# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-26-005904
**Filing Date:** 2026-1
**Character Count:** 282890
**Document Hash:** 2a3889805f170432ebeac71da476f72a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005904.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005904

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 26514826

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

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

## Series and Classes Contracts Data

### iShares High Yield Active ETF (Series ID: S000085059)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000249922 | iShares High Yield Active ETF |  |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-23511

Name of Fund:

BlackRock ETF Trust II <br> iShares High Yield Active ETF

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

10/31/2025

Date of reporting period:

10/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK BlackRock Logo](g27254images_5512.jpg)

### iShares High Yield Active ETF

### BRHY \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares High Yield Active ETF | $47 | 0.45% |

---

How did the Fund perform last year?

* For the reporting period ended October 31, 2025, the Fund returned 9.19%. 

* For the same period, the Bloomberg U.S. Universal Index returned 6.51% and the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index returned 8.16%. 

What contributed to performance?

The Fund's core allocation to high yield corporate bonds posted a positive return for the period. Contributions within the high yield allocation were highlighted by an overweight to B-rated issues, an underweight to BB issues and an overweight to CCC issues, along with overweights to the technology and property & casualty sectors. In addition, an allocation to floating rate bank loans contributed positively.

What detracted from performance?

There were no material detractors from performance over the period.

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

#### Fund performance
Cumulative performance: June 17, 2024 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g27254chartimages_6664177.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 9.19% | 10.19% |
| Bloomberg U.S. Universal Index | 6.51 | 6.55 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 8.16 | 9.73 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$80636205 |
| Number of Portfolio Holdings | &nbsp;&nbsp;841 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$401481 |
| Portfolio Turnover Rate | &nbsp;&nbsp;79% |

---

The inception date of the Fund was June 17, 2024.

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

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

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 88.6% |
| Floating Rate Loan Interests | 5.8% |
| Investment Companies | 2.6% |
| Common Stocks | 0.9% |
| Convertible Bonds | 0.8% |
| Fixed Rate Loan Interests | 0.7% |
| Preferred Stocks | 0.6% |

---

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AA/Aa | 0.1% |
| A | 2.3% |
| BBB/Baa | 2.2% |
| BB/Ba | 34.9% |
| B | 45.4% |
| CCC/Caa | 9.9% |
| N/R | 5.2% |

---

---

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

---

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

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

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

![TSR - BLK BlackRock Logo Footer](g27254images_5511.jpg)

iShares High Yield Active ETF

Annual Shareholder Report — October 31, 2025

BRHY-10/25-AR

------

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

---

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

---

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

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

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

Item 4 – Principal Accountant Fees and Services

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **Fiscal**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;iShares High Yield Active ETF | $18584 | $16600 | $0 | $0 | $10185 | $7760 | $0 | $0 |

---

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under

------

common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

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

---

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

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

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

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

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

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

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

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

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;iShares High Yield Active ETF | $10185 | $7760 |

---

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

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

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

Item 5 – Audit Committee of Listed Registrant

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

Lorenzo A. Flores

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

Catherine A. Lynch

Arthur P. Steinmetz

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

Item 6 – Investments

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

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

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

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

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

------

October 31, 2025

![](g27254imgb5bc15421.jpg)

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares High Yield Active ETF \| BRHY \| NASDAQ |

---

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

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

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Derivative Financial Instruments](#xx_a06e16e8-40c9-463a-9617-9012c0585870_pastperformance-Footer-BLKReport-1309_1)  | &nbsp;&nbsp; 3 |
| [Schedule of Investments](#xx_a06e16e8-40c9-463a-9617-9012c0585870_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 4 |
| [Statement of Assets and Liabilities](#xx_a06e16e8-40c9-463a-9617-9012c0585870_FS-Footer-BLKReport_1)  | &nbsp;&nbsp; 21 |
| [Statement of Operations](#xx_a06e16e8-40c9-463a-9617-9012c0585870_FS-Footer-BLKReport_2)  | &nbsp;&nbsp; 22 |
| [Statement of Changes in Net Assets](#xx_a06e16e8-40c9-463a-9617-9012c0585870_FS-Footer-BLKReport_3)  | &nbsp;&nbsp; 23 |
| [Financial Highlights](#xx_a06e16e8-40c9-463a-9617-9012c0585870_FS-Footer-BLKReport_4)  | &nbsp;&nbsp; 24 |
| [Notes to Financial Statements](#xx_a06e16e8-40c9-463a-9617-9012c0585870_NTFS-Footer-BLKReport-1309_1)  | &nbsp;&nbsp; 25 |
| [Report of Independent Registered Public Accounting Firm](#xx_a06e16e8-40c9-463a-9617-9012c0585870_opinion-Footer-BLKReport_1)  | &nbsp;&nbsp; 36 |
| [Important Tax Information](#xx_a06e16e8-40c9-463a-9617-9012c0585870_Tax-annual-Footer-BLKReport-1309_1)  | &nbsp;&nbsp; 37 |
| [Additional Information](#xx_a06e16e8-40c9-463a-9617-9012c0585870_ADI-Footer-BLKReport-1309_1)  | &nbsp;&nbsp; 38 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements](#xx_a06e16e8-40c9-463a-9617-9012c0585870_15C-Footer-BLKReport_1)  | &nbsp;&nbsp; 39 |
| [Glossary of Terms Used in these Financial Statements](#xx_a06e16e8-40c9-463a-9617-9012c0585870_Abbreviations-Footer-BLKReport_1)  | &nbsp;&nbsp; 43 |

---

------

Derivative Financial Instruments

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

October 31, 2025

**iShares High Yield 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* |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Energy - Alternate Sources — 0.3%** | **Energy - Alternate Sources — 0.3%** | **Energy - Alternate Sources — 0.3%** |
| NextEra Energy Partners LP |  |  |
| 0.00%, 11/15/25<sup>(a)(b)</sup> | &nbsp;&nbsp; $103 | &nbsp;&nbsp; $102742 |
| 2.50%, 06/15/26<sup>(a)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 195020 |
|  |  | &nbsp;&nbsp; 297762 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp., 1.75%, 05/15/28 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 86660 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Cable One Inc., 1.13%, 03/15/28 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 59817 |
| **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11602 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| MKS Inc., 1.25%, 06/01/30 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 112800 |
| ON Semiconductor Corp., 0.50%, 03/01/29 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 35264 |
|  |  | &nbsp;&nbsp; 148064 |
| **Total Convertible Bonds — 0.7%** <br>**(Cost: $593,871)** | **Total Convertible Bonds — 0.7%** <br>**(Cost: $593,871)** | &nbsp;&nbsp; 603905 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 1.4%** | **Advertising — 1.4%** | **Advertising — 1.4%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 7.13%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD221 | &nbsp;&nbsp; 227908 |
| 7.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 104012 |
| 7.50%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD337 | &nbsp;&nbsp; 352389 |
| 7.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 81379 |
| 7.88%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 128949 |
| Lamar Media Corp., 5.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 41581 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 38513 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 107193 |
| 4.63%, 03/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16422 |
| 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24899 |
| 7.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 23240 |
|  |  | &nbsp;&nbsp; 1146485 |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17553 |
| ATI Inc. |  |  |
| 5.13%, 10/01/31 | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 89232 |
| 7.25%, 08/15/30 | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 45153 |
| Bombardier Inc. |  |  |
| 6.75%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD167 | &nbsp;&nbsp; 175308 |
| 7.00%, 06/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 76642 |
| 7.25%, 07/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11676 |
| 8.75%, 11/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12942 |
| Efesto Bidco SpA Efesto U.S. LLC, 7.50%, <br> 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199687 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38804 |
| Spirit AeroSystems Inc. |  |  |
| 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 65111 |
| 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD57 | &nbsp;&nbsp; 62624 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD226 | &nbsp;&nbsp; 229589 |
| 6.25%, 01/31/34<sup>(a)(c)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 35139 |
| 6.38%, 05/31/33<sup>(a)</sup> | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 407733 |
| 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD201 | &nbsp;&nbsp; 207850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 6.75%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD450 | &nbsp;&nbsp; $466327 |
|  |  | &nbsp;&nbsp; 2141370 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients Inc., 6.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21225 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| American Airlines Inc., 8.50%, 05/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 43818 |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 6558 |
| JetBlue Airways Corp., 9.88%, 09/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 44230 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 37141 |
|  |  | &nbsp;&nbsp; 131747 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| Beach Acquisition Bidco LLC, 10.00%, 07/15/33, <br> (10.00% Cash)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 214733 |
| Crocs Inc., 4.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 18363 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 30576 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 45407 |
|  |  | &nbsp;&nbsp; 309079 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| Nissan Motor Acceptance Co. LLC, 6.13%, <br> 09/30/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 89223 |
| Nissan Motor Co. Ltd., 7.75%, 07/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 211185 |
| Rivian Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC, 10.00%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 32955 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 23795 |
|  |  | &nbsp;&nbsp; 357158 |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| American Axle & Manufacturing Inc. |  |  |
| 6.38%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30089 |
| 7.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31044 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117570 |
| 6.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD177 | &nbsp;&nbsp; 183492 |
| 6.75%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD197 | &nbsp;&nbsp; 201567 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30 | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 13807 |
| 4.50%, 02/15/32 | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 20553 |
| Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 34730 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.25%, 04/30/31 | &nbsp;&nbsp; USD4 | &nbsp;&nbsp; 3691 |
| 6.63%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17883 |
| Qnity Electronics Inc. |  |  |
| 5.75%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD79 | &nbsp;&nbsp; 80393 |
| 6.25%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39025 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD69 | &nbsp;&nbsp; 68812 |
|  |  | &nbsp;&nbsp; 842656 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Bank of America Corp. |  |  |
| 6.25%, (5-year CMT + 2.35%)<sup>(c)(e)(f)</sup> | &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 81378 |
| 6.63%, (5-year CMT + 2.68%)<sup>(e)(f)</sup> | &nbsp;&nbsp; USD174 | &nbsp;&nbsp; 181134 |
| Barclays PLC, 9.63%, (5-year USD ICE Swap + <br> 5.77%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp; USD360 | &nbsp;&nbsp; 407645 |
| Brookfield Finance Inc., 6.30%, 01/15/55, (5-year <br> CMT + 2.08%)<sup>(c)(f)</sup><br>| &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 92512 |
| Citigroup Inc. |  |  |
| 6.88%, (5-year CMT + 2.89%)<sup>(f)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 36063 |
| Series CC, 7.13%, (5-year CMT + 2.69%)<sup>(e)(f)</sup> | &nbsp;&nbsp; USD155 | &nbsp;&nbsp; 159882 |
| Series EE, 6.75%, (5-year CMT + 2.57%)<sup>(c)(e)(f)</sup> | &nbsp;&nbsp; USD113 | &nbsp;&nbsp; 114966 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Series FF, 6.95%, (5-year CMT + 2.73%)<sup>(e)(f)</sup> | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; $47321 |
| Goldman Sachs Group Inc. (The) |  |  |
| 6.85%, (5-year CMT + 2.46%)<sup>(c)(e)(f)</sup> | &nbsp;&nbsp; USD134 | &nbsp;&nbsp; 139434 |
| Series Y, 6.13%, (10-year CMT + 2.40%)<sup>(c)(e)(f)</sup> | &nbsp;&nbsp; USD115 | &nbsp;&nbsp; 117256 |
| PNC Financial Services Group Inc. (The), <br> Series W, 6.25%, (7-year CMT + 2.81%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17443 |
| UBS Group AG |  |  |
| 7.00%, , (5-year USD ICE Swap + 3.29%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202022 |
| 9.25%, (5-year CMT + 4.76%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 234204 |
| Walker & Dunlop Inc., 6.63%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 22514 |
| Wells Fargo & Co., 6.85%, (5-year CMT + <br> 2.77%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37809 |
|  |  | &nbsp;&nbsp; 1891583 |
| **Building Materials — 1.9%** | **Building Materials — 1.9%** | **Building Materials — 1.9%** |
| AmeriTex HoldCo Intermediate LLC, 7.63%, <br> 08/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37659 |
| Builders FirstSource Inc. |  |  |
| 6.38%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11392 |
| 6.75%, 05/15/35<sup>(a)(c)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 27299 |
| CP Atlas Buyer Inc., 9.75%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11475 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD380 | &nbsp;&nbsp; 390652 |
| 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 54000 |
| Jeld-Wen Inc. |  |  |
| 4.88%, 12/15/27<sup>(a)(c)</sup> | &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 50577 |
| 7.00%, 09/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 28875 |
| New Enterprise Stone & Lime Co. Inc. |  |  |
| 5.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 34847 |
| 9.75%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD87 | &nbsp;&nbsp; 87020 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD232 | &nbsp;&nbsp; 240633 |
| 6.75%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 97812 |
| Smyrna Ready Mix Concrete LLC, 8.88%, <br> 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52650 |
| Standard Building Solutions Inc., 6.25%, <br> 08/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD227 | &nbsp;&nbsp; 231483 |
| Standard Industries Inc./New York |  |  |
| 3.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 30963 |
| 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 28934 |
| 6.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 72988 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 54779 |
|  |  | &nbsp;&nbsp; 1544038 |
| **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
| Advancion Sciences, Inc., 9.25%, 11/01/26, (9.25% <br> Cash or 10.00% PIK)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD104 | &nbsp;&nbsp; 91717 |
| Avient Corp., 6.25%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25524 |
| Celanese U.S. Holdings LLC, 6.75%, 04/15/33 | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 28557 |
| Chemours Co. (The) |  |  |
| 5.38%, 05/15/27 | &nbsp;&nbsp; USD88 | &nbsp;&nbsp; 87654 |
| 5.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD152 | &nbsp;&nbsp; 145651 |
| Element Solutions Inc., 3.88%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD177 | &nbsp;&nbsp; 171301 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 39507 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 390564 |
| Mativ Holdings Inc., 8.00%, 10/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 26164 |
| Methanex U.S. Operations Inc., 6.25%, <br> 03/15/32<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 33570 |
| Minerals Technologies Inc., 5.00%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 35579 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200120 |
| 7.25%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199074 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD60 | &nbsp;&nbsp; $59000 |
| Solstice Advanced Materials Inc., 5.63%, <br> 09/30/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 81065 |
| WR Grace Holdings LLC |  |  |
| 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD268 | &nbsp;&nbsp; 245231 |
| 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD261 | &nbsp;&nbsp; 252092 |
| 7.38%, 03/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38072 |
|  |  | &nbsp;&nbsp; 2150442 |
| **Commercial Services — 6.5%** | **Commercial Services — 6.5%** | **Commercial Services — 6.5%** |
| ADT Security Corp., 5.88%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD132 | &nbsp;&nbsp; 133907 |
| Albion Financing 1 SARL/Aggreko Holdings Inc., <br> 7.00%, 05/21/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 206416 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD557 | &nbsp;&nbsp; 579957 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp.<br>|  |  |
| 6.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 195523 |
| 6.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD176 | &nbsp;&nbsp; 180558 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL, 4.63%, <br> 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 195748 |
| APi Group DE Inc., 4.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 50191 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202634 |
| Block Inc. |  |  |
| 2.75%, 06/01/26 | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 65244 |
| 5.63%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 60906 |
| 6.00%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 77710 |
| 6.50%, 05/15/32 | &nbsp;&nbsp; USD140 | &nbsp;&nbsp; 145257 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 212474 |
| Brink's Co. (The) |  |  |
| 6.50%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 9277 |
| 6.75%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD86 | &nbsp;&nbsp; 89306 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD175 | &nbsp;&nbsp; 168535 |
| 4.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD191 | &nbsp;&nbsp; 178181 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19905 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 90287 |
| 7.75%, 02/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 62419 |
| 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD173 | &nbsp;&nbsp; 176035 |
| 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD248 | &nbsp;&nbsp; 252335 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD63 | &nbsp;&nbsp; 65941 |
| 7.25%, 06/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD174 | &nbsp;&nbsp; 183449 |
| Hertz Corp. (The), 12.63%, 07/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 20788 |
| ION Platform Finance U.S. Inc., 7.88%, 09/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD403 | &nbsp;&nbsp; 393074 |
| Raven Acquisition Holdings LLC, 6.88%, <br> 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 52116 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD169 | &nbsp;&nbsp; 173279 |
| Service Corp. International/U.S. |  |  |
| 4.00%, 05/15/31 | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 47358 |
| 5.75%, 10/15/32 | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 145081 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc.<br>|  |  |
| 5.50%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119200 |
| 6.75%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD235 | &nbsp;&nbsp; 242716 |
| Sotheby's, 7.38%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199229 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21854 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 84656 |
| WEX Inc., 6.50%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 77723 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Williams Scotsman Inc. |  |  |
| 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; $33091 |
| 7.38%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 40817 |
|  |  | &nbsp;&nbsp; 5253177 |
| **Computers — 1.0%** | **Computers — 1.0%** | **Computers — 1.0%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14570 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199000 |
| CACI International Inc., 6.38%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 56145 |
| Fortress Intermediate 3 Inc., 7.50%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD239 | &nbsp;&nbsp; 249215 |
| Insight Enterprises Inc., 6.63%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28657 |
| KBR Inc., 4.75%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 57020 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD53 | &nbsp;&nbsp; 48518 |
| Science Applications International Corp. |  |  |
| 4.88%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 27783 |
| 5.88%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 47859 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 57375 |
|  |  | &nbsp;&nbsp; 786142 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32<sup>(c)</sup> | &nbsp;&nbsp; USD92 | &nbsp;&nbsp; 92777 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Gates Corp./DE, 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39452 |
| Resideo Funding Inc. |  |  |
| 4.00%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 39104 |
| 6.50%, 07/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27637 |
|  |  | &nbsp;&nbsp; 106193 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| Apollo Global Management Inc., 6.00%, 12/15/54, <br> (5-year CMT + 2.17%)<sup>(f)</sup><br>| &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 55670 |
| Azorra Finance Ltd. |  |  |
| 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 40793 |
| 7.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26312 |
| Bread Financial Holdings Inc., 8.38%, 06/15/35, <br> (5-year CMT + 4.30%)<sup>(a)(c)(f)</sup><br>| &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12278 |
| CrossCountry Intermediate HoldCo LLC, 6.50%, <br> 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 50461 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD152 | &nbsp;&nbsp; 156663 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 47960 |
| 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 111618 |
| 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 57750 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 43656 |
| 6.88%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 75733 |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD95 | &nbsp;&nbsp; 97723 |
| Jane Street Group/JSG Finance Inc. |  |  |
| 6.13%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12211 |
| 6.75%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 87626 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 196448 |
| Navient Corp. |  |  |
| 7.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 33060 |
| 9.38%, 07/25/30 | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 12086 |
| OneMain Finance Corp. |  |  |
| 4.00%, 09/15/30 | &nbsp;&nbsp; USD69 | &nbsp;&nbsp; 64169 |
| 5.38%, 11/15/29 | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24802 |
| 6.13%, 05/15/30 | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 55647 |
| 6.50%, 03/15/33 | &nbsp;&nbsp; USD194 | &nbsp;&nbsp; 193609 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 6.75%, 03/15/32 | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; $29430 |
| 7.13%, 11/15/31 | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 32123 |
| 7.13%, 09/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 129015 |
| 7.50%, 05/15/31 | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11490 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 48481 |
| Osaic Holdings Inc. |  |  |
| 6.75%, 08/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21695 |
| 8.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34882 |
| PennyMac Financial Services Inc. |  |  |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 119923 |
| 6.88%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD77 | &nbsp;&nbsp; 80318 |
| 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 43973 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD166 | &nbsp;&nbsp; 174873 |
| Rocket Companies Inc. |  |  |
| 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD217 | &nbsp;&nbsp; 223836 |
| 6.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD240 | &nbsp;&nbsp; 250015 |
| 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 75718 |
| 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 122839 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 48099 |
| 3.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1880 |
| 4.00%, 10/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 4604 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 53903 |
| 6.63%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD116 | &nbsp;&nbsp; 118179 |
|  |  | &nbsp;&nbsp; 3112402 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
| AES Corp. (The), 7.60%, 01/15/55, (5-year CMT + <br> 3.20%)<sup>(f)</sup><br>| &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 53080 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 46241 |
| Calpine Corp., 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1995 |
| CenterPoint Energy Inc., Series B, 6.85%, <br> 02/15/55, (5-year CMT + 2.95%)<sup>(c)(f)</sup><br>| &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12854 |
| Clearway Energy Operating LLC, 3.75%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 38938 |
| Dominion Energy Inc., 6.63%, 05/15/55, (5-year <br> CMT + 2.21%)<sup>(f)</sup><br>| &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14596 |
| Duke Energy Corp., 6.45%, 09/01/54, (5-year CMT <br> + 2.59%)<sup>(f)</sup><br>| &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 22203 |
| Edison International, Series A, 5.38%, (5-year CMT <br> + 4.70%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp; USD67 | &nbsp;&nbsp; 66335 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 32837 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 6.38%, 08/15/55, (5-year CMT + 2.05%)<sup>(f)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39551 |
| 6.75%, 06/15/54, (5-year CMT + 2.46%)<sup>(c)(f)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 21631 |
| NRG Energy Inc. |  |  |
| 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD63 | &nbsp;&nbsp; 63238 |
| 5.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD122 | &nbsp;&nbsp; 122860 |
| 6.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD119 | &nbsp;&nbsp; 121390 |
| 6.00%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD380 | &nbsp;&nbsp; 386541 |
| 6.25%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 110168 |
| 10.25%, (5-year CMT + 5.92%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 72435 |
| Pattern Energy Operations LP/Pattern Energy <br> Operations Inc., 4.50%, 08/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 18525 |
| Pike Corp., 8.63%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 27743 |
| Vistra Corp. |  |  |
| 7.00%, (5-year CMT + 5.74%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD179 | &nbsp;&nbsp; 180774 |
| 8.00%, (5-year CMT + 6.93%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27663 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD98 | &nbsp;&nbsp; 102933 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD274 | &nbsp;&nbsp; 278672 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD135 | &nbsp;&nbsp; $141247 |
|  |  | &nbsp;&nbsp; 2004450 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14625 |
| 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14633 |
|  |  | &nbsp;&nbsp; 29258 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 53422 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 47314 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 47403 |
| 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD124 | &nbsp;&nbsp; 119573 |
| 6.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208204 |
|  |  | &nbsp;&nbsp; 475916 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD98 | &nbsp;&nbsp; 100573 |
| Arcosa Inc. |  |  |
| 4.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD44 | &nbsp;&nbsp; 42812 |
| 6.88%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 8378 |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD138 | &nbsp;&nbsp; 132780 |
| Dycom Industries Inc., 4.50%, 04/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 20576 |
|  |  | &nbsp;&nbsp; 305119 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Boyne USA Inc., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 39225 |
| Caesars Entertainment Inc. |  |  |
| 6.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD197 | &nbsp;&nbsp; 198640 |
| 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 38070 |
| Churchill Downs Inc. |  |  |
| 5.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD170 | &nbsp;&nbsp; 170523 |
| 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 108379 |
| Cinemark USA Inc., 7.00%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12436 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 45952 |
| Light & Wonder International Inc. |  |  |
| 6.25%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 46792 |
| 7.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18685 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 13660 |
| 4.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22926 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17472 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 38411 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.88%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD95 | &nbsp;&nbsp; 52725 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27286 |
| Rivers Enterprise Lender LLC / Rivers Enterprise <br> Lender Corp., 6.25%, 10/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28228 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo Inc., 6.63%, 03/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 39278 |
| Vail Resorts Inc. |  |  |
| 5.63%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31398 |
| 6.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37380 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 47177 |
| Warnermedia Holdings Inc., 5.05%, 03/15/42<sup>(c)</sup> | &nbsp;&nbsp; USD311 | &nbsp;&nbsp; 249649 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD44 | &nbsp;&nbsp; $43988 |
| 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD213 | &nbsp;&nbsp; 216413 |
|  |  | &nbsp;&nbsp; 1544693 |
| **Environmental Control — 1.0%** | **Environmental Control — 1.0%** | **Environmental Control — 1.0%** |
| Clean Harbors Inc., 6.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 22539 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 48913 |
| 4.38%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 35208 |
| 4.75%, 06/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 29683 |
| 6.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 5231 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11750 |
| 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD161 | &nbsp;&nbsp; 157765 |
| Waste Pro USA Inc., 7.00%, 02/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD359 | &nbsp;&nbsp; 373153 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 97089 |
|  |  | &nbsp;&nbsp; 781331 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 5.50%, 03/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 33261 |
| 5.75%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 58256 |
| 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD118 | &nbsp;&nbsp; 121296 |
| B&G Foods Inc., 8.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15043 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% <br> Cash)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; USD288 | &nbsp;&nbsp; 304905 |
| Chobani LLC/Chobani Finance Corp. Inc. |  |  |
| 4.63%, 11/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD59 | &nbsp;&nbsp; 58657 |
| 7.63%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD104 | &nbsp;&nbsp; 108161 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117546 |
| Fiesta Purchaser Inc. |  |  |
| 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11610 |
| 9.63%, 09/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12913 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 24081 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 25112 |
| 4.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 27646 |
| Performance Food Group Inc. |  |  |
| 4.25%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9752 |
| 6.13%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41068 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 29111 |
| 6.25%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD109 | &nbsp;&nbsp; 110277 |
| 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD67 | &nbsp;&nbsp; 67857 |
| Simmons Foods Inc./Simmons Prepared <br> Foods Inc./Simmons Pet Food Inc./Simmons <br> Feed, 4.63%, 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 18205 |
| U.S. Foods Inc., 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 32635 |
| United Natural Foods Inc., 6.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 47015 |
|  |  | &nbsp;&nbsp; 1274407 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 23967 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Magnera Corp., 7.25%, 11/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 20723 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| AltaGas Ltd., 7.20%, 10/15/54, (5-year CMT + <br> 3.57%)<sup>(a)(f)</sup><br>| &nbsp;&nbsp; USD33 | &nbsp;&nbsp; $33830 |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19993 |
|  |  | &nbsp;&nbsp; 53823 |
| **Health Care - Products — 0.9%** | **Health Care - Products — 0.9%** | **Health Care - Products — 0.9%** |
| Avantor Funding Inc., 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 89538 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD195 | &nbsp;&nbsp; 203775 |
| Hologic Inc., 3.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3 | &nbsp;&nbsp; 2961 |
| Insulet Corp., 6.50%, 04/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29172 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD301 | &nbsp;&nbsp; 299855 |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 78185 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 41250 |
|  |  | &nbsp;&nbsp; 744736 |
| **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** |
| Acadia Healthcare Co. Inc., 7.38%, 03/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15506 |
| AHP Health Partners Inc., 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD53 | &nbsp;&nbsp; 52725 |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 18747 |
| 5.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD228 | &nbsp;&nbsp; 213722 |
| 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 98010 |
| 9.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD192 | &nbsp;&nbsp; 203287 |
| 10.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD64 | &nbsp;&nbsp; 68994 |
| Concentra Health Services Inc., 6.88%, <br> 07/15/32<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 60496 |
| DaVita Inc. |  |  |
| 6.75%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26958 |
| 6.88%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21755 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22081 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 22749 |
| HealthEquity Inc., 4.50%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 90503 |
| IQVIA Inc., 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD102 | &nbsp;&nbsp; 106311 |
| LifePoint Health Inc. |  |  |
| 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 101500 |
| 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 24831 |
| 10.00%, 06/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD57 | &nbsp;&nbsp; 60627 |
| 11.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 20949 |
| Molina Healthcare Inc., 6.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29189 |
| Prime Healthcare Services Inc., 9.38%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18937 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 35731 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 50185 |
| Surgery Center Holdings Inc., 7.25%, 04/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD277 | &nbsp;&nbsp; 285009 |
| Tenet Healthcare Corp., 6.75%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 87148 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51934 |
|  |  | &nbsp;&nbsp; 1787884 |
| **Holding Companies - Diversified — 0.8%** | **Holding Companies - Diversified — 0.8%** | **Holding Companies - Diversified — 0.8%** |
| Apollo Debt Solutions BDC |  |  |
| 5.88%, 08/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25285 |
| 6.55%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11424 |
| 6.70%, 07/29/31 | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14736 |
| Ares Strategic Income Fund |  |  |
| 5.15%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 32361 |
| 5.60%, 02/15/30 | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18121 |
| 5.80%, 09/09/30<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31265 |
| Bain Capital Specialty Finance Inc., 5.95%, <br> 03/15/30<sup>(c)</sup><br>| &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10964 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 | &nbsp;&nbsp; USD65 | &nbsp;&nbsp; 65922 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 47018 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15492 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; $16357 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 37788 |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 5.25%, 05/15/27 | &nbsp;&nbsp; USD171 | &nbsp;&nbsp; 168042 |
| 9.75%, 01/15/29 | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 58206 |
| 10.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 49179 |
|  |  | &nbsp;&nbsp; 602160 |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co.<br>|  |  |
| 4.63%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 36869 |
| 6.88%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23020 |
| Beazer Homes USA Inc., 5.88%, 10/15/27 | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15976 |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD136 | &nbsp;&nbsp; 130449 |
| Century Communities Inc., 6.63%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 32902 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12270 |
| K Hovnanian Enterprises Inc. |  |  |
| 8.00%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 113410 |
| 8.38%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 63472 |
| LGI Homes Inc., 7.00%, 11/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 34547 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 25221 |
| New Home Co. Inc. (The), 9.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 84950 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29359 |
|  |  | &nbsp;&nbsp; 602445 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International Inc., 4.00%, <br> 04/15/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 37559 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands Inc., 8.50%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23596 |
| Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29<sup>(c)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17532 |
|  |  | &nbsp;&nbsp; 41128 |
| **Insurance — 5.7%** | **Insurance — 5.7%** | **Insurance — 5.7%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD155 | &nbsp;&nbsp; 152644 |
| 5.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD119 | &nbsp;&nbsp; 118670 |
| 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD159 | &nbsp;&nbsp; 159603 |
| 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10182 |
| 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD243 | &nbsp;&nbsp; 251687 |
| 7.38%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD236 | &nbsp;&nbsp; 243505 |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17384 |
| 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17329 |
| Amynta Agency Borrower Inc. and Amynta <br> Warranty Borrower Inc., 7.50%, 07/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 56667 |
| APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Inves, 7.88%, <br> 11/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39140 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD600 | &nbsp;&nbsp; 627571 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208686 |
| Corebridge Financial Inc., 6.38%, 09/15/54, (5-year <br> CMT + 2.65%)<sup>(f)</sup><br>| &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39124 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; $206137 |
| 8.13%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 206422 |
| HUB International Ltd. |  |  |
| 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD465 | &nbsp;&nbsp; 485459 |
| 7.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp; USD834 | &nbsp;&nbsp; 864376 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 6.88%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD109 | &nbsp;&nbsp; 107992 |
| 8.50%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD69 | &nbsp;&nbsp; 72466 |
| Nassau Companies of New York (The), 7.88%, <br> 07/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13258 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD515 | &nbsp;&nbsp; 532241 |
| Ryan Specialty LLC |  |  |
| 4.38%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17596 |
| 5.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 48801 |
| USI Inc./New York, 7.50%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD132 | &nbsp;&nbsp; 136667 |
|  |  | &nbsp;&nbsp; 4633607 |
| **Internet — 2.9%** | **Internet — 2.9%** | **Internet — 2.9%** |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 21152 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | &nbsp;&nbsp; USD1,613 | &nbsp;&nbsp; 1720599 |
| Getty Images Inc. |  |  |
| 10.50%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24196 |
| 11.25%, 02/21/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 28785 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 11784 |
| 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 32001 |
| 6.13%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96645 |
| Meta Platforms Inc., 4.88%, 11/15/35 | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 105464 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 122717 |
| 6.88%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD153 | &nbsp;&nbsp; 155738 |
|  |  | &nbsp;&nbsp; 2319081 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD112 | &nbsp;&nbsp; 112188 |
| Carpenter Technology Corp., 7.63%, 03/15/30 | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51511 |
| Cleveland-Cliffs Inc., 6.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD70 | &nbsp;&nbsp; 71884 |
|  |  | &nbsp;&nbsp; 235583 |
| **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** |
| Carnival Corp. |  |  |
| 5.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29791 |
| 5.88%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 35064 |
| 6.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 126834 |
| Carnival PLC, 4.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117884 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD57 | &nbsp;&nbsp; 58053 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 35933 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 7996 |
| 6.25%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD190 | &nbsp;&nbsp; 192170 |
| 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD57 | &nbsp;&nbsp; 58571 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 32173 |
| 10.75%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 53200 |
| 11.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 54810 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD166 | &nbsp;&nbsp; 168750 |
| 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 78209 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD17 | &nbsp;&nbsp; $16983 |
|  |  | &nbsp;&nbsp; 1066421 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Hilton Domestic Operating Co. Inc. |  |  |
| 5.75%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 9169 |
| 5.88%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 48176 |
| 6.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23734 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 196350 |
| MGM Resorts International, 6.13%, 09/15/29 | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51923 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 35436 |
| 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 54884 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; USD392 | &nbsp;&nbsp; 391412 |
|  |  | &nbsp;&nbsp; 811084 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| ATS Corp., 4.13%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 37694 |
| Chart Industries Inc., 7.50%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29201 |
| Esab Corp., 6.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24561 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 216960 |
| Manitowoc Co. Inc. (The), 9.25%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19968 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 7851 |
| 6.25%, 10/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD72 | &nbsp;&nbsp; 73022 |
| TK Elevator U.S. Newco Inc., 5.25%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD375 | &nbsp;&nbsp; 374568 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 41376 |
|  |  | &nbsp;&nbsp; 825201 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| Amsted Industries Inc., 6.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19664 |
| Axon Enterprise Inc., 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16538 |
| Enpro Inc., 6.13%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25574 |
|  |  | &nbsp;&nbsp; 61776 |
| **Media — 3.7%** | **Media — 3.7%** | **Media — 3.7%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 117665 |
| 4.25%, 01/15/34<sup>(a)(c)</sup> | &nbsp;&nbsp; USD281 | &nbsp;&nbsp; 235962 |
| 4.50%, 05/01/32 | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 10673 |
| 4.50%, 06/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 9537 |
| 4.75%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 19968 |
| 4.75%, 02/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD59 | &nbsp;&nbsp; 53414 |
| 6.38%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19150 |
| 7.38%, 03/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD262 | &nbsp;&nbsp; 265941 |
| CSC Holdings LLC |  |  |
| 5.50%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD213 | &nbsp;&nbsp; 197639 |
| 11.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 175477 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 106366 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD67 | &nbsp;&nbsp; 67003 |
| 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 55769 |
| DISH DBS Corp. |  |  |
| 5.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD162 | &nbsp;&nbsp; 159394 |
| 5.75%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD176 | &nbsp;&nbsp; 169113 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD282 | &nbsp;&nbsp; 296885 |
| Gray Media Inc. |  |  |
| 7.25%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD153 | &nbsp;&nbsp; 149797 |
| 9.63%, 07/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD68 | &nbsp;&nbsp; 68335 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 14009 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 41762 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Sinclair Television Group Inc., 8.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD151 | &nbsp;&nbsp; $153883 |
| Sirius XM Radio LLC |  |  |
| 3.13%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 70422 |
| 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24298 |
| 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 55870 |
| Univision Communications Inc. |  |  |
| 8.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 205889 |
| 8.50%, 07/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD88 | &nbsp;&nbsp; 90007 |
| 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD98 | &nbsp;&nbsp; 103446 |
| Versant Media Group Inc., 7.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40773 |
|  |  | &nbsp;&nbsp; 2978447 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Advanced Drainage Systems Inc., 6.38%, <br> 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15281 |
| **Mining — 1.9%** | **Mining — 1.9%** | **Mining — 1.9%** |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26559 |
| 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD219 | &nbsp;&nbsp; 243400 |
| Constellium SE, 6.38%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 257134 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 53646 |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 211178 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD162 | &nbsp;&nbsp; 154576 |
| 4.63%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 26980 |
| 5.88%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD85 | &nbsp;&nbsp; 84689 |
| New Gold Inc., 6.88%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 94117 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; 76055 |
| 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11595 |
| 6.38%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD249 | &nbsp;&nbsp; 252281 |
| 6.88%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 60206 |
|  |  | &nbsp;&nbsp; 1552416 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Zebra Technologies Corp., 6.50%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 36272 |
| **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 48761 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 14956 |
| 6.63%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26465 |
| Baytex Energy Corp., 7.38%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 29541 |
| Caturus Energy LLC, 8.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD185 | &nbsp;&nbsp; 188578 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18381 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD113 | &nbsp;&nbsp; 117508 |
| Civitas Resources Inc. |  |  |
| 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12399 |
| 8.75%, 07/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29814 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13554 |
| Comstock Resources Inc. |  |  |
| 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 69475 |
| 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD147 | &nbsp;&nbsp; 145695 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD138 | &nbsp;&nbsp; 133797 |
| 8.38%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 74333 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 27603 |
| Gulfport Energy Operating Corp., 6.75%, <br> 09/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 22462 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD42 | &nbsp;&nbsp; $41215 |
| 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1 | &nbsp;&nbsp; 949 |
| 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 37050 |
| 7.25%, 02/15/35<sup>(a)(c)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22155 |
| 8.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51722 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21292 |
| Matador Resources Co. |  |  |
| 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29267 |
| 6.88%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26495 |
| Nabors Industries Inc., 7.38%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30419 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 9341 |
| Northern Oil & Gas Inc., 7.88%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD89 | &nbsp;&nbsp; 86686 |
| Parkland Corp., 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31648 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35159 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17015 |
| 6.25%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 83429 |
| 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41498 |
| Sunoco LP |  |  |
| 5.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24016 |
| 5.88%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 23996 |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27570 |
| 7.88%, , (5-year CMT + 4.23%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD399 | &nbsp;&nbsp; 405185 |
| TGNR Intermediate Holdings LLC, 5.50%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 46533 |
| Transocean International Ltd. |  |  |
| 7.88%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41194 |
| 8.25%, 05/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 46269 |
| 8.50%, 05/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24820 |
| 8.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37776 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 2496 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 53188 |
| Vital Energy Inc. |  |  |
| 7.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD79 | &nbsp;&nbsp; 74762 |
| 9.75%, 10/15/30<sup>(c)</sup> | &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 84310 |
| Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD77 | &nbsp;&nbsp; 76843 |
|  |  | &nbsp;&nbsp; 2507620 |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD92 | &nbsp;&nbsp; 92392 |
| 6.63%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 126412 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27554 |
| Kodiak Gas Services LLC |  |  |
| 6.50%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD98 | &nbsp;&nbsp; 100424 |
| 6.75%, 10/01/35<sup>(a)(c)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 126667 |
| 7.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 93459 |
| Oceaneering International Inc., 6.00%, 02/01/28 | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27231 |
| Tidewater Inc., 9.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 36289 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |
| 6.25%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 143549 |
| 7.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD77 | &nbsp;&nbsp; 79529 |
| Weatherford International Ltd., 6.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD140 | &nbsp;&nbsp; 143075 |
|  |  | &nbsp;&nbsp; 996581 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, <br> 09/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD349 | &nbsp;&nbsp; $325376 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc., 4.13%, 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 184000 |
| Ball Corp., 5.50%, 09/15/33 | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27328 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28112 |
| 6.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD188 | &nbsp;&nbsp; 188639 |
| 6.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 144428 |
| 8.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13027 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD86 | &nbsp;&nbsp; 87159 |
| LABL Inc. |  |  |
| 5.88%, 11/01/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 12832 |
| 8.63%, 10/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 17999 |
| 9.50%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 69340 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD542 | &nbsp;&nbsp; 543424 |
| 9.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 44433 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11825 |
| 6.50%, 07/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10348 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6298 |
| Silgan Holdings Inc., 4.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 116018 |
|  |  | &nbsp;&nbsp; 1830586 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD691 | &nbsp;&nbsp; 722309 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 30405 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 25480 |
| 11.00%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD267 | &nbsp;&nbsp; 279880 |
| Option Care Health Inc., 4.38%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 28953 |
| Teva Pharmaceutical Finance Netherlands III BV, <br> 3.15%, 10/01/26<br>| &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 105194 |
|  |  | &nbsp;&nbsp; 1192221 |
| **Pipelines — 4.2%** | **Pipelines — 4.2%** | **Pipelines — 4.2%** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 6.63%, 02/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41411 |
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., 7.00%, 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD59 | &nbsp;&nbsp; 61207 |
| Buckeye Partners LP |  |  |
| 5.60%, 10/15/44 | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 25818 |
| 6.75%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10437 |
| 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 5178 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22016 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 247344 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp., 7.38%, 06/30/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 48697 |
| Enbridge Inc. |  |  |
| 7.20%, 06/27/54, (5-year CMT + 2.97%)<sup>(f)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29905 |
| 7.38%, 03/15/55, (5-year CMT + 3.12%)<sup>(f)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 34003 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54, (5-year CMT + 2.83%)<sup>(f)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 46507 |
| 8.00%, 05/15/54, (5-year CMT + 4.02%)<sup>(f)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 64051 |
| Series G, 7.13%, (5-year CMT + 5.31%)<sup>(e)(f)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 59672 |
| Series H, 6.50%, (5-year CMT + 5.69%)<sup>(e)(f)</sup> | &nbsp;&nbsp; USD63 | &nbsp;&nbsp; 63265 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.88%, 05/15/32 | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; 85489 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 8.00%, 05/15/33 | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; $18590 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19269 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18654 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 18506 |
| 6.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 40412 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.63%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 55648 |
| 7.38%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14670 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD138 | &nbsp;&nbsp; 133663 |
| Kinetik Holdings LP, 5.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15112 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 85990 |
| 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 95094 |
| Northriver Midstream Finance LP, 6.75%, <br> 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27515 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 32844 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22861 |
| 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD160 | &nbsp;&nbsp; 164719 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16738 |
| Venture Global LNG Inc. |  |  |
| 8.38%, 06/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD121 | &nbsp;&nbsp; 124223 |
| 9.00%, (5-year CMT + 5.44%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp; USD655 | &nbsp;&nbsp; 612206 |
| 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD212 | &nbsp;&nbsp; 228168 |
| 9.88%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD126 | &nbsp;&nbsp; 134587 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 149786 |
| 6.75%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD378 | &nbsp;&nbsp; 400344 |
| 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 60483 |
| 7.75%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 69962 |
|  |  | &nbsp;&nbsp; 3405044 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31249 |
| Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp., 9.75%, 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 22866 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 44991 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17374 |
| Howard Hughes Corp. (The), 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 32998 |
|  |  | &nbsp;&nbsp; 149478 |
| **Real Estate Investment Trusts — 2.3%** | **Real Estate Investment Trusts — 2.3%** | **Real Estate Investment Trusts — 2.3%** |
| Arbor Realty SR Inc., 7.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24422 |
| Blackstone Mortgage Trust Inc., 3.75%, <br> 01/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD44 | &nbsp;&nbsp; 43172 |
| Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD53 | &nbsp;&nbsp; 52208 |
| Diversified Healthcare Trust, 7.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26261 |
| Iron Mountain Inc. |  |  |
| 4.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115697 |
| 5.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 6967 |
| 5.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD64 | &nbsp;&nbsp; 63977 |
| 6.25%, 01/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 37841 |
| Iron Mountain Information Management <br> Services Inc., 5.00%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 28999 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Millrose Properties Inc. |  |  |
| 6.25%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; $114545 |
| 6.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 107382 |
| MPT Operating Partnership LP/MPT Finance <br> Corp., 8.50%, 02/15/32<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD287 | &nbsp;&nbsp; 300685 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 7.00%, <br> 02/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 48131 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18172 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17708 |
| 6.50%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 46293 |
| 6.50%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD168 | &nbsp;&nbsp; 173396 |
| RLJ Lodging Trust, 4.00%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 18886 |
| SBA Communications Corp., 3.13%, 02/01/29 | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 40648 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; 100494 |
| 8.63%, 11/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD278 | &nbsp;&nbsp; 293245 |
| 8.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; USD86 | &nbsp;&nbsp; 84872 |
| Starwood Property Trust Inc. |  |  |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24511 |
| 6.50%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18721 |
| 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 34334 |
| 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 31596 |
| XHR LP, 6.63%, 05/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18373 |
|  |  | &nbsp;&nbsp; 1891536 |
| **Retail — 2.5%** | **Retail — 2.5%** | **Retail — 2.5%** |
| Advance Auto Parts Inc., 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27243 |
| Asbury Automotive Group Inc., 5.00%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22148 |
| Boots Group Finco LP, 5.38%, 08/31/32<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119345 |
| Burger King (Restaurant Brands <br> International Inc.)/New Red Finance Inc.<br>|  |  |
| 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 40652 |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11846 |
| Carvana Co. |  |  |
| 9.00%, 06/01/30, (9.00% Cash)<sup>(a)(d)</sup> | &nbsp;&nbsp; USD129 | &nbsp;&nbsp; 135103 |
| 9.00%, 06/01/31, (9.00% Cash)<sup>(a)(d)</sup> | &nbsp;&nbsp; USD361 | &nbsp;&nbsp; 401657 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 39434 |
| Ferrellgas LP/Ferrellgas Finance Corp., 9.25%, <br> 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35316 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc.<br>|  |  |
| 4.63%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 48796 |
| 6.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 29662 |
| Group 1 Automotive Inc., 6.38%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24480 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16549 |
| 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26303 |
| Lithia Motors Inc., 5.50%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 33057 |
| Park River Holdings Inc., 8.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 35001 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD208 | &nbsp;&nbsp; 215333 |
| Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 8375 |
| Staples Inc., 10.75%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 34887 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 34104 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp; USD328 | &nbsp;&nbsp; 328003 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| White Cap Supply Holdings LLC, 7.38%, <br> 11/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD310 | &nbsp;&nbsp; $313581 |
|  |  | &nbsp;&nbsp; 1980875 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Amkor Technology Inc., 5.88%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15259 |
| **Software — 4.1%** | **Software — 4.1%** | **Software — 4.1%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD692 | &nbsp;&nbsp; 677443 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 5976 |
| Capstone Borrower Inc., 8.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD310 | &nbsp;&nbsp; 316275 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD102 | &nbsp;&nbsp; 83785 |
| Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 11719 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 144079 |
| 8.25%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD213 | &nbsp;&nbsp; 223823 |
| 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD553 | &nbsp;&nbsp; 571990 |
| CoreLogic Inc., 4.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD257 | &nbsp;&nbsp; 248251 |
| CoreWeave Inc., 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD44 | &nbsp;&nbsp; 44428 |
| Elastic NV, 4.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 46268 |
| Electronic Arts Inc., 2.95%, 02/15/51<sup>(c)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 29208 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD109 | &nbsp;&nbsp; 110315 |
| Fair Isaac Corp. |  |  |
| 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 58803 |
| 6.00%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD185 | &nbsp;&nbsp; 188311 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 16257 |
| SS&C Technologies Inc., 6.50%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD67 | &nbsp;&nbsp; 69461 |
| Twilio Inc., 3.63%, 03/15/29 | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 47066 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD402 | &nbsp;&nbsp; 413802 |
| ZoomInfo Technologies LLC/ZoomInfo Finance <br> Corp., 3.88%, 02/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 31127 |
|  |  | &nbsp;&nbsp; 3338387 |
| **Telecommunications — 6.2%** | **Telecommunications — 6.2%** | **Telecommunications — 6.2%** |
| Altice Financing SA, 5.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD280 | &nbsp;&nbsp; 203706 |
| Altice France SA |  |  |
| 6.50%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 18122 |
| 6.50%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD204 | &nbsp;&nbsp; 195340 |
| 6.88%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13007 |
| 6.88%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD173 | &nbsp;&nbsp; 166115 |
| CommScope LLC, 4.75%, 09/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; 113645 |
| Digicel International Finance Ltd., 8.63%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199500 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75% PIK)<sup>(d)</sup> | &nbsp;&nbsp; USD594 | &nbsp;&nbsp; 613010 |
| Series ., 10.75%, 11/30/29 | &nbsp;&nbsp; USD155 | &nbsp;&nbsp; 170568 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD132 | &nbsp;&nbsp; 131825 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51165 |
| 6.00%, 01/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 66927 |
| 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31312 |
| 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD140 | &nbsp;&nbsp; 147796 |
| 8.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD180 | &nbsp;&nbsp; 188299 |
| Iliad Holding SAS, 7.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 204674 |
| Level 3 Financing Inc. |  |  |
| 3.63%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 15279 |
| 3.88%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 28670 |
| 4.00%, 04/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 10545 |
| 4.50%, 04/01/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 120134 |
| 4.88%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD159 | &nbsp;&nbsp; 151566 |
| 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; USD445 | &nbsp;&nbsp; 455897 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 7.00%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD492 | &nbsp;&nbsp; $505482 |
| Lumen Technologies Inc., 10.00%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 60316 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 58140 |
| Viavi Solutions Inc., 3.75%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 49027 |
| Vmed O2 U.K. Financing I PLC, 4.75%, <br> 07/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 185099 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 70871 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD323 | &nbsp;&nbsp; 329830 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD162 | &nbsp;&nbsp; 168298 |
| Zayo Group Holdings Inc. |  |  |
| 9.25%, 03/09/30, (9.25% PIK)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; USD204 | &nbsp;&nbsp; 194392 |
| 13.75%, 09/09/30, (13.75% PIK)<sup>(a)(d)</sup> | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 39507 |
|  |  | &nbsp;&nbsp; 4958064 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| Genesee & Wyoming Inc., 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 61211 |
| Rand Parent LLC, 8.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 39869 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10576 |
| Watco Companies LLC/Watco Finance Corp., <br> 7.13%, 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37294 |
|  |  | &nbsp;&nbsp; 148950 |
| **Trucking & Leasing — 0.9%** | **Trucking & Leasing — 0.9%** | **Trucking & Leasing — 0.9%** |
| FTAI Aviation Investors LLC |  |  |
| 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 58043 |
| 5.88%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD239 | &nbsp;&nbsp; 241071 |
| 7.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD131 | &nbsp;&nbsp; 137282 |
| 7.00%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD135 | &nbsp;&nbsp; 141395 |
| 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 105211 |
|  |  | &nbsp;&nbsp; 683002 |
| **Total Corporate Bonds & Notes — 84.1%** <br>**(Cost: $66,584,714)** | **Total Corporate Bonds & Notes — 84.1%** <br>**(Cost: $66,584,714)** | &nbsp;&nbsp; 67848845 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; 237955 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 79686 |
|  |  | &nbsp;&nbsp; 317641 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Cotiviti Inc., 2024 Fixed Term Loan B, 7.63%, <br> 05/01/31<br>| &nbsp;&nbsp; 222 | &nbsp;&nbsp; 217583 |
| **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $538,910)** | **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $538,910)** | &nbsp;&nbsp; 535224 |
| **Floating Rate Loan Interests** | **Floating Rate Loan Interests** | **Floating Rate Loan Interests** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Clear Channel Outdoor Holdings Inc., 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.11%), 8.08%, 08/23/28<sup>(f)</sup><br>| &nbsp;&nbsp; $104 | &nbsp;&nbsp; 103884 |
| Neptune Bidco U.S. Inc., 2022 USD Term Loan B, <br> (3-mo. CME Term SOFR + 5.00%), 9.03%, <br> 04/11/29<sup>(f)</sup><br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 47196 |
| Summer BC Holdco B SARL, 2024 USD Term <br> Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 5.26%), 9.26%, 02/15/29<sup>(f)</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 22494 |
|  |  | &nbsp;&nbsp; 173574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.43%, <br> 02/26/32<sup>(f)</sup><br>| &nbsp;&nbsp; $0 <br><sup>(g)</sup><br>| &nbsp;&nbsp; $447 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.50%), 0.00%, 02/26/32<sup>(f)</sup><br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49407 |
| Signia Aerospace LLC, 2025 Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), <br> 0.00%, 12/11/31<sup>(f)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8520 |
|  |  | &nbsp;&nbsp; 58374 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.71%, 01/28/32<sup>(f)</sup><br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54118 |
| Tenneco Inc. |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.05%, 11/17/28<sup>(f)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4116 |
| 2022 Term Loan B, (3-mo. CME Term SOFR + <br> 5.10%), 9.30%, 11/17/28<sup>(f)</sup><br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 71335 |
|  |  | &nbsp;&nbsp; 129569 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Chariot Buyer LLC, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 6.96%, 09/08/32<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8119 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.21%, <br> 07/08/30<sup>(f)</sup><br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16732 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.25%, <br> 08/05/31<sup>(f)</sup><br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22670 |
|  |  | &nbsp;&nbsp; 47521 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Advancion Holdings LLC, 2020 2nd Lien Term <br> Loan, (1-mo. CME Term SOFR + 7.75%), <br> 11.81%, 11/24/28<sup>(f)</sup><br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26100 |
| Discovery Purchaser Corp., Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), <br> 7.61%, 10/04/29<sup>(f)</sup><br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 112046 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.03%), 8.03%, <br> 07/03/28<sup>(f)</sup><br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 38201 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan <br> B2, (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.35%), 8.29%, 04/08/31<sup>(f)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8163 |
| W.R. Grace & Co.-Conn., (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 7.00%, 08/19/32<sup>(f)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24836 |
|  |  | &nbsp;&nbsp; 209346 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| AlixPartners LLP, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.96%, 08/12/32<sup>(f)</sup><br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20910 |
| Allied Universal Holdco LLC, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.35%), 7.31%, <br> 08/20/32<sup>(f)</sup><br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 73745 |
| Camelot U.S. Acquisition LLC, 2025 Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.21%, 01/31/31<sup>(f)</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40641 |
| Champions Financing Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 0.00%, 02/23/29<sup>(f)</sup><br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 38508 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Galaxy U.S. Opco Inc., Term Loan, (3-mo. CME <br> Term SOFR + 2.00%, 3.75% PIK), 9.59%, <br> 07/31/30<sup>(d)(f)</sup><br>| &nbsp;&nbsp; $51 | &nbsp;&nbsp; $46354 |
| ION Platform Finance U.S. Inc., USD Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.75%), 0.00%, 10/07/32<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24222 |
| Jupiter Buyer Inc. |  |  |
| 2024 Delayed Draw Term Loan B, 11/01/31<sup>(f)(h)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1169 |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.25%, 11/01/31<sup>(f)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9374 |
| Wand NewCo 3 Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.46%, 01/30/31<sup>(f)</sup><br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 50793 |
|  |  | &nbsp;&nbsp; 305716 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Amentum Government Services Holdings LLC, <br> 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.21%, 09/29/31<sup>(f)</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7549 |
| Atlas CC Acquisition Corp. |  |  |
| (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.51%), 8.37%, 05/25/29<sup>(f)</sup><br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 37234 |
| (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.51%), 8.37%, 05/25/29<sup>(f)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5669 |
| Fortress Intermediate 3 Inc., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.11%, 06/27/31<sup>(f)(i)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5139 |
|  |  | &nbsp;&nbsp; 55591 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Olympus Water U.S. Holding Corp., 07/23/32<sup>(h)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 75620 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Orion U.S. Finco, Inc., (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.50%), 7.43%, 10/08/32<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13057 |
| Summit Acquisition Inc., 2025 Add-on Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 0.00%, 10/16/31<sup>(f)</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19943 |
|  |  | &nbsp;&nbsp; 33000 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.50%), 7.66%, 12/02/31<sup>(f)</sup><br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47132 |
| Pinnacle Buyer LLC, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23096 |
|  |  | &nbsp;&nbsp; 70228 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.75%, 11/01/29<sup>(f)</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15230 |
| **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.96%, <br> 09/29/28<sup>(f)</sup><br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23272 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.21%, 01/15/31<sup>(f)</sup><br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110889 |
|  |  | &nbsp;&nbsp; 134161 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services — 0.2%** | **Health Care - Services — 0.2%** | **Health Care - Services — 0.2%** |
| LifePoint Health Inc. |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.75%), 0.00%, <br> 05/19/31<sup>(f)</sup><br>| &nbsp;&nbsp; $80 | &nbsp;&nbsp; $80124 |
| 2024 Incremental Term Loan B1, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.66%, <br> 05/19/31<sup>(f)</sup><br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54404 |
| Star Parent Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.00%, <br> 09/27/30<sup>(f)</sup><br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 70990 |
|  |  | &nbsp;&nbsp; 205518 |
| **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
| Acuren Delaware Holdco Inc., (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 6.71%, <br> 07/30/31<sup>(f)</sup><br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6986 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| ACP Tara Holdings Inc., 09/17/32<sup>(h)(i)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17043 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Hunter Douglas Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.25%, 01/20/32<sup>(f)</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9309 |
| SWF Holdings I Corp., (1-mo. CME Term SOFR at <br> 1.00% Floor + 4.50%), 8.46%, 12/19/29<sup>(f)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5719 |
|  |  | &nbsp;&nbsp; 15028 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 0.00%, 02/15/31<sup>(f)</sup><br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 70828 |
| Asurion LLC, 2025 Term Loan B13, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.21%, <br> 09/19/30<sup>(f)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24692 |
| Howden Group Holdings Ltd., 2024 USD Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.50%), 7.46%, 04/18/30<sup>(f)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4994 |
| OneDigital Borrower LLC, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 6.96%, 07/02/31<sup>(f)</sup><br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6979 |
| Truist Insurance Holdings LLC, 2nd Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.75%, 05/06/32<sup>(f)</sup><br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79868 |
|  |  | &nbsp;&nbsp; 187361 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| MH Sub I LLC, 2023 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.25%, <br> 05/03/28<sup>(f)</sup><br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 34660 |
| Proofpoint Inc., 08/31/28<sup>(h)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9032 |
| StubHub Holdco Sub LLC, 2024 Extended Term <br> Loan B, (1-mo. CME Term SOFR + 4.75%), <br> 8.71%, 03/15/30<sup>(f)</sup><br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29437 |
|  |  | &nbsp;&nbsp; 73129 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| City Football Group Ltd., 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.61%), <br> 7.58%, 07/22/30<sup>(f)</sup><br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32349 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.58%, 12/17/27<sup>(f)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1993 |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.58%, 12/17/27<sup>(f)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6087 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.06%, 11/15/29<sup>(f)(i)</sup><br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $8371 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.06%, 11/15/29<sup>(f)(i)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4580 |
| 2022 Term Loan B, (1-mo. CME Term SOFR + <br> 4.25%), 8.31%, 06/30/28<sup>(f)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 870 |
|  |  | &nbsp;&nbsp; 54250 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Titan Acquisition Ltd./Canada, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.75%), 0.00%, 02/15/29<sup>(f)</sup><br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; 161373 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Coral-US Co-Borrower LLC, 2025 Term Loan B7, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 7.15%, 01/31/32<sup>(f)</sup><br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34051 |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 8.50%, <br> 04/15/27<sup>(f)</sup><br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 49873 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.53%, 01/18/28<sup>(f)</sup><br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 83219 |
| Directv Financing LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.34%, 02/17/31<sup>(f)</sup><br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; 86973 |
| Gray Media Inc., 2021 Term Loan D, (1-mo. CME <br> Term SOFR + 3.00%), 7.25%, 12/01/28<sup>(f)</sup><br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17639 |
| Gray Television Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 5.25%), 9.38%, 06/04/29<sup>(f)</sup><br>| &nbsp;&nbsp; 0 <br><sup>(g)</sup><br>| &nbsp;&nbsp; 163 |
| Radiate Holdco, LLC, (1-mo. CME Term SOFR at <br> 0.00% Floor + 5.11% and 1.50% PIK), 9.08%, <br> 09/25/29<sup>(d)(f)</sup><br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 50602 |
| Versant Media Group Inc., 10/23/30<sup>(h)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22895 |
|  |  | &nbsp;&nbsp; 345415 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Stakeholder Midstream LLC, (6-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.04%, <br> 01/01/31<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42368 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Star Holding LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.46%, 07/31/31<sup>(f)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10356 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| LABL Inc., 2021 USD 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 5.10%), <br> 8.94%, 10/30/28<sup>(f)</sup><br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 27284 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| Amneal Pharmaceuticals LLC, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.46%, <br> 08/01/32<sup>(f)</sup><br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100708 |
| Endo Finance Holdings Inc., 2024 1st Lien Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.00%), 7.96%, 04/23/31<sup>(f)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24725 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 4.10%), <br> 8.10%, 10/01/27<sup>(f)</sup><br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 96080 |
|  |  | &nbsp;&nbsp; 221513 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoreLogic Inc. |  |  |
| Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.58%, 06/02/28<sup>(f)</sup><br>| &nbsp;&nbsp; $68 | &nbsp;&nbsp; $68027 |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 6.61%), 10.58%, 06/04/29<sup>(f)</sup><br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29963 |
|  |  | &nbsp;&nbsp; 97990 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Boots Group Bidco Ltd. (The), USD Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 7.70%, 08/30/32<br>| &nbsp;&nbsp; 185 | &nbsp;&nbsp; 185694 |
| White Cap Buyer LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.21%, 10/19/29<sup>(f)</sup><br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60075 |
|  |  | &nbsp;&nbsp; 245769 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Gryphon Acquire Newco LLC, (6-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.85%, <br> 09/13/32<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; 48210 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Applied Systems Inc., 2024 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.50%, 02/23/32<sup>(f)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11267 |
| AthenaHealth Group Inc., 2022 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.75%), 6.71%, 02/15/29<sup>(f)</sup><br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 153979 |
| Boxer Parent Co. Inc. |  |  |
| 2025 USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.20%, <br> 07/30/31<sup>(f)</sup><br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 86497 |
| 2024 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 5.75%), 9.95%, <br> 07/30/32<sup>(f)</sup><br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29806 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.25%, 07/06/29<sup>(f)</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16587 |
| Cloud Software Group Inc. |  |  |
| (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 0.00%, 03/21/31<sup>(f)</sup><br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 74632 |
| (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 0.00%, 08/13/32<sup>(f)</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24902 |
| Ellucian Holdings Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 6.71%, <br> 10/09/29<sup>(f)</sup><br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6989 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 4.75%), 8.71%, <br> 11/22/32<sup>(f)</sup><br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90872 |
| Finastra USA, Inc. |  |  |
| 2025 USD Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.04%, 09/15/32<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; 177718 |
| (3-mo. CME Term SOFR at 0.00% Floor + <br> 7.00%), 11.04%, 09/15/33<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26743 |
| Mitchell International Inc., 2024 1st Lien Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.21%, 06/17/31<sup>(f)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10467 |
| RealPage Inc., 2024 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 7.75%, 04/24/28<sup>(f)</sup><br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21948 |
|  |  | &nbsp;&nbsp; 732407 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| Altice France SA, 2025 USD Term Loan B14, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 6.88%), 10.86%, 05/31/31<br>| &nbsp;&nbsp; $39 | &nbsp;&nbsp; $38541 |
| CommScope Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 4.75%), 8.71%, <br> 12/17/29<sup>(f)</sup><br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 63359 |
| Delta Topco Inc., 2024 2nd Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), <br> 0.00%, 11/29/30<sup>(f)</sup><br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6952 |
| Digicel International Finance Ltd., (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.49%, <br> 08/06/32<sup>(f)</sup><br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 89316 |
| Frontier Communications Corp., 2025 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.53%, 07/01/31<sup>(f)</sup><br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21794 |
| Level 3 Financing Inc., (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.21%, 03/29/32<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 115797 |
| Windstream Services LLC |  |  |
| (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 7.96%, 10/06/32<sup>(i)</sup><br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42463 |
| 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 8.81%, 10/01/31<sup>(f)(i)</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14888 |
| Zayo Group Holdings, Inc., (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.61%), 7.58%, <br> 03/11/30<br>| &nbsp;&nbsp; 230 | &nbsp;&nbsp; 219024 |
|  |  | &nbsp;&nbsp; 612134 |
| **Total Floating Rate Loan Interests — 5.5%** <br>**(Cost: $4,414,543)** | **Total Floating Rate Loan Interests — 5.5%** <br>**(Cost: $4,414,543)** | &nbsp;&nbsp; 4412064 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Luxco Co. Ltd., NVS | &nbsp;&nbsp; 2038 | &nbsp;&nbsp; 33744 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Churchill Downs Inc. | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 47418 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Constellium SE, Class A<sup>(j)</sup> | &nbsp;&nbsp; 6664 | &nbsp;&nbsp; 104825 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| Energy Transfer LP | &nbsp;&nbsp; 8735 | &nbsp;&nbsp; 147010 |
| Enterprise Products Partners LP | &nbsp;&nbsp; 3374 | &nbsp;&nbsp; 103885 |
| MPLX LP | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 56648 |
| Plains All American Pipeline LP | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 5873 |
| Western Midstream Partners LP | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 13414 |
|  |  | &nbsp;&nbsp; 326830 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 5932 | &nbsp;&nbsp; 177901 |
| **Total Common Stocks — 0.8%** <br>**(Cost $712,531)** | **Total Common Stocks — 0.8%** <br>**(Cost $712,531)** | &nbsp;&nbsp; 690718 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 2.5%** | **Exchange Traded Funds — 2.5%** | **Exchange Traded Funds — 2.5%** |
| iShares Broad USD High Yield Corporate Bond <br> ETF<sup>(c)(k)</sup><br>| &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 1615940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Exchange Traded Funds (continued)** | **Exchange Traded Funds (continued)** | **Exchange Traded Funds (continued)** |
| SPDR Blackstone Senior Loan ETF<sup>(c)</sup> | &nbsp;&nbsp; 8800 | &nbsp;&nbsp; $365288 |
|  |  | &nbsp;&nbsp; 1981228 |
| **Total Investment Companies — 2.5%** <br>**(Cost $1,982,190)** | **Total Investment Companies — 2.5%** <br>**(Cost $1,982,190)** | &nbsp;&nbsp; 1981228 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(l)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 29448 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Shift4 Payments Inc., 6.00%<sup>(l)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 18203 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| Alliant Cali Inc., NVS, (Acquired 09/25/24, Cost <br> $327,020)<sup>(i)(m)</sup><br>| &nbsp;&nbsp; 332 | &nbsp;&nbsp; 360359 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Microchip Technology Inc., 7.50%<sup>(l)</sup> | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; 79149 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost $443,105)** | **Total Preferred Stocks — 0.6%** <br>**(Cost $443,105)** | &nbsp;&nbsp; 487159 |
| **Total Long-Term Investments — 94.9%** <br>**(Cost: $75,269,864)** | **Total Long-Term Investments — 94.9%** <br>**(Cost: $75,269,864)** | &nbsp;&nbsp; 76559143 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 13.9%** | **Money Market Funds — 13.9%** | **Money Market Funds — 13.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(k)(n)(o)</sup><br>| &nbsp;&nbsp; 7590200 | &nbsp;&nbsp; 7593995 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.05%<sup>(k)(n)</sup><br>| &nbsp;&nbsp; 3580000 | &nbsp;&nbsp; 3580000 |
| **Total Short-Term Securities — 13.9%** <br>**(Cost: $11,173,401)** | **Total Short-Term Securities — 13.9%** <br>**(Cost: $11,173,401)** | &nbsp;&nbsp; 11173995 |
| **Total Investments — 108.8%** <br>**(Cost: $86,443,265)** | **Total Investments — 108.8%** <br>**(Cost: $86,443,265)** | &nbsp;&nbsp; 87733138 |
| **Liabilities in Excess of Other Assets — (8.8)%** | **Liabilities in Excess of Other Assets — (8.8)%** | &nbsp;&nbsp; (7096933)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $80636205 |

---

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

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

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

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

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

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

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

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

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

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

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

<sup>(m)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $360,359, representing 0.5% of its net assets as of period end, and an original cost of $327,020. 

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

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

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

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $5392874 | $2202504 <br><sup>(a)</sup><br>| $— | $(1975)<br>| $592 | $7593995 | 7590200 | $25268 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1680000 | 1900000 <br><sup>(a)</sup><br>|  |  |  | 3580000 | 3580000 | 87188 |  |
| iShares Broad USD High Yield Corporate Bond <br> ETF<br>|  | 2818350 | &nbsp;&nbsp; (1201600)<br>| (640)<br>| (170)<br>| 1615940 | 43000 | 18499 |  |
|  |  |  |  | $(2615) | $422 | $12789935 |  | $130955 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Short Contracts |  |  |  |  |
| 10-Year U.S. Ultra Treasury Note | 11 | 12/19/25 | &nbsp;&nbsp; $1271 | $4414 |
| U.S. Long Bond | 6 | 12/19/25 | &nbsp;&nbsp; 705 | 3174 |
|  |  |  |  | $7588 |

---

**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>|
| USD | 759314 | EUR | 642471 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16963 |
| USD | 118135 | EUR | 100000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2589 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19552 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19552 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.45.V1 | 5.00<br> %<br>| Quarterly | 12/20/30<br> B | USD | 1945 | $152368 | $147132 | $5236 |

---

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-DAY SOFR, 4.22% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At <br> Termination<br>| BNP Paribas <br> S.A.<br>| N/A | 12/20/25 | USD | 3230 | $206054 | $(35252)<br>| $241306 |
| 1-DAY SOFR, 4.22% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 21 | 1189 | (191)<br>| 1380 |
| 1-DAY SOFR, 4.22% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 14 | 887 | (141)<br>| 1028 |
| 1-DAY SOFR, 4.22% | Quarterly | Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 1050 | 9436 | (4559)<br>| 13995 |
|  |  |  |  |  |  |  |  |  | $217566 | $(40143)<br>| $257709 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps | &nbsp;&nbsp; $147132 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5236 | &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40143)<br>| &nbsp;&nbsp;&nbsp; 257709 | &nbsp;&nbsp;&nbsp; — |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7588 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19552 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5236 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $257709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $257709 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19552 | &nbsp;&nbsp; $265297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290085 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40143 |

---

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

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

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12992 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12992 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12358)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12358)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 58834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 296362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355196 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12358)<br>| &nbsp;&nbsp; $309354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355830 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(261)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(261)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19552 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (61126)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (60790)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19552 | &nbsp;&nbsp; $(61387)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41499)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — short | &nbsp;&nbsp; $493953 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $28628 |
| Average amounts sold — in USD | &nbsp;&nbsp; $364615 |
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp; $1899115 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $5315000 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $767 | &nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 19552 | &nbsp;&nbsp;&nbsp; — |
| Swaps - centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1689 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 257709 | &nbsp;&nbsp;&nbsp; 40143 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 278028 | &nbsp;&nbsp;&nbsp; 41832 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (767)<br>| &nbsp;&nbsp;&nbsp; (1689)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $277261 | &nbsp;&nbsp;&nbsp; $40143 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| BNP Paribas S.A. | &nbsp;&nbsp; $241306 | &nbsp;&nbsp; $(35252)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206054 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 33366 | &nbsp;&nbsp; (4891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28475 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares High Yield Active ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)(d)</sup><br>|
| UBS AG | &nbsp;&nbsp; $2589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2589 |
|  | &nbsp;&nbsp; $277261 | &nbsp;&nbsp; $(40143)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $237118 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| BNP Paribas S.A. | &nbsp;&nbsp; $35252 | &nbsp;&nbsp; $(35252)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 4891 | &nbsp;&nbsp; (4891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $40143 | &nbsp;&nbsp; $(40143)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $603905 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $603905 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 67848845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67848845 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 535224 | &nbsp;&nbsp; — | &nbsp;&nbsp; 535224 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 4319580 | &nbsp;&nbsp; 92484 | &nbsp;&nbsp; 4412064 |
| Common Stocks | &nbsp;&nbsp; 656974 | &nbsp;&nbsp; 33744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 690718 |
| Investment Companies | &nbsp;&nbsp; 1981228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1981228 |
| Preferred Stocks | &nbsp;&nbsp; 126800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 360359 | &nbsp;&nbsp; 487159 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11173995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11173995 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (31)<br>|
|  | &nbsp;&nbsp; $13938997 | &nbsp;&nbsp; $73341308 | &nbsp;&nbsp; $452843 | &nbsp;&nbsp; $87733148 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5236 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 19552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19552 |
| Interest Rate Contracts | &nbsp;&nbsp; 7588 | &nbsp;&nbsp; 257709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265297 |
|  | &nbsp;&nbsp; $7588 | &nbsp;&nbsp; $282497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290085 |

---

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

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities

October 31, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>High Yield <br> Active ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $74943203 |
| Investments, at value—affiliated<sup>(c)</sup> | 12789935 |
| Cash pledged: |  |
| Futures contracts | 56000 |
| Centrally cleared swaps | 159238 |
| Foreign currency, at value<sup>(d)</sup> | 1931 |
| Receivables: |  |
| Investments sold | 413177 |
| Securities lending income—affiliated | 1657 |
| Loans | 4973 |
| Dividends—unaffiliated | 2620 |
| Dividends—affiliated | 14864 |
| Interest—unaffiliated | 1111903 |
| Variation margin on futures contracts | 767 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | 19552 |
| OTC swaps | 257709 |
| Unfunded floating rate loan interests | 41 |
| Total assets | 89777570 |
| **LIABILITIES** |  |
| Bank overdraft | 3870 |
| Collateral on securities loaned, at value | 7595594 |
| Payables: |  |
| Investments purchased | 1470837 |
| Investment advisory fees | 29201 |
| Variation margin on centrally cleared swaps | 1689 |
| Swap premiums received | 40143 |
| Unrealized depreciation on unfunded floating rate loan interests | 31 |
| Total liabilities | 9141365 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $80636205 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $77963605 |
| Accumulated earnings | 2672600 |
| NET ASSETS | $80636205 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 1550000 |
| Net asset value | $52.02 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $73653754 |
| <sup>(b)</sup> Securities loaned, at value | $7322306 |
| <sup>(c)</sup> Investments, at cost—affiliated | $12789511 |
| <sup>(d)</sup> Foreign currency, at cost | $1972 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended October 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>High Yield <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $57717 |
| Dividends—affiliated | &nbsp;&nbsp; 105687 |
| Interest—unaffiliated | &nbsp;&nbsp; 6354989 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 25268 |
| Other income—unaffiliated | &nbsp;&nbsp; 1221 |
| Total investment income | &nbsp;&nbsp; 6544882 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 403551 |
| Commitment costs | &nbsp;&nbsp; 197 |
| Total expenses | &nbsp;&nbsp; 403748 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (2070)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 401678 |
| Net investment income | &nbsp;&nbsp; 6143204 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 799865 |
| Investments—affiliated | &nbsp;&nbsp; (2615)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (12358)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (3147)<br>|
| Futures contracts | &nbsp;&nbsp; 12992 |
| Swaps | &nbsp;&nbsp; 355196 |
|  | &nbsp;&nbsp; 1149933 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 159074 |
| Investments—affiliated | &nbsp;&nbsp; 422 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 19552 |
| Foreign currency translations | &nbsp;&nbsp; (174)<br>|
| Futures contracts | &nbsp;&nbsp; (261)<br>|
| Swaps | &nbsp;&nbsp; (60790)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; 12 |
|  | &nbsp;&nbsp; 117835 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1267768 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $7410972 |

---

*See notes to financial statements.*

Statement of Operations

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>High Yield Active ETF  | iShares <br>High Yield Active ETF  |
|  | Year Ended <br>10/31/25<br>| &nbsp;&nbsp; Period From <br>06/17/24<sup>(a)</sup> <br>to 10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $6143204 | &nbsp;&nbsp;&nbsp; $2608894 |
| Net realized gain | &nbsp;&nbsp; 1149933 | &nbsp;&nbsp;&nbsp; 215232 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 117835 | &nbsp;&nbsp;&nbsp; 1461959 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 7410972 | &nbsp;&nbsp;&nbsp; 4286085 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (6808325)<br>| &nbsp;&nbsp;&nbsp; (1900862)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (22701665)<br>| &nbsp;&nbsp;&nbsp; 100350000 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (22099018)<br>| &nbsp;&nbsp;&nbsp; 102735223 |
| Beginning of period | &nbsp;&nbsp; 102735223 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $80636205 | &nbsp;&nbsp;&nbsp; $102735223 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | iShares High Yield Active ETF  | iShares High Yield Active ETF  |
|  | Year Ended <br>10/31/25<br>| &nbsp;&nbsp; Period From <br>06/17/24<sup>(a)</sup> <br>to 10/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 3.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net realized and unrealized gain<sup>(c)</sup> | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net increase from investment operations | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Distributions**<sup>(d)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| From net realized gain | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $52.02 | &nbsp;&nbsp;&nbsp; $51.37 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | 9.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(h)</sup><br>|
| Net investment income | 6.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.81 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $80636 | &nbsp;&nbsp;&nbsp; $102735 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Trust is organized as a Delaware statutory trust. iShares High Yield Active ETF (the "Fund") is a series of the Trust. The Fund is classified as non-diversified fund under the 1940 Act.

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

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

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

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

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

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

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

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

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

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

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

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

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

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

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

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| iShares High Yield Active ETF |  |  |  |  |
| BMO Capital Markets | &nbsp;&nbsp; $73280 | &nbsp;&nbsp;&nbsp; $(73280) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas Prime Brokerage International Ltd. | &nbsp;&nbsp; 408167 | &nbsp;&nbsp;&nbsp; (408167) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 29778 | &nbsp;&nbsp;&nbsp; (29778) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 3132503 | &nbsp;&nbsp;&nbsp; (3132503) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 79504 | &nbsp;&nbsp;&nbsp; (79504) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 271761 | &nbsp;&nbsp;&nbsp; (271761) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank Financial Inc. | &nbsp;&nbsp; 108367 | &nbsp;&nbsp;&nbsp; (108367) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 492550 | &nbsp;&nbsp;&nbsp; (492550) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 826257 | &nbsp;&nbsp;&nbsp; (826257) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA) Inc | &nbsp;&nbsp; 369494 | &nbsp;&nbsp;&nbsp; (369494) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Prime Services LLC | &nbsp;&nbsp; 10232 | &nbsp;&nbsp;&nbsp; (10232) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 122170 | &nbsp;&nbsp;&nbsp; (122170) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 390962 | &nbsp;&nbsp;&nbsp; (390962) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, N.A. | &nbsp;&nbsp; 15584 | &nbsp;&nbsp;&nbsp; (15584) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 991697 | &nbsp;&nbsp;&nbsp; (991697) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7322306 | &nbsp;&nbsp;&nbsp; $(7322306) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

(depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| iShares High Yield Active ETF | Jupiter Buyer Inc. | &nbsp;&nbsp;&nbsp; $1081 | &nbsp;&nbsp;&nbsp; $1079 | &nbsp;&nbsp;&nbsp; $1087 | &nbsp;&nbsp;&nbsp; $8 |
|  | Kaman Corp. | &nbsp;&nbsp;&nbsp; 4214 | &nbsp;&nbsp;&nbsp; 4208 | &nbsp;&nbsp;&nbsp; 4224 | &nbsp;&nbsp;&nbsp; 16 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;&nbsp; 4425 | &nbsp;&nbsp;&nbsp; 4425 | &nbsp;&nbsp;&nbsp; 4441 | &nbsp;&nbsp;&nbsp; 17 |
|  | SWF Holdings I Corp. | &nbsp;&nbsp;&nbsp; 7655 | &nbsp;&nbsp;&nbsp; 7655 | &nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $10 |

---

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

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

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

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

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty ("CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

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

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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

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

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

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $5 billion | 0.45% |
| Over 5 billion, up to and including $10 billion | 0.44 |
| Over $10 billion | 0.42 |

---

**Expense Waivers:** BFA has contractually agreed to waive a portion of its management fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2026. BFA has also contractually agreed to waive a portion of its management fees to the Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30, 2026. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

For the year ended October 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| iShares High Yield Active ETF | &nbsp;&nbsp; $2070 |

---

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

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

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

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended October 31, 2025, the Fund paid BTC $7,951 for securities lending agent services.

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

***7. PURCHASES AND SALES***

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| iShares High Yield Active ETF | &nbsp;&nbsp; $67963405 | &nbsp;&nbsp;&nbsp; $92384985 |

---

There were no in-kind transactions for the year ended October 31, 2025.

***8. INCOME TAX INFORMATION***

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

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2025, permanent differences attributable to distributions in connection with fund share redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $315270 | &nbsp;&nbsp;&nbsp; $(315270) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*10/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*10/31/24*<br>|
| iShares High Yield Active ETF |  |  |
| Ordinary income | &nbsp;&nbsp; $6808325 | &nbsp;&nbsp;&nbsp; $1900862 |

---

As of October 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(a)</sup> <br>| *Total* |
| iShares High Yield Active ETF | &nbsp;&nbsp; $943413 | &nbsp;&nbsp;&nbsp; $479614 | &nbsp;&nbsp;&nbsp; $1249573 | &nbsp;&nbsp;&nbsp; $2672600 |

---

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

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain foreign currency contracts and futures contracts, the accounting for swap agreements and the amortization methods for premiums and discounts on fixed income securities. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $86488637 | &nbsp;&nbsp;&nbsp; $1694171 | &nbsp;&nbsp;&nbsp; $(444434) | &nbsp;&nbsp;&nbsp; $1249737 |

---

***9. LINE OF CREDIT***

The Trust, on behalf of the Funds , along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. The Fund paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended October 31, 2025, the Fund did not borrow under the credit agreement.

***10. PRINCIPAL RISKS***

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

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

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

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

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

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

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

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

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

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

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

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

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

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | Year Ended <br>10/31/25 | Period Ended <br>10/31/24<sup>(a)</sup>  | Period Ended <br>10/31/24<sup>(a)</sup>  |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| iShares High Yield Active ETF |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $20773571 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; $100350000 |
| Shares redeemed | &nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (43475236)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; $(22701665)<br>| &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; $100350000 |

---

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

<sup>(a)</sup> The Fund commenced operations on June 17, 2024.

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

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

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

As of October 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

<u> *Fund Name* </u> <u> *Shares* </u> <br> iShares High Yield Active ETF 1,000,000

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

***12. SUBSEQUENT EVENTS***

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock ETF Trust II and Shareholders of iShares High Yield Active ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares High Yield Active ETF (one of the funds constituting BlackRock ETF Trust II, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2025 and for the period June 17, 2024 (commencement of operations) through October 31, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year ended October 31, 2025, and the changes in its net assets and the financial highlights for the year ended October 31, 2025 and for the period June 17, 2024 (commencement of operations) through October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, agent banks, portfolio company and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $147177 |

---

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend* <br>*Income*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $39949 |

---

The following amount, or maximum amount allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business* <br>*Income*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $5124 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation* <br>*Interest*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $38664 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended October 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received* <br>*Deduction*<br>|
| iShares High Yield Active ETF | 0.57<br> %<br>|

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
| iShares High Yield Active ETF | &nbsp;&nbsp; $5670965 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Interest-Related* <br>*Dividends*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Qualified Short-Term* <br>*Capital Gains*<br>|
| iShares High Yield Active ETF | &nbsp;&nbsp; $4795137 | &nbsp;&nbsp;&nbsp;&nbsp; $532695 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery** 

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

**Fund and Service Providers** 

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock Fund Advisors <br>San Francisco, CA 94105<br>| PricewaterhouseCoopers LLP <br>Philadelphia, PA 19103<br>|
| **Sub-Adviser** | **Legal Counsel** |
| BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom<br>| Willkie Farr & Gallagher LLP <br>New York, NY 10019<br>|
| **Administrator, Custodian and Transfer Agent** | **Address of the Trust** |
| State Street Bank and Trust Company <br>Boston, MA, 02114<br>| 100 Bellevue Parkway <br>Wilmington, DE 19809<br>|
| **Distributor** |  |
| BlackRock Investments, LLC <br>New York, NY 10001<br>|  |

---

Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust II (the "Trust") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares High Yield Active ETF (the "Fund"), and BlackRock Fund Advisors (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock International Limited (the "Sub-Advisor"), with respect to the Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements."

***The Approval Process***

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

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

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

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

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

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

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

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

*B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investment Performance of the Fund*

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

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

The Board noted that for the since-inception period reported, the Fund ranked in the second quartile against its Performance Peers.

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

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

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

net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

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

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

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

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

*D.&nbsp;&nbsp;&nbsp;&nbsp; Economies of Scale*

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

*E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Factors Deemed Relevant by the Board Members*

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

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

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

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to

2025 BlackRock Annual Financial Statements and Additional Information

------

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

approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

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

---

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

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Want to know more?

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

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

![](g27254img1ddd7d772.gif)

![](g27254img9934a84e3.gif)

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

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

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

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

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

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

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

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

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Item 16 – Controls and Procedures

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

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

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

[(a)(3) Section 302 Certifications are attached](d27254dex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d27254dex99906cert.htm)

------

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

BlackRock ETF Trust II

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

---

Date: December 22, 2025

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

---

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

---

Date: December 22, 2025

---

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

---

Date: December 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

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

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 22, 2025

---

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

---

------

**EX-99. CERT** 

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

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 22, 2025

---

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

---

## Exhibit 99.906

Exhibit 99.906CERT

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

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

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

Date: December 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

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

Date: December 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

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