# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-26-031774
**Filing Date:** 2026-3
**Character Count:** 106581
**Document Hash:** 5fbde8196210c3f9ef48d1cf9ed7ee5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-031774.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001410368-26-031774

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 26795941

**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 Emerging Markets Bond Active ETF (Series ID: S000094754)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263289 | iShares Emerging Markets Bond Active ETF |  |

## Nport-Ex

January 31, 2026

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

2026 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Emerging Markets Bond Active ETF \| BREM \| NASDAQ |

---

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

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

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Emerging Markets Bond Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
| YPF SA, 9.50%, 01/17/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD60 | $63501 |
| **Brazil — 1.3%** | **Brazil — 1.3%** | **Brazil — 1.3%** |
| CSN Resources SA, 4.63%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 157180 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, 9.50%, 06/30/31, (4 % Cash <br> and 5.50 % PIK)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD155 | 155717 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp;&nbsp; USD160 | 164400 |
|  |  | 477297 |
| **British Virgin Islands — 0.6%** | **British Virgin Islands — 0.6%** | **British Virgin Islands — 0.6%** |
| Fortune Star BVI Ltd., 5.88%, 11/20/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR177 | 207709 |
| **Chile — 2.0%** | **Chile — 2.0%** | **Chile — 2.0%** |
| Antofagasta PLC, 6.25%, 05/02/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 214250 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 140212 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/02/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201206 |
| &nbsp;&nbsp;&nbsp; Empresa de Transporte de Pasajeros Metro SA, <br> 4.70%, 05/07/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 175600 |
|  |  | 731268 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Prosus NV, 4.99%, 01/19/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 159726 |
| **Dominican Republic — 0.6%** | **Dominican Republic — 0.6%** | **Dominican Republic — 0.6%** |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, 7.00%, <br> 06/30/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 210080 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp./CBC Bottling Holdco <br> SL/Beliv Holdco SL, 5.25%, 04/27/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99400 |
| **Hungary — 0.6%** | **Hungary — 0.6%** | **Hungary — 0.6%** |
| MVM Energetika Zrt, 7.50%, 06/09/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 210942 |
| **India — 0.6%** | **India — 0.6%** | **India — 0.6%** |
| &nbsp;&nbsp;&nbsp; Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 213750 |
| **Indonesia — 2.4%** | **Indonesia — 2.4%** | **Indonesia — 2.4%** |
| Cikarang Listrindo Tbk PT, 5.65%, 03/12/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 203750 |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 263850 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 197772 |
| Pertamina Persero PT, 5.63%, 05/20/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 190915 |
|  |  | 856287 |
| **Kazakhstan — 1.1%** | **Kazakhstan — 1.1%** | **Kazakhstan — 1.1%** |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 204882 |
| QazaqGaz NC JSC, 4.38%, 09/26/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198934 |
|  |  | 403816 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| Petronas Capital Ltd., 4.55%, 04/21/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 175274 |
| **Mexico — 4.1%** | **Mexico — 4.1%** | **Mexico — 4.1%** |
| &nbsp;&nbsp;&nbsp; BBVA Bancomer SA/Texas, 7.63%, 02/11/35, (5-year <br> CMT + 3.38%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 211335 |
| CFE Fibra E, 5.88%, 09/23/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD198 | 196449 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/35 | &nbsp;&nbsp;&nbsp; USD387 | 368730 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 | &nbsp;&nbsp;&nbsp; USD257 | 256535 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 | &nbsp;&nbsp;&nbsp; USD258 | 212241 |
| Trust 2401, 7.70%, 01/23/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 219570 |
|  |  | 1464860 |
| **Morocco — 0.7%** | **Morocco — 0.7%** | **Morocco — 0.7%** |
| OCP SA, 6.70%, 03/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 265325 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| Veon Midco BV, 3.38%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 190686 |
| **Oman — 0.6%** | **Oman — 0.6%** | **Oman — 0.6%** |
| Oztel Holdings SPC Ltd., 6.63%, 04/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 207276 |
| **Peru — 1.8%** | **Peru — 1.8%** | **Peru — 1.8%** |
| Niagara Energy SAC, 5.75%, 10/03/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 203226 |
| Petroleos del Peru SA, 4.75%, 06/19/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 151025 |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 211362 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 103500 |
|  |  | 669113 |
| **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** |
| Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/14/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 196226 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/13/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Greensaif Pipelines Bidco SARL, 6.51%, 02/23/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | $216812 |
| Saudi Arabian Oil Co., 5.75%, 07/17/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 189206 |
|  |  | 804169 |
| **South Africa — 0.6%** | **South Africa — 0.6%** | **South Africa — 0.6%** |
| Bidvest Group UK PLC (The), 6.20%, 09/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 203626 |
| **Turkey — 2.3%** | **Turkey — 2.3%** | **Turkey — 2.3%** |
| &nbsp;&nbsp;&nbsp; Akbank TAS, 7.88%, 09/04/35, (5-year CMT + <br> 3.73%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 204136 |
| Turk Telekomunikasyon A/S, 6.95%, 10/07/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 204062 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 212375 |
| &nbsp;&nbsp;&nbsp; Turkiye Garanti Bankasi AS, 8.13%, 01/08/36, <br> (5-year CMT + 4.33%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 206212 |
|  |  | 826785 |
| **United Arab Emirates — 4.5%** | **United Arab Emirates — 4.5%** | **United Arab Emirates — 4.5%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Crude Oil Pipeline LLC, 4.60%, <br> 11/02/47<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 184200 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 204500 |
| &nbsp;&nbsp;&nbsp; DP World Ltd./United Arab Emirates, 4.70%, <br> 09/30/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 170262 |
| MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.29%, 06/04/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 206993 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD600 | 645399 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202126 |
|  |  | 1613480 |
| **Uzbekistan — 0.6%** | **Uzbekistan — 0.6%** | **Uzbekistan — 0.6%** |
| Uzbekneftegaz JSC, 8.75%, 05/07/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 216200 |
| **Venezuela — 0.8%** | **Venezuela — 0.8%** | **Venezuela — 0.8%** |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD800 | 288000 |
| **Total Corporate Bonds & Notes — 29.3%** <br>**(Cost: $10,492,111)** | **Total Corporate Bonds & Notes — 29.3%** <br>**(Cost: $10,492,111)** | 10558570 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 1.5%** | **Angola — 1.5%** | **Angola — 1.5%** |
| Angolan Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/14/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 341282 |
| &nbsp;&nbsp;&nbsp; 9.24%, 01/15/31<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201812 |
|  |  | 543094 |
| **Argentina — 4.4%** | **Argentina — 4.4%** | **Argentina — 4.4%** |
| Argentina Republic Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 | &nbsp;&nbsp;&nbsp; USD70 | 61775 |
| &nbsp;&nbsp;&nbsp; 1.75%, 07/09/30<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; USD259 | 219802 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/09/46<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; USD317 | 232703 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/09/35<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; USD753 | 584405 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/09/38<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; USD605 | 486812 |
|  |  | 1585497 |
| **Bahrain — 1.6%** | **Bahrain — 1.6%** | **Bahrain — 1.6%** |
| Bahrain Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/16/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 189626 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/19/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 171312 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 204688 |
|  |  | 565626 |
| **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
| Brazil Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/27/45 | &nbsp;&nbsp;&nbsp; USD200 | 160200 |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/22/32 | &nbsp;&nbsp;&nbsp; USD400 | 412500 |
|  |  | 572700 |
| **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** |
| Chile Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/34 | &nbsp;&nbsp;&nbsp; USD200 | 183000 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/05/36 | &nbsp;&nbsp;&nbsp; USD200 | 201376 |
|  |  | 384376 |
| **Colombia — 3.0%** | **Colombia — 3.0%** | **Colombia — 3.0%** |
| Colombia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 04/15/31 | &nbsp;&nbsp;&nbsp; USD200 | 173720 |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/15/51 | &nbsp;&nbsp;&nbsp; USD252 | 157500 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD400 | 388800 |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/15/49 | &nbsp;&nbsp;&nbsp; USD200 | 147600 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/02/34 | &nbsp;&nbsp;&nbsp; USD200 | 209250 |
|  |  | 1076870 |

---

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Emerging Markets Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Costa Rica — 1.1%** | **Costa Rica — 1.1%** | **Costa Rica — 1.1%** |
| Costa Rica Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/30/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | $191376 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/04/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 217862 |
|  |  | 409238 |
| **Dominican Republic — 2.6%** | **Dominican Republic — 2.6%** | **Dominican Republic — 2.6%** |
| Dominican Republic International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 195400 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 287400 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/22/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 306000 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/05/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 148575 |
|  |  | 937375 |
| **Ecuador — 2.2%** | **Ecuador — 2.2%** | **Ecuador — 2.2%** |
| Ecuador Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/31/35<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD458 | 419070 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/31/40<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD469 | 387187 |
|  |  | 806257 |
| **Egypt — 2.7%** | **Egypt — 2.7%** | **Egypt — 2.7%** |
| Egypt Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 194600 |
| &nbsp;&nbsp;&nbsp; 6.59%, 02/21/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202900 |
| &nbsp;&nbsp;&nbsp; 7.05%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202500 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 386470 |
|  |  | 986470 |
| **El Salvador — 0.4%** | **El Salvador — 0.4%** | **El Salvador — 0.4%** |
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bonds, 7.65%, <br> 06/15/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD150 | 155175 |
| **Ghana — 0.5%** | **Ghana — 0.5%** | **Ghana — 0.5%** |
| &nbsp;&nbsp;&nbsp; Ghana Government International Bonds, 6.00%, <br> 07/03/35<sup>(a)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 182000 |
| **Guatemala — 1.1%** | **Guatemala — 1.1%** | **Guatemala — 1.1%** |
| Guatemala Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/05/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198750 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/24/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201600 |
|  |  | 400350 |
| **Hungary — 2.3%** | **Hungary — 2.3%** | **Hungary — 2.3%** |
| Hungary Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/16/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201750 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/26/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198800 |
| &nbsp;&nbsp;&nbsp; 7.63%, 03/29/41 | &nbsp;&nbsp;&nbsp; USD180 | 209083 |
| &nbsp;&nbsp;&nbsp; MFB Magyar Fejlesztesi Bank Zrt, 6.50%, <br> 06/29/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 208400 |
|  |  | 818033 |
| **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/31/32 | &nbsp;&nbsp;&nbsp; USD400 | 377600 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/17/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 196800 |
|  |  | 574400 |
| **Ivory Coast — 1.3%** | **Ivory Coast — 1.3%** | **Ivory Coast — 1.3%** |
| Ivory Coast Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 242848 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/30/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 213350 |
|  |  | 456198 |
| **Jordan — 0.5%** | **Jordan — 0.5%** | **Jordan — 0.5%** |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bonds, 5.85%, <br> 07/07/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200548 |
| **Kenya — 1.1%** | **Kenya — 1.1%** | **Kenya — 1.1%** |
| Republic of Kenya Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 01/23/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 184000 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/22/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 208600 |
|  |  | 392600 |
| **Lebanon — 1.3%** | **Lebanon — 1.3%** | **Lebanon — 1.3%** |
| Lebanon Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 6.60%, 11/27/26<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,260 | 364211 |
| &nbsp;&nbsp;&nbsp; 6.85%, 03/23/27<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD370 | 107014 |
|  |  | 471225 |
| **Mexico — 2.3%** | **Mexico — 2.3%** | **Mexico — 2.3%** |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | &nbsp;&nbsp;&nbsp; USD200 | 178000 |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/23/46 | &nbsp;&nbsp;&nbsp; USD200 | 156200 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 | &nbsp;&nbsp;&nbsp; USD200 | 191802 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 | &nbsp;&nbsp;&nbsp; USD126 | 104832 |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/53 | &nbsp;&nbsp;&nbsp; USD200 | 189600 |
|  |  | 820434 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Nigeria — 2.8%** | **Nigeria — 2.8%** | **Nigeria — 2.8%** |
| Nigeria Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 7.14%, 02/23/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | $411588 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 374000 |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/13/36<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 213688 |
|  |  | 999276 |
| **Oman — 2.3%** | **Oman — 2.3%** | **Oman — 2.3%** |
| Oman Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 204250 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 208500 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/08/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 210936 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/28/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 207500 |
|  |  | 831186 |
| **Panama — 2.9%** | **Panama — 2.9%** | **Panama — 2.9%** |
| Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.16%, 01/23/30 | &nbsp;&nbsp;&nbsp; USD200 | 188025 |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/19/33 | &nbsp;&nbsp;&nbsp; USD400 | 351200 |
| &nbsp;&nbsp;&nbsp; 4.30%, 04/29/53 | &nbsp;&nbsp;&nbsp; USD200 | 147300 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/16/50 | &nbsp;&nbsp;&nbsp; USD200 | 152775 |
| &nbsp;&nbsp;&nbsp; 6.40%, 02/14/35 | &nbsp;&nbsp;&nbsp; USD200 | 209067 |
|  |  | 1048367 |
| **Paraguay — 0.6%** | **Paraguay — 0.6%** | **Paraguay — 0.6%** |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bonds, 5.85%, <br> 08/21/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 209200 |
| **Peru — 1.6%** | **Peru — 1.6%** | **Peru — 1.6%** |
| Fondo MIVIVIENDA SA, 4.63%, 04/12/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201000 |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/34 | &nbsp;&nbsp;&nbsp; USD200 | 173400 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/08/35 | &nbsp;&nbsp;&nbsp; USD200 | 203600 |
|  |  | 578000 |
| **Philippines — 1.1%** | **Philippines — 1.1%** | **Philippines — 1.1%** |
| Philippines Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.56%, 09/29/32 | &nbsp;&nbsp;&nbsp; USD200 | 188000 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/14/34 | &nbsp;&nbsp;&nbsp; USD200 | 206200 |
|  |  | 394200 |
| **Poland — 3.0%** | **Poland — 3.0%** | **Poland — 3.0%** |
| Republic of Poland Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/18/34 | &nbsp;&nbsp;&nbsp; USD421 | 426414 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/12/35 | &nbsp;&nbsp;&nbsp; USD221 | 226775 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/18/54 | &nbsp;&nbsp;&nbsp; USD221 | 209101 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/16/32 | &nbsp;&nbsp;&nbsp; USD221 | 235524 |
|  |  | 1097814 |
| **Romania — 2.9%** | **Romania — 2.9%** | **Romania — 2.9%** |
| Romanian Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD228 | 231192 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/24/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD232 | 230260 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/30/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 312093 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/17/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD232 | 257903 |
|  |  | 1031448 |
| **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** |
| Saudi Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/22/60<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 156626 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/16/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202423 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/18/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 174250 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/25/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 210312 |
|  |  | 743611 |
| **Senegal — 0.2%** | **Senegal — 0.2%** | **Senegal — 0.2%** |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bonds, 4.75%, <br> 03/13/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 87198 |
| **Serbia — 0.5%** | **Serbia — 0.5%** | **Serbia — 0.5%** |
| Serbia International Bonds, 2.13%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 175822 |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> International Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/27/47 | &nbsp;&nbsp;&nbsp; USD200 | 164900 |
| &nbsp;&nbsp;&nbsp; 7.10%, 11/19/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 212195 |
|  |  | 377095 |
| **Sri Lanka — 0.3%** | **Sri Lanka — 0.3%** | **Sri Lanka — 0.3%** |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bonds, 9.25%, <br> 06/15/35<sup>(a)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD150 | 122516 |
| **Trinidad And Tobago — 0.6%** | **Trinidad And Tobago — 0.6%** | **Trinidad And Tobago — 0.6%** |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government International Bonds, <br> 6.40%, 06/26/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200600 |

---

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Emerging Markets Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Turkey — 2.4%** | **Turkey — 2.4%** | **Turkey — 2.4%** |
| Turkiye Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/11/47 | &nbsp;&nbsp;&nbsp; USD244 | $196054 |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/26/29 | &nbsp;&nbsp;&nbsp; USD200 | 213068 |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/13/30 | &nbsp;&nbsp;&nbsp; USD400 | 453200 |
|  |  | 862322 |
| **Ukraine — 3.9%** | **Ukraine — 3.9%** | **Ukraine — 3.9%** |
| Ukraine Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/34<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD730 | 458440 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/29<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 155200 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/36<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD370 | 224590 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/35<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD630 | 355320 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/36<sup>(a)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD364 | 203358 |
|  |  | 1396908 |
| **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |
| &nbsp;&nbsp;&nbsp; UAE International Government Bonds, 4.95%, <br> 07/07/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 188775 |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA, 2.40%, <br> 09/28/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 193800 |
| **Uruguay — 1.6%** | **Uruguay — 1.6%** | **Uruguay — 1.6%** |
| Uruguay Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/20/55 | &nbsp;&nbsp;&nbsp; USD115 | 103607 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | &nbsp;&nbsp;&nbsp; USD230 | 215115 |
| &nbsp;&nbsp;&nbsp; 5.44%, 02/14/37 | &nbsp;&nbsp;&nbsp; USD16 | 15954 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/28/34 | &nbsp;&nbsp;&nbsp; USD215 | 228070 |
|  |  | 562746 |
| **Uzbekistan — 0.3%** | **Uzbekistan — 0.3%** | **Uzbekistan — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 120854 |
| **Venezuela — 1.0%** | **Venezuela — 1.0%** | **Venezuela — 1.0%** |
| Venezuela Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 09/15/27<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 171560 |
| &nbsp;&nbsp;&nbsp; 11.95%, 08/05/31<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD450 | 196650 |
|  |  | 368210 |
| **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Zambia Government International Bonds, 7.50%, <br> 06/30/33<sup>(a)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD35 | 34558 |
| **Total Foreign Government Obligations — 66.4%** <br>**(Cost: $23,308,850)** | **Total Foreign Government Obligations — 66.4%** <br>**(Cost: $23,308,850)** | 23962972 |
| **Total Long-Term Investments — 95.7%** <br>**(Cost: $33,800,961)** | **Total Long-Term Investments — 95.7%** <br>**(Cost: $33,800,961)** | 34521542 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp; 1050000 | $1050000 |
| **Total Short-Term Securities — 2.9%** <br>**(Cost: $1,050,000)** | **Total Short-Term Securities — 2.9%** <br>**(Cost: $1,050,000)** | 1050000 |
| **Total Investments — 98.6%** <br>**(Cost: $34,850,961)** | **Total Investments — 98.6%** <br>**(Cost: $34,850,961)** | 35571542 |
| **Other Assets Less Liabilities — 1.4%** | **Other Assets Less Liabilities — 1.4%** | 488526 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $36060068 |

---

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

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

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

<sup>(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. 

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

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

<sup>(g)</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>(h)</sup> Affiliate of the Fund.

<sup>(i)</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 January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $780000<br> $270000 <br><sup>(a)</sup><br>| $— | $— | $— | $1050000 | 1050000 | $8468 | $— |

---

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

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

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

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 230000 | USD | 273819 | Barclays Bank PLC | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(725)<br>|
| USD | 908043 | EUR | 780000 | Deutsche Bank Securities Inc. | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18100)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18825)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18825)<br>|

---

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Emerging Markets Bond Active ETF**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.EM.44.V1 | 1.00<br> %<br>| Quarterly | 12/20/30 | USD | 2082 | $24939 | $24559 | $380 |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10558570 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10558570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 23962972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23962972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1050000 |
|  | &nbsp;&nbsp; $1050000 | &nbsp;&nbsp; $34521542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35571542 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $380 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $380 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (18825)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (18825)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18445)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; (18445)<br>|

---

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

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

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

---

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

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CMT | Constant Maturity Treasury |
| JSC | Joint Stock Company |
| PIK | Payment-in-kind |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Emerging Markets Bond Active ETF

- **b. EDGAR series identifier (if any):** S000094754

- **c. LEI of Series:** 5299001U83TKK6DTCW88

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $36260623.43

**Total Liabilities:** $199754.57

**Net Assets:** $36060868.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.34000000 | **1-Year:** 289.97000000 | **5-Year:** 2925.78000000 | **10-Year:** 2739.02000000 | **30-Year:** 4584.77000000

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

- **3-Month:** 0.00000000 | **1-Year:** 285.40000000 | **5-Year:** 5343.69000000 | **10-Year:** 2058.44000000 | **30-Year:** 2539.10000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263289 | 0.51%                | 0.97%                | 1.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1722.31                | $47781.05                                  |
| Month 2  | $-4826.80                | $166852.06                                 |
| Month 3  | $23789.80                | $202595.03                                 |

**Designated Index Information**

- **Index Name:** JP Morgan EMBI Global Diversified Index

- **Index Identifier:** JPGCCOMP

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                        | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $201812.00    | 0.56%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                            | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    259200 | PA      | $219801.60    | 0.61%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                            | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    753100 | PA      | $584405.60    | 1.62%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                            | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    604735 | PA      | $486811.68    | 1.35%             | 2038-01-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                            | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    316818 | PA      | $232702.95    | 0.65%             | 2046-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                            | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     70000 | PA      | $61775.00     | 0.17%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                        | CUSIP: 105756BW9<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $160200.00    | 0.44%             | 2045-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                        | CUSIP: 105756CK4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    400000 | PA      | $412500.00    | 1.14%             | 2032-01-22      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                         | CUSIP: 168863DV7<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $183000.00    | 0.51%             | 2034-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                         | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $201376.00    | 0.56%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                      | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    400000 | PA      | $388800.00    | 1.08%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $147600.00    | 0.41%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                      | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $173720.00    | 0.48%             | 2031-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    252000 | PA      | $157500.00    | 0.44%             | 2051-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                      | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $209250.00    | 0.58%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $-18099.81    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                       | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    180000 | PA      | $209082.60    | 0.58%             | 2041-03-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                | Indonesia Government International Bonds                                     | CUSIP: 455780DJ2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    400000 | PA      | $377600.00    | 1.05%             | 2032-03-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                        | CUSIP: 65412AFF4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $213688.00    | 0.59%             | 2036-01-13      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                        | CUSIP: 698299BB9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $147300.00    | 0.41%             | 2053-04-29      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                        | CUSIP: 698299BH6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $152775.00    | 0.42%             | 2050-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                        | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $188025.00    | 0.52%             | 2030-01-23      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                        | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    400000 | PA      | $351200.00    | 0.97%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                        | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $209066.84    | 0.58%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                          | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    387000 | PA      | $368729.73    | 1.02%             | 2035-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $173400.00    | 0.48%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $203600.00    | 0.56%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                          | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    257000 | PA      | $256534.83    | 0.71%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                          | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    258000 | PA      | $212241.12    | 0.59%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                 | Philippine Government International Bond                                     | CUSIP: 718286CR6<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    200000 | PA      | $188000.00    | 0.52%             | 2032-09-29      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds              | Philippines Government International Bonds                                   | CUSIP: 718286DA2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    200000 | PA      | $206200.00    | 0.57%             | 2034-05-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                            | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    421000 | PA      | $426414.06    | 1.18%             | 2034-09-18      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                            | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    221000 | PA      | $209101.36    | 0.58%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                       | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    230316 | PA      | $215115.14    | 0.60%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                       | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    114928 | PA      | $103607.59    | 0.29%             | 2055-04-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                       | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    215160 | PA      | $228069.60    | 0.63%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                       | CUSIP: 760942BH4<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     15429 | PA      | $15953.59     | 0.04%             | 2037-02-14      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                      | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $164900.00    | 0.46%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                            | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    221000 | PA      | $235524.12    | 0.65%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                            | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    221000 | PA      | $226774.73    | 0.63%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRUST 2401                                              | Trust 2401                                                                   | CUSIP: 89834MAB2<br>LEI: N/A                  | Long             | DBT              |  | MX        |    200000 | PA      | $219570.00    | 0.61%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                       | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    244000 | PA      | $196054.00    | 0.54%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                       | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $213068.00    | 0.59%             | 2029-04-26      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                       | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    400000 | PA      | $453200.00    | 1.26%             | 2030-07-13      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                        | CUSIP: 91086QAZ1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    126000 | PA      | $104832.00    | 0.29%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                        | CUSIP: 91086QBF4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $156200.00    | 0.43%             | 2046-01-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                        | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $178000.00    | 0.49%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                        | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $191802.00    | 0.53%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                        | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $189600.00    | 0.53%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                            | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    160000 | PA      | $164400.00    | 0.46%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                   | Venezuela Government International Bond                                      | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    400000 | PA      | $171560.00    | 0.48%             | 2027-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                | Volcan Cia Minera SAA                                                        | CUSIP: 92863UAD8<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |    100000 | PA      | $103500.00    | 0.29%             | 2032-10-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bonds                  | Lebanon Government International Bonds                                       | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    370000 | PA      | $107014.18    | 0.30%             | 2027-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES          | BlackRock Cash Funds: Treasury, SL Agency Shares                             | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   1050000 | NS      | $1050000.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                       | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $204688.00    | 0.57%             | 2029-09-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QAZAQGAZ NC JSC                                         | QazaqGaz NC JSC                                                              | CUSIP: 000000000<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |    200000 | PA      | $198934.00    | 0.55%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                                     | Abu Dhabi Crude Oil Pipeline LLC                                             | CUSIP: 000000000<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $184200.00    | 0.51%             | 2047-11-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                       | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    400000 | PA      | $374000.00    | 1.04%             | 2047-11-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                       | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    400000 | PA      | $411588.00    | 1.14%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                        | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    100000 | PA      | $87197.87     | 0.24%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                    | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $242848.49    | 0.67%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                         | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $202500.00    | 0.56%             | 2032-01-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $156626.00    | 0.43%             | 2060-04-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Jordan Government International Bonds                   | Jordan Government International Bonds                                        | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    200000 | PA      | $200548.00    | 0.56%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                       | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    458000 | PA      | $419070.00    | 1.16%             | 2035-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                       | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    630534 | PA      | $520821.08    | 1.44%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                       | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $189626.00    | 0.53%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                          | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $207500.00    | 0.58%             | 2027-10-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                   | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    200000 | PA      | $175822.00    | 0.49%             | 2030-12-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                         | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $194600.00    | 0.54%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    200000 | PA      | $184000.00    | 0.51%             | 2034-01-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                        | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    350000 | PA      | $341281.64    | 0.95%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                       | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    228000 | PA      | $231192.00    | 0.64%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                       | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $201750.00    | 0.56%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UAE International Government Bonds                      | UAE International Government Bonds                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    200000 | PA      | $188774.76    | 0.52%             | 2052-07-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Gaci First Investment Co.                               | Gaci First Investment Co.                                                    | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $201925.00    | 0.56%             | 2027-10-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $210312.00    | 0.58%             | 2032-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                       | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    232000 | PA      | $257902.80    | 0.72%             | 2053-01-17      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $174250.00    | 0.48%             | 2053-01-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gaci First Investment Co.                               | Gaci First Investment Co.                                                    | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $196226.00    | 0.54%             | 2035-02-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                               | CUSIP: 000000000<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $216812.00    | 0.60%             | 2042-02-23      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| MFB Magyar Fejlesztesi Bank Zrt                         | MFB Magyar Fejlesztesi Bank Zrt                                              | CUSIP: 000000000<br>LEI: 549300KCFVCFTUJZYT59 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $208400.00    | 0.58%             | 2028-06-29      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                      | MVM Energetika Zrt                                                           | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |    200000 | PA      | $210942.00    | 0.58%             | 2028-06-09      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                                       | MDGH GMTN RSC Ltd                                                            | CUSIP: 000000000<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |    600000 | PA      | $645399.00    | 1.79%             | 2034-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                       | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $198800.00    | 0.55%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $202423.00    | 0.56%             | 2034-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                   | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $213350.00    | 0.59%             | 2033-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                       | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    215000 | PA      | $259947.16    | 0.72%             | 2036-02-22      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                    | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    100000 | PA      | $120853.50    | 0.34%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                                       | MDGH GMTN RSC Ltd                                                            | CUSIP: 000000000<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $206993.00    | 0.57%             | 2034-06-04      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                           | Veon Midco BV                                                                | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $190686.00    | 0.53%             | 2027-11-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                   | Zambia Government International Bonds                                        | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     35353 | PA      | $34557.56     | 0.10%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                   | Saudi Arabian Oil Co.                                                        | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    200000 | PA      | $189206.00    | 0.52%             | 2054-07-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                       | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    200000 | PA      | $155200.00    | 0.43%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                       | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    630000 | PA      | $355320.00    | 0.99%             | 2035-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                       | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    730000 | PA      | $458440.00    | 1.27%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                       | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    364115 | PA      | $203358.23    | 0.56%             | 2036-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                       | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    200000 | PA      | $121400.00    | 0.34%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                       | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    232000 | PA      | $230260.00    | 0.64%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                         | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    200000 | PA      | $182000.00    | 0.50%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                      | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $212195.00    | 0.59%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                | Sri Lanka Government International Bonds                                     | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    150000 | PA      | $122516.25    | 0.34%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                | Turkcell Iletisim Hizmetleri AS                                              | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $212375.00    | 0.59%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| ALPHA STAR HO IX LTD                                    | Alpha Star Holding IX Ltd                                                    | CUSIP: 000000000<br>LEI: 254900IL2SBV9ANGBE89 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $204500.00    | 0.57%             | 2028-08-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                                              | Akbank TAS                                                                   | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $204136.00    | 0.57%             | 2035-09-04      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| KASPI.KZ JSC                                            | JSC Kaspi.kz                                                                 | CUSIP: 000000000<br>LEI: 2549003YU6FARG8OAZ13 | Long             | DBT              | CORP              | KZ        |    200000 | PA      | $204882.00    | 0.57%             | 2030-03-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                       | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    250000 | PA      | $265325.00    | 0.74%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                                           | Uzbekneftegaz JSC                                                            | CUSIP: 000000000<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $216200.00    | 0.60%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TURKIYE GARANTI BANKASI                                 | Turkiye Garanti Bankasi AS                                                   | CUSIP: 000000000<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $206212.00    | 0.57%             | 2036-01-08      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| SOBHA SUKUK I HOLDING                                   | Sobha Sukuk I Holding Ltd                                                    | CUSIP: 000000000<br>LEI: 254900VZENPT8NAXW686 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $202126.00    | 0.56%             | 2030-09-11      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BIDVEST GROUP UK PLC                                    | Bidvest Group UK PLC/The                                                     | CUSIP: 000000000<br>LEI: 984500A80C777F496830 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203626.00    | 0.56%             | 2032-09-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                | Turk Telekomunikasyon AS                                                     | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $204062.00    | 0.57%             | 2032-10-07      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                    | Fortune Star BVI Ltd                                                         | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    177000 | PA      | $207708.80    | 0.58%             | 2030-11-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                       | Lebanon Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   1260000 | PA      | $364210.94    | 1.01%             | 2026-11-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                         | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    400000 | PA      | $386470.00    | 1.07%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                          | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $210936.00    | 0.58%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OZTEL HOLDINGS SPC LTD                                  | Oztel Holdings SPC Ltd                                                       | CUSIP: 000000000<br>LEI: 549300RABIG0RH4JYT64 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $207276.00    | 0.57%             | 2028-04-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $202900.00    | 0.56%             | 2028-02-21      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                          | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $204250.00    | 0.57%             | 2028-01-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                          | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $208500.00    | 0.58%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    200000 | PA      | $208600.00    | 0.58%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                       | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $171312.00    | 0.48%             | 2044-09-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC                                         | Antofagasta PLC                                                              | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $214250.00    | 0.59%             | 2034-05-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    100000 | PA      | $99400.00     | 0.28%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                             | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $213750.00    | 0.59%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                                        | CSN Resources SA                                                             | CUSIP: 000000000<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $157180.00    | 0.44%             | 2031-06-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                        | DP World Ltd/United Arab Emirates                                            | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $170262.00    | 0.47%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                                     | Minejesa Capital BV                                                          | CUSIP: 000000000<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $197772.00    | 0.55%             | 2037-08-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                    | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $159726.00    | 0.44%             | 2052-01-19      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                                 | Aeropuertos Dominicanos Siglo XXI SA                                         | CUSIP: 000000000<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    200000 | PA      | $210080.00    | 0.58%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                   | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    150000 | PA      | $155175.00    | 0.43%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                   | Venezuela Government International Bond                                      | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    450000 | PA      | $196650.00    | 0.55%             | 2031-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX                                 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $211335.00    | 0.59%             | 2035-02-11      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CFE FIBRA E                                             | CFE Fibra E                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | MX        |    198334 | PA      | $196449.63    | 0.54%             | 2040-09-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                       | Corp. Nacional del Cobre de Chile                                            | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $140212.00    | 0.39%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                             | Corp Nacional del Cobre de Chile                                             | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $201206.00    | 0.56%             | 2033-02-02      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                       | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $148575.00    | 0.41%             | 2049-06-05      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                       | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $195400.00    | 0.54%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                        | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    300000 | PA      | $287400.00    | 0.80%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                       | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    300000 | PA      | $306000.00    | 0.85%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                     | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $191376.00    | 0.53%             | 2043-04-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds               | Costa Rica Government International Bonds                                    | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $217862.50    | 0.60%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Empresa de Transporte de Pasajeros Metro SA             | Empresa de Transporte de Pasajeros Metro SA                                  | CUSIP: 000000000<br>LEI: 959800T4M5QUPYMSCH69 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $175600.00    | 0.49%             | 2050-05-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                             | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $193800.00    | 0.54%             | 2027-09-28      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FONDO MIVIVIENDA SA                                     | Fondo MIVIVIENDA SA                                                          | CUSIP: 000000000<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $201000.00    | 0.56%             | 2027-04-12      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                    | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $198750.00    | 0.55%             | 2027-06-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                    | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $201600.00    | 0.56%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NIAGARA ENERGY SAC                                      | Niagara Energy SAC                                                           | CUSIP: 000000000<br>LEI: 254900V9UGCG42YQ6848 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $203226.00    | 0.56%             | 2034-10-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $209200.00    | 0.58%             | 2033-08-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                | Petroleos de Venezuela SA                                                    | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    800000 | PA      | $288000.00    | 0.80%             | 2035-05-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                   | Petroleos del Peru SA                                                        | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $151025.00    | 0.42%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL CAM/PLUS LOTE                                | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    200000 | PA      | $211362.00    | 0.59%             | 2036-07-03      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                         | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    154958 | PA      | $155717.29    | 0.43%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                       | Trinidad & Tobago Government International Bond                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    200000 | PA      | $200600.00    | 0.56%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                       | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     60000 | PA      | $63501.00     | 0.18%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                | Indonesia Government International Bonds                                     | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $196800.00    | 0.55%             | 2042-01-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MEDCO CYPRESS TREE PTE                                  | Medco Cypress Tree Pte Ltd                                                   | CUSIP: 000000000<br>LEI: 254900NKZ2Y3YZK4WC46 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $263850.00    | 0.73%             | 2030-05-19      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                    | Petronas Capital Ltd                                                         | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    200000 | PA      | $175274.00    | 0.49%             | 2050-04-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                    | Pertamina Persero PT                                                         | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    200000 | PA      | $190915.00    | 0.53%             | 2043-05-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CIKARANG LISTRINDO PT                                   | Cikarang Listrindo Tbk PT                                                    | CUSIP: 000000000<br>LEI: 254900NPCIO562Z7FN53 | Long             | DBT              | CORP              | ID        |    200000 | PA      | $203750.00    | 0.57%             | 2035-03-12      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer