# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-26-005905
**Filing Date:** 2026-1
**Character Count:** 298692
**Document Hash:** 4a7c2c8a657c2e486b2afe7742cccac6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005905.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005905

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 19

**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:** 26514829

**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 Global Government Bond USD Hedged Active ETF (Series ID: S000092377)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000260349 | iShares Global Government Bond USD Hedged Active ETF |  |

### iShares Emerging Markets Bond Active ETF (Series ID: S000094754)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263289 | iShares Emerging Markets Bond 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 Emerging Markets Bond Active ETF <br> iShares Global Government Bond USD Hedged 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](g30712images_5512.jpg)

### iShares Emerging Markets Bond Active ETF

### BREM \| NASDAQ

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

------

This annual shareholder report contains important information about iShares Emerging Markets Bond Active ETF (the "Fund") for the period of October 15, 2025 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Emerging Markets Bond Active ETF | $2(a) | 0.50%(b) |

---

---

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

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$35544918 |
| Number of Portfolio Holdings | &nbsp;&nbsp;165 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$7641 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AA/Aa | 9.4% |
| A | 6.4% |
| BBB/Baa | 38.5% |
| BB/Ba | 22.2% |
| B | 11.8% |
| CCC/Caa | 8.1% |
| C | 0.6% |
| N/R | 3.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Mexico | 6.4% |
| Saudi Arabia | 5.8% |
| United Arab Emirates | 5.2% |
| Turkey | 4.9% |
| Indonesia | 4.3% |
| Hungary | 4.0% |
| Chile | 3.8% |
| Dominican Republic | 3.8% |
| Oman | 3.7% |
| Poland | 3.6% |
| Other<sup>#</sup> | 54.5% |

---

---

| |
|:---|
| <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> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</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.©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](g30712images_5511.jpg)

iShares Emerging Markets Bond Active ETF

Annual Shareholder Report — October 31, 2025

BREM-10/25-AR

![TSR - BLK BlackRock Logo](g30712images_5512.jpg)

### iShares Global Government Bond USD Hedged Active ETF

### GGOV \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Global Government Bond USD Hedged Active ETF (the "Fund") for the period of June 25, 2025 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Government Bond USD Hedged Active ETF | $14(a) | 0.39%(b) |

---

---

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

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$42434509 |
| Number of Portfolio Holdings | &nbsp;&nbsp;683 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$56928 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(b)</sup> | 42.2% |
| AA/Aa | 11.5% |
| A | 29.8% |
| BBB/Baa | 7.9% |
| N/R | 8.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 37.2% |
| Japan | 16.3% |
| China | 7.4% |
| France | 6.1% |
| United Kingdom | 6.1% |
| Italy | 5.7% |
| Spain | 3.6% |
| South Korea | 2.0% |
| Canada | 1.9% |
| Germany | 1.4% |
| Other<sup>#</sup> | 12.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</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> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</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.©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](g30712images_5511.jpg)

iShares Global Government Bond USD Hedged Active ETF

Annual Shareholder Report — October 31, 2025

GGOV-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 Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;iShares Emerging Markets Bond Active ETF | $12875 | $0 | $0 | $0 | $9200 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares Global Government Bond USD Hedged Active ETF | $11639 | $0 | $0 | $0 | $9200 | $0 | $0 | $0 |

---

------

The following table presents fees billed by D&T 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> | $2149000 | $2149000 |

---

<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> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(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:

---

| | | |
|:---|:---|:---|
| **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>** |
| iShares Emerging Markets Bond Active ETF | $9200 | $0 |
| iShares Global Government Bond USD Hedged Active ETF | $9200 | $0 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;$2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&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

![](g30712img885ba3151.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 Emerging Markets Bond Active ETF \| BREM \| NASDAQ |
| • iShares Global Government Bond USD Hedged Active ETF \| GGOV \| NYSE Arca |

---

&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_99f7554c-acae-4ebb-b23d-6b14c526e016_pastperformance-Footer-BLKReport-1365_1)  | &nbsp;&nbsp; 3 |
| [Schedules of Investments](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 4 |
| [Statements of Assets and Liabilities](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_FS-Footer-BLKReport_1)  | &nbsp;&nbsp; 28 |
| [Statements of Operations](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_FS-Footer-BLKReport_2)  | &nbsp;&nbsp; 29 |
| [Statements of Changes in Net Assets](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_FS-Footer-BLKReport_3)  | &nbsp;&nbsp; 30 |
| [Financial Highlights](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_FS-Footer-BLKReport_4)  | &nbsp;&nbsp; 31 |
| [Notes to Financial Statements](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_NTFS-Footer-BLKReport_1)  | &nbsp;&nbsp; 33 |
| [Report of Independent Registered Public Accounting Firm](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_opinion-Footer-BLKReport_1)  | &nbsp;&nbsp; 41 |
| [Important Tax Information](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_Tax-annual-Footer-BLKReport_1)  | &nbsp;&nbsp; 42 |
| [Additional Information](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_ADI-Footer-BLKReport_1)  | &nbsp;&nbsp; 43 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_15C-Footer-BLKReport_1) | &nbsp;&nbsp; 44 |
| [Glossary of Terms Used in these Financial Statements](#xx_99f7554c-acae-4ebb-b23d-6b14c526e016_Abbreviations-Footer-BLKReport_1)  | &nbsp;&nbsp; 50 |

---

------

Derivative Financial Instruments

The Funds 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 Funds 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 Funds' 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 Funds can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' 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 Emerging Markets Bond Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
| YPF SA, 9.50%, 01/17/31<sup>(a)</sup> | &nbsp;&nbsp; $60 | $63015 |
| **Brazil — 1.4%** | **Brazil — 1.4%** | **Brazil — 1.4%** |
| CSN Resources SA, 4.63%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 156580 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 175 | 181804 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp; 160 | 166640 |
|  |  | 505024 |
| **Chile — 2.1%** | **Chile — 2.1%** | **Chile — 2.1%** |
| Antofagasta PLC, 6.25%, 05/02/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 213942 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.70%, 01/30/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 145440 |
| 5.13%, 02/02/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201338 |
| Empresa de Transporte de Pasajeros Metro SA, <br> 4.70%, 05/07/50<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 178796 |
|  |  | 739516 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Prosus NV, 4.99%, 01/19/52<sup>(a)</sup> | &nbsp;&nbsp; 200 | 163234 |
| **Colombia — 0.6%** | **Colombia — 0.6%** | **Colombia — 0.6%** |
| SURA Asset Management SA, 6.35%, 05/13/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 214200 |
| **Dominican Republic — 0.6%** | **Dominican Republic — 0.6%** | **Dominican Republic — 0.6%** |
| Aeropuertos Dominicanos Siglo XXI SA, 7.00%, <br> 06/30/34<br>| &nbsp;&nbsp; 200 | 209700 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| Central American Bottling Corp./CBC Bottling Holdco <br> SL/Beliv Holdco SL, 5.25%, 04/27/29<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 97900 |
| **Hungary — 1.2%** | **Hungary — 1.2%** | **Hungary — 1.2%** |
| MVM Energetika Zrt, 7.50%, 06/09/28<sup>(a)</sup> | &nbsp;&nbsp; 400 | 423876 |
| **India — 1.2%** | **India — 1.2%** | **India — 1.2%** |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 202880 |
| Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 209560 |
|  |  | 412440 |
| **Indonesia — 2.4%** | **Indonesia — 2.4%** | **Indonesia — 2.4%** |
| Cikarang Listrindo Tbk PT, 5.65%, 03/12/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203313 |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp; 250 | 264812 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199300 |
| Pertamina Persero PT, 5.63%, 05/20/43<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198432 |
|  |  | 865857 |
| **Kazakhstan — 1.1%** | **Kazakhstan — 1.1%** | **Kazakhstan — 1.1%** |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205392 |
| QazaqGaz NC JSC, 4.38%, 09/26/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198562 |
|  |  | 403954 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| Petronas Capital Ltd., 4.55%, 04/21/50<sup>(a)</sup> | &nbsp;&nbsp; 200 | 178290 |
| **Mexico — 3.8%** | **Mexico — 3.8%** | **Mexico — 3.8%** |
| BBVA Bancomer SA/Texas, 7.63%, 02/11/35, (5-year <br> CMT + 3.38%)<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 210680 |
| CFE Fibra E, 5.88%, 09/23/40<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201540 |
| Petroleos Mexicanos |  |  |
| 6.63%, 06/15/35 | &nbsp;&nbsp; 325 | 311773 |
| 6.70%, 02/16/32 | &nbsp;&nbsp; 216 | 215784 |
| 6.75%, 09/21/47 | &nbsp;&nbsp; 217 | 179437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Trust Fibra Uno, 7.70%, 01/23/32 | &nbsp;&nbsp; $200 | $218592 |
|  |  | 1337806 |
| **Morocco — 0.7%** | **Morocco — 0.7%** | **Morocco — 0.7%** |
| OCP SA, 6.70%, 03/01/36<sup>(a)</sup> | &nbsp;&nbsp; 250 | 268875 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| Veon Midco BV, 3.38%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 187518 |
| **Oman — 0.6%** | **Oman — 0.6%** | **Oman — 0.6%** |
| Oztel Holdings SPC Ltd., 6.63%, 04/24/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 209596 |
| **Peru — 1.7%** | **Peru — 1.7%** | **Peru — 1.7%** |
| Niagara Energy SAC, 5.75%, 10/03/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205550 |
| Petroleos del Peru SA, 4.75%, 06/19/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 170500 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 213750 |
|  |  | 589800 |
| **Poland — 0.6%** | **Poland — 0.6%** | **Poland — 0.6%** |
| ORLEN SA, 6.00%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 210500 |
| **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** |
| Gaci First Investment Co. |  |  |
| 4.88%, 02/14/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200500 |
| 5.00%, 10/13/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202650 |
| Greensaif Pipelines Bidco SARL, 6.51%, 02/23/42<sup>(a)</sup> | &nbsp;&nbsp; 200 | 218626 |
| Saudi Arabian Oil Co., 5.75%, 07/17/54<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200500 |
| SRC Sukuk Ltd., 4.38%, 04/02/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199726 |
|  |  | 1022002 |
| **South Africa — 2.2%** | **South Africa — 2.2%** | **South Africa — 2.2%** |
| Bidvest Group UK PLC (The), 6.20%, 09/17/32<sup>(a)</sup> | &nbsp;&nbsp; 400 | 405500 |
| Sasol Financing USA LLC, 8.75%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203100 |
| Stillwater Mining Co., 4.50%, 11/16/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186500 |
|  |  | 795100 |
| **Turkey — 2.3%** | **Turkey — 2.3%** | **Turkey — 2.3%** |
| Akbank TAS, 7.88%, 09/04/35, (5-year CMT + <br> 3.73%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 200 | 203534 |
| Turk Telekomunikasyon A/S, 6.95%, 10/07/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201976 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | 209662 |
| Turkiye Garanti Bankasi AS, 8.13%, 01/08/36, <br> (5-year CMT + 4.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 200 | 205598 |
|  |  | 820770 |
| **United Arab Emirates — 4.0%** | **United Arab Emirates — 4.0%** | **United Arab Emirates — 4.0%** |
| Abu Dhabi Crude Oil Pipeline LLC, 4.60%, <br> 11/02/47<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 187890 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204000 |
| DP World Ltd./United Arab Emirates, 4.70%, <br> 09/30/49<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 175063 |
| MDGH GMTN RSC Ltd. |  |  |
| 5.29%, 06/04/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 211524 |
| 5.88%, 05/01/34<sup>(a)</sup> | &nbsp;&nbsp; 400 | 440000 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 200358 |
|  |  | 1418835 |
| **Uzbekistan — 0.6%** | **Uzbekistan — 0.6%** | **Uzbekistan — 0.6%** |
| Uzbekneftegaz JSC, 8.75%, 05/07/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 213000 |
| **Venezuela — 0.5%** | **Venezuela — 0.5%** | **Venezuela — 0.5%** |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 700 | 170100 |
| **Total Corporate Bonds & Notes — 32.4%** <br>**(Cost: $11,470,177)** | **Total Corporate Bonds & Notes — 32.4%** <br>**(Cost: $11,470,177)** | 11520908 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Emerging Markets Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 1.5%** | **Angola — 1.5%** | **Angola — 1.5%** |
| Angolan Government International Bonds |  |  |
| 8.75%, 04/14/32<sup>(a)</sup> | &nbsp;&nbsp; USD350 | $328233 |
| 9.24%, 01/15/31<sup>(e)</sup> | &nbsp;&nbsp; USD200 | 195000 |
|  |  | 523233 |
| **Argentina — 3.0%** | **Argentina — 3.0%** | **Argentina — 3.0%** |
| Argentina Republic Government International Bonds |  |  |
| 1.00%, 07/09/29 | &nbsp;&nbsp; USD80 | 68160 |
| 1.75%, 07/09/30<sup>(f)</sup> | &nbsp;&nbsp; USD288 | 235728 |
| 4.76%, 07/09/35<sup>(f)</sup> | &nbsp;&nbsp; USD490 | 343490 |
| 5.00%, 01/09/38<sup>(f)</sup> | &nbsp;&nbsp; USD380 | 278920 |
| 5.17%, 07/09/46<sup>(f)</sup> | &nbsp;&nbsp; USD229 | 157042 |
|  |  | 1083340 |
| **Bahrain — 1.7%** | **Bahrain — 1.7%** | **Bahrain — 1.7%** |
| Bahrain Government International Bonds |  |  |
| 5.45%, 09/16/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 195600 |
| 6.00%, 09/19/44<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 185376 |
| 6.75%, 09/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 209000 |
|  |  | 589976 |
| **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
| Brazil Government International Bonds |  |  |
| 5.00%, 01/27/45 | &nbsp;&nbsp; USD200 | 163600 |
| 6.13%, 01/22/32 | &nbsp;&nbsp; USD400 | 415600 |
|  |  | 579200 |
| **Chile — 1.6%** | **Chile — 1.6%** | **Chile — 1.6%** |
| Chile Government International Bonds |  |  |
| 3.50%, 01/31/34 | &nbsp;&nbsp; USD400 | 368400 |
| 4.95%, 01/05/36 | &nbsp;&nbsp; USD200 | 202400 |
|  |  | 570800 |
| **Colombia — 2.6%** | **Colombia — 2.6%** | **Colombia — 2.6%** |
| Colombia Government International Bonds |  |  |
| 3.13%, 04/15/31 | &nbsp;&nbsp; USD200 | 175700 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; USD400 | 393400 |
| 5.20%, 05/15/49 | &nbsp;&nbsp; USD200 | 152400 |
| 7.50%, 02/02/34 | &nbsp;&nbsp; USD200 | 212550 |
|  |  | 934050 |
| **Costa Rica — 1.1%** | **Costa Rica — 1.1%** | **Costa Rica — 1.1%** |
| Costa Rica Government International Bonds |  |  |
| 5.63%, 04/30/43<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 189250 |
| 7.00%, 04/04/44<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 216800 |
|  |  | 406050 |
| **Dominican Republic — 3.1%** | **Dominican Republic — 3.1%** | **Dominican Republic — 3.1%** |
| Dominican Republic International Bonds |  |  |
| 4.50%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD350 | 342300 |
| 4.88%, 09/23/32<sup>(a)</sup> | &nbsp;&nbsp; USD300 | 287353 |
| 6.00%, 02/22/33<sup>(a)</sup> | &nbsp;&nbsp; USD300 | 306300 |
| 6.40%, 06/05/49<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 149853 |
|  |  | 1085806 |
| **Ecuador — 1.4%** | **Ecuador — 1.4%** | **Ecuador — 1.4%** |
| Ecuador Government International Bonds |  |  |
| 5.00%, 07/31/40<sup>(a)(f)</sup> | &nbsp;&nbsp; USD170 | 115569 |
| 6.90%, 07/31/30<sup>(a)(f)</sup> | &nbsp;&nbsp; USD150 | 136470 |
| 6.90%, 07/31/35<sup>(a)(f)</sup> | &nbsp;&nbsp; USD300 | 229444 |
|  |  | 481483 |
| **Egypt — 2.7%** | **Egypt — 2.7%** | **Egypt — 2.7%** |
| Egypt Government International Bonds |  |  |
| 5.88%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 192400 |
| 6.59%, 02/21/28<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 406800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |
| 8.50%, 01/31/47<sup>(a)</sup> | &nbsp;&nbsp; USD400 | $368876 |
|  |  | 968076 |
| **El Salvador — 0.4%** | **El Salvador — 0.4%** | **El Salvador — 0.4%** |
| El Salvador Government International Bonds, 7.65%, <br> 06/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; USD150 | 155726 |
| **Ghana — 0.5%** | **Ghana — 0.5%** | **Ghana — 0.5%** |
| Ghana Government International Bonds, 6.00%, <br> 07/03/35<sup>(a)(f)</sup><br>| &nbsp;&nbsp; USD200 | 171250 |
| **Guatemala — 1.1%** | **Guatemala — 1.1%** | **Guatemala — 1.1%** |
| Guatemala Government Bonds |  |  |
| 4.38%, 06/05/27<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 198200 |
| 5.38%, 04/24/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 202500 |
|  |  | 400700 |
| **Hungary — 2.6%** | **Hungary — 2.6%** | **Hungary — 2.6%** |
| Hungary Government International Bonds |  |  |
| 5.50%, 06/16/34<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 203770 |
| 5.50%, 03/26/36<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 201563 |
| 7.63%, 03/29/41 | &nbsp;&nbsp; USD100 | 120281 |
| Magyar Export-Import Bank Zrt, 6.13%, 12/04/27<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 206876 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.50%, <br> 06/29/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 210126 |
|  |  | 942616 |
| **Indonesia — 1.7%** | **Indonesia — 1.7%** | **Indonesia — 1.7%** |
| Indonesia Government International Bonds |  |  |
| 3.55%, 03/31/32 | &nbsp;&nbsp; USD200 | 189500 |
| 5.25%, 01/17/42<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 406300 |
|  |  | 595800 |
| **Ivory Coast — 1.2%** | **Ivory Coast — 1.2%** | **Ivory Coast — 1.2%** |
| Ivory Coast Government International Bonds |  |  |
| 5.88%, 10/17/31<sup>(a)</sup> | &nbsp;&nbsp; EUR200 | 231510 |
| 7.63%, 01/30/33<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 210350 |
|  |  | 441860 |
| **Jordan — 0.6%** | **Jordan — 0.6%** | **Jordan — 0.6%** |
| Jordan Government International Bonds, 5.85%, <br> 07/07/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 201726 |
| **Kenya — 1.1%** | **Kenya — 1.1%** | **Kenya — 1.1%** |
| Republic of Kenya Government International Bonds |  |  |
| 6.30%, 01/23/34<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 177100 |
| 8.00%, 05/22/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 199520 |
|  |  | 376620 |
| **Lebanon — 0.6%** | **Lebanon — 0.6%** | **Lebanon — 0.6%** |
| Lebanon Government International Bonds, 6.60%, <br> 11/27/26<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; USD950 | 216125 |
| **Mexico — 2.4%** | **Mexico — 2.4%** | **Mexico — 2.4%** |
| Mexico Government International Bonds |  |  |
| 2.66%, 05/24/31 | &nbsp;&nbsp; USD400 | 358400 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; USD200 | 194100 |
| 5.75%, 10/12/2110 | &nbsp;&nbsp; USD106 | 92856 |
| 6.34%, 05/04/53 | &nbsp;&nbsp; USD200 | 198600 |
|  |  | 843956 |
| **Nigeria — 2.1%** | **Nigeria — 2.1%** | **Nigeria — 2.1%** |
| Nigeria Government International Bonds |  |  |
| 7.14%, 02/23/30<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 398200 |
| 7.63%, 11/28/47<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 355000 |
|  |  | 753200 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Emerging Markets Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oman — 3.0%** | **Oman — 3.0%** | **Oman — 3.0%** |
| Oman Government International Bonds |  |  |
| 5.63%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | $205125 |
| 6.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 210400 |
| 6.50%, 03/08/47<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 219312 |
| 6.75%, 10/28/27<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 416944 |
|  |  | 1051781 |
| **Panama — 3.0%** | **Panama — 3.0%** | **Panama — 3.0%** |
| Panama Government International Bonds |  |  |
| 3.16%, 01/23/30 | &nbsp;&nbsp; USD200 | 187253 |
| 3.30%, 01/19/33 | &nbsp;&nbsp; USD400 | 350400 |
| 4.30%, 04/29/53 | &nbsp;&nbsp; USD200 | 153200 |
| 4.50%, 04/16/50 | &nbsp;&nbsp; USD200 | 156369 |
| 6.40%, 02/14/35 | &nbsp;&nbsp; USD200 | 210700 |
|  |  | 1057922 |
| **Paraguay — 0.6%** | **Paraguay — 0.6%** | **Paraguay — 0.6%** |
| Paraguay Government International Bonds, 5.85%, <br> 08/21/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 211250 |
| **Peru — 1.6%** | **Peru — 1.6%** | **Peru — 1.6%** |
| Fondo MIVIVIENDA SA, 4.63%, 04/12/27 | &nbsp;&nbsp; USD200 | 200602 |
| Peru Government International Bonds |  |  |
| 3.00%, 01/15/34 | &nbsp;&nbsp; USD200 | 174100 |
| 5.38%, 02/08/35 | &nbsp;&nbsp; USD200 | 205200 |
|  |  | 579902 |
| **Philippines — 1.1%** | **Philippines — 1.1%** | **Philippines — 1.1%** |
| Philippines Government International Bonds |  |  |
| 3.56%, 09/29/32 | &nbsp;&nbsp; USD200 | 190000 |
| 5.25%, 05/14/34 | &nbsp;&nbsp; USD200 | 209437 |
|  |  | 399437 |
| **Poland — 2.9%** | **Poland — 2.9%** | **Poland — 2.9%** |
| Bank Gospodarstwa Krajowego, 5.75%, 07/09/34<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 211472 |
| Republic of Poland Government International Bonds |  |  |
| 5.13%, 09/18/34 | &nbsp;&nbsp; USD200 | 205330 |
| 5.38%, 02/12/35 | &nbsp;&nbsp; USD200 | 209050 |
| 5.50%, 03/18/54 | &nbsp;&nbsp; USD200 | 196650 |
| 5.75%, 11/16/32 | &nbsp;&nbsp; USD200 | 214638 |
|  |  | 1037140 |
| **Romania — 2.2%** | **Romania — 2.2%** | **Romania — 2.2%** |
| Romanian Government International Bonds |  |  |
| 5.25%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; USD214 | 216675 |
| 5.63%, 02/22/36<sup>(a)</sup> | &nbsp;&nbsp; EUR98 | 111062 |
| 5.75%, 03/24/35<sup>(a)</sup> | &nbsp;&nbsp; USD216 | 211140 |
| 7.63%, 01/17/53<sup>(a)</sup> | &nbsp;&nbsp; USD216 | 239191 |
|  |  | 778068 |
| **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** |
| Saudi Government International Bonds |  |  |
| 4.50%, 04/22/60<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 167126 |
| 5.00%, 01/16/34<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 205053 |
| 5.00%, 01/18/53<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 183147 |
| 5.50%, 10/25/32<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 425000 |
|  |  | 980326 |
| **Senegal — 0.3%** | **Senegal — 0.3%** | **Senegal — 0.3%** |
| Senegal Government International Bonds, 4.75%, <br> 03/13/28<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 96967 |
| **Serbia — 0.5%** | **Serbia — 0.5%** | **Serbia — 0.5%** |
| Serbia International Bonds, 2.13%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 175037 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Africa — 1.1%** | **South Africa — 1.1%** | **South Africa — 1.1%** |
| Republic of South Africa Government <br> International Bonds<br>|  |  |
| 5.65%, 09/27/47 | &nbsp;&nbsp; USD200 | $168500 |
| 7.10%, 11/19/36<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 214950 |
|  |  | 383450 |
| **Sri Lanka — 0.7%** | **Sri Lanka — 0.7%** | **Sri Lanka — 0.7%** |
| Sri Lanka Government International Bonds |  |  |
| 3.35%, 03/15/33<sup>(a)(b)(f)</sup> | &nbsp;&nbsp; USD150 | 130650 |
| 3.60%, 06/15/35<sup>(a)(f)</sup> | &nbsp;&nbsp; USD150 | 115951 |
|  |  | 246601 |
| **Trinidad And Tobago — 0.6%** | **Trinidad And Tobago — 0.6%** | **Trinidad And Tobago — 0.6%** |
| Trinidad & Tobago Government International Bonds, <br> 6.40%, 06/26/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 197600 |
| **Turkey — 2.4%** | **Turkey — 2.4%** | **Turkey — 2.4%** |
| Turkiye Government International Bonds |  |  |
| 5.75%, 05/11/47 | &nbsp;&nbsp; USD244 | 197823 |
| 7.63%, 04/26/29 | &nbsp;&nbsp; USD400 | 427600 |
| 9.13%, 07/13/30 | &nbsp;&nbsp; USD200 | 226854 |
|  |  | 852277 |
| **Ukraine — 2.5%** | **Ukraine — 2.5%** | **Ukraine — 2.5%** |
| Ukraine Government International Bonds |  |  |
| 4.50%, 02/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp; USD200 | 137200 |
| 4.50%, 02/01/34<sup>(a)(f)</sup> | &nbsp;&nbsp; USD620 | 347820 |
| 4.50%, 02/01/36<sup>(a)(f)</sup> | &nbsp;&nbsp; USD200 | 109700 |
| 7.75%, 02/01/35<sup>(a)(f)</sup> | &nbsp;&nbsp; USD560 | 284760 |
|  |  | 879480 |
| **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** |
| Abu Dhabi Government International Bonds, 3.88%, <br> 04/16/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 167129 |
| UAE International Government Bonds, 4.95%, <br> 07/07/52<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 197466 |
|  |  | 364595 |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| Corp. Financiera de Desarrollo SA, 2.40%, <br> 09/28/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | 193122 |
| **Uruguay — 1.5%** | **Uruguay — 1.5%** | **Uruguay — 1.5%** |
| Uruguay Government International Bonds |  |  |
| 4.98%, 04/20/55 | &nbsp;&nbsp; USD108 | 100051 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; USD215 | 207823 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; USD215 | 231512 |
|  |  | 539386 |
| **Uzbekistan — 0.3%** | **Uzbekistan — 0.3%** | **Uzbekistan — 0.3%** |
| Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(a)</sup><br>| &nbsp;&nbsp; EUR100 | 118524 |
| **Venezuela — 0.6%** | **Venezuela — 0.6%** | **Venezuela — 0.6%** |
| Venezuela Government International Bonds |  |  |
| 9.25%, 09/15/27<sup>(c)(d)</sup> | &nbsp;&nbsp; USD400 | 124000 |
| 11.95%, 08/05/31<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; USD350 | 102375 |
|  |  | 226375 |
| **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** |
| Zambia Government International Bonds, 7.50%, <br> 06/30/33<sup>(a)(f)</sup><br>| &nbsp;&nbsp; USD35 | 33935 |
| **Total Foreign Government Obligations — 63.9%** <br>**(Cost: $22,457,982)** | **Total Foreign Government Obligations — 63.9%** <br>**(Cost: $22,457,982)** | 22724768 |
| **Total Long-Term Investments — 96.3%** <br>**(Cost: $33,928,159)** | **Total Long-Term Investments — 96.3%** <br>**(Cost: $33,928,159)** | 34245676 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Emerging Markets Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.05%<sup>(g)(h)</sup><br>| &nbsp;&nbsp; 780000 | $780000 |
| **Total Short-Term Securities — 2.2%** <br>**(Cost: $780,000)** | **Total Short-Term Securities — 2.2%** <br>**(Cost: $780,000)** | 780000 |
| **Total Investments — 98.5%** <br>**(Cost: $34,708,159)** | **Total Investments — 98.5%** <br>**(Cost: $34,708,159)** | 35025676 |
| **Other Assets Less Liabilities — 1.5%** | **Other Assets Less Liabilities — 1.5%** | 519242 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $35544918 |

---

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended 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>*10/15/25*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $—<br> &nbsp;&nbsp; $780000 <br><sup>(b)</sup><br>| $— | $— | $— | $780000 | 780000 | $1126 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| U.S. Ultra Bond | 2 | 12/19/25 | &nbsp;&nbsp; $243 | $(4248) |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Emerging Markets Bond Active ETF**

**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 | 607301 | EUR | 520891 | Deutsche Bank Securities Inc. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6355 |
| EUR | 17240 | USD | 20124 | Bank of America N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (234)<br>|
| EUR | 20000 | USD | 23343 | Societe Generale | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (504)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5851 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6355 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4248 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4248 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $4248 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4752 |

---

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(137)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(166)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(303)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 6044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6044 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6044 | &nbsp;&nbsp; $(137)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(166)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $5741 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4248)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4248)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5851 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5851 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5851 | &nbsp;&nbsp; $(4248)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1603 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $242813 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $43467 |
| Average amounts sold — in USD | &nbsp;&nbsp; $607301 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>|

---

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

<sup>(a)</sup> Derivative not held at quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Emerging Markets Bond Active ETF**

**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; $10937 | &nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 6355 | &nbsp;&nbsp;&nbsp; 504 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 17292 | &nbsp;&nbsp;&nbsp; 504 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (10937)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $6355 | &nbsp;&nbsp;&nbsp; $504 |

---

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>|
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; $6355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6355 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234 |
| Societe Generale | &nbsp;&nbsp; 270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504 |

---

&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  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11520908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11520908 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 22724768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22724768 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780000 |
|  | &nbsp;&nbsp; $780000 | &nbsp;&nbsp; $34245676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35025676 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6355 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (504)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (504)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Emerging Markets Bond Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $(4248)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4248)<br>|
|  | &nbsp;&nbsp; $(4248)<br>| &nbsp;&nbsp; $5851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 1603 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. 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

------

Schedule of Investments

October 31, 2025

**iShares Global Government Bond USD Hedged 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* |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
| Australia Government Bonds |  |  |
| 1.00%, 12/21/30<sup>(a)</sup> | &nbsp;&nbsp; AUD30 | $17112 |
| 1.25%, 05/21/32 | &nbsp;&nbsp; AUD140 | 77399 |
| 1.75%, 06/21/51<sup>(a)</sup> | &nbsp;&nbsp; AUD30 | 10534 |
| 2.75%, 11/21/27<sup>(a)</sup> | &nbsp;&nbsp; AUD100 | 64388 |
| 2.75%, 11/21/29<sup>(a)</sup> | &nbsp;&nbsp; AUD230 | 145329 |
| 2.75%, 05/21/41<sup>(a)</sup> | &nbsp;&nbsp; AUD37 | 19210 |
| 3.75%, 05/21/34<sup>(a)</sup> | &nbsp;&nbsp; AUD20 | 12684 |
| 4.25%, 06/21/34<sup>(a)</sup> | &nbsp;&nbsp; AUD120 | 78876 |
| 4.25%, 03/21/36<sup>(a)</sup> | &nbsp;&nbsp; AUD70 | 45533 |
| 4.25%, 10/21/36<sup>(a)</sup> | &nbsp;&nbsp; AUD20 | 12961 |
| 4.75%, 06/21/54<sup>(a)</sup> | &nbsp;&nbsp; AUD10 | 6354 |
|  |  | 490380 |
| **Austria — 0.8%** | **Austria — 0.8%** | **Austria — 0.8%** |
| Republic of Austria Government Bonds |  |  |
| 0.50%, 04/20/27<sup>(b)</sup> | &nbsp;&nbsp; EUR39 | 44009 |
| 0.70%, 04/20/71<sup>(b)</sup> | &nbsp;&nbsp; EUR30 | 12661 |
| 0.75%, 03/20/51<sup>(b)</sup> | &nbsp;&nbsp; EUR23 | 14203 |
| 2.50%, 10/20/29<sup>(b)</sup> | &nbsp;&nbsp; EUR80 | 92928 |
| 2.90%, 02/20/33<sup>(b)</sup> | &nbsp;&nbsp; EUR50 | 58340 |
| 2.95%, 02/20/35<sup>(b)</sup> | &nbsp;&nbsp; EUR33 | 38108 |
| 3.15%, 06/20/44<sup>(b)</sup> | &nbsp;&nbsp; EUR25 | 27704 |
| 3.15%, 10/20/53<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 10559 |
| 3.20%, 07/15/39<sup>(a)</sup> | &nbsp;&nbsp; EUR27 | 30948 |
| 3.45%, 10/20/30<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 12066 |
|  |  | 341526 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Kingdom of Belgium Government Bonds |  |  |
| 0.00%, 10/22/27<sup>(b)(c)</sup> | &nbsp;&nbsp; EUR40 | 44313 |
| 0.35%, 06/22/32<sup>(b)</sup> | &nbsp;&nbsp; EUR40 | 39415 |
| 1.70%, 06/22/50<sup>(b)</sup> | &nbsp;&nbsp; EUR40 | 29613 |
| 2.60%, 10/22/30<sup>(b)</sup> | &nbsp;&nbsp; EUR30 | 34674 |
| 2.70%, 10/22/29<sup>(b)</sup> | &nbsp;&nbsp; EUR20 | 23337 |
| 2.85%, 10/22/34<sup>(b)</sup> | &nbsp;&nbsp; EUR50 | 56619 |
| 3.00%, 06/22/33<sup>(b)</sup> | &nbsp;&nbsp; EUR40 | 46462 |
| 3.10%, 06/22/35<sup>(b)</sup> | &nbsp;&nbsp; EUR50 | 57262 |
| 3.45%, 06/22/42<sup>(b)</sup> | &nbsp;&nbsp; EUR30 | 33359 |
| 3.45%, 06/22/43<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 11044 |
| 3.50%, 06/22/55<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR20 | 20623 |
| 4.00%, 03/28/32<sup>(a)</sup> | &nbsp;&nbsp; EUR30 | 37131 |
| 4.25%, 03/28/41<sup>(b)</sup> | &nbsp;&nbsp; EUR40 | 49423 |
|  |  | 483275 |
| **Canada — 1.7%** | **Canada — 1.7%** | **Canada — 1.7%** |
| Canada Government Bonds |  |  |
| 2.00%, 12/01/51 | &nbsp;&nbsp; CAD83 | 43350 |
| 2.50%, 08/01/27 | &nbsp;&nbsp; CAD100 | 71421 |
| 2.75%, 09/01/30 | &nbsp;&nbsp; CAD172 | 122901 |
| 2.75%, 12/01/55 | &nbsp;&nbsp; CAD10 | 6043 |
| 3.00%, 03/01/32 | &nbsp;&nbsp; CAD195 | 140209 |
| 3.25%, 11/01/26 | &nbsp;&nbsp; CAD60 | 43159 |
| 3.25%, 09/01/28 | &nbsp;&nbsp; CAD105 | 76430 |
| 3.25%, 12/01/33 | &nbsp;&nbsp; CAD10 | 7252 |
| 3.25%, 06/01/35 | &nbsp;&nbsp; CAD130 | 93671 |
| 3.25%, 12/01/35 | &nbsp;&nbsp; CAD20 | 14365 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; CAD30 | 21902 |
| 3.50%, 03/01/34 | &nbsp;&nbsp; CAD20 | 14749 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; CAD20 | 14303 |
| 3.50%, 12/01/57 | &nbsp;&nbsp; CAD60 | 42100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 4.00%, 06/01/41 | &nbsp;&nbsp; CAD17 | $13018 |
|  |  | 724873 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Bonos de la Tesoreria de la Republica en pesos |  |  |
| 5.10%, 07/15/50 | &nbsp;&nbsp; CLP5,000 | 4896 |
| 5.80%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; CLP10,000 | 10818 |
| 5.80%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; CLP25,000 | 27024 |
|  |  | 42738 |
| **China — 6.7%** | **China — 6.7%** | **China — 6.7%** |
| China Government Bonds |  |  |
| 1.44%, 09/15/27 | &nbsp;&nbsp; CNY440 | 61716 |
| 1.65%, 05/15/35 | &nbsp;&nbsp; CNY470 | 65186 |
| 1.83%, 08/25/35 | &nbsp;&nbsp; CNY1,180 | 166156 |
| 1.85%, 05/15/27 | &nbsp;&nbsp; CNY1,860 | 262929 |
| 1.92%, 01/15/55 | &nbsp;&nbsp; CNY300 | 40173 |
| 2.04%, 11/25/34 | &nbsp;&nbsp; CNY50 | 7171 |
| 2.11%, 08/25/34 | &nbsp;&nbsp; CNY1,180 | 170041 |
| 2.35%, 02/25/34 | &nbsp;&nbsp; CNY1,270 | 186366 |
| 2.37%, 01/15/29 | &nbsp;&nbsp; CNY1,500 | 216440 |
| 2.44%, 10/15/27 | &nbsp;&nbsp; CNY660 | 94520 |
| 2.48%, 09/25/28 | &nbsp;&nbsp; CNY1,540 | 222708 |
| 2.52%, 08/25/33 | &nbsp;&nbsp; CNY760 | 112818 |
| 2.64%, 01/15/28 | &nbsp;&nbsp; CNY1,240 | 178739 |
| 2.65%, 03/25/74 | &nbsp;&nbsp; CNY220 | 34731 |
| 2.67%, 11/25/33 | &nbsp;&nbsp; CNY1,540 | 231306 |
| 3.27%, 08/22/46 | &nbsp;&nbsp; CNY320 | 53031 |
| 3.39%, 03/16/50 | &nbsp;&nbsp; CNY910 | 157195 |
| 3.52%, 04/25/46 | &nbsp;&nbsp; CNY410 | 70214 |
| 3.94%, 07/27/45 | &nbsp;&nbsp; CNY190 | 34477 |
| 3.96%, 07/29/40 | &nbsp;&nbsp; CNY960 | 167470 |
| 4.00%, 06/24/69 | &nbsp;&nbsp; CNY450 | 94220 |
| 4.22%, 03/19/48 | &nbsp;&nbsp; CNY650 | 124240 |
| 4.28%, 10/23/47 | &nbsp;&nbsp; CNY410 | 78843 |
|  |  | 2830690 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |
| Czech Republic Government Bonds |  |  |
| 0.05%, 11/29/29 | &nbsp;&nbsp; CZK970 | 39404 |
| 3.60%, 06/03/36 | &nbsp;&nbsp; CZK720 | 31267 |
| 4.50%, 11/11/32 | &nbsp;&nbsp; CZK670 | 32150 |
| 6.20%, 06/16/31 | &nbsp;&nbsp; CZK300 | 15712 |
|  |  | 118533 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Denmark Government Bonds |  |  |
| 0.00%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp; DKK180 | 24447 |
| 0.25%, 11/15/52 | &nbsp;&nbsp; DKK80 | 6288 |
| 0.50%, 11/15/27 | &nbsp;&nbsp; DKK100 | 15060 |
| 2.25%, 11/15/35 | &nbsp;&nbsp; DKK100 | 15083 |
| 4.50%, 11/15/39 | &nbsp;&nbsp; DKK80 | 14915 |
|  |  | 75793 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Finland Government Bonds |  |  |
| 0.13%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; EUR40 | 40039 |
| 0.25%, 09/15/40<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 7364 |
| 2.88%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; EUR37 | 43509 |
| 2.95%, 04/15/55<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 10030 |
| 3.00%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 11688 |
| 3.00%, 09/15/35<sup>(b)</sup> | &nbsp;&nbsp; EUR23 | 26513 |
| 3.20%, 04/15/45<sup>(a)</sup> | &nbsp;&nbsp; EUR15 | 16592 |
|  |  | 155735 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **France — 5.5%** | **France — 5.5%** | **France — 5.5%** |
| French Republic Government Bonds |  |  |
| 0.50%, 05/25/29<sup>(b)</sup> | &nbsp;&nbsp; EUR150 | $161740 |
| 1.25%, 05/25/36<sup>(b)</sup> | &nbsp;&nbsp; EUR100 | 92766 |
| 1.25%, 05/25/38<sup>(b)</sup> | &nbsp;&nbsp; EUR170 | 148585 |
| 1.75%, 05/25/66<sup>(b)</sup> | &nbsp;&nbsp; EUR127 | 74869 |
| 2.40%, 09/24/28<sup>(b)</sup> | &nbsp;&nbsp; EUR120 | 138729 |
| 2.50%, 09/24/27<sup>(b)</sup> | &nbsp;&nbsp; EUR140 | 162505 |
| 2.70%, 02/25/31<sup>(b)</sup> | &nbsp;&nbsp; EUR140 | 161235 |
| 2.75%, 02/25/29<sup>(b)</sup> | &nbsp;&nbsp; EUR285 | 332359 |
| 2.75%, 02/25/30<sup>(b)</sup> | &nbsp;&nbsp; EUR160 | 185951 |
| 3.00%, 05/25/33<sup>(b)</sup> | &nbsp;&nbsp; EUR180 | 206402 |
| 3.20%, 05/25/35<sup>(b)</sup> | &nbsp;&nbsp; EUR150 | 170722 |
| 3.50%, 11/25/33<sup>(b)</sup> | &nbsp;&nbsp; EUR160 | 188978 |
| 3.50%, 11/25/35<sup>(b)</sup> | &nbsp;&nbsp; EUR30 | 34807 |
| 3.60%, 05/25/42<sup>(b)</sup> | &nbsp;&nbsp; EUR120 | 132976 |
| 3.75%, 05/25/56<sup>(b)</sup> | &nbsp;&nbsp; EUR128 | 133654 |
|  |  | 2326278 |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| Bundesobligation |  |  |
| 2.10%, 04/12/29<sup>(a)</sup> | &nbsp;&nbsp; EUR60 | 69206 |
| 2.40%, 10/19/28<sup>(a)</sup> | &nbsp;&nbsp; EUR120 | 139802 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| 1.25%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; EUR170 | 135725 |
| 1.80%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; EUR40 | 34297 |
| 2.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; EUR40 | 46320 |
| 2.50%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; EUR70 | 73191 |
| 2.60%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; EUR50 | 54753 |
|  |  | 553294 |
| **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
| Hellenic Republic Government Bonds |  |  |
| 1.75%, 06/18/32<sup>(a)(b)</sup> | &nbsp;&nbsp; EUR20 | 21516 |
| 3.63%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp; EUR25 | 29651 |
| 3.88%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; EUR23 | 27651 |
| 4.13%, 06/15/54<sup>(b)</sup> | &nbsp;&nbsp; EUR4 | 4609 |
| 4.20%, 01/30/42<sup>(a)</sup> | &nbsp;&nbsp; EUR13 | 15917 |
|  |  | 99344 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government Bonds |  |  |
| 2.00%, 05/23/29 | &nbsp;&nbsp; HUF9,900 | 25408 |
| 2.25%, 04/20/33 | &nbsp;&nbsp; HUF8,350 | 18586 |
|  |  | 43994 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Indonesia Treasury Bond |  |  |
| 6.25%, 06/15/36 | &nbsp;&nbsp; IDR179,000 | 10876 |
| 6.38%, 08/15/28 | &nbsp;&nbsp; IDR686,000 | 42651 |
| 6.38%, 04/15/32 | &nbsp;&nbsp; IDR960,000 | 59190 |
| 6.50%, 07/15/30 | &nbsp;&nbsp; IDR756,000 | 47330 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; IDR902,000 | 56739 |
| 6.88%, 08/15/51 | &nbsp;&nbsp; IDR225,000 | 13752 |
| 7.00%, 02/15/33 | &nbsp;&nbsp; IDR150,000 | 9520 |
| 7.13%, 08/15/40 | &nbsp;&nbsp; IDR634,000 | 40729 |
| 7.13%, 08/15/45 | &nbsp;&nbsp; IDR307,000 | 19768 |
| 7.38%, 05/15/48 | &nbsp;&nbsp; IDR121,000 | 7840 |
|  |  | 308395 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Ireland Government Bonds |  |  |
| 0.90%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; EUR15 | 16811 |
| 1.35%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; EUR40 | 43732 |
| 2.60%, 10/18/34<sup>(a)</sup> | &nbsp;&nbsp; EUR21 | 23705 |
| 3.00%, 10/18/43<sup>(a)</sup> | &nbsp;&nbsp; EUR21 | 23154 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| 3.15%, 10/18/55<sup>(a)</sup> | &nbsp;&nbsp; EUR13 | $13751 |
|  |  | 121153 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| Israel Government Bonds |  |  |
| 1.30%, 04/30/32 | &nbsp;&nbsp; ILS50 | 13184 |
| 2.80%, 11/29/52 | &nbsp;&nbsp; ILS38 | 8680 |
| 3.75%, 02/28/29 | &nbsp;&nbsp; ILS170 | 52248 |
| 3.75%, 03/31/47 | &nbsp;&nbsp; ILS36 | 10249 |
| 4.00%, 03/30/35 | &nbsp;&nbsp; ILS112 | 34686 |
|  |  | 119047 |
| **Italy — 5.1%** | **Italy — 5.1%** | **Italy — 5.1%** |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 2.10%, 08/26/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 115171 |
| 2.55%, 02/25/27<sup>(a)</sup> | &nbsp;&nbsp; EUR190 | 220250 |
| 2.70%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR40 | 46581 |
| 2.95%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR110 | 128156 |
| 2.95%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; EUR55 | 64366 |
| 3.15%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; EUR140 | 164184 |
| 3.25%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; EUR55 | 64586 |
| 3.25%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; EUR82 | 96038 |
| 3.45%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 117798 |
| 3.45%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; EUR110 | 131284 |
| 3.60%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; EUR125 | 147017 |
| 3.65%, 08/01/35<sup>(b)</sup> | &nbsp;&nbsp; EUR110 | 130134 |
| 3.85%, 07/01/34<sup>(a)</sup> | &nbsp;&nbsp; EUR110 | 133035 |
| 3.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; EUR110 | 132617 |
| 3.85%, 10/01/40<sup>(b)</sup> | &nbsp;&nbsp; EUR90 | 104443 |
| 4.30%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; EUR54 | 62870 |
| 4.45%, 09/01/43<sup>(b)</sup> | &nbsp;&nbsp; EUR30 | 36875 |
| 4.50%, 10/01/53<sup>(b)</sup> | &nbsp;&nbsp; EUR68 | 81983 |
| 4.65%, 10/01/55<sup>(b)</sup> | &nbsp;&nbsp; EUR54 | 66120 |
| 5.75%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; EUR100 | 135765 |
|  |  | 2179273 |
| **Japan — 14.7%** | **Japan — 14.7%** | **Japan — 14.7%** |
| Japan Government Five Year Bonds |  |  |
| 0.50%, 06/20/29 | &nbsp;&nbsp; JPY30,650 | 194702 |
| 1.00%, 03/20/30 | &nbsp;&nbsp; JPY43,100 | 277659 |
| 1.00%, 06/20/30 | &nbsp;&nbsp; JPY52,850 | 339849 |
| 1.10%, 06/20/30 | &nbsp;&nbsp; JPY14,350 | 92715 |
| Japan Government Forty Year Bonds |  |  |
| 2.20%, 03/20/49 | &nbsp;&nbsp; JPY9,100 | 52689 |
| 2.20%, 03/20/50 | &nbsp;&nbsp; JPY20,000 | 113791 |
| 2.20%, 03/20/51 | &nbsp;&nbsp; JPY22,000 | 122472 |
| 2.20%, 03/20/64 | &nbsp;&nbsp; JPY22,400 | 111448 |
| 2.40%, 03/20/48 | &nbsp;&nbsp; JPY36,700 | 223746 |
| 3.10%, 03/20/65 | &nbsp;&nbsp; JPY750 | 4660 |
| Japan Government Ten Year Bonds |  |  |
| 0.70%, 12/20/33 | &nbsp;&nbsp; JPY48,800 | 297057 |
| 1.00%, 03/20/34 | &nbsp;&nbsp; JPY57,200 | 355654 |
| Japan Government Thirty Year Bonds |  |  |
| 2.20%, 09/20/39 | &nbsp;&nbsp; JPY52,300 | 343087 |
| 2.20%, 03/20/41 | &nbsp;&nbsp; JPY9,700 | 62497 |
| 2.20%, 06/20/54 | &nbsp;&nbsp; JPY30,650 | 165535 |
| 2.30%, 05/20/32 | &nbsp;&nbsp; JPY53,000 | 364067 |
| 2.30%, 03/20/39 | &nbsp;&nbsp; JPY50,000 | 333762 |
| 2.30%, 03/20/40 | &nbsp;&nbsp; JPY52,000 | 343353 |
| 2.40%, 02/20/30 | &nbsp;&nbsp; JPY35,200 | 240265 |
| 2.40%, 11/20/31 | &nbsp;&nbsp; JPY54,250 | 374265 |
| 2.40%, 09/20/38 | &nbsp;&nbsp; JPY39,600 | 268695 |
| 2.40%, 03/20/55 | &nbsp;&nbsp; JPY12,650 | 71320 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 2.50%, 06/20/34 | &nbsp;&nbsp; JPY2,500 | $17473 |
| 2.50%, 09/20/34 | &nbsp;&nbsp; JPY2,100 | 14676 |
| 2.50%, 06/20/36 | &nbsp;&nbsp; JPY1,200 | 8360 |
| 2.50%, 03/20/38 | &nbsp;&nbsp; JPY31,100 | 214298 |
| 2.80%, 06/20/55 | &nbsp;&nbsp; JPY8,150 | 50070 |
| Japan Government Twenty Year Bonds |  |  |
| 1.70%, 12/20/31 | &nbsp;&nbsp; JPY9,200 | 61018 |
| 1.80%, 12/20/31 | &nbsp;&nbsp; JPY3,000 | 20015 |
| 2.40%, 03/20/45 | &nbsp;&nbsp; JPY7,200 | 45510 |
| 2.50%, 06/20/45 | &nbsp;&nbsp; JPY2,500 | 16017 |
| Japan Government Two Year Bonds |  |  |
| 0.70%, 02/01/27 | &nbsp;&nbsp; JPY28,000 | 181470 |
| 0.70%, 07/01/27 | &nbsp;&nbsp; JPY40,000 | 258831 |
| 0.80%, 06/01/27 | &nbsp;&nbsp; JPY31,400 | 203573 |
| 0.90%, 08/01/27 | &nbsp;&nbsp; JPY41,400 | 268723 |
| 0.90%, 09/01/27 | &nbsp;&nbsp; JPY19,000 | 123295 |
|  |  | 6236617 |
| **Malaysia — 0.7%** | **Malaysia — 0.7%** | **Malaysia — 0.7%** |
| Malaysia Government Bonds |  |  |
| 3.34%, 05/15/30 | &nbsp;&nbsp; MYR200 | 47973 |
| 3.48%, 07/02/35 | &nbsp;&nbsp; MYR130 | 30984 |
| 3.52%, 04/20/28 | &nbsp;&nbsp; MYR250 | 60271 |
| 3.58%, 07/15/32 | &nbsp;&nbsp; MYR170 | 40867 |
| 4.05%, 04/18/39 | &nbsp;&nbsp; MYR235 | 57904 |
| 4.07%, 06/15/50 | &nbsp;&nbsp; MYR70 | 16832 |
| 4.18%, 05/16/44 | &nbsp;&nbsp; MYR120 | 29626 |
| 4.46%, 03/31/53 | &nbsp;&nbsp; MYR70 | 17880 |
|  |  | 302337 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Mexican Bonos |  |  |
| 5.50%, 03/04/27 | &nbsp;&nbsp; MXN10 | 52567 |
| 7.50%, 05/26/33 | &nbsp;&nbsp; MXN10 | 50790 |
| 8.00%, 05/24/35 | &nbsp;&nbsp; MXN10 | 50994 |
| 8.00%, 11/07/47 | &nbsp;&nbsp; MXN10 |  |
| 8.50%, 02/28/30 | &nbsp;&nbsp; MXN10 | 54532 |
| Series M, 8.00%, 11/07/47 | &nbsp;&nbsp; MXN1,000 | 46889 |
|  |  | 255772 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| Netherlands Government Bonds |  |  |
| 0.00%, 01/15/52<sup>(b)(c)</sup> | &nbsp;&nbsp; EUR30 | 14791 |
| 0.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; EUR50 | 50535 |
| 0.50%, 01/15/40<sup>(b)</sup> | &nbsp;&nbsp; EUR35 | 28495 |
| 0.75%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; EUR40 | 44529 |
| 2.00%, 01/15/54<sup>(b)</sup> | &nbsp;&nbsp; EUR20 | 17470 |
| 2.50%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; EUR76 | 88433 |
| 2.50%, 07/15/33<sup>(b)</sup> | &nbsp;&nbsp; EUR15 | 17155 |
| 2.50%, 07/15/35<sup>(b)</sup> | &nbsp;&nbsp; EUR50 | 56251 |
| 3.25%, 01/15/44<sup>(b)</sup> | &nbsp;&nbsp; EUR45 | 52280 |
| 3.50%, 01/15/56<sup>(b)</sup> | &nbsp;&nbsp; EUR5 | 5912 |
|  |  | 375851 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| New Zealand Government Bonds |  |  |
| 0.25%, 05/15/28 | &nbsp;&nbsp; NZD40 | 21443 |
| 1.75%, 05/15/41 | &nbsp;&nbsp; NZD17 | 6633 |
| 2.00%, 05/15/32 | &nbsp;&nbsp; NZD40 | 20670 |
| 2.75%, 05/15/51 | &nbsp;&nbsp; NZD15 | 5874 |
| 4.25%, 05/15/36 | &nbsp;&nbsp; NZD40 | 23021 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; NZD30 | 18055 |
|  |  | 95696 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Norway Government Bonds |  |  |
| 1.25%, 09/17/31<sup>(b)</sup> | &nbsp;&nbsp; NOK320 | $27276 |
| 3.75%, 06/12/35<sup>(b)</sup> | &nbsp;&nbsp; NOK150 | 14500 |
|  |  | 41776 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government Bonds |  |  |
| 7.30%, 08/12/33<sup>(b)</sup> | &nbsp;&nbsp; PEN150 | 49655 |
| 7.60%, 08/12/39<sup>(b)</sup> | &nbsp;&nbsp; PEN40 | 12953 |
|  |  | 62608 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| Republic of Poland Government Bonds |  |  |
| 0.00%, 01/25/28<sup>(c)</sup> | &nbsp;&nbsp; PLN400 | 98886 |
| 1.75%, 04/25/32 | &nbsp;&nbsp; PLN100 | 22411 |
| 4.00%, 04/25/47 | &nbsp;&nbsp; PLN28 | 6204 |
| 4.50%, 07/25/30 | &nbsp;&nbsp; PLN180 | 48308 |
| 5.00%, 10/25/34 | &nbsp;&nbsp; PLN110 | 29298 |
|  |  | 205107 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| Portugal Obrigacoes do Tesouro OT |  |  |
| 0.30%, 10/17/31<sup>(b)</sup> | &nbsp;&nbsp; EUR50 | 50685 |
| 0.70%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; EUR30 | 33777 |
| 1.00%, 04/12/52<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 6262 |
| 1.15%, 04/11/42<sup>(b)</sup> | &nbsp;&nbsp; EUR28 | 22759 |
| 1.95%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; EUR20 | 22911 |
| 3.00%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp; EUR35 | 40352 |
| 3.63%, 06/12/54<sup>(b)</sup> | &nbsp;&nbsp; EUR5 | 5533 |
|  |  | 182279 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| Romania Government Bonds |  |  |
| 6.30%, 04/25/29 | &nbsp;&nbsp; RON200 | 44346 |
| 7.20%, 10/30/33 | &nbsp;&nbsp; RON120 | 27630 |
|  |  | 71976 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| Singapore Government Bonds |  |  |
| 1.88%, 03/01/50 | &nbsp;&nbsp; SGD20 | 15175 |
| 2.38%, 07/01/39 | &nbsp;&nbsp; SGD30 | 23999 |
| 2.75%, 03/01/46 | &nbsp;&nbsp; SGD7 | 6113 |
| 3.00%, 04/01/29 | &nbsp;&nbsp; SGD50 | 40306 |
| 3.00%, 08/01/72<sup>(a)</sup> | &nbsp;&nbsp; SGD10 | 9355 |
| 3.38%, 05/01/34 | &nbsp;&nbsp; SGD30 | 25690 |
|  |  | 120638 |
| **Slovakia — 0.2%** | **Slovakia — 0.2%** | **Slovakia — 0.2%** |
| Slovakia Government Bonds |  |  |
| 2.50%, 06/04/29<sup>(a)</sup> | &nbsp;&nbsp; EUR10 | 11523 |
| 3.75%, 03/06/34<sup>(a)</sup> | &nbsp;&nbsp; EUR40 | 47671 |
| 3.75%, 02/27/40<sup>(a)</sup> | &nbsp;&nbsp; EUR10 | 11431 |
|  |  | 70625 |
| **Slovenia — 0.1%** | **Slovenia — 0.1%** | **Slovenia — 0.1%** |
| Slovenia Government Bonds |  |  |
| 0.49%, 10/20/50<sup>(a)</sup> | &nbsp;&nbsp; EUR5 | 2737 |
| 3.00%, 03/10/34<sup>(a)</sup> | &nbsp;&nbsp; EUR25 | 29003 |
|  |  | 31740 |
| **South Korea — 1.8%** | **South Korea — 1.8%** | **South Korea — 1.8%** |
| Korea Treasury Bond |  |  |
| 1.13%, 09/10/39 | &nbsp;&nbsp; KRW21,250 | 11683 |
| 1.38%, 06/10/30 | &nbsp;&nbsp; KRW15,000 | 9838 |
| 1.88%, 03/10/51 | &nbsp;&nbsp; KRW98,800 | 54979 |
| 2.00%, 09/10/68 | &nbsp;&nbsp; KRW19,340 | 10618 |
| 2.25%, 06/10/28 | &nbsp;&nbsp; KRW98,020 | 67966 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 2.50%, 03/10/52 | &nbsp;&nbsp; KRW90,020 | $57016 |
| 2.63%, 03/10/30 | &nbsp;&nbsp; KRW135,920 | 94392 |
| 2.63%, 06/10/35 | &nbsp;&nbsp; KRW80,460 | 54356 |
| 2.63%, 03/10/48 | &nbsp;&nbsp; KRW50,110 | 32518 |
| 2.63%, 03/10/55 | &nbsp;&nbsp; KRW63,080 | 41022 |
| 2.75%, 09/10/54 | &nbsp;&nbsp; KRW11,650 | 7769 |
| 2.75%, 09/10/74 | &nbsp;&nbsp; KRW15,440 | 10578 |
| 2.88%, 09/10/44 | &nbsp;&nbsp; KRW52,850 | 35816 |
| 3.25%, 06/10/27 | &nbsp;&nbsp; KRW112,330 | 79574 |
| 3.25%, 09/10/42 | &nbsp;&nbsp; KRW58,880 | 42060 |
| 3.25%, 03/10/53 | &nbsp;&nbsp; KRW41,000 | 29920 |
| 3.38%, 06/10/32 | &nbsp;&nbsp; KRW110,400 | 79123 |
| 3.63%, 09/10/53 | &nbsp;&nbsp; KRW6,000 | 4682 |
| Korea Treasury Bonds |  |  |
| 2.50%, 09/10/30 | &nbsp;&nbsp; KRW27,110 | 18704 |
| 2.63%, 09/10/55 | &nbsp;&nbsp; KRW14,860 | 9666 |
| 2.75%, 09/10/45 | &nbsp;&nbsp; KRW9,950 | 6662 |
|  |  | 758942 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| Spain Government Bonds |  |  |
| 0.80%, 07/30/29 | &nbsp;&nbsp; EUR90 | 98039 |
| 0.85%, 07/30/37<sup>(b)</sup> | &nbsp;&nbsp; EUR90 | 78915 |
| 2.40%, 05/31/28 | &nbsp;&nbsp; EUR100 | 115932 |
| 2.50%, 05/31/27 | &nbsp;&nbsp; EUR90 | 104441 |
| 2.70%, 01/31/30 | &nbsp;&nbsp; EUR90 | 104913 |
| 3.10%, 07/30/31 | &nbsp;&nbsp; EUR110 | 129981 |
| 3.20%, 10/31/35<sup>(b)</sup> | &nbsp;&nbsp; EUR10 | 11582 |
| 3.25%, 04/30/34<sup>(b)</sup> | &nbsp;&nbsp; EUR80 | 94021 |
| 3.45%, 10/31/34<sup>(b)</sup> | &nbsp;&nbsp; EUR93 | 110653 |
| 3.45%, 07/30/43<sup>(b)</sup> | &nbsp;&nbsp; EUR88 | 98111 |
| 3.50%, 05/31/29 | &nbsp;&nbsp; EUR100 | 119895 |
| 3.50%, 01/31/41<sup>(b)</sup> | &nbsp;&nbsp; EUR70 | 79693 |
| 3.90%, 07/30/39<sup>(b)</sup> | &nbsp;&nbsp; EUR70 | 84325 |
| 4.00%, 10/31/54<sup>(b)</sup> | &nbsp;&nbsp; EUR70 | 81090 |
| 5.15%, 10/31/28<sup>(b)</sup> | &nbsp;&nbsp; EUR60 | 74989 |
|  |  | 1386580 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Sweden Government Bonds |  |  |
| 0.13%, 05/12/31<sup>(a)(b)</sup> | &nbsp;&nbsp; SEK200 | 18780 |
| 0.50%, 11/24/45<sup>(a)</sup> | &nbsp;&nbsp; SEK60 | 4072 |
| 0.75%, 11/12/29<sup>(a)</sup> | &nbsp;&nbsp; SEK110 | 11003 |
| 2.25%, 05/11/35<sup>(a)</sup> | &nbsp;&nbsp; SEK200 | 20516 |
|  |  | 54371 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| Swiss Confederation Government Bonds |  |  |
| 0.00%, 06/22/29<sup>(a)(c)</sup> | &nbsp;&nbsp; CHF15 | 18695 |
| 0.00%, 06/26/34<sup>(a)(c)</sup> | &nbsp;&nbsp; CHF35 | 43116 |
| 0.50%, 05/28/40<sup>(a)</sup> | &nbsp;&nbsp; CHF15 | 19153 |
| 0.50%, 05/24/55<sup>(a)</sup> | &nbsp;&nbsp; CHF13 | 17262 |
| 0.88%, 05/22/47<sup>(a)</sup> | &nbsp;&nbsp; CHF10 | 13693 |
|  |  | 111919 |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Thailand Government Bonds |  |  |
| 1.19%, 04/17/29 | &nbsp;&nbsp; THB600 | 18392 |
| 1.66%, 03/17/30 | &nbsp;&nbsp; THB590 | 18387 |
| 2.00%, 12/17/31 | &nbsp;&nbsp; THB1,080 | 34195 |
| 2.05%, 04/17/28 | &nbsp;&nbsp; THB1,970 | 61814 |
| 2.41%, 03/17/35 | &nbsp;&nbsp; THB1,440 | 47079 |
| 2.70%, 06/17/40 | &nbsp;&nbsp; THB1,000 | 33534 |
| 2.80%, 06/17/34 | &nbsp;&nbsp; THB351 | 11773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| 2.98%, 06/17/45 | &nbsp;&nbsp; THB650 | $22150 |
| 3.15%, 06/17/50 | &nbsp;&nbsp; THB420 | 14725 |
| 3.60%, 06/17/67 | &nbsp;&nbsp; THB450 | 18044 |
| 4.00%, 06/17/55 | &nbsp;&nbsp; THB270 | 11098 |
| 4.00%, 06/17/72 | &nbsp;&nbsp; THB250 | 11228 |
|  |  | 302419 |
| **United Kingdom — 5.5%** | **United Kingdom — 5.5%** | **United Kingdom — 5.5%** |
| United Kingdom Gilt |  |  |
| 3.50%, 07/22/68<sup>(a)</sup> | &nbsp;&nbsp; GBP120 | 114035 |
| 3.75%, 03/07/27<sup>(a)</sup> | &nbsp;&nbsp; GBP110 | 144474 |
| 4.00%, 10/22/31<sup>(a)</sup> | &nbsp;&nbsp; GBP120 | 157333 |
| 4.00%, 01/22/60<sup>(a)</sup> | &nbsp;&nbsp; GBP50 | 53747 |
| 4.00%, 10/22/63<sup>(a)</sup> | &nbsp;&nbsp; GBP130 | 138222 |
| 4.13%, 01/29/27<sup>(a)</sup> | &nbsp;&nbsp; GBP110 | 145076 |
| 4.13%, 07/22/29<sup>(a)</sup> | &nbsp;&nbsp; GBP130 | 172520 |
| 4.25%, 12/07/46<sup>(a)</sup> | &nbsp;&nbsp; GBP60 | 70230 |
| 4.25%, 12/07/49<sup>(a)</sup> | &nbsp;&nbsp; GBP120 | 138530 |
| 4.38%, 03/07/28<sup>(a)</sup> | &nbsp;&nbsp; GBP110 | 146430 |
| 4.38%, 03/07/30<sup>(a)</sup> | &nbsp;&nbsp; GBP125 | 167376 |
| 4.38%, 01/31/40<sup>(a)</sup> | &nbsp;&nbsp; GBP20 | 25082 |
| 4.38%, 07/31/54<sup>(a)</sup> | &nbsp;&nbsp; GBP84 | 97107 |
| 4.50%, 06/07/28<sup>(a)</sup> | &nbsp;&nbsp; GBP80 | 106975 |
| 4.50%, 03/07/35<sup>(a)</sup> | &nbsp;&nbsp; GBP100 | 132238 |
| 4.63%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; GBP80 | 107473 |
| 4.75%, 10/22/35<sup>(a)</sup> | &nbsp;&nbsp; GBP50 | 67098 |
| 4.75%, 10/22/43<sup>(a)</sup> | &nbsp;&nbsp; GBP170 | 215852 |
| 5.38%, 01/31/56<sup>(a)</sup> | &nbsp;&nbsp; GBP90 | 121957 |
|  |  | 2321755 |
| **Total Foreign Government Obligations — 56.5%** <br>**(Cost: $24,667,445)** | **Total Foreign Government Obligations — 56.5%** <br>**(Cost: $24,667,445)** | 24003329 |
| **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 33.5%** | **U.S. Government Obligations — 33.5%** | **U.S. Government Obligations — 33.5%** |
| U.S. Treasury Note/Bond |  |  |
| 0.63%, 08/15/30 | &nbsp;&nbsp; $150 | 129896 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 470 | 439009 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 100 | 94629 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 980 | 851566 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 750 | 702803 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 980 | 852064 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 1020 | 698381 |
| 1.88%, 02/15/32 | &nbsp;&nbsp; 690 | 614936 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 530 | 303363 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 890 | 869141 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 130 | 87725 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 1070 | 671341 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 15 | 10863 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 790 | 779847 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 130 | 95271 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 870 | 853382 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 150 | 146297 |
| 3.00%, 11/15/44 | &nbsp;&nbsp; 850 | 671865 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 200 | 155836 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 760 | 754122 |
| 3.63%, 09/30/30 | &nbsp;&nbsp; 30 | 29888 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 500 | 500469 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 520 | 522864 |
| 3.88%, 09/30/32 | &nbsp;&nbsp; 30 | 29981 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 870 | 859941 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.00%, 07/31/29 | &nbsp;&nbsp; $660 | $667941 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 760 | 765878 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 80 | 81212 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 80 | 81075 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 90 | 91125 |
| 4.38%, 07/15/27 | &nbsp;&nbsp; 470 | 475746 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 130 | 132011 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 85 | 86116 |
| 4.75%, 08/15/55 | &nbsp;&nbsp; 95 | 96291 |
|  |  | 14202875 |
| **Total U.S. Government Obligations — 33.5%** <br>**(Cost: $14,054,321)** | **Total U.S. Government Obligations — 33.5%** <br>**(Cost: $14,054,321)** | 14202875 |
| **Total Long-Term Investments — 90.0%** <br>**(Cost: $38,721,766)** | **Total Long-Term Investments — 90.0%** <br>**(Cost: $38,721,766)** | 38206204 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1132138 | 1132704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.05%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 100000 | $100000 |
| **Total Short-Term Securities — 2.9%** <br>**(Cost: $1,232,704)** | **Total Short-Term Securities — 2.9%** <br>**(Cost: $1,232,704)** | 1232704 |
| **Total Investments — 92.9%** <br>**(Cost: $39,954,470)** | **Total Investments — 92.9%** <br>**(Cost: $39,954,470)** | 39438908 |
| **Other Assets Less Liabilities — 7.1%** | **Other Assets Less Liabilities — 7.1%** | 2995601 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $42434509 |

---

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended 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>*06/25/25*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> &nbsp;&nbsp; $1133032 <br><sup>(b)</sup><br>| $— | $(328)<br>| $— | $1132704 | 1132138 | $30769 | $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> &nbsp;&nbsp; 100000 <br><sup>(b)</sup><br>|  |  |  | 100000 | 100000 | 1461 |  |
|  |  |  | $(328) | $— | $1232704 |  | $32230 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro OAT | 9 | 12/08/25 | &nbsp;&nbsp; $1272 | $8948 |
| Euro-Bobl | 4 | 12/08/25 | &nbsp;&nbsp; 545 | 2394 |
| Euro-Schatz | 3 | 12/08/25 | &nbsp;&nbsp; 370 | 32 |
| 10-Year U.S. Treasury Note | 120 | 12/19/25 | &nbsp;&nbsp; 13528 | (53699) |
| Long Gilt | 21 | 12/29/25 | &nbsp;&nbsp; 2583 | 35932 |
| 2-Year U.S. Treasury Note | 1 | 12/31/25 | &nbsp;&nbsp; 208 | (410) |
|  |  |  |  | (6803) |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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 |  |  |  |  |
| 30-Year Euro Buxl Bond | 2 | 12/08/25 | &nbsp;&nbsp; $268 | $(10330) |
| Euro-BTP | 18 | 12/08/25 | &nbsp;&nbsp; 2519 | (37893) |
| Euro-Bund | 50 | 12/08/25 | &nbsp;&nbsp; 7457 | 3428 |
| 10-Year Australian Treasury Bond | 3 | 12/15/25 | &nbsp;&nbsp; 223 | 885 |
| 10-Year Japanese Government Treasury Bonds | 3 | 12/15/25 | &nbsp;&nbsp; 2648 | 18616 |
| 10-Year Canadian Bond | 86 | 12/18/25 | &nbsp;&nbsp; 7527 | (22861) |
| Ultra U.S. Treasury Bond | 26 | 12/19/25 | &nbsp;&nbsp; 3157 | (99830) |
|  |  |  |  | (147985) |
|  |  |  |  | $(154788) |

---

**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>|
| AUD | 777000 | USD | 508119 | BNP Paribas SA | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $272 |
| CAD | 867000 | USD | 618028 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| GBP | 1684000 | USD | 2206629 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5641 |
| JPY | 982195000 | USD | 6370528 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2809 |
| NZD | 170000 | USD | 97182 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| USD | 513731 | AUD | 777000 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5340 |
| USD | 648890 | CAD | 902000 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5743 |
| USD | 109446 | CHF | 87000 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| USD | 112968 | CZK | 2340000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| USD | 87001 | DKK | 552000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| USD | 4218698 | EUR | 3584000 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87601 |
| USD | 63576 | EUR | 54000 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| USD | 4219914 | EUR | 3585000 | UBS AG | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87664 |
| USD | 26928 | GBP | 20000 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 |
| USD | 1109312 | GBP | 825000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| USD | 1128302 | GBP | 839000 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26108 |
| USD | 49817 | HUF | 16603000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| USD | 3330566 | JPY | 491100000 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143881 |
| USD | 3330488 | JPY | 491095000 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143836 |
| USD | 248783 | MXN | 4579000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2316 |
| USD | 48641 | NOK | 486000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 |
| USD | 98588 | NZD | 170000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| USD | 209642 | PLN | 763000 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035 |
| USD | 76370 | RON | 331000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344 |
| USD | 48714 | SEK | 458000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| USD | 132893 | SGD | 171000 | UBS AG | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516 |
| USD | 17027 | AUD | 26000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 108612 | CHF | 87000 | Morgan Stanley & Co. International PLC | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| USD | 132379 | CZK | 2787000 | Morgan Stanley & Co. International PLC | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| USD | 85562 | DKK | 552000 | Bank of America N.A. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| USD | 8358422 | EUR | 7223000 | Bank of America N.A. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19680 |
| USD | 92481 | EUR | 80000 | BNP Paribas SA | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| USD | 42773 | EUR | 37000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| USD | 85406 | GBP | 65000 | BNP Paribas SA | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| USD | 49326 | HUF | 16603000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| USD | 134809 | ILS | 438000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 246104 | MXN | 4579000 | Bank of America N.A. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $358 |
| USD | 48186 | NOK | 486000 | Morgan Stanley & Co. International PLC | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| USD | 207084 | PLN | 763000 | BNP Paribas SA | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 |
| USD | 75108 | RON | 331000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| USD | 48531 | SEK | 458000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
| USD | 131759 | SGD | 171000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| USD | 295803 | THB | 9540000 | BNP Paribas SA | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| AUD | 40000 | USD | 25929 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| AUD | 26000 | USD | 16772 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| BRL | 310000 | USD | 56156 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| CAD | 54000 | USD | 38518 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| CAD | 80000 | USD | 57114 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| COP | 4485000 | USD | 1129 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| KRW | 36380000 | USD | 25489 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| USD | 50291 | AUD | 76000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 |
| USD | 6606 | AUD | 10000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| USD | 13342 | AUD | 20000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| USD | 74240 | CAD | 103000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 |
| USD | 115217 | CAD | 160000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880 |
| USD | 188429 | CAD | 260000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2633 |
| USD | 12743 | CHF | 10000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| USD | 177491 | CNY | 1256000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| USD | 2771904 | CNY | 19558000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11083 |
| USD | 29167 | EUR | 25000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| USD | 82650 | EUR | 70000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| USD | 13410 | GBP | 10000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| USD | 105920 | GBP | 78000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3445 |
| USD | 15456 | HKD | 120000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 15456 | HKD | 120000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 28336 | HKD | 220000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 307133 | IDR | 5057258000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3266 |
| USD | 12021 | INR | 1060000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| USD | 2483 | JPY | 360000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| USD | 19725 | JPY | 2930000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| USD | 785679 | KRW | 1083263000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26285 |
| USD | 35020 | MXN | 650000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| USD | 312014 | MYR | 1305000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| USD | 5517 | PLN | 20000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| USD | 5465 | PLN | 20000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| USD | 9668 | SEK | 90000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| USD | 71457 | SEK | 669000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| USD | 7867 | SGD | 10000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| USD | 36434 | SGD | 47000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| USD | 2303 | ZAR | 40000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 2888 | ZAR | 50000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| ZAR | 500000 | USD | 28744 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631888 |
| CAD | 35000 | USD | 25197 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(241)<br>|
| CHF | 87000 | USD | 108256 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148)<br>|
| CZK | 2340000 | USD | 111106 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (261)<br>|
| DKK | 552000 | USD | 85401 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (202)<br>|
| EUR | 7223000 | USD | 8345237 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19646)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| HUF | 16603000 | USD | 49418 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>|
| ILS | 438000 | USD | 134818 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398)<br>|
| MXN | 4579000 | USD | 246829 | Bank of America N.A. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (361)<br>|
| NOK | 486000 | USD | 48186 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206)<br>|
| PLN | 763000 | USD | 207129 | BNP Paribas SA | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (522)<br>|
| RON | 331000 | USD | 75211 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| SEK | 458000 | USD | 48449 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (240)<br>|
| SGD | 171000 | USD | 131474 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)<br>|
| THB | 9540000 | USD | 295438 | BNP Paribas SA | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (402)<br>|
| USD | 132341 | ILS | 438000 | Goldman Sachs & Co. | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2079)<br>|
| USD | 294942 | THB | 9540000 | Morgan Stanley & Co. International PLC | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94)<br>|
| CAD | 18000 | USD | 12866 | BNP Paribas SA | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| MXN | 237000 | USD | 12738 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|
| SGD | 17000 | USD | 13091 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 508288 | AUD | 777000 | BNP Paribas SA | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272)<br>|
| USD | 618916 | CAD | 867000 | Morgan Stanley & Co. International PLC | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (161)<br>|
| USD | 2206784 | GBP | 1684000 | Goldman Sachs & Co. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5623)<br>|
| USD | 6388746 | JPY | 982195000 | Morgan Stanley & Co. International PLC | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2088)<br>|
| USD | 97295 | NZD | 170000 | Bank of America N.A. | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101)<br>|
| AUD | 50000 | USD | 33049 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>|
| AUD | 30000 | USD | 19945 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (307)<br>|
| CAD | 30000 | USD | 21587 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149)<br>|
| CAD | 50000 | USD | 36350 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620)<br>|
| CAD | 140000 | USD | 101462 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1418)<br>|
| CNY | 339000 | USD | 47996 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143)<br>|
| CNY | 125000 | USD | 17716 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
| EUR | 20000 | USD | 23546 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437)<br>|
| EUR | 18000 | USD | 21050 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 40000 | USD | 47264 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1046)<br>|
| EUR | 20000 | USD | 23684 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (574)<br>|
| GBP | 20000 | USD | 26762 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (487)<br>|
| HKD | 290000 | USD | 37348 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| ILS | 36000 | USD | 11080 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| INR | 1017000 | USD | 11491 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62)<br>|
| SEK | 231000 | USD | 24781 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (403)<br>|
| SEK | 400000 | USD | 42678 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (465)<br>|
| SGD | 40000 | USD | 31193 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (361)<br>|
| THB | 412000 | USD | 12793 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 19622 | AUD | 30000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 6493 | AUD | 10000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53)<br>|
| USD | 54850 | BRL | 302000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (711)<br>|
| USD | 21421 | CAD | 30000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| USD | 42847 | CAD | 60000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| USD | 41870 | CLP | 40480000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1084)<br>|
| USD | 43712 | CNY | 310000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 12736 | IDR | 212369000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 29263 | MXN | 550000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208)<br>|
| USD | 16992 | PEN | 59000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (511)<br>|
| USD | 52878 | PEN | 186000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2299)<br>|
| USD | 26269 | SEK | 250000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114)<br>|
| USD | 5119 | ZAR | 90000 | Goldman Sachs & Co. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| USD | 24658 | ZAR | 430000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 8600 | ZAR | 150000 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(26)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45852)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $586036 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 12.94% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; $629 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $627 |
| 13.01% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
| 13.28% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 622 | &nbsp;&nbsp; (835)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (836)<br>|
| 13.37% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 417 | &nbsp;&nbsp; (484)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (485)<br>|
| 13.45% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; (3110)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (3113)<br>|
| 13.55% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 161 | &nbsp;&nbsp; (363)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (363)<br>|
| 13.55% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 82 | &nbsp;&nbsp; (189)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (189)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.47% | Quarterly | 12/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 7186 | &nbsp;&nbsp; (4011)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (4022)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.47% | Quarterly | 12/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; (1315)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1318)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.61%<br>| Monthly | 7.31% | Monthly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/31 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 4171 | &nbsp;&nbsp; (335)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (337)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.61%<br>| Monthly | 7.42% | Monthly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/31 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 21891 | &nbsp;&nbsp; 3415 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3405 |
| 0.14% | Annual | &nbsp;&nbsp; 1-day SSARON, <br> (0.05)%<br>| Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CHF | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; 15 |
| 0.20% | Annual | &nbsp;&nbsp; 1-day SSARON, <br> (0.05)%<br>| Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CHF | &nbsp;&nbsp; 123 | &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (424)<br>|
| 0.21% | Annual | &nbsp;&nbsp; 1-day SSARON, <br> (0.05)%<br>| Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CHF | &nbsp;&nbsp; 448 | &nbsp;&nbsp; (1702)<br>| &nbsp;&nbsp; (347)<br>| &nbsp;&nbsp; (1355)<br>|
| 0.22% | Annual | &nbsp;&nbsp; 1-day SSARON, <br> (0.05)%<br>| Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CHF | &nbsp;&nbsp; 83 | &nbsp;&nbsp; (364)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (365)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.20% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 9908 | &nbsp;&nbsp; (1784)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1787)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.22% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 1938 | &nbsp;&nbsp; (297)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (297)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.23% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 26321 | &nbsp;&nbsp; (3672)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (3681)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.23% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 14173 | &nbsp;&nbsp; (2041)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (2046)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.23% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 9463 | &nbsp;&nbsp; (1346)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1349)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.24% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 14204 | &nbsp;&nbsp; (1822)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (1826)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.25% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 24630 | &nbsp;&nbsp; $(2623)<br>| &nbsp;&nbsp; $8 | &nbsp;&nbsp; $(2631)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.25% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 25327 | &nbsp;&nbsp; (2621)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (2630)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.27% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 3329 | &nbsp;&nbsp; (253)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (254)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.27% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 3330 | &nbsp;&nbsp; (267)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (268)<br>|
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.32% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 11072 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 30 |
| 1-day THOR, <br> 1.49%<br>| Quarterly | 1.33% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 30 |
| 1-day SORA, <br> 1.35%<br>| Semi-Annual | 1.45% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SGD | &nbsp;&nbsp; 348 | &nbsp;&nbsp; (1814)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1817)<br>|
| 1-day SORA, <br> 1.35%<br>| Semi-Annual | 1.48% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SGD | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; (16150)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; (16184)<br>|
| 1-day SORA, <br> 1.35%<br>| Semi-Annual | 1.55% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SGD | &nbsp;&nbsp; 127 | &nbsp;&nbsp; (190)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (191)<br>|
| 1.62% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.64% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 6299 | &nbsp;&nbsp; 3532 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3522 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.65% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1062 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.65% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 441 |
| 1.66% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 6176 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 476 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.66% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 3107 | &nbsp;&nbsp; 2111 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2106 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.66% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1421 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1418 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.66% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 687 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.66% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 2186 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1456 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.67% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 12538 | &nbsp;&nbsp; 9220 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 9200 |
| 1.68% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 171 |
| China Fixing Repo <br> Rates 7-day, <br> 1.50%<br>| Quarterly | 1.69% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 3272 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3266 |
| 1.70% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28 |
| 1.71% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 6249 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 11 |
| 1.71% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 5324 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 35 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1.79% | Quarterly | &nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; TWD | &nbsp;&nbsp; 4244 | &nbsp;&nbsp; $(530)<br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(531)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.32% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 840 | &nbsp;&nbsp; (436)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; (473)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.37% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; (396)<br>| &nbsp;&nbsp; 201 | &nbsp;&nbsp; (597)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.38% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 10152 | &nbsp;&nbsp; (2195)<br>| &nbsp;&nbsp; 1068 | &nbsp;&nbsp; (3263)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.40% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 7396 | &nbsp;&nbsp; (800)<br>| &nbsp;&nbsp; 590 | &nbsp;&nbsp; (1390)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.41% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 2104 | &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (108)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.41% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 863 | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (61)<br>|
| 6-mo. EURIBOR, <br> 2.14%<br>| Semi-Annual | 2.41% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 3546 | &nbsp;&nbsp; 6485 | &nbsp;&nbsp; 3123 | &nbsp;&nbsp; 3362 |
| 6-mo. EURIBOR, <br> 2.14%<br>| Semi-Annual | 2.41% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; (280)<br>| &nbsp;&nbsp; 578 |
| 6-mo. EURIBOR, <br> 2.14%<br>| Semi-Annual | 2.41% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 437 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.42% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 944 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (7)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.42% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp; (159)<br>| &nbsp;&nbsp; 130 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.42% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 3045 | &nbsp;&nbsp; (101)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (105)<br>|
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.43% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 64 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.44% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 5084 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 437 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.45% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 133 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.45% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; (150)<br>|
| 6-mo. EURIBOR, <br> 2.14%<br>| Semi-Annual | 2.45% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 496 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.46% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 3077 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 612 |
| 6-mo. EURIBOR, <br> 2.14%<br>| Semi-Annual | 2.46% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 869 | &nbsp;&nbsp; (55)<br>| &nbsp;&nbsp; 924 |
| 3-mo. STIBOR, <br> 1.94%<br>| Quarterly | 2.47% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 2744 | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 613 |
| 6-mo. EURIBOR, <br> 2.14%<br>| Semi-Annual | 2.50% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 1489 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1486 |
| 2.57% | Semi-Annual | &nbsp;&nbsp; 1-day CORRA, <br> 2.25%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 606 | &nbsp;&nbsp; (864)<br>| &nbsp;&nbsp; 405 | &nbsp;&nbsp; (1269)<br>|
| 2.57% | Semi-Annual | &nbsp;&nbsp; 1-day CORRA, <br> 2.25%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 469 | &nbsp;&nbsp; (638)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; (736)<br>|
| 2.57% | Semi-Annual | &nbsp;&nbsp; 1-day CORRA, <br> 2.25%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (139)<br>| &nbsp;&nbsp; (116)<br>| &nbsp;&nbsp; (23)<br>|
| 2.59% | Semi-Annual | &nbsp;&nbsp; 1-day CORRA, <br> 2.25%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 720 | &nbsp;&nbsp; (1337)<br>| &nbsp;&nbsp; (606)<br>| &nbsp;&nbsp; (731)<br>|
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.66% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 27843 | &nbsp;&nbsp; (145)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (145)<br>|
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.66% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 415807 | &nbsp;&nbsp; (2079)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (2083)<br>|
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.67% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 1281387 | &nbsp;&nbsp; (6298)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (6308)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.68% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 1076129 | &nbsp;&nbsp; $(4640)<br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $(4649)<br>|
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.69% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 225479 | &nbsp;&nbsp; (921)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (922)<br>|
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.79% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 360970 | &nbsp;&nbsp; (255)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (258)<br>|
| 2.82% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 963 | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 550 |
| 2.82% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 734 |
| 2.83% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 659 |
| 2.83% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68 |
| 3-mo. KRW CDC, <br> 2.55%<br>| Quarterly | 2.83% | Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 245235 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 130 |
| 2.84% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 2943 | &nbsp;&nbsp; 1354 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1350 |
| 2.84% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 2.84% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141 |
| 2.86% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 6353 | &nbsp;&nbsp; 2224 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2215 |
| 2.86% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 2679 | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 809 |
| 2.87% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 358 |
| 2.89% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1978 | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 256 |
| 2.90% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1532 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 105 |
| 2.91% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 2845 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 33 |
| 2.93% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 379 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (39)<br>|
| 2.95% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 416 | &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (80)<br>|
| 2.96% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; (328)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (330)<br>|
| 2.96% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; (292)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (293)<br>|
| 2.97% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 506 | &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (173)<br>|
| 2.98% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; (555)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (557)<br>|
| 3.00% | Quarterly | &nbsp;&nbsp; 3-mo. HIBOR, <br> 3.55%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HKD | &nbsp;&nbsp; 469 | &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (231)<br>|
| 3.16% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 4.22%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 4824 | &nbsp;&nbsp; (74)<br>| &nbsp;&nbsp; 4898 |
| 3.27% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 4.22%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 5249 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 5035 |
| 3.34% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 4.22%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; (337)<br>|
| 3.58% | Annual | &nbsp;&nbsp; 1-day SHIR, <br> 4.50%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ILS | &nbsp;&nbsp; 396 | &nbsp;&nbsp; (121)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (122)<br>|
| 3.75% | Annual | &nbsp;&nbsp; 1-day SHIR, <br> 4.50%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ILS | &nbsp;&nbsp; 2958 | &nbsp;&nbsp; (7922)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (7932)<br>|

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Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.76% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 2554 | &nbsp;&nbsp; $(1006)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(1008)<br>|
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.77% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 4158 | &nbsp;&nbsp; (1491)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1493)<br>|
| 3.78% | Annual | &nbsp;&nbsp; 1-day SHIR, <br> 4.50%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ILS | &nbsp;&nbsp; 435 | &nbsp;&nbsp; (1319)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1321)<br>|
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.79% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 2538 | &nbsp;&nbsp; (841)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (843)<br>|
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.80% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 2889 | &nbsp;&nbsp; (889)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (891)<br>|
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.82% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 7825 | &nbsp;&nbsp; (1933)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (1937)<br>|
| 3.87% | Annual | &nbsp;&nbsp; 1-day SONIA, <br> 3.97%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 4519 | &nbsp;&nbsp; (67825)<br>| &nbsp;&nbsp; (9663)<br>| &nbsp;&nbsp; (58162)<br>|
| 3.87% | Annual | &nbsp;&nbsp; 1-day SONIA, <br> 3.97%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 206 | &nbsp;&nbsp; (3104)<br>| &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; (3076)<br>|
| 3.88% | Annual | &nbsp;&nbsp; 1-day SONIA, <br> 3.97%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 505 | &nbsp;&nbsp; (7851)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (7859)<br>|
| 3.88% | Annual | &nbsp;&nbsp; 1-day SONIA, <br> 3.97%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 460 | &nbsp;&nbsp; (7084)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (7091)<br>|
| 3.89% | Annual | &nbsp;&nbsp; 1-day SONIA, <br> 3.97%<br>| Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 267 | &nbsp;&nbsp; (4283)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (4287)<br>|
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.91% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; (78)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (79)<br>|
| 6-mo. PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.94% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 2028 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 |
| 3.96% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 263 |
| 3.96% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 288 |
| 3.96% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 165 |
| 3.96% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 409 |
| 3.98% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 154 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 3.98% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 203 | &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (59)<br>|
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 3.98% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 392 | &nbsp;&nbsp; (110)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (112)<br>|
| 3.99% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 70 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 3.99% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 908 | &nbsp;&nbsp; (153)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (156)<br>|
| 4.00% | Semi-Annual | &nbsp;&nbsp; 6-mo. BBSW, <br> 3.88%<br>| Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.00% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 865 | &nbsp;&nbsp; (105)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (108)<br>|
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.02% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 96 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.02% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 215 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.02% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 203 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.03% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 184 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.06% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 391 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.06% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 465 | &nbsp;&nbsp; $279 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $278 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.08% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 551 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.10% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 468 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.12% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 392 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.13% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 4851 | &nbsp;&nbsp; 7045 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 7030 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.13% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 915 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.14% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.16% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1124 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.16% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 394 |
| 6-mo. WIBOR, <br> 4.30%<br>| Semi-Annual | 4.18% | Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1238 |
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.62% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 130099 | &nbsp;&nbsp; (4894)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (4911)<br>|
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.68% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 49776 | &nbsp;&nbsp; (601)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (607)<br>|
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.68% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 3712 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38)<br>|
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.69% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 31117 | &nbsp;&nbsp; (179)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (183)<br>|
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.74% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 165446 | &nbsp;&nbsp; 3074 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 3053 |
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.74% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 8516 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 164 |
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.76% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 5024 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 144 |
| 1-day MIBOR, <br> 5.69%<br>| Semi-Annual | 5.76% | Semi-Annual<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 5024 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 129 |
| 6.90% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 8906 | &nbsp;&nbsp; 1623 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1618 |
| 6.90% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 178 |
| 6.91% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 10827 | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1785 |
| 6.98% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 |
| 7.10% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 3113 | &nbsp;&nbsp; (951)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (953)<br>|
| 7.12% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.96%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 14546 | &nbsp;&nbsp; (4876)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (4885)<br>|
| 7.13% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 13427 | &nbsp;&nbsp; (4934)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (4943)<br>|
| 7.13% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.97%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 2696 | &nbsp;&nbsp; (984)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (986)<br>|
| 7.14% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.96%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; (1592)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1594)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 7.17% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.96%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 6510 | &nbsp;&nbsp; $(3015)<br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; $(3019)<br>|
| 7.23% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.96%<br>| Quarterly<br> 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 12436 | &nbsp;&nbsp; (7587)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (7595)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(126120)<br>| &nbsp;&nbsp; $(3224)<br>| &nbsp;&nbsp; $(122896)<br>|

---

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

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

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 13.25% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/29 | BRL | $12124 | $(3469)<br>| $— | $(3469)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps | &nbsp;&nbsp; $8112 | &nbsp;&nbsp;&nbsp; $(11336)<br>| &nbsp;&nbsp;&nbsp; $76971 | &nbsp;&nbsp;&nbsp; $(199867)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3469)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70235 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $631888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $631888 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76971 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $631888 | &nbsp;&nbsp; $147206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $779094 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225023 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45852 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45852 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199867 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3469 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45852 | &nbsp;&nbsp; $428359 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $474211 |

---

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102748 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102748 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165240 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12716)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12716)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165240 | &nbsp;&nbsp; $90032 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255272 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(154788)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(154788)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 586036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 586036 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (126365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (126365)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $586036 | &nbsp;&nbsp; $(281153)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $304883 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $15692220 |
| Average notional value of contracts — short | &nbsp;&nbsp; $20205165 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $21231251 |
| Average amounts sold — in USD | &nbsp;&nbsp; $45871701 |
| Interest rate swaps:  |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $22193737 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $29582558 |

---

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; $10392 | &nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 631888 | &nbsp;&nbsp;&nbsp; 45852 |
| Swaps - centrally cleared | &nbsp;&nbsp; 10508 | &nbsp;&nbsp;&nbsp; — |
| Swaps - OTC | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3469 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 652788 | &nbsp;&nbsp;&nbsp; 49321 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (20900)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $631888 | &nbsp;&nbsp;&nbsp; $49321 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $293645 | &nbsp;&nbsp; $(24813)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $268832 |
| BNP Paribas SA | &nbsp;&nbsp; 2364 | &nbsp;&nbsp; (1853)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 511 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 45477 | &nbsp;&nbsp; (14179)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31298 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 189199 | &nbsp;&nbsp; (7805)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 181394 |
| UBS AG | &nbsp;&nbsp; 101203 | &nbsp;&nbsp; (671)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100532 |
|  | &nbsp;&nbsp; $631888 | &nbsp;&nbsp; $(49321)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $582567 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $24813 | &nbsp;&nbsp; $(24813)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; (1853)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 14179 | &nbsp;&nbsp; (14179)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 7805 | &nbsp;&nbsp; (7805)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 671 | &nbsp;&nbsp; (671)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $49321 | &nbsp;&nbsp; $(49321)<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  |  |  |  |  |
| Foreign Government Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24003329 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24003329 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 14202875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14202875 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1232704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1232704 |
|  | &nbsp;&nbsp; $1232704 | &nbsp;&nbsp; $38206204 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39438908 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $631888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $631888 |
| Interest Rate Contracts | &nbsp;&nbsp; 70235 | &nbsp;&nbsp; 76971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 147206 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (45852)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45852)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (225023)<br>| &nbsp;&nbsp; (203336)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (428359)<br>|
|  | &nbsp;&nbsp; $(154788)<br>| &nbsp;&nbsp; $459671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $304883 |

---

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

<sup>(a)</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.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Emerging <br> Markets <br> Bond Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Government <br> Bond USD <br> Hedged <br> Active ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $34245676 | $38206204 |
| Investments, at value—affiliated<sup>(b)</sup> | 780000 | 1232704 |
| Cash |  | 15067 |
| Cash pledged: |  |  |
| Futures contracts | 32000 | 623000 |
| Centrally cleared swaps |  | 1111400 |
| Foreign currency, at value<sup>(c)</sup> | 1386 | 644272 |
| Receivables: |  |  |
| Investments sold |  | 2411873 |
| Dividends—affiliated | 1126 | 4892 |
| Interest—unaffiliated | 484281 | 293236 |
| Variation margin on futures contracts | 10937 | 10392 |
| Variation margin on centrally cleared swaps |  | 10508 |
| Unrealized appreciation on forward foreign currency exchange contracts | 6355 | 631888 |
| Total assets | 35561761 | 45195436 |
| **LIABILITIES** |  |  |
| Bank overdraft | 8698 |  |
| Payables: |  |  |
| Investments purchased |  | 2696557 |
| Deferred foreign capital gain tax |  | 1103 |
| Investment advisory fees | 7641 | 13946 |
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | 504 | 45852 |
| OTC derivatives |  | 3469 |
| Total liabilities | 16843 | 2760927 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $35544918 | $42434509 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $35131944 | $42057478 |
| Accumulated earnings | 412974 | 377031 |
| NET ASSETS | $35544918 | $42434509 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 700000 | 840000 |
| Net asset value | $50.78 | $50.52 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $33928159 | $38721766 |
| <sup>(b)</sup> Investments, at cost—affiliated | $780000 | $1232704 |
| <sup>(c)</sup> Foreign currency, at cost | $1400 | $653568 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Period Ended October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Emerging <br> Markets <br> Bond <br> Active ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; iShares <br>Global <br> Government <br> Bond USD <br> Hedged <br> Active ETF<sup>(b)</sup> <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $1126 | &nbsp;&nbsp;&nbsp; $32230 |
| Interest—unaffiliated | &nbsp;&nbsp; 86673 | &nbsp;&nbsp;&nbsp; 431838 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3052)<br>|
| Total investment income | &nbsp;&nbsp; 87799 | &nbsp;&nbsp;&nbsp; 461016 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 7664 | &nbsp;&nbsp;&nbsp; 57582 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 511 |
| Total expenses | &nbsp;&nbsp; 7664 | &nbsp;&nbsp;&nbsp; 58093 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (654)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 7641 | &nbsp;&nbsp;&nbsp; 57439 |
| Net investment income | &nbsp;&nbsp; 80158 | &nbsp;&nbsp;&nbsp; 403577 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 7579 | &nbsp;&nbsp;&nbsp; (108208)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (328)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 165240 |
| Foreign currency transactions | &nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 50401 |
| Futures contracts | &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp;&nbsp; 102748 |
| Swaps | &nbsp;&nbsp; 6044 | &nbsp;&nbsp;&nbsp; (12716)<br>|
|  | &nbsp;&nbsp; 13823 | &nbsp;&nbsp;&nbsp; 197137 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 317517 | &nbsp;&nbsp;&nbsp; (516665)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 5851 | &nbsp;&nbsp;&nbsp; 586036 |
| Foreign currency translations | &nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp; (11901)<br>|
| Futures contracts | &nbsp;&nbsp; (4248)<br>| &nbsp;&nbsp;&nbsp; (154788)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (126365)<br>|
|  | &nbsp;&nbsp; 318993 | &nbsp;&nbsp;&nbsp; (223683)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 332816 | &nbsp;&nbsp;&nbsp; (26546)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $412974 | &nbsp;&nbsp;&nbsp; $377031 |
| <sup>(a)</sup> For the period from October 15, 2025 (commencement of operations) to October 31, 2025. | <sup>(a)</sup> For the period from October 15, 2025 (commencement of operations) to October 31, 2025. | <sup>(a)</sup> For the period from October 15, 2025 (commencement of operations) to October 31, 2025. |
| <sup>(b)</sup> For the period from June 25, 2025 (commencement of operations) to October 31, 2025. | <sup>(b)</sup> For the period from June 25, 2025 (commencement of operations) to October 31, 2025. | <sup>(b)</sup> For the period from June 25, 2025 (commencement of operations) to October 31, 2025. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1103)<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Emerging <br> Markets Bond <br> Active ETF <br>| iShares <br>Global <br> Government <br> Bond USD <br> Hedged Active <br> ETF <br>|
|  | Period From <br>10/15/25<sup>(a)</sup> <br>to 10/31/25<br>| &nbsp;&nbsp; Period From <br>06/25/25<sup>(a)</sup> <br>to 10/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $80158 | &nbsp;&nbsp;&nbsp; $403577 |
| Net realized gain | &nbsp;&nbsp; 13823 | &nbsp;&nbsp;&nbsp; 197137 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 318993 | &nbsp;&nbsp;&nbsp; (223683)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 412974 | &nbsp;&nbsp;&nbsp; 377031 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 35131944 | &nbsp;&nbsp;&nbsp; 42057478 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 35544918 | &nbsp;&nbsp;&nbsp; 42434509 |
| Beginning of period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $35544918 | &nbsp;&nbsp;&nbsp; $42434509 |

---

&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.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout the period)

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

---

| | |
|:---|:---|
|  | iShares <br> Emerging <br> Markets <br> Bond <br> Active <br> ETF <br>|
|  | Period <br> From <br>10/15/25<sup>(a)</sup> <br>to <br> 10/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 0.12 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.66 |
| Net increase from investment operations | 0.78 |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.78 |
| **Total Return**<sup>(d)</sup> <br>|  |
| Based on net asset value | 1.56 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |
| Total expenses | 0.50 %<sup>(g)</sup><br>|
| Total expenses after fees waived | 0.50 %<sup>(g)</sup><br>|
| Net investment income | 5.22 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $35545 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 2<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout the period)

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

---

| | |
|:---|:---|
|  | iShares <br> Global <br> Government <br> Bond <br> USD <br> Hedged <br> Active <br> ETF <br>|
|  | Period <br> From <br>06/25/25<sup>(a)</sup> <br>to <br> 10/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 0.48 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.04 |
| Net increase from investment operations | 0.52 |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.52 |
| **Total Return**<sup>(d)</sup> <br>|  |
| Based on net asset value | 1.03 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |
| Total expenses | 0.39 %<sup>(g)</sup><br>|
| Total expenses after fees waived | 0.39 %<sup>(g)</sup><br>|
| Net investment income | 2.73 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $42435 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 29<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</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 and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | &nbsp;&nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| iShares Emerging Markets Bond Active ETF<sup>(a)</sup> | Emerging Markets Bond Active | Non-diversified |
| iShares Global Government Bond USD Hedged Active ETF<sup>(b)</sup> | Global Government Bond USD Hedged Active | Non-diversified |

---

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

<sup>(a)</sup> The Fund commenced operations on October 15, 2025. <br> <sup>(b)</sup> The Fund commenced operations on June 25, 2025.

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

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. 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 each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

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

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

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

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

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

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

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

***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.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

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

---

| | |
|:---|:---|
| *Fund Name* | *Investment Advisory Fees* |
| Emerging Markets Bond Active | 0.50% |
| Global Government Bond USD Hedged Active | 0.39 |

---

**Expense Waivers:** BFA has contractually agreed to waive a portion of its management fees to each Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the period ended October 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| Emerging Markets Bond Active | &nbsp;&nbsp; $23 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 654 |

---

**Sub-Adviser:** BFA has entered into separate sub-advisory agreements with BlackRock International Limited (together the "Sub-Advisers"), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to the Funds.

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

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

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

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

***7. PURCHASES AND SALES***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *Fund Name* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| Emerging Markets Bond Active | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $34679936 | &nbsp;&nbsp;&nbsp; $764131 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 18291223 | &nbsp;&nbsp;&nbsp; 4292230 | &nbsp;&nbsp;&nbsp; 31193147 | &nbsp;&nbsp;&nbsp; 6412492 |

---

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

***8. INCOME TAX INFORMATION***

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Management has analyzed tax laws and regulations and their application to the Funds 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 Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Emerging Markets Bond Active | &nbsp;&nbsp; $95820 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $317154 | &nbsp;&nbsp;&nbsp; $412974 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 1191891 | &nbsp;&nbsp;&nbsp; (84155) | &nbsp;&nbsp;&nbsp; (730705) | &nbsp;&nbsp;&nbsp; 377031 |

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

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

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>|
| Emerging Markets Bond Active | &nbsp;&nbsp; $34708367 | &nbsp;&nbsp;&nbsp; $376256 | &nbsp;&nbsp;&nbsp; $(58947) | &nbsp;&nbsp;&nbsp; $317309 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 39964650 | &nbsp;&nbsp;&nbsp; 835178 | &nbsp;&nbsp;&nbsp; (1468276) | &nbsp;&nbsp;&nbsp; (633098) |

---

***9. PRINCIPAL RISKS***

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

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

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

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

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

***10. CAPITAL SHARE TRANSACTIONS***

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Period Ended <br>10/31/25 | Period Ended <br>10/31/25 |
| *Fund Name* | *Shares* | *Amount* |
| Emerging Markets Bond Active<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $35131944 |
| Global Government Bond USD Hedged Active<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; $42057478 |

---

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

<sup>(a)</sup> The Fund commenced operations on October 15, 2025. <br> <sup>(b)</sup> The Fund commenced operations on June 25, 2025.

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

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

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

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

<u> *Fund Name* </u> <u> *Shares* </u> <br> iShares Emerging Markets Bond Active ETF 650,000 <br> iShares Global Government Bond USD Hedged Active ETF 800,000

***11. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of iShares Emerging Markets Bond Active ETF and iShares Global Government Bond USD Hedged Active ETF

and the Board of Trustees of BlackRock ETF Trust II:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of iShares Emerging Markets Bond Active ETF and iShares Global Government Bond USD Hedged Active ETF of BlackRock ETF Trust II (the "Funds"), including the schedules of investments, as of October 31, 2025, the related statements of operations, statements of changes in net assets and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| *Fund* | *Statements of operations, statements of changes in net assets and financial highlights* |
| iShares Emerging Markets Bond Active ETF | For the period from October 15, 2025 (commencement of operations) through October <br> 31, 2025.<br>|
| iShares Global Government Bond USD Hedged Active ETF | For the period from June 25, 2025 (commencement of operations) through October 31, <br> 2025.<br>|

---

**Basis for Opinion** 

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

We conducted our audits 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

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

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation* <br>*Interest*<br>|
| Emerging Markets Bond Active | &nbsp;&nbsp; $519 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 191016 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
| Emerging Markets Bond Active | &nbsp;&nbsp; $80816 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 442411 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends 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>|
| Emerging Markets Bond Active | &nbsp;&nbsp; $2220 |
| Global Government Bond USD Hedged Active | &nbsp;&nbsp; 227148 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

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

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

A description of the Company'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>| Deloitte & Touche LLP <br>Boston, MA 02110<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>|  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust II (the "Trust") met on September 10, 2025 (the "Meeting") to consider the approval of the proposed investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares Emerging Markets Bond Active ETF (the "Fund"), and BlackRock Fund Advisors (the "Manager"), the Fund's investment advisor. The Board also considered the initial approval of the proposed 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***

Pursuant to the Investment Company Act of 1940 (the "1940 Act"), the Board is required to consider the initial approval of the Agreements. 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"). In connection with this process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services.

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

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

The Board also considered other matters it deemed important to the approval process, such as other payments to be made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

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

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

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

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of 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 considered BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund. BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates will provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus, the statement of additional

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

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

information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the 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*

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

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

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

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

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

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

*D.&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.

*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. The Board also considered BlackRock's overall

2025 BlackRock Annual Financial Statements and Additional Information

------

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

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 at prior meetings of the boards of directors/trustees of other funds in the BlackRock Fixed-Income Complex which included information on brokerage commissions and trade execution practices.

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**

The Board, including the Independent Board Members, unanimously approved the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for a two-year term beginning on the effective date of the Advisory Agreement, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

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 June 5, 2025 (the "Meeting") to consider the approval of the proposed investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares Global Government Bond USD Hedged Active ETF (the "Fund"), and BlackRock Fund Advisors (the "Manager"), the Fund's investment advisor. The Board also considered the initial approval of the proposed 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***

Pursuant to the Investment Company Act of 1940 (the "1940 Act"), the Board is required to consider the initial approval of the Agreements. 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"). In connection with this process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services.

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

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

The Board also considered other matters it deemed important to the approval process, such as other payments to be made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

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

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

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

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of 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 considered BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund. BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates will provide the Fund with

2025 BlackRock Annual Financial Statements and Additional Information

------

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

administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus, the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the 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*

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

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

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

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

The Board noted that the Fund's proposed contractual management fee rate ranked second out of four funds, and that the Fund's estimated actual management fee rate and estimated total expense ratio would each rank in the third out of four funds relative to the Fund's Broadridge peer group.

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

*D.&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.

*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. The Board also considered BlackRock's overall

------

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

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 at prior meetings of the boards of directors/trustees of other funds in the BlackRock Fixed-Income Complex which included information on brokerage commissions and trade execution practices.

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**

The Board, including the Independent Board Members, unanimously approved the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for a two-year term beginning on the effective date of the Advisory Agreement, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CMT | Constant Maturity Treasury |
| CORRA | Canadian Overnight Repo Rate |
| EURIBOR | Euro Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Agreed Rate |
| JSC | Joint Stock Company |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SORA | SGD - Overnight Rate Average |

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

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

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Glossary of Terms Used in this Report

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Want to know more?

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

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

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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").

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – 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](d30712dex99cert.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](d30712dex99906cert.htm)

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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**.**