# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157924
**Filing Date:** 2025-6
**Character Count:** 78342
**Document Hash:** 759f727d768bf213eac7918379a816d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157924.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157924

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** 251076994

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

April 30, 2025

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

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

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

---

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

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2025

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

**(Formerly BlackRock Short-Term California Muni Bond ETF)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 101.7%** | **California — 101.7%** | **California — 101.7%** |
| &nbsp;&nbsp;&nbsp; Amador Water Agency Financing Corp. COP, 5.00%, <br> 03/01/26<br>| &nbsp;&nbsp;&nbsp; $500 | $508711 |
| &nbsp;&nbsp;&nbsp; Anaheim Housing & Public Improvements Authority RB, <br> 2.50%, 05/01/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3300 | 3300000 |
| &nbsp;&nbsp;&nbsp; Anaheim Redevelopment Agency Successor Agency TA, <br> 5.00%, 02/01/28<br>| &nbsp;&nbsp;&nbsp; 425 | 444380 |
| Bay Area Toll Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 1.78%, 04/30/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2400 | 2400000 |
| &nbsp;&nbsp;&nbsp; VRDN, 1.78%, 05/01/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2900 | 2900000 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority Clean <br> Energy Project RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 3.64%, 05/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.64%, 05/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 275 | 275000 |
| California Community Choice Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 1500 | 1498747 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 1850 | 1843256 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 410 | 418873 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | &nbsp;&nbsp;&nbsp; 770 | 793230 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | &nbsp;&nbsp;&nbsp; 800 | 825238 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 1000 | 1036457 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 800 | 833855 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/30 | &nbsp;&nbsp;&nbsp; 360 | 377963 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency RB, <br> 5.00%, 06/01/25<br>| &nbsp;&nbsp;&nbsp; 400 | 400403 |
| California Health Facilities Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 05/08/25 | &nbsp;&nbsp;&nbsp; 500 | 499945 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/21/25 | &nbsp;&nbsp;&nbsp; 260 | 259983 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/21/25 | &nbsp;&nbsp;&nbsp; 1400 | 1400305 |
| &nbsp;&nbsp;&nbsp; VRDN, 1.90%, 05/01/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 2500000 |
| California Municipal Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 1.30%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 985613 |
| &nbsp;&nbsp;&nbsp; 3.35%, 05/21/25 | &nbsp;&nbsp;&nbsp; 500 | 499944 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 150 | 155976 |
| California Municipal Finance Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/02/25 | &nbsp;&nbsp;&nbsp; 1000 | 999782 |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 | &nbsp;&nbsp;&nbsp; 1000 | 985093 |
| &nbsp;&nbsp;&nbsp; 4.15%, 07/15/25 | &nbsp;&nbsp;&nbsp; 400 | 400359 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/25 | &nbsp;&nbsp;&nbsp; 250 | 250392 |
| California Pollution Control Financing Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/15/25<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 996004 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 | &nbsp;&nbsp;&nbsp; 500 | 502679 |
| California State Public Works Board RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/31/25 | &nbsp;&nbsp;&nbsp; 500 | 500844 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/26 | &nbsp;&nbsp;&nbsp; 1000 | 1027928 |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 05/31/25 | &nbsp;&nbsp;&nbsp; 200 | 200333 |
| California State University Institute, 2.62%, 06/04/25 | &nbsp;&nbsp;&nbsp; 500 | 499707 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority <br> RB, 5.00%, 11/01/29<br>| &nbsp;&nbsp;&nbsp; 1500 | 1601110 |
| Central Valley Energy Authority RB, 3.64%, 05/07/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; Chino Valley Unified School District GO, 3.63%, <br> 05/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; City of Burbank California Water Revenue RB, 5.00%, <br> 06/01/25<br>| &nbsp;&nbsp;&nbsp; 660 | 661205 |
| &nbsp;&nbsp;&nbsp; City of Long Beach California Harbor Revenue RB AMT, <br> 5.00%, 05/15/27<br>| &nbsp;&nbsp;&nbsp; 400 | 410062 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles CA Wastewater System Revenue, <br> 2.68%, 05/02/25<br>| &nbsp;&nbsp;&nbsp; 400 | 399983 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles California Revenue Notes, 5.00%, <br> 06/26/25<br>| &nbsp;&nbsp;&nbsp; 800 | 801370 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | &nbsp;&nbsp;&nbsp; 100 | 100050 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/25 | &nbsp;&nbsp;&nbsp; 400 | 400065 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 210 | 212853 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 570 | 577743 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 890 | 898475 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 | &nbsp;&nbsp;&nbsp; $1760 | $1803570 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp; 200 | 205604 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/28 | &nbsp;&nbsp;&nbsp; 1000 | 1034480 |
| &nbsp;&nbsp;&nbsp; City of Modesto California Water Revenue COP, 3.15%, <br> 04/30/25 (AGM)<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3280 | 3280000 |
| &nbsp;&nbsp;&nbsp; Compton Community Redevelopment Agency Successor <br> Agency TA, 5.00%, 08/01/26 (AGM)<br>| &nbsp;&nbsp;&nbsp; 415 | 424243 |
| &nbsp;&nbsp;&nbsp; Compton Unified School District/California GO, 5.00%, <br> 06/01/25 (BAM)<br>| &nbsp;&nbsp;&nbsp; 250 | 250376 |
| Contra Costa Water District RB, 5.00%, 05/31/25 | &nbsp;&nbsp;&nbsp; 550 | 550919 |
| &nbsp;&nbsp;&nbsp; County of Los Angeles California Revenue Notes, 5.00%, <br> 06/30/25<br>| &nbsp;&nbsp;&nbsp; 400 | 400721 |
| &nbsp;&nbsp;&nbsp; County of Riverside California Revenue Notes, 5.00%, <br> 06/30/25<br>| &nbsp;&nbsp;&nbsp; 500 | 501245 |
| &nbsp;&nbsp;&nbsp; East Side Union High School District GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 107325 |
| El Rancho Unified School District GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (BAM) | &nbsp;&nbsp;&nbsp; 125 | 132358 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/27 (BAM) | &nbsp;&nbsp;&nbsp; 110 | 115811 |
| Jefferson Union High School District GO, 5.00%, 08/01/29 | &nbsp;&nbsp;&nbsp; 100 | 107501 |
| Jurupa Unified School District GO, 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 1000 | 1041431 |
| &nbsp;&nbsp;&nbsp; Kern Community College District GO, 0.00%, 11/01/25 <br> (AGM)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 205 | 201916 |
| &nbsp;&nbsp;&nbsp; Long Beach Unified School District GO, 0.00%, <br> 05/21/25<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 457012 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Capital Asset Leasing Corp, 2.67%, <br> 05/06/25<br>| &nbsp;&nbsp;&nbsp; 500 | 499941 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District/California GO, 5.00%, <br> 07/01/25<br>| &nbsp;&nbsp;&nbsp; 200 | 200511 |
| Madera Unified School District GO, 5.00%, 08/01/25 | &nbsp;&nbsp;&nbsp; 400 | 401815 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California RB, <br> 3.00%, 05/07/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 700 | 700000 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC RB <br> AMT, 5.00%, 03/01/26<br>| &nbsp;&nbsp;&nbsp; 500 | 506480 |
| Northern California Energy Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | &nbsp;&nbsp;&nbsp; 375 | 376163 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | &nbsp;&nbsp;&nbsp; 375 | 381489 |
| &nbsp;&nbsp;&nbsp; Northern California Transmission Agency RB, 5.00%, <br> 05/01/26<br>| &nbsp;&nbsp;&nbsp; 285 | 291245 |
| &nbsp;&nbsp;&nbsp; Orange County Water District COP, VRDN, 2.00%, <br> 05/07/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 310 | 310000 |
| &nbsp;&nbsp;&nbsp; Pajaro Valley Unified School District GO, 0.00%, 08/01/25 <br> (AGM)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 460 | 456391 |
| Port of Los Angeles RB AMT, 5.00%, 08/01/29 | &nbsp;&nbsp;&nbsp; 400 | 423552 |
| Port of Oakland RB AMT, 5.00%, 05/01/27 | &nbsp;&nbsp;&nbsp; 400 | 410017 |
| &nbsp;&nbsp;&nbsp; Poway Redevelopment Agency Successor Agency TA, <br> 5.00%, 12/15/25<br>| &nbsp;&nbsp;&nbsp; 500 | 505208 |
| &nbsp;&nbsp;&nbsp; Poway Unified School District Public Financing <br> Authority ST<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 (BAM) | &nbsp;&nbsp;&nbsp; 315 | 316888 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 500 | 511345 |
| &nbsp;&nbsp;&nbsp; Public Facilities Financing Authority Of The City Of San <br> Diego/Lease Revenue RB, 1.95%, 05/01/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp; Redding Joint Powers Financing Authority RB, 5.00%, <br> 06/01/25<br>| &nbsp;&nbsp;&nbsp; 375 | 375651 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 1.75%, 05/01/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30000 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.45%, 05/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 900 | 900000 |
| RGTS of University of CA |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/25 | &nbsp;&nbsp;&nbsp; 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/24/25 | &nbsp;&nbsp;&nbsp; 1000 | 1000114 |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/15/25 | &nbsp;&nbsp;&nbsp; 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Sacramento City Unified School District/California GO, <br> 8.00%, 08/01/25 (AGM)<br>| &nbsp;&nbsp;&nbsp; 500 | 505919 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

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

**(Formerly BlackRock Short-Term California Muni Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Sacramento Municipal Utility District |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/08/25 | &nbsp;&nbsp;&nbsp; $1000 | $998951 |
| &nbsp;&nbsp;&nbsp; 3.15%, 06/04/25 | &nbsp;&nbsp;&nbsp; 1000 | 1000000 |
| San Diego County Water Authority |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/04/25 | &nbsp;&nbsp;&nbsp; 400 | 399783 |
| &nbsp;&nbsp;&nbsp; 2.90%, 06/04/25 | &nbsp;&nbsp;&nbsp; 690 | 689777 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority RB, 3.70%, <br> 05/07/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4600 | 4600000 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority RB VRDN, <br> 3.64%, 05/01/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 800 | 800000 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority Water <br> Revenue, 2.80%, 05/13/25<br>| &nbsp;&nbsp;&nbsp; 1000 | 999760 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District/California Revenue <br> Notes, 5.00%, 06/30/25<br>| &nbsp;&nbsp;&nbsp; 400 | 400998 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission San <br> Francisco International Airport RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 500 | 518902 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 300 | 314107 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 500 | 522443 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Power Revenue, 2.67%, 05/21/25<br>| &nbsp;&nbsp;&nbsp; 400 | 399859 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Redevelopment Agency <br> Successor Agency TA, 5.00%, 08/01/28 (AGC)<br>| &nbsp;&nbsp;&nbsp; 520 | 549235 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority RB, 5.00%, <br> 07/01/29<br>| &nbsp;&nbsp;&nbsp; 840 | 869924 |
| San Leandro Unified School District GO, 5.00%, 08/01/25 | &nbsp;&nbsp;&nbsp; 400 | 401761 |
| San Mateo Union High School District GO |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 2.25%, 05/01/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100000 |
| &nbsp;&nbsp;&nbsp; Series C, 0.00%, 09/01/27 (NPFGC)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 400 | 372973 |
| &nbsp;&nbsp;&nbsp; San Rafael City High School District/California GO, 4.00%, <br> 08/01/25<br>| &nbsp;&nbsp;&nbsp; 300 | 300514 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority RB, 5.00%, <br> 05/15/25<br>| &nbsp;&nbsp;&nbsp; 400 | 400340 |
| Sequoia Union High School District GO, 4.00%, 07/01/26 | &nbsp;&nbsp;&nbsp; 440 | 444258 |
| Southern California Public Power Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 150 | 151994 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/25 | &nbsp;&nbsp;&nbsp; 425 | 427918 |
| State of California Department of Water Resources |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/05/25 | &nbsp;&nbsp;&nbsp; 400 | 399781 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/19/25 | &nbsp;&nbsp;&nbsp; 600 | 599810 |
| State of California GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 750 | 769121 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; $800 | $820440 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 800 | 833631 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp; 500 | 519532 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/29 | &nbsp;&nbsp;&nbsp; 850 | 908463 |
| &nbsp;&nbsp;&nbsp; Stockton Public Financing Authority RB, 5.00%, 10/01/25 <br> (BAM)<br>| &nbsp;&nbsp;&nbsp; 140 | 141063 |
| &nbsp;&nbsp;&nbsp; Temecula Valley Unified School District Financing <br> Authority ST<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/25 | &nbsp;&nbsp;&nbsp; 300 | 301902 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 500 | 513194 |
| University of California RB, 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 400 | 408411 |
| &nbsp;&nbsp;&nbsp; Yucaipa Valley Water District Financing Authority RB, <br> 5.00%, 03/01/26<br>| &nbsp;&nbsp;&nbsp; 400 | 406913 |
|  |  | 84086915 |
| **Total Municipal Debt Obligations — 101.7%** <br>**(Cost $84,276,544)** | **Total Municipal Debt Obligations — 101.7%** <br>**(Cost $84,276,544)** | 84086915 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Money Market Funds** | **Money Market Funds** | **Money Market Funds** |
| BlackRock Liquidity Funds: MuniCash, 3.05%<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 102865 | 102875 |
| **Total Money Market Funds — 0.1%** <br>**(Cost: $102,875)** | **Total Money Market Funds — 0.1%** <br>**(Cost: $102,875)** | 102875 |
| **Total Investments — 101.8%** <br>**(Cost: $84,379,419)** | **Total Investments — 101.8%** <br>**(Cost: $84,379,419)** | 84189790 |
| **Liabilities in Excess of Other Assets — (1.8)%** | **Liabilities in Excess of Other Assets — (1.8)%** | (1468670)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $82721120 |

---

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $—<br> $102875 <br><sup>(a)</sup><br>| $— | $— | $— | $102875 | 102865 | $1705 | $— |

---

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

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

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

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

**(Formerly BlackRock Short-Term California Muni Bond ETF)**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84086915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84086915 |
| &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; 102875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102875 |
|  | &nbsp;&nbsp; $102875 | &nbsp;&nbsp; $84086915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84189790 |

---

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

---

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

---

---

| | |
|:---|:---|
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| ST | Special Tax |
| TA | Tax Allocation |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $84987009.56

**Total Liabilities:** $2266907.57

**Net Assets:** $82720101.99

**Delayed Delivery Securities:** $1254924.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 478.19000000 | **1-Year:** 2270.85000000 | **5-Year:** 5638.67000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242862 | 0.40%                | 0.04%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $100452.84                                 |
| Month 2  | $0.00                    | $-132565.72                                |
| Month 3  | $0.00                    | $-232240.09                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SAN MATEO CALIF UN HIGH SCH DIST                                             | SAN MATEO CALIF UN HIGH SCH DIST                                      | CUSIP: 88035FEX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.12%             | 2031-03-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Sequoia Union High School District                                           | SEQUOIA CA UNION HIGH SCH DIST                                        | CUSIP: 817409F83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $444258.37    | 0.54%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498747.10   | 1.81%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985612.95    | 1.19%             | 2039-02-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Amador Water Agency Financing Corp                                           | AMADOR CA WTR AGY COPS                                                | CUSIP: 022653BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508711.13    | 0.61%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $898474.86    | 1.09%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445A41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100049.59    | 0.12%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LVT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200332.69    | 0.24%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDV5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $825237.98    | 1.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                     | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE               | CUSIP: 73885QGW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $316888.34    | 0.38%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Rafael City High School District/CA                                      | SAN RAFAEL CITY CA HIGH SCH DIST                                      | CUSIP: 799289KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300513.68    | 0.36%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                              | CUSIP: 798136VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506479.76    | 0.61%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063C8S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $833631.53    | 1.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036456.60   | 1.25%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445ND7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $577743.13    | 0.70%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250391.95    | 0.30%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035ERN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 5.56%             | 2043-10-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| San Diego County Water Authority                                             | San Diego County Water Authority                                      | CUSIP: 79741WAJ6<br>LEI: 549300Y0QN5OFKA1G520 | Long             | STIV             | MUN               | US        |    690000 | PA      | $689777.27    | 0.83%             | 2025-06-04      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | Sacramento Municipal Utility District                                 | CUSIP: 78601SLL9<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $998950.80    | 1.21%             | 2025-07-08      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Anaheim Redevelopment Agency Successor Agency                                | ANAHEIM CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                     | CUSIP: 032564AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $444379.86    | 0.54%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AE5<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $376162.98    | 0.45%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536KL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502679.06    | 0.61%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                            | CUSIP: 797356LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400997.86    | 0.48%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority Water Revenue                | San Diego Public Facilities Financing Authority Water Revenue         | CUSIP: 79731CCM3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999759.60    | 1.21%             | 2025-05-13      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency            | SAN FRANCISCO CITY & CNTY CA REDEV AGY SUCCESSOR AGY TAX              | CUSIP: 79770GKF2<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    520000 | PA      | $549235.52    | 0.66%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Riverside CA                                                       | RIVERSIDE CNTY CA                                                     | CUSIP: 769110CY1<br>LEI: 254900CB5HEOBAVTY629 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501244.85    | 0.61%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa Water District                                                  | CONTRA COSTA CA WTR DIST                                              | CUSIP: 212218SH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550919.34    | 0.67%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE                  | CUSIP: 913366KA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.04%             | 2045-05-15      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Madera Unified School District                                               | MADERA CA UNIF SCH DIST                                               | CUSIP: 556452JP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401815.03    | 0.49%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                         | LONG BEACH CA HARBOR REVENUE                                          | CUSIP: 542424UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410061.83    | 0.50%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency Successor Agency                      | COMPTON CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION               | CUSIP: 204713AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $424243.43    | 0.51%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1843255.73   | 2.23%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVH9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518901.56    | 0.63%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles CA Wastewater System Revenue                      | CUSIP: 54466BDM8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    400000 | PA      | $399983.28    | 0.48%             | 2025-05-02      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996004.41    | 1.20%             | 2043-07-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIFORNIA                                                     | UNIVERSITY OF CALIFORNIA                                              | CUSIP: 88035MAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 1.09%             | 2053-05-15      | Floating      | 1.05%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KDG8<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |    600000 | PA      | $599810.16    | 0.73%             | 2025-05-19      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035G8N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.60%             | 2029-02-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS                                          | CUSIP: 5444354B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400065.25    | 0.48%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temecula Valley Unified School District Financing Authority                  | TEMECULA VLY UNIF SCH DIST FING AUTH CA SPL TAX REVENUE               | CUSIP: 87975BBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513193.86    | 0.62%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pajaro Valley Unified School District                                        | PAJARO VLY CA UNIF SCH DIST                                           | CUSIP: 695802KT4<br>LEI: 549300WHZ2OWRXQ3OY05 | Long             | DBT              | MUN               | US        |    460000 | PA      | $456390.84    | 0.55%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Burbank CA Water Revenue                                             | BURBANK CA WTR & PWR WTR REVENUE                                      | CUSIP: 12082UBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $661205.52    | 0.80%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                           | CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                    | CUSIP: 88035J8W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.60%             | 2033-02-01      | Floating      | 2.56%                 | No            |                  2 | On Loan: No      |
| Long Beach Unified School District                                           | LONG BEACH CA UNIF SCH DIST                                           | CUSIP: 542433QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457012.29    | 0.55%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DWG0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314107.20    | 0.38%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Redevelopment Agency Successor Agency                                  | POWAY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                       | CUSIP: 738798AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505208.17    | 0.61%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFJ0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $833854.62    | 1.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400305.27   | 1.69%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Housing & Public Improvements Authority                              | ANAHEIM CA HSG & PUBLIC IMPT AUTH REVENUE                             | CUSIP: 032556NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 3.99%             | 2054-10-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                       | LOS ANGELES CA                                                        | CUSIP: 544351SE0<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801369.75    | 0.97%             | 2025-06-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412X6F0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.21%             | 2025-05-15      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                         | CUSIP: 801577KR7<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400340.12    | 0.48%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985093.54    | 1.19%             | 2041-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                       | LOS ANGELES CA UNIF SCH DIST                                          | CUSIP: 544647HG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200510.79    | 0.24%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445SH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034479.90   | 1.25%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LYV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027927.93   | 1.24%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412X6G8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.21%             | 2025-05-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                               | CUSIP: 13080SYA6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601109.69   | 1.94%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE             | CUSIP: 79811YAC2<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |    840000 | PA      | $869923.91    | 1.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Modesto CA Water Revenue                                             | MODESTO CA WTR REVENUE COPS                                           | CUSIP: 607804AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3280000.00   | 3.97%             | 2036-10-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| County of Los Angeles CA                                                     | LOS ANGELES CNTY CA                                                   | CUSIP: 544657JB6<br>LEI: 254900NGUPWO7FB6II89 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400720.70    | 0.48%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035JCT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.33%             | 2029-03-01      | Floating      | 3.01%                 | No            |                  2 | On Loan: No      |
| Redding Joint Powers Financing Authority                                     | REDDING CA JT PWRS FING AUTH ELEC SYS REVENUE                         | CUSIP: 75728LBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375650.97    | 0.45%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temecula Valley Unified School District Financing Authority                  | TEMECULA VLY UNIF SCH DIST FING AUTH CA SPL TAX REVENUE               | CUSIP: 87975BAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301902.44    | 0.36%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410016.60    | 0.50%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    360000 | PA      | $377962.59    | 0.46%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205603.88    | 0.25%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE          | CUSIP: 13016NEH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400403.20    | 0.48%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132358.42    | 0.16%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063ELG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $908463.18    | 1.10%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Water Authority                                             | San Diego County Water Authority                                      | CUSIP: 79741WAQ0<br>LEI: 549300Y0QN5OFKA1G520 | Long             | STIV             | MUN               | US        |    400000 | PA      | $399783.24    | 0.48%             | 2025-06-04      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13032UJ33<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 3.02%             | 2041-03-01      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LS32<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    260000 | PA      | $259983.14    | 0.31%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | Sacramento Municipal Utility District                                 | CUSIP: 78601SLM7<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999999.70    | 1.21%             | 2025-06-04      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Sacramento City Unified School District/CA                                   | SACRAMENTO CITY CA UNIF SCH DIST                                      | CUSIP: 785870L79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505918.62    | 0.61%             | 2025-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400358.95    | 0.48%             | 2051-07-01      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063CR69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769120.56    | 0.93%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DXF1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522442.55    | 0.63%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KDH6<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |    400000 | PA      | $399781.04    | 0.48%             | 2025-06-05      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                    | BlackRock Liquidity Funds: MuniCash, Institutional Shares             | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |     99565 | NS      | $99575.14     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Port of Los Angeles                                                          | LOS ANGELES CA HARBOR DEPT                                            | CUSIP: 544552B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423552.00    | 0.51%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH REVENUE                                      | CUSIP: 84247PMY4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151994.16    | 0.18%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LQP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500843.89    | 0.61%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH NATURAL GAS PROJ REVENUE                     | CUSIP: 842471AT1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    425000 | PA      | $427917.98    | 0.52%             | 2025-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Compton Unified School District/CA                                           | COMPTON CA UNIF SCH DIST                                              | CUSIP: 204736EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250375.86    | 0.30%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412X5T1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000114.30   | 1.21%             | 2025-07-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                      | NTHRN CA TRANSMISSION AGY REVENUE                                     | CUSIP: 664848BM9<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |    285000 | PA      | $291245.38    | 0.35%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Unified School District                                               | JURUPA CA UNIF SCH DIST                                               | CUSIP: 482124TD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041430.97   | 1.26%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DD62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $820440.30    | 0.99%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                               | CUSIP: 59266TXN6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.85%             | 2047-07-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                     | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE               | CUSIP: 73885QJP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511344.84    | 0.62%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035M6Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 2.42%             | 2054-10-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                                        | CUSIP: 91412HTC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408410.77    | 0.49%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839D54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115811.23    | 0.14%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Yucaipa Valley Water District Financing Authority                            | YUCAIPA VLY WTR DIST FING AUTH REVENUE                                | CUSIP: 98840BBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406913.00    | 0.49%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 2.90%             | 2055-04-01      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024C59<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 3.51%             | 2059-04-01      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035F7U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.97%             | 2048-10-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University                                           | CUSIP: 13080VAB3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $499707.05    | 0.60%             | 2025-06-04      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Kern Community College District                                              | KERN CA CMNTY CLG DIST                                                | CUSIP: 492244DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $201915.83    | 0.24%             | 2025-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AF2<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381488.54    | 0.46%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445K40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212852.73    | 0.26%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                         | EAST SIDE CA UNION HIGH SCH DIST SANTA CLARA CNTY                     | CUSIP: 275282TD3<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107324.72    | 0.13%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                         | SAN MATEO CA UNION HIGH SCH DIST                                      | CUSIP: 799017DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $372972.90    | 0.45%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Leandro Unified School District                                          | SAN LEANDRO CA UNIF SCH DIST                                          | CUSIP: 798458WY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401761.17    | 0.49%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority                      | CUSIP: 13032XAB8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | STIV             | MUN               | US        |    500000 | PA      | $499945.25    | 0.60%             | 2025-05-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCT1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $418873.34    | 0.51%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155976.47    | 0.19%             | 2056-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDH6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    770000 | PA      | $793229.54    | 0.96%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483GP9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499944.16    | 0.60%             | 2029-12-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                                | CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                         | CUSIP: 88035HW69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.60%             | 2030-02-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999782.33    | 1.21%             | 2046-11-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Jefferson Union High School District                                         | JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY                       | CUSIP: 4724667F2<br>LEI: 549300S1EAFO90X8HQ88 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107501.31    | 0.13%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Capital Asset Leasing Corp                                | Los Angeles County Capital Asset Leasing Corp                         | CUSIP: 54468VKV4<br>LEI: 5493008TSJ8UPQJX7Y66 | Long             | STIV             | MUN               | US        |    500000 | PA      | $499941.35    | 0.60%             | 2025-05-06      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                              | CUSIP: 861398BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141062.64    | 0.17%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue        | San Francisco City & County Public Utilities Commission Power Revenue | CUSIP: 79766MDC0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    400000 | PA      | $399859.04    | 0.48%             | 2025-05-21      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                 | ORANGE CNTY CA WTR DIST COPS                                          | CUSIP: 684421CB4<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310000.00    | 0.37%             | 2042-08-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519531.67    | 0.63%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1803569.77   | 2.18%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer