp;&nbsp; 73 | 73228 |
|  |  | 412371 |
| **Building Materials — 2.9%** | **Building Materials — 2.9%** | **Building Materials — 2.9%** |
| Chariot Buyer LLC |  |  |
| 09/08/32<sup>(e)</sup> | &nbsp;&nbsp; 23 | 22993 |
| Term Loan B, (1-mo. CME Term SOFR + 3.35%), <br> 7.71%, 11/03/28<br>| &nbsp;&nbsp; 251 | 251375 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 5.25%), 9.61%, 07/08/30<br>| &nbsp;&nbsp; 99 | 94347 |
| Emrld Borrower LP |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.50%), 6.83%, 05/31/30<br>| &nbsp;&nbsp; 335 | 334947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.86%, 08/04/31<br>| &nbsp;&nbsp; $188 | $187907 |
| IPS Corp., 2021 Term Loan, (1-mo. CME Term SOFR + <br> 3.50%), 7.86%, 10/02/28<br>| &nbsp;&nbsp; 121 | 120916 |
| Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 04/29/29<br>| &nbsp;&nbsp; 68 | 61659 |
| Potters Borrower LP, 2025 Repriced Term Loan B, <br> (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), <br> 7.33%, 12/14/27<br>| &nbsp;&nbsp; 58 | 58483 |
| Quikrete Holdings Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.61%, 03/19/29<br>| &nbsp;&nbsp; 119 | 119124 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.61%, 02/10/32<br>| &nbsp;&nbsp; 109 | 108592 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.61%, 04/14/31<br>| &nbsp;&nbsp; 136 | 135925 |
| Standard Industries Inc./NJ, 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 1.75%), 6.10%, 09/22/28<br>| &nbsp;&nbsp; 13 | 13004 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>| &nbsp;&nbsp; 217 | 210926 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + <br> 2.11%), 6.47%, 10/04/28<br>| &nbsp;&nbsp; 20 | 20104 |
|  |  | 1740302 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| Aruba Investments Holdings LLC, 2020 USD Term Loan, <br> (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/24/27<br>| &nbsp;&nbsp; 83 | 79776 |
| Ascend Performance Materials Operations LLC, 2021 <br> Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor <br> + 4.85%), 9.07%, 08/27/26<br>| &nbsp;&nbsp; 16 | 664 |
| Axalta Coating Systems U.S. Holdings Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>| &nbsp;&nbsp; 202 | 202805 |
| Chemours Co. (The), 2023 USD Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.36%, 08/18/28<br>| &nbsp;&nbsp; 59 | 58949 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.34%, <br> 11/01/30<br>| &nbsp;&nbsp; 120 | 120018 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.08%, <br> 10/04/29<br>| &nbsp;&nbsp; 37 | 36764 |
| ECO Services Operations Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.31%, 06/12/31<br>| &nbsp;&nbsp; 119 | 118293 |
| Element Solutions Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.11%, 12/18/30<br>| &nbsp;&nbsp; 163 | 163702 |
| Fortis 333 Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>| &nbsp;&nbsp; 49 | 48592 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.11%, 02/15/30<br>| &nbsp;&nbsp; 144 | 145218 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.61%, 02/18/30<br>| &nbsp;&nbsp; 20 | 18254 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.61%, 10/07/31<sup>(d)</sup><br>| &nbsp;&nbsp; 45 | 40623 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>| &nbsp;&nbsp; 143 | 127090 |
| Minerals Technologies Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, <br> 11/26/31<br>| &nbsp;&nbsp; 122 | 122309 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Momentive Performance Materials Inc., 2023 Term Loan, <br> (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28<br>| &nbsp;&nbsp; $142 | $142333 |
| Nouryon Finance B.V., 2024 USD Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 04/03/28<br>| &nbsp;&nbsp; 71 | 71279 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.35%), <br> 8.64%, 04/08/31<br>| &nbsp;&nbsp; 56 | 51836 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 10/09/31<br>| &nbsp;&nbsp; 65 | 64736 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, <br> 08/02/30<br>| &nbsp;&nbsp; 155 | 153210 |
|  |  | 1766451 |
| **Commercial Services — 8.1%** | **Commercial Services — 8.1%** | **Commercial Services — 8.1%** |
| Aggreko Holdings Inc., 2025 USD Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 05/21/31<br>| &nbsp;&nbsp; 160 | 160810 |
| AlixPartners LLP |  |  |
| 07/30/32<sup>(e)</sup> | &nbsp;&nbsp; 66 | 65836 |
| 2021 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.61%), 6.97%, 02/04/28<br>| &nbsp;&nbsp; 169 | 169345 |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.85%), 8.21%, 05/12/28<br>| &nbsp;&nbsp; 232 | 232340 |
| Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>| &nbsp;&nbsp; 44 | 44503 |
| APi Group DE Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.11%, 01/03/29<br>| &nbsp;&nbsp; 291 | 290965 |
| Belron Finance 2019 LLC, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 7.05%, 10/16/31<br>| &nbsp;&nbsp; 376 | 377229 |
| Boost Newco Borrower LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.30%, 01/31/31<br>| &nbsp;&nbsp; 130 | 129899 |
| Bright Horizons Family Solutions LLC, 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.11%, 11/24/28<br>| &nbsp;&nbsp; 149 | 148846 |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/31/31<br>| &nbsp;&nbsp; 102 | 101995 |
| Champions Financing Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>| &nbsp;&nbsp; 14 | 12672 |
| CHG Healthcare Services Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 09/29/28<br>| &nbsp;&nbsp; 128 | 128111 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.30%, 04/01/32<br>| &nbsp;&nbsp; 85 | 84942 |
| Creative Artists Agency, LLC, 2025 Repriced Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.86%, 10/01/31<br>| &nbsp;&nbsp; 312 | 312556 |
| Element Materials Technology Group U.S. Holdings Inc., <br> 2022 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>| &nbsp;&nbsp; 59 | 58549 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 08/01/29<br>| &nbsp;&nbsp; 169 | 169188 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Fleet Midco I Ltd., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, <br> 02/21/31<sup>(d)</sup><br>| &nbsp;&nbsp; $53 | $52718 |
| Galaxy U.S. Opco Inc., Term Loan, (3-mo. CME Term <br> SOFR + 2.00%, 3.75% PIK), 10.06%, 07/31/30<sup>(f)</sup><br>| &nbsp;&nbsp; 64 | 58571 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.34%, <br> 02/01/29<br>| &nbsp;&nbsp; 151 | 150902 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, <br> 06/02/31<br>| &nbsp;&nbsp; 99 | 99082 |
| Herc Holdings Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>| &nbsp;&nbsp; 27 | 27079 |
| Hertz Corp. (The) |  |  |
| 2021 Term Loan B, (3-mo. CME Term SOFR + <br> 3.76%), 8.07%, 06/30/28<br>| &nbsp;&nbsp; 112 | 94949 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + <br> 3.76%), 8.07%, 06/30/28<br>| &nbsp;&nbsp; 21 | 17931 |
| Ingenovis Health Inc., Term Loan B, (3-mo. CME Term <br> SOFR + 4.36%), 8.70%, 03/06/28<sup>(d)</sup><br>| &nbsp;&nbsp; 30 | 8930 |
| KUEHG Corp., 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.04%, 06/12/30<br>| &nbsp;&nbsp; 28 | 27726 |
| Learning Care Group U.S. No. 2 Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR + 4.00%), 8.31%, 08/11/28<br>| &nbsp;&nbsp; 8 | 7854 |
| Mavis Tire Express Services Topco Corp., 2025 <br> Repriced Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 3.00%), 7.33%, 05/04/28<br>| &nbsp;&nbsp; 297 | 297288 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.81%, <br> 07/25/30<br>| &nbsp;&nbsp; 104 | 104504 |
| PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 03/26/31<br>| &nbsp;&nbsp; 60 | 59849 |
| Prime Security Services Borrower LLC |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 03/07/32<br>| &nbsp;&nbsp; 225 | 223325 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.13%, 10/13/30<br>| &nbsp;&nbsp; 30 | 29684 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, <br> 11/19/31<br>| &nbsp;&nbsp; 81 | 81379 |
| Ryan LLC, Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.86%, 11/14/30<br>| &nbsp;&nbsp; 6 | 5926 |
| Shift4 Payments, LLC, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 06/30/32<br>| &nbsp;&nbsp; 69 | 69446 |
| Spring Education Group Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 10/04/30<br>| &nbsp;&nbsp; 53 | 53146 |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.11%, 06/24/31<br>| &nbsp;&nbsp; 179 | 178991 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.11%, 06/24/31<br>| &nbsp;&nbsp; 255 | 254839 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR <br> + 4.10%), 8.46%, 11/02/27<br>| &nbsp;&nbsp; 50 | 47872 |
| Veritiv Corp., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>| &nbsp;&nbsp; 50 | 49905 |
| Vestis Corp., Term Loan, (3-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/22/31<br>| &nbsp;&nbsp; 55 | 52197 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>| &nbsp;&nbsp; $43 | $14864 |
| Wand NewCo 3 Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.86%, 01/30/31<br>| &nbsp;&nbsp; 203 | 202248 |
| WEX Inc. |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.11%, 03/31/28<br>| &nbsp;&nbsp; 30 | 29804 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.11%, 03/05/32<br>| &nbsp;&nbsp; 60 | 59726 |
|  |  | 4848521 |
| **Computers — 2.6%** | **Computers — 2.6%** | **Computers — 2.6%** |
| Atlas CC Acquisition Corp., |  |  |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.51%), 8.57%, 05/25/29<br>| &nbsp;&nbsp; 36 | 26423 |
| 2025 Second Out Term Loan B, ((3-mo. CME Term <br> SOFR at 0.75% Floor + 4.25%)), 8.83%, 05/25/29<br>| &nbsp;&nbsp; 274 | 200141 |
| Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.75%), 8.06%, 12/09/31<br>| &nbsp;&nbsp; 132 | 131286 |
| Fortress Intermediate 3 Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 06/27/31<br>| &nbsp;&nbsp; 59 | 58607 |
| Kaseya Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.61%, <br> 03/20/32<br>| &nbsp;&nbsp; 283 | 283911 |
| Magenta Security Holdings LLC |  |  |
| 2024 Third Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 1.50%, 5.50% PIK), 11.57%, <br> 07/27/28<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 29 | 6486 |
| 2024 First Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.01%), 11.32%, 07/27/28<br>| &nbsp;&nbsp; 23 | 18985 |
| 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.26%), 11.57%, 07/27/28<br>| &nbsp;&nbsp; 24 | 10257 |
| McAfee LLC, 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 03/01/29<br>| &nbsp;&nbsp; 215 | 207527 |
| Peraton Corp. |  |  |
| Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor <br> + 3.85%), 8.21%, 02/01/28<br>| &nbsp;&nbsp; 166 | 147310 |
| 2nd Lien Term Loan B1, (3-mo. CME Term SOFR + <br> 7.85%), 12.18%, 02/01/29<br>| &nbsp;&nbsp; 30 | 18940 |
| Tempo Acquisition LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.11%, 08/31/28<br>| &nbsp;&nbsp; 202 | 201323 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 6.65%), 10.96%, 10/26/29<br>| &nbsp;&nbsp; 264 | 257391 |
|  |  | 1568587 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Opal Bidco SAS, 04/28/32<sup>(e)</sup> | &nbsp;&nbsp; 150 | 150507 |
| **Distribution & Wholesale — 2.1%** | **Distribution & Wholesale — 2.1%** | **Distribution & Wholesale — 2.1%** |
| American Builders & Contractors Supply Co. Inc., 2024 <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 1.75%), 6.11%, 01/31/31<br>| &nbsp;&nbsp; 168 | 167949 |
| Core & Main LP |  |  |
| 2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 07/27/28<br>| &nbsp;&nbsp; 96 | 96637 |
| 2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 02/09/31<br>| &nbsp;&nbsp; 216 | 216087 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Distribution & Wholesale (continued)** | **Distribution & Wholesale (continued)** | **Distribution & Wholesale (continued)** |
| Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.36%, 07/02/31<br>| &nbsp;&nbsp; $118 | $117807 |
| Gates Global LLC, 2024 Term Loan B5, (1-mo. CME <br> Term SOFR + 1.75%), 6.11%, 06/04/31<br>| &nbsp;&nbsp; 252 | 251794 |
| Olympus Water U.S. Holding Corp. |  |  |
| 07/23/32<sup>(e)</sup> | &nbsp;&nbsp; 142 | 141539 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.00%), 7.30%, 06/20/31<br>| &nbsp;&nbsp; 210 | 209303 |
| PAI Holdco Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR + 4.01%), 8.32%, 10/28/27<br>| &nbsp;&nbsp; 74 | 59044 |
|  |  | 1260160 |
| **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 02/27/32<br>| &nbsp;&nbsp; 142 | 141670 |
| Aretec Group Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, <br> 08/09/30<br>| &nbsp;&nbsp; 68 | 68298 |
| Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, <br> 10/31/31<br>| &nbsp;&nbsp; 149 | 149603 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.11%, 04/28/28<br>| &nbsp;&nbsp; 269 | 268922 |
| CPI Holdco B LLC, 1st Lien 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, <br> 05/19/31<br>| &nbsp;&nbsp; 274 | 273272 |
| Deerfield Dakota Holding LLC |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>| &nbsp;&nbsp; 215 | 212615 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>| &nbsp;&nbsp; 50 | 49166 |
| Edelman Financial Engines Center LLC (The), 2024 <br> Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.36%, 04/07/28<br>| &nbsp;&nbsp; 169 | 169585 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.11%, 09/15/31<br>| &nbsp;&nbsp; 118 | 118370 |
| GTCR Everest Borrower LLC, 09/05/31<sup>(e)</sup> | &nbsp;&nbsp; 45 | 44993 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 12/15/31<br>| &nbsp;&nbsp; 209 | 207679 |
| Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.35%, <br> 10/21/31<br>| &nbsp;&nbsp; 63 | 62803 |
| Orion U.S. Finco Inc., 05/20/32<sup>(e)</sup> | &nbsp;&nbsp; 90 | 90403 |
| Osaic Holdings Inc. |  |  |
| 07/16/32<sup>(e)</sup> | &nbsp;&nbsp; 188 | 188000 |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.50%), 7.86%, 08/17/28<br>| &nbsp;&nbsp; 64 | 64498 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 11/05/28<br>| &nbsp;&nbsp; 11 | 10542 |
| Summit Acquisition Inc., 2025 Add-on Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 10/16/31<br>| &nbsp;&nbsp; 6 | 6007 |
|  |  | 2126426 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric — 1.2%** | **Electric — 1.2%** | **Electric — 1.2%** |
| Calpine Construction Finance Co. LP, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 2.00%), 6.36%, 07/31/30<br>| &nbsp;&nbsp; $149 | $148795 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31<br>| &nbsp;&nbsp; 69 | 68742 |
| ExGen Renewables IV LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, <br> 12/15/27<br>| &nbsp;&nbsp; 34 | 34486 |
| NRG Energy Inc., 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.06%, 04/16/31<br>| &nbsp;&nbsp; 302 | 301568 |
| Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.81%, 12/15/31<br>| &nbsp;&nbsp; 59 | 58760 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, <br> (1-mo. CME Term SOFR + 1.75%), 6.11%, 12/20/30<br>| &nbsp;&nbsp; 119 | 119134 |
|  |  | 731485 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| Celestica Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.10%, 06/20/31<br>| &nbsp;&nbsp; 69 | 69321 |
| Coherent Corp., 2025 1st Lien Term Loan B2, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, <br> 07/02/29<br>| &nbsp;&nbsp; 190 | 190544 |
|  |  | 259865 |
| **Engineering & Construction — 2.1%** | **Engineering & Construction — 2.1%** | **Engineering & Construction — 2.1%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.86%, 09/23/31<br>| &nbsp;&nbsp; 296 | 297021 |
| Brand Industrial Services Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/01/30<br>| &nbsp;&nbsp; 320 | 267119 |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31<br>| &nbsp;&nbsp; 164 | 163791 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.50%), 6.86%, 07/01/31<br>| &nbsp;&nbsp; 184 | 184528 |
| Construction Partners Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.86%, <br> 11/03/31<br>| &nbsp;&nbsp; 28 | 27964 |
| Cube A&D Buyer Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 10/17/31<br>| &nbsp;&nbsp; 48 | 48060 |
| Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.61%, <br> 12/18/28<br>| &nbsp;&nbsp; 87 | 87294 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, <br> 01/25/31<br>| &nbsp;&nbsp; 195 | 196073 |
|  |  | 1271850 |
| **Entertainment — 5.9%** | **Entertainment — 5.9%** | **Entertainment — 5.9%** |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.84%, 10/02/28<br>| &nbsp;&nbsp; 159 | 155687 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 6.61%, 02/06/30<br>| &nbsp;&nbsp; 34 | 33462 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.61%, 02/06/31<br>| &nbsp;&nbsp; 347 | 346154 |
| Crown Finance US Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.50%), 8.83%, <br> 12/02/31<br>| &nbsp;&nbsp; 80 | 79341 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Delta 2 Lux SARL |  |  |
| 2024 Term Loan B2, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.29%, 09/30/31<br>| &nbsp;&nbsp; $98 | $97684 |
| 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.30%, 09/30/31<br>| &nbsp;&nbsp; 195 | 194660 |
| DK Crown Holdings Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 03/04/32<br>| &nbsp;&nbsp; 180 | 179288 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.86%, 09/03/30<br>| &nbsp;&nbsp; 30 | 29744 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.36%, 03/24/32<br>| &nbsp;&nbsp; 369 | 369232 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.05%, 11/30/30<br>| &nbsp;&nbsp; 337 | 335588 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.00%), 6.30%, 06/04/32<br>| &nbsp;&nbsp; 117 | 116854 |
| Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>| &nbsp;&nbsp; 76 | 73651 |
| Herschend Entertainment Co., LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.60%, 05/27/32<br>| &nbsp;&nbsp; 86 | 86645 |
| Light & Wonder International Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.59%, 04/14/29<br>| &nbsp;&nbsp; 201 | 201044 |
| Live Nation Entertainment Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.20%, <br> 10/19/26<br>| &nbsp;&nbsp; 166 | 165544 |
| Motion Finco Sarl, 2024 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 11/12/29<br>| &nbsp;&nbsp; 130 | 119104 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 08/01/30<br>| &nbsp;&nbsp; 20 | 19831 |
| Penn Entertainment Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, <br> 05/03/29<br>| &nbsp;&nbsp; 196 | 196625 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.29%, 04/04/29<br>| &nbsp;&nbsp; 94 | 94161 |
| SeaWorld Parks & Entertainment Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.00%), 6.36%, 12/04/31<br>| &nbsp;&nbsp; 73 | 72727 |
| Six Flags Entertainment Corp., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.36%, 05/01/31<br>| &nbsp;&nbsp; 68 | 68225 |
| UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 11/21/31<br>| &nbsp;&nbsp; 256 | 256303 |
| Voyager Parent LLC., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.75%), 9.04%, 07/01/32<br>| &nbsp;&nbsp; 110 | 110016 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/24/31<br>| &nbsp;&nbsp; 141 | 141247 |
|  |  | 3542817 |
| **Environmental Control — 1.9%** | **Environmental Control — 1.9%** | **Environmental Control — 1.9%** |
| Clean Harbors Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.11%, <br> 10/09/28<br>| &nbsp;&nbsp; 72 | 72332 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, <br> 10/21/28<br>| &nbsp;&nbsp; $336 | $336160 |
| GFL ES U.S. LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>| &nbsp;&nbsp; 239 | 239074 |
| JFL-Tiger Acquisition Co. Inc., Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.07%, <br> 10/17/30<br>| &nbsp;&nbsp; 60 | 60318 |
| Madison IAQ LLC |  |  |
| Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.70%, 06/21/28<br>| &nbsp;&nbsp; 151 | 151060 |
| 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.45%, 05/06/32<br>| &nbsp;&nbsp; 166 | 166581 |
| Packers Holdings LLC, 2021 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 3.35%), 7.66%, <br> 03/09/28<br>| &nbsp;&nbsp; 35 | 16005 |
| Reworld Holding Corp. |  |  |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.25%), 6.59%, 11/30/28<br>| &nbsp;&nbsp; 44 | 43567 |
| Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.25%), 6.59%, 11/30/28<br>| &nbsp;&nbsp; 3 | 3364 |
| The Action Environmental Group Inc. (The), 2023 Term <br> Loan B, (3-mo. CME Term SOFR + 3.75%), 8.05%, <br> 10/24/30<sup>(d)</sup><br>| &nbsp;&nbsp; 75 | 75417 |
|  |  | 1163878 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.86%, <br> 10/25/27<br>| &nbsp;&nbsp; 264 | 264691 |
| Froneri International Ltd., 2024 USD Term Loan B4, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.20%, 09/30/31<br>| &nbsp;&nbsp; 256 | 253373 |
| Froneri US Inc., 07/16/32<sup>(e)</sup> | &nbsp;&nbsp; 39 | 38908 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. <br> CME Term SOFR at 2.00% Floor + 6.50%), 10.81%, <br> 03/29/30<br>| &nbsp;&nbsp; 5 | 4857 |
| Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, <br> 11/12/29<br>| &nbsp;&nbsp; 30 | 29562 |
| US Foods Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.11%, <br> 10/03/31<br>| &nbsp;&nbsp; 161 | 162252 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.86%, <br> 01/29/32<br>| &nbsp;&nbsp; 177 | 176788 |
|  |  | 930431 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| Aramark Services Inc. |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.36%, 06/22/30<br>| &nbsp;&nbsp; 146 | 146230 |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 2.00%), 6.36%, 04/06/28<br>| &nbsp;&nbsp; 20 | 20008 |
|  |  | 166238 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.21%, <br> 09/07/27<br>| &nbsp;&nbsp; 114 | 113995 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, <br> 09/26/31<br>| &nbsp;&nbsp; $67 | $66848 |
| **Health Care - Products — 1.9%** | **Health Care - Products — 1.9%** | **Health Care - Products — 1.9%** |
| Avantor Funding Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.10%), 6.46%, <br> 11/08/27<br>| &nbsp;&nbsp; 7 | 6662 |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.36%, 09/29/28<br>| &nbsp;&nbsp; 89 | 88648 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.25%), 8.61%, 01/15/31<br>| &nbsp;&nbsp; 198 | 198461 |
| Medline Borrower LP, 2025 Term Loan B, ((1-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%)), 6.61%, <br> 10/23/28<br>| &nbsp;&nbsp; 598 | 598617 |
| Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>| &nbsp;&nbsp; 268 | 268653 |
|  |  | 1161041 |
| **Health Care - Services — 1.5%** | **Health Care - Services — 1.5%** | **Health Care - Services — 1.5%** |
| Concentra Health Services Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.36%, 07/26/31<br>| &nbsp;&nbsp; 70 | 70056 |
| Examworks Bidco Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.11%, <br> 11/01/28<br>| &nbsp;&nbsp; 226 | 226844 |
| Fortrea Holdings Inc., Term Loan B, (3-mo. CME Term <br> SOFR + 3.75%), 8.06%, 07/01/30<br>| &nbsp;&nbsp; 4 | 3384 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>| &nbsp;&nbsp; 24 | 24597 |
| LifePoint Health Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.07%, <br> 05/19/31<br>| &nbsp;&nbsp; 90 | 89566 |
| Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, <br> 11/15/28<br>| &nbsp;&nbsp; 198 | 198275 |
| Reverb Buyer Inc., 2021 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.60%), 7.91%, <br> 11/01/28<br>| &nbsp;&nbsp; 29 | 15798 |
| Star Parent Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>| &nbsp;&nbsp; 89 | 87591 |
| Surgery Center Holdings Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, <br> 12/19/30<br>| &nbsp;&nbsp; 169 | 169894 |
| Team Health Holdings Inc., 06/23/28<sup>(e)</sup> | &nbsp;&nbsp; 40 | 39983 |
|  |  | 925988 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Acuren Delaware Holdco Inc., 07/30/31<sup>(e)</sup> | &nbsp;&nbsp; 37 | 37000 |
| Intrado Corp., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30<br>| &nbsp;&nbsp; 30 | 29730 |
|  |  | 66730 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| AI Aqua Merger Sub Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>| &nbsp;&nbsp; 223 | 222723 |
| Somnigroup International Inc., Term Loan B, (1-mo. <br> SOFR + 2.25%), 6.55%, 10/24/31<br>| &nbsp;&nbsp; 42 | 42023 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Furnishings (continued)** | **Home Furnishings (continued)** | **Home Furnishings (continued)** |
| Weber-Stephen Products LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, <br> 10/30/27<br>| &nbsp;&nbsp; $83 | $82480 |
|  |  | 347226 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.11%, 03/04/32<br>| &nbsp;&nbsp; 30 | 30019 |
| **Housewares — 0.5%** | **Housewares — 0.5%** | **Housewares — 0.5%** |
| Hunter Douglas Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 01/20/32<br>| &nbsp;&nbsp; 219 | 218775 |
| Restoration Hardware Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.61%), 6.97%, 10/20/28<br>| &nbsp;&nbsp; 19 | 18766 |
| 2022 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.35%), 7.71%, 10/20/28<br>| &nbsp;&nbsp; 19 | 18934 |
| Springs Windows Fashion LLC, 2024 First Lien Second <br> Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + <br> 4.11%), 8.47%, 10/06/28<br>| &nbsp;&nbsp; 68 | 52608 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 4.50%), 8.86%, <br> 12/19/29<br>| &nbsp;&nbsp; 16 | 16371 |
|  |  | 325454 |
| **Insurance — 6.8%** | **Insurance — 6.8%** | **Insurance — 6.8%** |
| Alliant Holdings Intermediate, LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.10%, 09/19/31<br>| &nbsp;&nbsp; 471 | 471176 |
| AmWINS Group Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.61%, <br> 01/30/32<br>| &nbsp;&nbsp; 341 | 341422 |
| Amynta Agency Borrower Inc., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 12/29/31<br>| &nbsp;&nbsp; 226 | 226446 |
| Ardonagh Midco 3 PLC, 2024 USD Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.95%, <br> 02/15/31<br>| &nbsp;&nbsp; 200 | 198628 |
| Asurion LLC |  |  |
| 2021 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.36%), 7.72%, 07/31/27<br>| &nbsp;&nbsp; 35 | 34530 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.61%, 09/19/30<br>| &nbsp;&nbsp; 30 | 29417 |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.61%, 09/19/30<br>| &nbsp;&nbsp; 263 | 257382 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.71%, 08/19/28<br>| &nbsp;&nbsp; 90 | 88787 |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br> SOFR + 5.36%), 9.72%, 01/31/28<br>| &nbsp;&nbsp; 65 | 62365 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br> SOFR + 5.36%), 9.72%, 01/20/29<br>| &nbsp;&nbsp; 65 | 60968 |
| Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 3.00%), 7.34%, 05/26/31<br>| &nbsp;&nbsp; 177 | 177058 |
| Howden Group Holdings Ltd. |  |  |
| 2024 USD 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.36%, 02/15/31<br>| &nbsp;&nbsp; 216 | 215962 |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.86%, 04/18/30<br>| &nbsp;&nbsp; 17 | 16994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 06/20/30<br>| &nbsp;&nbsp; $433 | $433434 |
| Jones Deslauriers Insurance Management Inc., 2025 <br> Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.75%), 7.06%, 03/15/30<br>| &nbsp;&nbsp; 99 | 98458 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, <br> 09/15/31<br>| &nbsp;&nbsp; 207 | 207211 |
| Sedgwick Claims Management Services Inc., 2023 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.86%, 07/31/31<br>| &nbsp;&nbsp; 389 | 389037 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 05/06/31<br>| &nbsp;&nbsp; 304 | 303751 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.05%, 05/06/32<br>| &nbsp;&nbsp; 29 | 30056 |
| USI Inc./New York |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 09/29/30<br>| &nbsp;&nbsp; 193 | 193056 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 11/21/29<br>| &nbsp;&nbsp; 230 | 229840 |
|  |  | 4065978 |
| **Internet — 3.1%** | **Internet — 3.1%** | **Internet — 3.1%** |
| Barracuda Networks Inc., 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.50%), 8.81%, <br> 08/15/29<br>| &nbsp;&nbsp; 148 | 119399 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.56%, <br> 11/08/32<br>| &nbsp;&nbsp; 129 | 128882 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 6.11%, 09/12/29<br>| &nbsp;&nbsp; 299 | 298915 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.11%, 04/16/32<br>| &nbsp;&nbsp; 92 | 91816 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 1.75%), 6.11%, 05/30/31<br>| &nbsp;&nbsp; 201 | 201420 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.11%, 11/09/29<br>| &nbsp;&nbsp; 85 | 85021 |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.61%, 05/03/28<br>| &nbsp;&nbsp; 63 | 59679 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.61%, 12/31/31<br>| &nbsp;&nbsp; 53 | 47136 |
| Proofpoint Inc. |  |  |
| 08/31/28<sup>(e)</sup> | &nbsp;&nbsp; 32 | 32037 |
| 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 7.36%, 08/31/28<br>| &nbsp;&nbsp; 188 | 188006 |
| Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 12/10/31<br>| &nbsp;&nbsp; 258 | 258567 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30<br>| &nbsp;&nbsp; 366 | 362159 |
|  |  | 1873037 |
| **INVESTMENT COMPANIES — 0.1%** | **INVESTMENT COMPANIES — 0.1%** | **INVESTMENT COMPANIES — 0.1%** |
| Gryphon Debt Merger Sub Inc., 06/21/32<sup>(e)</sup> | &nbsp;&nbsp; 72 | 72090 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time — 0.9%** | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.85%, <br> 05/31/30<br>| &nbsp;&nbsp; $94 | $94446 |
| Beach Acquisition Bidco LLC, 06/25/32<sup>(e)</sup> | &nbsp;&nbsp; 31 | 31181 |
| City Football Group Ltd., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.61%), 7.97%, <br> 07/22/30<br>| &nbsp;&nbsp; 119 | 118754 |
| Hayward Industries Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR + 2.61%), 6.97%, 05/30/28<br>| &nbsp;&nbsp; 24 | 24084 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.97%, 12/17/27<br>| &nbsp;&nbsp; 7 | 6920 |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.97%, 12/17/27<br>| &nbsp;&nbsp; 21 | 21205 |
| 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> + 5.10%), 9.46%, 06/30/28<sup>(d)</sup><br>| &nbsp;&nbsp; 2 | 2144 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.46%, 11/15/29<sup>(d)</sup><br>| &nbsp;&nbsp; 82 | 82051 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.46%, 11/15/29<sup>(d)</sup><br>| &nbsp;&nbsp; 30 | 28540 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, <br> 08/03/28<br>| &nbsp;&nbsp; 99 | 98664 |
|  |  | 507989 |
| **Lodging — 1.7%** | **Lodging — 1.7%** | **Lodging — 1.7%** |
| Aimbridge Acquisition Co. Inc. |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 1.61%, 6.00% PIK), <br> 11.96%, 03/11/30<sup>(f)</sup><br>| &nbsp;&nbsp; 18 | 18009 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.96%, 03/11/30<br>| &nbsp;&nbsp; 20 | 19998 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.60%, <br> 01/27/29<br>| &nbsp;&nbsp; 451 | 451193 |
| Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.11%, 11/30/29<br>| &nbsp;&nbsp; 81 | 81326 |
| Hilton Domestic Operating Co. Inc., 2023 Term Loan B4, <br> (1-mo. CME Term SOFR + 1.75%), 6.10%, 11/08/30<br>| &nbsp;&nbsp; 129 | 129242 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.36%, <br> 03/14/31<br>| &nbsp;&nbsp; 218 | 218375 |
| Wyndham Hotels & Resorts Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.11%, 05/24/30<br>| &nbsp;&nbsp; 111 | 110994 |
|  |  | 1029137 |
| **Machinery — 2.5%** | **Machinery — 2.5%** | **Machinery — 2.5%** |
| Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.75% Floor + 3.50%), 7.58%, <br> 06/24/30<br>| &nbsp;&nbsp; 101 | 101569 |
| Chart Industries Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 2.50%), 6.79%, 03/15/30<br>| &nbsp;&nbsp; 39 | 39588 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 05/14/28<sup>(d)</sup><br>| &nbsp;&nbsp; 47 | 46757 |
| Generac Power Systems Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 07/03/31<br>| &nbsp;&nbsp; 50 | 49577 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Roper Industrial Products Investment Co. LLC, 2024 <br> USD 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 2.75%), 7.05%, 11/22/29<br>| &nbsp;&nbsp; $74 | $74131 |
| SPX FLOW Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, <br> 04/05/29<br>| &nbsp;&nbsp; 182 | 182166 |
| Titan Acquisition Ltd./Canada, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, <br> 02/15/29<br>| &nbsp;&nbsp; 324 | 323466 |
| TK Elevator Midco GmbH, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.89%), <br> 7.09%, 04/30/30<br>| &nbsp;&nbsp; 364 | 365670 |
| Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/02/27<br>| &nbsp;&nbsp; 187 | 186615 |
| Wec U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 01/27/31<br>| &nbsp;&nbsp; 148 | 147753 |
|  |  | 1517292 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| A L PARENT LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.86%, 06/30/28<br>| &nbsp;&nbsp; 79 | 79414 |
| Charter Communications Operating LLC, 2023 Term <br> Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.29%, 12/07/30<br>| &nbsp;&nbsp; 41 | 41076 |
| Charter Communications Operating, LLC, 2024 Term <br> Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.25%), 6.54%, 12/15/31<br>| &nbsp;&nbsp; 82 | 81561 |
| CSC Holdings LLC |  |  |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.84%, 01/18/28<br>| &nbsp;&nbsp; 40 | 39808 |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>| &nbsp;&nbsp; 217 | 213168 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.57%, 08/02/27<br>| &nbsp;&nbsp; 6 | 6161 |
| Gray Television Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR + 5.25%), 9.58%, 06/04/29<br>| &nbsp;&nbsp; 0 | 400 |
| NEP Group Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.50% PIK), 9.34%, 08/19/26<sup>(f)</sup><br>| &nbsp;&nbsp; 40 | 38111 |
| Radiate Holdco, LLC, 2025 FLFO Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%, 1.50% <br> PIK), 9.47%, 09/25/29<sup>(f)</sup><br>| &nbsp;&nbsp; 190 | 164784 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, <br> (1-mo. CME Term SOFR + 3.36%), 7.71%, 01/31/29<br>| &nbsp;&nbsp; 24 | 23834 |
| Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.96%, <br> 04/30/28<br>| &nbsp;&nbsp; 30 | 28908 |
|  |  | 717225 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| AZZ Inc., Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.86%, 05/13/29<br>| &nbsp;&nbsp; 22 | 21583 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| Covia Holdings Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 02/26/32<br>| &nbsp;&nbsp; 44 | 44124 |
| Novelis Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32<br>| &nbsp;&nbsp; 238 | 239098 |
|  |  | 283222 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Colossus Acquireco LLC, 08/02/32<sup>(e)</sup> | &nbsp;&nbsp; $110 | $109372 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.34%, 02/11/30<br>| &nbsp;&nbsp; 85 | 84867 |
|  |  | 194239 |
| **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** |
| Charter Next Generation Inc., 2024 Term Loan B1, <br> (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 7.09%, 11/29/30<br>| &nbsp;&nbsp; 253 | 253611 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.61%, 04/01/32<br>| &nbsp;&nbsp; 0 | 83 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.61%, 04/01/32<br>| &nbsp;&nbsp; 159 | 158599 |
| LABL Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.46%, <br> 10/30/28<br>| &nbsp;&nbsp; 158 | 142545 |
| Mauser Packaging Solutions Holding Co., 2024 Term <br> Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 04/15/27<br>| &nbsp;&nbsp; 89 | 88794 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 8.36%, <br> 02/01/29<br>| &nbsp;&nbsp; 56 | 56760 |
| Trident TPI Holdings Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>| &nbsp;&nbsp; 43 | 42159 |
|  |  | 742551 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| Amneal Pharmaceuticals LLC |  |  |
| 08/01/32<sup>(e)</sup> | &nbsp;&nbsp; 201 | 200916 |
| 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 5.50%), 9.86%, 05/04/28<br>| &nbsp;&nbsp; 97 | 98490 |
| Elanco Animal Health Inc., Term Loan B, (1-mo. CME <br> Term SOFR + 1.85%), 6.18%, 08/01/27<br>| &nbsp;&nbsp; 125 | 124759 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>| &nbsp;&nbsp; 72 | 70679 |
| ICON Luxembourg SARL, 2024 US Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 07/03/28<br>| &nbsp;&nbsp; 6 | 6128 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/05/28<br>| &nbsp;&nbsp; 162 | 162342 |
| Option Care Health Inc., 2021 Term Loan B, (1-mo. CME <br> Term SOFR + 2.25%), 6.61%, 10/27/28<br>| &nbsp;&nbsp; 48 | 48058 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.60%, 05/19/31<br>| &nbsp;&nbsp; 50 | 47734 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, <br> 04/20/29<br>| &nbsp;&nbsp; 106 | 106058 |
| Vizient Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 1.75%), 6.11%, 08/01/31<br>| &nbsp;&nbsp; 98 | 98324 |
|  |  | 963488 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.11%, <br> 11/22/30<br>| &nbsp;&nbsp; 35 | 34770 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.58%, 12/21/28<br>| &nbsp;&nbsp; 225 | 224799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.29%, 10/04/30<br>| &nbsp;&nbsp; $9 | $8961 |
| M6 ETX Holdings II Midco LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.36%, 04/01/32<br>| &nbsp;&nbsp; 65 | 65345 |
| New Fortress Energy Inc., 2025 Incremental Term Loan <br> B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 10/30/28<br>| &nbsp;&nbsp; 49 | 22482 |
| NGL Energy Partners LP, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.11%, 02/03/31<br>| &nbsp;&nbsp; 27 | 26573 |
| Oryx Midstream Services Permian Basin LLC, 2025 <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.25%), 6.60%, 10/05/28<br>| &nbsp;&nbsp; 165 | 165354 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>| &nbsp;&nbsp; 16 | 16040 |
|  |  | 564324 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| CoreLogic Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.97%, 06/02/28<br>| &nbsp;&nbsp; 202 | 201492 |
| Cushman & Wakefield US Borrower LLC, 2025 Term <br> Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.75%), 7.11%, 01/31/30<br>| &nbsp;&nbsp; 28 | 28543 |
|  |  | 230035 |
| **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.36%, 05/20/30<br>| &nbsp;&nbsp; 71 | 70902 |
| **Retail — 2.5%** | **Retail — 2.5%** | **Retail — 2.5%** |
| 1011778 BC Unlimited Liability Co., 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.11%, 09/20/30<br>| &nbsp;&nbsp; 222 | 221624 |
| Boots Group Bidco Ltd., USD Term Loan, 07/16/32<sup>(e)</sup> | &nbsp;&nbsp; 112 | 111790 |
| EG America LLC, 2025 USD Repriced Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 02/07/28<br>| &nbsp;&nbsp; 31 | 30851 |
| Foundation Building Materials Holding Co. LLC, 2024 <br> Term Loan B2, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.00%), 8.31%, 01/29/31<br>| &nbsp;&nbsp; 248 | 238714 |
| Gulfside Supply Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>| &nbsp;&nbsp; 59 | 59665 |
| GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR + 2.25%), 6.61%, 05/12/30<br>| &nbsp;&nbsp; 60 | 59531 |
| IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.86%, <br> 12/15/27<br>| &nbsp;&nbsp; 138 | 138297 |
| Les Schwab Tire Centers, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, <br> 04/23/31<br>| &nbsp;&nbsp; 100 | 100367 |
| Murphy Oil USA Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 04/07/32<br>| &nbsp;&nbsp; 33 | 33242 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28<br>| &nbsp;&nbsp; 73 | 72374 |
| QXO Building Products Inc., Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 04/30/32<br>| &nbsp;&nbsp; 32 | 32368 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 10/19/29<br>| &nbsp;&nbsp; $376 | $375040 |
|  |  | 1473863 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| Entegris Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 07/06/29<br>| &nbsp;&nbsp; 59 | 58965 |
| MKS Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.35%, <br> 08/17/29<br>| &nbsp;&nbsp; 237 | 236714 |
|  |  | 295679 |
| **Software — 12.7%** | **Software — 12.7%** | **Software — 12.7%** |
| Applied Systems Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>| &nbsp;&nbsp; 369 | 369084 |
| AthenaHealth Group Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.11%, <br> 02/15/29<br>| &nbsp;&nbsp; 298 | 298051 |
| BCPE Pequod Buyer Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, <br> 11/25/31<br>| &nbsp;&nbsp; 133 | 132833 |
| Boxer Parent Co Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 07/30/31<br>| &nbsp;&nbsp; 306 | 306131 |
| Capstone Borrower Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 06/17/30<br>| &nbsp;&nbsp; 122 | 122206 |
| CCC Intelligent Solutions Inc., Term Loan, (1-mo. CME <br> Term SOFR + 2.00%), 6.36%, 01/23/32<br>| &nbsp;&nbsp; 225 | 224767 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>| &nbsp;&nbsp; 302 | 245086 |
| Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.46%, <br> 04/21/32<br>| &nbsp;&nbsp; 87 | 87055 |
| Cloud Software Group Inc. |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>| &nbsp;&nbsp; 273 | 273147 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>| &nbsp;&nbsp; 225 | 225465 |
| Cloudera Inc. |  |  |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.21%, 10/08/28<br>| &nbsp;&nbsp; 151 | 144333 |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29<br>| &nbsp;&nbsp; 30 | 26156 |
| Cotiviti Corp., 2024 Term Loan, (1-mo. CME Term SOFR <br> + 2.75%), 7.08%, 05/01/31<br>| &nbsp;&nbsp; 311 | 310409 |
| Dayforce Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.31%, 03/01/31<sup>(d)</sup><br>| &nbsp;&nbsp; 201 | 201353 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 4.25%), 8.55%, 06/26/31<br>| &nbsp;&nbsp; 61 | 60425 |
| Dun & Bradstreet Corp. (The), 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.60%, <br> 01/18/29<br>| &nbsp;&nbsp; 167 | 166451 |
| Ellucian Holdings Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 2.75%), 7.11%, 10/09/29<br>| &nbsp;&nbsp; 314 | 313951 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.11%, 11/22/32<sup>(d)</sup><br>| &nbsp;&nbsp; 49 | 50347 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.11%, <br> 05/30/31<br>| &nbsp;&nbsp; $218 | $218670 |
| Finastra USA, Inc., 07/30/32<sup>(e)</sup> | &nbsp;&nbsp; 333 | 330919 |
| Genesys Cloud Services Holdings II LLC, 2025 USD <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 2.50%), 6.86%, 01/30/32<br>| &nbsp;&nbsp; 387 | 386327 |
| Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.61%, 10/27/28<br>| &nbsp;&nbsp; 135 | 135968 |
| Mitchell International Inc. |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.61%, 06/17/31<br>| &nbsp;&nbsp; 253 | 253246 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 5.25%), 9.61%, 06/17/32<br>| &nbsp;&nbsp; 39 | 38472 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.81%, 07/01/31<br>| &nbsp;&nbsp; 55 | 53405 |
| Planview Parent Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>| &nbsp;&nbsp; 29 | 28120 |
| Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME <br> Term SOFR + 2.86%), 7.22%, 03/13/28<br>| &nbsp;&nbsp; 60 | 59394 |
| PointClickCare Technologies Inc., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 11/03/31<br>| &nbsp;&nbsp; 73 | 73389 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.32%, <br> 06/02/28<br>| &nbsp;&nbsp; 270 | 264091 |
| Project Alpha Intermediate Holding Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor <br> + 3.25%), 7.55%, 10/26/30<br>| &nbsp;&nbsp; 59 | 58867 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.07%, 07/16/31<br>| &nbsp;&nbsp; 192 | 191813 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, <br> 06/28/30<br>| &nbsp;&nbsp; 194 | 194007 |
| RealPage Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.26%), 7.56%, 04/24/28<br>| &nbsp;&nbsp; 189 | 189154 |
| Skopima Consilio Parent LLC, 2024 Repriced Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.11%, 05/12/28<br>| &nbsp;&nbsp; 85 | 83476 |
| SS&C Technologies Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, <br> 05/09/31<br>| &nbsp;&nbsp; 363 | 363980 |
| UKG Inc., 2024 Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.50%), 6.81%, 02/10/31<br>| &nbsp;&nbsp; 427 | 426376 |
| VS Buyer LLC, 2025 Term Loan B, ((3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%)), 7.08%, 04/12/31<br>| &nbsp;&nbsp; 287 | 286509 |
| Waystar Technologies Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.61%, 10/22/29<br>| &nbsp;&nbsp; 58 | 57776 |
| X AI Corp. TERM LOAN, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 7.25%), 11.55%, 06/28/30<br>| &nbsp;&nbsp; 84 | 80412 |
| Zelis Payments Buyer Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), <br> 7.11%, 09/28/29<br>| &nbsp;&nbsp; 94 | 93500 |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 7.61%, 11/26/31<br>| &nbsp;&nbsp; 217 | 216613 |
|  |  | 7641734 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 9.25%, 01/31/26<sup>(d)</sup><br>| &nbsp;&nbsp; $39 | $36997 |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.82%, <br> 08/15/28<br>| &nbsp;&nbsp; 138 | 128009 |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.10%, <br> 10/24/30<br>| &nbsp;&nbsp; 99 | 98958 |
| Digicel International Finance Ltd., 07/30/32<sup>(d)(e)</sup> | &nbsp;&nbsp; 53 | 52867 |
| GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR + 3.86%), 8.22%, 04/30/28<br>| &nbsp;&nbsp; 17 | 16647 |
| Level 3 Financing Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.61%, <br> 03/27/32<br>| &nbsp;&nbsp; 351 | 353632 |
| Lumen Technologies Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.82%, 04/16/29<br>| &nbsp;&nbsp; 123 | 122070 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30<br>| &nbsp;&nbsp; 29 | 28956 |
| 2024 Term Loan A, (1-mo. CME Term SOFR + <br> 6.00%), 10.36%, 06/01/28<br>| &nbsp;&nbsp; 3 | 3182 |
| Zayo Group Holdings Inc., USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.11%), 7.47%, <br> 03/09/27<br>| &nbsp;&nbsp; 425 | 409640 |
|  |  | 1250958 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| Genesee & Wyoming Inc. (New), 2024 Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.05%, 04/10/31<br>| &nbsp;&nbsp; 222 | 221071 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.71%, 12/15/26<br>| &nbsp;&nbsp; 38 | 37824 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30<br>| &nbsp;&nbsp; 75 | 73838 |
|  |  | 332733 |
| **Total Floating Rate Loan Interests — 86.7%** <br>**(Cost: $52,170,470)** | **Total Floating Rate Loan Interests — 86.7%** <br>**(Cost: $52,170,470)** | 52061717 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Learfield Communications LLC, NVS, (Acquired <br> 09/06/23, Cost $3,910)<sup>(d)(i)</sup><br>| &nbsp;&nbsp; 312 | 28080 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Hearthside Equity, NVS<sup>(g)(h)</sup> | &nbsp;&nbsp; 276 | 5424 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Aimbridge Acquisition Co. Inc., NVS<sup>(d)</sup> | &nbsp;&nbsp; 1159 | 74184 |
| **Total Common Stocks — 0.2%** <br>**(Cost $81,786)** | **Total Common Stocks — 0.2%** <br>**(Cost $81,786)** | 107688 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 3.5%** | **Exchange Traded Funds — 3.5%** | **Exchange Traded Funds — 3.5%** |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(j)</sup> | &nbsp;&nbsp; 20250 | 871560 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Exchange Traded Funds (continued)** | **Exchange Traded Funds (continued)** | **Exchange Traded Funds (continued)** |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(b)(j)</sup> | &nbsp;&nbsp; 18000 | $673020 |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)(j)</sup> | &nbsp;&nbsp; 7175 | 576726 |
|  |  | 2121306 |
| **Total Investment Companies — 3.5%** <br>**(Cost $2,042,383)** | **Total Investment Companies — 3.5%** <br>**(Cost $2,042,383)** | 2121306 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Veritas Kapital Assurance PLC, Series G-1, Preference <br> Shares, NVS<sup>(d)</sup><br>| &nbsp;&nbsp; 76 | 1710 |
| Veritas Kapital Assurance PLC, Series G, Preference <br> Shares, NVS<sup>(d)</sup><br>| &nbsp;&nbsp; 111 | 2498 |
|  |  | 4208 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $2,925)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $2,925)** | 4208 |
| **Total Long-Term Investments — 92.9%** <br>**(Cost: $55,775,326)** | **Total Long-Term Investments — 92.9%** <br>**(Cost: $55,775,326)** | 55774880 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 12.2%** | **Money Market Funds — 12.2%** | **Money Market Funds — 12.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp; 1351003 | 1351543 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(j)(k)</sup><br>| &nbsp;&nbsp; 5960000 | 5960000 |
| **Total Short-Term Securities — 12.2%** <br>**(Cost: $7,311,462)** | **Total Short-Term Securities — 12.2%** <br>**(Cost: $7,311,462)** | 7311543 |
| **Total Investments — 105.1%** <br>**(Cost: $63,086,788)** | **Total Investments — 105.1%** <br>**(Cost: $63,086,788)** | 63086423 |
| **Liabilities in Excess of Other Assets — (5.1)%** | **Liabilities in Excess of Other Assets — (5.1)%** | (3070897)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $60015526 |

---

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

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

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

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

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

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

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

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

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

<sup>(i)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $28,080, representing less than 0.05% of its net assets as of period end, and an original cost of $3,910. 

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | $1351673 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(211)<br>| $81 | $1351543 | 1351003 | $2098 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 8020000 |  | &nbsp;&nbsp; (2060000 )<sup>(a)</sup><br>|  |  | 5960000 | 5960000 | 343766 |  |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1292582 |  | &nbsp;&nbsp; (426059)<br>| 1660 | 3377 | 871560 | 20250 | 78025 |  |
| iShares Broad USD High Yield Corporate Bond <br> ETF<br>| 738000 | 853509 | &nbsp;&nbsp; (890356)<br>| &nbsp;&nbsp; (36209)<br>| 8076 | 673020 | 18000 | 68863 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 1113304 |  | &nbsp;&nbsp; (550525)<br>| 11455 | 2492 | 576726 | 7175 | 49340 |  |
|  |  |  |  | $(23305) | $14026 | $9432849 |  | $542092 | $— |

---

&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. 

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.43.V1 | 5.00<br> %<br>| Quarterly | 12/20/29 | B+ | USD | 600 | $45560 | $44844 | $716 |

---

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

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-DAY SOFR, 4.39% | Quarterly | Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At Termination | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 09/20/25 | USD | 2000 | $17882 | $(21953)<br>| $39835 |
| 1-DAY SOFR, 4.39% | Quarterly | Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At Termination | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 500 | 4248 | (5488)<br>| 9736 |
| 1-DAY SOFR, 4.39% | Quarterly | Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At Termination | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 500 | 4082 | (5488)<br>| 9570 |
|  |  |  |  |  |  |  |  |  | $26212 | $(32929)<br>| $59141 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $44844 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $716 | &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (32929)<br>| &nbsp;&nbsp;&nbsp; 59141 | &nbsp;&nbsp;&nbsp; — |

---

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

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**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** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59141 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59857 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32929 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32929 |

---

For the period ended July 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:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40555 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $47137 |

---

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

---

| | |
|:---|:---|
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp; $862500 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $3500000 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Swaps - centrally cleared | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $461 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 59141 | &nbsp;&nbsp;&nbsp; 32929 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 59141 | &nbsp;&nbsp;&nbsp; 33390 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (461)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $59141 | &nbsp;&nbsp;&nbsp; $32929 |

---

&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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $59141 | &nbsp;&nbsp; $(32929)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26212 |
|  | &nbsp;&nbsp; $59141 | &nbsp;&nbsp; $(32929)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26212 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $32929 | &nbsp;&nbsp; $(32929)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $32929 | &nbsp;&nbsp; $(32929)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1204431 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1204431 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 275530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 275530 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 51280266 | &nbsp;&nbsp; 781451 | &nbsp;&nbsp; 52061717 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 5424 | &nbsp;&nbsp; 102264 | &nbsp;&nbsp; 107688 |
| Investment Companies | &nbsp;&nbsp; 2121306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2121306 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4208 | &nbsp;&nbsp; 4208 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 7311543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7311543 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (71)<br>|
|  | &nbsp;&nbsp; $9432849 | &nbsp;&nbsp; $52765617 | &nbsp;&nbsp; $887923 | &nbsp;&nbsp; $63086389 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 59141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59141 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59857 |

---

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

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

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Floating Rate Loan Active ETF**

in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Common* <br>*Stocks*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Preferred* <br>*Stocks*<br>| *Unfunded* <br>*Floating* <br>*Rate Loan* <br>*Interests*<br>| *Total* |
| Assets: |  |  |  |  |  |
| Opening balance, as of July 31, 2024 | &nbsp;&nbsp; $20280 | &nbsp;&nbsp; $1871765 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $1892079 |
| Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109127 |
| Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; (912928)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (912928)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; — | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2394 |
| Net realized gain (loss) | &nbsp;&nbsp; 716 | &nbsp;&nbsp; (3913)<br>| &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3205)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; 7267 | &nbsp;&nbsp; (13768)<br>| &nbsp;&nbsp; 1282 | &nbsp;&nbsp; (34)<br>| &nbsp;&nbsp; (5253)<br>|
| Purchases | &nbsp;&nbsp; 100501 | &nbsp;&nbsp; 991241 | &nbsp;&nbsp; 2934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1094676 |
| Sales | &nbsp;&nbsp; (26500)<br>| &nbsp;&nbsp; (1262467)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1288967)<br>|
| Closing balance, as of July 31, 2025 | &nbsp;&nbsp; $102264 | &nbsp;&nbsp; $781451 | &nbsp;&nbsp; $4208 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $887923 |
| Net change in unrealized appreciation (depreciation) on investment still held at July 31, <br> 2025<sup>(b)</sup><br>| &nbsp;&nbsp; $7267 | &nbsp;&nbsp; $(11796)<br>| &nbsp;&nbsp; $1282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3247)<br>|
| <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |  |  |
| <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at July 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at July 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at July 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at July 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. |  |  |

---

The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial investments.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 9.5%** | **Alabama — 9.5%** | **Alabama — 9.5%** |
| Baldwin County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/55<sup>(a)</sup><br>| &nbsp;&nbsp; $100 | $99847 |
| Black Belt Energy Gas District RB |  |  |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 1000 | 1000511 |
| 4.00%, 10/01/49 | &nbsp;&nbsp; 500 | 502462 |
| 5.00%, 11/01/30 | &nbsp;&nbsp; 300 | 315509 |
| 5.00%, 03/01/55 | &nbsp;&nbsp; 475 | 499082 |
| 5.25%, 02/01/53 | &nbsp;&nbsp; 1250 | 1311395 |
| 5.25%, 01/01/54 | &nbsp;&nbsp; 335 | 355474 |
| 5.25%, 05/01/55 | &nbsp;&nbsp; 525 | 560246 |
| 5.25%, 05/01/56 | &nbsp;&nbsp; 450 | 458017 |
| 5.50%, 11/01/53 | &nbsp;&nbsp; 635 | 666550 |
| County of Jefferson Alabama Sewer Revenue RB, <br> 5.25%, 10/01/42<br>| &nbsp;&nbsp; 1000 | 1034402 |
| Energy Southeast A Cooperative District RB, 5.75%, <br> 04/01/54<br>| &nbsp;&nbsp; 225 | 245672 |
| Lower Alabama Gas District (The) RB, 4.00%, <br> 12/01/50<br>| &nbsp;&nbsp; 1135 | 1137137 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| 4.00%, 11/01/51 | &nbsp;&nbsp; 1200 | 1205004 |
| 5.00%, 01/01/56 | &nbsp;&nbsp; 1080 | 1095985 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 405 | 430844 |
| Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 110 | 107795 |
|  |  | 11025932 |
| **California — 4.9%** | **California — 4.9%** | **California — 4.9%** |
| California Community Choice Financing Authority RB |  |  |
| 4.87%, 12/01/53<sup>(b)</sup> | &nbsp;&nbsp; 750 | 761785 |
| 5.00%, 03/01/56 | &nbsp;&nbsp; 275 | 291216 |
| California Infrastructure & Economic Development <br> Bank RB AMT, 9.50%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp; 465 | 413850 |
| California Municipal Finance Authority RB AMT, 4.00%, <br> 07/15/29<br>| &nbsp;&nbsp; 500 | 490901 |
| California Pollution Control Financing Authority RB <br> AMT, 4.25%, 07/01/31<br>| &nbsp;&nbsp; 525 | 529950 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| 5.00%, 05/15/34 | &nbsp;&nbsp; 355 | 385962 |
| 5.00%, 05/15/35 | &nbsp;&nbsp; 500 | 543949 |
| 5.00%, 05/15/39 | &nbsp;&nbsp; 1000 | 1057683 |
| San Diego County Regional Airport Authority RB AMT, <br> 5.25%, 07/01/38<br>| &nbsp;&nbsp; 200 | 212004 |
| San Diego Public Facilities Financing Authority RB, <br> 5.00%, 05/01/33<br>| &nbsp;&nbsp; 500 | 540814 |
| San Diego Unified School District/California GO, <br> 0.00%, 07/01/31<sup>(c)</sup><br>| &nbsp;&nbsp; 610 | 518045 |
|  |  | 5746159 |
| **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |
| City & County of Denver CO Airport System Revenue <br> RB AMT, 5.00%, 12/01/35<br>| &nbsp;&nbsp; 1010 | 1035224 |
| City & County of Denver Colorado Airport System <br> Revenue RB AMT, 5.75%, 11/15/34<br>| &nbsp;&nbsp; 200 | 223588 |
| Colorado Health Facilities Authority RB |  |  |
| 4.00%, 08/01/39 | &nbsp;&nbsp; 185 | 167930 |
| 5.00%, 11/15/57 | &nbsp;&nbsp; 275 | 302856 |
| 5.00%, 11/15/60 | &nbsp;&nbsp; 285 | 313038 |
| Pueblo Urban Renewal Authority TA, Series B, 0.00%, <br> 12/01/25<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 250 | 242750 |
| State of Colorado, 5.00%, 03/15/37 | &nbsp;&nbsp; 675 | 682699 |
|  |  | 2968085 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Connecticut — 1.9%** | **Connecticut — 1.9%** | **Connecticut — 1.9%** |
| Connecticut Housing Finance Authority RB, 1.85%, <br> 05/15/38<br>| &nbsp;&nbsp; $205 | $146411 |
| Connecticut State Health & Educational Facilities <br> Authority RB, Series L, 5.00%, 07/01/45<br>| &nbsp;&nbsp; 325 | 320000 |
| State of Connecticut GO |  |  |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 125 | 141722 |
| 5.00%, 11/15/40 | &nbsp;&nbsp; 895 | 948092 |
| State of Connecticut Special Tax Revenue RB |  |  |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 420 | 420351 |
| 5.00%, 07/01/38 | &nbsp;&nbsp; 220 | 236381 |
|  |  | 2212957 |
| **District of Columbia — 1.2%** | **District of Columbia — 1.2%** | **District of Columbia — 1.2%** |
| District of Columbia Income Tax Revenue RB, 5.00%, <br> 06/01/40<br>| &nbsp;&nbsp; 175 | 185047 |
| Metropolitan Washington Airports Authority Aviation <br> Revenue RB AMT<br>|  |  |
| 5.00%, 10/01/34 | &nbsp;&nbsp; 300 | 326174 |
| 5.00%, 10/01/37 | &nbsp;&nbsp; 295 | 307736 |
| 5.25%, 10/01/41 | &nbsp;&nbsp; 585 | 608383 |
|  |  | 1427340 |
| **Florida — 4.4%** | **Florida — 4.4%** | **Florida — 4.4%** |
| County of Miami-Dade FL GO, Series A, 5.00%, <br> 07/01/38<br>| &nbsp;&nbsp; 1000 | 1005507 |
| County of Osceola FL Transportation Revenue RB, <br> 5.00%, 10/01/39<br>| &nbsp;&nbsp; 985 | 990228 |
| County of Osceola Florida Transportation Revenue RB, <br> 5.00%, 10/01/33<br>| &nbsp;&nbsp; 415 | 428154 |
| Florida Development Finance Corp. RB AMT, 4.38%, <br> 10/01/54<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 247730 |
| Greater Orlando Aviation Authority RB AMT, 5.00%, <br> 10/01/42<br>| &nbsp;&nbsp; 280 | 280830 |
| Lakes of Sarasota Community Development District <br> Special Assessment, 2.75%, 05/01/26<br>| &nbsp;&nbsp; 95 | 94007 |
| Miami-Dade County Expressway Authority RB, 5.00%, <br> 07/01/30<br>| &nbsp;&nbsp; 250 | 250259 |
| Mid-Bay Bridge Authority RB |  |  |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 500 | 501479 |
| Series A, 5.00%, 10/01/35 | &nbsp;&nbsp; 1000 | 1000301 |
| School District of Broward County/Florida COP, 5.00%, <br> 07/01/30<br>| &nbsp;&nbsp; 290 | 294734 |
| Tohoqua Community Development District Special <br> Assessment, 2.38%, 05/01/26<br>| &nbsp;&nbsp; 60 | 59208 |
|  |  | 5152437 |
| **Georgia — 2.4%** | **Georgia — 2.4%** | **Georgia — 2.4%** |
| Development Authority of Cobb County (The) RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 98743 |
| Main Street Natural Gas Inc. RB |  |  |
| 5.00%, 12/01/29 | &nbsp;&nbsp; 850 | 895553 |
| 5.00%, 05/15/37 | &nbsp;&nbsp; 500 | 518159 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 500 | 525439 |
| 5.00%, 05/01/55 | &nbsp;&nbsp; 270 | 283848 |
| 5.00%, 12/01/55 | &nbsp;&nbsp; 500 | 522938 |
|  |  | 2844680 |
| **Hawaii — 0.4%** | **Hawaii — 0.4%** | **Hawaii — 0.4%** |
| State of Hawaii Airports System Revenue RB AMT, <br> 5.00%, 07/01/42<br>| &nbsp;&nbsp; 500 | 502660 |
| **Idaho — 0.5%** | **Idaho — 0.5%** | **Idaho — 0.5%** |
| Idaho Health Facilities Authority RB, 5.00%, 03/01/60 | &nbsp;&nbsp; 565 | 609664 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Illinois — 4.5%** | **Illinois — 4.5%** | **Illinois — 4.5%** |
| Chicago O'Hare International Airport RB |  |  |
| 5.00%, 01/01/35 | &nbsp;&nbsp; $1625 | $1633129 |
| Series B, 5.00%, 01/01/37 | &nbsp;&nbsp; 200 | 202257 |
| City of Chicago Illinois GO |  |  |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 100 | 102156 |
| 5.00%, 01/01/34 | &nbsp;&nbsp; 895 | 928383 |
| Illinois Finance Authority RB, Class B,2.99%, <br> 05/01/42<sup>(b)</sup><br>| &nbsp;&nbsp; 500 | 496977 |
| Illinois State Toll Highway Authority RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp; 785 | 785922 |
| Northern Illinois Municipal Power Agency RB, 4.00%, <br> 12/01/36<br>| &nbsp;&nbsp; 100 | 95548 |
| Rock Island County School District No. 41 Rock <br> Island/Milan GO, 5.00%, 01/01/42 (AGC)<br>| &nbsp;&nbsp; 350 | 356549 |
| State of Illinois GO |  |  |
| 5.00%, 10/01/30 | &nbsp;&nbsp; 225 | 245531 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 100 | 105510 |
| 5.25%, 05/01/40 | &nbsp;&nbsp; 250 | 258240 |
|  |  | 5210202 |
| **Indiana — 2.0%** | **Indiana — 2.0%** | **Indiana — 2.0%** |
| Indiana Finance Authority RB |  |  |
| 5.00%, 02/01/40 | &nbsp;&nbsp; 325 | 348215 |
| 5.00%, 10/01/57 | &nbsp;&nbsp; 1670 | 1820980 |
| Indiana Health Facility Financing Authority RB, 5.00%, <br> 11/15/34<br>| &nbsp;&nbsp; 125 | 125341 |
|  |  | 2294536 |
| **Kentucky — 2.8%** | **Kentucky — 2.8%** | **Kentucky — 2.8%** |
| City of Henderson Kentucky RB AMT, 3.70%, <br> 01/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 150 | 144031 |
| Kentucky Public Energy Authority RB |  |  |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 1000 | 1008157 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 480 | 507677 |
| 5.25%, 06/01/55 | &nbsp;&nbsp; 350 | 369418 |
| Kentucky State Property & Building Commission RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp; 1040 | 1069565 |
| Louisville/Jefferson County Metropolitan Government <br> RB, 1.75%, 02/01/35<br>| &nbsp;&nbsp; 125 | 123173 |
|  |  | 3222021 |
| **Louisiana — 0.2%** | **Louisiana — 0.2%** | **Louisiana — 0.2%** |
| City of Shreveport Louisiana Water & Sewer Revenue <br> RB, 5.00%, 12/01/40<br>| &nbsp;&nbsp; 135 | 129192 |
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority RB, <br> Class A,2.00%, 06/01/30<br>| &nbsp;&nbsp; 145 | 135311 |
|  |  | 264503 |
| **Maryland — 0.3%** | **Maryland — 0.3%** | **Maryland — 0.3%** |
| Montgomery County Housing Opportunities <br> Commission RB, 3.85%, 07/01/34 (FHA 542(C))<br>| &nbsp;&nbsp; 365 | 364579 |
| **Michigan — 1.0%** | **Michigan — 1.0%** | **Michigan — 1.0%** |
| Michigan Finance Authority RB, 5.25%, 02/29/40 | &nbsp;&nbsp; 100 | 103675 |
| Michigan State Building Authority RB, 5.00%, 04/15/32 | &nbsp;&nbsp; 740 | 743494 |
| Michigan State Hospital Finance Authority RB, 5.00%, <br> 08/15/55<br>| &nbsp;&nbsp; 215 | 232914 |
| Michigan Strategic Fund RB AMT, 5.00%, 06/30/29 | &nbsp;&nbsp; 50 | 52020 |
|  |  | 1132103 |
| **Missouri — 1.6%** | **Missouri — 1.6%** | **Missouri — 1.6%** |
| Kansas City Industrial Development Authority RB AMT, <br> 5.00%, 03/01/34<br>| &nbsp;&nbsp; 750 | 769547 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Missouri Housing Development Commission RB, <br> 3.90%, 05/01/36<br>| &nbsp;&nbsp; $500 | $481067 |
| Missouri Joint Municipal Electric Utility Commission RB, <br> 5.00%, 12/01/34<br>| &nbsp;&nbsp; 500 | 559021 |
|  |  | 1809635 |
| **Nebraska — 2.0%** | **Nebraska — 2.0%** | **Nebraska — 2.0%** |
| Central Plains Energy Project RB, 5.00%, 05/01/53 | &nbsp;&nbsp; 1170 | 1220038 |
| Omaha Public Power District RB, 5.00%, 02/01/41 | &nbsp;&nbsp; 1100 | 1151985 |
|  |  | 2372023 |
| **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** |
| Clark County School District GOL, 5.00%, 06/15/36 | &nbsp;&nbsp; 1000 | 999629 |
| County of Washoe Nevada RB |  |  |
| 3.63%, 03/01/36 | &nbsp;&nbsp; 275 | 274349 |
| 4.13%, 03/01/36 | &nbsp;&nbsp; 90 | 90042 |
| Las Vegas Valley Water District GOL, 5.00%, 06/01/34 | &nbsp;&nbsp; 530 | 537671 |
|  |  | 1901691 |
| **New Jersey — 7.3%** | **New Jersey — 7.3%** | **New Jersey — 7.3%** |
| New Jersey Economic Development Authority RB, <br> 5.00%, 06/15/28<br>| &nbsp;&nbsp; 225 | 240032 |
| New Jersey Educational Facilities Authority RB |  |  |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 1510 | 1551508 |
| 5.00%, 09/01/38 | &nbsp;&nbsp; 100 | 104407 |
| New Jersey Higher Education Student Assistance <br> Authority RB AMT, 5.00%, 12/01/33<br>| &nbsp;&nbsp; 450 | 469756 |
| New Jersey Housing & Mortgage Finance Agency RB, <br> 3.50%, 05/01/29 (HUD SECT 8)<br>| &nbsp;&nbsp; 240 | 244255 |
| New Jersey Transportation Trust Fund Authority RB |  |  |
| 5.00%, 06/15/32 | &nbsp;&nbsp; 750 | 831933 |
| 5.00%, 06/15/35 | &nbsp;&nbsp; 1110 | 1217352 |
| 5.00%, 06/15/37 | &nbsp;&nbsp; 290 | 306254 |
| 5.00%, 06/15/43 | &nbsp;&nbsp; 1000 | 1014518 |
| New Jersey Turnpike Authority RB, 5.00%, 01/01/37 | &nbsp;&nbsp; 720 | 742052 |
| Tobacco Settlement Financing Corp RB, 5.00%, <br> 06/01/35<br>| &nbsp;&nbsp; 500 | 507960 |
| Tobacco Settlement Financing Corp. RB |  |  |
| 5.00%, 06/01/29 | &nbsp;&nbsp; 490 | 509153 |
| 5.00%, 06/01/34 | &nbsp;&nbsp; 710 | 724346 |
|  |  | 8463526 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |
| New Mexico Mortgage Finance Authority RB, 3.73%, <br> 02/01/42 (HUD SECT 8)<br>| &nbsp;&nbsp; 375 | 375623 |
| **New York — 10.9%** | **New York — 10.9%** | **New York — 10.9%** |
| City of New York GO, 5.00%, 02/01/42 | &nbsp;&nbsp; 500 | 518194 |
| New York City Housing Development Corp RB, 3.75%, <br> 05/01/65<br>| &nbsp;&nbsp; 465 | 471421 |
| New York City Municipal Water Finance Authority RB |  |  |
| 5.25%, 06/15/48 | &nbsp;&nbsp; 250 | 256564 |
| Series AA, 5.00%, 06/15/40 | &nbsp;&nbsp; 855 | 877968 |
| New York City Transitional Finance Authority RB |  |  |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 655 | 737060 |
| 5.00%, 05/01/38 | &nbsp;&nbsp; 1000 | 1083054 |
| 5.00%, 11/01/43 | &nbsp;&nbsp; 500 | 515344 |
| 5.00%, 05/01/44 | &nbsp;&nbsp; 185 | 189508 |
| New York Energy Finance Development Corp RB, <br> 5.00%, 07/01/56<sup>(b)</sup><br>| &nbsp;&nbsp; 1100 | 1147072 |
| New York State Dormitory Authority RB |  |  |
| 5.00%, 10/01/38 (AG SAW) | &nbsp;&nbsp; 1000 | 1068945 |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 500 | 521743 |
| Series E, 5.00%, 03/15/34 | &nbsp;&nbsp; 585 | 586095 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York State Environmental Facilities Corp. RB AMT, <br> 5.13%, 09/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; $250 | $254932 |
| New York State Thruway Authority RB, 5.00%, <br> 03/15/40<br>| &nbsp;&nbsp; 1000 | 1059559 |
| New York Transportation Development Corp RB AMT |  |  |
| 5.00%, 01/01/33 | &nbsp;&nbsp; 710 | 716600 |
| 6.00%, 06/30/40 | &nbsp;&nbsp; 500 | 531962 |
| New York Transportation Development Corp. RB AMT |  |  |
| 4.00%, 10/01/30 | &nbsp;&nbsp; 315 | 313057 |
| 4.00%, 12/01/42 | &nbsp;&nbsp; 250 | 214274 |
| 5.00%, 01/01/28 | &nbsp;&nbsp; 275 | 282867 |
| 5.00%, 12/01/31 | &nbsp;&nbsp; 500 | 538198 |
| Triborough Bridge & Tunnel Authority RB |  |  |
| 5.00%, 11/15/38 | &nbsp;&nbsp; 100 | 107314 |
| 5.00%, 11/15/42 | &nbsp;&nbsp; 650 | 676247 |
|  |  | 12667978 |
| **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** |
| County of Wake North Carolina RB, 5.00%, 05/01/40 | &nbsp;&nbsp; 1000 | 1071454 |
| North Carolina Turnpike Authority RB, 5.00%, 01/01/30 | &nbsp;&nbsp; 300 | 320332 |
| State of North Carolina RB, 5.00%, 03/01/35 | &nbsp;&nbsp; 260 | 291547 |
|  |  | 1683333 |
| **Ohio — 1.8%** | **Ohio — 1.8%** | **Ohio — 1.8%** |
| Ohio Air Quality Development Authority RB, 4.00%, <br> 09/01/30<br>| &nbsp;&nbsp; 155 | 157253 |
| Ohio Air Quality Development Authority RB AMT |  |  |
| 4.25%, 11/01/39 | &nbsp;&nbsp; 195 | 197896 |
| 4.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp; 200 | 173904 |
| Ohio Water Development Authority RB, 5.00%, <br> 12/01/42<br>| &nbsp;&nbsp; 805 | 843350 |
| Ohio Water Development Authority Water Pollution <br> Control Loan Fund RB, 5.00%, 12/01/35<br>| &nbsp;&nbsp; 430 | 484036 |
| Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 239852 |
|  |  | 2096291 |
| **Oklahoma — 2.7%** | **Oklahoma — 2.7%** | **Oklahoma — 2.7%** |
| Oklahoma City Airport Trust RB AMT, 5.00%, 07/01/43 | &nbsp;&nbsp; 500 | 485209 |
| Oklahoma Turnpike Authority RB, 5.00%, 01/01/41 | &nbsp;&nbsp; 515 | 540962 |
| Oklahoma Water Resources Board RB, 5.00%, <br> 04/01/41<br>| &nbsp;&nbsp; 1850 | 1948806 |
| Tulsa Municipal Airport Trust Trustees/OK RB AMT, <br> 6.25%, 12/01/35<br>| &nbsp;&nbsp; 170 | 187125 |
|  |  | 3162102 |
| **Oregon — 1.9%** | **Oregon — 1.9%** | **Oregon — 1.9%** |
| Oregon State Lottery RB, 5.00%, 04/01/39 | &nbsp;&nbsp; 1000 | 1077267 |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 155 | 155234 |
| Port of Portland OR Airport Revenue RB AMT, 5.25%, <br> 07/01/41<br>| &nbsp;&nbsp; 665 | 680489 |
| Port of Portland Oregon Airport Revenue RB AMT, <br> 5.00%, 07/01/43<br>| &nbsp;&nbsp; 300 | 302312 |
|  |  | 2215302 |
| **Pennsylvania — 7.1%** | **Pennsylvania — 7.1%** | **Pennsylvania — 7.1%** |
| Allegheny County Hospital Development Authority RB, <br> 5.00%, 04/01/26<br>| &nbsp;&nbsp; 495 | 501763 |
| City of Philadelphia PA Airport Revenue RB AMT, <br> 5.00%, 06/15/34<br>| &nbsp;&nbsp; 1000 | 1000495 |
| Commonwealth Financing Authority RB |  |  |
| 5.00%, 06/01/34 | &nbsp;&nbsp; 1615 | 1661448 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 1605 | 1604898 |
| Pennsylvania Economic Development Financing <br> Authority RB, 5.00%, 03/15/60<br>| &nbsp;&nbsp; 535 | 571504 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| 5.50%, 06/30/38 | &nbsp;&nbsp; $500 | $516946 |
| 5.50%, 06/30/40 | &nbsp;&nbsp; 500 | 516855 |
| 5.50%, 06/30/42 (AGM) | &nbsp;&nbsp; 380 | 395697 |
| Pennsylvania Higher Educational Facilities Authority <br> RB, 5.00%, 08/15/40<br>| &nbsp;&nbsp; 250 | 261194 |
| Pennsylvania Housing Finance Agency RB |  |  |
| 2.00%, 10/01/32 | &nbsp;&nbsp; 445 | 385225 |
| 5.25%, 04/01/32 | &nbsp;&nbsp; 125 | 137622 |
| 5.25%, 10/01/32 | &nbsp;&nbsp; 150 | 165405 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 225 | 247959 |
| 5.25%, 10/01/33 | &nbsp;&nbsp; 275 | 303189 |
|  |  | 8270200 |
| **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue RB, 4.33%, 07/01/40<br>| &nbsp;&nbsp; 250 | 231476 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |
| Rhode Island Housing & Mortgage Finance Corp. RB, <br> 5.00%, 10/01/41 (GNMA COLL)<br>| &nbsp;&nbsp; 250 | 253012 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** | **South Carolina — 1.7%** |
| City of Hardeeville South Carolina Special Assessment, <br> 3.00%, 05/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 96562 |
| South Carolina Jobs-Economic Development <br> Authority RB<br>|  |  |
| 4.00%, 03/01/62 | &nbsp;&nbsp; 145 | 139629 |
| 5.00%, 11/01/34 | &nbsp;&nbsp; 575 | 632981 |
| 5.00%, 11/01/49 | &nbsp;&nbsp; 225 | 245487 |
| 5.25%, 11/01/42 | &nbsp;&nbsp; 100 | 104111 |
| South Carolina Public Service Authority RB |  |  |
| 5.00%, 12/01/43 | &nbsp;&nbsp; 300 | 303402 |
| Series A, 5.00%, 12/01/31 | &nbsp;&nbsp; 500 | 506644 |
|  |  | 2028816 |
| **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** |
| Tennergy Corp./Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp; 750 | 802473 |
| **Texas — 12.6%** | **Texas — 12.6%** | **Texas — 12.6%** |
| Allen Independent School District GO, 5.00%, 02/15/35 <br> (PSF)<br>| &nbsp;&nbsp; 1000 | 1007883 |
| City of Austin TX Electric Utility Revenue RB, 5.00%, <br> 11/15/35<br>| &nbsp;&nbsp; 540 | 540988 |
| City of Austin TX Water & Wastewater System Revenue <br> RB, 5.00%, 11/15/36<br>| &nbsp;&nbsp; 1010 | 1025988 |
| City of Galveston Texas Wharves & Terminal Revenue <br> RB AMT, 5.00%, 08/01/33<br>| &nbsp;&nbsp; 500 | 524238 |
| City of Garland Texas Water & Sewer System Revenue <br> RB, 5.00%, 03/01/41<br>| &nbsp;&nbsp; 390 | 405945 |
| City of Houston Texas Airport System Revenue <br> RB AMT<br>|  |  |
| 5.00%, 07/15/27 | &nbsp;&nbsp; 250 | 252687 |
| 5.00%, 07/15/30 | &nbsp;&nbsp; 225 | 224941 |
| 5.50%, 07/15/37 | &nbsp;&nbsp; 100 | 103157 |
| City of Houston TX Airport System Revenue RB AMT, <br> 5.25%, 07/01/36<br>| &nbsp;&nbsp; 715 | 772325 |
| County of Harris TX RB, 5.00%, 08/15/33 | &nbsp;&nbsp; 1000 | 1000919 |
| County of Montgomery TX GO, 5.00%, 03/01/37 | &nbsp;&nbsp; 730 | 736268 |
| Denton Independent School District GO, 5.00%, <br> 08/15/43 (PSF)<br>| &nbsp;&nbsp; 650 | 668377 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Harris County Industrial Development Corp RB, 4.05%, <br> 11/01/50<br>| &nbsp;&nbsp; $445 | $443416 |
| Leander Independent School District GO, 5.00%, <br> 08/15/39 (PSF)<br>| &nbsp;&nbsp; 500 | 531631 |
| Lower Colorado River Authority RB, 5.00%, 05/15/45 | &nbsp;&nbsp; 475 | 525108 |
| Matagorda County Navigation District No. 1 RB, 2.60%, <br> 11/01/29<br>| &nbsp;&nbsp; 425 | 408570 |
| New Hope Cultural Education Facilities Finance Corp. <br> RB, 4.00%, 08/15/34<br>| &nbsp;&nbsp; 750 | 747425 |
| New Hope Higher Education Finance Corp. RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 238571 |
| Spring Independent School District GO, 5.00%, <br> 08/15/40 (PSF)<br>| &nbsp;&nbsp; 635 | 672322 |
| Tarrant County Cultural Education Facilities Finance <br> Corp RB<br>|  |  |
| 5.00%, 10/01/33 | &nbsp;&nbsp; 1000 | 1070240 |
| 5.00%, 11/15/64 | &nbsp;&nbsp; 725 | 796062 |
| Tarrant County Cultural Education Facilities Finance <br> Corp. RB, 5.00%, 07/01/43<br>| &nbsp;&nbsp; 425 | 425275 |
| Texas Municipal Gas Acquisition & Supply Corp. V RB, <br> 5.00%, 01/01/55<br>| &nbsp;&nbsp; 455 | 478502 |
| Texas Municipal Gas Acquisition and Supply Corp. II <br> RB, 3.71%, 09/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 151652 |
| Texas Water Development Board RB, 5.00%, 08/01/41 | &nbsp;&nbsp; 905 | 943444 |
|  |  | 14695934 |
| **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** |
| City of Salt Lake City UT Airport Revenue RB AMT, <br> 5.00%, 07/01/36<br>| &nbsp;&nbsp; 1000 | 1056585 |
| Downtown Revitalization Public Infrastructure District <br> RB, 5.00%, 06/01/35 (AG)<br>| &nbsp;&nbsp; 475 | 524821 |
|  |  | 1581406 |
| **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** |
| Virginia Housing Development Authority RB AMT, <br> 2.05%, 12/01/33<br>| &nbsp;&nbsp; 270 | 224841 |
| **Washington — 3.1%** | **Washington — 3.1%** | **Washington — 3.1%** |
| Energy Northwest RB, 5.00%, 07/01/40 | &nbsp;&nbsp; 400 | 424734 |
| Port of Seattle WA RB AMT, 5.25%, 07/01/40 | &nbsp;&nbsp; 500 | 517922 |
| Port of Seattle Washington RB AMT, 5.00%, 04/01/32 | &nbsp;&nbsp; 435 | 455359 |
| State of Washington GO, 5.00%, 02/01/41 | &nbsp;&nbsp; 1565 | 1647882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Washington Health Care Facilities Authority RB |  |  |
| 5.00%, 08/01/30 | &nbsp;&nbsp; $100 | $107140 |
| 5.00%, 08/01/49 | &nbsp;&nbsp; 495 | 497596 |
|  |  | 3650633 |
| **Wisconsin — 0.9%** | **Wisconsin — 0.9%** | **Wisconsin — 0.9%** |
| City of Milwaukee Wisconsin Sewerage System <br> Revenue RB, 4.00%, 06/01/31<br>| &nbsp;&nbsp; 145 | 145073 |
| Public Finance Authority RB, 5.00%, 03/01/34 | &nbsp;&nbsp; 780 | 786139 |
| Wisconsin Health & Educational Facilities Authority RB, <br> 4.20%, 08/15/28<br>| &nbsp;&nbsp; 100 | 100017 |
|  |  | 1031229 |
| **Total Long-Term Investments — 98.1%** <br>**(Cost: $114,409,578)** | **Total Long-Term Investments — 98.1%** <br>**(Cost: $114,409,578)** | 114495382 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.0%** | **Money Market Funds — 5.0%** | **Money Market Funds — 5.0%** |
| BlackRock Liquidity Funds: MuniCash, 2.51%<sup>(d)(e)</sup> | &nbsp;&nbsp; 5796896 | 5797475 |
| **Total Short-Term Securities — 5.0%** <br>**(Cost: $5,797,475)** | **Total Short-Term Securities — 5.0%** <br>**(Cost: $5,797,475)** | 5797475 |
| **Total Investments — 103.1%** <br>**(Cost: $120,207,053)** | **Total Investments — 103.1%** <br>**(Cost: $120,207,053)** | 120292857 |
| **Liabilities in Excess of Other Assets — (3.1)%** | **Liabilities in Excess of Other Assets — (3.1)%** | (3561784)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $116731073 |

---

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

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

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

<sup>(c)</sup> Zero-coupon bond.

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash, 2.51% | $1416738<br> $4380738 <br><sup>(a)</sup><br>| $— | $4 | $(5)<br>| $5797475 | 5796896 | $74617 | $— |

---

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Intermediate Muni Income Active ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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  |  |  |  |  |
| Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114495382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114495382 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5797475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5797475 |
|  | &nbsp;&nbsp; $5797475 | &nbsp;&nbsp; $114495382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120292857 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 99.1%** | **California — 99.1%** | **California — 99.1%** |
| Amador Water Agency Financing Corp. COP, 5.00%, <br> 03/01/26<br>| &nbsp;&nbsp; $500 | $505392 |
| Anaheim Housing & Public Improvements Authority RB, <br> VRDN, 2.60%, 08/01/25<sup>(a)</sup><br>| &nbsp;&nbsp; 4400 | 4400000 |
| Anaheim Redevelopment Agency Successor Agency TA, <br> 5.00%, 02/01/28<br>| &nbsp;&nbsp; 425 | 449733 |
| Bay Area Toll Authority RB, VRDN, 1.15%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2000000 |
| Cairn High Grade Funding I LLC, 2.75%, 08/05/25 | &nbsp;&nbsp; 400 | 400013 |
| California Community Choice Financing Authority Clean <br> Energy Project RB, VRDN, 2.31%, 08/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 775 | 775000 |
| California Community Choice Financing Authority RB |  |  |
| 4.00%, 09/01/27 | &nbsp;&nbsp; 1500 | 1514675 |
| 4.00%, 05/01/28 | &nbsp;&nbsp; 1850 | 1863520 |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 410 | 421574 |
| 5.00%, 10/01/28 | &nbsp;&nbsp; 770 | 799856 |
| 5.00%, 11/01/28 | &nbsp;&nbsp; 150 | 158347 |
| 5.00%, 12/01/28 | &nbsp;&nbsp; 800 | 832228 |
| 5.00%, 05/01/29 | &nbsp;&nbsp; 3635 | 3798463 |
| 5.00%, 11/01/29 | &nbsp;&nbsp; 1235 | 1312424 |
| 5.25%, 01/01/30 | &nbsp;&nbsp; 3525 | 3730760 |
| 5.50%, 08/01/28 | &nbsp;&nbsp; 60 | 63292 |
| California County Tobacco Securitization Agency RB, <br> 5.00%, 06/01/28<br>| &nbsp;&nbsp; 430 | 448957 |
| California Health Facilities Financing Authority RB |  |  |
| 4.00%, 08/21/25 | &nbsp;&nbsp; 260 | 260086 |
| 5.00%, 08/21/25 | &nbsp;&nbsp; 1400 | 1401156 |
| California Housing Finance Agency RB |  |  |
| 3.50%, 02/01/30 (FHA 542(C)) | &nbsp;&nbsp; 460 | 467641 |
| VRDN, 1.00%, 08/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 2300 | 2300000 |
| California Infrastructure & Economic Development Bank <br> RB, VRDN, 2.29%, 08/07/25<sup>(a)</sup><br>| &nbsp;&nbsp; 125 | 125000 |
| California Municipal Finance Authority RB |  |  |
| 3.30%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 986650 |
| 3.85%, 08/31/25 | &nbsp;&nbsp; 2000 | 1999308 |
| 5.00%, 07/01/28 | &nbsp;&nbsp; 150 | 158114 |
| California Municipal Finance Authority RB AMT |  |  |
| 3.75%, 10/01/25 | &nbsp;&nbsp; 1000 | 999580 |
| 3.85%, 01/15/26 | &nbsp;&nbsp; 875 | 875799 |
| 4.25%, 12/01/25 | &nbsp;&nbsp; 250 | 250050 |
| California Pollution Control Financing Authority RB AMT |  |  |
| 3.70%, 08/15/25<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 999915 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 500 | 504605 |
| California State Public Works Board RB |  |  |
| 5.00%, 08/31/25 | &nbsp;&nbsp; 500 | 500784 |
| Series C, 5.00%, 11/01/26 | &nbsp;&nbsp; 1000 | 1029602 |
| Series F, 5.00%, 08/31/25 | &nbsp;&nbsp; 200 | 200313 |
| California State University |  |  |
| 2.68%, 10/06/25 | &nbsp;&nbsp; 1000 | 999900 |
| 2.75%, 10/06/25 | &nbsp;&nbsp; 2000 | 1999800 |
| California Statewide Communities Development <br> Authority RB<br>|  |  |
| 5.00%, 11/01/29 | &nbsp;&nbsp; 1500 | 1637571 |
| VRDN, 1.74%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 1700 | 1700000 |
| Central Valley Energy Authority RB, VRDN, 2.31%, <br> 08/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 500000 |
| Chino Valley Unified School District GO, VRDN, 2.30%, <br> 08/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 500000 |
| City of Long Beach California Harbor Revenue RB AMT, <br> 5.00%, 05/15/27<br>| &nbsp;&nbsp; 400 | 413551 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Los Angeles Department of Airports RB, 5.00%, <br> 05/15/28<br>| &nbsp;&nbsp; $770 | $805838 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| 5.00%, 05/15/26 | &nbsp;&nbsp; 780 | 793176 |
| 5.00%, 05/15/26 | &nbsp;&nbsp; 890 | 902608 |
| 5.00%, 05/15/27 | &nbsp;&nbsp; 1760 | 1821019 |
| 5.00%, 11/15/27 | &nbsp;&nbsp; 200 | 208404 |
| 5.00%, 05/15/28 | &nbsp;&nbsp; 1000 | 1054607 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 575 | 614599 |
| City of Modesto California Water Revenue COP, VRDN, <br> 1.80%, 08/07/25 (AGM)<sup>(a)</sup><br>| &nbsp;&nbsp; 5980 | 5980000 |
| Compton Community Redevelopment Agency Successor <br> Agency TA, 5.00%, 08/01/26 (AGM)<br>| &nbsp;&nbsp; 415 | 424569 |
| Contra Costa Water District RB, 5.00%, 08/31/25 | &nbsp;&nbsp; 550 | 550955 |
| East County Advanced Water Purification Joint Powers <br> Authority RB, 5.00%, 06/01/26<br>| &nbsp;&nbsp; 125 | 127887 |
| East Side Union High School District GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp; 100 | 110691 |
| El Rancho Unified School District GO |  |  |
| 5.00%, 08/01/28 (BAM) | &nbsp;&nbsp; 125 | 134071 |
| 5.50%, 08/01/27 (BAM) | &nbsp;&nbsp; 110 | 116506 |
| Fullerton Redevelopment Agency Successor Agency, <br> 4.00%, 09/01/26 (BAM)<br>| &nbsp;&nbsp; 375 | 381530 |
| Irvine Ranch Water District |  |  |
| VRDN, 1.15%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2000000 |
| Series B, 2.30%, 08/01/25<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 1800000 |
| Jefferson Union High School District GO, 5.00%, 08/01/29 | &nbsp;&nbsp; 100 | 110543 |
| Jurupa Public Financing Authority, 4.00%, 09/01/29 (BAM) | &nbsp;&nbsp; 1000 | 1053358 |
| Jurupa Unified School District GO, 5.00%, 08/01/27 | &nbsp;&nbsp; 1000 | 1055328 |
| Kern Community College District GO, 0.00%, 11/01/25 <br> (AGM)<sup>(c)</sup><br>| &nbsp;&nbsp; 205 | 203615 |
| Lake Elsinore Facilities Financing Authority Successor <br> Agency, 5.00%, 09/01/29 (AG)<br>| &nbsp;&nbsp; 500 | 547741 |
| Long Beach Unified School District GO, 0.00%, <br> 08/21/25<sup>(c)</sup><br>| &nbsp;&nbsp; 500 | 466431 |
| Los Angeles County Capital Asset Leasing Corp, 2.65%, <br> 10/02/25<br>| &nbsp;&nbsp; 500 | 499953 |
| Madera Unified School District GO, 5.00%, 08/01/25 | &nbsp;&nbsp; 400 | 400000 |
| Metropolitan Water District of Southern California RB |  |  |
| VRDN, 1.15%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 100 | 100000 |
| VRDN, 1.54%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 5400 | 5400000 |
| Modesto Irrigation District RB, 5.00%, 10/01/25 | &nbsp;&nbsp; 920 | 923268 |
| Mount Diablo Unified School District/CA GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp; 550 | 608800 |
| Municipal Improvement Corp of Los Angeles RB, 5.00%, <br> 11/01/29<br>| &nbsp;&nbsp; 330 | 365839 |
| Norman Y Mineta San Jose International Airport SJC RB <br> AMT, 5.00%, 03/01/26<br>| &nbsp;&nbsp; 900 | 911566 |
| Northern California Energy Authority RB |  |  |
| 5.00%, 08/01/25 | &nbsp;&nbsp; 375 | 375000 |
| 5.00%, 08/01/26 | &nbsp;&nbsp; 375 | 381748 |
| Northern California Transmission Agency RB, 5.00%, <br> 05/01/26<br>| &nbsp;&nbsp; 285 | 290798 |
| Ontario Public Financing Authority RB, 5.00%, 11/01/29 | &nbsp;&nbsp; 190 | 209927 |
| Orange County Water District COP, VRDN, 2.35%, <br> 08/07/25<sup>(a)</sup><br>| &nbsp;&nbsp; 3845 | 3845000 |
| Pajaro Valley Unified School District GO, 0.00%, 08/01/25 <br> (AGM)<sup>(c)</sup><br>| &nbsp;&nbsp; 460 | 460000 |
| Peralta Community College District GO, 5.00%, 08/01/27 | &nbsp;&nbsp; 500 | 527696 |
| Port of Los Angeles RB AMT, 5.00%, 08/01/29 | &nbsp;&nbsp; 400 | 430732 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Port of Oakland RB |  |  |
| 5.00%, 11/01/27 | &nbsp;&nbsp; $1100 | $1138502 |
| 5.00%, 05/01/28 | &nbsp;&nbsp; 500 | 522702 |
| Port of Oakland RB AMT, 5.00%, 05/01/27 | &nbsp;&nbsp; 400 | 412294 |
| Poway Redevelopment Agency Successor Agency TA, <br> 5.00%, 12/15/25<br>| &nbsp;&nbsp; 565 | 569815 |
| Poway Unified School District Public Financing <br> Authority ST<br>|  |  |
| 5.00%, 09/01/25 (BAM) | &nbsp;&nbsp; 315 | 315624 |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 500 | 512614 |
| Public Facilities Financing Authority Of The City Of San <br> Diego/Lease Revenue RB, VRDN, 2.75%, <br> 08/01/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2000000 |
| Regents of the University of California Medical Center <br> Pooled Revenue RB<br>|  |  |
| VRDN, 2.25%, 08/01/25<sup>(a)</sup> | &nbsp;&nbsp; 2180 | 2180000 |
| VRDN, 2.75%, 08/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 900 | 900000 |
| RGTS of University of CA, 2.93%, 10/09/25 | &nbsp;&nbsp; 1000 | 1000542 |
| Sacramento City Unified School District/California GO, <br> 8.00%, 08/01/25 (AGM)<br>| &nbsp;&nbsp; 500 | 500000 |
| Sacramento County Housing Authority RB, 1.80%, <br> 08/07/25 (FANNIE MAE)<sup>(a)</sup><br>| &nbsp;&nbsp; 315 | 315000 |
| San Diego County Regional Airport Authority RB AMT |  |  |
| 5.00%, 07/01/26 | &nbsp;&nbsp; 405 | 412400 |
| 5.00%, 07/01/29 | &nbsp;&nbsp; 300 | 318797 |
| San Diego Public Facilities Financing Authority RB, VRDN, <br> 2.37%, 08/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4600 | 4600000 |
| San Diego Public Facilities Financing Authority RB VRDN, <br> 2.31%, 08/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 800 | 800000 |
| San Diego Public Facilities Financing Authority Water <br> Revenue, 2.68%, 08/05/25<br>| &nbsp;&nbsp; 2000 | 2000013 |
| San Francisco City & County Airport Commission San <br> Francisco International Airport RB AMT<br>|  |  |
| 5.00%, 05/01/28 | &nbsp;&nbsp; 1145 | 1205199 |
| 5.00%, 05/01/29 | &nbsp;&nbsp; 1145 | 1220020 |
| San Francisco City & County Airport Comm-San Francisco <br> International Airport RB, VRDN, 1.00%, 08/07/25<sup>(a)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| San Francisco City & County Airport Comm-San Francisco <br> International Airport RB AMT<br>|  |  |
| 5.00%, 05/01/29 | &nbsp;&nbsp; 1375 | 1466217 |
| 5.00%, 05/01/30 | &nbsp;&nbsp; 800 | 863805 |
| San Francisco City & County Redevelopment Agency <br> Successor Agency TA, 5.00%, 08/01/28 (AGC)<br>| &nbsp;&nbsp; 520 | 558864 |
| San Joaquin Valley Clean Energy Authority RB, 5.00%, <br> 07/01/29<br>| &nbsp;&nbsp; 840 | 886179 |
| San Leandro Unified School District GO, 5.00%, 08/01/25 | &nbsp;&nbsp; 400 | 400000 |
| San Mateo Union High School District GO |  |  |
| VRDN, 2.65%, 08/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp; 100 | 100000 |
| Series C, 0.00%, 09/01/27 (NPFGC)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 382290 |
| San Rafael City High School District/California GO, 4.00%, <br> 08/21/25<br>| &nbsp;&nbsp; 300 | 300251 |
| Sequoia Union High School District GO, 4.00%, 07/01/26 | &nbsp;&nbsp; 440 | 446531 |
| Southern California Public Power Authority RB |  |  |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 150 | 152962 |
| 5.00%, 07/01/29 | &nbsp;&nbsp; 200 | 217866 |
| 5.25%, 11/01/25 | &nbsp;&nbsp; 425 | 426680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| VRDN, 2.30%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; $100 | $100000 |
| State of California Department of Water Resources, <br> 2.77%, 08/12/25<br>| &nbsp;&nbsp; 600 | 600027 |
| State of California GO |  |  |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 800 | 822950 |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 750 | 771393 |
| 5.00%, 08/01/27 | &nbsp;&nbsp; 800 | 841110 |
| 5.00%, 11/01/27 | &nbsp;&nbsp; 500 | 525645 |
| 5.00%, 03/01/29 | &nbsp;&nbsp; 850 | 925589 |
| VRDN, 1.15%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2000000 |
| VRDN, 1.25%, 08/07/25<sup>(a)</sup> | &nbsp;&nbsp; 195 | 195000 |
| Stockton Public Financing Authority RB, 5.00%, 10/01/25 <br> (BAM)<br>| &nbsp;&nbsp; 140 | 140586 |
| Temecula Valley Unified School District Financing <br> Authority ST<br>|  |  |
| 5.00%, 09/01/25 | &nbsp;&nbsp; 300 | 300604 |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 500 | 513941 |
| Tender Option Bond Trust Receipts/Certificates GO, <br> VRDN, 2.75%, 08/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1250 | 1250000 |
| Tender Option Bond Trust Receipts/Certificates RB, <br> VRDN, 2.32%, 08/07/25 (AG)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| University of California, 2.67%, 10/01/25 | &nbsp;&nbsp; 2000 | 1999996 |
| University of California RB |  |  |
| 5.00%, 05/15/26 | &nbsp;&nbsp; 400 | 408593 |
| VRDN, 2.25%, 08/01/25<sup>(a)</sup> | &nbsp;&nbsp; 2900 | 2900000 |
| VRDN, 2.30%, 08/01/25<sup>(a)</sup> | &nbsp;&nbsp; 900 | 900000 |
| Yucaipa Valley Water District Financing Authority RB, <br> 5.00%, 03/01/26<br>| &nbsp;&nbsp; 400 | 406399 |
|  |  | 130004462 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $129,597,367)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $129,597,367)** | 130004462 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Liquidity Funds: MuniCash, 2.51%<sup>(d)(e)</sup> | &nbsp;&nbsp; 57006 | 57012 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $57,012)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $57,012)** | 57012 |
| **Total Investments — 99.2%** <br>**(Cost: $129,654,379)** | **Total Investments — 99.2%** <br>**(Cost: $129,654,379)** | 130061474 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 1075141 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $131136615 |

---

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

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

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

<sup>(c)</sup> Zero-coupon bond.

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $—<br> $57012 <br><sup>(a)</sup><br>| $— | $— | $— | $57012 | 57006 | $2648 | $— |

---

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

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

**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  |  |  |  |  |
| Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130004462 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130004462 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 57012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57012 |
|  | &nbsp;&nbsp; $57012 | &nbsp;&nbsp; $130004462 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130061474 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 5.5%** | **Alabama — 5.5%** | **Alabama — 5.5%** |
| Baldwin County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/55<sup>(a)</sup><br>| &nbsp;&nbsp; $1500 | $1497703 |
| Black Belt Energy Gas District RB |  |  |
| 5.25%, 05/01/55 | &nbsp;&nbsp; 2500 | 2667840 |
| 5.25%, 05/01/56 | &nbsp;&nbsp; 1500 | 1526723 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 2000 | 2158120 |
| Energy Southeast A Cooperative District RB, 5.25%, <br> 07/01/54<br>| &nbsp;&nbsp; 600 | 640512 |
| Hoover Industrial Development Board RB AMT, <br> 5.75%, 10/01/49<br>| &nbsp;&nbsp; 3250 | 3268153 |
| Southeast Alabama Gas Supply District (The) RB, <br> 5.00%, 08/01/54<br>| &nbsp;&nbsp; 1000 | 1055206 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| 5.00%, 01/01/56 | &nbsp;&nbsp; 6000 | 6088808 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 100 | 106381 |
| Stadium Trace Village Improvement District (The) RB, <br> 3.63%, 03/01/36<br>| &nbsp;&nbsp; 1185 | 1044130 |
| Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 175 | 171493 |
|  |  | 20225069 |
| **Arizona — 2.2%** | **Arizona — 2.2%** | **Arizona — 2.2%** |
| Arizona Industrial Development Authority RB |  |  |
| 4.50%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 590 | 591961 |
| 5.25%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 155 | 151582 |
| Glendale Industrial Development Authority RB, 4.00%, <br> 05/15/28<br>| &nbsp;&nbsp; 380 | 369910 |
| Industrial Development Authority of the County of <br> Pima (The) RB, 5.00%, 06/15/49<sup>(a)</sup><br>| &nbsp;&nbsp; 1235 | 1077242 |
| Maricopa County Industrial Development Authority <br> RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 3750 | 3869295 |
| Maricopa County Industrial Development Authority RB <br> AMT, 4.00%, 10/15/47<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 155131 |
| Sierra Vista Industrial Development Authority RB |  |  |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1034701 |
| 5.75%, 06/15/53<sup>(a)</sup> | &nbsp;&nbsp; 160 | 152791 |
| 6.38%, 06/15/64<sup>(a)</sup> | &nbsp;&nbsp; 500 | 503143 |
|  |  | 7905756 |
| **Arkansas — 0.3%** | **Arkansas — 0.3%** | **Arkansas — 0.3%** |
| Arkansas Development Finance Authority RB AMT |  |  |
| 5.45%, 09/01/52 | &nbsp;&nbsp; 150 | 145724 |
| 6.88%, 07/01/48<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1061650 |
|  |  | 1207374 |
| **California — 7.7%** | **California — 7.7%** | **California — 7.7%** |
| California Community Choice Financing Authority RB, <br> 5.00%, 01/01/55<br>| &nbsp;&nbsp; 4150 | 4320269 |
| California County Tobacco Securitization Agency RB, <br> 5.00%, 06/01/47<br>| &nbsp;&nbsp; 1370 | 1244548 |
| California Enterprise Development Authority RB, <br> 5.00%, 07/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 523685 |
| California Infrastructure & Economic Development <br> Bank RB AMT, 9.50%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp; 10350 | 9211500 |
| California Municipal Finance Authority RB |  |  |
| 5.00%, 11/15/39 | &nbsp;&nbsp; 1000 | 965624 |
| 5.50%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp; 800 | 800654 |
| 5.88%, 05/01/59<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201147 |
| California Municipal Finance Authority RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp; 7200 | 7068977 |
| California Pollution Control Financing Authority RB, <br> 5.00%, 07/01/39<sup>(a)</sup><br>| &nbsp;&nbsp; 500 | 504903 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Statewide Communities Development <br> Authority RB<br>|  |  |
| 5.00%, 12/01/41<sup>(a)</sup> | &nbsp;&nbsp; $500 | $480922 |
| 5.00%, 12/01/46<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 928744 |
| California Statewide Financing Authority RB, 0.00%, <br> 06/01/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4250 | 251940 |
| CSCDA Community Improvement Authority RB |  |  |
| 3.25%, 04/01/57<sup>(a)</sup> | &nbsp;&nbsp; 100 | 70020 |
| 4.00%, 07/01/56<sup>(a)</sup> | &nbsp;&nbsp; 250 | 196280 |
| 4.00%, 07/01/58<sup>(a)</sup> | &nbsp;&nbsp; 100 | 64152 |
| Inland Empire Tobacco Securitization Corp. RB, <br> 0.00%, 06/01/36<sup>(b)</sup><br>| &nbsp;&nbsp; 1205 | 542575 |
| Tobacco Securitization Authority of Southern California <br> RB, 5.00%, 06/01/48<br>| &nbsp;&nbsp; 1000 | 959155 |
|  |  | 28335095 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| City & County of Denver CO RB AMT, 5.00%, <br> 10/01/32<br>| &nbsp;&nbsp; 7000 | 6996866 |
| Colorado Educational & Cultural Facilities <br> Authority RB<br>|  |  |
| 4.00%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 100 | 98868 |
| 4.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 125 | 122108 |
| Colorado Health Facilities Authority RB |  |  |
| 5.00%, 05/15/49 | &nbsp;&nbsp; 100 | 70938 |
| 5.25%, 11/01/39 | &nbsp;&nbsp; 65 | 67893 |
| Elbert County Independence Water & Sanitation <br> District RB, 5.13%, 12/01/33<br>| &nbsp;&nbsp; 1500 | 1499224 |
| Four Corners Business Improvement District GOL, <br> 6.00%, 12/01/52<br>| &nbsp;&nbsp; 1500 | 1487979 |
| Granary Metropolitan District No. 9 Special <br> Assessment District No. 1 Special Assessment, <br> 5.45%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 760 | 712805 |
| Independence Metropolitan District No. 3 GOL, <br> 7.13%, 12/15/54<br>| &nbsp;&nbsp; 500 | 498312 |
| Loretto Heights Community Authority RB, 4.88%, <br> 12/01/51<br>| &nbsp;&nbsp; 500 | 373014 |
| Pueblo Urban Renewal Authority TA, Series B, 0.00%, <br> 12/01/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 150 | 145650 |
| Redtail Ridge Metropolitan District GOL, 0.00%, <br> 12/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 2193 | 1347138 |
| Riverpark Metropolitan District/Arapahoe County GOL, <br> 6.38%, 12/01/54<br>| &nbsp;&nbsp; 1000 | 943253 |
|  |  | 14364048 |
| **Connecticut — 0.8%** | **Connecticut — 0.8%** | **Connecticut — 0.8%** |
| Connecticut State Health & Educational Facilities <br> Authority RB, 5.38%, 07/01/54<br>| &nbsp;&nbsp; 205 | 191846 |
| Mohegan Tribal Finance Authority RB, 7.00%, <br> 02/01/45<sup>(a)</sup><br>| &nbsp;&nbsp; 455 | 451610 |
| Stamford Housing Authority RB |  |  |
| 4.25%, 10/01/30 | &nbsp;&nbsp; 1500 | 1514309 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 800 | 818471 |
|  |  | 2976236 |
| **Delaware — 0.0%** | **Delaware — 0.0%** | **Delaware — 0.0%** |
| Affordable Housing Opportunities Trust RB, 6.88%, <br> 05/01/39<sup>(a)</sup><br>| &nbsp;&nbsp; 40 | 36562 |
| **District of Columbia — 0.2%** | **District of Columbia — 0.2%** | **District of Columbia — 0.2%** |
| District of Columbia RB AMT, 5.50%, 02/28/37 | &nbsp;&nbsp; 90 | 98484 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| District of Columbia Tobacco Settlement Financing <br> Corp. RB, Series C, 0.00%, 06/15/55<sup>(b)</sup><br>| &nbsp;&nbsp; $6100 | $546620 |
|  |  | 645104 |
| **Florida — 16.2%** | **Florida — 16.2%** | **Florida — 16.2%** |
| Alachua County Housing Finance Authority RB, <br> 4.90%, 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 1850 | 1838691 |
| Arbor Park Phase 1 Community Development District <br> Special Assessment, 5.75%, 05/01/35<br>| &nbsp;&nbsp; 2000 | 2154834 |
| Avenir Community Development District Special <br> Assessment, 4.75%, 11/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 393 | 393566 |
| Babcock Ranch Community Independent Special <br> District Special Assessment<br>|  |  |
| 4.25%, 05/01/32 | &nbsp;&nbsp; 100 | 97746 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 1000 | 949093 |
| Berry Bay II Community Development District Special <br> Assessment, 4.45%, 05/01/31<br>| &nbsp;&nbsp; 215 | 214218 |
| Boggy Creek Improvement District Special <br> Assessment, 5.13%, 05/01/43<br>| &nbsp;&nbsp; 460 | 440214 |
| Bradbury Community Development District, 4.38%, <br> 05/01/30<br>| &nbsp;&nbsp; 1620 | 1610007 |
| Brevard County Health Facilities Authority RB, 4.00%, <br> 11/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 150 | 143793 |
| Buckhead Trails Community Development District, <br> 4.70%, 05/01/31<br>| &nbsp;&nbsp; 1050 | 1050336 |
| Buckhead Trails Community Development District <br> Special Assessment, 5.60%, 05/01/44<br>| &nbsp;&nbsp; 250 | 239169 |
| Cabot Citrus Farms Community Development District <br> Special Assessment, 5.25%, 03/01/29<br>| &nbsp;&nbsp; 500 | 505002 |
| Capital Projects Finance Authority/Florida RB, 6.63%, <br> 06/15/59<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 98111 |
| Capital Trust Agency Inc. RB |  |  |
| 4.88%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp; 100 | 76416 |
| 5.38%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 230 | 211034 |
| City of Pompano Beach FL RB, 5.00%, 09/01/39 | &nbsp;&nbsp; 1590 | 1570379 |
| Coastal Ridge Community Development District, <br> 4.40%, 05/01/30<br>| &nbsp;&nbsp; 2250 | 2277281 |
| County of Lake Florida RB, 5.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; 1350 | 1268117 |
| County of Miami-Dade FL Aviation Revenue RB AMT, <br> 5.00%, 10/01/40<br>| &nbsp;&nbsp; 3500 | 3444213 |
| Crossings Community Development District <br> Special Assessment<br>|  |  |
| 4.75%, 05/01/31 | &nbsp;&nbsp; 265 | 266502 |
| 5.35%, 05/01/44 | &nbsp;&nbsp; 1000 | 978234 |
| Curiosity Creek Community Development District <br> Special Assessment, 4.65%, 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 300 | 307196 |
| Cypress Creek Reserve Community Development <br> District, 4.20%, 05/01/30<br>| &nbsp;&nbsp; 750 | 751193 |
| Darby Community Development District Special <br> Assessment, 5.88%, 05/01/35<br>| &nbsp;&nbsp; 175 | 173221 |
| East Nassau Stewardship District Special <br> Assessment, 5.25%, 05/01/29<br>| &nbsp;&nbsp; 885 | 885416 |
| Escambia County Health Facilities Authority RB, <br> 5.00%, 08/15/40<br>| &nbsp;&nbsp; 1000 | 1007473 |
| Florida Development Finance Corp. RB |  |  |
| 6.00%, 06/15/50 | &nbsp;&nbsp; 400 | 383278 |
| Series A, 5.13%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 500 | 400138 |
| Florida Development Finance Corp. RB AMT |  |  |
| 4.38%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 2880 | 2853847 |
| 12.00%, 07/15/59<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 2900 | 1798000 |
| Gas Worx Community Development District, 4.63%, <br> 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 345 | 349588 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Greenbriar Community Development District Special <br> Assessment, 4.80%, 05/01/32<br>| &nbsp;&nbsp; $405 | $418115 |
| Hammock Oaks Community Development District <br> Special Assessment<br>|  |  |
| 4.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; 670 | 678023 |
| 5.85%, 05/01/44 | &nbsp;&nbsp; 100 | 97908 |
| Hickory Tree Community Development District Special <br> Assessment, 5.15%, 05/01/44<br>| &nbsp;&nbsp; 1000 | 955089 |
| Hillcrest Preserve Community Development District <br> Special Assessment, 5.00%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 937730 |
| Hyde Park Community Development District No. 1 <br> Special Assessment, 5.25%, 05/01/34<br>| &nbsp;&nbsp; 1690 | 1713416 |
| Ibis Landing Community Development District, 4.13%, <br> 06/15/30<br>| &nbsp;&nbsp; 200 | 200439 |
| Kings Creek I Community Development District |  |  |
| 4.50%, 05/01/30 | &nbsp;&nbsp; 300 | 302713 |
| 5.00%, 05/01/36 | &nbsp;&nbsp; 455 | 462079 |
| Kingston One Community Development District, <br> 4.25%, 05/01/30<br>| &nbsp;&nbsp; 1000 | 1005439 |
| Lakes of Sarasota Community Development District 2 <br> Special Assessment<br>|  |  |
| 5.20%, 05/01/35 | &nbsp;&nbsp; 3040 | 3045275 |
| 5.85%, 05/01/35 | &nbsp;&nbsp; 3175 | 3171147 |
| Lakes of Sarasota Community Development District <br> Special Assessment, 5.25%, 05/01/34<br>| &nbsp;&nbsp; 2325 | 2370549 |
| Lee County Industrial Development Authority/Florida <br> RB, 4.75%, 11/15/29<br>| &nbsp;&nbsp; 250 | 252160 |
| Lowery Hills Community Development District <br> Special Assessment<br>|  |  |
| 4.55%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; 440 | 443554 |
| 4.55%, 06/15/35 | &nbsp;&nbsp; 370 | 368243 |
| LTC Ranch West Residential Community <br> Development District Special Assessment, 4.75%, <br> 05/01/31<br>| &nbsp;&nbsp; 305 | 302951 |
| Madeira Community Development District <br> Special Assessment<br>|  |  |
| 4.25%, 06/15/30 | &nbsp;&nbsp; 260 | 261259 |
| 5.00%, 05/01/39 | &nbsp;&nbsp; 585 | 590321 |
| Magnolia Island Community Development District <br> Special Assessment, 5.55%, 05/01/45<br>| &nbsp;&nbsp; 750 | 748047 |
| Malabar Springs Community Development District <br> Special Assessment, 4.50%, 05/01/31<br>| &nbsp;&nbsp; 440 | 439089 |
| Newfield Community Development District |  |  |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 765 | 774837 |
| 5.00%, 05/01/35 | &nbsp;&nbsp; 795 | 817391 |
| Normandy Community Development District, 4.63%, <br> 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 2035 | 2038571 |
| Normandy Community Development District Special <br> Assessment, 5.30%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 1500 | 1458671 |
| North AR-1 Pasco Community Development District <br> Special Assessment, 5.75%, 05/01/44<br>| &nbsp;&nbsp; 85 | 86232 |
| Parrish Lakes II Community Development District, <br> 4.25%, 05/01/31<br>| &nbsp;&nbsp; 1165 | 1154347 |
| Parrish Plantation Community Development District <br> Special Assessment, 5.63%, 05/01/44<br>| &nbsp;&nbsp; 250 | 251481 |
| Reflection Bay Community Development District, <br> 4.50%, 05/01/30<br>| &nbsp;&nbsp; 325 | 328552 |
| Solaeris Community Development District, 4.63%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 1085 | 1092941 |
| Tradition Community Development District No. 9 <br> Special Assessment, 4.35%, 05/01/32<br>| &nbsp;&nbsp; 535 | 538575 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Two Lakes Community Development District Special <br> Assessment, 5.00%, 05/01/44<br>| &nbsp;&nbsp; $1000 | $992685 |
| Village Community Development District No. 14 <br> Special Assessment<br>|  |  |
| 5.38%, 05/01/42 | &nbsp;&nbsp; 95 | 96168 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 95 | 96337 |
| West Villages Improvement District, 4.50%, 05/01/31 | &nbsp;&nbsp; 505 | 504027 |
| West Villages Improvement District Special <br> Assessment, 4.75%, 05/01/39<br>| &nbsp;&nbsp; 1750 | 1643563 |
|  |  | 59374230 |
| **Georgia — 0.9%** | **Georgia — 0.9%** | **Georgia — 0.9%** |
| Atlanta Development Authority (The) TA |  |  |
| 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 180 | 177849 |
| 5.50%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp; 280 | 278637 |
| City of Atlanta GA Water & Wastewater Revenue RB, <br> 5.00%, 11/01/40<br>| &nbsp;&nbsp; 1400 | 1399405 |
| Development Authority of Cobb County (The) RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp; 275 | 271544 |
| Main Street Natural Gas Inc. RB, 5.00%, 12/01/52 | &nbsp;&nbsp; 1000 | 1042315 |
|  |  | 3169750 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **Idaho — 0.2%** |
| Idaho Housing & Finance Association RB, 5.00%, <br> 12/01/38<sup>(a)</sup><br>| &nbsp;&nbsp; 625 | 615446 |
| **Illinois — 2.5%** | **Illinois — 2.5%** | **Illinois — 2.5%** |
| Chicago Board of Education GO |  |  |
| 5.00%, 12/01/46 | &nbsp;&nbsp; 1000 | 903943 |
| 5.00%, 12/01/46 | &nbsp;&nbsp; 475 | 424132 |
| 5.00%, 12/01/46 | &nbsp;&nbsp; 500 | 450104 |
| 5.00%, 12/01/47 | &nbsp;&nbsp; 500 | 446963 |
| City of Marion Illinois Sales Tax Revenue RB, 6.38%, <br> 06/01/45<br>| &nbsp;&nbsp; 330 | 314944 |
| County of Cook Illinois RB, 6.50%, 01/01/45 | &nbsp;&nbsp; 750 | 726576 |
| Illinois Finance Authority RB, 5.25%, 10/01/39<sup>(a)</sup> | &nbsp;&nbsp; 500 | 499051 |
| Illinois State Toll Highway Authority RB |  |  |
| 5.00%, 01/01/37 | &nbsp;&nbsp; 250 | 249901 |
| 5.00%, 01/01/38 | &nbsp;&nbsp; 5000 | 4997777 |
| Metropolitan Pier & Exposition Authority RB, 4.00%, <br> 06/15/50<br>| &nbsp;&nbsp; 175 | 142868 |
|  |  | 9156259 |
| **Indiana — 0.2%** | **Indiana — 0.2%** | **Indiana — 0.2%** |
| City of Valparaiso Indiana RB AMT, 4.50%, <br> 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 102383 |
| Indiana Finance Authority RB, Class A,4.13%, <br> 12/01/26<br>| &nbsp;&nbsp; 640 | 641019 |
|  |  | 743402 |
| **Kentucky — 0.6%** | **Kentucky — 0.6%** | **Kentucky — 0.6%** |
| City of Henderson Kentucky RB AMT, 4.70%, <br> 01/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 650 | 568480 |
| Kentucky Economic Development Finance Authority <br> RB, 5.25%, 06/01/41<br>| &nbsp;&nbsp; 1000 | 998067 |
| Kentucky Public Energy Authority RB, 4.00%, <br> 02/01/50<br>| &nbsp;&nbsp; 500 | 504078 |
|  |  | 2070625 |
| **Louisiana — 1.3%** | **Louisiana — 1.3%** | **Louisiana — 1.3%** |
| Juban Crossing Community Development District <br> Special Assessment, 6.25%, 06/01/34<br>| &nbsp;&nbsp; 3000 | 3027335 |
| Louisiana Public Facilities Authority RB |  |  |
| 5.00%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp; 1285 | 1230897 |
| 5.00%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; 665 | 605371 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| 6.50%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp; $100 | $90376 |
|  |  | 4953979 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Finance Authority of Maine RB, 9.50%, 06/01/32 | &nbsp;&nbsp; 25 | 25042 |
| Finance Authority of Maine RB AMT |  |  |
| 4.63%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp; 175 | 168189 |
| 8.50%, 06/01/32 | &nbsp;&nbsp; 25 | 24890 |
| 8.50%, 06/01/35 | &nbsp;&nbsp; 100 | 82966 |
| Maine Health & Higher Educational Facilities Authority <br> RB, 4.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp; 260 | 229283 |
|  |  | 530370 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| City of Baltimore Maryland RB, 4.50%, 06/01/33 | &nbsp;&nbsp; 100 | 100163 |
| Maryland Economic Development Corp. RB AMT, <br> 5.25%, 06/30/55<br>| &nbsp;&nbsp; 315 | 291299 |
| Maryland Health & Higher Educational Facilities <br> Authority RB, 5.50%, 01/01/46<br>| &nbsp;&nbsp; 245 | 245991 |
|  |  | 637453 |
| **Massachusetts — 1.4%** | **Massachusetts — 1.4%** | **Massachusetts — 1.4%** |
| Massachusetts School Building Authority RB, <br> Series C, 5.00%, 08/15/37<br>| &nbsp;&nbsp; 5000 | 4999365 |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| City of Detroit Michigan GOL, Series B-1, 4.00%, <br> 04/01/44<br>| &nbsp;&nbsp; 348 | 258398 |
| Flint International Academy RB, 5.75%, 10/01/37 | &nbsp;&nbsp; 2485 | 2484054 |
| Michigan Strategic Fund RB, 5.00%, 11/15/29 | &nbsp;&nbsp; 1260 | 1301325 |
| Michigan Strategic Fund RB AMT, 4.00%, 10/01/61 | &nbsp;&nbsp; 550 | 544103 |
|  |  | 4587880 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| City of Forest Lake Minnesota RB, 5.00%, 07/01/56 | &nbsp;&nbsp; 260 | 200816 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| Kansas City Industrial Development Authority RB, <br> 5.00%, 06/01/46<sup>(a)</sup><br>| &nbsp;&nbsp; 115 | 103859 |
| **New Hampshire — 3.5%** | **New Hampshire — 3.5%** | **New Hampshire — 3.5%** |
| New Hampshire Business Finance Authority RB |  |  |
| 0.00%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 255 | 170782 |
| 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2500 | 1515253 |
| 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2585 | 1562330 |
| 3.63%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp; 250 | 195373 |
| 5.25%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2951 | 2949346 |
| 5.38%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 566 | 566638 |
| 5.38%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1229 | 1214465 |
| 5.75%, 04/28/42 | &nbsp;&nbsp; 470 | 472308 |
| 5.88%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1530 | 1538926 |
| 5.95%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1645 | 1685733 |
| New Hampshire Business Finance Authority RB AMT, <br> Class A, AMT, 4.00%, 10/01/33, <br> (SIFMA Municipal Swap Index)<br>| &nbsp;&nbsp; 910 | 914894 |
|  |  | 12786048 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| Camden County Improvement Authority (The) RB, <br> 6.00%, 06/15/62<br>| &nbsp;&nbsp; 75 | 77080 |
| New Jersey Economic Development Authority RB <br> AMT, 6.38%, 01/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 835 | 842155 |
|  |  | 919235 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York — 7.0%** | **New York — 7.0%** | **New York — 7.0%** |
| Build NYC Resource Corp. RB |  |  |
| 5.25%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; $500 | $470228 |
| 5.50%, 06/15/63<sup>(a)</sup> | &nbsp;&nbsp; 250 | 223924 |
| Erie Tobacco Asset Securitization Corp. RB, 5.00%, <br> 06/01/38<br>| &nbsp;&nbsp; 2000 | 1814680 |
| New York Liberty Development Corp. RB |  |  |
| 5.00%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp; 500 | 480057 |
| 5.38%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 550 | 542574 |
| New York State Environmental Facilities Corp. RB <br> AMT, 5.13%, 09/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 254932 |
| New York Transportation Development Corp RB AMT, <br> 5.25%, 08/01/31<br>| &nbsp;&nbsp; 10420 | 10693095 |
| New York Transportation Development Corp. RB, <br> 5.00%, 12/01/38<br>| &nbsp;&nbsp; 500 | 514621 |
| New York Transportation Development Corp. RB AMT |  |  |
| 3.00%, 08/01/31 | &nbsp;&nbsp; 1000 | 921029 |
| 5.00%, 01/01/30 | &nbsp;&nbsp; 250 | 254718 |
| 5.00%, 10/01/40 | &nbsp;&nbsp; 2310 | 2253040 |
| 5.00%, 07/01/46 | &nbsp;&nbsp; 7000 | 6644863 |
| Suffolk Regional Off-Track Betting Co. RB |  |  |
| 5.00%, 12/01/34 | &nbsp;&nbsp; 100 | 102915 |
| 5.75%, 12/01/44 | &nbsp;&nbsp; 200 | 204210 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 200 | 203272 |
|  |  | 25578158 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** | **North Carolina — 0.2%** |
| North Carolina Medical Care Commission RB, 5.00%, <br> 09/01/34<br>| &nbsp;&nbsp; 900 | 883061 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency RB, 4.70%, <br> 07/01/49<br>| &nbsp;&nbsp; 750 | 712640 |
| **Ohio — 0.9%** | **Ohio — 0.9%** | **Ohio — 0.9%** |
| Cleveland-Cuyahoga County Port Authority RB, <br> 5.25%, 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp; 750 | 772336 |
| Hickory Chase Community Authority RB, 5.00%, <br> 12/01/40<sup>(a)</sup><br>| &nbsp;&nbsp; 330 | 309134 |
| Ohio Air Quality Development Authority RB AMT, <br> 4.50%, 01/15/48<sup>(a)</sup><br>| &nbsp;&nbsp; 2400 | 2086851 |
| Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 240 | 230257 |
|  |  | 3398578 |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |
| Oklahoma Development Finance Authority RB, <br> Series A-2, 7.25%, 09/01/51<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 239654 |
| Tulsa Authority for Economic Opportunity TA, 4.38%, <br> 12/01/41<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 87073 |
| Tulsa County Industrial Authority RB |  |  |
| 5.00%, 11/15/32 | &nbsp;&nbsp; 335 | 342670 |
| 5.00%, 11/15/38 | &nbsp;&nbsp; 500 | 487538 |
| 5.25%, 11/15/45 | &nbsp;&nbsp; 75 | 71191 |
| Tulsa Municipal Airport Trust Trustees/OK RB AMT, <br> 6.25%, 12/01/35<br>| &nbsp;&nbsp; 680 | 748499 |
|  |  | 1976625 |
| **Oregon — 0.4%** | **Oregon — 0.4%** | **Oregon — 0.4%** |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 1570 | 1572372 |
| **Pennsylvania — 5.9%** | **Pennsylvania — 5.9%** | **Pennsylvania — 5.9%** |
| Allegheny Community Broadband Inc. RB, 7.50%, <br> 09/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 255 | 251962 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Allentown Neighborhood Improvement Zone <br> Development Authority RB<br>|  |  |
| 5.00%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; $370 | $361056 |
| 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 950630 |
| 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1978201 |
| Beaver County Industrial Development Authority RB, <br> 3.75%, 10/01/47<br>| &nbsp;&nbsp; 295 | 229435 |
| Berks County Industrial Development Authority RB, <br> 5.00%, 05/15/37<br>| &nbsp;&nbsp; 2500 | 2502663 |
| Berks County Municipal Authority (The) RB, 5.00%, <br> 10/01/39<br>| &nbsp;&nbsp; 390 | 357589 |
| City of Philadelphia PA Water & Wastewater Revenue <br> RB, Series A, 5.00%, 10/01/42<br>| &nbsp;&nbsp; 6475 | 6509831 |
| Doylestown Hospital Authority RB |  |  |
| 5.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 100 | 109519 |
| 5.38%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp; 100 | 108372 |
| Hospitals & Higher Education Facilities Authority of <br> Philadelphia (The) RB, 5.00%, 07/01/33<br>| &nbsp;&nbsp; 4870 | 4931393 |
| Lancaster County Hospital Authority/Pennsylvania RB, <br> 5.25%, 07/01/41<br>| &nbsp;&nbsp; 100 | 93619 |
| Pennsylvania Economic Development Financing <br> Authority RB<br>|  |  |
| 5.25%, 12/01/37 | &nbsp;&nbsp; 230 | 231482 |
| 5.25%, 12/01/38 | &nbsp;&nbsp; 130 | 130837 |
| Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| 5.25%, 06/30/53 | &nbsp;&nbsp; 100 | 93961 |
| 5.75%, 06/30/48 | &nbsp;&nbsp; 860 | 859831 |
| VRDN, 4.00%, 06/01/41 <br> (SIFMA Municipal Swap Index)<br>| &nbsp;&nbsp; 915 | 918624 |
| Pennsylvania Higher Education Assistance Agency <br> RB AMT<br>|  |  |
| 5.00%, 06/01/31 | &nbsp;&nbsp; 1000 | 1050869 |
| 5.00%, 06/01/51 | &nbsp;&nbsp; 100 | 90479 |
|  |  | 21760353 |
| **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** |
| Children's Trust Fund RB, Series A, 0.00%, <br> 05/15/57<sup>(b)</sup><br>| &nbsp;&nbsp; 1180 | 59995 |
| Commonwealth of Puerto Rico GO |  |  |
| 0.00%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp; 515 | 357999 |
| 5.75%, 07/01/31 | &nbsp;&nbsp; 2546 | 2761751 |
|  |  | 3179745 |
| **Rhode Island — 0.3%** | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** |
| Rhode Island Commerce Corp. RB, 5.00%, 07/01/37 | &nbsp;&nbsp; 1110 | 1124379 |
| Tobacco Settlement Financing Corp./Rhode Island <br> RB, 5.00%, 06/01/50<br>| &nbsp;&nbsp; 60 | 54523 |
|  |  | 1178902 |
| **South Carolina — 0.1%** | **South Carolina — 0.1%** | **South Carolina — 0.1%** |
| City of Hardeeville South Carolina Special <br> Assessment, 4.00%, 05/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 70839 |
| Patriots Energy Group Financing Agency RB, 5.25%, <br> 10/01/54<br>| &nbsp;&nbsp; 160 | 169696 |
| South Carolina Jobs-Economic Development Authority <br> RB, 7.50%, 08/15/62<sup>(a)</sup><br>| &nbsp;&nbsp; 25 | 22434 |
|  |  | 262969 |
| **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** |
| Metropolitan Government Nashville & Davidson <br> County Health & Educational Facs Bd RB, 5.00%, <br> 10/01/37<br>| &nbsp;&nbsp; 345 | 350748 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| Metropolitan Government Nashville & Davidson <br> County Industrial Development Board Special <br> Assessment, 0.00%, 06/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $95 | $38880 |
| Tennergy Corp./Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp; 500 | 534982 |
|  |  | 924610 |
| **Texas — 8.4%** | **Texas — 8.4%** | **Texas — 8.4%** |
| Angelina & Neches River Authority RB AMT, Series A, <br> Class A,7.50%, 12/01/45<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 100 | 9951 |
| Arlington Higher Education Finance Corp. RB |  |  |
| 5.75%, 08/15/62 | &nbsp;&nbsp; 250 | 183425 |
| 7.88%, 11/01/62<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25102 |
| Bexar County Health Facilities Development Corp. <br> RB, 5.00%, 07/15/26<br>| &nbsp;&nbsp; 110 | 110400 |
| City of Buda Texas Special Assessment |  |  |
| 5.00%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp; 100 | 98103 |
| 5.75%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp; 640 | 629153 |
| City of Celina Texas Special Assessment |  |  |
| 4.35%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 205 | 204459 |
| 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 333 | 325677 |
| City of Celina TX |  |  |
| 4.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1702 | 1699144 |
| 4.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2019714 |
| City of Corpus Christi Texas Special Assessment |  |  |
| 5.38%, 09/15/31 | &nbsp;&nbsp; 100 | 99052 |
| 6.13%, 09/15/44 | &nbsp;&nbsp; 100 | 93950 |
| 6.50%, 09/15/54 | &nbsp;&nbsp; 103 | 96780 |
| City of Friendswood Texas Special Assessment, <br> 7.00%, 09/15/54<br>| &nbsp;&nbsp; 303 | 293008 |
| City of Houston Texas Airport System Revenue <br> RB AMT<br>|  |  |
| 5.00%, 07/15/27 | &nbsp;&nbsp; 1250 | 1263435 |
| 5.50%, 07/15/35 | &nbsp;&nbsp; 2000 | 2070941 |
| 5.50%, 07/15/38 | &nbsp;&nbsp; 200 | 206067 |
| City of Lowry Crossing TX, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 403078 |
| City of Marble Falls Texas Special Assessment, <br> 6.38%, 09/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 500 | 460251 |
| City of Oak Point Texas Special Assessment, 4.70%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 198120 |
| City of Pilot Point Texas Special Assessment, 6.13%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; 240 | 236801 |
| City of Princeton Texas Special Assessment |  |  |
| 4.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 300 | 302108 |
| 4.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50373 |
| 5.00%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp; 50 | 45840 |
| 5.13%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp; 75 | 70768 |
| City of Seagoville TX, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 954 | 958080 |
| Clifton Higher Education Finance Corp. RB, 5.00%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 192909 |
| Club Municipal Management District No 1, 4.38%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 1500 | 1514958 |
| County of Denton Texas Special Assessment |  |  |
| 4.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp; 650 | 643420 |
| 5.00%, 12/31/35<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 974065 |
| 5.25%, 12/31/44<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 962049 |
| County of Denton TX, 4.63%, 12/31/31<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1820451 |
| Mesquite Housing Finance Corp. (The) RB, 4.53%, <br> 02/01/44 (FNMA)<br>| &nbsp;&nbsp; 1000 | 930583 |
| Mission Economic Development Corp RB AMT, <br> 4.63%, 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 4000 | 3995578 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| New Hope Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| 5.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; $1000 | $754337 |
| 5.00%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 872044 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 750 | 713876 |
| New Hope Higher Education Finance Corp. RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 238571 |
| Port Beaumont Navigation District RB AMT, 4.00%, <br> 01/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 1810 | 1261309 |
| Port of Beaumont Industrial Development Authority <br> RB, 4.10%, 01/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2300 | 2033824 |
| Port of Beaumont Navigation District RB AMT, 5.25%, <br> 01/01/54<sup>(a)</sup><br>| &nbsp;&nbsp; 600 | 543322 |
| Town of Trophy Club Public Improvement District No. <br> 1 Special Assessment, 5.00%, 09/01/30<br>| &nbsp;&nbsp; 1000 | 1057742 |
|  |  | 30662818 |
| **Utah — 1.8%** | **Utah — 1.8%** | **Utah — 1.8%** |
| Mida Mountain Village Public Infrastructure District TA, <br> 5.50%, 06/15/39<sup>(a)</sup><br>| &nbsp;&nbsp; 2250 | 2217755 |
| Utah Charter School Finance Authority RB |  |  |
| 3.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 915 | 875312 |
| 5.00%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1352282 |
| 5.00%, 10/15/44 (UT CSCE) | &nbsp;&nbsp; 500 | 492273 |
| 5.25%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 730 | 752758 |
| 5.25%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; 790 | 759953 |
| Utah Infrastructure Agency RB |  |  |
| 5.50%, 10/15/44 | &nbsp;&nbsp; 55 | 55680 |
| 5.50%, 10/15/48 | &nbsp;&nbsp; 50 | 49891 |
|  |  | 6555904 |
| **Vermont — 4.7%** | **Vermont — 4.7%** | **Vermont — 4.7%** |
| East Central Vermont Telecommunications District RB, <br> 4.50%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 80050 |
| University of Vermont and State Agricultural College <br> RB, 5.00%, 10/01/40<br>| &nbsp;&nbsp; 12000 | 12002136 |
| Vermont Economic Development Authority RB AMT, <br> 5.00%, 06/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 5000 | 5041573 |
|  |  | 17123759 |
| **Virginia — 0.4%** | **Virginia — 0.4%** | **Virginia — 0.4%** |
| James City County Economic Development Authority <br> RB, 5.25%, 12/01/27<br>| &nbsp;&nbsp; 85 | 85092 |
| Tobacco Settlement Financing Corp./Virginia RB, <br> Series B1, 5.00%, 06/01/47<br>| &nbsp;&nbsp; 1550 | 1290369 |
| Virginia Beach Development Authority RB, 5.38%, <br> 09/01/29<br>| &nbsp;&nbsp; 100 | 101096 |
|  |  | 1476557 |
| **Washington — 0.8%** | **Washington — 0.8%** | **Washington — 0.8%** |
| County of King Washington Sewer Revenue RB, <br> 4.00%, 07/01/39<br>| &nbsp;&nbsp; 500 | 478041 |
| Washington State Housing Finance Commission RB |  |  |
| 3.95%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 295 | 295106 |
| 4.75%, 01/01/34<sup>(a)</sup> | &nbsp;&nbsp; 945 | 917823 |
| 5.00%, 01/01/26<sup>(a)</sup> | &nbsp;&nbsp; 500 | 500802 |
| 5.50%, 01/01/44<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 921958 |
|  |  | 3113730 |
| **Wisconsin — 4.4%** | **Wisconsin — 4.4%** | **Wisconsin — 4.4%** |
| Public Finance Authority RB |  |  |
| 0.00%, 12/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1299 | 816969 |
| 0.00%, 12/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 1760 | 858185 |
| 0.00%, 12/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 365 | 163405 |
| 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 285 | 290567 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| 5.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; $294 | $296624 |
| 5.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 315 | 318890 |
| 5.00%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 765 | 801573 |
| 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 825 | 837298 |
| 5.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp; 2999 | 2913432 |
| 5.00%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp; 25 | 18115 |
| 5.25%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp; 65 | 42563 |
| 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1938442 |
| 5.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 627 | 607690 |
| 5.75%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1460214 |
| 7.50%, 07/01/59<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1095296 |
| 7.75%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp; 310 | 313400 |
| 12.00%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp; 105 | 116488 |
| Series A, 5.00%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 500 | 378103 |
| Public Finance Authority RB AMT, 5.50%, 07/01/44 | &nbsp;&nbsp; 1750 | 1754744 |
| Public Finance Authority TA, 5.00%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 970160 |
|  |  | 15992158 |
| **Total Municipal Debt Obligations — 86.4%** <br>**(Cost: $323,412,621)** | **Total Municipal Debt Obligations — 86.4%** <br>**(Cost: $323,412,621)** | 316896900 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Timberhp by Go Lab Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp; 12446 | 83513 |
| **Total Common Stocks — 0.1%** <br>**(Cost $0)** | **Total Common Stocks — 0.1%** <br>**(Cost $0)** | 83513 |
| **Total Long-Term Investments — 86.5%** <br>**(Cost: $323,412,621)** | **Total Long-Term Investments — 86.5%** <br>**(Cost: $323,412,621)** | 316980413 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 12.5%** | **Money Market Funds — 12.5%** | **Money Market Funds — 12.5%** |
| BlackRock Liquidity Funds: MuniCash, 2.51%<sup>(f)(g)</sup> | &nbsp;&nbsp; 45905637 | $45910228 |
| **Total Short-Term Securities — 12.5%** <br>**(Cost: $45,910,139)** | **Total Short-Term Securities — 12.5%** <br>**(Cost: $45,910,139)** | 45910228 |
| **Total Investments — 99.0%** <br>**(Cost: $369,322,760)** | **Total Investments — 99.0%** <br>**(Cost: $369,322,760)** | 362890641 |
| **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | 3841923 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $366732564 |

---

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

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

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> Issuer filed for bankruptcy and/or is in default.

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $8706028<br> $37204200 <br><sup>(a)</sup><br>| $— | $— | $— | $45910228 | 45905637 | $602002 | $— |

---

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Short Duration High Yield Muni Active ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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  |  |  |  |  |
| Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $316896900 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $316896900 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 83513 | &nbsp;&nbsp; 83513 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 45910228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45910228 |
|  | &nbsp;&nbsp; $45910228 | &nbsp;&nbsp; $316896900 | &nbsp;&nbsp; $83513 | &nbsp;&nbsp; $362890641 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**iShares Total Return Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| ACREC LLC, 5.66%, 08/18/42, (1-mo. CME Term <br> SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $100 | $100125 |
| ACRES LLC, 5.95%, 08/18/40, (1-mo. CME Term <br> SOFR + 1.619%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 385 | 385458 |
| Affirm Asset Securitization Trust, 5.19%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 292 | 291884 |
| Affirm Master Trust, 4.99%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 133 | 133551 |
| AGL Core CLO 2 Ltd., 5.79%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251029 |
| Anchorage Capital CLO 17 Ltd., 5.55%, <br> 02/15/38, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250269 |
| Apidos CLO XXXIV, 5.74%, 01/20/35, (3-mo. <br> CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250619 |
| AREIT Ltd. |  |  |
| 6.03%, 05/17/41, (1-mo. CME Term SOFR + <br> 1.686%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 175 | 175246 |
| 5.73%, 12/17/29, (1-mo. CME Term SOFR + <br> 1.388%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 323 | 323446 |
| Ares XLI Clo Ltd., 6.03%, 04/15/34, (3-mo. CME <br> Term SOFR + 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 300 | 300443 |
| Argent Securities Trust, 5.05%, 03/25/36, (1-mo. <br> CME Term SOFR + 0.694%)<sup>(b)</sup><br>| &nbsp;&nbsp; 260 | 141648 |
| Ballyrock CLO 14 Ltd., 5.71%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250872 |
| BBAM U.S. CLO I Ltd., 5.52%, 03/30/38, (3-mo. <br> CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249935 |
| BDS LLC, 5.93%, 09/19/39, (1-mo. CME Term <br> SOFR + 1.576%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 138 | 138479 |
| Bear Stearns Asset Backed Securities I Trust, <br> 4.72%, 10/25/36, (1-mo. CME Term SOFR + <br> 0.734%)<sup>(b)</sup><br>| &nbsp;&nbsp; 70 | 57528 |
| Bear Stearns Asset-Backed Securities I Trust, <br> 4.85%, 06/25/47, (1-mo. CME Term SOFR + <br> 0.494%)<sup>(b)</sup><br>| &nbsp;&nbsp; 90 | 77474 |
| Bear Stearns Structured Products Trust |  |  |
| 6.47%, 03/25/37, (1-mo. CME Term SOFR + <br> 2.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 77 | 75991 |
| 6.47%, 03/25/37, (1-mo. CME Term SOFR + <br> 2.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 100 | 85118 |
| Benefit Street Partners CLO IV Ltd., 6.23%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250474 |
| Benefit Street Partners CLO XXIX, 5.50%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249876 |
| Benefit Street Partners CLO XXVII Ltd., 5.70%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250750 |
| Birch Grove CLO 6 Ltd., 5.75%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250711 |
| BlueMountain CLO Ltd. |  |  |
| 5.51%, 10/25/30, (3-mo. CME Term SOFR + <br> 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 131 | 130510 |
| 5.53%, 11/15/30, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 119 | 119420 |
| BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 131 | 130609 |
| Buckhorn Park CLO Ltd., 5.93%, 07/18/34, (3-mo. <br> CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250020 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| BXMT Ltd., 5.99%, 10/18/42, (1-mo. CME Term <br> SOFR + 1.639%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $273 | $272258 |
| CBAM Ltd., 5.71%, 04/20/32, (3-mo. CME Term <br> SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 264 | 264697 |
| CIFC Funding Ltd. |  |  |
| 7.44%, 07/18/31, (3-mo. CME Term SOFR + <br> 3.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250614 |
| 5.77%, 07/16/37, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250743 |
| 5.62%, 01/15/40, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250637 |
| 5.41%, 04/15/38, (3-mo. CME Term SOFR + <br> 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249755 |
| 6.28%, 07/15/36, (3-mo. CME Term SOFR + <br> 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250549 |
| 6.07%, 10/24/37, (3-mo. CME Term SOFR + <br> 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250912 |
| CIT Mortgage Loan Trust, 7.09%, <br> 10/25/37, (1-mo. CME Term SOFR + <br> 2.739%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 425 | 418033 |
| Citigroup Mortgage Loan Trust Inc., 8.22%, <br> 07/25/37, (1-mo. CME Term SOFR + <br> 3.864%)<sup>(b)</sup><br>| &nbsp;&nbsp; 134 | 119514 |
| Clover CLO LLC, 5.39%, 01/25/35, (3-mo. CME <br> Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250391 |
| College Ave Student Loans LLC |  |  |
| 5.33%, 05/25/55<sup>(a)</sup> | &nbsp;&nbsp; 71 | 71608 |
| 2.32%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp; 178 | 160321 |
| Compass Datacenters Issuer III LLC, 5.29%, <br> 07/25/50<sup>(a)</sup><br>| &nbsp;&nbsp; 124 | 124035 |
| Creeksource Dunes Creek CLO Ltd. |  |  |
| 5.73%, 01/15/38, (3-mo. CME Term SOFR + <br> 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251064 |
| 6.07%, 01/15/38, (3-mo. CME Term SOFR + <br> 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250243 |
| CWABS Asset-Backed Certificates Trust |  |  |
| 6.30%, 12/25/35<sup>(b)</sup> | &nbsp;&nbsp; 52 | 50766 |
| 4.89%, 04/25/46, (1-mo. CME Term SOFR + <br> 0.534%)<sup>(b)</sup><br>| &nbsp;&nbsp; 283 | 216858 |
| Diameter Capital CLO 10 Ltd., 5.60%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 500944 |
| Diameter Capital CLO 8 Ltd., 5.73%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 350 | 351225 |
| Dwight Issuer LLC, 6.01%, 09/18/42, (1-mo. CME <br> Term SOFR + 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 100 | 100090 |
| ELFI Graduate Loan Program LLC, 5.56%, <br> 08/25/49<sup>(a)</sup><br>| &nbsp;&nbsp; 155 | 156107 |
| Elmwood CLO 24 Ltd., 5.60%, 01/17/38, (3-mo. <br> CME Term SOFR + 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 258 | 258580 |
| Elmwood CLO 39 Ltd., 5.42%, 04/17/38, (3-mo. <br> CME Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249754 |
| First Franklin Mortgage Loan Trust, 5.07%, <br> 01/25/36, (1-mo. CME Term SOFR + <br> 0.714%)<sup>(b)</sup><br>| &nbsp;&nbsp; 328 | 291554 |
| First NLC Trust, 4.65%, 08/25/37, (1-mo. CME <br> Term SOFR + 0.294%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 42 | 20821 |
| FirstKey Homes Trust |  |  |
| 3.50%, 07/17/38<sup>(a)</sup> | &nbsp;&nbsp; 184 | 178659 |
| 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp; 170 | 166942 |
| FNA 8 LLC, 5.62%, 03/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 91 | 90811 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Foundation Finance Trust, 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; $95 | $94493 |
| FS Rialto Issuer LLC, 5.98%, 10/19/39, (1-mo. <br> CME Term SOFR + 1.631%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 100 | 100697 |
| Galaxy XX CLO Ltd., 5.94%, 04/20/31, (3-mo. <br> CME Term SOFR + 1.612%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 209 | 208879 |
| Generate CLO 20 Ltd., 6.02%, 01/25/38, (3-mo. <br> CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250889 |
| Generate CLO 9 Ltd., 5.68%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250875 |
| Goldentree Loan Management U.S. Clo 26 Ltd., <br> 1.00%, 07/20/38, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250000 |
| Goldman Home Improvement Trust Issuer Trust, <br> 4.50%, 06/25/52<sup>(a)</sup><br>| &nbsp;&nbsp; 18 | 17719 |
| Golub Capital Partners CLO 77 B Ltd., 5.57%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250358 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp; 96 | 96349 |
| 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp; 95 | 95267 |
| 5.32%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp; 113 | 113159 |
| 5.98%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp; 172 | 173065 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; 183 | 183908 |
| 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; 149 | 149101 |
| GreenSky Home Improvement Trust |  |  |
| 5.67%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; 64 | 65353 |
| 5.87%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; 172 | 174483 |
| GSAMP Trust, 4.92%, 06/25/36, (1-mo. CME <br> Term SOFR + 0.564%)<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 42239 |
| JP Morgan Mortgage Acquisition Trust, 4.47%, <br> 11/25/36<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 202440 |
| Lendmark Funding Trust |  |  |
| 2.00%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; 130 | 123532 |
| 5.33%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; 100 | 100759 |
| Lewey Park CLO Ltd., 6.03%, 10/21/37, (3-mo. <br> CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250625 |
| LoanCore, 5.73%, 08/17/42, (1-mo. CME Term <br> SOFR + 1.385%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 116 | 115898 |
| Long Beach Mortgage Loan Trust, 4.83%, <br> 03/25/46, (1-mo. CME Term SOFR + <br> 0.474%)<sup>(b)</sup><br>| &nbsp;&nbsp; 339 | 264015 |
| Madison Park Funding LXXI Ltd., 5.41%, <br> 04/23/38, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249758 |
| Mariner Finance issuance Trust, 4.91%, <br> 11/20/38<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 100506 |
| Mariner Finance Issuance Trust |  |  |
| 4.98%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; 195 | 196537 |
| 5.69%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; 100 | 101146 |
| MFA Trust, 6.33%, 09/25/54<sup>(c)</sup> | &nbsp;&nbsp; 91 | 90972 |
| MidOcean Credit CLO XI Ltd., 5.54%, <br> 01/18/36, (3-mo. CME Term SOFR + <br> 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250525 |
| MidOcean Credit CLO XII Ltd., 5.67%, <br> 07/18/38, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250788 |
| Milford Park CLO Ltd., 5.49%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Morgan Stanley ABS Capital I Inc. Trust |  |  |
| 4.54%, 10/25/36, (1-mo. CME Term SOFR + <br> 0.184%)<sup>(b)</sup><br>| &nbsp;&nbsp; $188 | $80711 |
| 4.70%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.574%)<sup>(b)</sup><br>| &nbsp;&nbsp; 703 | 402058 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| 6.51%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp; 11 | 2292 |
| 6.36%, 01/25/47 | &nbsp;&nbsp; 79 | 27798 |
| Navient Private Education Loan Trust |  |  |
| 3.16%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp; 100 | 89273 |
| 2.46%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp; 94 | 90033 |
| Navient Private Education Refi Loan Trust |  |  |
| 3.13%, 02/15/68<sup>(a)</sup> | &nbsp;&nbsp; 50 | 48979 |
| 6.06%, 11/15/68, (1-mo. CME Term SOFR + <br> 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 110 | 110927 |
| 5.66%, 10/15/72<sup>(a)</sup> | &nbsp;&nbsp; 73 | 74137 |
| 3.90%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 129 | 123692 |
| Series 2020-IA, Class A1B, 5.46%, <br> 04/15/69, (1-mo. CME Term SOFR + <br> 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 258 | 256834 |
| Nelnet Student Loan Trust |  |  |
| 5.50%, 04/20/62, (1-mo. CME Term SOFR + <br> 1.144%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 381 | 380360 |
| 5.44%, 03/15/57, (30-day Avg SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 262 | 260466 |
| Neuberger Berman Loan Advisers CLO 40 Ltd., <br> 5.64%, 04/16/33, (3-mo. CME Term SOFR + <br> 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 226 | 225927 |
| New Mountain CLO 3 Ltd., 6.69%, <br> 10/20/34, (3-mo. CME Term SOFR + <br> 2.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250378 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp; 128 | 127239 |
| OCP CLO Ltd. |  |  |
| 5.67%, 11/26/37, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 650 | 652133 |
| 5.66%, 01/21/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250737 |
| 5.46%, 04/16/38, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 410 | 409601 |
| OHA Credit Funding 5 Ltd., 5.68%, <br> 10/18/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250766 |
| OHA Credit Funding 6 Ltd., 5.66%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250714 |
| OHA Loan Funding Ltd., 5.79%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251030 |
| OneMain Direct Auto Receivables Trust, 6.10%, <br> 07/14/37<sup>(a)</sup><br>| &nbsp;&nbsp; 267 | 270537 |
| Onemain Financial Issuance Trust, 6.03%, <br> 05/14/41<sup>(a)</sup><br>| &nbsp;&nbsp; 148 | 155144 |
| OneMain Financial Issuance Trust |  |  |
| 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102728 |
| 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp; 100 | 103971 |
| Option One Mortgage Loan Trust, 5.86%, <br> 01/25/37<sup>(c)</sup><br>| &nbsp;&nbsp; 33 | 32387 |
| Orchard Park CLO Ltd., 5.69%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250760 |
| Owl Rock CLO VII LLC, 5.73%, 04/20/38, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 248750 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Palmer Square CLO Ltd., 5.59%, <br> 07/15/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $250 | $250731 |
| Palmer Square Loan Funding Ltd., 5.42%, <br> 04/15/31, (3-mo. CME Term SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 44 | 44463 |
| Park Blue Clo Ltd., 1.00%, 10/20/38, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250000 |
| Park Blue CLO Ltd., 5.47%, 04/25/38, (3-mo. <br> CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250041 |
| Point Broadband Funding LLC, 5.73%, <br> 07/20/55<sup>(a)</sup><br>| &nbsp;&nbsp; 153 | 153111 |
| PRET LLC |  |  |
| 7.00%, 07/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; 87 | 86901 |
| 5.96%, 09/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; 136 | 136121 |
| Rad CLO 15 Ltd., 5.70%, 07/20/40, (3-mo. CME <br> Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250875 |
| RAMP Series Trust, 5.03%, 02/25/37, (1-mo. <br> CME Term SOFR + 0.674%)<sup>(b)</sup><br>| &nbsp;&nbsp; 111 | 24578 |
| RCKT Mortgage Trust, 8.01%, 04/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 138 | 140651 |
| Regatta IX Funding Ltd., 6.28%, 04/17/37, (3-mo. <br> CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251195 |
| Regatta XVIII Funding Ltd., 5.48%, <br> 04/15/38, (3-mo. CME Term SOFR + <br> 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 249762 |
| Regional Management Issuance Trust |  |  |
| 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 100 | 95219 |
| 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp; 100 | 100846 |
| Republic Finance Issuance Trust |  |  |
| 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; 115 | 116307 |
| 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp; 114 | 115172 |
| Rockford Tower CLO Ltd. |  |  |
| 5.68%, 05/20/31, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 98 | 98040 |
| 5.97%, 08/20/32, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250314 |
| Romark WM-R Ltd. Series 2018-1A, Class A1, <br> 5.62%, 04/20/31, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 99 | 99035 |
| RR 16 Ltd., 6.23%, 07/15/36, (3-mo. CME Term <br> SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250599 |
| RR 18 Ltd., 6.18%, 10/15/34, (3-mo. CME Term <br> SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250552 |
| RR 32 Ltd., 5.68%, 10/15/39, (3-mo. CME Term <br> SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250751 |
| Sagard-Halseypoint CLO 8 Ltd., 5.70%, <br> 01/30/38, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251078 |
| Sagard-Halseypoint Clo 9 Ltd., 6.18%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 400 | 401949 |
| Sandstone Peak II Ltd., 5.74%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251069 |
| Saxon Asset Securities Trust |  |  |
| 4.76%, 01/25/47, (1-mo. CME Term SOFR + <br> 0.404%)<sup>(b)</sup><br>| &nbsp;&nbsp; 212 | 207153 |
| 3.14%, 08/25/35<sup>(c)</sup> | &nbsp;&nbsp; 167 | 125306 |
| Sesac Finance LLC, 5.50%, 07/25/55<sup>(a)</sup> | &nbsp;&nbsp; 91 | 89474 |
| Silver Point CLO 5 Ltd., 5.73%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250935 |
| Silver Point CLO 7 Ltd., 5.68%, 01/15/38, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 250937 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Silver Point CLO 8 Ltd., 5.43%, 04/15/38, (3-mo. <br> CME Term SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $250 | $250000 |
| SLM Private Education Loan Trust, 9.21%, <br> 10/15/41, (1-mo. CME Term SOFR + <br> 4.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 55 | 57918 |
| SMB Private Education Loan Trust |  |  |
| 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 169 | 164355 |
| 6.14%, 10/16/56, (30-day Avg SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 121 | 123207 |
| 5.21%, 10/15/35, (1-mo. CME Term SOFR + <br> 0.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 53 | 53115 |
| 5.79%, 03/15/56, (30-day Avg SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 84 | 85320 |
| 5.26%, 02/15/36, (1-mo. CME Term SOFR + <br> 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 56 | 56445 |
| 5.03%, 03/17/53, (1-mo. CME Term SOFR + <br> 0.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 100 | 98868 |
| 1.29%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp; 125 | 117189 |
| SoFi Consumer Loan Program Trust, 4.80%, <br> 02/27/34<sup>(a)</sup><br>| &nbsp;&nbsp; 183 | 182736 |
| Sofi Professional Loan Program LLC |  |  |
| 3.09%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; 78 | 76069 |
| 4.11%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 130 | 123459 |
| 3.05%, 11/16/48<sup>(a)</sup> | &nbsp;&nbsp; 227 | 201855 |
| SoFi Professional Loan Program LLC |  |  |
| 2.37%, 11/16/48<sup>(a)</sup> | &nbsp;&nbsp; 71 | 68142 |
| 1.95%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp; 79 | 73790 |
| Soundview Home Loan Trust |  |  |
| 5.49%, 11/25/35, (1-mo. CME Term SOFR + <br> 1.134%)<sup>(b)</sup><br>| &nbsp;&nbsp; 46 | 36720 |
| 4.99%, 01/25/37, (1-mo. CME Term SOFR + <br> 0.639%)<sup>(b)</sup><br>| &nbsp;&nbsp; 149 | 141581 |
| STAR Trust, 6.79%, 02/17/42, (1-mo. CME Term <br> SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 350 | 350000 |
| Stream Innovations Issuer Trust, 5.05%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; 110 | 110410 |
| Structured Asset Securities Corp. Mortgage Loan <br> Trust, 4.79%, 01/25/37, (1-mo. CME Term <br> SOFR + 0.274%)<sup>(b)</sup><br>| &nbsp;&nbsp; 34 | 32250 |
| Subway Funding LLC, 6.27%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30294 |
| Sycamore Tree CLO Ltd., 5.72%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 310 | 311361 |
| Symphony CLO XXVI Ltd., 5.67%, <br> 04/20/33, (3-mo. CME Term SOFR + <br> 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 189 | 188823 |
| Terwin Mortgage Trust, 5.49%, 06/25/36, (1-mo. <br> CME Term SOFR + 1.134%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 21924 |
| Trestles CLO Ltd., 5.78%, 07/25/37, (3-mo. CME <br> Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 251016 |
| Voya CLO Ltd., 5.55%, 04/25/31, (3-mo. CME <br> Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 223 | 222984 |
| Washington Mutural Asset-Backed Certificates <br> WMABS Series Trust<br>|  |  |
| 4.59%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.234%)<sup>(b)</sup><br>| &nbsp;&nbsp; 12 | 3832 |
| 4.81%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp; 110 | 34213 |
| **Total Asset-Backed Securities — 12.2%** <br>**(Cost: $31,150,639)** | **Total Asset-Backed Securities — 12.2%** <br>**(Cost: $31,150,639)** | 31345583 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.0%** | **Asset-Backed Securities — 0.0%** | **Asset-Backed Securities — 0.0%** |
| FIGRE Trust, 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp; USD118 | $119217 |
| **Mortgage Securities — 0.4%** | **Mortgage Securities — 0.4%** | **Mortgage Securities — 0.4%** |
| 1301 Trust |  |  |
| 5.23%, 08/11/30<sup>(a)</sup> | &nbsp;&nbsp; USD20 | 20000 |
| 7.48%, 08/11/30<sup>(a)</sup> | &nbsp;&nbsp; USD38 | 38000 |
| 8.37%, 08/11/30<sup>(a)</sup> | &nbsp;&nbsp; USD421 | 421000 |
| Durst Commercial Mortgage Trust |  |  |
| 1.00%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 100000 |
| 5.32%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD120 | 120000 |
| PENN Commercial Mortgage Trust 2025-P11, <br> 5.52%, 08/10/42<sup>(a)</sup><br>| &nbsp;&nbsp; USD15 | 15043 |
| PRPM 2025-NQM3 Trust |  |  |
| 5.61%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD113 | 112932 |
| 6.86%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 148825 |
|  |  | 975800 |
| **Mortgage-Backed Securities — 15.0%** | **Mortgage-Backed Securities — 15.0%** | **Mortgage-Backed Securities — 15.0%** |
| 1345T |  |  |
| 5.94%, 06/15/30, (1-mo. CME Term SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD287 | 287441 |
| 8.84%, 06/15/30, (1-mo. CME Term SOFR + <br> 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD40 | 39999 |
| 2023-MIC Trust (The), 8.44%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | 10818 |
| 245 Park Avenue Trust, 3.66%, 06/05/37<sup>(a)(b)</sup> | &nbsp;&nbsp; USD145 | 135699 |
| A&D Mortgage Trust |  |  |
| 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp; USD90 | 90492 |
| 6.52%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100823 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD136 | 135991 |
| ALA Trust, 7.39%, 06/15/40, (1-mo. CME Term <br> SOFR + 3.091%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD37 | 37208 |
| Alternative Loan Trust |  |  |
| 4.75%, 04/25/47, (1-mo. CME Term SOFR + <br> 0.394%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD132 | 120516 |
| 4.78%, 11/25/35, (1-mo. CME Term SOFR + <br> 0.464%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD16 | 11939 |
| 4.93%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.574%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD99 | 85318 |
| 4.93%, 05/20/46, (1-mo. CME Term SOFR + <br> 0.574%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD203 | 179480 |
| 4.97%, 07/25/46, (1-mo. CME Term SOFR + <br> 0.614%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD187 | 161210 |
| 5.13%, 11/20/35, (1-mo. CME Term SOFR + <br> 0.774%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3 | 2456 |
| 5.50%, 07/25/35 | &nbsp;&nbsp; USD8 | 4691 |
| 5.75%, 05/25/36 | &nbsp;&nbsp; USD91 | 33769 |
| 7.09%, 02/25/35, (1-mo. CME Term SOFR + <br> 2.739%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD302 | 288473 |
| American Home Mortgage Investment Trust, <br> 6.07%, 05/25/36, (1-mo. CME Term SOFR + <br> 1.739%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD483 | 38892 |
| Angel Oak Mortgage Trust |  |  |
| 4.75%, 09/26/67<sup>(a)(c)</sup> | &nbsp;&nbsp; USD79 | 77981 |
| 5.21%, 08/25/68<sup>(a)(c)</sup> | &nbsp;&nbsp; USD166 | 164420 |
| 5.35%, 10/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD44 | 43906 |
| 5.41%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD107 | 106482 |
| 5.64%, 02/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD188 | 188148 |
| 5.69%, 01/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD341 | 340663 |
| Arbor Multifamily Mortgage Securities Trust, <br> 3.28%, 02/15/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD170 | 156236 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| ARES Commercial Mortgage Trust, 6.03%, <br> 07/15/41, (1-mo. CME Term SOFR + <br> 1.692%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD293 | $294007 |
| ARES1, 5.78%, 10/15/34, (1-mo. CME Term <br> SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD80 | 80175 |
| Atrium Hotel Portfolio Trust |  |  |
| 5.41%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD300 | 303178 |
| 9.21%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | 10199 |
| BAHA Trust |  |  |
| 5.97%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD210 | 215651 |
| 6.84%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | 10320 |
| 7.52%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD114 | 117323 |
| BAMLL Trust |  |  |
| 6.19%, 02/15/42, (1-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD86 | 86003 |
| 6.69%, 08/15/39, (1-mo. CME Term SOFR + <br> 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | 20049 |
| 9.59%, 02/15/42, (1-mo. CME Term SOFR + <br> 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD51 | 51321 |
| Banc of America Alternative Loan Trust |  |  |
| 5.50%, 10/25/33 | &nbsp;&nbsp; USD91 | 91038 |
| 6.50%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp; USD7 | 1828 |
| Banc of America Funding Trust, 5.75%, 01/25/37 | &nbsp;&nbsp; USD0 | 55 |
| BANK 2021-BNK35, 2.90%, 06/15/64<sup>(b)</sup> | &nbsp;&nbsp; USD13 | 11018 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK33.88%, <br> 02/15/50<sup>(b)</sup><br>| &nbsp;&nbsp; USD90 | 86699 |
| Barclays Mortgage Loan Trust |  |  |
| 5.66%, 01/25/65<sup>(a)(c)</sup> | &nbsp;&nbsp; USD236 | 235974 |
| 7.63%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD300 | 299039 |
| BAY Mortgage Trust, 6.14%, 05/15/35, (1-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD161 | 161127 |
| BBCMS Mortgage Trust |  |  |
| 4.50%, 07/15/58<sup>(a)</sup> | &nbsp;&nbsp; USD18 | 13730 |
| 5.59%, 07/15/58 | &nbsp;&nbsp; USD243 | 251507 |
| 5.66%, 05/15/58 | &nbsp;&nbsp; USD12 | 12436 |
| 5.84%, 07/15/58 | &nbsp;&nbsp; USD27 | 27842 |
| 6.12%, 07/15/58 | &nbsp;&nbsp; USD20 | 20685 |
| Series 2018-TALL, Class A, 5.26%, <br> 03/15/37, (1-mo. CME Term SOFR + <br> 0.919%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 95017 |
| BCAP LLC Trust, 4.25%, 05/26/46, (12-mo. MTA <br> + 0.940%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 81089 |
| Bear Stearns Asset Backed Securities I Trust |  |  |
| 4.82%, 03/25/36, (1-mo. CME Term SOFR + <br> 0.464%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD14 | 3535 |
| 5.03%, 04/25/36, (1-mo. CME Term SOFR + <br> 0.674%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD117 | 109830 |
| Bear Stearns Mortgage Funding Trust, 4.81%, <br> 03/25/37, (1-mo. CME Term SOFR + <br> 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD75 | 71127 |
| Benchmark Mortgage Trust, Series 2020-B21, <br> Class A5, 1.98%, 12/17/53<br>| &nbsp;&nbsp; USD56 | 48709 |
| BFLD Commercial Mortgage Trust |  |  |
| 5.83%, 11/15/41, (1-mo. CME Term SOFR + <br> 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | 20063 |
| 7.98%, 11/15/41, (1-mo. CME Term SOFR + <br> 3.640%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13 | 13007 |
| BFLD Mortgage Trust, 6.23%, 07/15/41, (1-mo. <br> CME Term SOFR + 1.890%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16 | 16070 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| BFLD Trust, 5.89%, 06/15/42, (1-mo. CME Term <br> SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD218 | $218136 |
| BHMS Mortgage Trust |  |  |
| 5.89%, 07/15/35, (1-mo. CME Term SOFR + <br> 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99980 |
| 6.14%, 07/15/35, (1-mo. CME Term SOFR + <br> 1.797%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99855 |
| BMP, 7.73%, 06/15/41, (1-mo. CME Term SOFR <br> + 3.389%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11 | 10982 |
| BMP Trust, 6.73%, 06/15/41, (1-mo. CME Term <br> SOFR + 2.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD285 | 285802 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 103715 |
| BRAVO Residential Funding Trust |  |  |
| 5.46%, 07/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 199998 |
| 5.68%, 11/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD137 | 137775 |
| 8.00%, 09/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100772 |
| BSTN Commercial Mortgage Trust, 6.24%, <br> 06/15/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 102102 |
| BWAY Trust, 6.31%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD18 | 18338 |
| BX 2024-PALM, 6.98%, 06/15/37, (1-mo. CME <br> Term SOFR + 2.640%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD304 | 304416 |
| BX Commercial Mortgage Trust |  |  |
| 2.84%, 03/09/44<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 91224 |
| 4.66%, 11/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp; CAD8 | 5817 |
| 5.79%, 04/15/40, (1-mo. CME Term SOFR + <br> 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD190 | 190416 |
| 5.83%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD96 | 96098 |
| 5.88%, 05/15/34, (1-mo. CME Term SOFR + <br> 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD197 | 197463 |
| 5.98%, 12/15/39, (1-mo. CME Term SOFR + <br> 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD264 | 265014 |
| 5.98%, 05/15/41, (1-mo. CME Term SOFR + <br> 1.641%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD260 | 260712 |
| 6.03%, 08/15/39, (1-mo. CME Term SOFR + <br> 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD94 | 93934 |
| 6.10%, 12/09/40, (1-mo. CME Term SOFR + <br> 1.761%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD107 | 107603 |
| 7.03%, 03/15/41, (1-mo. CME Term SOFR + <br> 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD79 | 79460 |
| 7.22%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD51 | 51367 |
| 7.48%, 06/15/27, (1-mo. CME Term SOFR + <br> 3.141%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100625 |
| 8.27%, 10/15/41, (1-mo. CME Term SOFR + <br> 3.927%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD176 | 176547 |
| 8.53%, 02/15/39, (1-mo. CME Term SOFR + <br> 4.188%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD95 | 92181 |
| 9.21%, 10/15/41, (1-mo. CME Term SOFR + <br> 4.874%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD162 | 162724 |
| 10.31%, 10/15/41, (1-mo. CME Term SOFR + <br> 5.971%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 10037 |
| 11.31%, 10/15/41, (1-mo. CME Term SOFR + <br> 6.968%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD29 | 28875 |
| BX Commercial Mortgage Trust 2025-BCAT, <br> 5.73%, 08/15/42<sup>(a)</sup><br>| &nbsp;&nbsp; USD107 | 107000 |
| BX Trust |  |  |
| 5.19%, 01/15/39, (1-mo. CME Term SOFR + <br> 0.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD150 | 149953 |
| 5.26%, 02/15/36, (1-mo. CME Term SOFR + <br> 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD200 | 199876 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.34%, 01/15/39, (1-mo. CME Term SOFR + <br> 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD150 | $150140 |
| 5.36%, 10/15/36, (1-mo. CME Term SOFR + <br> 1.013%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD28 | 27991 |
| 5.79%, 03/15/42, (1-mo. CME Term SOFR + <br> 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD281 | 280824 |
| 5.83%, 07/15/29, (1-mo. CME Term SOFR + <br> 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD249 | 249156 |
| 5.84%, 06/15/40, (1-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD293 | 293878 |
| 5.88%, 06/15/37, (1-mo. CME Term SOFR + <br> 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD173 | 173077 |
| 6.43%, 03/15/41, (1-mo. CME Term SOFR + <br> 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 10003 |
| 6.48%, 07/15/29, (1-mo. CME Term SOFR + <br> 2.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99906 |
| 7.03%, 05/15/38, (1-mo. CME Term SOFR + <br> 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD141 | 141793 |
| 7.03%, 04/15/41, (1-mo. CME Term SOFR + <br> 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD79 | 78816 |
| 7.23%, 07/15/29, (1-mo. CME Term SOFR + <br> 2.889%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | 19925 |
| 7.28%, 03/15/30, (1-mo. CME Term SOFR + <br> 2.941%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD96 | 93840 |
| 7.64%, 06/15/35, (1-mo. CME Term SOFR + <br> 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD137 | 136999 |
| 7.68%, 05/15/38, (1-mo. CME Term SOFR + <br> 3.339%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100750 |
| 8.03%, 04/15/41, (1-mo. CME Term SOFR + <br> 3.689%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD79 | 78290 |
| 8.28%, 07/15/29, (1-mo. CME Term SOFR + <br> 3.938%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD30 | 29734 |
| 8.39%, 06/15/36, (1-mo. CME Term SOFR + <br> 4.044%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 9787 |
| 8.78%, 03/15/41, (1-mo. CME Term SOFR + <br> 4.439%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD34 | 33564 |
| 9.73%, 03/15/41, (1-mo. CME Term SOFR + <br> 5.389%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16 | 15721 |
| CFK Trust, 2.79%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 91284 |
| CFMT LLC, 4.00%, 10/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; USD122 | 119347 |
| Chase Mortgage Finance Trust |  |  |
| 5.86%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp; USD102 | 100522 |
| 6.00%, 07/25/37 | &nbsp;&nbsp; USD121 | 51841 |
| CHL Mortgage Pass-Through Trust |  |  |
| 6.00%, 12/25/36 | &nbsp;&nbsp; USD7 | 3245 |
| 6.00%, 02/25/37 | &nbsp;&nbsp; USD798 | 285129 |
| CIM Trust |  |  |
| 5.66%, 10/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD131 | 131703 |
| 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD150 | 151134 |
| Citigroup Mortgage Loan Trust, 6.17%, <br> 09/25/62<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD76 | 76174 |
| COAST Commercial Mortgage Trust, 6.93%, <br> 08/15/36, (1-mo. CME Term SOFR + <br> 2.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD210 | 209934 |
| COLT Mortgage Loan Trust |  |  |
| 1.73%, 11/26/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD87 | 78160 |
| 4.22%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 81632 |
| 5.47%, 06/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD106 | 105962 |
| 5.48%, 08/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 99902 |
| 7.10%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100028 |
| 7.84%, 09/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD193 | 194668 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.94%, 07/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD262 | $263985 |
| Commission Mortgage Trust |  |  |
| 5.50%, 08/10/40<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 23900 |
| 5.73%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD17 | 16971 |
| 6.18%, 06/15/41, (1-mo. CME Term SOFR + <br> 1.841%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD41 | 40872 |
| 6.93%, 06/15/41, (1-mo. CME Term SOFR + <br> 2.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11 | 10966 |
| 8.47%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD20 | 19920 |
| 8.83%, 06/15/41, (1-mo. CME Term SOFR + <br> 4.487%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD14 | 13886 |
| 9.46%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD16 | 15937 |
| CONE Trust |  |  |
| 5.98%, 08/15/41, (1-mo. CME Term SOFR + <br> 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD30 | 29981 |
| 8.23%, 08/15/41, (1-mo. CME Term SOFR + <br> 3.888%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD45 | 44665 |
| Countrywide Alternative Loan Trust, 6.00%, <br> 05/25/36<br>| &nbsp;&nbsp; USD94 | 34529 |
| Cross Mortgage Trust |  |  |
| 5.60%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100334 |
| 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD673 | 674381 |
| 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD350 | 351993 |
| CSMC, 7.10%, 08/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD131 | 130832 |
| CSMC Trust |  |  |
| 5.61%, 11/15/38, (1-mo. CME Term SOFR + <br> 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD80 | 79800 |
| 8.91%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD81 | 81047 |
| CSTL Commercial Mortgage Trust, 4.76%, <br> 11/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD40 | 39682 |
| DBGS, 6.22%, 08/15/34, (1-mo. CME Term SOFR <br> + 1.882%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250234 |
| DC Trust, 5.73%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | 10049 |
| Deephaven Residential Mortgage Trust, 5.74%, <br> 07/25/69<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD82 | 82301 |
| DK Trust |  |  |
| 5.84%, 03/15/34, (1-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | 20050 |
| 8.34%, 03/15/34, (1-mo. CME Term SOFR + <br> 4.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD58 | 58223 |
| EFMT |  |  |
| 5.44%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD385 | 384693 |
| 5.49%, 08/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 199997 |
| 5.63%, 03/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD172 | 172075 |
| 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD350 | 352853 |
| Ellington Financial Mortgage Trust, 5.71%, <br> 11/25/69<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD127 | 127092 |
| ELM Trust |  |  |
| 5.80%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11 | 11077 |
| 5.80%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11 | 11077 |
| 7.79%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD29 | 29038 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD71 | 72058 |
| Extended Stay America Trust, 6.71%, 07/15/38, <br> (1-mo. CME Term SOFR + 2.364%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD86 | 85880 |
| Fashion Show Mall LLC, 5.10%, 10/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD19 | 19438 |
| Federal Home Loan Mortgage Corp., 5.75%, <br> 02/25/55, (30-day Avg SOFR + 1.400%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD853 | 855115 |
| Federal Home Loan Mortgage Corp. Multiclass <br> Certificates, 4.30%, 11/25/32<sup>(b)</sup><br>| &nbsp;&nbsp; USD14 | 13480 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 5.70%, 01/25/55, (30-day Avg SOFR + <br> 1.350%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD492 | $491843 |
| 5.75%, 03/25/55, (30-day Avg SOFR + <br> 1.400%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,157 | 1158087 |
| First Horizon Alternative Mortgage Securities <br> Trust, 4.89%, 01/25/37<sup>(b)</sup><br>| &nbsp;&nbsp; USD112 | 88513 |
| Fontainebleau Miami Beach Mortgage Trust, <br> 5.79%, 12/15/39, (1-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD385 | 385673 |
| FREMF Mortgage Trust, 4.23%, 08/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD95 | 92375 |
| Gaea Mortgage Loan Trust, 6.75%, 02/25/30<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | 196104 |
| GCAT Trust |  |  |
| 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD164 | 152020 |
| 3.93%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD180 | 134647 |
| 4.25%, 05/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD302 | 284174 |
| 5.53%, 06/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 99999 |
| Government National Mortgage Association |  |  |
| 2.25%, 04/16/65 | &nbsp;&nbsp; USD10 | 7683 |
| 3.25%, 09/16/63<sup>(b)</sup> | &nbsp;&nbsp; USD5 | 4298 |
| 4.75%, 09/16/54 | &nbsp;&nbsp; USD20 | 19676 |
| 4.75%, 08/16/56<sup>(b)</sup> | &nbsp;&nbsp; USD57 | 56216 |
| 4.75%, 07/16/66 | &nbsp;&nbsp; USD60 | 58378 |
| 5.00%, 10/16/56 | &nbsp;&nbsp; USD61 | 60236 |
| 5.00%, 06/16/58 | &nbsp;&nbsp; USD144 | 142907 |
| 5.00%, 05/16/65 | &nbsp;&nbsp; USD134 | 132042 |
| GS Mortgage Securities Corp. Trust |  |  |
| 5.41%, 10/15/36, (1-mo. CME Term SOFR + <br> 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD153 | 152929 |
| 6.43%, 03/15/28, (1-mo. CME Term SOFR + <br> 2.091%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100375 |
| 7.00%, 11/25/41, (1-mo. CME Term SOFR + <br> 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD162 | 162306 |
| 7.43%, 09/10/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | 10019 |
| 7.47%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD43 | 42501 |
| GSMPS Mortgage Loan Trust, 4.87%, 06/25/34, <br> (1-mo. CME Term SOFR + 0.514%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD299 | 267991 |
| GWT, 6.03%, 05/15/41, (1-mo. CME Term SOFR <br> + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100469 |
| Harvest Commercial Capital Loan Trust, 6.16%, <br> 10/25/56<br>| &nbsp;&nbsp; USD486 | 490902 |
| HIH Trust |  |  |
| 6.18%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 9859 |
| 7.18%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.841%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD99 | 98587 |
| 7.98%, 10/15/41, (1-mo. CME Term SOFR + <br> 3.640%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 9859 |
| HILT Commercial Mortgage Trust, 5.88%, <br> 05/15/37, (1-mo. CME Term SOFR + <br> 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100063 |
| HLTN Commercial Mortgage Trust, 5.98%, <br> 06/15/41, (1-mo. CME Term SOFR + <br> 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD263 | 263247 |
| HOMES Trust |  |  |
| 5.43%, 02/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD96 | 96187 |
| 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | 200737 |
| 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100659 |
| Homeward Opportunities Fund I Trust, 5.45%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD310 | 306742 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| HONO Mortgage Trust, 5.61%, 10/15/36, (1-mo. <br> CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD227 | $226422 |
| HTL Commercial Mortgage Trust, 8.20%, <br> 05/10/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 102553 |
| ILPT Commercial Mortgage Trust, 5.29%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD224 | 226122 |
| Impac Secured Assets Trust, 4.81%, 11/25/36, <br> (1-mo. CME Term SOFR + 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD25 | 23117 |
| IndyMac INDX Mortgage Loan Trust, 4.86%, <br> 01/25/36<sup>(b)</sup><br>| &nbsp;&nbsp; USD133 | 130011 |
| INV Mortgage Trust, 6.08%, 11/15/41, (1-mo. <br> CME Term SOFR + 1.742%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD168 | 167906 |
| J.P. Morgan Chase Commercial Mortgage <br> Securities Trust, 5.80%, 10/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD130 | 131931 |
| JP Morgan Alternative Loan Trust, 5.05%, <br> 03/25/36<sup>(b)</sup><br>| &nbsp;&nbsp; USD211 | 157281 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| 2.85%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD130 | 126965 |
| 5.17%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD50 | 50219 |
| 6.04%, 03/15/40, (1-mo. CME Term SOFR + <br> 1.693%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD99 | 99123 |
| 6.48%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | 9942 |
| 7.16%, 04/15/38, (1-mo. CME Term SOFR + <br> 2.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD90 | 90084 |
| 7.25%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD39 | 38736 |
| 8.22%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD34 | 33684 |
| JP Morgan Mortgage Trust |  |  |
| 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD253 | 254251 |
| 6.45%, 01/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD83 | 82850 |
| JP Morgan Resecuritization Trust Series, 0.00% <br> 05/27/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD298 | 50462 |
| JW Commercial Mortgage Trust |  |  |
| 5.96%, 06/15/39, (1-mo. CME Term SOFR + <br> 1.621%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD113 | 113141 |
| 7.53%, 06/15/39, (1-mo. CME Term SOFR + <br> 3.189%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | 110586 |
| JW Trust, 5.93%, 11/15/39, (1-mo. CME Term <br> SOFR + 1.593%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD200 | 200249 |
| KSL Commercial Mortgage |  |  |
| 6.23%, 06/15/42 | &nbsp;&nbsp; USD14 | 14001 |
| 8.43%, 06/05/42 | &nbsp;&nbsp; USD160 | 159994 |
| KSL Commercial Mortgage Trust, 5.88%, <br> 12/15/39, (1-mo. CME Term SOFR + <br> 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD325 | 324898 |
| LBA Trust |  |  |
| 5.78%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | 20071 |
| 5.93%, 06/15/39, (1-mo. CME Term SOFR + <br> 1.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD170 | 170159 |
| 6.98%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.641%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD23 | 23072 |
| 8.78%, 06/15/39, (1-mo. CME Term SOFR + <br> 4.437%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 9960 |
| LEX Mortgage Trust, 4.87%, 10/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD289 | 288772 |
| MASTR Reperforming Loan Trust, 7.00%, <br> 08/25/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD231 | 159811 |
| MCR Mortgage Trust |  |  |
| 0.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD71 | 831 |
| 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 25181 |
| 7.40%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD30 | 30156 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.45%, 02/15/37, (1-mo. CME Term SOFR + <br> 3.107%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD81 | $80569 |
| 8.73%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD16 | 16105 |
| MFA Trust, 7.09%, 02/25/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD120 | 120522 |
| Morgan Stanley Capital I, 4.06%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp; USD281 | 272093 |
| Morgan Stanley Capital I Trust |  |  |
| 3.90%, 09/24/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD87 | 85550 |
| 5.89%, 11/15/34, (1-mo. CME Term SOFR + <br> 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 97128 |
| 5.91%, 12/15/38, (1-mo. CME Term SOFR + <br> 1.563%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | 9103 |
| Morgan Stanley Resecuritization Trust, 4.27%, <br> 04/26/47, (1-mo. CME Term SOFR + <br> 0.374%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 77196 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 5.44%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD511 | 510441 |
| 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD91 | 91505 |
| 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100945 |
| 6.97%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | 196622 |
| MTN Commercial Mortgage Trust, 5.75%, <br> 03/15/39, (1-mo. CME Term SOFR + <br> 1.396%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100031 |
| NCMF Trust |  |  |
| 4.88%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD70 | 69544 |
| 7.53%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD136 | 136962 |
| 8.44%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD125 | 126461 |
| New Residential Mortgage Loan Trust |  |  |
| 1.00%, 01/25/65<sup>(a)(c)</sup> | &nbsp;&nbsp; USD142 | 143077 |
| 5.35%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 99888 |
| 7.05%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD105 | 103985 |
| 7.07%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD107 | 105238 |
| NYC Commercial Mortgage Trust, 7.39%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD53 | 52963 |
| NYCT Trust 2024-3ELV, 7.18%, 08/15/29, (1-mo. <br> CME Term SOFR + 2.840%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | 109216 |
| NYMT Loan Trust, 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD93 | 92522 |
| OBX Trust, 5.65%, 12/01/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD95 | 95166 |
| One New York Plaza Trust, 5.41%, 01/15/36, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD40 | 39135 |
| OPEN Trust, 7.43%, 11/15/40, (1-mo. CME Term <br> SOFR + 3.089%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD12 | 11691 |
| PGA Trust, 6.23%, 06/15/39, (1-mo. CME Term <br> SOFR + 1.891%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD107 | 107134 |
| PRKCM Trust, 4.10%, 04/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD110 | 108164 |
| PRM5 Trust, 5.62%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD69 | 68210 |
| PRPM Trust |  |  |
| 5.80%, 11/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD204 | 204896 |
| 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD172 | 173307 |
| Rain City Mortgage Trust, 6.53%, 11/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100701 |
| RALI Series Trust, 4.83%, 12/25/36, (1-mo. CME <br> Term SOFR + 0.474%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD194 | 169051 |
| Residential Mortgage Loan Trust, 6.04%, <br> 05/25/59<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 97764 |
| RFMSI Trust, 5.53%, 11/25/36<sup>(b)</sup> | &nbsp;&nbsp; USD1 | 901 |
| SAIF Securitization Trust, 5.97%, 07/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; USD75 | 75375 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| 7.50%, 02/25/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD126 | 126601 |
| 7.76%, 04/25/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD100 | 100896 |
| Santander Mortgage Asset Receivable Trust, <br> 7.24%, 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD210 | 208901 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| SCG Commercial Mortgage Trust, 5.60%, <br> 08/15/30, (1-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD120 | $120000 |
| SCG Mortgage Trust, 6.08%, 04/15/41, (1-mo. <br> CME Term SOFR + 1.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD242 | 242151 |
| SDAL Trust, 6.78%, 04/15/42, (1-mo. CME Term <br> SOFR + 2.441%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100170 |
| SELF Commercial Mortgage Trust |  |  |
| 5.88%, 11/15/34, (1-mo. CME Term SOFR + <br> 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD140 | 140887 |
| 8.53%, 11/15/34, (1-mo. CME Term SOFR + <br> 4.188%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99736 |
| Shops at Crystals Trust, 3.73%, 07/05/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD206 | 200864 |
| SHR Trust, 6.29%, 10/15/41, (1-mo. CME Term <br> SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 100000 |
| SLG Office Trust, 2.59%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; USD425 | 371509 |
| Spruce Hill Mortgage Loan Trust, 5.00%, <br> 06/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD82 | 79905 |
| Toorak Mortgage Trust, 6.33%, 10/25/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD100 | 100096 |
| TRK Trust, 4.10%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD137 | 109336 |
| TTAN |  |  |
| 5.81%, 03/15/38, (1-mo. CME Term SOFR + <br> 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD137 | 137506 |
| 6.86%, 03/15/38, (1-mo. CME Term SOFR + <br> 2.514%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD76 | 76440 |
| 7.36%, 03/15/38, (1-mo. CME Term SOFR + <br> 3.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD97 | 97109 |
| UBS Commercial Mortgage Trust, Series <br> 2018-C15, Class B, 4.92%, 12/15/51<sup>(b)</sup><br>| &nbsp;&nbsp; USD71 | 68828 |
| VCC Trust, 8.16%, 05/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD97 | 97243 |
| VEGAS |  |  |
| 6.22%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 93897 |
| 6.22%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD40 | 39155 |
| VEGAS Trust, 5.52%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp; USD20 | 20177 |
| Velocity Commercial Capital Loan Trust |  |  |
| 2.61%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD132 | 121057 |
| 5.67%, 04/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD351 | 350668 |
| 5.87%, 06/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD268 | 269292 |
| 6.55%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD69 | 69209 |
| 9.67%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD99 | 99895 |
| Verus Securitization Trust |  |  |
| 1.82%, 11/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD78 | 70899 |
| 4.76%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 89132 |
| 5.42%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD650 | 649409 |
| 5.43%, 06/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD114 | 114289 |
| 6.40%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 97952 |
| 6.50%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 99106 |
| 7.06%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 100594 |
| 7.75%, 03/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | 200426 |
| 8.08%, 12/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 101918 |
| Visio Trust, 5.88%, 08/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 91262 |
| Vista Point Securitization Trust, 5.16%, <br> 04/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 94393 |
| WaMu Mortgage Pass-Through Certificates <br> Series Trust, 4.77%, 06/25/47, (12-mo. MTA + <br> 0.798%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD106 | 87402 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Series Trust<br>|  |  |
| 4.69%, 12/25/46, (12-mo. MTA + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp; USD120 | 96563 |
| 4.81%, 12/25/36, (1-mo. CME Term SOFR + <br> 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD217 | 177550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 0.09%, 07/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp; USD153 | $1348 |
| 3.75%, 03/15/59 | &nbsp;&nbsp; USD150 | 148290 |
| 6.22%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD219 | 223370 |
| 6.43%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD12 | 11975 |
| 7.08%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16934 |
| Series 2015-C31, Class B, 4.48%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp; USD80 | 79455 |
| WEST Trust, 5.28%, 04/10/35<sup>(a)(b)</sup> | &nbsp;&nbsp; USD108 | 109462 |
| WHARF Commercial Mortgage Trust, 7.72%, <br> 07/15/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 101719 |
|  |  | 38669750 |
| **Total Collateralized Mortgage Obligations — 15.4%** <br>**(Cost: $39,620,699)** | **Total Collateralized Mortgage Obligations — 15.4%** <br>**(Cost: $39,620,699)** | 39764767 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Clear Channel Outdoor Holdings Inc., 5.13%, <br> 08/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | 26964 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 4.25%, 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | 23801 |
|  |  | 50765 |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Boeing Co. (The) |  |  |
| 2.25%, 06/15/26 | &nbsp;&nbsp; USD178 | 174289 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; USD146 | 161112 |
| Bombardier Inc., 7.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD16 | 16707 |
| Embraer Netherlands Finance BV, 5.98%, <br> 02/11/35<br>| &nbsp;&nbsp; USD197 | 200533 |
| L3Harris Technologies Inc., 4.85%, 04/27/35 | &nbsp;&nbsp; USD20 | 19550 |
| Northrop Grumman Corp. |  |  |
| 4.03%, 10/15/47 | &nbsp;&nbsp; USD109 | 86619 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; USD71 | 63496 |
| 5.25%, 05/01/50 | &nbsp;&nbsp; USD44 | 41293 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | &nbsp;&nbsp; USD23 | 22487 |
| 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 25707 |
| 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51018 |
|  |  | 862811 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| Altria Group Inc. |  |  |
| 3.40%, 02/04/41 | &nbsp;&nbsp; USD254 | 188619 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; USD34 | 25024 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; USD19 | 15392 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; USD197 | 200391 |
| 6.20%, 02/14/59 | &nbsp;&nbsp; USD13 | 12898 |
| BAT Capital Corp. |  |  |
| 4.54%, 08/15/47 | &nbsp;&nbsp; USD252 | 204288 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; USD196 | 161248 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; USD27 | 23885 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; USD200 | 185562 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; USD127 | 139757 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; USD248 | 276512 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | &nbsp;&nbsp; USD189 | 183128 |
| 6.15%, 09/15/43 | &nbsp;&nbsp; USD26 | 26198 |
| 7.00%, 08/04/41 | &nbsp;&nbsp; USD10 | 10663 |
|  |  | 1653565 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD23 | $22992 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD22 | 21483 |
|  |  | 44475 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(a)(d)</sup> | &nbsp;&nbsp; USD23 | 24208 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| General Motors Financial Co. Inc. |  |  |
| 5.40%, 04/06/26 | &nbsp;&nbsp; USD7 | 7033 |
| 5.90%, 01/07/35 | &nbsp;&nbsp; USD25 | 25235 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; USD43 | 43705 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; USD22 | 22700 |
| Nissan Motor Acceptance Co. LLC, 7.05%, <br> 09/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 103026 |
|  |  | 201699 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 50988 |
| American Axle & Manufacturing Inc., 5.00%, <br> 10/01/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD26 | 23591 |
| Clarios Global LP/Clarios U.S. Finance Co., <br> 6.75%, 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 51551 |
| Dana Inc., 5.63%, 06/15/28 | &nbsp;&nbsp; USD50 | 50028 |
| Goodyear Tire & Rubber Co. (The), 5.00%, <br> 07/15/29<br>| &nbsp;&nbsp; USD12 | 11641 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 24814 |
|  |  | 212613 |
| **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
| Bank of America Corp. |  |  |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(b)</sup> | &nbsp;&nbsp; USD42 | 36628 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp; USD136 | 119857 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; USD61 | 38132 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD27 | 25285 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; USD339 | 303483 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD103 | 100579 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD192 | 188848 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD40 | 39515 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; USD164 | 161458 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; USD66 | 60775 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(b)</sup> | &nbsp;&nbsp; USD10 | 10104 |
| 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; USD20 | 20462 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; USD75 | 76398 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(b)</sup> | &nbsp;&nbsp; USD131 | 133454 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(b)</sup> | &nbsp;&nbsp; USD94 | 96324 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; USD90 | 93500 |
| Citigroup Inc. |  |  |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(b)</sup> | &nbsp;&nbsp; USD11 | 10076 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(b)</sup> | &nbsp;&nbsp; USD206 | 192348 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(b)</sup> | &nbsp;&nbsp; USD392 | 351128 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(b)</sup> | &nbsp;&nbsp; USD85 | 79386 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(b)</sup> | &nbsp;&nbsp; USD88 | 87643 |
| 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; USD247 | 247251 |
| 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(b)</sup> | &nbsp;&nbsp; USD390 | 392051 |
| 4.95%, 05/07/31, (1-day SOFR + 1.463%)<sup>(b)</sup> | &nbsp;&nbsp; USD25 | 25237 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(b)</sup> | &nbsp;&nbsp; USD445 | 453097 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(b)</sup> | &nbsp;&nbsp; USD10 | 10771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD10 | $11061 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(b)</sup> | &nbsp;&nbsp; USD30 | 28992 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(b)</sup> | &nbsp;&nbsp; USD35 | 33894 |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(b)</sup> | &nbsp;&nbsp; USD372 | 322752 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(b)</sup> | &nbsp;&nbsp; USD15 | 13103 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; USD64 | 59122 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(b)</sup> | &nbsp;&nbsp; USD45 | 40059 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp; USD174 | 168880 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(b)</sup> | &nbsp;&nbsp; USD41 | 36113 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(b)</sup> | &nbsp;&nbsp; USD35 | 31467 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; USD66 | 64214 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD121 | 118765 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD262 | 260394 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(b)</sup> | &nbsp;&nbsp; USD327 | 326979 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(b)</sup> | &nbsp;&nbsp; USD60 | 59954 |
| 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(b)</sup> | &nbsp;&nbsp; USD419 | 421522 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp; USD117 | 118882 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(b)</sup> | &nbsp;&nbsp; USD123 | 125606 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; USD315 | 322098 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(b)</sup> | &nbsp;&nbsp; USD88 | 88899 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(b)</sup> | &nbsp;&nbsp; USD81 | 82812 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD93 | 80561 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(b)</sup> | &nbsp;&nbsp; USD47 | 40775 |
| 2.07%, 06/01/29, (1-day SOFR + 1.015%)<sup>(b)</sup> | &nbsp;&nbsp; USD560 | 524751 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; USD16 | 14619 |
| 4.51%, 10/22/28, (1-day SOFR + 0.860%)<sup>(b)</sup> | &nbsp;&nbsp; USD625 | 625735 |
| 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(b)</sup> | &nbsp;&nbsp; USD83 | 83903 |
| 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; USD156 | 157502 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(b)</sup> | &nbsp;&nbsp; USD566 | 575606 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(b)</sup> | &nbsp;&nbsp; USD62 | 63045 |
| 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp; USD755 | 771588 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(b)</sup> | &nbsp;&nbsp; USD483 | 489373 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(b)</sup> | &nbsp;&nbsp; USD412 | 422695 |
| 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; USD329 | 334823 |
| 5.57%, 04/22/36, (1-day SOFR + 1.680%)<sup>(b)</sup> | &nbsp;&nbsp; USD76 | 78484 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(b)</sup> | &nbsp;&nbsp; USD255 | 264341 |
| 5.58%, 07/23/36<sup>(b)</sup> | &nbsp;&nbsp; USD90 | 91166 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; USD13 | 13236 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; USD250 | 247514 |
| Morgan Stanley |  |  |
| 1.59%, 05/04/27, (1-day SOFR + 0.879%)<sup>(b)</sup> | &nbsp;&nbsp; USD56 | 54737 |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(b)</sup> | &nbsp;&nbsp; USD263 | 224974 |
| 2.48%, 01/21/28, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; USD225 | 218384 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; USD24 | 22118 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp; USD106 | 94723 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD239 | 235021 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; USD165 | 168317 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(b)</sup> | &nbsp;&nbsp; USD677 | 693497 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(b)</sup> | &nbsp;&nbsp; USD433 | 439999 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(b)</sup> | &nbsp;&nbsp; USD40 | 41054 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; USD328 | 339884 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(b)</sup> | &nbsp;&nbsp; USD39 | 40224 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; USD213 | 224805 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; USD11 | 12621 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD565 | $571967 |
| Wells Fargo & Co. |  |  |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD17 | 15587 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; USD77 | 70488 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; USD21 | 16694 |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(b)</sup> | &nbsp;&nbsp; USD44 | 37551 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp; USD41 | 40964 |
| 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; USD52 | 53063 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(b)</sup> | &nbsp;&nbsp; USD167 | 170977 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; USD248 | 253743 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(b)</sup> | &nbsp;&nbsp; USD19 | 19471 |
| 5.61%, 04/23/36, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; USD21 | 21629 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(b)</sup> | &nbsp;&nbsp; USD44 | 44858 |
|  |  | 15096425 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Amgen Inc. |  |  |
| 2.77%, 09/01/53 | &nbsp;&nbsp; USD70 | 40987 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; USD36 | 27717 |
|  |  | 68704 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Builders FirstSource Inc., 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16641 |
| Camelot Return Merger Sub Inc., 8.75%, <br> 08/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 91627 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc., <br> 6.63%, 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 50980 |
| Quikrete Holdings Inc., 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51280 |
| Smyrna Ready Mix Concrete LLC, 8.88%, <br> 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 105239 |
| Standard Industries Inc./New York, 4.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD12 | 11835 |
|  |  | 327602 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Celanese U.S. Holdings LLC, 7.05%, 11/15/30 | &nbsp;&nbsp; USD50 | 52071 |
| Chemours Co. (The), 5.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 21124 |
| NOVA Chemicals Corp., 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 23875 |
| Olin Corp., 5.00%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD27 | 25859 |
| Orbia Advance Corp. SAB de CV, 6.80%, <br> 05/13/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD400 | 409072 |
| Tronox Inc., 4.63%, 03/15/29<sup>(a)(d)</sup> | &nbsp;&nbsp; USD100 | 77801 |
|  |  | 609802 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 25167 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc., 4.75%, 04/01/28<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD12 | 11497 |
| Block Inc., 3.50%, 06/01/31 | &nbsp;&nbsp; USD300 | 274937 |
| Brink's Co. (The), 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD11 | 10838 |
| DP World Ltd./United Arab Emirates, 6.85%, <br> 07/02/37<sup>(e)</sup><br>| &nbsp;&nbsp; USD180 | 199913 |
| EquipmentShare.com Inc., 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 52696 |
| Garda World Security Corp., 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51553 |
| GEO Group Inc. (The), 8.63%, 04/15/29 | &nbsp;&nbsp; USD100 | 106173 |
| Herc Holdings Inc., 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51190 |
| Kaspi.KZ JSC |  |  |
| 6.25%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 204000 |
| 6.25%, 03/26/30<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 204000 |
| RR Donnelley & Sons Co., 10.88%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 97417 |
| United Rentals North America Inc., 3.75%, <br> 01/15/32<br>| &nbsp;&nbsp; USD100 | 91088 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Worldline SA/France, 5.50%, 06/10/30<sup>(e)</sup> | &nbsp;&nbsp; EUR100 | $102435 |
|  |  | 1482904 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51723 |
| Gartner Inc. |  |  |
| 3.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD365 | 346169 |
| 3.75%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD131 | 122598 |
| 4.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD470 | 462330 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 92719 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16722 |
|  |  | 1092261 |
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| American Express Co., 4.92%, 07/20/33, (1-day <br> SOFR + 0.680%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD65 | 65209 |
| AT&T Reign II Multi-Property Lease-Backed <br> Pass-Through Trust, 6.09%, 12/15/44<sup>(a)</sup><br>| &nbsp;&nbsp; USD125 | 123920 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 101267 |
| Flourishing Trade & Investment Ltd., 11.04%, <br> 04/02/28<sup>(f)</sup><br>| &nbsp;&nbsp; USD206 | 210126 |
| Jane Street Group/JSG Finance Inc., 7.13%, <br> 04/30/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 51641 |
| Nationstar Mortgage Holdings Inc., 5.13%, <br> 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | 26949 |
| Navient Corp., 5.50%, 03/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD22 | 21521 |
| PennyMac Financial Services Inc., 7.13%, <br> 11/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 51540 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD28 | 27302 |
| 4.00%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 44237 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; USD287 | 250083 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; USD77 | 75512 |
| 5.02%, 07/29/29, (1-day SOFR + 2.070%)<sup>(b)</sup> | &nbsp;&nbsp; USD85 | 84950 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; USD335 | 336482 |
| 5.45%, 03/06/31, (1-day SOFR + 1.680%)<sup>(b)</sup> | &nbsp;&nbsp; USD338 | 340351 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD283 | 290863 |
| 6.00%, 07/29/36, (1-day SOFR + 0.770%)<sup>(b)</sup> | &nbsp;&nbsp; USD45 | 45136 |
| 7.25%, 02/02/33 | &nbsp;&nbsp; USD188 | 197565 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(e)</sup> | &nbsp;&nbsp; USD442 | 466177 |
| United Wholesale Mortgage LLC, 5.50%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | 24454 |
|  |  | 2835285 |
| **Electric — 3.8%** | **Electric — 3.8%** | **Electric — 3.8%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; USD48 | 32079 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; USD24 | 24326 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; USD18 | 18377 |
| Series E, 6.65%, 02/15/33 | &nbsp;&nbsp; USD14 | 15143 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; USD22 | 16680 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; USD39 | 26476 |
| AEP Transmission Co. LLC |  |  |
| 3.15%, 09/15/49 | &nbsp;&nbsp; USD47 | 31263 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; USD24 | 18130 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; USD6 | 4458 |
| 5.38%, 06/15/35 | &nbsp;&nbsp; USD72 | 73176 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; USD20 | 12171 |
| AES Corp. (The), 6.95%, 07/15/55, (5-year CMT <br> + 2.890%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | 96352 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Alabama Power Co. |  |  |
| 3.85%, 12/01/42 | &nbsp;&nbsp; USD9 | $7214 |
| 5.50%, 03/15/41 | &nbsp;&nbsp; USD15 | 14714 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; USD12 | 12781 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; USD5 | 3132 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; USD17 | 12923 |
| Calpine Corp., 4.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 22604 |
| Consumers Energy Co., 5.05%, 05/15/35 | &nbsp;&nbsp; USD47 | 47158 |
| Continuum Energy Aura Pte. Ltd., 9.50%, <br> 02/24/27<sup>(e)</sup><br>| &nbsp;&nbsp; USD200 | 205750 |
| Continuum Green Energy India Pvt / Co-Issuers, <br> 7.50%, 06/26/33<sup>(e)</sup><br>| &nbsp;&nbsp; USD193 | 198446 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 201446 |
| Dominion Energy Inc., Series B, 7.00%, 06/01/54, <br> (5-year CMT + 2.511%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD60 | 64009 |
| Dominion Energy South Carolina Inc., Series <br> 2025, 5.30%, 01/15/35<br>| &nbsp;&nbsp; USD9 | 9170 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49 | &nbsp;&nbsp; USD64 | 43134 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; USD41 | 28743 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; USD29 | 20805 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; USD27 | 20110 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; USD58 | 55201 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; USD39 | 37531 |
| Duke Energy Corp. |  |  |
| 3.50%, 06/15/51 | &nbsp;&nbsp; USD12 | 8205 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; USD26 | 19509 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; USD375 | 366495 |
| Duke Energy Florida LLC, 3.00%, 12/15/51 | &nbsp;&nbsp; USD33 | 20779 |
| Duke Energy Ohio Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; USD99 | 88933 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; USD47 | 47937 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; USD50 | 48588 |
| Duke Energy Progress LLC |  |  |
| 2.50%, 08/15/50 | &nbsp;&nbsp; USD178 | 104135 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; USD9 | 6878 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; USD160 | 160210 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; USD47 | 44442 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; USD10 | 9775 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; USD114 | 104564 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; USD180 | 177766 |
| Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; USD563 | 379756 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; USD91 | 77293 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; USD135 | 112760 |
| 4.55%, 04/01/49<sup>(e)</sup> | &nbsp;&nbsp; USD36 | 29970 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; USD260 | 257063 |
| 5.45%, 07/15/44<sup>(a)</sup> | &nbsp;&nbsp; USD46 | 43643 |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51 | &nbsp;&nbsp; USD62 | 38889 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; USD50 | 33602 |
| Georgia Power Co. |  |  |
| 4.70%, 05/15/32 | &nbsp;&nbsp; USD24 | 24023 |
| 4.85%, 03/15/31 | &nbsp;&nbsp; USD11 | 11191 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; USD28 | 28128 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; USD109 | 74487 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; USD16 | 11937 |
| India Clean Energy Holdings, 4.50%, 04/18/27<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 193000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| MidAmerican Energy Co. |  |  |
| 3.15%, 04/15/50 | &nbsp;&nbsp; USD36 | $24253 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; USD8 | 5935 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(e)</sup> | &nbsp;&nbsp; USD216 | 211356 |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(e)</sup><br>| &nbsp;&nbsp; USD169 | 165531 |
| MVM Energetika Zrt, 6.50%, 03/13/31<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 206000 |
| NextEra Energy Capital Holdings Inc., 4.69%, <br> 09/01/27<br>| &nbsp;&nbsp; USD90 | 90442 |
| NRG Energy Inc. |  |  |
| 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 21970 |
| 4.45%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD251 | 246864 |
| 7.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD343 | 376266 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; USD21 | 15857 |
| Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; USD57 | 52349 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; USD50 | 42456 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; USD66 | 39975 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 08/01/40 | &nbsp;&nbsp; USD218 | 159446 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; USD114 | 74770 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; USD13 | 9417 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; USD197 | 142755 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; USD8 | 6438 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; USD12 | 9924 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; USD52 | 44315 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; USD157 | 147156 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; USD72 | 74777 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; USD71 | 67995 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; USD29 | 30598 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; USD365 | 378869 |
| PECO Energy Co. |  |  |
| 2.85%, 09/15/51 | &nbsp;&nbsp; USD20 | 12553 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; USD17 | 12832 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; USD9 | 7037 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; USD9 | 7702 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; USD64 | 60436 |
| PG&E Corp. |  |  |
| 5.25%, 07/01/30 | &nbsp;&nbsp; USD303 | 290639 |
| 7.38%, 03/15/55, (5-year CMT + 3.883%)<sup>(b)</sup> | &nbsp;&nbsp; USD349 | 336779 |
| Pinnacle West Capital Corp., 5.15%, 05/15/30 | &nbsp;&nbsp; USD224 | 228344 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; USD91 | 82941 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; USD13 | 12656 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; USD120 | 125777 |
| Star Energy Geothermal Wayang Windu Ltd., <br> 6.75%, 04/24/33<sup>(e)</sup><br>| &nbsp;&nbsp; USD137 | 140365 |
| Vistra Operations Co. LLC |  |  |
| 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp; USD16 | 15914 |
| 5.05%, 12/30/26<sup>(a)</sup> | &nbsp;&nbsp; USD788 | 789365 |
| 5.70%, 12/30/34<sup>(a)</sup> | &nbsp;&nbsp; USD485 | 493743 |
| 6.00%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD136 | 141155 |
| 6.95%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD140 | 153907 |
| 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 105839 |
| XPLR Infrastructure Operating Partners LP, <br> 8.38%, 01/15/31<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD100 | 104890 |
|  |  | 9666048 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings Inc., 4.38%, 03/31/29<sup>(a)(d)</sup> | &nbsp;&nbsp; USD18 | 17065 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Sensata Technologies Inc., 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD25 | $23923 |
| **Energy - Alternate Sources — 0.2%** | **Energy - Alternate Sources — 0.2%** | **Energy - Alternate Sources — 0.2%** |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(e)</sup><br>| &nbsp;&nbsp; USD200 | 203250 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 199380 |
|  |  | 402630 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD38 | 34491 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(e)</sup><br>| &nbsp;&nbsp; USD200 | 201900 |
|  |  | 236391 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Caesars Entertainment Inc., 4.63%, 10/15/29<sup>(a)(d)</sup> | &nbsp;&nbsp; USD11 | 10395 |
| Churchill Downs Inc., 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 24505 |
| Light & Wonder International Inc., 7.00%, <br> 05/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 50053 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 24298 |
| 4.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD12 | 11814 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 104167 |
| Warnermedia Holdings Inc. |  |  |
| 3.76%, 03/15/27 | &nbsp;&nbsp; USD947 | 928543 |
| 5.14%, 03/15/52 | &nbsp;&nbsp; USD3 | 1853 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp., 5.13%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD16 | 15877 |
|  |  | 1171505 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental Inc., 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 48460 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 21965 |
|  |  | 70425 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, 3.50%, <br> 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 47153 |
| Pilgrim's Pride Corp., 4.25%, 04/15/31 | &nbsp;&nbsp; USD18 | 17205 |
| Post Holdings Inc., 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6 | 5731 |
|  |  | 70089 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Suzano Austria GmbH, 3.13%, 01/15/32 | &nbsp;&nbsp; USD229 | 200858 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.38%, 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | 6180 |
| **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD19 | 19809 |
| Hologic Inc., 3.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD12 | 11364 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | 25749 |
| 5.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 49023 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; USD121 | 124490 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; USD137 | 140517 |
|  |  | 370952 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services — 0.6%** | **Health Care - Services — 0.6%** | **Health Care - Services — 0.6%** |
| Charles River Laboratories International Inc., <br> 3.75%, 03/15/29<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD6 | $5652 |
| CHS/Community Health Systems Inc. |  |  |
| 5.63%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD22 | 22035 |
| 10.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 104838 |
| Elevance Health Inc. |  |  |
| 3.13%, 05/15/50 | &nbsp;&nbsp; USD40 | 25498 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; USD63 | 43584 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; USD23 | 21777 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; USD20 | 19097 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; USD2 | 2013 |
| Encompass Health Corp., 4.75%, 02/01/30 | &nbsp;&nbsp; USD25 | 24436 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)(d)</sup> | &nbsp;&nbsp; USD24 | 21943 |
| HCA Inc. |  |  |
| 3.38%, 03/15/29 | &nbsp;&nbsp; USD8 | 7670 |
| 3.50%, 07/15/51 | &nbsp;&nbsp; USD27 | 17754 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; USD112 | 109782 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; USD18 | 14386 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; USD155 | 159312 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; USD49 | 50290 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; USD6 | 5552 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; USD16 | 16306 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; USD311 | 318493 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; USD32 | 33100 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; USD10 | 9591 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; USD83 | 80425 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; USD121 | 120719 |
| IQVIA Inc., 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 102546 |
| LifePoint Health Inc., 11.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 54955 |
| Molina Healthcare Inc., 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD16 | 15313 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; USD104 | 100366 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; USD16 | 15728 |
|  |  | 1523161 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD12 | 10912 |
| Taylor Morrison Communities Inc., 5.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD15 | 15124 |
|  |  | 26036 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands Inc., 6.63%, 09/15/29 | &nbsp;&nbsp; USD25 | 24889 |
| Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32 | &nbsp;&nbsp; USD25 | 22715 |
|  |  | 47604 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer, 7.00%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 51414 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Match Group Holdings II LLC, 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD26 | 25402 |
| Meta Platforms Inc. |  |  |
| 4.65%, 08/15/62 | &nbsp;&nbsp; USD221 | 185405 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; USD125 | 121272 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; USD35 | 35166 |
| Prosus NV, 4.19%, 01/19/32<sup>(e)</sup> | &nbsp;&nbsp; USD413 | 387575 |
| Rakuten Group Inc., 9.75%, 04/15/29<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 218984 |
|  |  | 973804 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| Cleveland-Cliffs Inc. |  |  |
| 7.00%, 03/15/32<sup>(a)(d)</sup> | &nbsp;&nbsp; USD50 | $48780 |
| 7.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 22958 |
| Mineral Resources Ltd. |  |  |
| 8.00%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD116 | 117923 |
| 8.50%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 102364 |
| 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 24039 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp; USD200 | 195200 |
|  |  | 511264 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Carnival Corp., 5.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD11 | 11074 |
| NCL Corp. Ltd., 5.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 24071 |
| Viking Cruises Ltd., 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD24 | 24185 |
|  |  | 59330 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 21907 |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 22541 |
| 4.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 23327 |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations Borrower <br> Esc, 4.88%, 07/01/31<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD18 | 16550 |
| Melco Resorts Finance Ltd., 5.75%, 07/21/28<sup>(e)</sup> | &nbsp;&nbsp; USD400 | 393000 |
| MGM China Holdings Ltd., 7.13%, 06/26/31<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 208218 |
| MGM Resorts International, 4.75%, 10/15/28 | &nbsp;&nbsp; USD16 | 15788 |
| Station Casinos LLC, 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 24440 |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 187250 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 197820 |
|  |  | 1110841 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 103194 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| AMC Networks Inc., 4.25%, 02/15/29 | &nbsp;&nbsp; USD27 | 21614 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD35 | 31969 |
| 4.25%, 01/15/34<sup>(a)(d)</sup> | &nbsp;&nbsp; USD172 | 148204 |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 93562 |
| 4.50%, 05/01/32 | &nbsp;&nbsp; USD68 | 61701 |
| 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16682 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.50%, 03/01/42 | &nbsp;&nbsp; USD7 | 4925 |
| 3.70%, 04/01/51 | &nbsp;&nbsp; USD91 | 58744 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; USD129 | 79314 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; USD133 | 88176 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; USD148 | 92106 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; USD316 | 214668 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; USD101 | 78314 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; USD127 | 104713 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; USD56 | 47486 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; USD56 | 45834 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; USD149 | 131864 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; USD44 | 45487 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; USD55 | 57994 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; USD211 | 223670 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; USD72 | 71727 |
| Comcast Corp., 2.99%, 11/01/63 | &nbsp;&nbsp; USD163 | 90858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc., 5.88%, 08/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD30 | $29835 |
| Discovery Communications LLC, 3.95%, <br> 03/20/28<br>| &nbsp;&nbsp; USD337 | 324362 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(d)</sup> | &nbsp;&nbsp; USD25 | 27055 |
| Nexstar Media Inc., 4.75%, 11/01/28<sup>(a)(d)</sup> | &nbsp;&nbsp; USD26 | 25271 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; USD155 | 150708 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; USD141 | 136247 |
| 3.70%, 10/04/26 | &nbsp;&nbsp; USD66 | 64467 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; USD33 | 24977 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; USD25 | 19088 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; USD5 | 3924 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; USD75 | 66588 |
| 6.25%, 02/28/57<sup>(b)</sup> | &nbsp;&nbsp; USD100 | 96375 |
| Sirius XM Radio Inc. |  |  |
| 3.88%, 09/01/31<sup>(a)(d)</sup> | &nbsp;&nbsp; USD100 | 88222 |
| 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD26 | 24746 |
| TEGNA Inc., 4.63%, 03/15/28 | &nbsp;&nbsp; USD26 | 25239 |
| Univision Communications Inc. |  |  |
| 7.38%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 24863 |
| 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 103760 |
|  |  | 3045339 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Corp. Nacional del Cobre de Chile, 6.44%, <br> 01/26/36<sup>(e)</sup><br>| &nbsp;&nbsp; USD200 | 209625 |
| Fortescue Treasury Pty. Ltd., 4.50%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD16 | 15770 |
| Glencore Funding LLC |  |  |
| 2.85%, 04/27/31<sup>(a)</sup> | &nbsp;&nbsp; USD121 | 108892 |
| 4.88%, 03/12/29<sup>(a)</sup> | &nbsp;&nbsp; USD146 | 147253 |
|  |  | 481540 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Holdings Corp. |  |  |
| 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 16535 |
| 8.88%, 11/30/29<sup>(a)(d)</sup> | &nbsp;&nbsp; USD100 | 65114 |
|  |  | 81649 |
| **Oil & Gas — 5.0%** | **Oil & Gas — 5.0%** | **Oil & Gas — 5.0%** |
| Antero Resources Corp. |  |  |
| 5.38%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD557 | 554449 |
| 7.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD20 | 20421 |
| APA Corp., 5.25%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; USD5 | 3885 |
| BP Capital Markets America Inc., 4.89%, <br> 09/11/33<br>| &nbsp;&nbsp; USD187 | 186661 |
| Civitas Resources Inc., 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD22 | 22623 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD72 | 74232 |
| Comstock Resources Inc. 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD40 | 39439 |
| Crescent Energy Finance LLC, 7.38%, <br> 01/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 47834 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; USD366 | 334749 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; USD501 | 492776 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; USD486 | 463683 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; USD81 | 61236 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; USD264 | 268801 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; USD230 | 232214 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; USD344 | 365710 |
| EQT Corp. |  |  |
| 3.13%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD31 | 30556 |
| 3.63%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD459 | 425710 |
| 3.90%, 10/01/27 | &nbsp;&nbsp; USD446 | 439804 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD517 | $510789 |
| 4.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,689 | 1663887 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; USD198 | 199210 |
| 5.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD278 | 278804 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; USD75 | 77100 |
| 5.75%, 02/01/34<sup>(d)</sup> | &nbsp;&nbsp; USD271 | 278672 |
| 6.38%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 205913 |
| 6.50%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD108 | 110192 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; USD690 | 746302 |
| 7.50%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD94 | 95677 |
| 7.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD493 | 540244 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; USD275 | 267107 |
| 5.38%, 02/01/29 | &nbsp;&nbsp; USD382 | 382415 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; USD129 | 129136 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; USD663 | 671403 |
| 5.88%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD38 | 38060 |
| 6.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD143 | 144170 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, <br> 02/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD16 | 15412 |
| KazMunayGas National Co. JSC |  |  |
| 6.38%, 10/24/48<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 187322 |
| 6.38%, 10/24/48<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 187322 |
| Matador Resources Co., 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 50147 |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30<sup>(e)</sup> | &nbsp;&nbsp; USD250 | 261250 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 199380 |
| Northern Oil & Gas Inc., 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 25685 |
| ORLEN SA, 6.00%, 01/30/35<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 205000 |
| Permian Resources Operating LLC, 8.00%, <br> 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD20 | 20450 |
| Petroleos Mexicanos, 7.50%, 03/20/26 | &nbsp;&nbsp; USD200 | 199250 |
| Raizen Fuels Finance SA, 6.25%, 07/08/32<sup>(a)</sup> | &nbsp;&nbsp; USD203 | 200158 |
| SM Energy Co. |  |  |
| 6.63%, 01/15/27 | &nbsp;&nbsp; USD15 | 14967 |
| 6.75%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 100079 |
| Sunoco LP, 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51753 |
| Viper Energy Inc., 5.38%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD298 | 297918 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | &nbsp;&nbsp; USD165 | 164304 |
| 5.70%, 08/01/35 | &nbsp;&nbsp; USD199 | 197786 |
| Vital Energy Inc., 9.75%, 10/15/30 | &nbsp;&nbsp; USD25 | 23452 |
|  |  | 12805499 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Archrock Partners LP/Archrock Partners Finance <br> Corp., 6.25%, 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD11 | 11000 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 102731 |
|  |  | 113731 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Ball Corp., 2.88%, 08/15/30 | &nbsp;&nbsp; USD6 | 5390 |
| Clydesdale Acquisition Holdings Inc., 6.63%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 50593 |
| Mauser Packaging Solutions Holding Co., 7.88%, <br> 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | 25218 |
| Owens-Brockway Glass Container Inc., 7.25%, <br> 05/15/31<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD24 | 24269 |
|  |  | 105470 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Becton Dickinson & Co., 5.08%, 06/07/29 | &nbsp;&nbsp; USD53 | 53992 |
| CVS Health Corp., 5.30%, 12/05/43 | &nbsp;&nbsp; USD51 | 46192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Pfizer Inc. |  |  |
| 2.70%, 05/28/50 | &nbsp;&nbsp; USD26 | $15891 |
| 4.00%, 12/15/36 | &nbsp;&nbsp; USD34 | 30924 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, <br> 05/19/33<br>| &nbsp;&nbsp; USD29 | 28825 |
|  |  | 175824 |
| **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.38%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | 5949 |
| Cameron LNG LLC |  |  |
| 3.30%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 85407 |
| 3.40%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; USD226 | 191762 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; USD192 | 157922 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; USD262 | 251849 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; USD183 | 184268 |
| Cheniere Energy Inc., 5.65%, 04/15/34 | &nbsp;&nbsp; USD615 | 625582 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; USD251 | 225633 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; USD203 | 193899 |
| 5.55%, 10/30/35<sup>(a)</sup> | &nbsp;&nbsp; USD15 | 15076 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; USD161 | 165022 |
| DT Midstream Inc., 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16372 |
| Energy Transfer LP |  |  |
| 5.40%, 10/01/47 | &nbsp;&nbsp; USD57 | 50730 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; USD136 | 128551 |
| 6.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD291 | 294918 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; USD5 | 4787 |
| 6.20%, 04/01/55 | &nbsp;&nbsp; USD34 | 33342 |
| 7.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD137 | 143294 |
| Genesis Energy LP/Genesis Energy Finance <br> Corp., 8.00%, 05/15/33<br>| &nbsp;&nbsp; USD100 | 103676 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | 26213 |
| Greensaif Pipelines Bidco Sarl, 5.85%, <br> 02/23/36<sup>(e)</sup><br>| &nbsp;&nbsp; USD200 | 204562 |
| Hess Midstream Operations LP, 4.25%, <br> 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | 48379 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.38%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD23 | 22499 |
| NuStar Logistics LP, 6.38%, 10/01/30 | &nbsp;&nbsp; USD50 | 51510 |
| ONEOK Inc., 6.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5 | 5335 |
| Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | 5883 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.50%, 05/15/30 | &nbsp;&nbsp; USD440 | 437831 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; USD529 | 530954 |
| 5.88%, 06/30/26 | &nbsp;&nbsp; USD12 | 12057 |
| 5.90%, 09/15/37 | &nbsp;&nbsp; USD130 | 136187 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 6.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD16 | 15947 |
| 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 25650 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; USD92 | 86012 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; USD97 | 80421 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; USD30 | 29983 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; USD63 | 65953 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; USD50 | 51076 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., 4.00%, 01/15/32<br>| &nbsp;&nbsp; USD230 | 214293 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Venture Global Calcasieu Pass LLC, 3.88%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD17 | $16047 |
| Venture Global LNG Inc. |  |  |
| 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 23812 |
| 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 155154 |
|  |  | 5123797 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 24847 |
| **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** |
| American Tower Corp. |  |  |
| 2.10%, 06/15/30 | &nbsp;&nbsp; USD15 | 13312 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; USD101 | 93796 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; USD164 | 159245 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; USD463 | 467164 |
| Crown Castle Inc. |  |  |
| 2.25%, 01/15/31 | &nbsp;&nbsp; USD42 | 36707 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; USD18 | 15747 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; USD41 | 41293 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; USD7 | 6967 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; USD5 | 5097 |
| Equinix Inc. |  |  |
| 2.50%, 05/15/31 | &nbsp;&nbsp; USD151 | 133898 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; USD85 | 51919 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; USD52 | 32536 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; USD469 | 442261 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; USD7 | 6195 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; USD73 | 71408 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; USD31 | 30403 |
| 5.40%, 06/15/35 | &nbsp;&nbsp; USD38 | 38083 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; USD391 | 404276 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; USD293 | 259178 |
| 4.00%, 01/15/30 | &nbsp;&nbsp; USD73 | 69823 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; USD31 | 29213 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; USD163 | 164498 |
| 6.25%, 09/15/54 | &nbsp;&nbsp; USD168 | 165506 |
| Iron Mountain Inc., 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16077 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 4.50%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 97254 |
| SBA Communications Corp., 3.88%, 02/15/27 | &nbsp;&nbsp; USD100 | 98272 |
| Service Properties Trust |  |  |
| 4.75%, 10/01/26 | &nbsp;&nbsp; USD16 | 15700 |
| 5.50%, 12/15/27 | &nbsp;&nbsp; USD17 | 16765 |
| 8.38%, 06/15/29 | &nbsp;&nbsp; USD25 | 25905 |
| Starwood Property Trust Inc., 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 26146 |
| Store Capital LLC |  |  |
| 4.63%, 03/15/29 | &nbsp;&nbsp; USD337 | 331667 |
| 5.40%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD13 | 13152 |
| Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 96912 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/30 | &nbsp;&nbsp; USD42 | 42178 |
| 5.13%, 11/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD290 | 289829 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; USD61 | 60854 |
| VICI Properties LP/VICI Note Co. Inc. |  |  |
| 3.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD569 | 550423 |
| 4.13%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD134 | 128030 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.63%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD446 | $437075 |
|  |  | 4984764 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 23655 |
| 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 46326 |
| Asbury Automotive Group Inc., 5.00%, <br> 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD101 | 95536 |
| Bath & Body Works Inc., 6.63%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 17401 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, <br> 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD24 | 22160 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc., 6.75%, 01/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | 94083 |
| FirstCash Inc., 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16824 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 87750 |
| Nordstrom Inc., 4.25%, 08/01/31 | &nbsp;&nbsp; USD25 | 21662 |
| Yum! Brands Inc., 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD29 | 28583 |
|  |  | 453980 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Broadcom Inc. |  |  |
| 2.45%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD165 | 147194 |
| 2.60%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD13 | 11120 |
| 3.14%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD83 | 69668 |
| 3.42%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD129 | 116695 |
| 3.47%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD256 | 227528 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; USD91 | 89119 |
| 4.15%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD6 | 5767 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; USD256 | 251198 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; USD211 | 216216 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; USD238 | 243956 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; USD13 | 13061 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; USD10 | 9867 |
| Entegris Inc., 4.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD12 | 11693 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/34<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 201945 |
| 5.90%, 01/25/33<sup>(a)</sup> | &nbsp;&nbsp; USD305 | 313426 |
| NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%, <br> 05/11/31<br>| &nbsp;&nbsp; USD13 | 11461 |
|  |  | 1939914 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; USD281 | 284396 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; USD425 | 433082 |
| 5.95%, 12/01/54 | &nbsp;&nbsp; USD276 | 268924 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | 20542 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD59 | 59583 |
| 8.25%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 26621 |
| 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 103486 |
| CoreWeave Inc., 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD20 | 20101 |
| Open Text Corp., 3.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | 24063 |
| Oracle Corp. |  |  |
| 4.10%, 03/25/61 | &nbsp;&nbsp; USD95 | 67195 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; USD122 | 109003 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; USD146 | 143013 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; USD128 | 125755 |
|  |  | 1685764 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| AT&T Inc. |  |  |
| 3.50%, 09/15/53 | &nbsp;&nbsp; USD171 | $115201 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; USD467 | 310602 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; USD145 | 100727 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; USD61 | 42158 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; USD13 | 10732 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; USD110 | 103842 |
| 6.05%, 08/15/56 | &nbsp;&nbsp; USD89 | 90222 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD139 | 138825 |
| 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD23 | 23004 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; USD65 | 65562 |
| 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 100956 |
| 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 52970 |
| Level 3 Financing Inc. |  |  |
| 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 50668 |
| 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD22 | 25347 |
| Motorola Solutions Inc. |  |  |
| 4.85%, 08/15/30 | &nbsp;&nbsp; USD130 | 130882 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; USD16 | 16320 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; USD12 | 11701 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; USD8 | 8160 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; USD73 | 75709 |
| Rogers Communications Inc., 7.00%, 04/15/55, <br> (5-year CMT + 2.653%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | 102237 |
| T-Mobile USA Inc. |  |  |
| 2.25%, 11/15/31 | &nbsp;&nbsp; USD16 | 13806 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; USD154 | 101639 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; USD356 | 345047 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; USD155 | 157253 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; USD163 | 159150 |
| Verizon Communications Inc. |  |  |
| 4.02%, 12/03/29 | &nbsp;&nbsp; USD25 | 24568 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; USD20 | 19036 |
| 5.40%, 07/02/37<sup>(a)</sup> | &nbsp;&nbsp; USD112 | 111917 |
| Viasat Inc., 5.63%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 49758 |
| Vodafone Group PLC, 7.00%, 04/04/79, (5-year <br> USD Swap + 4.873%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | 104499 |
|  |  | 2662498 |
| **Total Corporate Bonds & Notes — 29.0%** <br>**(Cost: $74,306,584)** | **Total Corporate Bonds & Notes — 29.0%** <br>**(Cost: $74,306,584)** | 74890449 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Kingdom of Belgium Government Bond, 3.30%, <br> 06/22/54<sup>(a)(e)</sup><br>| &nbsp;&nbsp; EUR566 | 566489 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.00%, 01/01/35 | &nbsp;&nbsp; BRL10 | 1418433 |
| Series F, 10.00%, 01/01/29 | &nbsp;&nbsp; BRL2 | 324323 |
|  |  | 1742756 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Colombian TES, Series B, 6.25%, 07/09/36 | &nbsp;&nbsp; COP2,422,000 | 381995 |
| **Free of Tax — 0.1%** | **Free of Tax — 0.1%** | **Free of Tax — 0.1%** |
| European Union, 2.50%, 10/04/52<sup>(e)</sup> | &nbsp;&nbsp; EUR227 | 201191 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Bundesrepublik Deutschland Bundesanleihe, <br> 2.50%, 08/15/54<sup>(e)</sup><br>| &nbsp;&nbsp; EUR470 | $470848 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bond, 2.85%, <br> 02/14/30<br>| &nbsp;&nbsp; USD400 | 374800 |
| **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** |
| Italy Buoni Poliennali Del Tesoro, 3.60%, <br> 10/01/35<sup>(e)</sup><br>| &nbsp;&nbsp; EUR567 | 652935 |
| **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** |
| Japan Government Thirty Year Bond |  |  |
| 2.30%, 12/20/54 | &nbsp;&nbsp; JPY77,050 | 437458 |
| 2.40%, 03/20/55 | &nbsp;&nbsp; JPY81,600 | 473686 |
|  |  | 911144 |
| **Mexico — 0.9%** | **Mexico — 0.9%** | **Mexico — 0.9%** |
| Mexico Government International Bond |  |  |
| 2.66%, 05/24/31 | &nbsp;&nbsp; USD820 | 707660 |
| 3.50%, 02/12/34 | &nbsp;&nbsp; USD400 | 335300 |
| 4.50%, 01/31/50 | &nbsp;&nbsp; USD200 | 145180 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; USD200 | 187854 |
| 6.35%, 02/09/35 | &nbsp;&nbsp; USD463 | 470350 |
| 6.88%, 05/13/37 | &nbsp;&nbsp; USD440 | 455180 |
|  |  | 2301524 |
| **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** |
| Panama Government International Bond |  |  |
| 3.88%, 03/17/28 | &nbsp;&nbsp; USD400 | 388000 |
| 4.50%, 04/01/56 | &nbsp;&nbsp; USD200 | 131980 |
|  |  | 519980 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Peru Government International Bond, 3.55%, <br> 03/10/51<br>| &nbsp;&nbsp; USD146 | 98565 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Philippines Government International Bond, <br> 3.00%, 02/01/28<br>| &nbsp;&nbsp; USD600 | 580875 |
| **Supranational — 0.7%** | **Supranational — 0.7%** | **Supranational — 0.7%** |
| European Union, 3.00%, 03/04/53<sup>(e)</sup> | &nbsp;&nbsp; EUR1,813 | 1775753 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| United Kingdom Gilt |  |  |
| 4.38%, 03/07/30<sup>(e)</sup> | &nbsp;&nbsp; GBP336 | 449669 |
| 4.38%, 07/31/54<sup>(e)</sup> | &nbsp;&nbsp; GBP335 | 377697 |
|  |  | 827366 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Uruguay Government International Bond |  |  |
| 4.38%, 10/27/27 | &nbsp;&nbsp; USD186 | 186365 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; USD138 | 126915 |
|  |  | 313280 |
| **Total Foreign Government Obligations — 4.6%** <br>**(Cost: $11,878,496)** | **Total Foreign Government Obligations — 4.6%** <br>**(Cost: $11,878,496)** | 11719501 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| Bay Area Toll Authority RB BAB, Series S-1, <br> 7.04%, 04/01/50<br>| &nbsp;&nbsp; $110 | 124654 |
| State of California GO, 4.60%, 04/01/38 | &nbsp;&nbsp; 250 | 252971 |
| State of California GO BAB, 7.55%, 04/01/39 | &nbsp;&nbsp; 55 | 65414 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| University of California RB, Series AD, 4.86%, <br> 05/15/12<br>| &nbsp;&nbsp; $23 | $18998 |
|  |  | 462037 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| Municipal Electric Authority of Georgia RB BAB, <br> Project J, Series 2010-A, 6.64%, 04/01/57<br>| &nbsp;&nbsp; 50 | 53551 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 175 | 175172 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| Louisiana Local Government Environmental <br> Facilities & Community Development Authority <br> RB, 4.15%, 02/01/33<br>| &nbsp;&nbsp; 80 | 78912 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| New Jersey State Turnpike Authority RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp; 63 | 74573 |
| **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |
| New York City Municipal Water Finance Authority <br> RB, 5.88%, 06/15/44<br>| &nbsp;&nbsp; 20 | 20161 |
| New York City Municipal Water Finance Authority <br> RB BAB, 6.01%, 06/15/42<br>| &nbsp;&nbsp; 10 | 10339 |
| Port Authority of New York & New Jersey RB |  |  |
| Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp; 30 | 27536 |
| Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp; 50 | 46575 |
|  |  | 104611 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| American Municipal Power Inc. RB, Series B, <br> 8.08%, 02/15/50<br>| &nbsp;&nbsp; 45 | 56554 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue RB BAB, 5.81%, 02/01/41<br>| &nbsp;&nbsp; 50 | 50574 |
| State of Texas GO BAB, 5.52%, 04/01/39 | &nbsp;&nbsp; 70 | 71411 |
|  |  | 121985 |
| **Total Municipal Debt Obligations — 0.4%** <br>**(Cost: $1,137,027)** | **Total Municipal Debt Obligations — 0.4%** <br>**(Cost: $1,137,027)** | 1127395 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage Securities — 0.6%** | **Mortgage Securities — 0.6%** | **Mortgage Securities — 0.6%** |
| Uniform Mortgage-Backed Securities |  |  |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 66 | 66866 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 89 | 91072 |
| 6.00%, 04/01/55 | &nbsp;&nbsp; 88 | 89546 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 186 | 189067 |
| 6.00%, 08/01/55 | &nbsp;&nbsp; 1097 | 1113934 |
|  |  | 1550485 |
| **Mortgage-Backed Securities — 52.2%** | **Mortgage-Backed Securities — 52.2%** | **Mortgage-Backed Securities — 52.2%** |
| Federal Home Loan Mortgage Corp., 4.50%, <br> 07/01/47<br>| &nbsp;&nbsp; 132 | 128303 |
| Federal National Mortgage Association, 5.81%, <br> 06/01/31<br>| &nbsp;&nbsp; 20 | 20629 |
| Government National Mortgage Association |  |  |
| 2.00%, 08/20/51 | &nbsp;&nbsp; 262 | 211612 |
| 2.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 2451 | 1978166 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 185 | 155273 |
| 2.50%, 04/20/52 | &nbsp;&nbsp; 224 | 188556 |
| 2.50%, 05/20/52 | &nbsp;&nbsp; 126 | 105732 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; $2198 | $1848053 |
| 3.00%, 06/20/50 | &nbsp;&nbsp; 60 | 52430 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 138 | 120842 |
| 3.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 1740 | 1520100 |
| 3.50%, 03/20/44 | &nbsp;&nbsp; 116 | 106611 |
| 3.50%, 03/20/47 | &nbsp;&nbsp; 36 | 33155 |
| 3.50%, 05/20/52 | &nbsp;&nbsp; 336 | 303148 |
| 3.50%, 06/20/52 | &nbsp;&nbsp; 259 | 233666 |
| 3.50%, 10/20/52 | &nbsp;&nbsp; 392 | 353122 |
| 3.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 344 | 309050 |
| 3.50%, 09/22/55<sup>(g)</sup> | &nbsp;&nbsp; 200 | 179180 |
| 4.00%, 07/20/43 | &nbsp;&nbsp; 26 | 24954 |
| 4.00%, 02/20/48 | &nbsp;&nbsp; 72 | 67174 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 133 | 123918 |
| 4.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 845 | 778056 |
| 4.50%, 01/20/41 | &nbsp;&nbsp; 25 | 24716 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 58 | 55855 |
| 4.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 1123 | 1065594 |
| 5.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 1566 | 1528175 |
| 5.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 1786 | 1781180 |
| 6.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 1130 | 1145140 |
| 6.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 534 | 548098 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 630 | 556258 |
| 1.50%, 01/01/51 | &nbsp;&nbsp; 64 | 47586 |
| 1.50%, 02/01/51 | &nbsp;&nbsp; 55 | 40775 |
| 1.50%, 03/01/51 | &nbsp;&nbsp; 36 | 26838 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 23 | 16947 |
| 1.50%, 06/01/51 | &nbsp;&nbsp; 38 | 28281 |
| 1.50%, 04/01/52 | &nbsp;&nbsp; 405 | 300467 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 168 | 152755 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 123 | 112468 |
| 2.00%, 07/01/36 | &nbsp;&nbsp; 193 | 177176 |
| 2.00%, 03/01/37 | &nbsp;&nbsp; 131 | 119070 |
| 2.00%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 2187 | 1985171 |
| 2.00%, 03/01/41 | &nbsp;&nbsp; 60 | 51305 |
| 2.00%, 01/01/42 | &nbsp;&nbsp; 149 | 127155 |
| 2.00%, 02/01/42 | &nbsp;&nbsp; 149 | 127167 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 698 | 551874 |
| 2.00%, 11/01/50 | &nbsp;&nbsp; 473 | 374443 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 789 | 622381 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 825 | 649393 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 650 | 511073 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 2180 | 1712330 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 470 | 369425 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 2071 | 1625580 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 591 | 463542 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 1082 | 854212 |
| 2.00%, 08/01/52 | &nbsp;&nbsp; 79 | 61847 |
| 2.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 4929 | 3854899 |
| 2.50%, 02/01/35 | &nbsp;&nbsp; 77 | 73532 |
| 2.50%, 05/01/35 | &nbsp;&nbsp; 62 | 57938 |
| 2.50%, 02/01/36 | &nbsp;&nbsp; 33 | 30761 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 32 | 30214 |
| 2.50%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 602 | 558846 |
| 2.50%, 05/01/51 | &nbsp;&nbsp; 69 | 56950 |
| 2.50%, 06/01/51 | &nbsp;&nbsp; 615 | 504881 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 609 | 502032 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 147 | 121526 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 889 | 739492 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 97 | 79298 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 01/01/52 | &nbsp;&nbsp; $815 | $676376 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 1457 | 1202606 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 905 | 743789 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 1611 | 1329526 |
| 2.50%, 06/01/52 | &nbsp;&nbsp; 143 | 117708 |
| 2.50%, 07/01/53 | &nbsp;&nbsp; 124 | 101866 |
| 2.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 2897 | 2373297 |
| 3.00%, 02/01/29 | &nbsp;&nbsp; 19 | 18487 |
| 3.00%, 11/01/34 | &nbsp;&nbsp; 21 | 20411 |
| 3.00%, 06/01/37 | &nbsp;&nbsp; 28 | 26229 |
| 3.00%, 07/01/37 | &nbsp;&nbsp; 28 | 26288 |
| 3.00%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 355 | 336141 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 258 | 228616 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 324 | 282878 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 224 | 193249 |
| 3.00%, 11/01/50 | &nbsp;&nbsp; 205 | 179793 |
| 3.00%, 12/01/50 | &nbsp;&nbsp; 327 | 285659 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 66 | 56590 |
| 3.00%, 12/01/51 | &nbsp;&nbsp; 529 | 460087 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 274 | 236970 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 1337 | 1148949 |
| 3.00%, 07/01/52 | &nbsp;&nbsp; 567 | 488010 |
| 3.00%, 08/13/55<sup>(g)</sup> | &nbsp;&nbsp; 3679 | 3147943 |
| 3.00%, 09/15/55<sup>(g)</sup> | &nbsp;&nbsp; 2700 | 2310682 |
| 3.50%, 01/01/34 | &nbsp;&nbsp; 20 | 19286 |
| 3.50%, 04/01/37 | &nbsp;&nbsp; 12 | 11123 |
| 3.50%, 06/01/37 | &nbsp;&nbsp; 5 | 5139 |
| 3.50%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 118 | 113039 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 111 | 102296 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 40 | 37317 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 10 | 8766 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 63 | 57410 |
| 3.50%, 09/01/49 | &nbsp;&nbsp; 724 | 665486 |
| 3.50%, 01/01/50 | &nbsp;&nbsp; 217 | 197686 |
| 3.50%, 03/01/50 | &nbsp;&nbsp; 483 | 434862 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 34 | 31531 |
| 3.50%, 08/01/52 | &nbsp;&nbsp; 41 | 37578 |
| 3.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 5027 | 4490258 |
| 3.50%, 09/15/54<sup>(g)</sup> | &nbsp;&nbsp; 4186 | 3733821 |
| 4.00%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 103 | 99969 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 229 | 216210 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 166 | 155754 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 91 | 85656 |
| 4.00%, 03/01/50 | &nbsp;&nbsp; 486 | 456708 |
| 4.00%, 11/01/50 | &nbsp;&nbsp; 79 | 74054 |
| 4.00%, 08/01/51 | &nbsp;&nbsp; 376 | 351042 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 208 | 195568 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 235 | 217447 |
| 4.00%, 04/01/53 | &nbsp;&nbsp; 13 | 11973 |
| 4.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 2202 | 2030696 |
| 4.50%, 08/15/39<sup>(g)</sup> | &nbsp;&nbsp; 442 | 436641 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 114 | 110415 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 144 | 138806 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 114 | 111541 |
| 4.50%, 09/01/49 | &nbsp;&nbsp; 54 | 53096 |
| 4.50%, 10/01/50 | &nbsp;&nbsp; 114 | 110459 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 621 | 590119 |
| 4.50%, 01/01/53 | &nbsp;&nbsp; 940 | 893605 |
| 4.50%, 02/01/53 | &nbsp;&nbsp; 91 | 86353 |
| 4.50%, 03/01/53 | &nbsp;&nbsp; 16 | 15506 |
| 4.50%, 09/01/53 | &nbsp;&nbsp; 230 | 222355 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; $571 | $541590 |
| 5.00%, 07/01/47 | &nbsp;&nbsp; 40 | 40028 |
| 5.00%, 06/01/50 | &nbsp;&nbsp; 59 | 58498 |
| 5.00%, 05/01/53 | &nbsp;&nbsp; 133 | 129641 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 522 | 509874 |
| 5.00%, 07/01/53 | &nbsp;&nbsp; 226 | 221401 |
| 5.00%, 08/01/53 | &nbsp;&nbsp; 88 | 86565 |
| 5.00%, 10/01/53 | &nbsp;&nbsp; 139 | 135994 |
| 5.00%, 11/01/53 | &nbsp;&nbsp; 803 | 783807 |
| 5.00%, 03/01/54 | &nbsp;&nbsp; 97 | 94748 |
| 5.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 3728 | 3628081 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 163 | 162800 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 272 | 271465 |
| 5.50%, 07/01/53 | &nbsp;&nbsp; 361 | 361649 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 211 | 210096 |
| 5.50%, 09/01/53 | &nbsp;&nbsp; 421 | 419422 |
| 5.50%, 10/01/53 | &nbsp;&nbsp; 68 | 67967 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 251 | 250291 |
| 5.50%, 08/01/54 | &nbsp;&nbsp; 478 | 476066 |
| 5.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 32409 | 32237419 |
| 6.00%, 11/01/52 | &nbsp;&nbsp; 84 | 86592 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 58 | 59816 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 121 | 123281 |
| 6.00%, 04/01/53 | &nbsp;&nbsp; 13 | 13140 |
| 6.00%, 05/01/53 | &nbsp;&nbsp; 89 | 90736 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 25 | 25969 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 87 | 88590 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 123 | 125811 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 317 | 322861 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 31 | 31442 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 58 | 58584 |
| 6.00%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 24493 | 24831538 |
| 6.50%, 06/01/54 | &nbsp;&nbsp; 99 | 102423 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 164 | 168794 |
| 6.50%, 08/15/54<sup>(g)</sup> | &nbsp;&nbsp; 1861 | 1919458 |
|  |  | 134604534 |
| **U.S. Government Obligations — 22.9%** | **U.S. Government Obligations — 22.9%** | **U.S. Government Obligations — 22.9%** |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 09/30/27 | &nbsp;&nbsp; 454 | 420572 |
| 0.50%, 02/28/26 | &nbsp;&nbsp; 278 | 271725 |
| 0.50%, 04/30/27 | &nbsp;&nbsp; 610 | 574237 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 823 | 773546 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 659 | 614260 |
| 0.63%, 07/31/26 | &nbsp;&nbsp; 885 | 854840 |
| 0.75%, 05/31/26 | &nbsp;&nbsp; 306 | 297353 |
| 0.88%, 06/30/26 | &nbsp;&nbsp; 956 | 927738 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 343 | 315707 |
| 1.13%, 05/15/40 | &nbsp;&nbsp; 46 | 28647 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 1145 | 700484 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 257 | 240130 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 489 | 454713 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 174 | 160710 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 500 | 237012 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 1145 | 725584 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 192 | 93330 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 1144 | 1059138 |
| 1.50%, 02/15/30 | &nbsp;&nbsp; 236 | 212400 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 187 | 97049 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 326 | 222476 |
| 1.88%, 02/15/51 | &nbsp;&nbsp; 156 | 86539 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 0 | 164 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 2.00%, 11/15/26 | &nbsp;&nbsp; $623 | $606646 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 1546 | 878200 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 203 | 196613 |
| 2.25%, 08/15/49 | &nbsp;&nbsp; 272 | 168053 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 203 | 197709 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 601 | 569729 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 156 | 112560 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 578 | 360977 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 1003 | 697603 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 920 | 898222 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 1016 | 968018 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 678 | 620555 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 506 | 355074 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 514 | 495669 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 45 | 41672 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 192 | 135983 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 53 | 41874 |
| 3.00%, 05/15/47 | &nbsp;&nbsp; 226 | 166932 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 503 | 369239 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 737 | 536240 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 820 | 582866 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 800 | 776122 |
| 3.13%, 08/15/44 | &nbsp;&nbsp; 219 | 170380 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 192 | 143910 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 3859 | 3809707 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 1048 | 1023255 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 1470 | 1203161 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 1 | 989 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 767 | 752992 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 1659 | 1647568 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 1040 | 1014731 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 217 | 184858 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 369 | 296674 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 185 | 148379 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 42 | 41843 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 29 | 28896 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 721 | 717480 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 913 | 904726 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 3 | 2949 |
| 3.75%, 08/15/41 | &nbsp;&nbsp; 179 | 158779 |
| 3.75%, 11/15/43 | &nbsp;&nbsp; 217 | 187650 |
| 3.88%, 05/31/27 | &nbsp;&nbsp; 70 | 69880 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 914 | 913179 |
| 3.88%, 07/15/28 | &nbsp;&nbsp; 137 | 136957 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 624 | 622611 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 2 | 1994 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 3 | 2902 |
| 3.88%, 08/15/40 | &nbsp;&nbsp; 55 | 50010 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 2042 | 1808030 |
| 4.00%, 12/15/25 | &nbsp;&nbsp; 675 | 674606 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 473 | 472131 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 27 | 27059 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 615 | 616562 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 434 | 435170 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 58 | 57529 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 919 | 901426 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 0 | 259 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 1466 | 1468233 |
| 4.13%, 10/31/27 | &nbsp;&nbsp; 596 | 598538 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 2441 | 2459498 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 10 | 10022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.13%, 02/29/32 | &nbsp;&nbsp; $68 | $68050 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 18 | 18008 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 826 | 747646 |
| 4.25%, 01/31/26 | &nbsp;&nbsp; 345 | 344792 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 3306 | 3312328 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 21 | 21050 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 473 | 474253 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 28 | 28217 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 1 | 1013 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 658 | 664683 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 303 | 301106 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 261 | 258716 |
| 4.25%, 11/15/40 | &nbsp;&nbsp; 196 | 186206 |
| 4.38%, 07/31/26 | &nbsp;&nbsp; 30 | 30053 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 785 | 788289 |
| 4.50%, 11/15/25 | &nbsp;&nbsp; 249 | 249054 |
| 4.50%, 03/31/26 | &nbsp;&nbsp; 600 | 600804 |
| 4.50%, 07/15/26 | &nbsp;&nbsp; 983 | 986220 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 1644 | 1657614 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 8 | 8070 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 639 | 652841 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 68 | 67369 |
| 4.63%, 02/28/26 | &nbsp;&nbsp; 29 | 29046 |
| 4.63%, 03/15/26 | &nbsp;&nbsp; 498 | 499463 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 4 | 4047 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 446 | 455617 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 15 | 15326 |
| 4.63%, 02/15/40 | &nbsp;&nbsp; 55 | 54683 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 115 | 111245 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 251 | 240450 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 171 | 168836 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 1738 | 1699981 |
| 4.88%, 04/30/26 | &nbsp;&nbsp; 535 | 537362 |
| 4.88%, 05/31/26 | &nbsp;&nbsp; 28 | 28139 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 861 | 896470 |
|  |  | 59117480 |
| **Total U.S. Government & Agency Obligations — 75.7%** <br>**(Cost: $195,639,100)** | **Total U.S. Government & Agency Obligations — 75.7%** <br>**(Cost: $195,639,100)** | 195272499 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 665 | 197000 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GE Vernova Inc. | &nbsp;&nbsp; 94 | 62067 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Vistra Corp. | &nbsp;&nbsp; 123 | 25651 |
| **Mortgage Real Estate Investment — 0.1%** | **Mortgage Real Estate Investment — 0.1%** | **Mortgage Real Estate Investment — 0.1%** |
| Blackstone Mortgage Trust Inc., Class A | &nbsp;&nbsp; 7482 | 138267 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Kinder Morgan Inc. | &nbsp;&nbsp; 649 | 18211 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Invitation Homes Inc. | &nbsp;&nbsp; 1517 | $46496 |
| **Total Common Stocks — 0.2%** <br>**(Cost $423,855)** | **Total Common Stocks — 0.2%** <br>**(Cost $423,855)** | 487692 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 0.4%** | **Exchange Traded Funds — 0.4%** | **Exchange Traded Funds — 0.4%** |
| Financial Select Sector SPDR Fund | &nbsp;&nbsp; 2715 | 142184 |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(d)(h)</sup><br>| &nbsp;&nbsp; 10420 | 837560 |
|  |  | 979744 |
| **Total Investment Companies — 0.4%** <br>**(Cost $974,746)** | **Total Investment Companies — 0.4%** <br>**(Cost $974,746)** | 979744 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(i)</sup> | &nbsp;&nbsp; 250 | 17675 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | 17675 |
| **Total Long-Term Investments — 137.9%** <br>**(Cost: $355,143,646)** | **Total Long-Term Investments — 137.9%** <br>**(Cost: $355,143,646)** | 355605305 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(h)(j)</sup><br>| &nbsp;&nbsp; 4401061 | 4402822 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(h)(j)(k)</sup><br>| &nbsp;&nbsp; 2623387 | 2623387 |
| **Total Short-Term Securities — 2.7%** <br>**(Cost: $7,026,209)** | **Total Short-Term Securities — 2.7%** <br>**(Cost: $7,026,209)** | 7026209 |
| **Options Purchased — 0.3%** <br>**(Cost: $722,973)** | **Options Purchased — 0.3%** <br>**(Cost: $722,973)** | 600676 |
| **Total Investments Before TBA Sales Commitments and Options** <br> **Written — 140.9%** <br>**(Cost: $362,892,828)** | **Total Investments Before TBA Sales Commitments and Options** <br> **Written — 140.9%** <br>**(Cost: $362,892,828)** | 363232190 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(g)</sup> | **TBA Sales Commitments**<sup>(g)</sup> | **TBA Sales Commitments**<sup>(g)</sup> |
| **Mortgage-Backed Securities — (10.9)%** | **Mortgage-Backed Securities — (10.9)%** | **Mortgage-Backed Securities — (10.9)%** |
| Government National Mortgage Association, <br> 3.50%, 08/15/54<br>| &nbsp;&nbsp; $(200)<br>| (179680)<br>|

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Uniform Mortgage-Backed Securities |  |  |
| 2.00%, 08/15/54 | &nbsp;&nbsp; (2180)<br>| $(1704946)<br>|
| 2.50%, 08/15/54 | &nbsp;&nbsp; (1905)<br>| (1560625)<br>|
| 3.00%, 08/13/55 | &nbsp;&nbsp; (4034)<br>| (3451153)<br>|
| 3.00%, 09/15/55 | &nbsp;&nbsp; (1689)<br>| (1445460)<br>|
| 3.50%, 08/15/54 | &nbsp;&nbsp; (4900)<br>| (4376819)<br>|
| 3.50%, 09/15/54 | &nbsp;&nbsp; (2700)<br>| (2408341)<br>|
| 4.00%, 08/15/54 | &nbsp;&nbsp; (1047)<br>| (965549)<br>|
| 4.50%, 08/15/54 | &nbsp;&nbsp; (10425)<br>| (9863660)<br>|
| 5.00%, 08/15/54 | &nbsp;&nbsp; (627)<br>| (610195)<br>|
| 6.00%, 08/15/54 | &nbsp;&nbsp; (1552)<br>| (1573452)<br>|
| **Total TBA Sales Commitments — (10.9)%** <br>**(Proceeds: $(28125636))** | **Total TBA Sales Commitments — (10.9)%** <br>**(Proceeds: $(28125636))** | (28139880)<br>|
| **Options Written — (0.0%)** <br>**(Premiums Received: $(130111))** | **Options Written — (0.0%)** <br>**(Premiums Received: $(130111))** | (51617)<br>|
| **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written — 130.0%** <br>**(Cost: $334,637,081)** | **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written — 130.0%** <br>**(Cost: $334,637,081)** | 335040693 |
| **Liabilities in Excess of Other Assets — (30.0)%** | **Liabilities in Excess of Other Assets — (30.0)%** | (77170681)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $257870012 |

---

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

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

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

<sup>(c)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

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

<sup>(g)</sup> Represents or includes a TBA transaction.

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $3070489 | $1333683 <br><sup>(a)</sup><br>| $— | $(1118)<br>| $(232)<br>| $4402822 | 4401061 | $303375 | $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 224810 | 2398577 <br><sup>(a)</sup><br>|  |  |  | 2623387 | 2623387 | 10997 <br><sup>(b)</sup><br>|  |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(c)</sup> |  | 660929 | &nbsp;&nbsp; (661949)<br>| 1020 |  |  |  | 18349 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF |  | 3194655 | &nbsp;&nbsp; (2372209)<br>| 13724 | 1390 | 837560 | 10420 | 19494 |  |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(c)</sup><br>|  | 1436105 | &nbsp;&nbsp; (1430551)<br>| (5554)<br>|  |  |  |  |  |
| iShares J.P. Morgan USD Emerging Markets Bond <br> ETF<sup>(c)</sup><br>| 612527 | 242429 | &nbsp;&nbsp; (859753)<br>| 26581 | (21784)<br>|  |  | 8687 |  |
|  |  |  |  | $34653 | $(20626) | $7863769 |  | $360902 | $— |

---

&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. 

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro BOBL | 18 | 09/08/25 | &nbsp;&nbsp; $2409 | $(11387) |
| 10-Year U.S. Treasury Note | 7 | 09/19/25 | &nbsp;&nbsp; 778 | 1146 |
| U.S. Long Bond | 48 | 09/19/25 | &nbsp;&nbsp; 5479 | 13653 |
| Ultra U.S. Treasury Bond | 52 | 09/19/25 | &nbsp;&nbsp; 6094 | 67350 |
| 2-Year U.S. Treasury Note | 266 | 09/30/25 | &nbsp;&nbsp; 55066 | (83747) |
| 5-Year U.S. Treasury Note | 42 | 09/30/25 | &nbsp;&nbsp; 4544 | (397) |
| 3-mo. SOFR | 53 | 03/17/26 | &nbsp;&nbsp; 12717 | (23901) |
|  |  |  |  | (37283) |
| Short Contracts |  |  |  |  |
| 30-Year Euro Buxl Bond | (6) | 09/08/25 | &nbsp;&nbsp; 804 | 20239 |
| 10-Year U.S. Ultra Treasury Note | (190) | 09/19/25 | &nbsp;&nbsp; 21488 | (81365) |
| S&P 500 E-Mini Index | (2) | 09/19/25 | &nbsp;&nbsp; 637 | (28500) |
|  |  |  |  | (89626) |
|  |  |  |  | $(126909) |

---

**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>|
| BRL | 2070247 | USD | 365316 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $292 |
| MXN | 4094245 | USD | 215000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| MXN | 3900581 | USD | 204000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1789 |
| USD | 508560 | BRL | 2865000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2598 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return 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 | 237160 | BRL | 1315000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4929 |
| USD | 59137 | BRL | 328000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1212 |
| USD | 170972 | COP | 703497000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641 |
| USD | 48466 | COP | 198254000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310 |
| USD | 112007 | COP | 459633000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2681 |
| USD | 142274 | EUR | 122000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2641 |
| USD | 326829 | EUR | 280000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6361 |
| USD | 3082432 | EUR | 2615000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89492 |
| USD | 576240 | EUR | 488000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17711 |
| USD | 3895276 | EUR | 3345100 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66716 |
| USD | 1197649 | GBP | 881300 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33261 |
| USD | 472712 | GBP | 348000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12929 |
| USD | 106451 | JPY | 15533000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941 |
| USD | 806620 | JPY | 114622820 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42791 |
| USD | 26240 | JPY | 3813000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| USD | 36334 | JPY | 5287000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296233 |
| BRL | 1010928 | USD | 180000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1469)<br>|
| BRL | 936837 | USD | 168400 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2953)<br>|
| BRL | 473749 | USD | 85000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1335)<br>|
| CNH | 8744535 | USD | 1223000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6171)<br>|
| EUR | 1776000 | USD | 2043201 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10519)<br>|
| EUR | 2007000 | USD | 2354373 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57305)<br>|
| GBP | 551000 | USD | 754830 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26840)<br>|
| MXN | 1655170 | USD | 88000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (676)<br>|
| USD | 837064 | BRL | 4743641 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (669)<br>|
| USD | 81085 | COP | 342139755 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108232)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $188001 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| 3-Month SOFR Future | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; USD | 96.19 | USD | 59025 | &nbsp;&nbsp; $32287 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | $14646 |
| 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | 14646 |
| 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.93% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 493 | 18061 |
| 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.00% | Annual | BNP Paribas SA | 03/29/27 | 4.00 | USD | 228 | 9035 |
| 10-Year Interest Rate Swap, 04/14/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.05% | Annual | Citibank N.A. | 04/12/27 | 4.05 | USD | 240 | 10003 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**OTC Interest Rate Swaptions Purchased (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| 10-Year Interest Rate Swap, 04/16/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.01% | Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 121 | $4824 |
| 10-Year Interest Rate Swap, 06/06/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.00% | Annual | Goldman Sachs Inter-<br> national<br>| 06/04/27 | 4.00 | USD | 854 | 34199 |
| 10-Year Interest Rate Swap, 07/10/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.05% | Annual | Barclays Bank PLC | 07/08/27 | 4.05 | USD | 1250 | 53207 |
| 10-Year Interest Rate Swap, 07/16/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.07% | Annual | Bank of America N.A. | 07/14/27 | 4.07 | USD | 1593 | 69186 |
| 10-Year Interest Rate Swap, 07/17/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.08% | Annual | Bank of America N.A. | 07/15/27 | 4.08 | USD | 1593 | 70043 |
|  |  |  |  |  |  |  |  |  |  | 297850 |
| Put |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, 08/15/55 | 4.35% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.35 | USD | 2829 | 608 |
| 30-Year Interest Rate Swap, 08/15/55 | 4.35% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.35 | USD | 200 | 43 |
| 30-Year Interest Rate Swap, 08/15/55 | 4.35% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.35 | USD | 250 | 54 |
| 30-Year Interest Rate Swap, 08/15/55 | 4.35% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.35 | USD | 250 | 54 |
| 30-Year Interest Rate Swap, 10/16/55 | 4.33% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 10/14/25 | 4.33 | USD | 3562 | 28352 |
| 30-Year Interest Rate Swap, 10/16/55 | 4.33% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 10/14/25 | 4.33 | USD | 50 | 398 |
| 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | 5824 |
| 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | 5824 |
| 10-Year Interest Rate Swap, 03/31/37 | 3.93% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 493 | 18089 |
| 10-Year Interest Rate Swap, 03/31/37 | 4.00% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | BNP Paribas SA | 03/29/27 | 4.00 | USD | 228 | 7802 |
| 10-Year Interest Rate Swap, 04/14/37 | 4.05% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Citibank N.A. | 04/12/27 | 4.05 | USD | 240 | 7961 |
| 10-Year Interest Rate Swap, 04/16/37 | 4.01% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 121 | 4158 |
| 10-Year Interest Rate Swap, 06/06/37 | 4.00% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 06/04/27 | 4.00 | USD | 854 | 31577 |
| 10-Year Interest Rate Swap, 07/10/37 | 4.05% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Barclays Bank PLC | 07/08/27 | 4.05 | USD | 1250 | 45569 |
| 10-Year Interest Rate Swap, 07/16/37 | 4.07% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 07/14/27 | 4.07 | USD | 1593 | 57407 |
| 10-Year Interest Rate Swap, 07/17/37 | 4.08% | Annual | 1-day SOFR, <br> 4.39%<br>| Annual | Bank of America N.A. | 07/15/27 | 4.08 | USD | 1593 | 56819 |
|  |  |  |  |  |  |  |  |  |  | 270539 |
|  |  |  |  |  |  |  |  |  |  | $568389 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| 3-Month SOFR Future | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; USD | 96.44 | USD | 59025 | &nbsp;&nbsp; $(13838)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, 08/15/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.03% | Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.03 | USD | 10899 | $(54)<br>|
| 5-Year Interest Rate Swap, 08/15/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.03% | Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.03 | USD | 1000 | (5)<br>|
| 5-Year Interest Rate Swap, 08/15/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.03% | Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.03 | USD | 1000 | (5)<br>|
| 5-Year Interest Rate Swap, 08/15/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 4.03% | Annual | Goldman Sachs Inter-<br> national<br>| 08/13/25 | 4.03 | USD | 1000 | (5)<br>|
| 5-Year Interest Rate Swap, 10/16/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.81% | Annual | Citibank N.A. | 10/14/25 | 3.81 | USD | 13783 | (36907)<br>|
| 5-Year Interest Rate Swap, 10/16/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual | 3.81% | Annual | Bank of America N.A. | 10/14/25 | 3.81 | USD | 300 | (803)<br>|
|  |  |  |  |  |  |  |  |  |  | $(37779)<br>|

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> %<br>| Quarterly | 06/20/30 | B+ | USD | 11837 | $924939 | $588754 | $336185 |

---

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

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

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

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| UK RPI All Items <br> NSA<br>| At Termination | 3.28% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp; $(3436)<br>| &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp; $(3442)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.30% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; (3131)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (3137)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.32% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp; (5675)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (5687)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.43% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (775)<br>|
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 1902 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 3337 | &nbsp;&nbsp;&nbsp; 1348 | &nbsp;&nbsp;&nbsp; 1989 |
| 2.83% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; (439)<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (444)<br>|
| 2.84% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (250)<br>|
| 2.84% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (242)<br>|
| 2.87% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; (1557)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (1563)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.83% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; $(409)<br>| &nbsp;&nbsp;&nbsp; $(505)<br>| &nbsp;&nbsp;&nbsp; $96 |
| 2.79% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; 1233 |
| 2.73% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 3624 | &nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 2936 |
| 2.73% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1543 |
| 2.76% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 1644 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1641 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; 2776 | &nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp; 1947 |
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; 1807 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 892 | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (401)<br>| &nbsp;&nbsp;&nbsp; 207 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; 8 |
| 2.68% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (14)<br>|
| 2.72% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; (971)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (977)<br>|
| 2.67% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 209 |
| 2.65% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 556 |
| 2.64% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1002 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 3133 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3126 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1642 |
| 2.62% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1393 |
| 3.41% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/29 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp; 3240 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 3228 |
| 3.42% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/29 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 2808 |
| 3.43% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/29 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp; 5144 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 5121 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 3.49% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/29 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp; $218 | &nbsp;&nbsp;&nbsp; $(97)<br>| &nbsp;&nbsp;&nbsp; $315 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2371 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 4851 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4843 |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 437 |
| 3.35% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp; 3320 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3312 |
| 3.37% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 2697 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2689 |
| 3.39% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 1333 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1328 |
| 3.40% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1153 |
| 3.41% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 2160 |
| 3.46% | At Termination | &nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/15/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; 156 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1562 | &nbsp;&nbsp;&nbsp; (3158)<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (3177)<br>|
| 2.70% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 07/22/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 682 | &nbsp;&nbsp;&nbsp; (1737)<br>| &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; (1563)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.24% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/35 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; (1026)<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (1035)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.24% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/35 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; (1123)<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (1132)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.24% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/35 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp; (2278)<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (2295)<br>|
| UK RPI All Items <br> NSA<br>| At Termination | 3.27% | At Termination | &nbsp;&nbsp;&nbsp; 07/15/35 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; (141)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $29632 | &nbsp;&nbsp;&nbsp; $2348 | &nbsp;&nbsp;&nbsp; $27284 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.27% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 162221 | &nbsp;&nbsp; $(12381)<br>| &nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp; $(12294)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.28% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8020 | &nbsp;&nbsp; (568)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (582)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.28% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; (825)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (847)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.28% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50940 | &nbsp;&nbsp; (3395)<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; (3489)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.29% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 78599 | &nbsp;&nbsp; (4371)<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; (4514)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.31% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 82130 | &nbsp;&nbsp; (2242)<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; (2392)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.31% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 82574 | &nbsp;&nbsp; $(2368)<br>| &nbsp;&nbsp; $151 | &nbsp;&nbsp; $(2519)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.32% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 46824 | &nbsp;&nbsp; (243)<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; (329)<br>|
| 1-day FEDL, <br> 4.33%<br>| At Termination | 4.33% | At Termination | N/A | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 75376 | &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; 137 | &nbsp;&nbsp; (165)<br>|
| 3.79% | At Termination | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3452 | &nbsp;&nbsp; 14633 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 14627 |
| 1-day SOFR, <br> 4.39%<br>| At Termination | 3.79% | At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; (4867)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (4869)<br>|
| 1-day SOFR, <br> 4.39%<br>| At Termination | 3.79% | At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2313 | &nbsp;&nbsp; (9893)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (9897)<br>|
| 3.81% | At Termination | &nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2649 | &nbsp;&nbsp; 10697 | &nbsp;&nbsp; 1511 | &nbsp;&nbsp; 9186 |
| 1-day SOFR, <br> 4.39%<br>| At Termination | 3.91% | At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2649 | &nbsp;&nbsp; (8108)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (8113)<br>|
| 1.00% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 3/12/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 244490 | &nbsp;&nbsp; (2199)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (2204)<br>|
| 1.02% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 3/12/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 554284 | &nbsp;&nbsp; (5746)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; (5758)<br>|
| 1.03% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 3/12/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 658313 | &nbsp;&nbsp; (7171)<br>| &nbsp;&nbsp; (192)<br>| &nbsp;&nbsp; (6979)<br>|
| 0.68% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 244724 | &nbsp;&nbsp; 3255 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3249 |
| 0.69% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 247585 | &nbsp;&nbsp; 3260 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3255 |
| 0.80% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 721 |
| 0.85% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 642 | &nbsp;&nbsp; (12)<br>|
| 0.70% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 5/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 195427 | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2561 |
| 0.79% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 5/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 925 |
| 0.79% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 5/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 1958 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 1289 |
| 0.86% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 7/3/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 07/02/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1324 |
| 0.85% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 7/7/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 07/07/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 796320 | &nbsp;&nbsp; 4144 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4126 |
| 2.36% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 01/13/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; (70)<br>| &nbsp;&nbsp; 6339 |
| 2.52% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 01/13/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 5257 | &nbsp;&nbsp; 1634 | &nbsp;&nbsp; 3623 |
| 2.49% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 02/19/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 13948 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 13941 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.47% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 60 | &nbsp;&nbsp; $5112 | &nbsp;&nbsp; $1380 | &nbsp;&nbsp; $3732 |
| 2.51% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 13331 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 13325 |
| 2.51% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 14830 | &nbsp;&nbsp; 2168 | &nbsp;&nbsp; 12662 |
| 2.51% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/01/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 6597 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6594 |
| 2.32% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/03/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 9568 | &nbsp;&nbsp; (647)<br>| &nbsp;&nbsp; 10215 |
| 2.46% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 03/22/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3287 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3286 |
| 2.54% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 04/22/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 22541 | &nbsp;&nbsp; 3671 | &nbsp;&nbsp; 18870 |
| 2.43% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 06/19/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3481 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3479 |
| 2.43% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3384 |
| 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.44% | Annual | N/A | &nbsp;&nbsp; 06/24/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 25 | &nbsp;&nbsp; (2277)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2277)<br>|
| 2.74% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 07/07/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 4402 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4393 |
| 2.81% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 07/22/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 255 |
| 2.37% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 08/28/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 13504 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 13056 |
| 2.27% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/09/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 7144 | &nbsp;&nbsp; (299)<br>| &nbsp;&nbsp; 7443 |
| 2.26% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 10/22/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1200 |
| 2.10% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/23/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 22179 | &nbsp;&nbsp; 11530 | &nbsp;&nbsp; 10649 |
| 2.09% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/24/54 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 28105 | &nbsp;&nbsp; 6607 | &nbsp;&nbsp; 21498 |
| 2.16% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 01/04/55 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; 19100 |
| 2.33% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 01/08/55 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 5755 | &nbsp;&nbsp; (179)<br>| &nbsp;&nbsp; 5934 |
| 2.11% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 02/11/55 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 24689 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 23754 |
| 2.23% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 02/14/55 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 12698 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 12588 |
| 2.87% | Annual | &nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 07/18/55 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 40 | &nbsp;&nbsp; (290)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (292)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $223592 | &nbsp;&nbsp; $30541 | &nbsp;&nbsp; $193051 |

---

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

<sup>(a)</sup> Forward Swap.

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Fixed, 0.00%<sup>(a)</sup> <br>| Quarterly | Goldman Sachs Intraday <br> Delta Replication VX <br> Series <br> 5 Excess Return Strategy <br> Index<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 11/06/25 | USD | 692 | $797 | $— | $797 |
| Fixed, 0.00%<sup>(a)</sup> <br>| Quarterly | Goldman Sachs Intraday <br> Delta Replication VX <br> Series <br> 5 Excess Return Strategy <br> Index<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 11/06/25 | USD | 426 | 130 |  | 130 |
|  |  |  |  |  |  |  |  |  | $927 | $— | $927 |

---

&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.

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps | &nbsp;&nbsp; $624679 | &nbsp;&nbsp;&nbsp; $(3036)<br>| &nbsp;&nbsp;&nbsp; $649926 | &nbsp;&nbsp;&nbsp; $(93406)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (130111)<br>| &nbsp;&nbsp;&nbsp; 78494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51617 |

---

**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 |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102388 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102388 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296233 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296233 |
| Options Purchased |  |  |  |  |  |  |  |
| Investments at value — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $600676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $600676 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $260583 | &nbsp;&nbsp; $53158 | &nbsp;&nbsp; $649926 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $927 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336185 | &nbsp;&nbsp; $927 | &nbsp;&nbsp; $296233 | &nbsp;&nbsp; $963647 | &nbsp;&nbsp; $53158 | &nbsp;&nbsp; $1650150 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $200797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229297 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108232 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108232 |
| Options written |  |  |  |  |  |  |  |
| Options written at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51617 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51617 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67532 | &nbsp;&nbsp; $25874 | &nbsp;&nbsp; $93406 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28500 | &nbsp;&nbsp; $108232 | &nbsp;&nbsp; $319946 | &nbsp;&nbsp; $25874 | &nbsp;&nbsp; $482552 |

---

&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). 

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

For the period ended July 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; $(133974)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(382568)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(516542)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (117381)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (117381)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; — | &nbsp;&nbsp; (32008)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30815)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8312 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17670)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9358)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 58742 | &nbsp;&nbsp; (28410)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (74868)<br>| &nbsp;&nbsp; (9360)<br>| &nbsp;&nbsp; (53896)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58742 | &nbsp;&nbsp; $(152879)<br>| &nbsp;&nbsp; $(117381)<br>| &nbsp;&nbsp; $(507114)<br>| &nbsp;&nbsp; $(9360)<br>| &nbsp;&nbsp; $(727992)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28500)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(239468)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(267968)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 167644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 167644 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3196 | &nbsp;&nbsp; — | &nbsp;&nbsp; (129677)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (126481)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75706 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 318404 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192165 | &nbsp;&nbsp; 27284 | &nbsp;&nbsp; 538780 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $318404 | &nbsp;&nbsp; $(24299)<br>| &nbsp;&nbsp; $167644 | &nbsp;&nbsp; $(101352)<br>| &nbsp;&nbsp; $27284 | &nbsp;&nbsp; $387681 |

---

&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.

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $36840467 |
| Average notional value of contracts — short | &nbsp;&nbsp; $9219717 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $2889272 |
| Average amounts sold — in USD | &nbsp;&nbsp; $6595365 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; $29851 |
| Average value of option contracts written | &nbsp;&nbsp; $8755 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; $34040823 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 35262025 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>|
| Average notional value — sell protection | &nbsp;&nbsp; $8023792 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $15657380 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $156815690 |
| Inflation swaps: |  |
| Average notional value – pays fixed rate | &nbsp;&nbsp; $7314440 |
| Average notional value – receives fixed rate | &nbsp;&nbsp; $2003619 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $744362 |

---

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

<sup>(a)</sup> Derivative not held at quarter-end. The amounts shown in the Statement of Operations serve as an indicator of volume 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; $— | &nbsp;&nbsp;&nbsp; $19755 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 296233 | &nbsp;&nbsp;&nbsp; 108232 |
| Options | &nbsp;&nbsp; 600676 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 51617 |
| Swaps - centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56093 |
| Swaps - OTC<sup>(b)</sup> | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 897836 | &nbsp;&nbsp;&nbsp; 235697 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (32287)<br>| &nbsp;&nbsp;&nbsp; (89686)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $865549 | &nbsp;&nbsp;&nbsp; $146011 |

---

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

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $262835 | &nbsp;&nbsp; $(11998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $250837 |
| Barclays Bank PLC | &nbsp;&nbsp; 110889 | &nbsp;&nbsp; (65614)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45275 |
| BNP Paribas SA | &nbsp;&nbsp; 67299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67299 |
| Citibank N.A. | &nbsp;&nbsp; 181677 | &nbsp;&nbsp; (66995)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 114682 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 3687 | &nbsp;&nbsp; (1335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2352 |
| Goldman Sachs International | &nbsp;&nbsp; 67462 | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67393 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 36150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36150 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 51802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51802 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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>|
| UBS AG | &nbsp;&nbsp; $83748 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83748 |
|  | &nbsp;&nbsp; $865549 | &nbsp;&nbsp; $(146011)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $719538 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $11998 | &nbsp;&nbsp; $(11998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 65614 | &nbsp;&nbsp; (65614)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 66995 | &nbsp;&nbsp; (66995)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; (1335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 69 | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $146011 | &nbsp;&nbsp; $(146011)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

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

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

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

<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 Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31345583 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31345583 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 39764767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39764767 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 74680323 | &nbsp;&nbsp; 210126 | &nbsp;&nbsp; 74890449 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 11719501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11719501 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1127395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1127395 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 195272499 | &nbsp;&nbsp; — | &nbsp;&nbsp; 195272499 |
| Common Stocks | &nbsp;&nbsp; 487692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 487692 |
| Investment Companies | &nbsp;&nbsp; 979744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 979744 |
| Preferred Stocks | &nbsp;&nbsp; 17675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17675 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 7026209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7026209 |
| Options Purchased  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; 32287 | &nbsp;&nbsp; 568389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 600676 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (28139880)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (28139880)<br>|
|  | &nbsp;&nbsp; $8543607 | &nbsp;&nbsp; $326338577 | &nbsp;&nbsp; $210126 | &nbsp;&nbsp; $335092310 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336185 |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 927 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 296233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 296233 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Total Return Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup> (continued) |  |  |  |  |
| Inflation Linked Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53158 |
| Interest Rate Contracts | &nbsp;&nbsp; 102388 | &nbsp;&nbsp; 260583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 362971 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (28500)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (28500)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (108232)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (108232)<br>|
| Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (25874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (25874)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (214635)<br>| &nbsp;&nbsp; (105311)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (319946)<br>|
|  | &nbsp;&nbsp; $(112247)<br>| &nbsp;&nbsp; $678242 | &nbsp;&nbsp; $927 | &nbsp;&nbsp; $566922 |

---

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

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, 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.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>AAA CLO Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>BBB-B CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Flexible Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Floating Rate <br> Loan Active <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1037295272 | $63212786 | $11196098116 | $53653574 |
| Investments, at value—affiliated<sup>(c)</sup> | 23120000 | 2160000 | 1267343669 | 9432849 |
| Cash |  | 3871 | 3130828 | 240864 |
| Cash pledged: |  |  |  |  |
| Collateral — options written |  |  | 115240000 |  |
| Collateral — OTC derivatives |  |  | 3920000 |  |
| Collateral — TBA commitments |  |  | 30000 |  |
| Futures contracts |  |  | 25076000 |  |
| Centrally cleared swaps |  |  | 13895000 | 45000 |
| Foreign currency, at value<sup>(d)</sup> |  |  | 17967659 |  |
| Receivables: |  |  |  |  |
| Investments sold | 9096125 |  | 195213886 | 489810 |
| Options written |  |  | 807943 |  |
| Securities lending income—affiliated |  |  | 150161 | 321 |
| Swaps |  |  | 1432934 |  |
| TBA sales commitments |  |  | 451682303 |  |
| Loans |  |  | 640463 | 93506 |
| Capital shares sold |  |  | 96556054 |  |
| Dividends—unaffiliated |  |  | 540 |  |
| Dividends—affiliated | 49143 | 6612 | 2080792 | 20953 |
| Interest—unaffiliated | 3001958 | 241075 | 101598444 | 195689 |
| Variation margin on futures contracts |  |  | 187057 |  |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  | 88016759 |  |
| OTC swaps |  |  | 793542 | 59141 |
| Unfunded floating rate loan interests |  |  | 13460 | 37 |
| Total assets | 1072562498 | 65624344 | 13581875610 | 64231744 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 3046833 |  |  |  |
| Cash received: |  |  |  |  |
| Collateral — OTC derivatives |  |  | 1010000 |  |
| Collateral — TBA commitments |  |  | 2200719 |  |
| Collateral on securities loaned, at value |  |  | 491826259 | 1351576 |
| Options written, at value<sup>(e)</sup> |  |  | 7172896 |  |
| TBA sales commitments, at value<sup>(f)</sup> |  |  | 452843654 |  |
| Payables: |  |  |  |  |
| Investments purchased | 40563259 | 750000 | 1872075307 | 2804238 |
| Swaps |  |  | 61908 |  |
| Capital shares redeemed | 5195851 |  |  |  |
| Deferred foreign capital gain tax |  |  | 42296 |  |
| Investment advisory fees | 163650 | 24491 | 3344097 | 26943 |
| Options written |  |  | 470503 |  |
| Variation margin on centrally cleared swaps |  |  | 229466 | 461 |
| Swap premiums received |  |  |  | 32929 |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  | 20189124 |  |
| OTC derivatives |  |  | 2003547 |  |
| Unfunded floating rate loan interests |  |  |  | 71 |
| Total liabilities | 48969593 | 774491 | 2853469776 | 4216218 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $1023592905 | $64849853 | $10728405834 | $60015526 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares<br> AAA CLO Active <br> ETF <br>| &nbsp;&nbsp; iShares<br> BBB-B CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares<br> Flexible Income <br> Active ETF <br>| &nbsp;&nbsp; iShares<br> Floating Rate <br> Loan Active <br> ETF <br>|
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $1018698548 | $65188130 | $10684478953 | $59995921 |
| Accumulated earnings (loss) | 4894357 | (338277) | 43926881 | 19605 |
| NET ASSETS | $1023592905 | $64849853 | $10728405834 | $60015526 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 19700000 | 1300000 | 203750000 | 1150000 |
| Net asset value | $51.96 | $49.88 | $52.65 | $52.19 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1036467173 | $63792590 | $11035023990 | $53732943 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $475756050 | $1321314 |
| <sup>(c)</sup> Investments, at cost—affiliated | $23120000 | $2160000 | $1262605014 | $9353845 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $18271165 | $— |
| <sup>(e)</sup> Premiums received | $— | $— | $8586075 | $— |
| <sup>(f)</sup> Proceeds from TBA sales commitments | $— | $— | $451682303 | $— |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Intermediate <br> Muni Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Short-Term <br> California <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Short <br> Duration <br> High Yield <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Total Return <br> Active ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $114495382 | $130004462 | $316980413 | $355368421 |
| Investments, at value—affiliated<sup>(c)</sup> | 5797475 | 57012 | 45910228 | 7863769 |
| Cash | 32 | 27 |  | 189967 |
| Cash pledged: |  |  |  |  |
| Futures contracts |  |  |  | 616000 |
| Centrally cleared swaps |  |  |  | 1569978 |
| Foreign currency, at value<sup>(d)</sup> |  |  |  | 88605 |
| Receivables: |  |  |  |  |
| Investments sold | 521018 |  |  | 2621740 |
| Securities lending income—affiliated |  |  |  | 456 |
| TBA sales commitments |  |  |  | 28125636 |
| Dividends—unaffiliated |  |  |  | 213 |
| Dividends—affiliated | 9439 | 23395 | 91631 | 29444 |
| Interest—unaffiliated | 1142952 | 1072591 | 3870046 | 2179864 |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  | 296233 |
| OTC swaps |  |  |  | 927 |
| Total assets | 121966298 | 131157487 | 366852318 | 398951253 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  | 23310 |  |
| Collateral on securities loaned, at value |  |  |  | 2523387 |
| Options written, at value<sup>(e)</sup> |  |  |  | 51617 |
| TBA sales commitments, at value<sup>(f)</sup> |  |  |  | 28139880 |
| Payables: |  |  |  |  |
| Investments purchased | 5208871 |  |  | 110104634 |
| Investment advisory fees | 26354 | 20872 | 96444 | 77643 |
| Variation margin on futures contracts |  |  |  | 19755 |
| Variation margin on centrally cleared swaps |  |  |  | 56093 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 108232 |
| Total liabilities | 5235225 | 20872 | 119754 | 141081241 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $116731073 | $131136615 | $366732564 | $257870012 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $118104380 | $130452746 | $378715182 | $257702379 |
| Accumulated earnings (loss) | (1373307) | 683869 | (11982618) | 167633 |
| NET ASSETS | $116731073 | $131136615 | $366732564 | $257870012 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 5000000 | 2600000 | 16700000 | 5150000 |
| Net asset value | $23.35 | $50.44 | $21.96 | $50.07 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares<br> Intermediate <br> Muni Income <br> Active ETF <br>| &nbsp;&nbsp; iShares<br> Short-Term <br> California <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares<br> Short <br> Duration <br> High Yield <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares<br> Total Return <br> Active ETF <br>|
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $114409578 | $129597367 | $323412621 | $355030449 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $— | $2430428 |
| <sup>(c)</sup> Investments, at cost—affiliated | $5797475 | $57012 | $45910139 | $7862379 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $— | $82918 |
| <sup>(e)</sup> Premiums received | $— | $— | $— | $130111 |
| <sup>(f)</sup> Proceeds from TBA sales commitments | $— | $— | $— | $28125636 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>AAA CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>BBB-B CLO <br> Active ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; iShares <br>Flexible <br> Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Floating Rate <br> Loan Active <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1274369 | &nbsp;&nbsp;&nbsp; $— |
| Dividends—affiliated | &nbsp;&nbsp; 526068 | &nbsp;&nbsp;&nbsp; 48316 | &nbsp;&nbsp;&nbsp; 28508860 | &nbsp;&nbsp;&nbsp; 539994 |
| Interest—unaffiliated | &nbsp;&nbsp; 40617673 | &nbsp;&nbsp;&nbsp; 2268774 | &nbsp;&nbsp;&nbsp; 402363682 | &nbsp;&nbsp;&nbsp; 3849864 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2496587 | &nbsp;&nbsp;&nbsp; 2098 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; 2199064 | &nbsp;&nbsp;&nbsp; 55413 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (161708)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 41143741 | &nbsp;&nbsp;&nbsp; 2352090 | &nbsp;&nbsp;&nbsp; 436680854 | &nbsp;&nbsp;&nbsp; 4447369 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1367028 | &nbsp;&nbsp;&nbsp; 135824 | &nbsp;&nbsp;&nbsp; 36780870 | &nbsp;&nbsp;&nbsp; 351906 |
| Commitment costs | &nbsp;&nbsp; 2384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25132 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6673 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1369412 | &nbsp;&nbsp;&nbsp; 135824 | &nbsp;&nbsp;&nbsp; 36812675 | &nbsp;&nbsp;&nbsp; 351906 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (10424)<br>| &nbsp;&nbsp;&nbsp; (967)<br>| &nbsp;&nbsp;&nbsp; (8553939)<br>| &nbsp;&nbsp;&nbsp; (44241)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 1358988 | &nbsp;&nbsp;&nbsp; 134857 | &nbsp;&nbsp;&nbsp; 28258736 | &nbsp;&nbsp;&nbsp; 307665 |
| Net investment income | &nbsp;&nbsp; 39784753 | &nbsp;&nbsp;&nbsp; 2217233 | &nbsp;&nbsp;&nbsp; 408422118 | &nbsp;&nbsp;&nbsp; 4139704 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (426972)<br>| &nbsp;&nbsp;&nbsp; (139522)<br>| &nbsp;&nbsp;&nbsp; (17717718)<br>| &nbsp;&nbsp;&nbsp; (489169)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3909)<br>| &nbsp;&nbsp;&nbsp; 1365053 | &nbsp;&nbsp;&nbsp; (23305)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (130847608)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23165610)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19147350)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2810806 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1141722 | &nbsp;&nbsp;&nbsp; 40555 |
|  | &nbsp;&nbsp; (426972)<br>| &nbsp;&nbsp;&nbsp; (143431)<br>| &nbsp;&nbsp;&nbsp; (185560705)<br>| &nbsp;&nbsp;&nbsp; (471919)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 398758 | &nbsp;&nbsp;&nbsp; (579804)<br>| &nbsp;&nbsp;&nbsp; 142612588 | &nbsp;&nbsp;&nbsp; (135579)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2214605 | &nbsp;&nbsp;&nbsp; 14026 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 71959911 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 177603 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3015343)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1413179 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2713271 | &nbsp;&nbsp;&nbsp; 47137 |
| Unfunded floating rate loan interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13460 | &nbsp;&nbsp;&nbsp; (68)<br>|
|  | &nbsp;&nbsp; 398758 | &nbsp;&nbsp;&nbsp; (579804)<br>| &nbsp;&nbsp;&nbsp; 218089274 | &nbsp;&nbsp;&nbsp; (74484)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (28214)<br>| &nbsp;&nbsp;&nbsp; (723235)<br>| &nbsp;&nbsp;&nbsp; 32528569 | &nbsp;&nbsp;&nbsp; (546403)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $39756539 | &nbsp;&nbsp;&nbsp; $1493998 | &nbsp;&nbsp;&nbsp; $440950687 | &nbsp;&nbsp;&nbsp; $3593301 |
| <sup>(a)</sup> For the period from January 29, 2025 (commencement of operations) to January 31, 2025. | <sup>(a)</sup> For the period from January 29, 2025 (commencement of operations) to January 31, 2025. | <sup>(a)</sup> For the period from January 29, 2025 (commencement of operations) to January 31, 2025. | <sup>(a)</sup> For the period from January 29, 2025 (commencement of operations) to January 31, 2025. | <sup>(a)</sup> For the period from January 29, 2025 (commencement of operations) to January 31, 2025. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Intermediate <br> Muni Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Short-Term <br> California <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Short <br> Duration <br> High Yield <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Total Return <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9393 |
| Dividends—affiliated | &nbsp;&nbsp; 74617 | &nbsp;&nbsp;&nbsp; 2648 | &nbsp;&nbsp;&nbsp; 602002 | &nbsp;&nbsp;&nbsp; 354440 |
| Interest—unaffiliated | &nbsp;&nbsp; 2038984 | &nbsp;&nbsp;&nbsp; 1939943 | &nbsp;&nbsp;&nbsp; 12617588 | &nbsp;&nbsp;&nbsp; 7891427 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6462 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6066 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (62)<br>|
| Total investment income | &nbsp;&nbsp; 2113601 | &nbsp;&nbsp;&nbsp; 1942591 | &nbsp;&nbsp;&nbsp; 13219590 | &nbsp;&nbsp;&nbsp; 8267726 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 209780 | &nbsp;&nbsp;&nbsp; 156617 | &nbsp;&nbsp;&nbsp; 1199124 | &nbsp;&nbsp;&nbsp; 635713 |
| Commitment costs | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp; 558 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140 |
| Total expenses | &nbsp;&nbsp; 209960 | &nbsp;&nbsp;&nbsp; 156957 | &nbsp;&nbsp;&nbsp; 1200066 | &nbsp;&nbsp;&nbsp; 636411 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (57901)<br>| &nbsp;&nbsp;&nbsp; (31536)<br>| &nbsp;&nbsp;&nbsp; (303246)<br>| &nbsp;&nbsp;&nbsp; (41399)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 152059 | &nbsp;&nbsp;&nbsp; 125421 | &nbsp;&nbsp;&nbsp; 896820 | &nbsp;&nbsp;&nbsp; 595012 |
| Net investment income | &nbsp;&nbsp; 1961542 | &nbsp;&nbsp;&nbsp; 1817170 | &nbsp;&nbsp;&nbsp; 12322770 | &nbsp;&nbsp;&nbsp; 7672714 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (797690)<br>| &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; (3723604)<br>| &nbsp;&nbsp;&nbsp; (393883)<br>|
| Investments—affiliated | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34653 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (117381)<br>|
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22099)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (516542)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9358)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53896)<br>|
|  | &nbsp;&nbsp; (797686)<br>| &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; (3723604)<br>| &nbsp;&nbsp;&nbsp; (1078506)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (52563)<br>| &nbsp;&nbsp;&nbsp; 332749 | &nbsp;&nbsp;&nbsp; (9706656)<br>| &nbsp;&nbsp;&nbsp; (489866)<br>|
| Investments—affiliated | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20626)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 167644 |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17636 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (267968)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75706 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 538780 |
|  | &nbsp;&nbsp; (52568)<br>| &nbsp;&nbsp;&nbsp; 332749 | &nbsp;&nbsp;&nbsp; (9706656)<br>| &nbsp;&nbsp;&nbsp; 21306 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (850254)<br>| &nbsp;&nbsp;&nbsp; 333014 | &nbsp;&nbsp;&nbsp; (13430260)<br>| &nbsp;&nbsp;&nbsp; (1057200)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1111288 | &nbsp;&nbsp;&nbsp; $2150184 | &nbsp;&nbsp;&nbsp; $(1107490)<br>| &nbsp;&nbsp;&nbsp; $6615514 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>AAA CLO Active ETF  | iShares <br>AAA CLO Active ETF  | iShares <br>BBB-B CLO Active <br> ETF <br>|
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>01/29/25 <br>to 07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $39784753 | &nbsp;&nbsp;&nbsp; $8920847 | &nbsp;&nbsp;&nbsp; $2217233 |
| Net realized gain (loss) | &nbsp;&nbsp; (426972)<br>| &nbsp;&nbsp;&nbsp; 210687 | &nbsp;&nbsp;&nbsp; (143431)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 398758 | &nbsp;&nbsp;&nbsp; 199674 | &nbsp;&nbsp;&nbsp; (579804)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 39756539 | &nbsp;&nbsp;&nbsp; 9331208 | &nbsp;&nbsp;&nbsp; 1493998 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (37420342)<br>| &nbsp;&nbsp;&nbsp; (7150232)<br>| &nbsp;&nbsp;&nbsp; (1832275)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 621685651 | &nbsp;&nbsp;&nbsp; 356622248 | &nbsp;&nbsp;&nbsp; 65188130 |
| *NET ASSETS* |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 624021848 | &nbsp;&nbsp;&nbsp; 358803224 | &nbsp;&nbsp;&nbsp; 64849853 |
| Beginning of period | &nbsp;&nbsp; 399571057 | &nbsp;&nbsp;&nbsp; 40767833 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $1023592905 | &nbsp;&nbsp;&nbsp; $399571057 | &nbsp;&nbsp;&nbsp; $64849853 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Flexible Income Active ETF  | iShares <br>Flexible Income Active ETF  | iShares <br>Floating Rate Loan Active ETF  | iShares <br>Floating Rate Loan Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $408422118 | &nbsp;&nbsp;&nbsp; $87005983 | &nbsp;&nbsp;&nbsp; $4139704 | &nbsp;&nbsp;&nbsp; $2598128 |
| Net realized gain (loss) | &nbsp;&nbsp; (185560705)<br>| &nbsp;&nbsp;&nbsp; 11560806 | &nbsp;&nbsp;&nbsp; (471919)<br>| &nbsp;&nbsp;&nbsp; 168941 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 218089274 | &nbsp;&nbsp;&nbsp; 18446183 | &nbsp;&nbsp;&nbsp; (74484)<br>| &nbsp;&nbsp;&nbsp; (158602)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 440950687 | &nbsp;&nbsp;&nbsp; 117012972 | &nbsp;&nbsp;&nbsp; 3593301 | &nbsp;&nbsp;&nbsp; 2608467 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (443863977)<br>| &nbsp;&nbsp;&nbsp; (71303850)<br>| &nbsp;&nbsp;&nbsp; (4192674)<br>| &nbsp;&nbsp;&nbsp; (2451492)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 7108306780 | &nbsp;&nbsp;&nbsp; 3447729076 | &nbsp;&nbsp;&nbsp; 10803601 | &nbsp;&nbsp;&nbsp; 28851284 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 7105393490 | &nbsp;&nbsp;&nbsp; 3493438198 | &nbsp;&nbsp;&nbsp; 10204228 | &nbsp;&nbsp;&nbsp; 29008259 |
| Beginning of year | &nbsp;&nbsp; 3623012344 | &nbsp;&nbsp;&nbsp; 129574146 | &nbsp;&nbsp;&nbsp; 49811298 | &nbsp;&nbsp;&nbsp; 20803039 |
| End of year | &nbsp;&nbsp; $10728405834 | &nbsp;&nbsp;&nbsp; $3623012344 | &nbsp;&nbsp;&nbsp; $60015526 | &nbsp;&nbsp;&nbsp; $49811298 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Intermediate Muni Income Active ETF  | iShares <br>Intermediate Muni Income Active ETF  | iShares <br>Short-Term California Muni Active ETF  | iShares <br>Short-Term California Muni Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1961542 | &nbsp;&nbsp;&nbsp; $803987 | &nbsp;&nbsp;&nbsp; $1817170 | &nbsp;&nbsp;&nbsp; $691042 |
| Net realized gain (loss) | &nbsp;&nbsp; (797686)<br>| &nbsp;&nbsp;&nbsp; (225593)<br>| &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; (230)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (52568)<br>| &nbsp;&nbsp;&nbsp; 335045 | &nbsp;&nbsp;&nbsp; 332749 | &nbsp;&nbsp;&nbsp; 78283 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1111288 | &nbsp;&nbsp;&nbsp; 913439 | &nbsp;&nbsp;&nbsp; 2150184 | &nbsp;&nbsp;&nbsp; 769095 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1701151)<br>| &nbsp;&nbsp;&nbsp; (814142)<br>| &nbsp;&nbsp;&nbsp; (1620423)<br>| &nbsp;&nbsp;&nbsp; (626082)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 95995601 | &nbsp;&nbsp;&nbsp; (4689295)<br>| &nbsp;&nbsp;&nbsp; 97939289 | &nbsp;&nbsp;&nbsp; 15004707 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 95405738 | &nbsp;&nbsp;&nbsp; (4589998)<br>| &nbsp;&nbsp;&nbsp; 98469050 | &nbsp;&nbsp;&nbsp; 15147720 |
| Beginning of period | &nbsp;&nbsp; 21325335 | &nbsp;&nbsp;&nbsp; 25915333 | &nbsp;&nbsp;&nbsp; 32667565 | &nbsp;&nbsp;&nbsp; 17519845 |
| End of period | &nbsp;&nbsp; $116731073 | &nbsp;&nbsp;&nbsp; $21325335 | &nbsp;&nbsp;&nbsp; $131136615 | &nbsp;&nbsp;&nbsp; $32667565 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Short Duration High Yield Muni Active <br> ETF  | iShares <br>Short Duration High Yield Muni Active <br> ETF  | iShares <br>Total Return Active ETF  | iShares <br>Total Return Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>12/12/23<sup>(a)</sup> <br>to 07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $12322770 | &nbsp;&nbsp;&nbsp; $3712272 | &nbsp;&nbsp;&nbsp; $7672714 | &nbsp;&nbsp;&nbsp; $2536590 |
| Net realized gain (loss) | &nbsp;&nbsp; (3723604)<br>| &nbsp;&nbsp;&nbsp; (1249242)<br>| &nbsp;&nbsp;&nbsp; (1078506)<br>| &nbsp;&nbsp;&nbsp; 211641 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (9706656)<br>| &nbsp;&nbsp;&nbsp; 5183350 | &nbsp;&nbsp;&nbsp; 21306 | &nbsp;&nbsp;&nbsp; 1014827 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (1107490)<br>| &nbsp;&nbsp;&nbsp; 7646380 | &nbsp;&nbsp;&nbsp; 6615514 | &nbsp;&nbsp;&nbsp; 3763058 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (11609745)<br>| &nbsp;&nbsp;&nbsp; (3426346)<br>| &nbsp;&nbsp;&nbsp; (8073402)<br>| &nbsp;&nbsp;&nbsp; (2137537)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 231573107 | &nbsp;&nbsp;&nbsp; 83070209 | &nbsp;&nbsp;&nbsp; 167418285 | &nbsp;&nbsp;&nbsp; 90284094 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 218855872 | &nbsp;&nbsp;&nbsp; 87290243 | &nbsp;&nbsp;&nbsp; 165960397 | &nbsp;&nbsp;&nbsp; 91909615 |
| Beginning of period | &nbsp;&nbsp; 147876692 | &nbsp;&nbsp;&nbsp; 60586449 | &nbsp;&nbsp;&nbsp; 91909615 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $366732564 | &nbsp;&nbsp;&nbsp; $147876692 | &nbsp;&nbsp;&nbsp; $257870012 | &nbsp;&nbsp;&nbsp; $91909615 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares AAA CLO Active ETF  | iShares AAA CLO Active ETF  | iShares AAA CLO Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>01/10/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.89 | &nbsp;&nbsp;&nbsp; $50.96 | &nbsp;&nbsp;&nbsp; $50.01 |
| Net investment income<sup>(b)</sup> | 3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net increase from investment operations | 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>|
| From net realized gain | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $51.96 | &nbsp;&nbsp;&nbsp; $51.89 | &nbsp;&nbsp;&nbsp; $50.96 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 6.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.73 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(h)</sup><br>|
| Net investment income | 5.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.20 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1023593 | &nbsp;&nbsp;&nbsp; $399571 | &nbsp;&nbsp;&nbsp; $40768 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*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 <br> BBB-B <br> CLO <br> Active <br> ETF <br>|
|  | Period <br> From <br>01/29/25<sup>(a)</sup> <br>to <br> 07/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 1.82 |
| Net realized and unrealized loss<sup>(c)</sup> | &nbsp;&nbsp; (0.44)<br>|
| Net increase from investment operations | 1.38 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.50)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.88 |
| **Total Return**<sup>(e)</sup> <br>|  |
| Based on net asset value | 2.84 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |
| Total expenses | 0.45 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.45 %<sup>(h)</sup><br>|
| Net investment income | 7.35 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $64850 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 30<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Flexible Income Active ETF  | iShares Flexible Income Active ETF  | iShares Flexible Income Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>05/19/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $52.70 | &nbsp;&nbsp;&nbsp; $50.81 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net increase from investment operations | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $52.65 | &nbsp;&nbsp;&nbsp; $52.70 | &nbsp;&nbsp;&nbsp; $50.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 6.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(h)</sup><br>|
| Net investment income | 5.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10728406 | &nbsp;&nbsp;&nbsp; $3623012 | &nbsp;&nbsp;&nbsp; $129574 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 291<br> %<br>| &nbsp;&nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 186% and 128% for July 31, 2025 and July 31, 2024 respectively. | <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 186% and 128% for July 31, 2025 and July 31, 2024 respectively. | <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 186% and 128% for July 31, 2025 and July 31, 2024 respectively. | <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 186% and 128% for July 31, 2025 and July 31, 2024 respectively. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*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 Floating Rate Loan Active ETF  | iShares Floating Rate Loan Active ETF  | iShares Floating Rate Loan Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>10/04/22<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $52.43 | &nbsp;&nbsp;&nbsp; $52.01 | &nbsp;&nbsp;&nbsp; $50.37 |
| Net investment income<sup>(b)</sup> | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Net increase from investment operations | 3.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp; (3.08)<br>|
| From net realized gain | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp; (3.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $52.19 | &nbsp;&nbsp;&nbsp; $52.43 | &nbsp;&nbsp;&nbsp; $52.01 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 7.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.62 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %<sup>(h)</sup><br>|
| Net investment income | 7.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.25 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $60016 | &nbsp;&nbsp;&nbsp; $49811 | &nbsp;&nbsp;&nbsp; $20803 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>03/16/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net increase (decrease) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.35 | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $25.74 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp; (5.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(h)</sup><br>|
| Net investment income | 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $116731 | &nbsp;&nbsp;&nbsp; $21325 | &nbsp;&nbsp;&nbsp; $25915 | &nbsp;&nbsp;&nbsp; $33628 | &nbsp;&nbsp;&nbsp; $25735 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*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 Short-Term California Muni Active ETF  | iShares Short-Term California Muni Active ETF  | iShares Short-Term California Muni Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>07/11/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.26 | &nbsp;&nbsp;&nbsp; $50.06 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net increase from investment operations | 1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.44 | &nbsp;&nbsp;&nbsp; $50.26 | &nbsp;&nbsp;&nbsp; $50.06 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 3.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(h)</sup><br>|
| Net investment income | 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $131137 | &nbsp;&nbsp;&nbsp; $32668 | &nbsp;&nbsp;&nbsp; $17520 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>03/16/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $22.75 | &nbsp;&nbsp;&nbsp; $21.64 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $26.80 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Net increase (decrease) from investment operations | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $22.75 | &nbsp;&nbsp;&nbsp; $21.64 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $26.80 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.10<br> %<br>| &nbsp;&nbsp;&nbsp; (0.71)%<br>| &nbsp;&nbsp;&nbsp; (11.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32 %<sup>(h)</sup><br>|
| Net investment income | 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $366733 | &nbsp;&nbsp;&nbsp; $147877 | &nbsp;&nbsp;&nbsp; $60586 | &nbsp;&nbsp;&nbsp; $27291 | &nbsp;&nbsp;&nbsp; $26803 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*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 Total Return Active ETF  | iShares Total Return Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>12/12/23<sup>(a)</sup> <br>to 07/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.06 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net increase from investment operations | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| **Distributions**<sup>(d)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| From net realized gain | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $50.07 | &nbsp;&nbsp;&nbsp; $51.06 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.84 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(h)</sup><br>|
| Net investment income | 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.90 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $257870 | &nbsp;&nbsp;&nbsp; $91910 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 647<br> %<br>| &nbsp;&nbsp;&nbsp; 379<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 395% and 281% for the year ended July 31, 2025 and July 31, 2024 <br> respectively. | <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 395% and 281% for the year ended July 31, 2025 and July 31, 2024 <br> respectively. | <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 395% and 281% for the year ended July 31, 2025 and July 31, 2024 <br> respectively. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management 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;&nbsp; *Diversification* <br>*Classification*<br>|
| iShares AAA CLO Active ETF<sup>(a)</sup> | AAA CLO Active | Non-diversified |
| iShares BBB-B CLO Active ETF<sup>(b)</sup> | BBB-B CLO Active | Non-diversified |
| iShares Flexible Income Active ETF<sup>(c)</sup> | Flexible Income Active | Non-diversified |
| iShares Floating Rate Loan Active ETF<sup>(d)</sup> | Floating Rate Loan Active | Non-diversified |
| iShares Intermediate Muni Income Active ETF<sup>(e)</sup> | Intermediate Muni Income Active | Non-diversified |
| iShares Short-Term California Muni Active ETF<sup>(f)</sup> | Short-Term California Muni Active | Non-diversified |
| iShares Short Duration High Yield Muni Active ETF<sup>(g)</sup> | Short Duration High Yield Muni Active | Non-diversified |
| iShares Total Return Active ETF<sup>(h)</sup> | Total Return Active | Diversified |

---

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

<sup>(a)</sup> Formerly known as the BlackRock AAA CLO ETF.

<sup>(b)</sup> The Fund commenced operations on January 29, 2025.

<sup>(c)</sup> Formerly known as the BlackRock Flexible Income ETF.

<sup>(d)</sup> Formerly known as the BlackRock Floating Rate Loan ETF.

<sup>(e)</sup> Formerly known as the BlackRock Intermediate Muni Income Bond ETF.

<sup>(f)</sup> Formerly known as the BlackRock Short-Term California Muni Bond ETF.

<sup>(g)</sup> Formerly known as the BlackRock High Yield Muni Income Bond ETF & iShares High Yield Muni Income Active ETF.

<sup>(h)</sup> Formerly known as the BlackRock Total Return ETF.

On September 13, 2024, The Board of Trustees of the Trust (the "Board") approved to change the name of iShares High Yield Muni Income Active ETF to iShares Short Duration High Yield Muni Active ETF. In connection with the Fund's name change, the Fund made certain changes to its investment strategies, including (i) seeking a weighted average effective duration of less than 5 years and (ii) adding the ability to invest in derivatives, other investment companies, and tender option bonds. These changes were effective on July 1, 2025.

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 Fixed-Income Complex.

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**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.

**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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's 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 each Fund has approved the designation of 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;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service.Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

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

&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 New York Stock Exchange ("NYSE") based on that day's prevailing forward exchange rate for the underlying currencies.

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

&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.

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

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 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each 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 each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 each 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 Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, 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 Funds 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 securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Flexible Income Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $69178353 | &nbsp;&nbsp;&nbsp; $(69178353) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital Inc. | &nbsp;&nbsp; 51281154 | &nbsp;&nbsp;&nbsp; (51281154) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 662932 | &nbsp;&nbsp;&nbsp; (662932) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas Prime Brokerage International Ltd. | &nbsp;&nbsp; 56969994 | &nbsp;&nbsp;&nbsp; (56969994) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 41470284 | &nbsp;&nbsp;&nbsp; (41470284) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 1986877 | &nbsp;&nbsp;&nbsp; (1986877) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 33339416 | &nbsp;&nbsp;&nbsp; (33339416) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC. | &nbsp;&nbsp; 26458652 | &nbsp;&nbsp;&nbsp; (26458652) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 51409665 | &nbsp;&nbsp;&nbsp; (51409665) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 2921202 | &nbsp;&nbsp;&nbsp; (2921202) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 2660789 | &nbsp;&nbsp;&nbsp; (2660789) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 23874518 | &nbsp;&nbsp;&nbsp; (23874518) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank Financial Inc. | &nbsp;&nbsp; 211835 | &nbsp;&nbsp;&nbsp; (211835) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 42212555 | &nbsp;&nbsp;&nbsp; (42212555) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 19403121 | &nbsp;&nbsp;&nbsp; (19403121) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 1879098 | &nbsp;&nbsp;&nbsp; (1879098) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 43844188 | &nbsp;&nbsp;&nbsp; (43844188) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 2533772 | &nbsp;&nbsp;&nbsp; (2533772) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1146404 | &nbsp;&nbsp;&nbsp; (1146404) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2311241 | &nbsp;&nbsp;&nbsp; (2311241) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $475756050 | &nbsp;&nbsp;&nbsp; $(475756050) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Floating Rate Loan Active |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $483486 | &nbsp;&nbsp;&nbsp; $(483486) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 87453 | &nbsp;&nbsp;&nbsp; (87453) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank Financial Inc. | &nbsp;&nbsp; 22938 | &nbsp;&nbsp;&nbsp; (22938) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 666290 | &nbsp;&nbsp;&nbsp; (666290) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 61147 | &nbsp;&nbsp;&nbsp; (61147) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1321314 | &nbsp;&nbsp;&nbsp; $(1321314) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Total Return Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $57529 | &nbsp;&nbsp;&nbsp; $(57529) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BMO Capital Markets | &nbsp;&nbsp; 255237 | &nbsp;&nbsp;&nbsp; (255237) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA . | &nbsp;&nbsp; 564334 | &nbsp;&nbsp;&nbsp; (564334) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 97903 | &nbsp;&nbsp;&nbsp; (97903) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 580102 | &nbsp;&nbsp;&nbsp; (580102) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 230852 | &nbsp;&nbsp;&nbsp; (230852) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 221163 | &nbsp;&nbsp;&nbsp; (221163) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank Financial Inc. | &nbsp;&nbsp; 275586 | &nbsp;&nbsp;&nbsp; (275586) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA) Inc | &nbsp;&nbsp; 44930 | &nbsp;&nbsp;&nbsp; (44930) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 102792 | &nbsp;&nbsp;&nbsp; (102792) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2430428 | &nbsp;&nbsp;&nbsp; $(2430428) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Flexible Income Active | Platea BC Bidco AB | &nbsp;&nbsp;&nbsp; $202614 | &nbsp;&nbsp;&nbsp; $218522 | &nbsp;&nbsp;&nbsp; $231982 | &nbsp;&nbsp;&nbsp; $13460 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $13460 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Floating Rate Loan Active | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;&nbsp; $5480 | &nbsp;&nbsp;&nbsp; $5453 | &nbsp;&nbsp;&nbsp; $5480 | &nbsp;&nbsp;&nbsp; $27 |
|  | Clydesdale Acquisition Holdings Inc. | &nbsp;&nbsp;&nbsp; 2692 | &nbsp;&nbsp;&nbsp; 2693 | &nbsp;&nbsp;&nbsp; 2690 | &nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | Kaman Corp. | &nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp; 5743 | &nbsp;&nbsp;&nbsp; 5752 | &nbsp;&nbsp;&nbsp; 9 |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;&nbsp; 6284 | &nbsp;&nbsp;&nbsp; 6278 | &nbsp;&nbsp;&nbsp; 6279 | &nbsp;&nbsp;&nbsp; 1 |
|  | Springs Windows Fashion LLC | &nbsp;&nbsp;&nbsp; 21897 | &nbsp;&nbsp;&nbsp; 21897 | &nbsp;&nbsp;&nbsp; 21829 | &nbsp;&nbsp;&nbsp;&nbsp;(68) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(34) |

---

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

**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 over-the-counter ("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 or depreciation 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 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 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. A 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 its 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 Fund writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swaptions – The Fund may purchase and write options on swaps ("swaptions") primarily to preserve a return or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate — Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or "cap." Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or "floor." The maximum potential amount of future payments that the Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency options – The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it 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 agreement, the swap agreement is novated to a central counterparty ("CCP") and the CCP becomes the Fund's counterparty on the swap. Each Fund is required to interface with the CCP through a 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 on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on 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 an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the 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.

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

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

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

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

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

Cash collateral that has been pledged to cover obligations of the 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 counterparty 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 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, each Fund does 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 of the following Funds, BFA will be paid a management fee from the Funds based on a percentage of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Investment Advisory Fees* |
| AAA CLO Active | 0.20% |
| BBB-B CLO Active | 0.45 |
| Flexible Income Active | 0.50 |
| Floating Rate Loan Active | 0.60 |
| Intermediate Muni Income Active | 0.40 |
| Short-Term California Muni Active | 0.25 |
| Short Duration High Yield Muni Active | 0.40 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Effective July 1, 2025, for its investment advisory services to the iShares Short Duration High Yield Muni Active ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to July 1, 2025, BFA was entitled to an annual investment advisory fee of 0.45%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.40% |
| Over $1 billion, up to and including $3 billion | 0.38 |
| Over $3 billion, up to and including $5 billion | 0.36 |
| Over $5 billion, up to and including $10 billion | 0.35 |
| Over $10 billion | 0.34 |

---

**Expense Waivers**: For the iShares Flexible Income Active ETF and iShares Intermediate Muni Income Active ETF, BFA has contractually agreed to waive 0.10% of the management fee through June 30, 2026. For the iShares Floating Rate Loan Active ETF and iShares Short-Term California Muni Active ETF, BFA has contractually agreed to waive 0.05% of the management fee through June 30, 2026. Effective July 1, 2025, for the iShares Short Duration High Yield Muni Active ETF, BFA has contractually agreed to waive 0.05% of the management fee through June 30, 2027. Prior to July 1, 2025, BFA had contractually agreed to waive 0.10% of the management fee for the Fund through June 30, 2026. For the iShares Total Return Active ETF, BFA has contractually agreed to waive 0.02% of the management fee through June 30, 2026. Each agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| Flexible Income Active | &nbsp;&nbsp; $7356174 |
| Floating Rate Loan Active | &nbsp;&nbsp; 29325 |
| Intermediate Muni Income Active | &nbsp;&nbsp; 52445 |
| Short-Term California Muni Active | &nbsp;&nbsp; 31323 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 254668 |
| Total Return Active | &nbsp;&nbsp; 31786 |

---

In addition, BFA has contractually agreed to waive a portion of its management fees to each Fund, except Short Duration High Yield Muni Active , in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2026. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2026. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

For Short Duration High Yield Muni Active ETF, 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.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| AAA CLO Active | &nbsp;&nbsp; $10424 |
| BBB-B CLO Active | &nbsp;&nbsp; 967 |
| Flexible Income Active | &nbsp;&nbsp; 1197765 |
| Floating Rate Loan Active | &nbsp;&nbsp; 14916 |
| Intermediate Muni Income Active | &nbsp;&nbsp; 5456 |
| Short-Term California Muni Active | &nbsp;&nbsp; 213 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 48578 |
| Total Return Active | &nbsp;&nbsp; 9613 |

---

**Sub-Adviser:** BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together the "Sub-Advisers"), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to BlackRock Flexible Income ETF and BlackRock Total Return ETF.

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each 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 Funds bear 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. Each 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, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Fixed-Income Complex in that calendar year exceeds a specified threshold, each 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 each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
| Flexible Income Active | &nbsp;&nbsp; $676028 |
| Floating Rate Loan Active | &nbsp;&nbsp; 605 |
| Total Return Active | &nbsp;&nbsp; 1717 |

---

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

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended July 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Short-Term California Muni Active | &nbsp;&nbsp; $8912870 | &nbsp;&nbsp;&nbsp; $5403456 | &nbsp;&nbsp;&nbsp; $— |

---

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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

***7. PURCHASES AND SALES***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *Fund Name* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| AAA CLO Active | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $942025331 | &nbsp;&nbsp;&nbsp; $608906035 |
| BBB-B CLO Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81711657 | &nbsp;&nbsp;&nbsp; 17742481 |
| Flexible Income Active | &nbsp;&nbsp; 13720558579 | &nbsp;&nbsp;&nbsp; 12610430536 | &nbsp;&nbsp;&nbsp; 15125970257 | &nbsp;&nbsp;&nbsp; 9627517331 |
| Floating Rate Loan Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30239144 | &nbsp;&nbsp;&nbsp; 20536656 |
| Intermediate Muni Income Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 129128954 | &nbsp;&nbsp;&nbsp; 33162519 |
| Short-Term California Muni Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 86571880 | &nbsp;&nbsp;&nbsp; 41635000 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 303185677 | &nbsp;&nbsp;&nbsp; 122813957 |
| Total Return Active | &nbsp;&nbsp; 1261760721 | &nbsp;&nbsp;&nbsp; 1133180957 | &nbsp;&nbsp;&nbsp; 217472046 | &nbsp;&nbsp;&nbsp; 106060365 |

---

For the year ended July 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| Flexible Income Active | &nbsp;&nbsp; $8022498877 | &nbsp;&nbsp;&nbsp; $8023360443 |
| Total Return Active | &nbsp;&nbsp; 482480028 | &nbsp;&nbsp;&nbsp; 482610586 |

---

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| AAA CLO Active | &nbsp;&nbsp; $312970979 | &nbsp;&nbsp;&nbsp; $— |
| Flexible Income Active | &nbsp;&nbsp; 358798045 | &nbsp;&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 July 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| AAA CLO Active | &nbsp;&nbsp; $64225 | &nbsp;&nbsp;&nbsp; $(64225) |

---

The tax character of distributions paid paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| AAA CLO Active |  |  |
| Ordinary income | &nbsp;&nbsp; $37306626 | &nbsp;&nbsp;&nbsp; $7150232 |
| Long-term capital gains | &nbsp;&nbsp; 113716 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $37420342 | &nbsp;&nbsp;&nbsp; $7150232 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Period Ended* <br>*07/31/25*<br>|
| BBB-B CLO Active |  |
| Ordinary income | &nbsp;&nbsp; $1832275 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Flexible Income Active |  |  |
| Ordinary income | &nbsp;&nbsp; $443863977 | &nbsp;&nbsp;&nbsp; $71303850 |
| Floating Rate Loan Active |  |  |
| Ordinary income | &nbsp;&nbsp; $4040333 | &nbsp;&nbsp;&nbsp; $2451492 |
| Long-term capital gains | &nbsp;&nbsp; 152341 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4192674 | &nbsp;&nbsp;&nbsp; $2451492 |
| Intermediate Muni Income Active |  |  |
| Tax-exempt income<sup>(a)</sup> | &nbsp;&nbsp; $1682352 | &nbsp;&nbsp;&nbsp; $800792 |
| Ordinary income | &nbsp;&nbsp; 18799 | &nbsp;&nbsp;&nbsp; 13350 |
|  | &nbsp;&nbsp; $1701151 | &nbsp;&nbsp;&nbsp; $814142 |
| Short-Term California Muni Active |  |  |
| Tax-exempt income<sup>(a)</sup> | &nbsp;&nbsp; $1619728 | &nbsp;&nbsp;&nbsp; $626048 |
| Ordinary income | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp; 34 |
|  | &nbsp;&nbsp; $1620423 | &nbsp;&nbsp;&nbsp; $626082 |
| Short Duration High Yield Muni Active |  |  |
| Tax-exempt income<sup>(a)</sup> | &nbsp;&nbsp; $11293158 | &nbsp;&nbsp;&nbsp; $3310187 |
| Ordinary income | &nbsp;&nbsp; 316587 | &nbsp;&nbsp;&nbsp; 116159 |
|  | &nbsp;&nbsp; $11609745 | &nbsp;&nbsp;&nbsp; $3426346 |
| Total Return Active |  |  |
| Ordinary income | &nbsp;&nbsp; $7879618 | &nbsp;&nbsp;&nbsp; $2137537 |
| Long-term capital gains | &nbsp;&nbsp; 193784 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $8073402 | &nbsp;&nbsp;&nbsp; $2137537 |

---

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

<sup>(a)</sup> The Funds designate these amounts paid during the fiscal year ended July 31, 2025, as exempt-interest dividends.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Tax Exempt Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital Losses*<sup>(c)</sup> <br>| *Total* |
| AAA CLO Active | &nbsp;&nbsp; $4565443 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $776745 | &nbsp;&nbsp;&nbsp; $(447831) | &nbsp;&nbsp;&nbsp; $4894357 |
| BBB-B CLO Active | &nbsp;&nbsp; 384958 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (141191) | &nbsp;&nbsp;&nbsp; (582044) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (338277) |
| Flexible Income Active | &nbsp;&nbsp; 66278068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23350427) | &nbsp;&nbsp;&nbsp; 999240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43926881 |
| Floating Rate Loan Active | &nbsp;&nbsp; 383783 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (349962) | &nbsp;&nbsp;&nbsp; (14216) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19605 |
| Intermediate Muni Income Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 346101 | &nbsp;&nbsp;&nbsp; (1720982) | &nbsp;&nbsp;&nbsp; 1574 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1373307) |
| Short-Term California Muni Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 277094 | &nbsp;&nbsp;&nbsp;&nbsp;(320) | &nbsp;&nbsp;&nbsp; 407095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 683869 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1231864 | &nbsp;&nbsp;&nbsp; (6762668) | &nbsp;&nbsp;&nbsp; (6451814) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11982618) |
| Total Return Active | &nbsp;&nbsp; 874835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 357152 | &nbsp;&nbsp;&nbsp; (1064354) | &nbsp;&nbsp;&nbsp; 167633 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the accounting for swap agreements, amortization methods for premiums and discounts on fixed income securities, the classification of investments and the tax deferral of losses on straddles. 

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

For the year ended July 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized*  |
| Short-Term California Muni Active | &nbsp;&nbsp; $265 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AAA CLO Active | &nbsp;&nbsp; $1059638527 | &nbsp;&nbsp;&nbsp; $1464310 | &nbsp;&nbsp;&nbsp; $(687565) | &nbsp;&nbsp;&nbsp; $776745 |
| BBB-B CLO Active | &nbsp;&nbsp; 65954830 | &nbsp;&nbsp;&nbsp; 48537 | &nbsp;&nbsp;&nbsp; (630581) | &nbsp;&nbsp;&nbsp; (582044) |
| Flexible Income Active | &nbsp;&nbsp; 12319302389 | &nbsp;&nbsp;&nbsp; 83808317 | &nbsp;&nbsp;&nbsp; (82951414) | &nbsp;&nbsp;&nbsp; 856903 |
| Floating Rate Loan Active | &nbsp;&nbsp; 63101322 | &nbsp;&nbsp;&nbsp; 512316 | &nbsp;&nbsp;&nbsp; (526498) | &nbsp;&nbsp;&nbsp; (14182) |
| Intermediate Muni Income Active | &nbsp;&nbsp; 120291283 | &nbsp;&nbsp;&nbsp; 739678 | &nbsp;&nbsp;&nbsp; (738104) | &nbsp;&nbsp;&nbsp; 1574 |
| Short-Term California Muni Active | &nbsp;&nbsp; 129654379 | &nbsp;&nbsp;&nbsp; 438903 | &nbsp;&nbsp;&nbsp; (31808) | &nbsp;&nbsp;&nbsp; 407095 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 369342455 | &nbsp;&nbsp;&nbsp; 1676027 | &nbsp;&nbsp;&nbsp; (8127841) | &nbsp;&nbsp;&nbsp; (6451814) |
| Total Return Active | &nbsp;&nbsp; 363338365 | &nbsp;&nbsp;&nbsp; 2591752 | &nbsp;&nbsp;&nbsp; (2248582) | &nbsp;&nbsp;&nbsp; 343170 |

---

***9. LINE OF CREDIT***

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. With respect to Floating Rate Loan, of the aggregate $2.40 billion commitment amount, $650 million is specifically designated to the Fund and another participating Fund. The remaining $1.75 billion commitment is available to all Participating Funds, but Floating Rate Loan can borrow up to an additional $350 million in the aggregate of the remaining aggregate commitment, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum . The agreement expires in April 2026 unless extended or renewed. Floating Rate Loan paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2025, the 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 the Fund is subject.

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

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 each Fund could receive upon the sale of any particular portfolio investment may differ from each 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 each 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 each Fund, and each 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 futures and centrally cleared swaps, 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 and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the 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 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.

Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.

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

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

The risks of investing in CLOs depend largely on the type of the collateral securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt tranches, such as those in which certain Funds invest, could experience losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO securities as an asset class. While certain Funds invest principally in CLO tranches that are

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

rated BBB-B, such ratings do not constitute a guarantee of credit quality and may be downgraded. To the extent certain Funds invest in CLO tranches rated below BBB-B, the risks of investing in CLOs will be greater.

CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of securities. Some unrated CLO securities may not have an active trading market or may be difficult to value. As a result, proceeds from the sale of CLO securities may not be readily available to make additional investments or to meet certain Funds' redemption obligations. During periods of limited liquidity and higher price volatility, certain Funds' ability to acquire or dispose of CLO securities at a price and time such Funds deem advantageous may be impaired.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| AAA CLO Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; $673475754 | &nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp; $356622248 |
| Shares redeemed | &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (51790103)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; $621685651 | &nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp; $356622248 |

---

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

---

| | | |
|:---|:---|:---|
|  | Period Ended <br>07/31/25<sup>(a)</sup>  | Period Ended <br>07/31/25<sup>(a)</sup>  |
| *Fund Name* | *Shares* | *Amount* |
| BBB-B CLO Active |  |  |
| Shares sold | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $65188130 |

---

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

<sup>(a)</sup> The Fund commenced operations on January 29, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| Flexible Income Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 137600000 | &nbsp;&nbsp;&nbsp; $7241758979 | &nbsp;&nbsp;&nbsp; 66200000 | &nbsp;&nbsp;&nbsp; $3447729076 |
| Shares redeemed | &nbsp;&nbsp; (2600000)<br>| &nbsp;&nbsp;&nbsp; (133452199)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 135000000 | &nbsp;&nbsp;&nbsp; $7108306780 | &nbsp;&nbsp;&nbsp; 66200000 | &nbsp;&nbsp;&nbsp; $3447729076 |
| Floating Rate Loan Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $18379762 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $28851284 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (7576161)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $10803601 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $28851284 |
| Intermediate Muni Income Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; $98367257 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $7076535 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2371656)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (11765830)<br>|
|  | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp; $95995601 | &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; $(4689295)<br>|
| Short-Term California Muni Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; $102951802 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $15004707 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (5012513)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; $97939289 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $15004707 |
| Short Duration High Yield Muni Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10600000 | &nbsp;&nbsp;&nbsp; $240437321 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; $110419636 |
| Shares redeemed | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (8864214)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (27349427)<br>|
|  | &nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp; $231573107 | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; $83070209 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 | Year Ended<br> 07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| Total Return Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp; $167418285 | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; $90284094 |

---

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 or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for 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 Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Shares* |
| BBB-B CLO Active ETF | &nbsp;&nbsp; 1000000 |
| Total Return Active ETF | &nbsp;&nbsp; 935000 |

---

***12. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eight of the funds constituting BlackRock ETF Trust II, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares AAA CLO Active ETF<sup>(1)</sup> <br>|
| iShares BBB-B CLO Active ETF<sup>(2)</sup> <br>|
| iShares Flexible Income Active ETF<sup>(1)</sup> <br>|
| iShares Floating Rate Loan Active ETF<sup>(1)</sup> <br>|
| iShares Intermediate Muni Income Active ETF<sup>(1)</sup> <br>|
| iShares Short-Term California Muni Active ETF<sup>(1)</sup> <br>|
| iShares Short Duration High Yield Muni Active ETF<sup>(1)</sup> <br>|
| iShares Total Return Active ETF<sup>(3)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended July 31, 2025 and statement of changes in net assets for each of the two years in the period ended July 31, 2025

<sup>(2)</sup> Statement of operations and statement of changes in net assets for the period January 29, 2025 (commencement of operations) through July 31, 2025

<sup>(3)</sup> Statement of operations for the year ended July 31, 2025 and statement of changes in net assets for the year ended July 31, 2025 and the period December 12, 2023 (commencement of operations) through July 31, 2024

***Basis for Opinions***

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

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

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

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2025

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

For California income tax purposes, the BlackRock Short-Term California Muni Active ETF designates 99.95% of its distributions paid from net investment income during the fiscal year ended July 31, 2025, as California exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.

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

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| AAA CLO Active | &nbsp;&nbsp; $177941 |
| Floating Rate Loan Active | &nbsp;&nbsp; 152341 |
| Total Return Active | &nbsp;&nbsp; 193784 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Foreign Source* <br>*Income Earned*<br>|
| AAA CLO Active | &nbsp;&nbsp; $40488235 |
| BBB-B CLO Active | &nbsp;&nbsp; 2243688 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation* <br>*Interest*<br>|
| AAA CLO Active | &nbsp;&nbsp; $256894 |
| BBB-B CLO Active | &nbsp;&nbsp; 17173 |
| Flexible Income Active | &nbsp;&nbsp; 1606137 |
| Floating Rate Loan Active | &nbsp;&nbsp; 156410 |
| Total Return Active | &nbsp;&nbsp; 1621258 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
| AAA CLO Active | &nbsp;&nbsp; $39687831 |
| BBB-B CLO Active | &nbsp;&nbsp; 1830668 |
| Flexible Income Active | &nbsp;&nbsp; 335608120 |
| Floating Rate Loan Active | &nbsp;&nbsp; 4012584 |
| Intermediate Muni Income Active | &nbsp;&nbsp; 18799 |
| Short-Term California Muni Active | &nbsp;&nbsp; 695 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 316587 |
| Total Return Active | &nbsp;&nbsp; 7165562 |

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Interest-Related* <br>*Dividends*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Qualified Short-Term* <br>*Capital Gains*<br>|
| AAA CLO Active | &nbsp;&nbsp; $593278 | &nbsp;&nbsp;&nbsp;&nbsp; $104959 |
| BBB-B CLO Active | &nbsp;&nbsp; 53548 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Flexible Income Active | &nbsp;&nbsp; 200375808 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Floating Rate Loan Active | &nbsp;&nbsp; 3638286 | &nbsp;&nbsp;&nbsp;&nbsp; 28055 |
| Intermediate Muni Income Active | &nbsp;&nbsp; 18799 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term California Muni Active | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 316587 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Return Active | &nbsp;&nbsp; 6123492 | &nbsp;&nbsp;&nbsp;&nbsp; 430303 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

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

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

**Fund and Service Providers** 

---

| | |
|:---|:---|
| **Investment Adviser** | **Distributor** |
| BlackRock Fund Advisors <br>San Francisco, CA 94105<br>| BlackRock Investments, LLC<sup>(a)</sup> <br>New York, NY 10001<br>|
|  | BlackRock Investments, LLC<sup>(b)</sup> <br>Princeton, NJ 08540<br>|
| **Sub-Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom<br>| PricewaterhouseCoopers LLP <br>Philadelphia, Pennsylvania 19103<br>|
|  | **Legal Counsel** |
| BlackRock (Singapore) Limited <br>079912 Singapore<br>| Willkie Farr & Gallagher LLP <br>New York, NY 10019<br>|
| **Administrator, Custodian and Transfer Agent** | **Address of the Trust** |
| State Street Bank and Trust Company <br>Boston, MA, 02114<br>| 100 Bellevue Parkway <br>Wilmington, DE 19809<br>|
|  | <sup>(a)</sup> For BCLO, BINC, CALI and BRTR. |
|  | <sup>(b)</sup> For CLOA, BRLN, SHYM and INMU. |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust II (the "Trust") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares AAA CLO Active ETF ("CLOA"), iShares Flexible Income Active ETF ("BINC"), iShares Floating Rate Loan Active ETF ("BRLN"), iShares Intermediate Muni Income Active ETF ("INMU"), iShares Short Duration High Yield Muni Active ETF ("SHYM"), iShares Short-Term California Muni Active ETF ("CALI") and iShares Total Return Active ETF ("BRTR" and collectively with CLOA, BINC, BRLN, INMU, SHYM and CALI, the "Funds" and each, a "Fund"), and BlackRock Fund Advisors (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager and BlackRock International Limited ("BIL"), with respect to BINC and BRTR, and (2) BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors"), with respect to BINC and BRTR. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the "Agreements."

*The Approval Process*

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

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

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the 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 May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the 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 each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the 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 June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the

Disclosure of Investment Advisory Agreement

------

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

existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

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

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

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

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

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

The Board noted that the engagement of the Sub-Advisors with respect to BINC and BRTR 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 each of BINC and BRTR and its shareholders.

*B. The Investment Performance of each Fund*

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

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

The Board noted that for each of the one-year and since-inception periods reported, CLOA ranked in the first quartile against its Performance Peers.

The Board noted that for each of the one-year and since-inception periods reported, BINC ranked in the second quartile against its Performance Peers.

2025 BlackRock Annual Financial Statements and Additional Information

------

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

The Board noted that for the one-year and since-inception periods reported, BRLN ranked in the third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed BRLN's underperformance relative to its Performance Peers during the applicable period.

The Board noted that for each of the one-year, three-year and since-inception periods reported, INMU ranked in the first quartile against its Performance Peers.

The Board noted that for the one-year, three-year and since-inception periods reported, SHYM ranked in the first, second and first quartiles, respectively, against its Performance Peers. The Board also noted that the Fund has undergone certain changes in investment strategy, and in connection with such changes, the Fund had changed its name from the iShares High Yield Muni Income Active ETF to the iShares Short Duration High Yield Muni Active ETF effective on or about June 30, 2025.

The Board noted that for each of the one-year and since-inception periods reported, CALI ranked in the first quartile against its Performance Peers.

The Board noted that for each of the one-year and since-inception periods reported, BRTR ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed BRTR's underperformance relative to its Performance Peers during the applicable periods.

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

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

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's 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 each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

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

The Board noted that BINC's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to BINC's Expense Peers. The Board further noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BINC.

The Board noted that BRLN's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to BRLN's Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BRLN.

The Board noted that INMU's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to INMU's Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by INMU.

The Board noted that SHYM's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to SHYM's Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by SHYM.

Disclosure of Investment Advisory Agreement

------

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

The Board noted that CALI's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to CALI's Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by CALI.

The Board noted that BRTR's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to BRTR's Expense Peers. The Board also noted that BRTR has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of BRTR 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 BRTR decreases below certain contractually specified levels. The Board further noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BRTR.

*D. Economies of Scale*

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

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

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

In connection with its consideration of the 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 each Fund's fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements between the Manager and the Sub-Advisor, with respect to BINC and BRTR, 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 each 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 Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| COP | Certificates of Participation |
| CPI | Consumer Price Index |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FHA | Federal Housing Administration |
| GO | General Obligation |
| GOL | General Obligation Limited |
| JIBAR | Johannesburg Interbank Agreed Rate |
| JSC | Joint Stock Company |
| NPFGC | National Public Finance Guarantee Corp. |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| PILOT | Payment in Lieu of Taxes |
| PJSC | Public Joint Stock Company |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| SAW | State Aid Withholding |
| SIFMA | Securities Industry and Financial Markets Associations |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| ST | Special Tax |
| STRIPS | Separate Trading of Registered Interest & Principal of <br>Securities<br>|
| TA | Tax Allocation |
| TBA | To-Be-Announced |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| ARS | Argentine Peso |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| PEN | Peru Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

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Glossary of Terms Used in this Report

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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.**

![](g46642img28d83a9b2.gif)

![](g46642img9c8c98aa3.gif)

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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

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

Item 16 – Controls and Procedures

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

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

------

[(a)(1) Code of Ethics – See Item 2](#item846642_item2)

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

[(a)(3) Section 302 Certifications are attached](d46642dex99cert.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;[(b) Section 906 Certifications are attached](d46642dex99906cert.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 II

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust II |
|  Date: September 23, 2025 | Date: September 23, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust II |
|  Date: September 23, 2025 | Date: September 23, 2025 |
|  By: | <u>/s/ Trent Walker</u>  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock ETF Trust II |
|  Date: September 23, 2025 | Date: September 23, 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 II, certify that:

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

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

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

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

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

Date: September 23, 2025

---

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

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

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

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

Date: September 23, 2025

---

| |
|:---|
|  <u>/s/ Trent Walker</u>  |
|  Trent Walker |
|  Chief Financial Officer (principal financial officer) of |
|  BlackRock ETF Trust II |

---

## Exhibit 99.906

Exhibit 99.906CERT

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

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

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

Date: September 23, 2025

---

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

---

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

Date: September 23, 2025

---

| |
|:---|
|  <u>/s/ Trent Walker</u>  |
|  Trent Walker |
|  Chief Financial Officer (principal financial officer) of |
|  BlackRock ETF Trust II |

---

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