# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-25-154923
**Filing Date:** 2025-7
**Character Count:** 224068
**Document Hash:** 823860efcff8c03dfc31f499b7177266
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154923.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154923

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251100588

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

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

## Series and Classes Contracts Data

### iShares High Yield Muni Active ETF (Series ID: S000088410)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254671 | iShares High Yield Muni 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 High Yield Muni Active ETF |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

10/31/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

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

![TSR - BLK Retail Logo](g786598images_4988.jpg)

### iShares High Yield Muni Active ETF

### HIMU \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares High Yield Muni Active ETF | $28 | 0.56%(a) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (0.42)% | 4.45% | 4.25% | 3.47% |
| Bloomberg Municipal Bond Index | (0.78) | 1.66 | 1.17 | 2.10 |
| Bloomberg Municipal High Yield Bond Index | (0.53) | 4.35 | 4.65 | 4.11 |
| High Yield Customized Reference Benchmark | (0.72) | 3.43 | 3.62 | N/A |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1782706688 |
| Number of Portfolio Holdings | &nbsp;&nbsp;757 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

As of the close of trading on the New York Stock Exchange on February 7, 2025, BlackRock High Yield Municipal Fund, a series of BlackRock Municipal Bond Fund, Inc., (the "Predecessor Fund") reorganized into the Fund, which was newly organized, pursuant to an Agreement and Plan of Reorganization. The Institutional Share Class of the Predecessor Fund is the accounting and performance survivor.

The High Yield Customized Reference Benchmark (commenced on September 30, 2016) is comprised of Bloomberg Municipal Bond Rated Baa Index (20%), Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (60%) and Bloomberg Municipal Investment Grade ex BBB (20%).

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

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

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| County/City/Special District/School District | 27.0% |
| Transportation | 14.7% |
| Corporate | 11.3% |
| Education | 11.2% |
| Health | 10.9% |
| State | 7.6% |
| Utilities | 6.3% |
| Tobacco | 5.9% |
| Housing | 5.1% |
| Industrial REITs | — %(c) |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(d)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 2.2% |
| AA/Aa | 11.7% |
| A | 6.2% |
| BBB/Baa | 11.0% |
| BB/Ba | 6.4% |
| B | 2.4% |
| CCC/Caa | 0.3% |
| N/R | 59.8% |

---

---

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

---

Additional information

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

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

![TSR - BLK Retail Logo Footer](g786598images_4987.jpg)

iShares High Yield Muni Active ETF

Semi-Annual Shareholder Report — April 30, 2025

HIMU-04/25-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

------

![](g786598img7999bc1f1.jpg)

April 30, 2025

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares High Yield Muni Active ETF \| HIMU \| Cboe BZX Exchange |

---

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [The Benefits and Risks of Leveraging](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_RskDeriv-Footer-FundBookName-1336_1)  | 3 |
| [Derivative Financial Instruments](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_RskDeriv-Footer-FundBookName-1336_1)  | 3 |
| [Schedule of Investments](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_SOI-Footer-FundBookName-1336_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_FS-Footer-FundBookName-1336_1)  | 17 |
| [Statement of Operations](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_FS-Footer-FundBookName-1336_2)  | 18 |
| [Statements of Changes in Net Assets](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_FS-Footer-FundBookName-1336_3)  | 19 |
| [Financial Highlights](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_FIHI-Footer-FundBookName-1336_1)  | 20 |
| [Notes to Financial Statements](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_NTF-Footer-FundBookName-1336_1)  | 21 |
| [Additional Information](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_ADDInfo-Footer-FundBookName-1336_1)  | 32 |
| [Disclosure of Investment Advisory Agreement](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_IAA1-Footer-FundBookName-1336_1)  | 33 |
| [Glossary of Terms Used in these Financial Statements](#xx_261a0f81-0be0-45a4-8f13-f055299eac4f_Terms-Footer-FundBookName-1336_1)  | 36 |

---

------

The Benefits and Risks of Leveraging

The Fund may utilize leverage to seek to enhance returns and net asset value ("NAV"). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

The Fund may leverage its assets through the use of proceeds received in tender option bond ("TOB") transactions, as described in the Notes to Financial Statements. In a TOB Trust transaction, the Fund transfers municipal bonds or other municipal securities into a special purpose entity (a "TOB Trust"). TOB investments generally provide the Fund with economic benefits in periods of declining short-term interest rates but expose the Fund to risks during periods of rising short-term interest rates. Additionally, fluctuations in the market value of municipal bonds deposited into a TOB Trust may adversely affect the Fund's NAV per share.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund's shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Fund's shareholders, and the value of these portfolio holdings is reflected in the Fund's per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed the Fund's return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage.

Furthermore, the value of the Fund's portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence the Fund's NAV positively or negatively in addition to the impact on the Fund's performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that the Fund's leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the Fund's NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of the Fund's shares than if the Fund were not leveraged. In addition, the Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit the Fund's ability to invest in certain types of securities or use certain types of hedging strategies. The Fund incurs expenses in connection with the use of leverage, all of which are borne by the Fund's shareholders and may reduce income.

Derivative Financial Instruments

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

The Benefits and Risks of Leveraging / Derivative Financial Instruments

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Industrial REITs**<sup>(a)</sup> **— 0.0%** | **Industrial REITs**<sup>(a)</sup> **— 0.0%** |  |
| ESC Sumter County Industrial Development <br> Authority<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; $— |
| Sumter County Industrial Development Authority | 7390 | &nbsp;&nbsp; 64996 |
|  |  | &nbsp;&nbsp; 64996 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $170,473)** | **Total Common Stocks — 0.0%** <br>**(Cost: $170,473)** | &nbsp;&nbsp; 64996 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 3.2%** | **Alabama — 3.2%** |  |
| Black Belt Energy Gas District, RB<sup>(c)</sup> <br>|  |  |
| Series A, 5.25%, 01/01/54 | $4770 | &nbsp;&nbsp; 5015899 |
| Series F, 5.50%, 11/01/53 | 1825 | &nbsp;&nbsp; 1909034 |
| Chelsea Park Cooperative District, SAB, 5.00%, <br> 05/01/48<br>| 920 | &nbsp;&nbsp; 764129 |
| County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.50%, 10/01/53<br>| 2230 | &nbsp;&nbsp; 2276607 |
| Energy Southeast A Cooperative District, RB, <br> Series B, 5.25%, 07/01/54<sup>(c)</sup><br>| 2065 | &nbsp;&nbsp; 2183865 |
| Hoover Industrial Development Board, RB, AMT, <br> Sustainability Bonds, 6.38%, 11/01/50<sup>(c)</sup><br>| 5620 | &nbsp;&nbsp; 6205113 |
| MidCity Improvement District, SAB |  |  |
| 4.50%, 11/01/42 | 745 | &nbsp;&nbsp; 625216 |
| 4.75%, 11/01/49 | 795 | &nbsp;&nbsp; 652942 |
| Mobile County Industrial Development Authority, RB |  |  |
| Series A, AMT, 5.00%, 06/01/54 | 14630 | &nbsp;&nbsp; 13862135 |
| Series B, AMT, 4.75%, 12/01/54 | 20500 | &nbsp;&nbsp; 18659391 |
| Southeast Energy Authority A Cooperative District, <br> RB, Series A, 5.00%, 01/01/56<sup>(c)</sup><br>| 4200 | &nbsp;&nbsp; 4302541 |
| Tuscaloosa County Industrial Development Authority, <br> Refunding RB, Series A, 5.25%, 05/01/44<sup>(d)</sup><br>| 1110 | &nbsp;&nbsp; 1071623 |
|  |  | &nbsp;&nbsp; 57528495 |
| **Arizona — 2.2%** | **Arizona — 2.2%** |  |
| Arizona Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| 7.10%, 01/01/55 | 4450 | &nbsp;&nbsp; 4489703 |
| Series A, 5.00%, 12/15/39 | 150 | &nbsp;&nbsp; 142824 |
| Series A, 5.00%, 07/01/49 | 1440 | &nbsp;&nbsp; 1255363 |
| Series A, 5.00%, 07/01/54 | 1110 | &nbsp;&nbsp; 938528 |
| Series B, 5.13%, 07/01/47 | 420 | &nbsp;&nbsp; 396977 |
| Series B, 5.25%, 07/01/51 | 570 | &nbsp;&nbsp; 540730 |
| Sustainability Bonds, 5.00%, 07/01/45 | 1135 | &nbsp;&nbsp; 1008295 |
| Sustainability Bonds, 5.00%, 07/01/55 | 1215 | &nbsp;&nbsp; 1022194 |
| Arizona Industrial Development Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| 5.50%, 07/01/52 | 2970 | &nbsp;&nbsp; 2734500 |
| Series A, 5.00%, 07/01/26 | 325 | &nbsp;&nbsp; 326237 |
| Glendale Industrial Development Authority, RB, <br> 5.00%, 05/15/56<br>| 275 | &nbsp;&nbsp; 247804 |
| Industrial Development Authority of the County of <br> Pima, RB<br>|  |  |
| 5.13%, 07/01/39 | 700 | &nbsp;&nbsp; 652235 |
| 5.25%, 07/01/49 | 870 | &nbsp;&nbsp; 755879 |
| Industrial Development Authority of the County of <br> Pima, Refunding RB<sup>(d)</sup> <br>|  |  |
| 4.00%, 06/15/51 | 6995 | &nbsp;&nbsp; 5524911 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| Industrial Development Authority of the County of <br> Pima, Refunding RB<sup>(d)</sup> (continued)<br>|  |  |
| 5.00%, 07/01/56 | 1255 | &nbsp;&nbsp; $1006183 |
| La Paz County Industrial Development Authority, RB, <br> 5.88%, 06/15/48<sup>(d)</sup><br>| 1340 | &nbsp;&nbsp; 1264214 |
| Maricopa County Industrial Development Authority, <br> RB<br>|  |  |
| 7.38%, 10/01/29<sup>(d)</sup> | 4000 | &nbsp;&nbsp; 4167458 |
| 5.25%, 10/01/40<sup>(d)</sup> | 1255 | &nbsp;&nbsp; 1123604 |
| 5.50%, 10/01/51<sup>(d)</sup> | 1255 | &nbsp;&nbsp; 1071236 |
| Series A, 3.00%, 09/01/51 | 2995 | &nbsp;&nbsp; 2095160 |
| AMT, 4.00%, 10/15/47<sup>(d)</sup> | 675 | &nbsp;&nbsp; 555006 |
| Sierra Vista Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| 5.00%, 06/15/34 | 150 | &nbsp;&nbsp; 153300 |
| 5.38%, 06/15/34 | 325 | &nbsp;&nbsp; 319675 |
| 5.00%, 06/15/44 | 1340 | &nbsp;&nbsp; 1279662 |
| 6.00%, 06/15/44 | 545 | &nbsp;&nbsp; 525168 |
| 5.00%, 06/15/54 | 1485 | &nbsp;&nbsp; 1366754 |
| 6.30%, 06/15/54 | 890 | &nbsp;&nbsp; 909587 |
| 5.75%, 06/15/64 | 3100 | &nbsp;&nbsp; 2973768 |
|  |  | &nbsp;&nbsp; 38846955 |
| **Arkansas — 2.5%** | **Arkansas — 2.5%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| AMT, 4.50%, 09/01/49<sup>(d)</sup> | 17920 | &nbsp;&nbsp; 15791854 |
| AMT, 4.75%, 09/01/49<sup>(d)</sup> | 14255 | &nbsp;&nbsp; 13005255 |
| AMT, Sustainability Bonds, 7.38%, 07/01/48<sup>(d)</sup> | 7700 | &nbsp;&nbsp; 8331428 |
| AMT, Sustainability Bonds, 5.70%, 05/01/53 | 2040 | &nbsp;&nbsp; 2052607 |
| Series A, AMT, Sustainability Bonds, 6.88%, <br> 07/01/48<sup>(d)</sup><br>| 5100 | &nbsp;&nbsp; 5357354 |
|  |  | &nbsp;&nbsp; 44538498 |
| **California — 7.4%** | **California — 7.4%** |  |
| California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(c)(d)</sup><br>| 61630 | &nbsp;&nbsp; 59275325 |
| California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 4.00%, 12/31/47<br>| 2560 | &nbsp;&nbsp; 2168690 |
| California Municipal Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| Series A, 5.00%, 05/01/34 | 300 | &nbsp;&nbsp; 307048 |
| Series A, 5.50%, 05/01/44 | 350 | &nbsp;&nbsp; 352242 |
| Series A, 5.75%, 05/01/54 | 435 | &nbsp;&nbsp; 437385 |
| Series A, 5.88%, 05/01/59 | 190 | &nbsp;&nbsp; 192989 |
| California Municipal Finance Authority, ST |  |  |
| Series A, 5.00%, 09/01/44 | 325 | &nbsp;&nbsp; 332193 |
| Series A, 5.00%, 09/01/49 | 675 | &nbsp;&nbsp; 679779 |
| Series A, 5.00%, 09/01/54 | 345 | &nbsp;&nbsp; 350571 |
| California Public Finance Authority, RB, Series A, <br> 6.38%, 06/01/59<sup>(d)</sup><br>| 7445 | &nbsp;&nbsp; 6732101 |
| California School Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| Series A, 7.00%, 06/01/54 | 1780 | &nbsp;&nbsp; 1687553 |
| Series B, 9.00%, 06/01/34 | 180 | &nbsp;&nbsp; 184771 |
| California Statewide Financing Authority, RB, <br> Series L, 0.00%, 06/01/55<sup>(d)(e)</sup><br>| 65000 | &nbsp;&nbsp; 3895879 |
| City of Los Angeles Department of Airports, <br> Refunding ARB<br>|  |  |
| AMT, 5.25%, 05/15/47 | 8000 | &nbsp;&nbsp; 8220793 |
| Series D, AMT, Subordinate, 4.00%, 05/15/51 | 16285 | &nbsp;&nbsp; 13742800 |
| CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(d)</sup> <br>|  |  |
| Series A, 3.00%, 09/01/56 | 5550 | &nbsp;&nbsp; 3573386 |
| Mezzanine Lien, 4.00%, 03/01/57 | 2465 | &nbsp;&nbsp; 1692924 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(d)</sup> (continued)<br>|  |  |
| Sustainability Bonds, 4.00%, 07/01/56 | 1660 | &nbsp;&nbsp; $1245279 |
| Sustainability Bonds, 4.00%, 07/01/58 | 1405 | &nbsp;&nbsp; 936490 |
| Series B, Sustainability Bonds, 4.00%, 07/01/58 | 1585 | &nbsp;&nbsp; 908802 |
| Golden State Tobacco Securitization Corp., <br> Refunding RB, CAB, Series B-2, Subordinate, <br> 0.00%, 06/01/66<sup>(e)</sup><br>| 129920 | &nbsp;&nbsp; 13839276 |
| Hastings Campus Housing Finance Authority, RB, <br> CAB, Sub-Series A, Sustainability Bonds, 6.75%, <br> 07/01/61<sup>(d)(f)</sup><br>| 4420 | &nbsp;&nbsp; 2081290 |
| Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(e)</sup><br>| 13205 | &nbsp;&nbsp; 5870078 |
| Rancho Mirage Community Facilities District, ST |  |  |
| Series A, 5.00%, 09/01/49 | 1030 | &nbsp;&nbsp; 1023125 |
| Series A, 5.00%, 09/01/54 | 200 | &nbsp;&nbsp; 196271 |
| San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, Subordinate, 4.00%, 07/01/56<br>| 1965 | &nbsp;&nbsp; 1602600 |
|  |  | &nbsp;&nbsp; 131529640 |
| **Colorado — 4.5%** | **Colorado — 4.5%** |  |
| Banning Lewis Ranch Metropolitan District No. 8, <br> GOL, 4.88%, 12/01/51<sup>(d)</sup><br>| 2335 | &nbsp;&nbsp; 1962482 |
| Baseline Metropolitan District No. 1, GO, Series B, <br> 6.75%, 12/15/54<br>| 1780 | &nbsp;&nbsp; 1763313 |
| Canyons Metropolitan District No. 5, Refunding GOL, <br> Series B, 6.50%, 12/01/54<br>| 1625 | &nbsp;&nbsp; 1603224 |
| Cascade Ridge Metropolitan District, GOL, 5.00%, <br> 12/01/51<br>| 3000 | &nbsp;&nbsp; 2414086 |
| Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(d)</sup><br>| 820 | &nbsp;&nbsp; 730838 |
| Colorado Educational & Cultural Facilities Authority, <br> Refunding RB, 4.00%, 12/01/30<sup>(d)</sup><br>| 730 | &nbsp;&nbsp; 708036 |
| Colorado Health Facilities Authority, RB |  |  |
| 5.50%, 11/01/47 | 780 | &nbsp;&nbsp; 810683 |
| 5.25%, 11/01/52 | 1630 | &nbsp;&nbsp; 1674157 |
| Series A, 5.00%, 05/15/35 | 1255 | &nbsp;&nbsp; 1072374 |
| Series A, 5.00%, 05/15/44 | 1415 | &nbsp;&nbsp; 1077013 |
| Series A, 5.00%, 05/15/49 | 2175 | &nbsp;&nbsp; 1570616 |
| Constitution Heights Metropolitan District, Refunding <br> GOL, 5.00%, 12/01/49<br>| 1252 | &nbsp;&nbsp; 1111534 |
| Creekwalk Marketplace Business Improvement <br> District, Refunding RB<br>|  |  |
| Series A, 6.00%, 12/01/54 | 6560 | &nbsp;&nbsp; 5958266 |
| Series B, 8.00%, 12/15/54 | 1710 | &nbsp;&nbsp; 1717313 |
| Eagle Brook Meadows Metropolitan District No. 3, <br> GOL, Series 2021, 5.00%, 12/01/51<br>| 1600 | &nbsp;&nbsp; 1321966 |
| Elbert County Independence Water & Sanitation <br> District, Refunding RB, 5.13%, 12/01/33<br>| 700 | &nbsp;&nbsp; 696311 |
| Four Corners Business Improvement District, GOL, <br> 6.00%, 12/01/52<br>| 2000 | &nbsp;&nbsp; 2003090 |
| Gold Hill North Business Improvement District, GOL, <br> Series A, 5.60%, 12/01/54<sup>(d)</sup><br>| 1100 | &nbsp;&nbsp; 1063917 |
| Green Valley Ranch East Metropolitan District No. 6, <br> GOL, Series A, 5.88%, 12/01/50<br>| 2615 | &nbsp;&nbsp; 2505643 |
| Haymeadow Metropolitan District No. 1, GOL, <br> Series A, 6.13%, 12/01/54<br>| 1625 | &nbsp;&nbsp; 1571608 |
| Home Place Metropolitan District, GOL, Series A, <br> 5.75%, 12/01/50<br>| 2345 | &nbsp;&nbsp; 2350656 |
| Horizon Metropolitan District No. 2, GOL, 4.50%, <br> 12/01/51<sup>(d)</sup><br>| 1675 | &nbsp;&nbsp; 1136432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| Independence Metropolitan District No. 3, GOL, <br> Series B, 7.13%, 12/15/54<br>| 654 | &nbsp;&nbsp; $657161 |
| Independence Metropolitan District No. 3, Refunding <br> GOL, Series A, 5.38%, 12/01/54<br>| 2219 | &nbsp;&nbsp; 2135741 |
| Jefferson Center Metropolitan District No. 1, RB, <br> Series A-2, 4.38%, 12/01/47<br>| 1000 | &nbsp;&nbsp; 893249 |
| Karl's Farm Metropolitan District No. 2, GOL<sup>(d)(g)</sup> <br>|  |  |
| Series A, 5.38%, 09/01/25 | 515 | &nbsp;&nbsp; 533726 |
| Series A, 5.63%, 09/01/25 | 1350 | &nbsp;&nbsp; 1400195 |
| Lanterns Metropolitan District No. 2, GOL, Series A, <br> 4.50%, 12/01/50<br>| 1810 | &nbsp;&nbsp; 1319778 |
| Longs Peak Metropolitan District, GOL, 5.25%, <br> 12/01/51<sup>(d)</sup><br>| 8250 | &nbsp;&nbsp; 7618843 |
| Loretto Heights Community Authority, RB, 4.88%, <br> 12/01/51<br>| 2640 | &nbsp;&nbsp; 1975282 |
| North Holly Metropolitan District, GOL, Series A, <br> 5.50%, 12/01/48<br>| 760 | &nbsp;&nbsp; 727888 |
| North Range Metropolitan District No. 3, GOL, <br> Series A, 5.25%, 12/01/50<br>| 1000 | &nbsp;&nbsp; 951862 |
| Orchard Park Place South Metropolitan District, GOL, <br> 6.00%, 12/01/54<sup>(d)</sup><br>| 3000 | &nbsp;&nbsp; 3042600 |
| Palisade Metropolitan District No. 2, Refunding RB, <br> CAB, Series B, Convertible, 5.88%, 12/15/54<sup>(d)(f)</sup><br>| 2595 | &nbsp;&nbsp; 2354413 |
| Poudre Heights Valley Metropolitan District, GOL, <br> Series A, 5.50%, 12/01/54<sup>(d)</sup><br>| 975 | &nbsp;&nbsp; 862191 |
| Prairie Farm Metropolitan District, GOL, Series A, <br> 5.25%, 12/01/48<br>| 1224 | &nbsp;&nbsp; 1186687 |
| Redtail Ridge Metropolitan District, GOL, CAB, <br> 0.00%, 12/01/32<sup>(e)</sup><br>| 12227 | &nbsp;&nbsp; 7016584 |
| Reunion Metropolitan District, RB, Series A, 3.63%, <br> 12/01/44<br>| 1448 | &nbsp;&nbsp; 1045298 |
| Riverpark Metropolitan District/Arapahoe County, <br> GOL<br>|  |  |
| 6.00%, 12/01/42 | 650 | &nbsp;&nbsp; 646009 |
| 6.38%, 12/01/54 | 1000 | &nbsp;&nbsp; 976383 |
| Sky Ranch Community Authority Board, RB, Series A, <br> 5.75%, 12/01/52<br>| 1500 | &nbsp;&nbsp; 1342539 |
| St. Vrain Lakes Metropolitan District No. 4, GOL, <br> Series A, 6.75%, 09/20/54<sup>(d)(f)</sup><br>| 2700 | &nbsp;&nbsp; 1920630 |
| Sterling Ranch Community Authority Board, RB, <br> Series B, Subordinate, 7.13%, 12/15/50<br>| 501 | &nbsp;&nbsp; 501941 |
| Timberleaf Metropolitan District, GOL, Series A, <br> 5.75%, 12/01/50<br>| 1730 | &nbsp;&nbsp; 1734173 |
| Waters' Edge Metropolitan District No. 2, GOL, <br> 5.00%, 12/01/51<br>| 2595 | &nbsp;&nbsp; 2181600 |
| Westcreek Metropolitan District No. 2, GOL, Series A, <br> 5.38%, 12/01/48<br>| 785 | &nbsp;&nbsp; 726240 |
|  |  | &nbsp;&nbsp; 80574571 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** |  |
| Connecticut State Health & Educational Facilities <br> Authority, RB<br>|  |  |
| Series A, 5.00%, 01/01/45<sup>(d)</sup> | 845 | &nbsp;&nbsp; 754522 |
| Series A, 5.00%, 01/01/55<sup>(d)</sup> | 1500 | &nbsp;&nbsp; 1231142 |
| Series A, Sustainability Bonds, 5.38%, 07/01/54 | 2915 | &nbsp;&nbsp; 2747031 |
| Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(d)</sup><br>| 10165 | &nbsp;&nbsp; 9954803 |
| Stamford Housing Authority, Refunding RB |  |  |
| Series A, 6.50%, 10/01/55 | 1325 | &nbsp;&nbsp; 1338373 |
| Series A, 6.25%, 10/01/60 | 920 | &nbsp;&nbsp; 904203 |
|  |  | &nbsp;&nbsp; 16930074 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Delaware — 0.3%** | **Delaware — 0.3%** |  |
| Affordable Housing Opportunities Trust, RB, <br> Series AH-01, Class B, 6.88%, 05/01/39<sup>(d)</sup><br>| $3611 | &nbsp;&nbsp; $3372708 |
| County of Kent Delaware, RB, Series A, 5.00%, <br> 07/01/53<br>| 1000 | &nbsp;&nbsp; 938563 |
| Town of Bridgeville Delaware, ST<sup>(d)</sup> <br>|  |  |
| 5.25%, 07/01/44 | 135 | &nbsp;&nbsp; 133170 |
| 5.63%, 07/01/53 | 315 | &nbsp;&nbsp; 317161 |
| Town of Milton Delaware, ST<sup>(d)</sup> <br>|  |  |
| 5.70%, 09/01/44 | 600 | &nbsp;&nbsp; 596861 |
| 5.95%, 09/01/53 | 1000 | &nbsp;&nbsp; 1003213 |
|  |  | &nbsp;&nbsp; 6361676 |
| **District of Columbia — 2.3%** | **District of Columbia — 2.3%** |  |
| District of Columbia Tobacco Settlement Financing <br> Corp., RB<sup>(e)</sup> <br>|  |  |
| Series A, 0.00%, 06/15/46 | 60820 | &nbsp;&nbsp; 16066362 |
| Series B, 0.00%, 06/15/46 | 43620 | &nbsp;&nbsp; 10777076 |
| Series C, 0.00%, 06/15/55 | 57200 | &nbsp;&nbsp; 5956083 |
| District of Columbia Tobacco Settlement Financing <br> Corp., Refunding RB, 6.75%, 05/15/40<br>| 325 | &nbsp;&nbsp; 331017 |
| District of Columbia, RB, Series A, AMT, Sustainability <br> Bonds, 5.50%, 02/28/37<br>| 880 | &nbsp;&nbsp; 969974 |
| District of Columbia, Refunding RB, 5.00%, 06/01/46 | 2205 | &nbsp;&nbsp; 2126772 |
| Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB<br>|  |  |
| Series B, 2nd Lien, (AGC), 0.00%, 10/01/30<sup>(e)</sup> | 3005 | &nbsp;&nbsp; 2452479 |
| Series B, Subordinate, 4.00%, 10/01/49 | 2170 | &nbsp;&nbsp; 1869306 |
|  |  | &nbsp;&nbsp; 40549069 |
| **Florida — 13.5%** | **Florida — 13.5%** |  |
| Antillia Community Development District, SAB |  |  |
| 5.00%, 05/01/31 | 250 | &nbsp;&nbsp; 252143 |
| 5.60%, 05/01/44 | 570 | &nbsp;&nbsp; 576076 |
| Avenir Community Development District, SAB, 4.75%, <br> 11/01/50<sup>(d)</sup><br>| 2510 | &nbsp;&nbsp; 2515716 |
| Babcock Ranch Community Independent Special <br> District, SAB, Series 2022, 5.00%, 05/01/42<br>| 1570 | &nbsp;&nbsp; 1500158 |
| Bella Collina Community Development District, SAB |  |  |
| 5.00%, 05/01/44 | 180 | &nbsp;&nbsp; 167667 |
| 5.30%, 05/01/55 | 550 | &nbsp;&nbsp; 500310 |
| Berry Bay II Community Development District, SAB |  |  |
| Series 2024, 5.20%, 05/01/44 | 550 | &nbsp;&nbsp; 533943 |
| Series 2024, 5.45%, 05/01/54 | 255 | &nbsp;&nbsp; 244652 |
| Boggy Creek Improvement District, Refunding SAB, <br> Series 2013, 5.13%, 05/01/43<br>| 1090 | &nbsp;&nbsp; 1052027 |
| Brevard County Health Facilities Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| 4.00%, 11/15/45 | 4040 | &nbsp;&nbsp; 3139225 |
| 4.00%, 11/15/55 | 5960 | &nbsp;&nbsp; 4063304 |
| Buckhead Trails Community Development District, <br> SAB<br>|  |  |
| 5.60%, 05/01/44 | 400 | &nbsp;&nbsp; 386501 |
| 5.88%, 05/01/54 | 975 | &nbsp;&nbsp; 927760 |
| Series 2022, 5.63%, 05/01/42 | 740 | &nbsp;&nbsp; 756882 |
| Series 2022, 5.75%, 05/01/52 | 495 | &nbsp;&nbsp; 508106 |
| Capital Projects Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| 6.13%, 06/15/44 | 210 | &nbsp;&nbsp; 208299 |
| 6.50%, 06/15/54 | 275 | &nbsp;&nbsp; 275651 |
| Capital Region Community Development District, <br> Refunding SAB, Series A-1, 5.13%, 05/01/39<br>| 2110 | &nbsp;&nbsp; 2075718 |
| Capital Trust Agency, Inc., RB |  |  |
| 4.50%, 01/01/35<sup>(d)</sup> | 2220 | &nbsp;&nbsp; 2148132 |
| 4.88%, 06/15/56<sup>(d)</sup> | 6670 | &nbsp;&nbsp; 5258804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Capital Trust Agency, Inc., RB (continued) |  |  |
| Series A, 5.00%, 06/15/49<sup>(d)</sup> | $500 | &nbsp;&nbsp; $432993 |
| Series A, 5.00%, 12/15/49 | 975 | &nbsp;&nbsp; 905436 |
| Series A, 5.75%, 06/01/54<sup>(d)</sup> | 1925 | &nbsp;&nbsp; 1437923 |
| Series A, 5.00%, 12/15/54 | 1050 | &nbsp;&nbsp; 962057 |
| Series B, 0.00%, 01/01/35<sup>(e)</sup> | 3005 | &nbsp;&nbsp; 1651417 |
| Series B, 0.00%, 01/01/60<sup>(e)</sup> | 64500 | &nbsp;&nbsp; 4752430 |
| Capital Trust Agency, Inc., RB, CAB, 0.00%, <br> 07/01/61<sup>(d)(e)</sup><br>| 41470 | &nbsp;&nbsp; 2513653 |
| Capital Trust Authority, RB<sup>(d)</sup> <br>|  |  |
| Series A, 5.00%, 07/01/44 | 680 | &nbsp;&nbsp; 605639 |
| Series A, 5.25%, 07/01/54 | 1190 | &nbsp;&nbsp; 1034402 |
| Capital Trust Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| Series A, 4.75%, 06/15/40 | 405 | &nbsp;&nbsp; 381703 |
| Series A, 5.13%, 06/15/50 | 375 | &nbsp;&nbsp; 350071 |
| Series A, 5.25%, 06/15/59 | 525 | &nbsp;&nbsp; 482790 |
| Celebration Pointe Community Development District <br> No. 1, SAB, 5.00%, 05/01/34<br>| 1180 | &nbsp;&nbsp; 1168200 |
| Central Parc Community Development District, SAB |  |  |
| 5.70%, 05/01/44 | 750 | &nbsp;&nbsp; 731560 |
| 6.00%, 05/01/54 | 650 | &nbsp;&nbsp; 652531 |
| City of Fort Lauderdale Florida, SAB, 4.00%, <br> 07/01/42<sup>(d)</sup><br>| 760 | &nbsp;&nbsp; 639343 |
| Coral Creek Community Development District, SAB, <br> 5.75%, 05/01/54<br>| 545 | &nbsp;&nbsp; 545422 |
| County of Lake Florida, RB, 5.00%, 01/15/49<sup>(d)</sup> | 825 | &nbsp;&nbsp; 751558 |
| County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(e)</sup> <br>|  |  |
| Series A-2, 0.00%, 10/01/48 | 5125 | &nbsp;&nbsp; 1530149 |
| Series A-2, 0.00%, 10/01/49 | 1770 | &nbsp;&nbsp; 495718 |
| Crossings Community Development District, SAB, <br> 5.60%, 05/01/54<br>| 530 | &nbsp;&nbsp; 519661 |
| Crosswinds East Community Development District, <br> SAB, 5.75%, 05/01/54<br>| 380 | &nbsp;&nbsp; 380294 |
| Curiosity Creek Community Development District, <br> SAB<sup>(d)</sup> <br>|  |  |
| 5.40%, 05/01/44 | 365 | &nbsp;&nbsp; 361299 |
| 5.70%, 05/01/55 | 600 | &nbsp;&nbsp; 581142 |
| Darby Community Development District, SAB, <br> Series A-2, 5.88%, 05/01/35<br>| 3600 | &nbsp;&nbsp; 3596761 |
| Elevation Pointe Community Development District, <br> SAB<br>|  |  |
| Series A-1, 4.40%, 05/01/42 | 700 | &nbsp;&nbsp; 622910 |
| Series A-1, 4.60%, 05/01/52 | 1090 | &nbsp;&nbsp; 925585 |
| Series A-2, 4.40%, 05/01/32 | 2200 | &nbsp;&nbsp; 2098061 |
| Escambia County Health Facilities Authority, <br> Refunding RB<br>|  |  |
| (AGM), 3.00%, 08/15/50 | 10000 | &nbsp;&nbsp; 6978741 |
| 4.00%, 08/15/50 | 6530 | &nbsp;&nbsp; 5315627 |
| Florida Development Finance Corp., RB |  |  |
| 5.25%, 06/01/55<sup>(d)</sup> | 2830 | &nbsp;&nbsp; 2525777 |
| 6.50%, 06/30/57<sup>(a)(d)(h)</sup> | 861 | &nbsp;&nbsp; 228706 |
| Series A, 5.75%, 06/15/29<sup>(d)</sup> | 635 | &nbsp;&nbsp; 635296 |
| Series A, 6.00%, 06/15/34<sup>(d)</sup> | 835 | &nbsp;&nbsp; 835328 |
| Series A, 4.00%, 06/15/52 | 2875 | &nbsp;&nbsp; 2253676 |
| Series A, 5.00%, 06/15/56 | 1525 | &nbsp;&nbsp; 1390296 |
| Series A, 5.13%, 06/15/55<sup>(d)</sup> | 10455 | &nbsp;&nbsp; 8670051 |
| Series B, 4.50%, 12/15/56<sup>(d)</sup> | 5945 | &nbsp;&nbsp; 4287262 |
| Series C, 5.75%, 12/15/56<sup>(d)</sup> | 2030 | &nbsp;&nbsp; 1630108 |
| AMT, 5.00%, 05/01/29<sup>(d)</sup> | 3550 | &nbsp;&nbsp; 3585819 |
| AMT, 6.13%, 07/01/32<sup>(c)(d)</sup> | 5000 | &nbsp;&nbsp; 5080842 |
| AMT, 10.00%, 07/15/59<sup>(c)(d)</sup> | 19325 | &nbsp;&nbsp; 19850574 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Florida Development Finance Corp., RB (continued) |  |  |
| Class A, AMT, 4.38%, 10/01/54<sup>(c)(d)</sup> | $2275 | &nbsp;&nbsp; $2248972 |
| Series A, AMT, 8.25%, 07/01/57<sup>(c)(d)</sup> | 740 | &nbsp;&nbsp; 762459 |
| Florida Development Finance Corp., Refunding RB |  |  |
| Series A, 4.00%, 06/01/46<sup>(d)</sup> | 1700 | &nbsp;&nbsp; 1294013 |
| Series A, 4.00%, 06/01/55<sup>(d)</sup> | 2750 | &nbsp;&nbsp; 1935845 |
| AMT, 12.00%, 07/15/32<sup>(c)(d)</sup> | 10610 | &nbsp;&nbsp; 11034735 |
| AMT, (AGM), 5.00%, 07/01/44 | 9675 | &nbsp;&nbsp; 9542777 |
| AMT, (AGM), 5.25%, 07/01/47 | 2400 | &nbsp;&nbsp; 2409863 |
| Gardens at Hammock Beach Community <br> Development District, SAB<br>|  |  |
| Series 1, 4.80%, 05/01/31 | 195 | &nbsp;&nbsp; 195387 |
| Series 1, 5.38%, 05/01/44 | 305 | &nbsp;&nbsp; 301095 |
| Series 1, 5.65%, 05/01/54 | 520 | &nbsp;&nbsp; 513509 |
| Series 2, 5.00%, 05/01/31 | 270 | &nbsp;&nbsp; 269645 |
| Series 2, 5.60%, 05/01/44 | 995 | &nbsp;&nbsp; 976790 |
| Series 2, 5.88%, 05/01/55 | 360 | &nbsp;&nbsp; 349631 |
| GIR East Community Development District, SAB |  |  |
| 4.30%, 05/01/32 | 500 | &nbsp;&nbsp; 492807 |
| 5.30%, 05/01/45 | 1000 | &nbsp;&nbsp; 947509 |
| 5.50%, 05/01/55 | 1750 | &nbsp;&nbsp; 1616578 |
| Golden Gem Community Development District, SAB |  |  |
| 5.15%, 05/01/31 | 535 | &nbsp;&nbsp; 536447 |
| 5.70%, 05/01/44 | 2900 | &nbsp;&nbsp; 2908784 |
| 6.00%, 05/01/55 | 1010 | &nbsp;&nbsp; 1013056 |
| Grand Oaks Community Development District, SAB |  |  |
| 4.25%, 05/01/40 | 910 | &nbsp;&nbsp; 825984 |
| 4.50%, 05/01/52 | 1015 | &nbsp;&nbsp; 879940 |
| Greenbriar Community Development District, SAB |  |  |
| 5.65%, 05/01/45 | 585 | &nbsp;&nbsp; 573533 |
| 5.88%, 05/01/54 | 705 | &nbsp;&nbsp; 677022 |
| Hammock Oaks Community Development District, <br> SAB<br>|  |  |
| 5.85%, 05/01/44 | 125 | &nbsp;&nbsp; 125780 |
| 5.55%, 05/01/45<sup>(d)</sup> | 780 | &nbsp;&nbsp; 769919 |
| 6.15%, 05/01/54 | 865 | &nbsp;&nbsp; 871419 |
| 5.75%, 05/01/55<sup>(d)</sup> | 1165 | &nbsp;&nbsp; 1128880 |
| Hillcrest Preserve Community Development District, <br> SAB, 5.30%, 05/01/54<sup>(d)</sup><br>| 890 | &nbsp;&nbsp; 835128 |
| Hobe-St Lucie Conservancy District, SAB, 5.88%, <br> 05/01/55<br>| 635 | &nbsp;&nbsp; 635630 |
| Hyde Park Community Development District No. 1, <br> SAB<br>|  |  |
| Series A, 4.75%, 05/01/31 | 290 | &nbsp;&nbsp; 290085 |
| Series A, 5.35%, 05/01/44 | 425 | &nbsp;&nbsp; 420079 |
| Series A, 5.63%, 05/01/55 | 690 | &nbsp;&nbsp; 677330 |
| Lakes of Sarasota Community Development District, <br> SAB<br>|  |  |
| Series A, 4.75%, 05/01/31 | 355 | &nbsp;&nbsp; 355112 |
| Series A, 5.30%, 05/01/44 | 425 | &nbsp;&nbsp; 417583 |
| Series A, 5.60%, 05/01/55 | 695 | &nbsp;&nbsp; 679769 |
| Lakeside Preserve Community Development District, <br> SAB, Series 2023, 6.38%, 05/01/54<br>| 1000 | &nbsp;&nbsp; 1044232 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| 4.95%, 05/01/29<sup>(d)</sup> | 175 | &nbsp;&nbsp; 176246 |
| 4.63%, 05/01/31 | 215 | &nbsp;&nbsp; 214178 |
| 4.88%, 05/01/35 | 265 | &nbsp;&nbsp; 262505 |
| 5.50%, 05/01/39<sup>(d)</sup> | 160 | &nbsp;&nbsp; 161193 |
| 5.30%, 05/01/44 | 385 | &nbsp;&nbsp; 377609 |
| 4.88%, 05/01/45 | 530 | &nbsp;&nbsp; 500617 |
| 5.13%, 05/01/46 | 830 | &nbsp;&nbsp; 802320 |
| 5.65%, 05/01/48<sup>(d)</sup> | 225 | &nbsp;&nbsp; 225466 |
| 4.50%, 05/01/49 | 805 | &nbsp;&nbsp; 686793 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Lakewood Ranch Stewardship District, <br> SAB (continued)<br>|  |  |
| 4.00%, 05/01/52 | $795 | &nbsp;&nbsp; $625713 |
| 5.55%, 05/01/54 | 180 | &nbsp;&nbsp; 175482 |
| Series 1A, 5.00%, 05/01/38 | 1175 | &nbsp;&nbsp; 1147431 |
| Series 1A, 5.10%, 05/01/48 | 2545 | &nbsp;&nbsp; 2384207 |
| Series 1B, 4.75%, 05/01/29 | 950 | &nbsp;&nbsp; 952235 |
| Series 1B, 5.30%, 05/01/39 | 1090 | &nbsp;&nbsp; 1090359 |
| Series 1B, 5.45%, 05/01/48 | 1930 | &nbsp;&nbsp; 1894889 |
| Lee County Industrial Development Authority, RB, <br> Series B-1, 4.75%, 11/15/29<br>| 985 | &nbsp;&nbsp; 987797 |
| Lowery Hills Community Development District, SAB<sup>(d)</sup> <br>|  |  |
| 5.63%, 05/01/45 | 565 | &nbsp;&nbsp; 555494 |
| 5.85%, 05/01/55 | 780 | &nbsp;&nbsp; 752356 |
| LT Ranch Community Development District, SAB |  |  |
| 5.50%, 05/01/44 | 795 | &nbsp;&nbsp; 797877 |
| 5.85%, 05/01/54 | 600 | &nbsp;&nbsp; 604637 |
| LTC Ranch West Residential Community <br> Development District, Refunding SAB<br>|  |  |
| Series AA4, 5.38%, 05/01/44 | 345 | &nbsp;&nbsp; 326399 |
| Series AA4, 5.65%, 05/01/54 | 1250 | &nbsp;&nbsp; 1188790 |
| LTC Ranch West Residential Community <br> Development District, SAB<br>|  |  |
| Series AA2, 5.70%, 05/01/44 | 185 | &nbsp;&nbsp; 180235 |
| Series AA2, 6.00%, 05/01/54 | 250 | &nbsp;&nbsp; 242223 |
| Malabar Springs Community Development District, <br> SAB<br>|  |  |
| 5.20%, 05/01/44 | 605 | &nbsp;&nbsp; 587337 |
| 5.50%, 05/01/54 | 905 | &nbsp;&nbsp; 874633 |
| Marion Ranch Community Development District, SAB |  |  |
| 5.10%, 05/01/31 | 250 | &nbsp;&nbsp; 252970 |
| 5.70%, 05/01/44 | 595 | &nbsp;&nbsp; 601180 |
| 5.95%, 05/01/54 | 230 | &nbsp;&nbsp; 233377 |
| Midtown Miami Community Development District, <br> Refunding SAB, Series A, 5.00%, 05/01/37<br>| 890 | &nbsp;&nbsp; 874491 |
| Normandy Community Development District, SAB, <br> 5.55%, 05/01/54<sup>(d)</sup><br>| 1510 | &nbsp;&nbsp; 1469938 |
| North AR-1 Pasco Community Development District, <br> SAB<br>|  |  |
| Series A, 5.75%, 05/01/44 | 235 | &nbsp;&nbsp; 239986 |
| Series A, 6.00%, 05/01/54 | 420 | &nbsp;&nbsp; 427626 |
| North River Ranch Community Development District, <br> SAB, Series A-2, 4.20%, 05/01/35<br>| 220 | &nbsp;&nbsp; 206680 |
| Orange County Health Facilities Authority, Refunding <br> RB, Series A, 4.50%, 10/01/56<br>| 5150 | &nbsp;&nbsp; 4891488 |
| Parrish Lakes Community Development District, SAB |  |  |
| 5.00%, 05/01/31 | 495 | &nbsp;&nbsp; 499243 |
| 5.50%, 05/01/44 | 990 | &nbsp;&nbsp; 993736 |
| 5.80%, 05/01/54 | 310 | &nbsp;&nbsp; 311373 |
| Parrish Plantation Community Development District, <br> SAB<br>|  |  |
| 5.80%, 05/01/44 | 480 | &nbsp;&nbsp; 491874 |
| 5.88%, 05/01/54 | 375 | &nbsp;&nbsp; 378550 |
| 6.05%, 05/01/54 | 900 | &nbsp;&nbsp; 919471 |
| Poitras East Community Development District, SAB |  |  |
| 5.00%, 05/01/43 | 460 | &nbsp;&nbsp; 437423 |
| 5.25%, 05/01/52 | 1650 | &nbsp;&nbsp; 1552144 |
| Reunion East Community Development District, SAB, <br> Series 2021, 4.00%, 05/01/51<br>| 2685 | &nbsp;&nbsp; 2078494 |
| Sandridge Community Development District, SAB, <br> Series A1, 4.00%, 05/01/51<br>| 600 | &nbsp;&nbsp; 493286 |
| Sarasota County Public Hospital District, RB, 4.00%, <br> 07/01/52<br>| 5200 | &nbsp;&nbsp; 4478387 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Seminole County Industrial Development Authority, <br> Refunding RB, 5.75%, 11/15/54<br>| 2420 | &nbsp;&nbsp; $2250792 |
| Seminole Palms Community Development District, <br> SAB, 5.50%, 05/01/55<sup>(d)</sup><br>| 955 | &nbsp;&nbsp; 920501 |
| Shadowlawn Community Development District, SAB, <br> 5.85%, 05/01/54<br>| 355 | &nbsp;&nbsp; 341119 |
| Somerset Bay Community Development District, <br> SAB<sup>(d)</sup> <br>|  |  |
| 4.85%, 05/01/31 | 350 | &nbsp;&nbsp; 351272 |
| 5.63%, 05/01/44 | 925 | &nbsp;&nbsp; 896279 |
| 5.90%, 05/01/54 | 905 | &nbsp;&nbsp; 908755 |
| South Broward Hospital District, RB, (BAM-TCRS), <br> 3.00%, 05/01/51<br>| 415 | &nbsp;&nbsp; 311101 |
| Southern Groves Community Development District <br> No. 5, SAB<br>|  |  |
| 4.00%, 05/01/30 | 175 | &nbsp;&nbsp; 171524 |
| 4.30%, 05/01/40 | 825 | &nbsp;&nbsp; 767842 |
| 4.50%, 05/01/46 | 600 | &nbsp;&nbsp; 524956 |
| Talavera Community Development District, SAB, <br> 4.35%, 05/01/40<br>| 520 | &nbsp;&nbsp; 468909 |
| Tradition Community Development District No. 9, <br> SAB<br>|  |  |
| 5.40%, 05/01/45 | 555 | &nbsp;&nbsp; 541339 |
| 5.65%, 05/01/56 | 775 | &nbsp;&nbsp; 744123 |
| Trout Creek Community Development District, SAB |  |  |
| 5.38%, 05/01/38 | 670 | &nbsp;&nbsp; 674475 |
| 5.50%, 05/01/49 | 1690 | &nbsp;&nbsp; 1689950 |
| Two Rivers West Community Development District, <br> SAB<br>|  |  |
| Series 2024, 4.80%, 05/01/31 | 250 | &nbsp;&nbsp; 250492 |
| Series 2024, 5.63%, 05/01/44 | 750 | &nbsp;&nbsp; 730917 |
| Series 2024, 5.88%, 05/01/54 | 895 | &nbsp;&nbsp; 903390 |
| Village Community Development District No. 14, SAB |  |  |
| 5.38%, 05/01/42 | 3235 | &nbsp;&nbsp; 3292470 |
| 5.50%, 05/01/53 | 2410 | &nbsp;&nbsp; 2473671 |
| Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(d)</sup><br>| 2505 | &nbsp;&nbsp; 2507979 |
| Volusia County Educational Facility Authority, RB, <br> 5.25%, 06/01/49<br>| 2680 | &nbsp;&nbsp; 2675878 |
| West Villages Improvement District, SAB |  |  |
| 4.75%, 05/01/39 | 885 | &nbsp;&nbsp; 848086 |
| 5.38%, 05/01/44 | 495 | &nbsp;&nbsp; 490722 |
| 5.00%, 05/01/50 | 1415 | &nbsp;&nbsp; 1313711 |
| 5.63%, 05/01/54 | 355 | &nbsp;&nbsp; 349179 |
| Westside Haines City Community Development <br> District, SAB, 6.00%, 05/01/54<br>| 640 | &nbsp;&nbsp; 628030 |
|  |  | &nbsp;&nbsp; 240661412 |
| **Georgia — 0.9%** | **Georgia — 0.9%** |  |
| Atlanta Development Authority, TA<sup>(d)</sup> <br>|  |  |
| Series A, 5.00%, 04/01/34 | 1720 | &nbsp;&nbsp; 1695519 |
| Series A, 5.50%, 04/01/39 | 2640 | &nbsp;&nbsp; 2662605 |
| Development Authority of Cobb County, RB, Series A, <br> 6.38%, 06/15/58<sup>(d)</sup><br>| 690 | &nbsp;&nbsp; 684553 |
| East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(d)</sup><br>| 875 | &nbsp;&nbsp; 590625 |
| Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(c)</sup><br>| 2000 | &nbsp;&nbsp; 2065426 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| Municipal Electric Authority of Georgia, RB |  |  |
| Series A, 5.00%, 01/01/49 | 5235 | &nbsp;&nbsp; $5224217 |
| Series A, 5.00%, 07/01/52 | 2765 | &nbsp;&nbsp; 2784871 |
|  |  | &nbsp;&nbsp; 15707816 |
| **Idaho — 0.3%** | **Idaho — 0.3%** |  |
| Idaho Health Facilities Authority, Refunding RB, <br> 3.50%, 09/01/33<br>| 375 | &nbsp;&nbsp; 319875 |
| Idaho Housing & Finance Association, RB<sup>(d)</sup> <br>|  |  |
| Series A, 6.00%, 07/01/39 | 370 | &nbsp;&nbsp; 375433 |
| Series A, 6.00%, 07/01/49 | 595 | &nbsp;&nbsp; 591275 |
| Series A, 6.00%, 07/01/54 | 570 | &nbsp;&nbsp; 561863 |
| Series A, 6.95%, 06/15/55 | 1540 | &nbsp;&nbsp; 1616594 |
| Series C, 5.00%, 12/01/46 | 1000 | &nbsp;&nbsp; 944138 |
| Power County Industrial Development Corp., RB, <br> 6.45%, 08/01/32<br>| 265 | &nbsp;&nbsp; 265501 |
|  |  | &nbsp;&nbsp; 4674679 |
| **Illinois — 4.3%** | **Illinois — 4.3%** |  |
| Chicago Board of Education, GO |  |  |
| Series A, 5.00%, 12/01/42 | 4650 | &nbsp;&nbsp; 4480225 |
| Series D, 5.00%, 12/01/46 | 800 | &nbsp;&nbsp; 759667 |
| Chicago Board of Education, Refunding GO, <br> Series B, 4.00%, 12/01/41<br>| 1905 | &nbsp;&nbsp; 1635342 |
| Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB<br>|  |  |
| Series A, 5.00%, 12/01/49 | 4640 | &nbsp;&nbsp; 4707722 |
| Series A, 2nd Lien, 5.00%, 12/01/57 | 5550 | &nbsp;&nbsp; 5565167 |
| City of Chicago Illinois, GO, Series A, 5.00%, <br> 01/01/43<br>| 32870 | &nbsp;&nbsp; 32228271 |
| City of Marion Illinois Sales Tax Revenue, Refunding <br> RB<br>|  |  |
| 6.38%, 06/01/45 | 2055 | &nbsp;&nbsp; 2014144 |
| 6.63%, 06/01/55 | 3800 | &nbsp;&nbsp; 3770963 |
| County of Cook Illinois, RB, M/F Housing, 6.50%, <br> 01/01/45<br>| 4500 | &nbsp;&nbsp; 4540031 |
| Illinois Finance Authority, Refunding RB |  |  |
| 6.00%, 02/01/34 | 315 | &nbsp;&nbsp; 315074 |
| 6.13%, 02/01/45 | 600 | &nbsp;&nbsp; 600047 |
| Illinois State Toll Highway Authority, RB, Series A, <br> 5.00%, 01/01/46<br>| 4640 | &nbsp;&nbsp; 4785030 |
| Metropolitan Pier & Exposition Authority, Refunding <br> RB, 4.00%, 06/15/50<br>| 9695 | &nbsp;&nbsp; 8009043 |
| State of Illinois, GO, 5.50%, 05/01/39 | 2460 | &nbsp;&nbsp; 2588161 |
| Village of Lincolnwood Illinois, COP, Series B, 5.75%, <br> 12/01/43<sup>(d)</sup><br>| 935 | &nbsp;&nbsp; 945103 |
|  |  | &nbsp;&nbsp; 76943990 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| City of Valparaiso Indiana, Refunding RB, AMT, <br> 4.50%, 01/01/34<sup>(d)</sup><br>| 635 | &nbsp;&nbsp; 649759 |
| City of Vincennes Indiana, Refunding RB, 6.25%, <br> 01/01/29<sup>(a)(d)(h)</sup><br>| 2325 | &nbsp;&nbsp; 1418250 |
| Indiana Finance Authority, RB, Series A, AMT, 6.75%, <br> 05/01/39<br>| 2785 | &nbsp;&nbsp; 3088937 |
| Indianapolis Local Public Improvement Bond Bank, <br> RB, Series E, 6.00%, 03/01/53<br>| 1850 | &nbsp;&nbsp; 1920668 |
|  |  | &nbsp;&nbsp; 7077614 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Iowa — 0.2%** | **Iowa — 0.2%** |  |
| Iowa Finance Authority, Refunding RB, Series A, <br> 5.13%, 05/15/59<br>| $2350 | &nbsp;&nbsp; $2225985 |
| Iowa Higher Education Loan Authority, Refunding RB, <br> 5.50%, 11/01/51<br>| 1000 | &nbsp;&nbsp; 884950 |
|  |  | &nbsp;&nbsp; 3110935 |
| **Kansas**<sup>(d)</sup> **— 0.1%** | **Kansas**<sup>(d)</sup> **— 0.1%** |  |
| City of Shawnee Kansas, RB |  |  |
| 5.00%, 08/01/41 | 770 | &nbsp;&nbsp; 699534 |
| 5.00%, 08/01/56 | 1900 | &nbsp;&nbsp; 1547092 |
|  |  | &nbsp;&nbsp; 2246626 |
| **Kentucky**<sup>(d)</sup> **— 0.6%** | **Kentucky**<sup>(d)</sup> **— 0.6%** |  |
| City of Henderson Kentucky, RB |  |  |
| Series A, AMT, 4.70%, 01/01/52 | 2435 | &nbsp;&nbsp; 2209033 |
| Series B, AMT, 4.45%, 01/01/42 | 2540 | &nbsp;&nbsp; 2344262 |
| Series B, AMT, 4.70%, 01/01/52 | 6000 | &nbsp;&nbsp; 5466357 |
|  |  | &nbsp;&nbsp; 10019652 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| Series A, 5.25%, 06/01/60<sup>(d)</sup> | 4940 | &nbsp;&nbsp; 3812543 |
| Series A, 6.50%, 06/01/62<sup>(d)</sup> | 855 | &nbsp;&nbsp; 795955 |
| AMT, 5.75%, 09/01/64 | 6910 | &nbsp;&nbsp; 7158192 |
| AMT, 5.00%, 09/01/66 | 5000 | &nbsp;&nbsp; 4823296 |
| Class R2, AMT, 6.50%, 10/01/53<sup>(c)(d)</sup> | 2160 | &nbsp;&nbsp; 2279622 |
| Parish of St. James Louisiana, RB, Series 2, 6.35%, <br> 07/01/40<sup>(d)</sup><br>| 3160 | &nbsp;&nbsp; 3314396 |
|  |  | &nbsp;&nbsp; 22184004 |
| **Maine — 0.7%** | **Maine — 0.7%** |  |
| Finance Authority of Maine, RB |  |  |
| 12/31/32<sup>(i)</sup> | 2500 | &nbsp;&nbsp; 2500000 |
| AMT, Sustainability Bonds, 8.00%, 12/01/51<sup>(a)(d)(h)</sup> | 5600 | &nbsp;&nbsp; 1834000 |
| Finance Authority of Maine, Refunding RB, AMT, <br> 4.63%, 12/01/47<sup>(c)(d)</sup><br>| 1300 | &nbsp;&nbsp; 1285151 |
| Maine Health & Higher Educational Facilities <br> Authority, Refunding RB, 4.00%, 07/01/37<sup>(d)</sup><br>| 8100 | &nbsp;&nbsp; 7126185 |
|  |  | &nbsp;&nbsp; 12745336 |
| **Maryland — 1.2%** | **Maryland — 1.2%** |  |
| City of Baltimore Maryland, RB |  |  |
| 4.88%, 06/01/42 | 260 | &nbsp;&nbsp; 256114 |
| 5.00%, 06/01/51 | 780 | &nbsp;&nbsp; 762200 |
| City of Baltimore Maryland, Refunding RB, <br> Convertible, 5.00%, 09/01/46<br>| 1500 | &nbsp;&nbsp; 1433615 |
| Maryland Community Development Administration, <br> RB, M/F Housing, Series D-1, Sustainability <br> Bonds, (FHLMC), 4.35%, 02/01/44<br>| 8270 | &nbsp;&nbsp; 7679292 |
| Maryland Economic Development Corp., TA, 4.00%, <br> 09/01/50<br>| 4805 | &nbsp;&nbsp; 3734506 |
| Maryland Health & Higher Educational Facilities <br> Authority, RB, 7.00%, 03/01/55<sup>(d)</sup><br>| 8165 | &nbsp;&nbsp; 8335897 |
|  |  | &nbsp;&nbsp; 22201624 |
| **Massachusetts — 0.2%** | **Massachusetts — 0.2%** |  |
| Massachusetts Development Finance Agency, RB, <br> Series D, Sustainability Bonds, 4.00%, 07/01/45<br>| 715 | &nbsp;&nbsp; 581016 |
| Massachusetts Development Finance Agency, <br> Refunding RB<sup>(d)</sup> <br>|  |  |
| 4.13%, 10/01/42 | 855 | &nbsp;&nbsp; 754623 |
| 5.00%, 10/01/57 | 1900 | &nbsp;&nbsp; 1722076 |
|  |  | &nbsp;&nbsp; 3057715 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan — 0.4%** | **Michigan — 0.4%** |  |
| Advanced Technology Academy, Refunding RB, <br> 5.00%, 11/01/44<br>| $160 | &nbsp;&nbsp; $150808 |
| Michigan Strategic Fund, RB |  |  |
| 5.00%, 11/15/42 | 280 | &nbsp;&nbsp; 278819 |
| AMT, 5.00%, 12/31/43 | 2030 | &nbsp;&nbsp; 2029997 |
| AMT, Sustainability Bonds, 4.00%, 10/01/61<sup>(c)</sup> | 4450 | &nbsp;&nbsp; 4443998 |
|  |  | &nbsp;&nbsp; 6903622 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** |  |
| City of Eagan Minnesota, RB, Series A, 6.38%, <br> 02/01/55<sup>(d)</sup><br>| 245 | &nbsp;&nbsp; 226570 |
| Duluth Economic Development Authority, Refunding <br> RB, Series A, 5.25%, 02/15/58<br>| 2790 | &nbsp;&nbsp; 2790768 |
|  |  | &nbsp;&nbsp; 3017338 |
| **Missouri — 0.4%** | **Missouri — 0.4%** |  |
| Industrial Development Authority of the City of St. <br> Louis Missouri, Refunding RB<br>|  |  |
| Series A, 4.88%, 06/15/34 | 405 | &nbsp;&nbsp; 403682 |
| Series A, 4.38%, 11/15/35 | 1020 | &nbsp;&nbsp; 932717 |
| Series A, 5.75%, 06/15/54 | 1665 | &nbsp;&nbsp; 1684898 |
| Kansas City Industrial Development Authority, RB |  |  |
| Series A-1, 5.00%, 06/01/46<sup>(d)</sup> | 965 | &nbsp;&nbsp; 907281 |
| Series A-1, 5.00%, 06/01/54<sup>(d)</sup> | 625 | &nbsp;&nbsp; 572337 |
| Series C, 7.50%, 11/15/46<sup>(a)(h)</sup> | 425 | &nbsp;&nbsp; 328267 |
| Kansas City Industrial Development Authority, <br> Refunding RB<sup>(a)(h)</sup> <br>|  |  |
| Class B, 5.00%, 11/15/46 | 772 | &nbsp;&nbsp; 507876 |
| Class D, 2.00%, 11/15/46 | 345 | &nbsp;&nbsp; 15844 |
| Kansas City Land Clearance Redevelopment <br> Authority, TA, Series B, 5.00%, 02/01/40<sup>(d)</sup><br>| 1240 | &nbsp;&nbsp; 1189306 |
|  |  | &nbsp;&nbsp; 6542208 |
| **Nevada — 0.2%** | **Nevada — 0.2%** |  |
| City of Las Vegas Nevada Special Improvement <br> District No. 613, SAB<br>|  |  |
| 5.25%, 12/01/47 | 440 | &nbsp;&nbsp; 415463 |
| 5.50%, 12/01/53 | 250 | &nbsp;&nbsp; 239567 |
| City of Reno Nevada, SAB<sup>(d)</sup> <br>|  |  |
| 5.00%, 06/01/41 | 825 | &nbsp;&nbsp; 792392 |
| 5.13%, 06/01/47 | 1000 | &nbsp;&nbsp; 933625 |
| Tahoe-Douglas Visitors Authority, RB, 5.00%, <br> 07/01/45<br>| 1460 | &nbsp;&nbsp; 1464945 |
|  |  | &nbsp;&nbsp; 3845992 |
| **New Hampshire — 2.1%** | **New Hampshire — 2.1%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| 5.38%, 12/01/31<sup>(d)</sup> | 4095 | &nbsp;&nbsp; 3991514 |
| 12/15/33<sup>(d)(i)</sup> | 4511 | &nbsp;&nbsp; 4480341 |
| 5.25%, 12/01/35<sup>(d)</sup> | 6429 | &nbsp;&nbsp; 6274819 |
| 5.38%, 12/15/35<sup>(d)</sup> | 5761 | &nbsp;&nbsp; 5614653 |
| Series A, 4.13%, 08/15/40 | 1435 | &nbsp;&nbsp; 1250957 |
| Series A, 4.25%, 08/15/46 | 1610 | &nbsp;&nbsp; 1315061 |
| Series A, 4.50%, 08/15/55 | 3350 | &nbsp;&nbsp; 2656182 |
| New Hampshire Business Finance Authority, RB, <br> CAB<sup>(d)(e)</sup> <br>|  |  |
| 0.00%, 04/01/32 | 1755 | &nbsp;&nbsp; 1156792 |
| 0.00%, 12/15/33 | 14330 | &nbsp;&nbsp; 8195046 |
| New Hampshire Business Finance Authority, RB, M/F <br> Housing, Class B, 5.75%, 04/28/42<br>| 2820 | &nbsp;&nbsp; 2842027 |
|  |  | &nbsp;&nbsp; 37777392 |
| **New Jersey — 0.6%** | **New Jersey — 0.6%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| 5.00%, 12/15/28<sup>(g)</sup> | 2060 | &nbsp;&nbsp; 2194534 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| New Jersey Economic Development Authority, <br> RB (continued)<br>|  |  |
| Series A, 5.00%, 07/01/37 | 375 | &nbsp;&nbsp; $367386 |
| Series A, 5.25%, 11/01/54<sup>(d)</sup> | 3955 | &nbsp;&nbsp; 3369821 |
| Series B, 6.50%, 04/01/31 | 1790 | &nbsp;&nbsp; 1833701 |
| New Jersey Health Care Facilities Financing <br> Authority, RB, 4.00%, 07/01/51<br>| 1960 | &nbsp;&nbsp; 1754661 |
| New Jersey Higher Education Student Assistance <br> Authority, RB, Series B, AMT, 4.25%, 12/01/45<br>| 1030 | &nbsp;&nbsp; 1003404 |
|  |  | &nbsp;&nbsp; 10523507 |
| **New York — 6.0%** | **New York — 6.0%** |  |
| Albany Capital Resource Corp., Refunding RB, <br> 4.00%, 07/01/41<sup>(a)(h)</sup><br>| 3750 | &nbsp;&nbsp; 1740000 |
| Build NYC Resource Corp., RB |  |  |
| Series A, 5.00%, 07/01/32 | 2255 | &nbsp;&nbsp; 2206605 |
| Series A, 5.13%, 07/01/33 | 620 | &nbsp;&nbsp; 627395 |
| Series A, 6.13%, 07/01/43 | 1780 | &nbsp;&nbsp; 1871603 |
| Series A, 6.38%, 07/01/53 | 3260 | &nbsp;&nbsp; 3380976 |
| Build NYC Resource Corp., Refunding RB, AMT, <br> 5.00%, 01/01/35<sup>(d)</sup><br>| 2165 | &nbsp;&nbsp; 2164918 |
| Huntington Local Development Corp., RB, Series A, <br> 5.25%, 07/01/56<br>| 585 | &nbsp;&nbsp; 484493 |
| MTA Hudson Rail Yards Trust Obligations, Refunding <br> RB, Series A, 5.00%, 11/15/51<br>| 5000 | &nbsp;&nbsp; 4941981 |
| New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| Series C-1A, 4.20%, 11/01/44 | 3190 | &nbsp;&nbsp; 2946421 |
| Series C-1A, 4.30%, 11/01/47 | 4655 | &nbsp;&nbsp; 4282904 |
| New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(d)</sup><br>| 3000 | &nbsp;&nbsp; 2999942 |
| New York Liberty Development Corp., Refunding RB |  |  |
| 3.25%, 09/15/52 | 4045 | &nbsp;&nbsp; 2959703 |
| Series 1, 2.75%, 02/15/44 | 5320 | &nbsp;&nbsp; 3692756 |
| Series A, Sustainability Bonds, 3.00%, 11/15/51 | 2300 | &nbsp;&nbsp; 1579681 |
| New York State Dormitory Authority, Refunding RB |  |  |
| Series A, 3.00%, 03/15/51 | 4200 | &nbsp;&nbsp; 3022768 |
| Series A, 5.00%, 03/15/55 | 6380 | &nbsp;&nbsp; 6538981 |
| New York Transportation Development Corp., ARB |  |  |
| AMT, 5.00%, 12/01/35 | 10000 | &nbsp;&nbsp; 10393701 |
| AMT, 5.63%, 04/01/40 | 2215 | &nbsp;&nbsp; 2295129 |
| New York Transportation Development Corp., RB |  |  |
| AMT, 5.00%, 10/01/35 | 3845 | &nbsp;&nbsp; 3898718 |
| AMT, 4.00%, 04/30/53 | 2220 | &nbsp;&nbsp; 1777236 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 | 15250 | &nbsp;&nbsp; 15375512 |
| New York Transportation Development Corp., <br> Refunding ARB, Series A, AMT, 5.38%, 08/01/36<br>| 3665 | &nbsp;&nbsp; 3744976 |
| Suffolk Regional Off-Track Betting Co, RB, 5.00%, <br> 12/01/34<br>| 1570 | &nbsp;&nbsp; 1572577 |
| Suffolk Regional Off-Track Betting Co., RB |  |  |
| 5.75%, 12/01/44 | 2600 | &nbsp;&nbsp; 2628700 |
| 6.00%, 12/01/53 | 3800 | &nbsp;&nbsp; 3854873 |
| Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.25%, 05/15/58<br>| 8000 | &nbsp;&nbsp; 7325227 |
| Westchester County Local Development Corp., <br> Refunding RB<sup>(d)</sup> <br>|  |  |
| 5.00%, 07/01/41 | 3300 | &nbsp;&nbsp; 3286455 |
| 5.00%, 07/01/46 | 2205 | &nbsp;&nbsp; 2165270 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| Westchester Tobacco Asset Securitization Corp., <br> Refunding RB<br>|  |  |
| Sub-Series C, 4.00%, 06/01/42 | 670 | &nbsp;&nbsp; $585369 |
| Sub-Series C, 5.13%, 06/01/51 | 2000 | &nbsp;&nbsp; 1852466 |
|  |  | &nbsp;&nbsp; 106197336 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** |  |
| City of Grand Forks North Dakota, RB, Series A, <br> (AGM), 5.00%, 12/01/48<br>| 1765 | &nbsp;&nbsp; 1775698 |
| County of Cass North Dakota, Refunding RB, <br> Series B, 5.25%, 02/15/58<br>| 1785 | &nbsp;&nbsp; 1799567 |
|  |  | &nbsp;&nbsp; 3575265 |
| **Ohio — 2.9%** | **Ohio — 2.9%** |  |
| Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, <br> 06/01/55<br>| 27125 | &nbsp;&nbsp; 23352518 |
| Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(e)</sup><br>| 82080 | &nbsp;&nbsp; 7762297 |
| Cleveland-Cuyahoga County Port Authority, <br> Refunding RB<sup>(d)</sup> <br>|  |  |
| Series A, 5.38%, 01/01/39 | 455 | &nbsp;&nbsp; 436645 |
| Series A, 5.88%, 01/01/49 | 1095 | &nbsp;&nbsp; 1038609 |
| County of Hamilton Ohio, Refunding RB, 5.00%, <br> 01/01/46<br>| 1435 | &nbsp;&nbsp; 1378614 |
| County of Hardin Ohio, Refunding RB |  |  |
| 5.00%, 05/01/30 | 620 | &nbsp;&nbsp; 607066 |
| 5.25%, 05/01/40 | 615 | &nbsp;&nbsp; 573410 |
| 5.50%, 05/01/50 | 2895 | &nbsp;&nbsp; 2611752 |
| Hickory Chase Community Authority, Refunding RB, <br> 5.00%, 12/01/40<sup>(d)</sup><br>| 4675 | &nbsp;&nbsp; 4419140 |
| Ohio Air Quality Development Authority, RB, AMT, <br> 5.00%, 07/01/49<sup>(d)</sup><br>| 3900 | &nbsp;&nbsp; 3508588 |
| Ohio Higher Educational Facility Commission, <br> Refunding RB, 4.00%, 10/01/47<br>| 3500 | &nbsp;&nbsp; 2760879 |
| Ohio Housing Finance Agency, RB, M/F Housing, <br> Series A, 5.70%, 08/01/43<sup>(d)</sup><br>| 3500 | &nbsp;&nbsp; 3565637 |
|  |  | &nbsp;&nbsp; 52015155 |
| **Oklahoma — 1.5%** | **Oklahoma — 1.5%** |  |
| Oklahoma City Airport Trust, ARB, AMT, Junior Lien, <br> 5.00%, 07/01/47<br>| 4575 | &nbsp;&nbsp; 4473841 |
| Oklahoma Development Finance Authority, RB |  |  |
| 7.25%, 09/01/51<sup>(d)</sup> | 14215 | &nbsp;&nbsp; 14104430 |
| Series A-2, 7.25%, 09/01/51<sup>(d)</sup> | 1920 | &nbsp;&nbsp; 1905065 |
| Series B, 5.50%, 08/15/52 | 2415 | &nbsp;&nbsp; 2417960 |
| Tulsa Airports Improvement Trust, Refunding RB, <br> Series C, AMT, 5.50%, 12/01/35<br>| 1260 | &nbsp;&nbsp; 1259225 |
| Tulsa Authority for Economic Opportunity, TA, 4.38%, <br> 12/01/41<sup>(d)</sup><br>| 1165 | &nbsp;&nbsp; 1100310 |
| Tulsa County Industrial Authority, Refunding RB, <br> 5.25%, 11/15/37<br>| 1050 | &nbsp;&nbsp; 1061534 |
|  |  | &nbsp;&nbsp; 26322365 |
| **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| Clackamas County Hospital Facility Authority, <br> Refunding RB, Series A, 5.25%, 11/15/50<br>| 800 | &nbsp;&nbsp; 766402 |
| Oregon State Facilities Authority, RB<sup>(d)</sup> <br>|  |  |
| Series A, 5.00%, 06/15/49 | 915 | &nbsp;&nbsp; 783933 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oregon (continued)** | **Oregon (continued)** |  |
| Oregon State Facilities Authority, RB<sup>(d)</sup> (continued) |  |  |
| Series A, 5.25%, 06/15/55 | 505 | &nbsp;&nbsp; $436920 |
| Port of Morrow Oregon, GOL, Series A, 5.15%, <br> 10/01/26<sup>(d)</sup><br>| 11815 | &nbsp;&nbsp; 11870901 |
|  |  | &nbsp;&nbsp; 13858156 |
| **Pennsylvania — 1.5%** | **Pennsylvania — 1.5%** |  |
| Allegheny Community Broadband, Inc., RB<sup>(d)</sup> <br>|  |  |
| 7.75%, 09/01/45 | 530 | &nbsp;&nbsp; 515223 |
| 8.00%, 09/01/51 | 625 | &nbsp;&nbsp; 611367 |
| Allentown Neighborhood Improvement Zone <br> Development Authority, RB<sup>(d)</sup> <br>|  |  |
| Series A, 5.25%, 05/01/32 | 300 | &nbsp;&nbsp; 308362 |
| Series A, 5.25%, 05/01/42 | 300 | &nbsp;&nbsp; 293140 |
| Beaver County Industrial Development Authority, <br> Refunding RB, Series B, 3.75%, 10/01/47<br>| 4065 | &nbsp;&nbsp; 3276002 |
| Doylestown Hospital Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| 5.00%, 07/01/31 | 485 | &nbsp;&nbsp; 511755 |
| 5.38%, 07/01/39 | 1125 | &nbsp;&nbsp; 1214376 |
| Lancaster Municipal Authority, RB, Series B, 5.00%, <br> 05/01/54<br>| 300 | &nbsp;&nbsp; 285254 |
| Montgomery County Industrial Development Authority, <br> Refunding RB, 5.00%, 12/01/46<br>| 1000 | &nbsp;&nbsp; 912118 |
| Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| AMT, 5.75%, 06/30/48 | 2890 | &nbsp;&nbsp; 2972253 |
| AMT, 5.25%, 06/30/53 | 4830 | &nbsp;&nbsp; 4841502 |
| Pennsylvania Economic Development Financing <br> Authority, Refunding RB<br>|  |  |
| Series B, 5.25%, 12/01/38<sup>(c)</sup> | 1750 | &nbsp;&nbsp; 1753578 |
| Series C, 5.25%, 12/01/37<sup>(c)</sup> | 3065 | &nbsp;&nbsp; 3071255 |
| AMT, 5.50%, 11/01/44 | 5390 | &nbsp;&nbsp; 5355682 |
| Pennsylvania Higher Education Assistance Agency, <br> RB, Sub-Series 1C, AMT, 5.00%, 06/01/51<br>| 640 | &nbsp;&nbsp; 610047 |
| School District of Philadelphia, GOL, Series A, <br> (SAW), 5.50%, 09/01/48<br>| 490 | &nbsp;&nbsp; 514824 |
|  |  | &nbsp;&nbsp; 27046738 |
| **Puerto Rico — 8.2%** | **Puerto Rico — 8.2%** |  |
| Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(e)</sup><br>| 38360 | &nbsp;&nbsp; 2247481 |
| Children's Trust Fund, Refunding RB, Series B, <br> 0.00%, 05/15/55<sup>(e)</sup><br>| 2000 | &nbsp;&nbsp; 207542 |
| Commonwealth of Puerto Rico, GO |  |  |
| Series A-1, Restructured, 5.38%, 07/01/25 | — <br><sup>(j)</sup><br>| &nbsp;&nbsp; 1 |
| Series A-1, Restructured, 5.63%, 07/01/29 | 3605 | &nbsp;&nbsp; 3716731 |
| Series A-1, Restructured, 5.75%, 07/01/31 | 3402 | &nbsp;&nbsp; 3581183 |
| Series A-1, Restructured, 4.00%, 07/01/37 | 2855 | &nbsp;&nbsp; 2606450 |
| Series A-1, Restructured, 4.00%, 07/01/41 | 4939 | &nbsp;&nbsp; 4231376 |
| Series A-1, Restructured, 4.00%, 07/01/46 | 2017 | &nbsp;&nbsp; 1636048 |
| Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(e)</sup><br>| 5283 | &nbsp;&nbsp; 3591137 |
| Commonwealth of Puerto Rico, RB<sup>(a)(c)(h)</sup> <br>|  |  |
| 0.00%, 11/01/51 | 62798 | &nbsp;&nbsp; 33021822 |
| Series A-1, 0.00%, 11/01/43 | 1156 | &nbsp;&nbsp; 690670 |
| PRIFA Custodial Trust, RB, Series 2005, 0.00%, <br> 03/15/49<br>| 3300 | &nbsp;&nbsp; 834675 |
| Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority, RB, Series A, 4.00%, 07/01/42<sup>(d)</sup><br>| 1075 | &nbsp;&nbsp; 925543 |
| Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority, Refunding RB, Series B, 4.00%, <br> 07/01/42<sup>(d)</sup><br>| 2500 | &nbsp;&nbsp; 2156921 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Puerto Rico Electric Power Authority, RB |  |  |
| Series A, 7.25%, 07/01/30<sup>(a)(h)</sup> | $250 | &nbsp;&nbsp; $120625 |
| Series A, 7.00%, 07/01/33<sup>(a)(h)</sup> | 8735 | &nbsp;&nbsp; 4214637 |
| Series A, 6.75%, 07/01/36<sup>(a)(h)</sup> | 5830 | &nbsp;&nbsp; 2812975 |
| Series A, 7.00%, 07/01/40 | 1000 | &nbsp;&nbsp; 482500 |
| Series A, 5.00%, 07/01/42<sup>(a)(h)</sup> | 1605 | &nbsp;&nbsp; 774412 |
| Series A, 5.05%, 07/01/42<sup>(a)(h)</sup> | 1080 | &nbsp;&nbsp; 521100 |
| Series A, 7.00%, 07/01/43<sup>(a)(h)</sup> | 775 | &nbsp;&nbsp; 373938 |
| Series A-1, 10.00%, 07/01/19<sup>(a)(h)</sup> | 230 | &nbsp;&nbsp; 111077 |
| Series A-2, 10.00%, 07/01/19<sup>(a)(h)</sup> | 1161 | &nbsp;&nbsp; 560389 |
| Series A-3, 10.00%, 07/01/19<sup>(a)(h)</sup> | 748 | &nbsp;&nbsp; 360750 |
| Series B-3, 10.00%, 07/01/19<sup>(a)(h)</sup> | 748 | &nbsp;&nbsp; 360750 |
| Series C-1, 5.40%, 01/01/18<sup>(a)(h)</sup> | 2054 | &nbsp;&nbsp; 991140 |
| Series C-2, 5.40%, 07/01/18<sup>(a)(h)</sup> | 2055 | &nbsp;&nbsp; 991300 |
| Series C-3, 5.40%, 01/01/20<sup>(a)(h)</sup> | 208 | &nbsp;&nbsp; 100204 |
| Series C-4, 5.40%, 07/01/20<sup>(a)(h)</sup> | 208 | &nbsp;&nbsp; 100204 |
| Series CCC, 5.00%, 07/01/22 | 715 | &nbsp;&nbsp; 344988 |
| Series CCC, 5.00%, 07/01/25 | 620 | &nbsp;&nbsp; 299150 |
| Series CCC, 5.25%, 07/01/26<sup>(a)(h)</sup> | 590 | &nbsp;&nbsp; 284675 |
| Series CCC, 5.25%, 07/01/28<sup>(a)(h)</sup> | 1945 | &nbsp;&nbsp; 938462 |
| Series D-1, 7.50%, 01/01/20<sup>(a)(h)</sup> | 2332 | &nbsp;&nbsp; 1125301 |
| Series D-2, 7.50%, 01/01/20<sup>(a)(h)</sup> | 4430 | &nbsp;&nbsp; 2137443 |
| Series D-4, 7.50%, 07/01/20<sup>(a)(h)</sup> | 709 | &nbsp;&nbsp; 342216 |
| Series TT, 5.00%, 07/01/18<sup>(a)(h)</sup> | 900 | &nbsp;&nbsp; 434250 |
| Series TT, 5.00%, 07/01/25<sup>(a)(h)</sup> | 3270 | &nbsp;&nbsp; 1577775 |
| Series TT, 5.00%, 07/01/26<sup>(a)(h)</sup> | 455 | &nbsp;&nbsp; 219538 |
| Series WW, 5.50%, 07/01/17<sup>(a)(h)</sup> | 475 | &nbsp;&nbsp; 229188 |
| Series WW, 5.50%, 07/01/18<sup>(a)(h)</sup> | 415 | &nbsp;&nbsp; 200238 |
| Series WW, 5.50%, 07/01/19<sup>(a)(h)</sup> | 335 | &nbsp;&nbsp; 161638 |
| Series WW, 5.38%, 07/01/22<sup>(a)(h)</sup> | 4500 | &nbsp;&nbsp; 2171250 |
| Series WW, 5.38%, 07/01/24<sup>(a)(h)</sup> | 815 | &nbsp;&nbsp; 393237 |
| Series WW, 5.25%, 07/01/25 | 1940 | &nbsp;&nbsp; 936050 |
| Series WW, 5.25%, 07/01/33<sup>(a)(h)</sup> | 315 | &nbsp;&nbsp; 151988 |
| Series WW, 5.50%, 07/01/38<sup>(a)(h)</sup> | 415 | &nbsp;&nbsp; 200238 |
| Series XX, 5.25%, 07/01/17<sup>(a)(h)</sup> | 230 | &nbsp;&nbsp; 110975 |
| Series XX, 5.25%, 07/01/35<sup>(a)(h)</sup> | 705 | &nbsp;&nbsp; 340163 |
| Series XX, 5.75%, 07/01/36<sup>(a)(h)</sup> | 2870 | &nbsp;&nbsp; 1384775 |
| Series XX, 5.25%, 07/01/40<sup>(a)(h)</sup> | 8385 | &nbsp;&nbsp; 4045762 |
| Puerto Rico Electric Power Authority, Refunding RB |  |  |
| Series AAA, 5.25%, 07/01/22<sup>(a)(h)</sup> | 765 | &nbsp;&nbsp; 369113 |
| Series AAA, 5.25%, 07/01/25 | 3560 | &nbsp;&nbsp; 1717700 |
| Series AAA, 5.25%, 07/01/28<sup>(a)(h)</sup> | 3655 | &nbsp;&nbsp; 1763537 |
| Series AAA, 5.25%, 07/01/29<sup>(a)(h)</sup> | 190 | &nbsp;&nbsp; 91675 |
| Series UU, 0.00%, 07/01/17<sup>(a)(c)(h)</sup> | 2660 | &nbsp;&nbsp; 1283450 |
| Series UU, 0.00%, 07/01/18<sup>(a)(c)(h)</sup> | 125 | &nbsp;&nbsp; 60313 |
| Series UU, 0.00%, 07/01/20<sup>(a)(c)(h)</sup> | 1135 | &nbsp;&nbsp; 547637 |
| Series UU, 1.00%, 07/01/31<sup>(a)(c)(h)</sup> | 1345 | &nbsp;&nbsp; 648962 |
| Series ZZ, 5.25%, 07/01/19<sup>(a)(h)</sup> | 1050 | &nbsp;&nbsp; 506625 |
| Series ZZ, 5.25%, 07/01/23<sup>(a)(h)</sup> | 370 | &nbsp;&nbsp; 178525 |
| Series ZZ, 5.25%, 07/01/24<sup>(a)(h)</sup> | 5050 | &nbsp;&nbsp; 2436625 |
| Series ZZ, 5.25%, 07/01/25<sup>(a)(h)</sup> | 265 | &nbsp;&nbsp; 127863 |
| Series ZZ, 5.00%, 07/01/28<sup>(a)(h)</sup> | 345 | &nbsp;&nbsp; 166463 |
| Series ZZ, 5.00%, 12/29/49<sup>(a)(h)</sup> | 330 | &nbsp;&nbsp; 159225 |
| Puerto Rico Industrial Tourist Educational Medical & <br> Envirml Ctl Facs Fing Authority, ARB<br>|  |  |
| Series A-1, AMT, 6.75%, 01/01/45 | 680 | &nbsp;&nbsp; 761757 |
| Series A-2, AMT, 6.50%, 01/01/42 | 445 | &nbsp;&nbsp; 497608 |
| Series A-2, AMT, 6.75%, 01/01/45 | 680 | &nbsp;&nbsp; 761975 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| Series A-1, Restructured, 4.75%, 07/01/53 | 28713 | &nbsp;&nbsp; 26461168 |
| Series A-1, Restructured, 5.00%, 07/01/58 | 5871 | &nbsp;&nbsp; 5579191 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| Series A-2, Restructured, 4.54%, 07/01/53 | 1564 | &nbsp;&nbsp; $1375379 |
| Series A-2, Restructured, 4.78%, 07/01/58 | 1495 | &nbsp;&nbsp; 1366060 |
| Series B-2, Restructured, 4.78%, 07/01/58 | 626 | &nbsp;&nbsp; 573926 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(e)</sup> <br>|  |  |
| Series A-1, Restructured, 0.00%, 07/01/33 | 2574 | &nbsp;&nbsp; 1767853 |
| Series A-1, Restructured, 0.00%, 07/01/46 | 13230 | &nbsp;&nbsp; 4241310 |
| Series B-1, Restructured, 0.00%, 07/01/46 | 8066 | &nbsp;&nbsp; 2576378 |
|  |  | &nbsp;&nbsp; 146373199 |
| **South Carolina**<sup>(d)</sup> **— 1.1%** | **South Carolina**<sup>(d)</sup> **— 1.1%** |  |
| City of Hardeeville South Carolina, SAB |  |  |
| 3.00%, 05/01/27 | 135 | &nbsp;&nbsp; 129325 |
| 3.50%, 05/01/32 | 235 | &nbsp;&nbsp; 207921 |
| 3.88%, 05/01/41 | 450 | &nbsp;&nbsp; 357598 |
| 4.00%, 05/01/52 | 375 | &nbsp;&nbsp; 269753 |
| County of Dorchester South Carolina, SAB, 6.00%, <br> 10/01/51<br>| 2240 | &nbsp;&nbsp; 2264264 |
| South Carolina Jobs-Economic Development <br> Authority, RB, 7.50%, 08/15/62<br>| 1935 | &nbsp;&nbsp; 1771645 |
| South Carolina Jobs-Economic Development <br> Authority, RB, M/F Housing, 6.88%, 03/01/65<sup>(c)</sup><br>| 14770 | &nbsp;&nbsp; 14380766 |
|  |  | &nbsp;&nbsp; 19381272 |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** |  |
| Metropolitan Government Nashville & Davidson <br> County Health & Educational cilities Board, <br> Refunding RB, 4.00%, 10/01/49<br>| 1635 | &nbsp;&nbsp; 1303330 |
| Metropolitan Government Nashville & Davidson <br> County Industrial Development Board, SAB, CAB, <br> 0.00%, 06/01/43<sup>(d)(e)</sup><br>| 4000 | &nbsp;&nbsp; 1635897 |
| Nashville Metropolitan Development & Housing <br> Agency, TA, 5.13%, 06/01/36<sup>(d)</sup><br>| 500 | &nbsp;&nbsp; 499450 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(c)</sup> | 7435 | &nbsp;&nbsp; 7789322 |
| Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(c)</sup><br>| 6360 | &nbsp;&nbsp; 6618535 |
|  |  | &nbsp;&nbsp; 17846534 |
| **Texas — 6.1%** | **Texas — 6.1%** |  |
| Angelina & Neches River Authority, RB, Series A, <br> AMT, 7.50%, 12/01/45<sup>(a)(d)(h)</sup><br>| 2340 | &nbsp;&nbsp; 877500 |
| Arlington Higher Education Finance Corp., RB<sup>(d)</sup> <br>|  |  |
| 5.63%, 08/15/54 | 6260 | &nbsp;&nbsp; 4786954 |
| 7.50%, 04/01/62 | 1970 | &nbsp;&nbsp; 1892253 |
| 7.88%, 11/01/62 | 1670 | &nbsp;&nbsp; 1692306 |
| Central Texas Regional Mobility Authority, Refunding <br> RB<sup>(e)</sup> <br>|  |  |
| 0.00%, 01/01/28 | 3000 | &nbsp;&nbsp; 2735737 |
| 0.00%, 01/01/29 | 500 | &nbsp;&nbsp; 438693 |
| 0.00%, 01/01/30 | 1330 | &nbsp;&nbsp; 1119890 |
| 0.00%, 01/01/31 | 4000 | &nbsp;&nbsp; 3228955 |
| City of Anna Texas, SAB<sup>(d)</sup> <br>|  |  |
| 4.88%, 09/15/31 | 202 | &nbsp;&nbsp; 202588 |
| 5.50%, 09/15/44 | 769 | &nbsp;&nbsp; 767868 |
| 5.75%, 09/15/54 | 195 | &nbsp;&nbsp; 194712 |
| City of Aubrey Texas, SAB<sup>(d)</sup> <br>|  |  |
| 4.38%, 12/31/30 | 373 | &nbsp;&nbsp; 365998 |
| 4.63%, 12/31/35 | 449 | &nbsp;&nbsp; 434928 |
| 5.38%, 12/31/45 | 1000 | &nbsp;&nbsp; 942556 |
| 5.63%, 12/31/55 | 1750 | &nbsp;&nbsp; 1616479 |
| City of Bastrop Texas, SAB<sup>(d)</sup> <br>|  |  |
| 5.38%, 09/01/45 | 390 | &nbsp;&nbsp; 383212 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| City of Bastrop Texas, SAB<sup>(d)</sup> (continued) |  |  |
| 5.63%, 09/01/55 | $780 | &nbsp;&nbsp; $760052 |
| City of Buda Texas, SAB<sup>(d)</sup> <br>|  |  |
| 6.00%, 09/01/55 | 1080 | &nbsp;&nbsp; 1047232 |
| 6.75%, 09/01/55 | 2170 | &nbsp;&nbsp; 2148875 |
| City of Celina Texas, SAB<sup>(d)</sup> <br>|  |  |
| 5.38%, 09/01/45 | 390 | &nbsp;&nbsp; 377873 |
| 5.50%, 09/01/45 | 100 | &nbsp;&nbsp; 96763 |
| 5.63%, 09/01/55 | 1010 | &nbsp;&nbsp; 964337 |
| City of Corpus Christi Texas, SAB |  |  |
| 5.38%, 09/15/31 | 156 | &nbsp;&nbsp; 153922 |
| 6.13%, 09/15/44 | 450 | &nbsp;&nbsp; 426564 |
| 6.50%, 09/15/54 | 767 | &nbsp;&nbsp; 734088 |
| City of Crandall Texas, SAB<sup>(d)</sup> <br>|  |  |
| 5.00%, 09/15/41 | 500 | &nbsp;&nbsp; 475909 |
| 5.25%, 09/15/45 | 270 | &nbsp;&nbsp; 257106 |
| 5.50%, 09/15/55 | 650 | &nbsp;&nbsp; 610644 |
| City of Fate Texas, SAB, 5.75%, 08/15/54<sup>(d)</sup> | 290 | &nbsp;&nbsp; 289618 |
| City of Friendswood Texas, SAB, 7.00%, 09/15/54 | 2146 | &nbsp;&nbsp; 2151606 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| Series A, AMT, 6.63%, 07/15/38 | 1110 | &nbsp;&nbsp; 1111223 |
| Series A, AMT, 4.00%, 07/01/41 | 3600 | &nbsp;&nbsp; 3006141 |
| Series B-1, AMT, 5.00%, 07/15/35 | 5000 | &nbsp;&nbsp; 4872533 |
| City of Houston Texas Airport System Revenue, <br> Refunding RB<br>|  |  |
| AMT, 5.00%, 07/01/29 | 6600 | &nbsp;&nbsp; 6602420 |
| Series C, AMT, 5.00%, 07/15/27 | 5525 | &nbsp;&nbsp; 5539555 |
| City of Hutto Texas, SAB<sup>(d)</sup> <br>|  |  |
| 5.13%, 09/01/45 | 300 | &nbsp;&nbsp; 283816 |
| 5.38%, 09/01/60 | 1000 | &nbsp;&nbsp; 927927 |
| City of Marble Falls Texas, SAB<sup>(d)</sup> <br>|  |  |
| 4.63%, 09/01/31 | 100 | &nbsp;&nbsp; 99116 |
| 4.88%, 09/01/41 | 295 | &nbsp;&nbsp; 277144 |
| 6.38%, 09/01/44 | 180 | &nbsp;&nbsp; 170786 |
| 5.13%, 09/01/51 | 500 | &nbsp;&nbsp; 460781 |
| 6.63%, 09/01/54 | 1140 | &nbsp;&nbsp; 1073069 |
| City of Oak Point Texas, SAB<sup>(d)</sup> <br>|  |  |
| 5.10%, 09/15/44 | 500 | &nbsp;&nbsp; 472276 |
| 5.25%, 09/15/54 | 230 | &nbsp;&nbsp; 211285 |
| 5.63%, 09/15/54 | 1000 | &nbsp;&nbsp; 941595 |
| City of Pilot Point Texas, SAB<sup>(d)(i)</sup> <br>|  |  |
| 09/15/45 | 1440 | &nbsp;&nbsp; 1448848 |
| 09/15/55 | 595 | &nbsp;&nbsp; 598538 |
| City of Princeton Texas, SAB<sup>(d)</sup> <br>|  |  |
| 4.38%, 09/01/31 | 150 | &nbsp;&nbsp; 148180 |
| 5.00%, 09/01/44 | 350 | &nbsp;&nbsp; 345457 |
| 5.13%, 09/01/44 | 425 | &nbsp;&nbsp; 402214 |
| 5.38%, 09/01/45 | 715 | &nbsp;&nbsp; 700846 |
| 5.25%, 09/01/54 | 575 | &nbsp;&nbsp; 561472 |
| 5.38%, 09/01/54 | 642 | &nbsp;&nbsp; 595265 |
| 5.63%, 09/01/55 | 1080 | &nbsp;&nbsp; 1047646 |
| City of San Marcos Texas, SAB<sup>(d)</sup> <br>|  |  |
| 3.75%, 09/01/27 | 156 | &nbsp;&nbsp; 154535 |
| 4.00%, 09/01/32 | 237 | &nbsp;&nbsp; 226577 |
| 4.25%, 09/01/42 | 750 | &nbsp;&nbsp; 649511 |
| 4.50%, 09/01/51 | 520 | &nbsp;&nbsp; 436289 |
| Clifton Higher Education Finance Corp., RB, Series A, <br> 6.00%, 06/15/54<sup>(d)</sup><br>| 200 | &nbsp;&nbsp; 185147 |
| Club Municipal Management District No. 1, SAB, <br> 5.38%, 09/01/55<sup>(d)</sup><br>| 550 | &nbsp;&nbsp; 509015 |
| County of Denton Texas, SAB<sup>(d)</sup> <br>|  |  |
| 5.88%, 12/31/45 | 1540 | &nbsp;&nbsp; 1513120 |
| 6.13%, 12/31/55 | 2225 | &nbsp;&nbsp; 2162296 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| Fort Bend County Industrial Development Corp., RB, <br> Series B, 4.75%, 11/01/42<br>| 1380 | &nbsp;&nbsp; $1342035 |
| Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| Series A, 5.00%, 01/01/38 | 535 | &nbsp;&nbsp; 532469 |
| Series A, 5.00%, 01/01/43 | 520 | &nbsp;&nbsp; 507658 |
| Series A, 5.13%, 01/01/48 | 1535 | &nbsp;&nbsp; 1492031 |
| Hemphill County Hospital District, GOL |  |  |
| 4.63%, 02/01/39 | 1500 | &nbsp;&nbsp; 1299834 |
| 4.75%, 02/01/45 | 2500 | &nbsp;&nbsp; 2066979 |
| Houston Higher Education Finance Corp., RB, 4.00%, <br> 10/01/51<br>| 1400 | &nbsp;&nbsp; 1096890 |
| New Hope Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| Series A, 5.00%, 01/01/55 | 700 | &nbsp;&nbsp; 606837 |
| Series A, 6.50%, 10/01/55 | 860 | &nbsp;&nbsp; 855987 |
| Series A, 5.00%, 07/01/57 | 3000 | &nbsp;&nbsp; 1978582 |
| New Hope Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 6.75%, 10/01/52<br>| 5000 | &nbsp;&nbsp; 5018248 |
| New Hope Higher Education Finance Corp., RB, <br> Series A, 5.75%, 06/15/51<sup>(d)</sup><br>| 5580 | &nbsp;&nbsp; 4755269 |
| Newark Higher Education Finance Corp., RB<sup>(d)</sup> <br>|  |  |
| Series A, 5.50%, 08/15/35 | 375 | &nbsp;&nbsp; 375930 |
| Series A, 5.75%, 08/15/45 | 735 | &nbsp;&nbsp; 735766 |
| Port of Beaumont Navigation District, Refunding RB<sup>(d)</sup> <br>|  |  |
| Series A, AMT, 3.63%, 01/01/35 | 3580 | &nbsp;&nbsp; 3208489 |
| Series A, AMT, 4.00%, 01/01/50 | 1155 | &nbsp;&nbsp; 900040 |
| San Antonio Education Facilities Corp., RB |  |  |
| Series A, 5.00%, 10/01/41 | 645 | &nbsp;&nbsp; 533910 |
| Series A, 5.00%, 10/01/51 | 885 | &nbsp;&nbsp; 673575 |
| Texas Community Housing & Economic Development <br> Corp., RB, M/F Housing, Series A1, Senior Lien, <br> 01/01/65<sup>(d)(i)</sup><br>| 4935 | &nbsp;&nbsp; 4528550 |
| Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/32<br>| 1500 | &nbsp;&nbsp; 1562868 |
| Texas Water Development Board, RB, Series A, <br> 4.38%, 10/15/59<br>| 4765 | &nbsp;&nbsp; 4493593 |
|  |  | &nbsp;&nbsp; 108475381 |
| **Utah — 1.4%** | **Utah — 1.4%** |  |
| Black Desert Public Infrastructure District, SAB, <br> 5.63%, 12/01/53<sup>(d)</sup><br>| 1475 | &nbsp;&nbsp; 1435495 |
| County of Utah, RB, Series A, 3.00%, 05/15/50 | 940 | &nbsp;&nbsp; 657778 |
| MIDA Mountain Veterans Program Public <br> Infrastructure District, TA, 5.00%, 06/01/44<sup>(d)</sup><br>| 1000 | &nbsp;&nbsp; 960678 |
| Mida Mountain Village Public Infrastructure District, <br> TA<sup>(d)</sup> <br>|  |  |
| Series 1, 5.13%, 06/15/54 | 2000 | &nbsp;&nbsp; 1870171 |
| Series 2, 5.75%, 06/15/44 | 1500 | &nbsp;&nbsp; 1504206 |
| SkyRidge Pegasus Infrastructure Financing District, <br> SAB, 5.25%, 12/01/44<sup>(d)</sup><br>| 3850 | &nbsp;&nbsp; 3701512 |
| Utah Charter School Finance Authority, RB, Series A, <br> 5.00%, 06/15/52<sup>(d)</sup><br>| 1320 | &nbsp;&nbsp; 1096281 |
| Utah Housing Corp., RB, S/F Housing |  |  |
| Series A, (GNMA), 4.50%, 01/21/49 | 1065 | &nbsp;&nbsp; 1004005 |
| Series B, (GNMA), 4.50%, 02/21/49 | 1710 | &nbsp;&nbsp; 1598878 |
| Series C, (GNMA), 4.50%, 03/21/49 | 897 | &nbsp;&nbsp; 846773 |
| Series D, (GNMA), 4.50%, 04/21/49 | 1865 | &nbsp;&nbsp; 1718266 |
| Series E, (GNMA), 4.50%, 05/21/49 | 1086 | &nbsp;&nbsp; 1015808 |
| Series F-G2, (GNMA), 4.50%, 06/21/49 | 2169 | &nbsp;&nbsp; 1988598 |
| Series G-G2, (GNMA), 4.50%, 07/21/49 | 1327 | &nbsp;&nbsp; 1250888 |
| Series H, (GNMA), 4.50%, 08/21/49 | 1113 | &nbsp;&nbsp; 1036546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| Utah Housing Corp., RB, S/F Housing (continued) |  |  |
| Series I, (GNMA), 4.50%, 11/21/48 | 592 | &nbsp;&nbsp; $552647 |
| Series J, (GNMA), 4.50%, 12/21/48 | 803 | &nbsp;&nbsp; 753868 |
| Utah Infrastructure Agency, RB |  |  |
| 5.50%, 10/15/44 | 460 | &nbsp;&nbsp; 478060 |
| 5.50%, 10/15/48 | 435 | &nbsp;&nbsp; 446238 |
| Wood Ranch Public Infrastructure District, SAB, <br> 5.63%, 12/01/53<sup>(d)</sup><br>| 485 | &nbsp;&nbsp; 484473 |
|  |  | &nbsp;&nbsp; 24401169 |
| **Vermont**<sup>(d)</sup> **— 0.6%** | **Vermont**<sup>(d)</sup> **— 0.6%** |  |
| East Central Vermont Telecommunications District, <br> RB<br>|  |  |
| Series A, 4.75%, 12/01/40 | 2850 | &nbsp;&nbsp; 2478019 |
| Series A, 4.50%, 12/01/44 | 3695 | &nbsp;&nbsp; 2992761 |
| Series A, 6.88%, 12/01/46 | 3630 | &nbsp;&nbsp; 3800557 |
| Series A, 4.50%, 12/01/50 | 3000 | &nbsp;&nbsp; 2291951 |
|  |  | &nbsp;&nbsp; 11563288 |
| **Virginia — 1.5%** | **Virginia — 1.5%** |  |
| Ballston Quarter Community Development Authority, <br> TA<br>|  |  |
| Series A, 5.50%, 03/01/46 | 500 | &nbsp;&nbsp; 472904 |
| Series A-1, 5.50%, 03/01/46 | 1154 | &nbsp;&nbsp; 1194631 |
| Ballston Quarter Community Development Authority, <br> TA, CAB, Series A-2, 7.13%, 03/01/59<sup>(f)</sup><br>| 4432 | &nbsp;&nbsp; 3683115 |
| Fairfax County Industrial Development Authority, <br> Refunding RB, Series A, 4.00%, 05/15/48<br>| 1780 | &nbsp;&nbsp; 1575309 |
| Hanover County Economic Development Authority, <br> Refunding RB, 4.00%, 07/01/40<sup>(d)</sup><br>| 1790 | &nbsp;&nbsp; 1532959 |
| James City County Economic Development Authority, <br> RB<br>|  |  |
| Series A, 6.88%, 12/01/58 | 1475 | &nbsp;&nbsp; 1591955 |
| Series C3, 5.25%, 12/01/27 | 990 | &nbsp;&nbsp; 990955 |
| Lower Magnolia Green Community Development <br> Authority, SAB<sup>(d)</sup> <br>|  |  |
| 5.00%, 03/01/35 | 460 | &nbsp;&nbsp; 456820 |
| 5.00%, 03/01/45 | 475 | &nbsp;&nbsp; 448710 |
| Norfolk Redevelopment & Housing Authority, RB, <br> Series A, 5.00%, 01/01/49<br>| 1250 | &nbsp;&nbsp; 1084642 |
| Tobacco Settlement Financing Corp., Refunding RB, <br> Series A-1, 6.71%, 06/01/46<br>| 10000 | &nbsp;&nbsp; 8057839 |
| Virginia Beach Development Authority, RB |  |  |
| Series A, 7.00%, 09/01/53 | 1800 | &nbsp;&nbsp; 1968142 |
| Series B3, 5.38%, 09/01/29 | 1085 | &nbsp;&nbsp; 1101642 |
| Virginia Commonwealth University Health System <br> Authority, RB, Series A, 4.00%, 07/01/54<br>| 2500 | &nbsp;&nbsp; 2245421 |
|  |  | &nbsp;&nbsp; 26405044 |
| **Washington — 0.8%** | **Washington — 0.8%** |  |
| Washington Economic Development Finance <br> Authority, RB, Series A, AMT, Sustainability Bonds, <br> 5.63%, 12/01/40<sup>(d)</sup><br>| 3470 | &nbsp;&nbsp; 3491316 |
| Washington State Housing Finance Commission, <br> RB<sup>(d)</sup> <br>|  |  |
| 6.00%, 07/01/59 | 300 | &nbsp;&nbsp; 304324 |
| Series A, 5.00%, 07/01/50 | 1240 | &nbsp;&nbsp; 1123262 |
| Series A, 5.75%, 01/01/53 | 720 | &nbsp;&nbsp; 679848 |
| Series A, 5.88%, 01/01/59 | 585 | &nbsp;&nbsp; 553891 |
| Series B2, 3.95%, 07/01/29 | 2830 | &nbsp;&nbsp; 2831191 |
| Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| 5.00%, 01/01/26<sup>(d)</sup> | 900 | &nbsp;&nbsp; 902624 |
| 5.75%, 01/01/35<sup>(d)</sup> | 355 | &nbsp;&nbsp; 355125 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** |  |
| Washington State Housing Finance Commission, <br> Refunding RB (continued)<br>|  |  |
| 5.00%, 01/01/43<sup>(d)</sup> | 2000 | &nbsp;&nbsp; $1852322 |
| 6.00%, 01/01/45<sup>(d)</sup> | 940 | &nbsp;&nbsp; 940263 |
| Series A, 5.00%, 07/01/43 | 920 | &nbsp;&nbsp; 921987 |
| Series A, 5.00%, 07/01/48 | 620 | &nbsp;&nbsp; 615800 |
|  |  | &nbsp;&nbsp; 14571953 |
| **Wisconsin — 5.8%** | **Wisconsin — 5.8%** |  |
| Public Finance Authority, ARB |  |  |
| AMT, 4.00%, 07/01/41 | 530 | &nbsp;&nbsp; 441447 |
| AMT, 4.25%, 07/01/54 | 1790 | &nbsp;&nbsp; 1453643 |
| Public Finance Authority, RB |  |  |
| 6.25%, 10/01/31<sup>(a)(d)(h)</sup> | 910 | &nbsp;&nbsp; 77350 |
| 5.50%, 12/15/32<sup>(d)</sup> | 5830 | &nbsp;&nbsp; 5639644 |
| 5.75%, 12/15/33<sup>(d)</sup> | 12185 | &nbsp;&nbsp; 11844215 |
| 5.00%, 06/15/41<sup>(d)</sup> | 925 | &nbsp;&nbsp; 733180 |
| 7.00%, 10/01/47<sup>(a)(d)(h)</sup> | 910 | &nbsp;&nbsp; 77350 |
| 5.63%, 06/15/49<sup>(d)</sup> | 5925 | &nbsp;&nbsp; 5496875 |
| 5.00%, 06/15/53 | 645 | &nbsp;&nbsp; 608220 |
| 5.75%, 12/01/54<sup>(d)</sup> | 3280 | &nbsp;&nbsp; 3193897 |
| 5.00%, 06/15/55<sup>(d)</sup> | 2405 | &nbsp;&nbsp; 1675597 |
| 5.00%, 01/01/56<sup>(d)</sup> | 3790 | &nbsp;&nbsp; 3074947 |
| Class A, 6.45%, 04/01/60<sup>(d)</sup> | 1080 | &nbsp;&nbsp; 1016257 |
| Series A, 12.00%, 05/16/29<sup>(d)</sup> | 1895 | &nbsp;&nbsp; 2001628 |
| Series A, 4.25%, 06/15/31<sup>(d)</sup> | 170 | &nbsp;&nbsp; 154568 |
| Series A, 5.00%, 06/01/40<sup>(d)</sup> | 750 | &nbsp;&nbsp; 668867 |
| Series A, 5.00%, 06/15/41<sup>(d)</sup> | 510 | &nbsp;&nbsp; 429142 |
| Series A, 7.75%, 07/01/43<sup>(d)</sup> | 9100 | &nbsp;&nbsp; 9244927 |
| Series A, 5.00%, 12/15/44<sup>(d)</sup> | 410 | &nbsp;&nbsp; 387280 |
| Series A, 6.85%, 11/01/46<sup>(a)(d)(h)</sup> | 1325 | &nbsp;&nbsp; 662500 |
| Series A, 7.00%, 11/01/46<sup>(a)(d)(h)</sup> | 805 | &nbsp;&nbsp; 402500 |
| Series A, 5.38%, 07/15/47<sup>(d)</sup> | 1595 | &nbsp;&nbsp; 1552895 |
| Series A, 5.00%, 06/01/49<sup>(d)</sup> | 1340 | &nbsp;&nbsp; 1091918 |
| Series A, 5.63%, 06/15/49<sup>(d)</sup> | 7850 | &nbsp;&nbsp; 7188994 |
| Series A, 5.00%, 06/15/51<sup>(d)</sup> | 1060 | &nbsp;&nbsp; 812968 |
| Series A, 5.25%, 12/01/51<sup>(d)</sup> | 5280 | &nbsp;&nbsp; 3490050 |
| Series A, 5.00%, 12/15/54<sup>(d)</sup> | 1190 | &nbsp;&nbsp; 1077314 |
| Series A, 5.00%, 06/15/55<sup>(d)</sup> | 11540 | &nbsp;&nbsp; 8692509 |
| Series A, 4.75%, 06/15/56<sup>(d)</sup> | 2395 | &nbsp;&nbsp; 1832781 |
| Series A, 7.50%, 07/01/59<sup>(d)</sup> | 7880 | &nbsp;&nbsp; 8647785 |
| Series A-1, 4.50%, 01/01/35<sup>(d)</sup> | 815 | &nbsp;&nbsp; 788608 |
| Series B, 0.00%, 01/01/35<sup>(d)(e)</sup> | 1020 | &nbsp;&nbsp; 560447 |
| Series B, 0.00%, 01/01/60<sup>(d)(e)</sup> | 31635 | &nbsp;&nbsp; 2330964 |
| AMT, Sustainability Bonds, 4.00%, 09/30/51 | 4000 | &nbsp;&nbsp; 3182264 |
| AMT, Sustainability Bonds, 4.00%, 03/31/56 | 3370 | &nbsp;&nbsp; 2613971 |
| Public Finance Authority, RB, CAB<sup>(d)(e)</sup> <br>|  |  |
| 0.00%, 12/15/37 | 9240 | &nbsp;&nbsp; 4494131 |
| 0.00%, 12/15/38 | 2535 | &nbsp;&nbsp; 1130098 |
| Public Finance Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| 5.00%, 05/15/32 | 980 | &nbsp;&nbsp; 981082 |
| 5.00%, 03/01/52 | 1300 | &nbsp;&nbsp; 1134601 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| Wisconsin Health & Educational Facilities Authority, <br> RB, Series A, 5.75%, 08/15/54<br>| 1375 | &nbsp;&nbsp; $1424076 |
| Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 4.00%, 01/01/47<br>| 2540 | &nbsp;&nbsp; 2088935 |
|  |  | &nbsp;&nbsp; 104400425 |
| **Total Municipal Bonds — 90.2%** <br>**(Cost: $1,707,324,637)** | **Total Municipal Bonds — 90.2%** <br>**(Cost: $1,707,324,637)** | &nbsp;&nbsp; 1608533720 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(k)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(k)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(k)</sup> |
| **Florida — 2.7%** | **Florida — 2.7%** |  |
| City of Jacksonville Florida, Refunding RB, 5.25%, <br> 10/01/54<br>| 18750 | &nbsp;&nbsp; 19575452 |
| County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.50%, 10/01/55<sup>(l)</sup><br>| 16650 | &nbsp;&nbsp; 17239096 |
| Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/51<br>| 10700 | &nbsp;&nbsp; 10849441 |
|  |  | &nbsp;&nbsp; 47663989 |
| **Indiana — 0.8%** | **Indiana — 0.8%** |  |
| Indianapolis Local Public Improvement Bond Bank, <br> RB, Series F, 5.25%, 01/01/54<br>| 13185 | &nbsp;&nbsp; 13950300 |
| **New York — 1.9%** | **New York — 1.9%** |  |
| New York City Transitional Finance Authority, RB, <br> Series H-1, 5.00%, 11/01/50<br>| 7500 | &nbsp;&nbsp; 7722924 |
| New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/54<sup>(l)</sup><br>| 13970 | &nbsp;&nbsp; 14331902 |
| Triborough Bridge & Tunnel Authority, Refunding RB, <br> Sub-Series B-1, Senior Lien, 5.00%, 05/15/56<br>| 12000 | &nbsp;&nbsp; 12105235 |
|  |  | &nbsp;&nbsp; 34160061 |
| **Ohio — 0.9%** | **Ohio — 0.9%** |  |
| Columbus Regional Airport Authority, Refunding ARB, <br> Series A, AMT, 5.50%, 01/01/50<sup>(l)</sup><br>| 16250 | &nbsp;&nbsp; 16923798 |
| **Pennsylvania — 1.2%** | **Pennsylvania — 1.2%** |  |
| Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 143A, Sustainability Bonds, <br> 5.45%, 04/01/51<br>| 12495 | &nbsp;&nbsp; 12977330 |
| Pennsylvania Housing Finance Agency, Refunding <br> RB, S/F Housing, Series 142-A, Sustainability <br> Bonds, 5.00%, 10/01/50<br>| 7500 | &nbsp;&nbsp; 7549239 |
|  |  | &nbsp;&nbsp; 20526569 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas — 1.1%** | **Texas — 1.1%** |  |
| City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB, 5.00%, 03/01/52<br>| $10000 | &nbsp;&nbsp; $10153046 |
| Sabine-Neches Navigation District, GOL, 5.25%, <br> 02/15/52<br>| 10000 | &nbsp;&nbsp; 10284263 |
|  |  | &nbsp;&nbsp; 20437309 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 8.6%** <br>**(Cost: $155,922,490)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 8.6%** <br>**(Cost: $155,922,490)** | &nbsp;&nbsp; 153662026 |
| **Total Long-Term Investments — 98.8%** <br>**(Cost: $1,863,417,600)** | **Total Long-Term Investments — 98.8%** <br>**(Cost: $1,863,417,600)** | &nbsp;&nbsp; 1762260742 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.0%** | **Money Market Funds — 5.0%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.05%<sup>(m)(n)</sup><br>| 88363668 | &nbsp;&nbsp; 88372504 |
| **Total Short-Term Securities — 5.0%** <br>**(Cost: $88,372,504)** | **Total Short-Term Securities — 5.0%** <br>**(Cost: $88,372,504)** | &nbsp;&nbsp; 88372504 |
| **Total Investments — 103.8%** <br>**(Cost: $1,951,790,104)** | **Total Investments — 103.8%** <br>**(Cost: $1,951,790,104)** | &nbsp;&nbsp; 1850633246 |
| **Other Assets Less Liabilities — 2.7%** | **Other Assets Less Liabilities — 2.7%** | &nbsp;&nbsp; 47832442 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (6.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (6.5)%** | &nbsp;&nbsp; (115759000)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1782706688 |

---

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

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

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

<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 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. 

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

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

<sup>(f)</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>(g)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

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

<sup>(i)</sup> When-issued security.

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

<sup>(k)</sup> Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. 

<sup>(l)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between October 1, 2032 to March 15, 2033, is $38,783,833. See Note 4 of the Notes to Financial Statements for details. 

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $105253269 | $—<br> $(16880765 )<sup>(a)</sup><br>| &nbsp;&nbsp; $7072 | $(7072)<br>| $88372504 | 88363668 | $934567 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares 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  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $64996 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $64996 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1608533720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1608533720 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153662026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153662026 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 88372504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88372504 |
| Unfunded Commitments<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6418295 | &nbsp;&nbsp;&nbsp;&nbsp; 6418295 |
|  | &nbsp;&nbsp; $88372504 | &nbsp;&nbsp;&nbsp;&nbsp; $1762260742 | &nbsp;&nbsp;&nbsp;&nbsp; $6418295 | &nbsp;&nbsp;&nbsp;&nbsp; $1857051541 |

---

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

<sup>(a)</sup> Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $115,349,997 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

April 30, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>High Yield <br>Muni Active ETF<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $1762260742 |
| Investments, at value — affiliated<sup>(b)</sup> | 88372504 |
| Receivables: |  |
| Investments sold | 10129649 |
| TOB Trust | 20621988 |
| Dividends — affiliated | 229836 |
| Interest — unaffiliated | 29376822 |
| Unrealized appreciation on unfunded commitments | 6418295 |
| Prepaid expenses | 842633 |
| Total assets | 1918252469 |
| **ACCRUED LIABILITIES** |  |
| Payables: |  |
| Investments purchased | 18929212 |
| Accounting services fees | 99491 |
| Interest expense and fees | 409003 |
| Investment advisory fees | 572656 |
| Trustees' and Officer's fees | 1208 |
| Other accrued expenses | 15891 |
| Professional fees | 268 |
| Reorganization costs | 167567 |
| Service and distribution fees | 488 |
| Total accrued liabilities | 20195784 |
| **OTHER LIABILITIES** |  |
| TOB Trust Certificates | 115349997 |
| Total liabilities | 135545781 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1782706688 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $2008488251 |
| Accumulated loss | (225781563) |
| NET ASSETS | $1782706688 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 36880340 |
| Net asset value | $48.34 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1863417600 |
| <sup>(b)</sup> Investments, at cost—affiliated | $88372504 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>High Yield <br>Muni Active ETF<sup>(a)</sup> <br>|
| **INVESTMENT INCOME** |  |
| Dividends — affiliated | &nbsp;&nbsp; $934567 |
| Interest — unaffiliated | &nbsp;&nbsp; 42980322 |
| Total investment income | &nbsp;&nbsp; 43914889 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 3526593 |
| Service and distribution — class specific | &nbsp;&nbsp; 369157 |
| Reorganization | &nbsp;&nbsp; 245798 |
| Transfer agent — class specific | &nbsp;&nbsp; 143071 |
| Registration | &nbsp;&nbsp; 112145 |
| Accounting services | &nbsp;&nbsp; 54499 |
| Professional | &nbsp;&nbsp; 42201 |
| Trustees and Officer | &nbsp;&nbsp; 8404 |
| Custodian | &nbsp;&nbsp; 5274 |
| Printing and postage | &nbsp;&nbsp; 2763 |
| Miscellaneous | &nbsp;&nbsp; 21161 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 4531066 |
| Interest expense — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 842350 |
| Total expenses | &nbsp;&nbsp; 5373416 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (26171)<br>|
| Fees waived and/or reimbursed by the Investment Adviser | &nbsp;&nbsp; (122183)<br>|
| Service and distribution fees waived and/or reimbursed by the Investment Adviser — class specific | &nbsp;&nbsp; (254700)<br>|
| Transfer agent fees waived and/or reimbursed by the Investment Adviser — class specific | &nbsp;&nbsp; (25501)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4944861 |
| Net investment income | &nbsp;&nbsp; 38970028 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 2175415 |
| Investments — affiliated | &nbsp;&nbsp; 7072 |
|  | &nbsp;&nbsp; 2182487 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (56956569)<br>|
| Investments — affiliated | &nbsp;&nbsp; (7072)<br>|
| Unfunded commitments | &nbsp;&nbsp; (729421)<br>|
|  | &nbsp;&nbsp; (57693062)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (55510575)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(16540547)<br>|
| <sup>(a)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial <br> Statements for information on the Fund's reorganization. | <sup>(a)</sup> During the period the Fund converted from a mutual fund to an exchange traded fund pursuant to an Agreement and Plan of Reorganization. See Note 1 of the Notes to Financial <br> Statements for information on the Fund's reorganization. |
| <sup>(b)</sup> Related to TOB Trusts. | <sup>(b)</sup> Related to TOB Trusts. |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>07/01/24 <br>to 10/31/24 | &nbsp;&nbsp; Year Ended <br>06/30/24 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>07/01/24 <br>to 10/31/24 | &nbsp;&nbsp; Year Ended <br>06/30/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $38970028 | &nbsp;&nbsp;&nbsp; $25208211 | &nbsp;&nbsp;&nbsp; $68977113 |
| Net realized gain (loss) | &nbsp;&nbsp; 2182487 | &nbsp;&nbsp;&nbsp; (5820573)<br>| &nbsp;&nbsp;&nbsp; (43426139)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (57693062)<br>| &nbsp;&nbsp;&nbsp; (5952771)<br>| &nbsp;&nbsp;&nbsp; 116490493 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (16540547)<br>| &nbsp;&nbsp;&nbsp; 13434867 | &nbsp;&nbsp;&nbsp; 142041467 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |
| Fund | &nbsp;&nbsp; (13272895 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Predecessor Fund |  |  |  |
| Institutional | &nbsp;&nbsp; (9043749 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (11856911)<br>| &nbsp;&nbsp;&nbsp; (33368841)<br>|
| Investor A | &nbsp;&nbsp; (4939309 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (6401585)<br>| &nbsp;&nbsp;&nbsp; (19294527)<br>|
| Investor C | &nbsp;&nbsp; (174110 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (204984)<br>| &nbsp;&nbsp;&nbsp; (697229)<br>|
| Class K | &nbsp;&nbsp; (3221957 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (4381421)<br>| &nbsp;&nbsp;&nbsp; (12651484)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (30652020)<br>| &nbsp;&nbsp;&nbsp; (22844901)<br>| &nbsp;&nbsp;&nbsp; (66012081)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 244786097 | &nbsp;&nbsp;&nbsp; (50377891)<br>| &nbsp;&nbsp;&nbsp; (162867748)<br>|
| *NET ASSETS* |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 197593530 | &nbsp;&nbsp;&nbsp; (59787925)<br>| &nbsp;&nbsp;&nbsp; (86838362)<br>|
| Beginning of period | &nbsp;&nbsp; 1585113158 | &nbsp;&nbsp;&nbsp; 1644901083 | &nbsp;&nbsp;&nbsp; 1731739445 |
| End of period | &nbsp;&nbsp; $1782706688 | &nbsp;&nbsp;&nbsp; $1585113158 | &nbsp;&nbsp;&nbsp; $1644901083 |

---

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

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

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  | iShares High Yield Muni Active ETF<sup>(a)</sup>  |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>07/01/24 <br>to 10/31/24 | &nbsp;&nbsp; Year Ended <br>06/30/24 | &nbsp;&nbsp; Year Ended <br>06/30/23 | &nbsp;&nbsp; Year Ended <br>06/30/22 | &nbsp;&nbsp; Year Ended <br>06/30/21 | &nbsp;&nbsp; Year Ended <br>06/30/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>07/01/24 <br>to 10/31/24 | &nbsp;&nbsp; Year Ended <br>06/30/24 | &nbsp;&nbsp; Year Ended <br>06/30/23 | &nbsp;&nbsp; Year Ended <br>06/30/22 | &nbsp;&nbsp; Year Ended <br>06/30/21 | &nbsp;&nbsp; Year Ended <br>06/30/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $49.43 | &nbsp;&nbsp;&nbsp; $49.70 | &nbsp;&nbsp;&nbsp; $47.31 | &nbsp;&nbsp;&nbsp; $48.83 | &nbsp;&nbsp;&nbsp; $58.00 | &nbsp;&nbsp;&nbsp; $51.76 | &nbsp;&nbsp;&nbsp; $53.66 |
| Net investment income<sup>(b)</sup> | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp; (1.90)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; (7.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.90 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.95)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.95)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $48.34 | &nbsp;&nbsp;&nbsp; $49.43 | &nbsp;&nbsp;&nbsp; $49.70 | &nbsp;&nbsp;&nbsp; $47.31 | &nbsp;&nbsp;&nbsp; $48.83 | &nbsp;&nbsp;&nbsp; $58.00 | &nbsp;&nbsp;&nbsp; $51.76 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.42 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.64 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; (12.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 0.58 %<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(k)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.56 %<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>(k)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Total expenses after fees waived and/or reimbursed and <br>excluding interest expense and fees<sup>(n)</sup><br>| 0.44 %<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54 %<sup>(k)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 4.86 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1782707 | &nbsp;&nbsp;&nbsp; $835439 | &nbsp;&nbsp;&nbsp; $840630 | &nbsp;&nbsp;&nbsp; $887272 | &nbsp;&nbsp;&nbsp; $884648 | &nbsp;&nbsp;&nbsp; $1190526 | &nbsp;&nbsp;&nbsp; $757746 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $115350 | &nbsp;&nbsp;&nbsp; $16330 | &nbsp;&nbsp;&nbsp; $16330 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $99141 | &nbsp;&nbsp;&nbsp; $114824 | &nbsp;&nbsp;&nbsp; $102624 |
| Portfolio turnover rate<sup>(o)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

<sup>(a)</sup> As of the close of trading on the New York Stock Exchange on February 07, 2025, BlackRock High Yield Municipal Fund was reorganized into the Fund. The activity in the table above is for the accounting survivor, Institutional Shares of BlackRock High Yield Municipal Fund, for the periods prior to the date of the reorganization, and for the post-reorganization combined fund thereafter. The net asset values and other per share information have been restated for periods prior to the reorganization to reflect the share conversion ratio of 0.184318. See Note 1 of the Notes to Financial Statements for information on the Fund's reorganization. 

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

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

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

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

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

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

<sup>(h)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

<sup>(j)</sup> Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 0.59%, 0.57% and 0.45%, respectively. 

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

<sup>(l)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 0.57%, 0.55% and 0.43%, respectively. 

<sup>(m)</sup> Audit, printing and postage and proxy costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 0.63%, 0.60% and 0.56%, respectively. 

<sup>(n)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

<sup>(o)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

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

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

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

<u> *Fund Name* </u> <u> *Diversification* *Classification* </u> <br> iShares High Yield Muni Active ETF Diversified

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

**Reorganization:** The Board of Directors of the Corporation (the "Predecessor Board"), on behalf of BlackRock High Yield Municipal Fund (the "Predecessor Fund"), a series of BlackRock Municipal Bond Fund, Inc. (the "Predecessor Corporation"), approved an Agreement and Plan of Reorganization (the "Reorganization"), pursuant to which the Predecessor Fund reorganized into the Fund. The Reorganization was completed as of the close of trading on the New York Stock Exchange on February 7, 2025 and was not subject to approval by shareholders of the Predecessor Fund. The Fund has the same investment objective, strategies and policies and portfolio management team as the Predecessor Fund.

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Predecessor Fund's Share Class* | &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *Shares of* <br>*the Acquiring Fund*<br>|
| Institutional | &nbsp;&nbsp; 88066172 | 0.18431800 | &nbsp;&nbsp; 16232180 |
| Investor A | &nbsp;&nbsp; 46976002 | 0.18384600 | &nbsp;&nbsp; 8636350 |
| Investor C | &nbsp;&nbsp; 1730339 | 0.18437200 | &nbsp;&nbsp; 319026 |
| Class K | &nbsp;&nbsp; 31110108 | 0.18427400 | &nbsp;&nbsp; 5732784 |

---

The Predecessor Fund's net assets and composition of net assets as of the close of trading on the New York Stock Exchange on February 7, 2025, the valuation date of the reorganization, were as follows:

---

| | |
|:---|:---|
| Net assets | &nbsp;&nbsp; $1546050648 |
| Paid-in-capital | &nbsp;&nbsp; 1706927850 |
| Accumulated loss | &nbsp;&nbsp; (160877202)<br>|

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Predecessor Fund* | *Fair Value of* <br>*Investments*<br>| &nbsp;&nbsp; *Cost of* <br>*Investments*<br>| &nbsp;&nbsp; *TOB Trust* <br>*Certificates*<br>|
| BlackRock High Yield Municipal Bond Fund | &nbsp;&nbsp; $1590237414 | &nbsp;&nbsp; $1616973635 | &nbsp;&nbsp; $36855000 |

---

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

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

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**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 dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Prior to February 8, 2025, income, expenses and realized and unrealized gains and losses were allocated daily to each class of the Predecessor Fund based on its relative net assets.

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

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

**Distributions:** Dividends and Distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Effective February 8, 2025, distributions are paid in U.S. dollars, if any, and cannot be automatically reinvested in additional shares of the Fund.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by the Predecessor Board, the directors who are not "interested persons" of the Predecessor Fund, as defined in the 1940 Act ("Independent Directors"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Predecessor Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors' and Officer's fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Predecessor Fund until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statement of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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

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

**Other:** Prior to February 8, 2025, expenses directly related to the Predecessor Fund or its classes were charged to the Predecessor Fund or the applicable class. Expenses directly related to the Predecessor Fund and other shared expenses prorated to the Predecessor Fund were allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Investment Adviser"), were prorated among those funds on the basis of relative net assets or other appropriate methods.

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

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

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

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

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

• 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 may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

**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.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded commitments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Investment* <br>*Name*<br>| *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares High Yield Muni Active ETF | Puerto Rico Electric Power Authority, Series B-1 | &nbsp;&nbsp; $12137235 | $12137235 | &nbsp;&nbsp; $12870195 | $732960 |
|  | Puerto Rico Electric Power Authority, Series B-2 | &nbsp;&nbsp; 58752854 | 58752854 | &nbsp;&nbsp; 64438189 | 5685335 |
|  |  |  |  |  | $6418295 |

---

**Municipal Bonds Transferred to TOB Trusts:** The Fund leverages its assets through the use of "TOB Trust" transactions. The fund transfers municipal bonds into a special purpose trust (a "TOB Trust"). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests ("TOB Trust Certificates"), which are sold to third-party investors, and residual inverse floating rate interests ("TOB Residuals"), which are issued to the participating fund that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The fund may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which the fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding. The TOB Trust may be collapsed without the consent of the fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Fund) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While the fund's investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of the fund to borrow money for purposes of making investments. The Fund's transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to the Fund. The Fund typically invests the cash received in additional municipal bonds.

**Accounting for TOB Trusts:** The municipal bonds deposited into a TOB Trust are presented in the Fund's Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statement of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of the Fund's payable to the holder of the TOB Trust Certificates, as reported in the Statement of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by the Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense and fees in the Statement of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense and fees in the Statement of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts,

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

the Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense and fees in the Statement of Operations. Amounts recorded within interest expense and fees in the Statement of Operations are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Interest Expense*  | *Liquidity Fees*  | *Other Expenses*  | *Total*  |
| iShares High Yield Muni Active ETF | &nbsp;&nbsp; $721664 | &nbsp;&nbsp; $84915 | &nbsp;&nbsp; $35771 | &nbsp;&nbsp; $842350 |

---

For the six months ended April 30, 2025, the following table is a summary of the Fund's TOB Trusts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Underlying* <br>*Municipal Bonds* <br>*Transferred to* <br>*TOB Trusts*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Liability for* <br>*TOB Trust* <br>*Certificates*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Range of* <br>*Interest Rates* <br>*on TOB Trust* <br>*Certificates at* <br>*Period End*<br>| &nbsp;&nbsp; *Average* <br>*TOB Trust* <br>*Certificates* <br>*Outstanding*<br>| &nbsp;&nbsp; *Daily Weighted* <br>*Average Rate* <br>*of Interest and* <br>*Other Expenses* <br>*on TOB Trusts*<br>|
| iShares High Yield Muni Active ETF | &nbsp;&nbsp; $153662026 | &nbsp;&nbsp; $115349997 | 3.65% — 3.70% | &nbsp;&nbsp; $49178417 | &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> % <br>|

---

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

<sup>(a)</sup> The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Fund, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Fund, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedule of Investments. 

<sup>(b)</sup> TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the "Liquidation Shortfall"). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at April 30, 2025, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedule of Investments including the maximum potential amounts owed by a Fund at April 30, 2025. 

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

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

For its investment advisory services to the Fund, BFA will be paid a management fee from the Fund, based on a percentage of the Fund's average daily net assets, at an annual rate of 0.39%.

For the period February 8, 2025 through April 30, 2025, the Fund paid BFA a total of $1,494,111, which is included in investment advisory fees in the Statement of Operations.

Prior to February 8, 2025, the Predecessor Corporation, on behalf of the Predecessor Fund, had entered into an Investment Advisory Agreement with BAL, the Predecessor Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), provided investment advisory and administrative services. BAL was responsible for the management of the Predecessor Fund's portfolio and provided the personnel, facilities, equipment and certain other services necessary to the operations of the Predecessor Fund.

For such services, the Predecessor Fund paid BAL a monthly fee at an annual rate equal to the following percentages of the average daily value of the Predecessor Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.47<br> % <br>|
| $1 billion — $3 billion | 0.44 |
| $3 billion — $5 billion | 0.42 |
| $5 billion — $10 billion | 0.41 |
| Greater than $10 billion | 0.40 |

---

For the period November 1, 2024 through February 7, 2025, the Predecessor Fund paid BAL a total of $2,032,482, which is included in investment advisory fees in the Statement of Operations.

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

**Service and Distribution Fees:** Prior to February 8, 2025, the Predecessor Corporation, on behalf of the Predecessor Fund, had entered into a Distribution Agreement and a Distribution and Service Plan with BRIL, an affiliate of BAL. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Predecessor Fund paid BRIL service and distribution fees. The fees were accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Predecessor Fund as follows:

---

| | | |
|:---|:---|:---|
|  | BlackRock High Yield Municipal Fund | BlackRock High Yield Municipal Fund |
| *Share Class* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>|

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provided shareholder servicing and distribution services to the Predecessor Fund. The service and/or distribution fee compensated BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the period November 1, 2024 through February 7, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Predecessor Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* | *Total* |
| BlackRock High Yield Municipal Fund | &nbsp;&nbsp; $321312 | &nbsp;&nbsp; $47845 | &nbsp;&nbsp; $369157 |

---

**Transfer Agent:** Prior to February 8, 2025, pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provided the Predecessor Fund with sub-accounting, record keeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities received an asset-based fee or an annual fee per shareholder account, which varied depending on share class and/or net assets. For the period November 1, 2024 through February 7, 2025, the Predecessor Fund did not pay any amounts to affiliates in return for these services.

Prior to February 8, 2025, BAL maintained a call center that was responsible for providing certain shareholder services to the Predecessor Fund. Shareholder services included responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the period November 1, 2024 through February 7, 2025, the Predecessor Fund reimbursed BAL the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Reimbursed amounts | &nbsp;&nbsp; $640 | &nbsp;&nbsp; $1086 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $191 | &nbsp;&nbsp; $2119 |

---

For the period November 1, 2024 through February 7, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Predecessor Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| BlackRock High Yield Municipal Fund | &nbsp;&nbsp; $93736 | $38935 | $2430 | $7970 | $143071 |

---

**Other Fees:** For the period November 1, 2024 through February 7, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Predecessor Fund's Investor A Shares for a total of $359.

For the period November 1, 2024 through February 7, 2025, affiliates received contingent deferred sales charges as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* |
| BlackRock High Yield Municipal Fund | &nbsp;&nbsp; $5111 | &nbsp;&nbsp; $36 |

---

**Expense Limitations, Waivers and Reimbursements:** BFA has contractually agreed to waive a portion of its investment advisory fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2026. BFA has also contractually agreed to waive a portion of its investment advisory 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, 2026. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the period February 8, 2025 through April 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements was $26,171.

Prior to February 8, 2025, with respect to the Predecessor Fund, BAL contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Predecessor Fund paid to BAL indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement could have been terminated upon 90 days' notice by a majority of the trustees who were not "interested persons" of the Predecessor Corporation, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Predecessor Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below was reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Investment Adviser in the Statement of Operations. For the period November 1, 2024 through February 7, 2025, BAL waived a total of $23,850.

Prior to February 8, 2025, with respect to the Predecessor Fund, BAL had contractually agreed to waive its investment advisory fee with respect to any portion of the Predecessor Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that had a contractual management fee through June 30, 2026. The contractual agreement could have been terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Predecessor Fund. This amount is included in fees waived and/or reimbursed by the Investment Adviser in the Statement of Operations. For the period November 1, 2024 through February 7, 2025, there were no fees waived by the Investment Adviser pursuant to this arrangement.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Prior to February 8, 2025, with respect to the Predecessor Fund, BAL had contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Predecessor Fund's business ("expense limitation"). For the period November 1, 2024 through February 7, 2025, expense limitations as a percentage of average daily net assets were as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
| Institutional | 0.54<br> % <br>|
| Investor A | 0.79 |
| Investor C | 1.54 |
| Class K | 0.49 |

---

BAL had agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Predecessor Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Predecessor Fund. For the period November 1, 2024 through February 7, 2025, BAL waived and/or reimbursed investment advisory fees of $98,333, which is included in fees waived and/or reimbursed by the Investment Adviser in the Statement of Operations.

In addition, these amounts waived and/or reimbursed by the Investment Adviser are included in transfer agent fees waived and/or reimbursed by the Investment Adviser — class specific and service and distribution fees waived and/or reimbursed by the Investment Adviser — class specific, respectively, in the Statement of Operations. For the period November 1, 2024 through February 7, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Investment Adviser — class specific | &nbsp;&nbsp; $18754 | &nbsp;&nbsp; $707 | &nbsp;&nbsp; $537 | &nbsp;&nbsp; $5503 | &nbsp;&nbsp; $25501 |
| Service and distribution fees waived and/or reimbursed by the Investment Adviser — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp; 221632 | &nbsp;&nbsp; 33068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 254700 |

---

**Interfund Lending:** Prior to February 8, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Predecessor Fund may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Predecessor Fund's investment policies and restrictions. The Predecessor Fund was permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Predecessor Board.

For the period November 1, 2024 through February 7, 2025, the Predecessor Fund did not participate in the Interfund Lending Program.

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

**Trustees and Officers:** Certain directors and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund's Chief Compliance Officer, which is included in Directors and Officer in the Statement of Operations.

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

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

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

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| iShares High Yield Muni Active ETF | &nbsp;&nbsp; $603117986 | &nbsp;&nbsp; $283141984 |

---

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

As of October 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $144,913,897.

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares High Yield Muni Active ETF | &nbsp;&nbsp; $1836473958 | &nbsp;&nbsp; $26873341 | &nbsp;&nbsp; $(128064050)<br>| &nbsp;&nbsp; $(101190709)<br>|

---

***8.*** ***LINE OF CREDIT***

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum . The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. For the period February 8, 2025 through April 30, 2025, the Fund did not borrow under the credit agreement.

Prior to February 8, 2025, the Predecessor Corporation, on behalf of the Predecessor Fund, along with certain other funds managed by BAL and its affiliates ("Participating Funds"), was party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Predecessor Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Predecessor Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement had the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) OBFR (but, in any event, not less than 0.00%) on the date the loan 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) 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 expired in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. For the period November 1, 2024 through February 7, 2025, the Predecessor Fund did not borrow under the credit agreement.

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

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

The Fund structures and "sponsors" the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

As short-term interest rates rise, the Fund's investments in the TOB Trusts may adversely affect the Fund's net investment income and dividends to Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Fund's NAV per share.

The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the "Risk Retention Rules"). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Fund, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

The Fund invests a significant portion of its assets in securities of issuers located in 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 Fund invests.

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

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

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

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

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Period from <br>02/08/25 <br>to 04/30/25 | Period from <br>02/08/25 <br>to 04/30/25 |
| *Fund Name*  | *Shares*  | *Amounts*  |
| iShares High Yield Muni Active ETF<sup>(a)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp; 6820000 | &nbsp;&nbsp;&nbsp; $344264148 |
| Shares issued in reorganization | &nbsp;&nbsp; 30920340 | &nbsp;&nbsp;&nbsp; 1546017000 |
| Shares redeemed | &nbsp;&nbsp; (860000) | &nbsp;&nbsp;&nbsp; (42670102) |
|  | &nbsp;&nbsp; 36880340 | &nbsp;&nbsp;&nbsp; $1847611046 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Period from <br>11/01/24 <br>to 02/07/25 | Period from <br>11/01/24 <br>to 02/07/25 | Period from <br>07/01/24 <br>to 10/31/24 | Period from <br>07/01/24 <br>to 10/31/24 | Year Ended <br>06/30/24 | Year Ended <br>06/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock High Yield Municipal Fund<sup>(a)</sup>  |  |  |  |  |  |  |
| Institutional |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11428937 | &nbsp;&nbsp;&nbsp; $104734142 | &nbsp;&nbsp;&nbsp; 8234474 | &nbsp;&nbsp;&nbsp; $76252592 | &nbsp;&nbsp;&nbsp; 52999321 | &nbsp;&nbsp;&nbsp; $456840905 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 695945 | &nbsp;&nbsp;&nbsp; 6399567 | &nbsp;&nbsp;&nbsp; 950861 | &nbsp;&nbsp;&nbsp; 8768769 | &nbsp;&nbsp;&nbsp; 2822206 | &nbsp;&nbsp;&nbsp; 24593039 |
| Shares redeemed | &nbsp;&nbsp; (15768485) | &nbsp;&nbsp;&nbsp; (144438486) | &nbsp;&nbsp;&nbsp; (9214193) | &nbsp;&nbsp;&nbsp; (85040661) | &nbsp;&nbsp;&nbsp; (65826941) | &nbsp;&nbsp;&nbsp; (566713215) |
| Shares converted in reorganization | &nbsp;&nbsp; (88066172) | &nbsp;&nbsp;&nbsp; (811609137) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (91709775) | &nbsp;&nbsp;&nbsp; $(844913914) | &nbsp;&nbsp;&nbsp; (28858) | &nbsp;&nbsp;&nbsp; $(19300) | &nbsp;&nbsp;&nbsp; (10005414) | &nbsp;&nbsp;&nbsp; $(85279271) |
| Investor A |  |  |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 2203185 | &nbsp;&nbsp;&nbsp; $20093854 | &nbsp;&nbsp;&nbsp; 4328521 | &nbsp;&nbsp;&nbsp; $39929424 | &nbsp;&nbsp;&nbsp; 14852833 | &nbsp;&nbsp;&nbsp; $128866023 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 500577 | &nbsp;&nbsp;&nbsp; 4590144 | &nbsp;&nbsp;&nbsp; 655297 | &nbsp;&nbsp;&nbsp; 6027111 | &nbsp;&nbsp;&nbsp; 2094046 | &nbsp;&nbsp;&nbsp; 18173947 |
| Shares redeemed | &nbsp;&nbsp; (7631995) | &nbsp;&nbsp;&nbsp; (69724207) | &nbsp;&nbsp;&nbsp; (5836166) | &nbsp;&nbsp;&nbsp; (53845044) | &nbsp;&nbsp;&nbsp; (23187941) | &nbsp;&nbsp;&nbsp; (200250725) |
| Shares converted in reorganization | &nbsp;&nbsp; (46976002) | &nbsp;&nbsp;&nbsp; (431816719) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (51904235) | &nbsp;&nbsp;&nbsp; $(476856928) | &nbsp;&nbsp;&nbsp; (852348) | &nbsp;&nbsp;&nbsp; $(7888509) | &nbsp;&nbsp;&nbsp; (6241062) | &nbsp;&nbsp;&nbsp; $(53210755) |
| Investor C |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 91767 | &nbsp;&nbsp;&nbsp; $837775 | &nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp; $1233469 | &nbsp;&nbsp;&nbsp; 189255 | &nbsp;&nbsp;&nbsp; $1647040 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 18349 | &nbsp;&nbsp;&nbsp; 168574 | &nbsp;&nbsp;&nbsp; 22023 | &nbsp;&nbsp;&nbsp; 203123 | &nbsp;&nbsp;&nbsp; 79600 | &nbsp;&nbsp;&nbsp; 691363 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (395346) | &nbsp;&nbsp;&nbsp; (3624998) | &nbsp;&nbsp;&nbsp; (227848) | &nbsp;&nbsp;&nbsp; (2106062) | &nbsp;&nbsp;&nbsp; (1110932) | &nbsp;&nbsp;&nbsp; (9625094) |
| Shares converted in reorganization | &nbsp;&nbsp; (1730339) | &nbsp;&nbsp;&nbsp; (15951383) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (2015569) | &nbsp;&nbsp;&nbsp; $(18570032) | &nbsp;&nbsp;&nbsp; (72825) | &nbsp;&nbsp;&nbsp; $(669470) | &nbsp;&nbsp;&nbsp; (842077) | &nbsp;&nbsp;&nbsp; $(7286691) |
| Class K |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7506625 | &nbsp;&nbsp;&nbsp; $68971690 | &nbsp;&nbsp;&nbsp; 6081306 | &nbsp;&nbsp;&nbsp; $56232513 | &nbsp;&nbsp;&nbsp; 14530613 | &nbsp;&nbsp;&nbsp; $126963043 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 332164 | &nbsp;&nbsp;&nbsp; 3053700 | &nbsp;&nbsp;&nbsp; 452070 | &nbsp;&nbsp;&nbsp; 4167296 | &nbsp;&nbsp;&nbsp; 1412037 | &nbsp;&nbsp;&nbsp; 12289280 |
| Shares redeemed | &nbsp;&nbsp; (5245637) | &nbsp;&nbsp;&nbsp; (47869705) | &nbsp;&nbsp;&nbsp; (11089949) | &nbsp;&nbsp;&nbsp; (102200421) | &nbsp;&nbsp;&nbsp; (17936984) | &nbsp;&nbsp;&nbsp; (156343354) |
| Shares converted in reorganization | &nbsp;&nbsp; (31110108) | &nbsp;&nbsp;&nbsp; (286639760) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (28516956) | &nbsp;&nbsp;&nbsp; $(262484075) | &nbsp;&nbsp;&nbsp; (4556573) | &nbsp;&nbsp;&nbsp; $(41800612) | &nbsp;&nbsp;&nbsp; (1994334) | &nbsp;&nbsp;&nbsp; $(17091031) |
|  | &nbsp;&nbsp; (137266195) | &nbsp;&nbsp;&nbsp; $244786097 | &nbsp;&nbsp;&nbsp; (5510604) | &nbsp;&nbsp;&nbsp; $(50377891) | &nbsp;&nbsp;&nbsp; (19082887) | &nbsp;&nbsp;&nbsp; $(162867748) |

---

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

***11.*** ***SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator, Custodian and Transfer Agent**

State Street Bank and Trust Company

Boston, MA 02114

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust II (the "Trust") met on September 13, 2024 (the "Meeting") to consider the approval of the proposed investment advisory agreement (the "Agreement") between the Trust, on behalf of iShares High Yield Muni Active ETF (the "Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Fund's investment advisor.

**The Approval Process** 

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

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

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

The Board also considered other matters it deemed important to the approval process, such as other payments to be 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 did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

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

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. In connection with this review, the Board considered BlackRock's in-house research capabilities as well as other resources available to its personnel. The Board considered the scope of the services to be provided by BlackRock to the Fund under the Investment Advisory Agreement relative to services typically provided by third parties to other funds. The Board concluded that the scope of BlackRock's services to be provided to the Fund was consistent with the Fund's operational requirements, including, in addition to seeking to meet its investment objective, compliance with investment restrictions, tax and reporting requirements and related shareholder services.

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

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

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

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans.

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

In their capacity as members of the boards of directors/trustees of other funds in the BlackRock Fixed-Income Fund Complex, the Board, including the Independent Board Members, previously received and considered information about BlackRock's investment performance for other funds. As the Fund had not yet commenced operations as of the date of the Meeting, BlackRock did not have or provide the Board with the performance history of the Fund.

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

The Board, including the Independent Board Members, reviewed the Fund's proposed contractual advisory fee rate, noting that the Agreement provides for a unitary fee structure that includes advisory and administration services. Under the unitary fee structure, the Fund will pay a single fee to BlackRock and BlackRock will pay all operating expenses of the Fund, except the advisory fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and extraordinary expenses. The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Broadridge peer group. 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. In addition, the Board, including the Independent Board Members, considered the Fund's estimated total net expense ratio, as well as its estimated actual management fee rate, compared to its Broadridge peer group. The estimated total expense ratio represents a fund's total net operating expenses, excluding any investment related expenses. The estimated total expense ratio gives effect to any expense reimbursements or fee waivers. Additionally, the Board noted information received at prior meetings of the boards of directors/trustees of other funds in the BlackRock Fixed-Income Fund Complex concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts, and sub-advised mutual funds (including mutual funds sponsored by third parties).

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

The Board noted that the Fund's contractual management fee rate ranked in the second quartile, and that the Fund's estimated actual management fee rate and estimated total expense ratio would rank in the third and second quartiles, respectively, relative to the Fund's Broadridge peer group.

The Board previously received and reviewed statements relating to BlackRock's financial condition in connection with their duties as trustees or directors of other funds in the BlackRock Fixed-Income Fund Complex. As the Fund had not commenced operations as of the date of the Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

***D. Economies of Scale***

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

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

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending, ETF servicing and cash management services. 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.

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

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

**Conclusion**

The Board, including the Independent Board Members, unanimously approved the Investment Advisory Agreement between BlackRock and the Trust, on behalf of the Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Investment Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Investment Advisory Agreement, the Board did not identify any single factor or group of factors as

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM-TCRS | Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| MTA | Month Treasury Average |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |
| ST | Special Tax |
| TA | Tax Allocation |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Want to know more?

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

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

![](g786598imgdb98ef132.jpg)

![](g786598img7999bc1f1.jpg)

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

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

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

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

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

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

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

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

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Item 16 – Controls and Procedures

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

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

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

[(a)(3) Section 302 Certifications are attached](d786598dex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d786598dex99906cert.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: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust II |

---

Date: June 24, 2025

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

---

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

---

Date: June 24, 2025

---

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

---

Date: June 24, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

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

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

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

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

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

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

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

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

Date: June 24, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

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

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

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

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

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

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

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

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

Date: June 24, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

## Exhibit 99.906

Exhibit 99.906CERT

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

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust II (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust II (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 24, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

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