# EDGAR Filing Document

**Accession Number:** 0001761055
**File Stem:** 0001193125-26-144976
**Filing Date:** 2026-4
**Character Count:** 513193
**Document Hash:** 109645200c1bac28a6a66773532eeb05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-144976.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-144976

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**EFFECTIVENESS DATE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust
- **CENTRAL INDEX KEY:** 0001761055

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23402
- **FILM NUMBER:** 26843683

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 8004417762

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

## Series and Classes Contracts Data

### iShares U.S. Equity Factor Rotation Active ETF (Series ID: S000064945)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000210296 | iShares U.S. Equity Factor Rotation Active ETF | DYNF            |

### iShares Health Innovation Active ETF (Series ID: S000069260)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000221226 | iShares Health Innovation Active ETF |  |

### iShares U.S. Carbon Transition Readiness Aware Active ETF (Series ID: S000071281)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000226201 | iShares U.S. Carbon Transition Readiness Aware Active ETF |  |

### iShares World ex U.S. Carbon Transition Readiness Aware Active ETF (Series ID: S000071282)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000226202 | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF |  |

### iShares U.S. Thematic Rotation Active ETF (Series ID: S000074569)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000232558 | iShares U.S. Thematic Rotation Active ETF |  |

### iShares FinTech Active ETF (Series ID: S000076808)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000236859 | iShares FinTech Active ETF |  |

### iShares Large Cap Value Active ETF* (Series ID: S000080410)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000242802 | iShares Large Cap Value Active ETF* |  |

### iShares Large Cap Core Active ETF (Series ID: S000082317)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000245618 | iShares Large Cap Core Active ETF |  |

### iShares U.S. Industry Rotation Active ETF (Series ID: S000084031)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000248199 | iShares U.S. Industry Rotation Active ETF |  |

### iShares International Country Rotation Active ETF (Series ID: S000088408)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000254669 | iShares International Country Rotation Active ETF |  |

### iShares International Equity Factor Rotation Active ETF (Series ID: S000093567)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000261955 | iShares International Equity Factor Rotation Active ETF |  |

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

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:

811-23402

Name of Fund:

---

| |
|:---|
| BlackRock ETF Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares FinTech Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Health Innovation Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares International Country Rotation Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares International Equity Factor Rotation Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Large Cap Core Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Large Cap Value Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Carbon Transition Readiness Aware Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Equity Factor Rotation Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Industry Rotation Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Thematic Rotation Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares World ex U.S. Carbon Transition Readiness Aware 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, 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:

7/31/2026

Date of reporting period:

1/31/2026

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](g59045images_5730.jpg)

### iShares FinTech Active ETF

### BPAY \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares FinTech Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares FinTech Active ETF | $30 | 0.65%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9251801 |
| Number of Portfolio Holdings | &nbsp;&nbsp;46 |
| Portfolio Turnover Rate | &nbsp;&nbsp;39% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financial Services | 45.5% |
| Capital Markets | 14.4% |
| Consumer Finance | 13.9% |
| Banks | 9.5% |
| Broadline Retail | 5.9% |
| Software | 5.9% |
| Real Estate Management & Development | 2.1% |
| Insurance | 1.6% |
| IT Services | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Capital One Financial Corp. | 4.3% |
| Global Payments, Inc. | 4.2% |
| Charles Schwab Corp. (The) | 4.1% |
| Block, Inc. | 3.9% |
| MercadoLibre, Inc. | 3.4% |
| LendingClub Corp. | 3.3% |
| NU Holdings Ltd./Cayman Islands, Class A | 3.1% |
| Sezzle, Inc. | 2.9% |
| Mastercard, Inc., Class A | 2.8% |
| Visa, Inc., Class A | 2.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares FinTech Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BPAY-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares Health Innovation Active ETF

### BMED \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Health Innovation Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Health Innovation Active ETF | $40 | 0.71%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9938093 |
| Number of Portfolio Holdings | &nbsp;&nbsp;146 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Biotechnology | 39.1% |
| Life Sciences Tools & Services | 21.0% |
| Pharmaceuticals | 20.9% |
| Health Care Equipment & Supplies | 14.8% |
| Health Care Providers & Services | 4.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Johnson & Johnson | 3.7% |
| Gilead Sciences, Inc. | 3.2% |
| Exact Sciences Corp. | 3.0% |
| Medtronic PLC | 3.0% |
| Guardant Health, Inc. | 2.8% |
| Roche Holding AG | 2.7% |
| Edwards Lifesciences Corp. | 2.5% |
| IQVIA Holdings, Inc. | 2.3% |
| Moderna, Inc. | 2.3% |
| Biogen, Inc. | 2.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares Health Innovation Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BMED-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares International Country Rotation Active ETF

### CORO \| NASDAQ

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares International Country Rotation Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Country Rotation Active ETF | $4 | 0.07%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$17123180 |
| Number of Portfolio Holdings | &nbsp;&nbsp;29 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Class* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| International Equity | 93.8% |
| Exchange Traded Funds | 3.6% |
| Domestic Equity | 2.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| iShares MSCI Japan ETF | 14.6% |
| iShares MSCI Canada ETF | 12.4% |
| iShares MSCI United Kingdom ETF | 10.5% |
| iShares MSCI South Korea ETF | 8.1% |
| iShares MSCI Spain ETF | 7.4% |
| iShares MSCI China ETF | 7.2% |
| iShares MSCI Switzerland ETF | 4.1% |
| iShares MSCI Netherlands ETF | 3.8% |
| iShares MSCI India ETF | 3.6% |
| iShares MSCI Singapore ETF | 3.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares International Country Rotation Active ETF

Semi-Annual Shareholder Report — January 31, 2026

CORO-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares International Equity Factor Rotation Active ETF

### IDYN \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares International Equity Factor Rotation Active ETF (the "Fund") for the period of August 5, 2025 to January 31, 2026. 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 International Equity Factor Rotation Active ETF | $25(a) | 0.46%(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;$114704209 |
| Number of Portfolio Holdings | &nbsp;&nbsp;135 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 29.8% |
| Industrials | 22.4% |
| Health Care | 12.4% |
| Information Technology | 8.7% |
| Consumer Discretionary | 7.4% |
| Communication Services | 5.3% |
| Materials | 5.0% |
| Consumer Staples | 4.5% |
| Real Estate | 2.7% |
| Utilities | 1.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 24.2% |
| United Kingdom | 13.2% |
| Germany | 10.8% |
| France | 9.2% |
| Switzerland | 8.8% |
| Italy | 5.1% |
| Netherlands | 5.0% |
| Spain | 4.3% |
| Australia | 4.2% |
| Hong Kong | 4.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares International Equity Factor Rotation Active ETF

Semi-Annual Shareholder Report — January 31, 2026

IDYN-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares Large Cap Core Active ETF

### BLCR \| NASDAQ

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Core Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Large Cap Core Active ETF | $20 | 0.36%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$105565937 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Semiconductors & Semiconductor Equipment | 15.4% |
| Interactive Media & Services | 10.9% |
| Software | 8.6% |
| Health Care Providers & Services | 7.0% |
| Broadline Retail | 6.8% |
| Financial Services | 6.0% |
| Capital Markets | 5.9% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Communications Equipment | 4.0% |
| Leisure Products | 3.3% |
| Other\* | 26.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Amazon.com, Inc. | 6.8% |
| Nvidia Corp. | 6.5% |
| Microsoft Corp. | 5.7% |
| Alphabet, Inc., Class A | 5.5% |
| Meta Platforms, Inc., Class A | 5.4% |
| Cardinal Health, Inc. | 4.5% |
| Ciena Corp. | 4.0% |
| Intercontinental Exchange, Inc. | 3.5% |
| Micron Technology, Inc. | 3.4% |
| Visa, Inc., Class A | 3.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest industries are presented. Additional industries 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**.©2026 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](g59045images_5729.jpg)

iShares Large Cap Core Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BLCR-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares Large Cap Value Active ETF

### BLCV \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Value Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Large Cap Value Active ETF | $25 | 0.46%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$103346514 |
| Number of Portfolio Holdings | &nbsp;&nbsp;62 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Banks | 7.6% |
| Health Care Equipment & Supplies | 7.2% |
| Oil, Gas & Consumable Fuels | 5.6% |
| Health Care Providers & Services | 5.1% |
| Aerospace & Defense | 5.1% |
| Professional Services | 4.8% |
| Capital Markets | 4.7% |
| Chemicals | 4.5% |
| Technology Hardware, Storage & Peripherals | 4.4% |
| Interactive Media & Services | 3.5% |
| Other\* | 47.5% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Amazon.com, Inc. | 3.1% |
| Western Digital Corp. | 3.1% |
| WESCO International, Inc. | 3.0% |
| Wells Fargo & Co. | 3.0% |
| Dollar General Corp. | 2.8% |
| Intercontinental Exchange, Inc. | 2.7% |
| SS&C Technologies Holdings, Inc. | 2.7% |
| Becton Dickinson & Co. | 2.6% |
| Medtronic PLC | 2.6% |
| Alphabet, Inc., Class C | 2.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest industries are presented. Additional industries 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**.©2026 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](g59045images_5729.jpg)

iShares Large Cap Value Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BLCV-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares U.S. Carbon Transition Readiness Aware Active ETF

### LCTU \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares U.S. Carbon Transition Readiness Aware Active ETF (the "Fund") (formerly known as BlackRock U.S. Carbon Transition Readiness ETF) for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Carbon Transition Readiness Aware Active ETF | $7 | 0.14%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1441994057 |
| Number of Portfolio Holdings | &nbsp;&nbsp;304 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 32.2% |
| Financials | 13.0% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.6% |
| Industrials | 9.3% |
| Consumer Staples | 4.7% |
| Energy | 3.0% |
| Materials | 2.5% |
| Utilities | 2.5% |
| Other\* | 2.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 7.5% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 4.1% |
| Amazon.com, Inc. | 3.2% |
| Alphabet, Inc., Class A | 2.9% |
| Meta Platforms, Inc., Class A | 2.7% |
| Broadcom, Inc. | 2.3% |
| Alphabet, Inc., Class C | 2.3% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest sectors are presented. Additional sectors 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**.©2026 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](g59045images_5729.jpg)

iShares U.S. Carbon Transition Readiness Aware Active ETF

Semi-Annual Shareholder Report — January 31, 2026

LCTU-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares U.S. Equity Factor Rotation Active ETF

### DYNF \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares U.S. Equity Factor Rotation Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Equity Factor Rotation Active ETF | $14 | 0.26%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$32128237161 |
| Number of Portfolio Holdings | &nbsp;&nbsp;128 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 38.6% |
| Financials | 16.9% |
| Communication Services | 12.8% |
| Consumer Discretionary | 9.1% |
| Industrials | 7.3% |
| Health Care | 5.8% |
| Consumer Staples | 2.7% |
| Utilities | 2.4% |
| Energy | 2.0% |
| Real Estate | 1.8% |
| Materials | 0.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 8.6% |
| Apple, Inc. | 7.7% |
| Microsoft Corp. | 5.9% |
| Amazon.com, Inc. | 4.4% |
| JPMorgan Chase & Co. | 3.9% |
| Meta Platforms, Inc., Class A | 3.5% |
| Cisco Systems, Inc. | 3.2% |
| Alphabet, Inc., Class A | 2.9% |
| Broadcom, Inc. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares U.S. Equity Factor Rotation Active ETF

Semi-Annual Shareholder Report — January 31, 2026

DYNF-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares U.S. Industry Rotation Active ETF

### INRO \| NASDAQ

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares U.S. Industry Rotation Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Industry Rotation Active ETF | $22 | 0.42%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$31904325 |
| Number of Portfolio Holdings | &nbsp;&nbsp;472 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 36.1% |
| Communication Services | 13.8% |
| Financials | 12.5% |
| Health Care | 9.1% |
| Consumer Discretionary | 9.1% |
| Industrials | 7.9% |
| Consumer Staples | 3.5% |
| Energy | 2.7% |
| Materials | 2.2% |
| Utilities | 1.9% |
| Real Estate | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 8.5% |
| Apple, Inc. | 7.2% |
| Microsoft Corp. | 5.7% |
| Alphabet, Inc., Class A | 3.6% |
| Amazon.com, Inc. | 3.2% |
| Alphabet, Inc., Class C | 3.1% |
| Meta Platforms, Inc., Class A | 2.9% |
| Broadcom, Inc. | 2.7% |
| Tesla, Inc. | 2.1% |
| T-Mobile U.S., Inc. | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares U.S. Industry Rotation Active ETF

Semi-Annual Shareholder Report — January 31, 2026

INRO-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares U.S. Thematic Rotation Active ETF

### THRO \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares U.S. Thematic Rotation Active ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Thematic Rotation Active ETF | $29 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7363762806 |
| Number of Portfolio Holdings | &nbsp;&nbsp;208 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Semiconductors & Semiconductor Equipment | 18.1% |
| Interactive Media & Services | 12.0% |
| Software | 11.7% |
| Technology Hardware, Storage & Peripherals | 8.2% |
| Consumer Staples Distribution & Retail | 7.5% |
| Financial Services | 6.0% |
| Broadline Retail | 4.0% |
| Banks | 4.0% |
| Health Care Providers & Services | 2.9% |
| Electronic Equipment, Instruments & Components | 2.7% |
| Other\* | 22.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 9.3% |
| Apple, Inc. | 8.0% |
| Microsoft Corp. | 7.4% |
| Alphabet, Inc., Class A | 5.2% |
| Amazon.com, Inc. | 4.0% |
| Meta Platforms, Inc., Class A | 3.5% |
| Alphabet, Inc., Class C | 3.3% |
| Walmart, Inc. | 3.3% |
| Costco Wholesale Corp. | 3.3% |
| Broadcom, Inc. | 3.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest industries are presented. Additional industries 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**.©2026 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](g59045images_5729.jpg)

iShares U.S. Thematic Rotation Active ETF

Semi-Annual Shareholder Report — January 31, 2026

THRO-01/26-SAR

![TSR - BLK BlackRock Logo](g59045images_5730.jpg)

### iShares World ex U.S. Carbon Transition Readiness Aware Active ETF

### LCTD \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares World ex U.S. Carbon Transition Readiness Aware Active ETF (the "Fund") (formerly known as BlackRock World ex U.S. Carbon Transition Readiness ETF) for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares World ex U.S. Carbon Transition Readiness Aware Active ETF | $11 | 0.21%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$235834790 |
| Number of Portfolio Holdings | &nbsp;&nbsp;332 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 26.4% |
| Industrials | 18.8% |
| Health Care | 9.8% |
| Information Technology | 9.3% |
| Consumer Discretionary | 8.2% |
| Materials | 6.9% |
| Consumer Staples | 6.6% |
| Energy | 4.7% |
| Utilities | 3.9% |
| Communication Services | 3.8% |
| Real Estate | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| ASML Holding NV | 2.2% |
| HSBC Holdings PLC | 2.0% |
| AstraZeneca PLC | 1.6% |
| Hitachi Ltd. | 1.4% |
| Iberdrola SA | 1.4% |
| Canadian Imperial Bank of Commerce | 1.3% |
| Siemens AG | 1.2% |
| Allianz SE | 1.2% |
| Schneider Electric SE | 1.2% |
| Bank of Nova Scotia (The) | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</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**.©2026 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](g59045images_5729.jpg)

iShares World ex U.S. Carbon Transition Readiness Aware Active ETF

Semi-Annual Shareholder Report — January 31, 2026

LCTD-01/26-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

------

January 31, 2026

![](g59045imgec3a6fb81.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **BlackRock ETF Trust** |
| • iShares FinTech Active ETF \| BPAY \| NYSE Arca |
| • iShares Health Innovation Active ETF \| BMED \| NYSE Arca |
| • iShares International Country Rotation Active ETF \| CORO \| NASDAQ |
| • iShares International Equity Factor Rotation Active ETF \| IDYN \| NYSE Arca |
| • iShares Large Cap Core Active ETF \| BLCR \| NASDAQ |
| • iShares Large Cap Value Active ETF \| BLCV \| NYSE Arca |
| • iShares U.S. Carbon Transition Readiness Aware Active ETF \| LCTU \| NYSE Arca |
| • iShares U.S. Equity Factor Rotation Active ETF \| DYNF \| NYSE Arca |
| • iShares U.S. Industry Rotation Active ETF \| INRO \| NASDAQ |
| • iShares U.S. Thematic Rotation Active ETF \| THRO \| NYSE Arca |
| • iShares World ex U.S. Carbon Transition Readiness Aware Active ETF \| LCTD \| 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_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_pastperformance-Footer-BLKReport-581_1)  | &nbsp;&nbsp; 3 |
| [Schedules of Investments](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 4 |
| [Statements of Assets and Liabilities](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_FS-Footer-BLKReport-1159_1)  | &nbsp;&nbsp; 45 |
| [Statements of Operations](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_FS-Footer-BLKReport-1159_4)  | &nbsp;&nbsp; 48 |
| [Statements of Changes in Net Assets](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_FS-Footer-BLKReport-1159_7)  | &nbsp;&nbsp; 51 |
| [Financial Highlights](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_FS-Footer-BLKReport-1159_13)  | &nbsp;&nbsp; 57 |
| [Notes to Financial Statements](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_NTFS-Footer-BLKReport_1)  | &nbsp;&nbsp; 68 |
| [Additional Information](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_ADI-Footer-BLKReport-581_1)  | &nbsp;&nbsp; 82 |
| [Disclosure of Investment Advisory Agreement](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_15C-Footer-BLKReport-1159_1)  | &nbsp;&nbsp; 83 |
| [Glossary of Terms Used in these Financial Statements](#xx_f0ec413c-4ca5-49fc-9186-702fe1ca89a1_Abbreviations-Footer-BLKReport-581_1)  | &nbsp;&nbsp; 86 |

---

------

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.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares FinTech Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 9.2%** | **Banks — 9.2%** | **Banks — 9.2%** |
| Inter & Co., Inc. | &nbsp;&nbsp; 21826 | $204335 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 15439 | 274042 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4100 | 196219 |
| TBC Bank Group PLC | &nbsp;&nbsp; 3071 | 178555 |
|  |  | 853151 |
| **Broadline Retail — 5.7%** | **Broadline Retail — 5.7%** | **Broadline Retail — 5.7%** |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 143 | 307134 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1895 | 220748 |
|  |  | 527882 |
| **Capital Markets — 13.9%** | **Capital Markets — 13.9%** | **Capital Markets — 13.9%** |
| Bullish<sup>(a)(b)</sup> | &nbsp;&nbsp; 6575 | 198565 |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 3553 | 369228 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 390 | 75949 |
| Etoro Group Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6149 | 180781 |
| Galaxy Digital, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5925 | 167526 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1867 | 185729 |
| Wealthfront Corp., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 12256 | 106382 |
|  |  | 1284160 |
| **Consumer Finance — 13.4%** | **Consumer Finance — 13.4%** | **Consumer Finance — 13.4%** |
| American Express Co. | &nbsp;&nbsp; 557 | 196159 |
| Capital One Financial Corp. | &nbsp;&nbsp; 1768 | 387068 |
| Kaspi.KZ JSC<sup>(a)</sup> | &nbsp;&nbsp; 2988 | 227596 |
| LendingClub Corp.<sup>(a)</sup> | &nbsp;&nbsp; 17266 | 291968 |
| Qfin Holdings, Inc. | &nbsp;&nbsp; 9134 | 142034 |
|  |  | 1244825 |
| **Financial Services — 44.0%** | **Financial Services — 44.0%** | **Financial Services — 44.0%** |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 133 | 197218 |
| Affirm Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2451 | 147795 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5795 | 350192 |
| Cab Payments Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 148211 | 146425 |
| Chime Financial, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7336 | 186481 |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 619 | 194756 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 3001 | 165805 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1790 | 114077 |
| Global Payments, Inc. | &nbsp;&nbsp; 5218 | 374339 |
| Klarna Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 9505 | 219280 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 463 | 249460 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 42990 | 183544 |
| Payoneer Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23911 | 152791 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 3570 | 188103 |
| Rocket Cos. Inc, Class A | &nbsp;&nbsp; 6634 | 118948 |
| Sezzle, Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 4095 | 258968 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3649 | 215437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | &nbsp;&nbsp; 738 | $237511 |
| WEX, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1033 | 158979 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 16067 | 207228 |
|  |  | 4067337 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8220 | 141631 |
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| PicS NV<sup>(a)</sup> | &nbsp;&nbsp; 6123 | 110214 |
| **Real Estate Management & Development — 2.1%** | **Real Estate Management & Development — 2.1%** | **Real Estate Management & Development — 2.1%** |
| Compass, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 15201 | 190317 |
| **Software — 5.6%** | **Software — 5.6%** | **Software — 5.6%** |
| Circle Internet Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3432 | 219408 |
| Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8537 | 165532 |
| Temenos AG, Registered | &nbsp;&nbsp; 1555 | 137421 |
|  |  | 522361 |
| **Total Long-Term Investments — 96.6%** <br>**(Cost: $8,662,995)** | **Total Long-Term Investments — 96.6%** <br>**(Cost: $8,662,995)** | 8941878 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 19.9%** | **Money Market Funds — 19.9%** | **Money Market Funds — 19.9%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.82%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1569725 | 1570510 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 270000 | 270000 |
| **Total Short-Term Securities — 19.9%** <br>**(Cost: $1,840,426)** | **Total Short-Term Securities — 19.9%** <br>**(Cost: $1,840,426)** | 1840510 |
| **Total Investments — 116.5%** <br>**(Cost: $10,503,421)** | **Total Investments — 116.5%** <br>**(Cost: $10,503,421)** | 10782388 |
| **Liabilities in Excess of Other Assets — (16.5)%** | **Liabilities in Excess of Other Assets — (16.5)%** | (1530587)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9251801 |

---

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares FinTech Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1849389 | $— | &nbsp;&nbsp; $(278989 )<sup>(a)</sup><br>| $42 | $68 | $1570510 | 1569725 | $9222 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 270000 | 0 <br><sup>(a)</sup><br>|  |  |  | 270000 | 270000 | 6903 |  |
|  |  |  |  | $42 | $68 | $1840510 |  | $16125 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $7841693 | &nbsp;&nbsp; $1100185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8941878 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1840510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1840510 |
|  | &nbsp;&nbsp; $9682203 | &nbsp;&nbsp; $1100185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10782388 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Health Innovation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Biotechnology — 37.9%** | **Biotechnology — 37.9%** | **Biotechnology — 37.9%** |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 472 | $4182 |
| AbbVie, Inc. | &nbsp;&nbsp; 643 | 143395 |
| Abivax SA, ADR, NVS<sup>(a)</sup> | &nbsp;&nbsp; 80 | 8892 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 892 | 24477 |
| Akeso, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 28230 |
| Aktis Oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 531 | 10753 |
| Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp; 1392 | 47175 |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3144 | 5785 |
| Amgen, Inc. | &nbsp;&nbsp; 488 | 166837 |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 368 | 24108 |
| Arcellx, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 561 | 38322 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1808 | 38040 |
| Argenx SE, ADR<sup>(a)</sup> | &nbsp;&nbsp; 160 | 134480 |
| Ascendis Pharma A/S, ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 43 | 9722 |
| Autolus Therapeutics PLC , ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 3256 | 4461 |
| Avalo Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 272 | 4110 |
| Avidity Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 138 | 10015 |
| Beam Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 810 | 22372 |
| BeOne Medicines Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 161 | 54801 |
| Bicycle Therapeutics PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp; 392 | 2517 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1204 | 216588 |
| Biohaven Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 505 | 5974 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 338 | 19111 |
| BioNTech SE, ADR<sup>(a)</sup> | &nbsp;&nbsp; 122 | 13878 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1472 | 113741 |
| Bright Minds Biosciences, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 339 | 26357 |
| Cogent Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1273 | 45713 |
| Contra Blueprint Medic, NVS<sup>(d)</sup> | &nbsp;&nbsp; 110 | 108 |
| Contra Mirati Therapeutics, Inc., NVS<sup>(d)</sup> | &nbsp;&nbsp; 334 | 264 |
| Corvus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 225 | 4658 |
| Cytokinetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 360 | 22748 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1729 | 37588 |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 167 | 8916 |
| Disc Medicine, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 209 | 16160 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 880 | 15743 |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 712 | 9185 |
| Erasca, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1460 | 15345 |
| Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2857 | 292385 |
| Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2281 | 94342 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 605 | 197100 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 2155 | 305902 |
| Gossamer Bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 546 | 1245 |
| Halozyme Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 680 | 48763 |
| Immunocore Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 586 | 19074 |
| Immunome, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 640 | 15757 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 434 | 43430 |
| Intellia Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1200 | 15780 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 133099 |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 633 | 9881 |
| Kiniksa Pharmaceuticals International PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 689 | 30261 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 322 | 7332 |
| Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4989 | 219865 |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 642 | 13174 |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 896 | 207101 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 865 | 117692 |
| Nuvalent, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 561 | 57721 |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 921 | 23688 |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1042 | 10691 |
| Oruka Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 504 | 17252 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 745 | 60941 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| PTC Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 308 | $23263 |
| REGENXBIO, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 816 | 9107 |
| Revolution Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 506 | 49057 |
| Rezolute, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 972 | 3246 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1209 | 123947 |
| Scholar Rock Holding Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 336 | 14898 |
| Stoke Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1416 | 42961 |
| Summit Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1041 | 15074 |
| TScan Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4466 | 4555 |
| uniQure NV<sup>(a)</sup> | &nbsp;&nbsp; 437 | 9929 |
| Upstream Bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 507 | 15758 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 73 | 34303 |
| Vigil Neuroscience, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 484 | 24 |
| Viking Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 757 | 21983 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 905 | 6733 |
| Viridian Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1508 | 49764 |
| Vor BioPharma, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 488 | 6344 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 6084 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 498 | 33305 |
|  |  | 3767562 |
| **Health Care Equipment & Supplies — 14.4%** | **Health Care Equipment & Supplies — 14.4%** | **Health Care Equipment & Supplies — 14.4%** |
| Abbott Laboratories | &nbsp;&nbsp; 632 | 69077 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 105689 |
| Contra Abiomed, Inc., NVS<sup>(d)</sup> | &nbsp;&nbsp; 246 | 571 |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 136950 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3008 | 244731 |
| EssilorLuxottica SA | &nbsp;&nbsp; 136 | 41575 |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1474 | 110447 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 415 | 106161 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 258 | 130089 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 489 | 32724 |
| Medline, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1274 | 56311 |
| Medtronic PLC | &nbsp;&nbsp; 2818 | 290141 |
| Novocure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2144 | 26586 |
| Nyxoah SA, Class B<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 5747 |
| Penumbra, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 208 | 74499 |
|  |  | 1431298 |
| **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** |
| Cencora, Inc. | &nbsp;&nbsp; 137 | 49213 |
| Guardant Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2392 | 272784 |
| McKesson Corp. | &nbsp;&nbsp; 58 | 48210 |
| RadNet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 433 | 30353 |
|  |  | 400560 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Frequency Therapeutics, Inc., NVS<sup>(d)</sup> | &nbsp;&nbsp; 420 |  |
| **Life Sciences Tools & Services — 18.9%** | **Life Sciences Tools & Services — 18.9%** | **Life Sciences Tools & Services — 18.9%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 1345 | 180028 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 162 | 47579 |
| Bio-Techne Corp. | &nbsp;&nbsp; 1826 | 117028 |
| Bruker Corp. | &nbsp;&nbsp; 698 | 30915 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 658 | 138496 |
| Danaher Corp. | &nbsp;&nbsp; 714 | 156288 |
| Illumina, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1258 | 182171 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 960 | 220944 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 212 | 144043 |
| QIAGEN NV | &nbsp;&nbsp; 2162 | 116035 |
| Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1040 | 155345 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 32 | 38672 |
| Tempus AI, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 840 | 50249 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 251 | 145231 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Health Innovation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 153 | $56720 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 20500 | 97013 |
|  |  | 1876757 |
| **Pharmaceuticals — 20.3%** | **Pharmaceuticals — 20.3%** | **Pharmaceuticals — 20.3%** |
| Alumis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 923 | 22623 |
| Arvinas, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1040 | 13915 |
| AstraZeneca PLC | &nbsp;&nbsp; 1056 | 97965 |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 261 | 48089 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1620 | 89181 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 1000 | 18320 |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 937 | 26377 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 3300 | 92002 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2280 | 54902 |
| Enliven Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 492 | 13013 |
| EyePoint, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 760 | 10275 |
| Galderma Group AG | &nbsp;&nbsp; 315 | 58716 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 578 | 21109 |
| Johnson & Johnson | &nbsp;&nbsp; 1561 | 354737 |
| LB Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1779 | 38160 |
| Maze Therapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 397 | 17301 |
| MBX Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1392 | 51295 |
| Merck & Co., Inc. | &nbsp;&nbsp; 1372 | 151291 |
| Novartis AG, Registered | &nbsp;&nbsp; 1419 | 210537 |
| Nuvation Bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3067 | 16071 |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 776 | 7093 |
| Pfizer, Inc. | &nbsp;&nbsp; 1794 | 47433 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 574 | 261021 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1425 | 49305 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 2368 | 80701 |
| UCB SA | &nbsp;&nbsp; 404 | 123109 |
| Ventyx Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2312 | 32252 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 865 | 11193 |
|  |  | 2017986 |
| **Total Common Stocks — 95.5%** <br>**(Cost: $8,395,394)** | **Total Common Stocks — 95.5%** <br>**(Cost: $8,395,394)** | 9494163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 514 | $143659 |
| **Total Preferred Stocks — 1.5%** <br>**(Cost: $150,302)** | **Total Preferred Stocks — 1.5%** <br>**(Cost: $150,302)** | 143659 |
| **Total Long-Term Investments — 97.0%** <br>**(Cost: $8,545,696)** | **Total Long-Term Investments — 97.0%** <br>**(Cost: $8,545,696)** | 9637822 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.6%** | **Money Market Funds — 6.6%** | **Money Market Funds — 6.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.82%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 440959 | 441179 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 220000 | 220000 |
| **Total Short-Term Securities — 6.6%** <br>**(Cost: $661,124)** | **Total Short-Term Securities — 6.6%** <br>**(Cost: $661,124)** | 661179 |
| **Total Investments — 103.6%** <br>**(Cost: $9,206,820)** | **Total Investments — 103.6%** <br>**(Cost: $9,206,820)** | 10299001 |
| **Liabilities in Excess of Other Assets — (3.6)%** | **Liabilities in Excess of Other Assets — (3.6)%** | (360908)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9938093 |

---

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

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

<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> All or a portion of this security is on loan.

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $183837<br> $257293 <br><sup>(a)</sup><br>| $— | $26 | $23 | $441179 | 440959 | $863 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 50000<br> 170000 <br><sup>(a)</sup><br>|  |  |  | 220000 | 220000 | 2233 |  |
|  |  |  | $26 | $23 | $661179 |  | $3096 | $— |

---

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

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

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Health Innovation Active ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $8149553 | &nbsp;&nbsp; $1343643 | &nbsp;&nbsp; $967 | &nbsp;&nbsp; $9494163 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 143659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143659 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 661179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 661179 |
|  | &nbsp;&nbsp; $8810732 | &nbsp;&nbsp; $1487302 | &nbsp;&nbsp; $967 | &nbsp;&nbsp; $10299001 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares International Country Rotation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** | **Netherlands — 1.5%** |
| ASML Holding NV, ADR<sup>(a)</sup> | &nbsp;&nbsp; 184 | $261831 |
| **Taiwan — 3.3%** | **Taiwan — 3.3%** | **Taiwan — 3.3%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 1674 | 553358 |
| **Total Common Stocks — 4.8%** <br>**(Cost: $573,029)** | **Total Common Stocks — 4.8%** <br>**(Cost: $573,029)** | 815189 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Domestic Equity — 2.6%** | **Domestic Equity — 2.6%** | **Domestic Equity — 2.6%** |
| iShares Core S&P 500 ETF<sup>(b)</sup> | &nbsp;&nbsp; 651 | 452465 |
| **Exchange Traded Funds — 3.6%** | **Exchange Traded Funds — 3.6%** | **Exchange Traded Funds — 3.6%** |
| iShares MSCI India ETF<sup>(b)</sup> | &nbsp;&nbsp; 11886 | 614981 |
| **International Equity — 88.8%** | **International Equity — 88.8%** | **International Equity — 88.8%** |
| iShares MSCI Belgium ETF<sup>(b)</sup> | &nbsp;&nbsp; 12220 | 318698 |
| iShares MSCI Brazil ETF<sup>(b)</sup> | &nbsp;&nbsp; 12124 | 449073 |
| iShares MSCI Canada ETF<sup>(b)</sup> | &nbsp;&nbsp; 39057 | 2119233 |
| iShares MSCI Chile ETF<sup>(b)</sup> | &nbsp;&nbsp; 3896 | 176255 |
| iShares MSCI China ETF<sup>(b)</sup> | &nbsp;&nbsp; 19780 | 1234272 |
| iShares MSCI France ETF<sup>(b)</sup> | &nbsp;&nbsp; 10078 | 457037 |
| iShares MSCI Germany ETF<sup>(b)</sup> | &nbsp;&nbsp; 7446 | 320997 |
| iShares MSCI Hong Kong ETF<sup>(b)</sup> | &nbsp;&nbsp; 9208 | 215283 |
| iShares MSCI Japan ETF<sup>(b)</sup> | &nbsp;&nbsp; 29025 | 2488023 |
| iShares MSCI Japan Value ETF<sup>(b)</sup> | &nbsp;&nbsp; 7732 | 328842 |
| iShares MSCI Mexico ETF<sup>(b)</sup> | &nbsp;&nbsp; 802 | 60246 |
| iShares MSCI Netherlands ETF<sup>(b)</sup> | &nbsp;&nbsp; 10414 | 648480 |
| iShares MSCI Peru and Global Exposure ETF<sup>(b)</sup> | &nbsp;&nbsp; 569 | 49275 |
| iShares MSCI Philippines ETF<sup>(b)</sup> | &nbsp;&nbsp; 1401 | 36384 |
| iShares MSCI Qatar ETF<sup>(b)</sup> | &nbsp;&nbsp; 5192 | 102334 |
| iShares MSCI Saudi Arabia ETF<sup>(b)</sup> | &nbsp;&nbsp; 1046 | 41694 |
| iShares MSCI Singapore ETF<sup>(b)</sup> | &nbsp;&nbsp; 19783 | 558078 |
| iShares MSCI South Korea ETF<sup>(b)(c)</sup> | &nbsp;&nbsp; 11344 | 1388619 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **International Equity (continued)** | **International Equity (continued)** | **International Equity (continued)** |
| iShares MSCI Spain ETF<sup>(b)</sup> | &nbsp;&nbsp; 22350 | $1258082 |
| iShares MSCI Switzerland ETF<sup>(b)</sup> | &nbsp;&nbsp; 11503 | 707895 |
| iShares MSCI Taiwan ETF<sup>(b)</sup> | &nbsp;&nbsp; 4281 | 291365 |
| iShares MSCI UAE ETF<sup>(b)</sup> | &nbsp;&nbsp; 7760 | 159002 |
| iShares MSCI United Kingdom ETF<sup>(b)</sup> | &nbsp;&nbsp; 38911 | 1796132 |
|  |  | 15205299 |
| **Total Investment Companies — 95.0%** <br>**(Cost: $13,759,625)** | **Total Investment Companies — 95.0%** <br>**(Cost: $13,759,625)** | 16272745 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $14,332,654)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $14,332,654)** | 17087934 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.82%<sup>(b)(d)(e)</sup><br>| &nbsp;&nbsp; 583908 | 584200 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 30000 | 30000 |
| **Total Short-Term Securities — 3.6%** <br>**(Cost: $614,200)** | **Total Short-Term Securities — 3.6%** <br>**(Cost: $614,200)** | 614200 |
| **Total Investments — 103.4%** <br>**(Cost: $14,946,854)** | **Total Investments — 103.4%** <br>**(Cost: $14,946,854)** | 17702134 |
| **Liabilities in Excess of Other Assets — (3.4)%** | **Liabilities in Excess of Other Assets — (3.4)%** | (578954)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17123180 |

---

&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> Affiliate of the Fund.

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $136275 | $447887 <br><sup>(a)</sup><br>| $— | $38 | $— | $584200 | 583908 | $5996 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 20000 | 10000 <br><sup>(a)</sup><br>|  |  |  | 30000 | 30000 | 820 |  |
| iShares Core S&P 500 ETF |  | 613874 | &nbsp;&nbsp; (192916)<br>| 3557 | 27950 | 452465 | 651 | 3188 |  |
| iShares MSCI Australia ETF<sup>(c)</sup> | 426988 | 206988 | &nbsp;&nbsp; (639940)<br>| 10683 | (4719)<br>|  |  | 200 |  |
| iShares MSCI Belgium ETF | 365834 | 163055 | &nbsp;&nbsp; (277062)<br>| 14516 | 52355 | 318698 | 12220 | 2383 |  |
| iShares MSCI Brazil ETF | 134476 | 353130 | &nbsp;&nbsp; (113341)<br>| 7823 | 66985 | 449073 | 12124 | 7118 |  |
| iShares MSCI Canada ETF | 1279833 | 741007 | &nbsp;&nbsp; (148308)<br>| 1551 | 245150 | 2119233 | 39057 | 16449 |  |
| iShares MSCI Chile ETF | 37854 | 125749 | &nbsp;&nbsp; (34465)<br>| 1127 | 45990 | 176255 | 3896 | 458 |  |
| iShares MSCI China ETF | 897401 | 538215 | &nbsp;&nbsp; (285231)<br>| (4043)<br>| 87930 | 1234272 | 19780 | 15739 |  |
| iShares MSCI Denmark ETF<sup>(c)</sup> |  | 29620 | &nbsp;&nbsp; (27833)<br>| (1787)<br>|  |  |  |  |  |
| iShares MSCI France ETF | 465408 | 274316 | &nbsp;&nbsp; (329044)<br>| 13062 | 33295 | 457037 | 10078 | 2977 |  |
| iShares MSCI Germany ETF | 589103 | 344977 | &nbsp;&nbsp; (651059)<br>| 43659 | (5683)<br>| 320997 | 7446 |  |  |
| iShares MSCI Hong Kong ETF | 160818 | 89575 | &nbsp;&nbsp; (57360)<br>| 1369 | 20881 | 215283 | 9208 | 5827 |  |
| iShares MSCI India ETF | 483235 | 247544 | &nbsp;&nbsp; (104051)<br>| (4198)<br>| (7548)<br>| 614982 | 11886 |  |  |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares International Country Rotation Active ETF**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *07/31/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *01/31/26*<br>| *Shares*<br> *Held at*<br> *01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| iShares MSCI Ireland ETF<sup>(c)</sup> | $— | $11200 | &nbsp;&nbsp; $(11876)<br>| $676 | $— | $— |  | $— | $— |
| iShares MSCI Israel ETF<sup>(c)</sup> | 64458 | 31267 | &nbsp;&nbsp; (103286)<br>| 17905 | (10344)<br>|  |  |  |  |
| iShares MSCI Italy ETF<sup>(c)</sup> | 321490 | 127667 | &nbsp;&nbsp; (485948)<br>| 66132 | (29341)<br>|  |  | 2606 |  |
| iShares MSCI Japan ETF | 1399590 | 952747 | &nbsp;&nbsp; (132892)<br>| 2207 | 266371 | 2488023 | 29025 | 79599 |  |
| iShares MSCI Japan Value ETF |  | 321092 |  |  | 7750 | 328842 | 7732 |  |  |
| iShares MSCI Mexico ETF | 74453 | 42150 | &nbsp;&nbsp; (72292)<br>| 6414 | 9521 | 60246 | 802 | 1603 |  |
| iShares MSCI Netherlands ETF | 316377 | 392507 | &nbsp;&nbsp; (141828)<br>| (462)<br>| 81886 | 648480 | 10414 | 19783 |  |
| iShares MSCI Peru and Global Exposure ETF |  | 42160 |  |  | 7115 | 49275 | 569 | 57 |  |
| iShares MSCI Philippines ETF | 29741 | 20435 | &nbsp;&nbsp; (14935)<br>| (645)<br>| 1788 | 36384 | 1401 | 365 |  |
| iShares MSCI Qatar ETF | 108181 | 80534 | &nbsp;&nbsp; (85833)<br>| 50 | (598)<br>| 102334 | 5192 | 895 |  |
| iShares MSCI Saudi Arabia ETF | 84360 | 63115 | &nbsp;&nbsp; (111912)<br>| 60 | 6071 | 41694 | 1046 |  |  |
| iShares MSCI Singapore ETF | 342045 | 395133 | &nbsp;&nbsp; (199873)<br>| (143)<br>| 20916 | 558078 | 19783 | 8260 |  |
| iShares MSCI South Africa ETF<sup>(c)</sup> | 105729 | 18858 | &nbsp;&nbsp; (143578)<br>| 25596 | (6605)<br>|  |  | (90)<br>|  |
| iShares MSCI South Korea ETF | 422953 | 502763 | &nbsp;&nbsp; (22689)<br>| 20 | 485572 | 1388619 | 11344 | 21147 |  |
| iShares MSCI Spain ETF | 534806 | 582803 | &nbsp;&nbsp; (55824)<br>| 1869 | 194428 | 1258082 | 22350 | 14160 |  |
| iShares MSCI Switzerland ETF | 345790 | 580238 | &nbsp;&nbsp; (278759)<br>| 12611 | 48015 | 707895 | 11503 |  |  |
| iShares MSCI Taiwan ETF | 208812 | 166291 | &nbsp;&nbsp; (121697)<br>| 5904 | 32055 | 291365 | 4281 | 4180 | 7358 |
| iShares MSCI Thailand ETF<sup>(c)</sup> | 39438 | 6275 | &nbsp;&nbsp; (47637)<br>| 4234 | (2310)<br>|  |  |  |  |
| iShares MSCI UAE ETF |  | 151046 |  |  | 7956 | 159002 | 7760 | 1349 |  |
| iShares MSCI United Kingdom ETF | 602246 | 1121764 | &nbsp;&nbsp; (100643)<br>| 741 | 172024 | 1796132 | 38911 | 26381 |  |
|  |  |  |  | $230526 | $1854856 | $16886946 |  | $241450 | $7358 |

---

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

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

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

<sup>(c)</sup> As of period end, the entity is no longer held.

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended January 31, 2026, 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:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $804 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(804)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(804)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares International Country Rotation Active ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $815189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $815189 |
| Investment Companies | &nbsp;&nbsp; 16272745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16272745 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 614200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 614200 |
|  | &nbsp;&nbsp; $17702134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17702134 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares International Equity Factor Rotation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 4.3%** | **Australia — 4.3%** | **Australia — 4.3%** |
| Brambles Ltd. | &nbsp;&nbsp; 7257 | $112648 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 195875 | 1881032 |
| Fortescue Ltd. | &nbsp;&nbsp; 71932 | 1041638 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4253 | 42811 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 55113 | 1013159 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 1924 | 245971 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 76794 | 536915 |
|  |  | 4874174 |
| **Austria — 0.8%** | **Austria — 0.8%** | **Austria — 0.8%** |
| Erste Group Bank AG | &nbsp;&nbsp; 5184 | 673966 |
| Verbund AG | &nbsp;&nbsp; 3744 | 274718 |
|  |  | 948684 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 11658 | 839178 |
| **Denmark — 1.0%** | **Denmark — 1.0%** | **Denmark — 1.0%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 1 | 2452 |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 15 | 37091 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 3451 | 1124286 |
|  |  | 1163829 |
| **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** |
| Kone OYJ, Class B | &nbsp;&nbsp; 477 | 34279 |
| **France — 9.2%** | **France — 9.2%** | **France — 9.2%** |
| AXA SA | &nbsp;&nbsp; 208 | 9485 |
| BNP Paribas SA | &nbsp;&nbsp; 11806 | 1276611 |
| Credit Agricole SA | &nbsp;&nbsp; 15640 | 338706 |
| EssilorLuxottica SA | &nbsp;&nbsp; 959 | 293162 |
| Hermes International SCA | &nbsp;&nbsp; 384 | 923903 |
| Klepierre SA | &nbsp;&nbsp; 33904 | 1306097 |
| L'Oreal SA | &nbsp;&nbsp; 2591 | 1190407 |
| Societe Generale SA | &nbsp;&nbsp; 17286 | 1514762 |
| Vinci SA | &nbsp;&nbsp; 25733 | 3700009 |
|  |  | 10553142 |
| **Germany — 10.8%** | **Germany — 10.8%** | **Germany — 10.8%** |
| Allianz SE, Registered | &nbsp;&nbsp; 7165 | 3154904 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 80 | 8238 |
| Commerzbank AG | &nbsp;&nbsp; 20687 | 850333 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 7392 | 291696 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 9312 | 520806 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 43683 | 1465925 |
| Hannover Rueck SE | &nbsp;&nbsp; 1531 | 432890 |
| Heidelberg Materials AG | &nbsp;&nbsp; 1248 | 341791 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 1059 | 641835 |
| Rheinmetall AG | &nbsp;&nbsp; 573 | 1214099 |
| SAP SE | &nbsp;&nbsp; 5011 | 1001039 |
| Siemens AG, Registered | &nbsp;&nbsp; 953 | 288121 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 11828 | 2015255 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 960 | 121085 |
| Vonovia SE | &nbsp;&nbsp; 1562 | 45734 |
|  |  | 12393751 |
| **Hong Kong — 4.0%** | **Hong Kong — 4.0%** | **Hong Kong — 4.0%** |
| AIA Group Ltd. | &nbsp;&nbsp; 77400 | 893001 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 144000 | 758302 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 48000 | 387038 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 96000 | 487753 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 197000 | 735632 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 48000 | 770827 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 432000 | $509801 |
|  |  | 4542354 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Ryanair Holdings PLC | &nbsp;&nbsp; 7869 | 267069 |
| **Israel — 3.4%** | **Israel — 3.4%** | **Israel — 3.4%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 7298 | 978699 |
| Bank Hapoalim BM | &nbsp;&nbsp; 1017 | 25142 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 1255 | 887659 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 14914 | 1166708 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 17569 | 852758 |
|  |  | 3910966 |
| **Italy — 5.1%** | **Italy — 5.1%** | **Italy — 5.1%** |
| Banco BPM SpA | &nbsp;&nbsp; 59907 | 897965 |
| Enel SpA | &nbsp;&nbsp; 152299 | 1682683 |
| Generali | &nbsp;&nbsp; 46945 | 1914904 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 10748 | 283082 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 4341 | 2945 |
| UniCredit SpA | &nbsp;&nbsp; 11328 | 987190 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3156 | 70290 |
|  |  | 5839059 |
| **Japan — 24.2%** | **Japan — 24.2%** | **Japan — 24.2%** |
| Advantest Corp. | &nbsp;&nbsp; 10000 | 1653865 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 17300 | 236622 |
| Central Japan Railway Co. | &nbsp;&nbsp; 26300 | 733719 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8800 | 502662 |
| Fujikura Ltd. | &nbsp;&nbsp; 9500 | 1194026 |
| Hitachi Ltd. | &nbsp;&nbsp; 38400 | 1332484 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 54900 | 552159 |
| Hoya Corp. | &nbsp;&nbsp; 200 | 33551 |
| IHI Corp. | &nbsp;&nbsp; 38600 | 893057 |
| ITOCHU Corp. | &nbsp;&nbsp; 96000 | 1229047 |
| Kajima Corp. | &nbsp;&nbsp; 3000 | 122387 |
| KDDI Corp. | &nbsp;&nbsp; 47400 | 800300 |
| Konami Group Corp. | &nbsp;&nbsp; 700 | 102216 |
| Mitsubishi Corp. | &nbsp;&nbsp; 38400 | 1020147 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 20400 | 637743 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 37800 | 1112981 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 57600 | 1043156 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 28800 | 940753 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 19200 | 833624 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 66700 | 1699353 |
| NEC Corp. | &nbsp;&nbsp; 10100 | 342386 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 10100 | 625448 |
| Obayashi Corp. | &nbsp;&nbsp; 1400 | 31603 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 8600 | 452994 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 18700 | 422882 |
| SoftBank Group Corp. | &nbsp;&nbsp; 37200 | 1015835 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29300 | 29440 |
| Sony Group Corp. | &nbsp;&nbsp; 29300 | 646004 |
| Subaru Corp. | &nbsp;&nbsp; 38100 | 817937 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 17700 | 774897 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 19200 | 675657 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 600 | 8181 |
| Taisei Corp. | &nbsp;&nbsp; 1900 | 189521 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 39000 | 1453629 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 700 | 186521 |
| Toyota Motor Corp. | &nbsp;&nbsp; 98800 | 2239350 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 31700 | 1154489 |
|  |  | 27740626 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares International Equity Factor Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands — 5.0%** | **Netherlands — 5.0%** | **Netherlands — 5.0%** |
| ASML Holding NV | &nbsp;&nbsp; 3362 | $4820789 |
| Prosus NV | &nbsp;&nbsp; 16217 | 932498 |
|  |  | 5753287 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 283687 | 307063 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 960 | 22638 |
|  |  | 329701 |
| **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 4300 | 21466 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 30400 | 233703 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 108100 | 390099 |
|  |  | 645268 |
| **Spain — 5.9%** | **Spain — 5.9%** | **Spain — 5.9%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 51833 | 1315710 |
| Banco Santander SA | &nbsp;&nbsp; 163771 | 2091038 |
| CaixaBank SA | &nbsp;&nbsp; 104700 | 1382058 |
| Iberdrola SA | &nbsp;&nbsp; 4722 | 106164 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 64 | 1439 |
| International Consolidated Airlines Group SA, Class DI | &nbsp;&nbsp; 335815 | 1926172 |
|  |  | 6822581 |
| **Sweden — 3.3%** | **Sweden — 3.3%** | **Sweden — 3.3%** |
| Nordea Bank Abp | &nbsp;&nbsp; 91968 | 1776858 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 180358 | 1953306 |
|  |  | 3730164 |
| **Switzerland — 8.8%** | **Switzerland — 8.8%** | **Switzerland — 8.8%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 7730 | 665538 |
| Novartis AG, Registered | &nbsp;&nbsp; 49635 | 7364334 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 3552 | 1615235 |
| UBS Group AG, Registered | &nbsp;&nbsp; 9996 | 472964 |
|  |  | 10118071 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 12.5%** | **United Kingdom — 12.5%** | **United Kingdom — 12.5%** |
| 3i Group PLC | &nbsp;&nbsp; 15456 | $710035 |
| Admiral Group PLC | &nbsp;&nbsp; 2304 | 86709 |
| Antofagasta PLC | &nbsp;&nbsp; 4890 | 242307 |
| Associated British Foods PLC | &nbsp;&nbsp; 7200 | 188167 |
| AstraZeneca PLC | &nbsp;&nbsp; 16512 | 3076419 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 24954 | 183948 |
| Barclays PLC | &nbsp;&nbsp; 167616 | 1118681 |
| BT Group PLC | &nbsp;&nbsp; 44832 | 117842 |
| Compass Group PLC | &nbsp;&nbsp; 27072 | 811766 |
| Endeavour Mining PLC | &nbsp;&nbsp; 885 | 50372 |
| Fresnillo PLC | &nbsp;&nbsp; 22205 | 1093520 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 96048 | 143419 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 89 | 9927 |
| Next PLC | &nbsp;&nbsp; 1913 | 347322 |
| Prudential PLC | &nbsp;&nbsp; 26304 | 432050 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 11040 | 920293 |
| RELX PLC | &nbsp;&nbsp; 30535 | 1082527 |
| Standard Chartered PLC | &nbsp;&nbsp; 38784 | 992344 |
| Tesco PLC | &nbsp;&nbsp; 226459 | 1317720 |
| Vodafone Group PLC | &nbsp;&nbsp; 921024 | 1356417 |
|  |  | 14281785 |
| **Total Investments — 100.1%** <br>**(Cost: $104,274,169)** | **Total Investments — 100.1%** <br>**(Cost: $104,274,169)** | 114787968 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (83759)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $114704209 |

---

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/05/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(b)</sup> | $—<br> &nbsp;&nbsp; $0 <br><sup>(c)</sup><br>| $— | $— | $— | $— |  | $3700 | $— |

---

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

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

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</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 |  |  |  |  |
| MSCI EAFE Index | 2 | 03/20/26 | &nbsp;&nbsp; $304 | $15184 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares International Equity Factor Rotation Active ETF**

**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<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15184 |

---

&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 January 31, 2026, 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; $24448 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24448 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15184 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $151840 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $949733 | &nbsp;&nbsp; $113838235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114787968 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $15184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15184 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Large Cap Core Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 13365 | $2780989 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| Wells Fargo & Co. | &nbsp;&nbsp; 26695 | 2415631 |
| **Broadline Retail — 6.6%** | **Broadline Retail — 6.6%** | **Broadline Retail — 6.6%** |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29139 | 6972963 |
| **Building Products — 2.8%** | **Building Products — 2.8%** | **Building Products — 2.8%** |
| Johnson Controls International PLC | &nbsp;&nbsp; 24536 | 2926163 |
| **Capital Markets — 5.8%** | **Capital Markets — 5.8%** | **Capital Markets — 5.8%** |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 20980 | 3645904 |
| S&P Global, Inc. | &nbsp;&nbsp; 4616 | 2436279 |
|  |  | 6082183 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp; 9521 | 2594472 |
| **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** | **Commercial Services & Supplies — 2.2%** |
| Rentokil Initial PLC, ADR, NVS<sup>(b)</sup> | &nbsp;&nbsp; 73133 | 2304421 |
| **Communications Equipment — 3.9%** | **Communications Equipment — 3.9%** | **Communications Equipment — 3.9%** |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16372 | 4122633 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| TKO Group Holdings, Inc., Class A | &nbsp;&nbsp; 6979 | 1413806 |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** | **Financial Services — 5.9%** |
| Rocket Cos. Inc, Class A | &nbsp;&nbsp; 155025 | 2779598 |
| Visa, Inc., Class A | &nbsp;&nbsp; 10641 | 3424593 |
|  |  | 6204191 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Medtronic PLC | &nbsp;&nbsp; 27967 | 2879482 |
| **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** |
| Cardinal Health, Inc. | &nbsp;&nbsp; 21626 | 4646995 |
| Cencora, Inc. | &nbsp;&nbsp; 1376 | 494287 |
| Elevance Health, Inc. | &nbsp;&nbsp; 5896 | 2038483 |
|  |  | 7179765 |
| **Interactive Media & Services — 10.6%** | **Interactive Media & Services — 10.6%** | **Interactive Media & Services — 10.6%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 16604 | 5612152 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 7810 | 5595865 |
|  |  | 11208017 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Snowflake, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7265 | 1399966 |
| **Leisure Products — 3.2%** | **Leisure Products — 3.2%** | **Leisure Products — 3.2%** |
| Hasbro, Inc. | &nbsp;&nbsp; 38180 | 3409856 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Chevron Corp. | &nbsp;&nbsp; 14637 | 2589285 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 804 | $833869 |
| **Professional Services — 2.1%** | **Professional Services — 2.1%** | **Professional Services — 2.1%** |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 26488 | 2169102 |
| **Semiconductors & Semiconductor Equipment — 15.0%** | **Semiconductors & Semiconductor Equipment — 15.0%** | **Semiconductors & Semiconductor Equipment — 15.0%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3904 | 924194 |
| Broadcom, Inc. | &nbsp;&nbsp; 7515 | 2489719 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 48182 | 2239017 |
| Micron Technology, Inc. | &nbsp;&nbsp; 8511 | 3531044 |
| Nvidia Corp. | &nbsp;&nbsp; 35028 | 6694902 |
|  |  | 15878876 |
| **Software — 8.4%** | **Software — 8.4%** | **Software — 8.4%** |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4662 | 2205639 |
| Intuit, Inc. | &nbsp;&nbsp; 1699 | 847665 |
| Microsoft Corp. | &nbsp;&nbsp; 13521 | 5817951 |
|  |  | 8871255 |
| **Technology Hardware, Storage & Peripherals — 5.3%** | **Technology Hardware, Storage & Peripherals — 5.3%** | **Technology Hardware, Storage & Peripherals — 5.3%** |
| Apple, Inc. | &nbsp;&nbsp; 11393 | 2956256 |
| Western Digital Corp. | &nbsp;&nbsp; 10679 | 2672206 |
|  |  | 5628462 |
| **Trading Companies & Distributors — 3.1%** | **Trading Companies & Distributors — 3.1%** | **Trading Companies & Distributors — 3.1%** |
| WESCO International, Inc. | &nbsp;&nbsp; 11169 | 3232644 |
| **Total Long-Term Investments — 97.7%** <br>**(Cost: $97,435,800)** | **Total Long-Term Investments — 97.7%** <br>**(Cost: $97,435,800)** | 103098031 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.82%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 2386128 | 2387321 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 2470000 | 2470000 |
| **Total Short-Term Securities — 4.6%** <br>**(Cost: $4,857,319)** | **Total Short-Term Securities — 4.6%** <br>**(Cost: $4,857,319)** | 4857321 |
| **Total Investments — 102.3%** <br>**(Cost: $102,293,119)** | **Total Investments — 102.3%** <br>**(Cost: $102,293,119)** | 107955352 |
| **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (2389415)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $105565937 |

---

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

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

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

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

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

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Large Cap Core Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $114008<br> $2273129 <br><sup>(a)</sup><br>| $— | $190 | $(6)<br>| $2387321 | 2386128 | $968 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 180000<br> 2290000 <br><sup>(a)</sup><br>|  |  |  | 2470000 | 2470000 | 12436 |  |
|  |  |  | $190 | $(6) | $4857321 |  | $13404 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $103098031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103098031 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4857321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4857321 |
|  | &nbsp;&nbsp; $107955352 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107955352 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Large Cap Value Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 5.1%** | **Aerospace & Defense — 5.1%** | **Aerospace & Defense — 5.1%** |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 7848 | $1834235 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 6140 | 2105099 |
| RTX Corp. | &nbsp;&nbsp; 6435 | 1292984 |
|  |  | 5232318 |
| **Automobile Components — 1.9%** | **Automobile Components — 1.9%** | **Automobile Components — 1.9%** |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 25968 | 1967076 |
| **Banks — 7.6%** | **Banks — 7.6%** | **Banks — 7.6%** |
| Bank of America Corp. | &nbsp;&nbsp; 12242 | 651275 |
| Citigroup, Inc. | &nbsp;&nbsp; 16607 | 1921596 |
| First Citizens BancShares, Inc./NC, Class A | &nbsp;&nbsp; 1074 | 2222718 |
| Wells Fargo & Co. | &nbsp;&nbsp; 33517 | 3032953 |
|  |  | 7828542 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 68580 | 1881835 |
| **Broadline Retail — 3.0%** | **Broadline Retail — 3.0%** | **Broadline Retail — 3.0%** |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13163 | 3149906 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 39053 | 2112767 |
| **Capital Markets — 4.7%** | **Capital Markets — 4.7%** | **Capital Markets — 4.7%** |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 20202 | 2099392 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 15770 | 2740510 |
|  |  | 4839902 |
| **Chemicals — 4.5%** | **Chemicals — 4.5%** | **Chemicals — 4.5%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp; 4256 | 1159760 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35021 | 1176005 |
| PPG Industries, Inc. | &nbsp;&nbsp; 19824 | 2292249 |
|  |  | 4628014 |
| **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
| Capital One Financial Corp. | &nbsp;&nbsp; 7026 | 1538202 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
| Dollar General Corp. | &nbsp;&nbsp; 19843 | 2846082 |
| **Diversified Telecommunication Services — 2.2%** | **Diversified Telecommunication Services — 2.2%** | **Diversified Telecommunication Services — 2.2%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 46318 | 1377960 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 19728 | 878291 |
|  |  | 2256251 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Evergy, Inc. | &nbsp;&nbsp; 23601 | 1810905 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| CDW Corp. | &nbsp;&nbsp; 7052 | 891302 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Walt Disney Co.(The) | &nbsp;&nbsp; 11473 | 1294154 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 35395 | 1955574 |
| **Food Products — 2.4%** | **Food Products — 2.4%** | **Food Products — 2.4%** |
| Kraft Heinz Co.(The) | &nbsp;&nbsp; 61593 | 1462218 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 22454 | 1031312 |
|  |  | 2493530 |
| **Health Care Equipment & Supplies — 7.1%** | **Health Care Equipment & Supplies — 7.1%** | **Health Care Equipment & Supplies — 7.1%** |
| Baxter International, Inc. | &nbsp;&nbsp; 103587 | 2078991 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 13041 | 2653582 |
| Medtronic PLC | &nbsp;&nbsp; 25733 | 2649470 |
|  |  | 7382043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** |
| Cardinal Health, Inc. | &nbsp;&nbsp; 11347 | $2438243 |
| CVS Health Corp. | &nbsp;&nbsp; 19846 | 1478924 |
| Elevance Health, Inc. | &nbsp;&nbsp; 3844 | 1329025 |
|  |  | 5246192 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Healthcare Realty Trust, Inc., Class A | &nbsp;&nbsp; 33930 | 569685 |
| **Industrial REITs — 1.5%** | **Industrial REITs — 1.5%** | **Industrial REITs — 1.5%** |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 38943 | 1578360 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| American International Group, Inc. | &nbsp;&nbsp; 8717 | 652729 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 3990 | 994986 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 19824 | 1078228 |
|  |  | 2725943 |
| **Interactive Media & Services — 3.5%** | **Interactive Media & Services — 3.5%** | **Interactive Media & Services — 3.5%** |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 7233 | 2448588 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 1608 | 1152132 |
|  |  | 3600720 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 12776 | 1048399 |
| **Leisure Products — 1.7%** | **Leisure Products — 1.7%** | **Leisure Products — 1.7%** |
| Hasbro, Inc. | &nbsp;&nbsp; 20127 | 1797542 |
| **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** |
| Fortive Corp. | &nbsp;&nbsp; 14932 | 788559 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Versant Media Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1869 | 60892 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| Dominion Energy, Inc. | &nbsp;&nbsp; 19310 | 1161883 |
| DTE Energy Co. | &nbsp;&nbsp; 12719 | 1709179 |
|  |  | 2871062 |
| **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |
| BP PLC, ADR | &nbsp;&nbsp; 55362 | 2097113 |
| Enterprise Products Partners LP | &nbsp;&nbsp; 59379 | 1970789 |
| EQT Corp. | &nbsp;&nbsp; 29491 | 1702515 |
|  |  | 5770417 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Merck & Co., Inc. | &nbsp;&nbsp; 13990 | 1542677 |
| **Professional Services — 4.7%** | **Professional Services — 4.7%** | **Professional Services — 4.7%** |
| Maximus, Inc. | &nbsp;&nbsp; 23103 | 2181847 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 33272 | 2724644 |
|  |  | 4906491 |
| **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
| Applied Materials, Inc. | &nbsp;&nbsp; 3260 | 1050763 |
| Nvidia Corp. | &nbsp;&nbsp; 2729 | 521594 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 8172 | 1761475 |
|  |  | 3333832 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| Microsoft Corp. | &nbsp;&nbsp; 4785 | 2058938 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6103 | 1071870 |
|  |  | 3130808 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Crown Castle, Inc. | &nbsp;&nbsp; 8440 | 732676 |
| **Technology Hardware, Storage & Peripherals — 4.4%** | **Technology Hardware, Storage & Peripherals — 4.4%** | **Technology Hardware, Storage & Peripherals — 4.4%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 66631 | 1433899 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Large Cap Value Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Western Digital Corp. | &nbsp;&nbsp; 12499 | $3127625 |
|  |  | 4561524 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| British American Tobacco PLC, ADR, NVS | &nbsp;&nbsp; 16402 | 995273 |
| **Trading Companies & Distributors — 3.0%** | **Trading Companies & Distributors — 3.0%** | **Trading Companies & Distributors — 3.0%** |
| WESCO International, Inc. | &nbsp;&nbsp; 10649 | 3082140 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $93,220,243)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $93,220,243)** | 102451595 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 870000 | 870000 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $870,000)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $870,000)** | 870000 |
| **Total Investments — 100.0%** <br>**(Cost: $94,090,243)** | **Total Investments — 100.0%** <br>**(Cost: $94,090,243)** | 103321595 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 24919 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $103346514 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $— | $0 <br><sup>(b)</sup><br>| $— | $— | $— | $— |  | $67 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1210000 |  | &nbsp;&nbsp; (340000 )<sup>(b)</sup><br>|  |  | 870000 | 870000 | 17797 |  |
|  |  |  |  | $— | $— | $870000 |  | $17864 | $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $102451595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102451595 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Large Cap Value Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $870000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $870000 |
|  | &nbsp;&nbsp; $103321595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103321595 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares U.S. Carbon Transition Readiness Aware Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4951 | $595605 |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1666 | 805644 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 6433 | 2044601 |
| General Electric Co. | &nbsp;&nbsp; 38523 | 11818471 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 9166 | 3142563 |
| Rocket Lab Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9065 | 725835 |
| RTX Corp. | &nbsp;&nbsp; 72498 | 14567023 |
|  |  | 33699742 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 11831 | 2306453 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 18422 | 2957468 |
|  |  | 5263921 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| BorgWarner, Inc. | &nbsp;&nbsp; 23352 | 1107118 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Lucid Group, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 14359 | 158954 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 32876 | 484921 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 68767 | 29598005 |
|  |  | 30241880 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 208063 | 11068952 |
| Comerica, Inc. | &nbsp;&nbsp; 17358 | 1539134 |
| East West Bancorp., Inc. | &nbsp;&nbsp; 3614 | 413586 |
| Fifth Third Bancorp | &nbsp;&nbsp; 11605 | 582803 |
| FNB Corp. | &nbsp;&nbsp; 45 | 790 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 56797 | 17373634 |
| KeyCorp | &nbsp;&nbsp; 539660 | 11613483 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 3377 | 321119 |
| Popular, Inc. | &nbsp;&nbsp; 3470 | 463349 |
| U.S. Bancorp | &nbsp;&nbsp; 58058 | 3257634 |
| Wells Fargo & Co. | &nbsp;&nbsp; 41446 | 3750449 |
|  |  | 50384933 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 10 | 274 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 42209 | 3157655 |
| PepsiCo, Inc. | &nbsp;&nbsp; 91750 | 14095552 |
|  |  | 17253481 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| AbbVie, Inc. | &nbsp;&nbsp; 46017 | 10262251 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3536 | 1195380 |
| Amgen, Inc. | &nbsp;&nbsp; 17418 | 5954866 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4784 | 860594 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 76208 | 10817725 |
| Insmed, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2648 | 415392 |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8832 | 2041428 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 684 | 507152 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5751 | 2702395 |
|  |  | 34757183 |
| **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 190865 | 45673994 |
| Coupang, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19716 | 397475 |
| eBay, Inc. | &nbsp;&nbsp; 49691 | 4532813 |
| Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30111 | 1594679 |
|  |  | 52198961 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 6 | 325 |
| Johnson Controls International PLC | &nbsp;&nbsp; 14351 | 1711500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Trane Technologies PLC | &nbsp;&nbsp; 8214 | $3454644 |
|  |  | 5166469 |
| **Capital Markets — 3.7%** | **Capital Markets — 3.7%** | **Capital Markets — 3.7%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 3123 | 1646414 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 20946 | 3134988 |
| Bank of New York Mellon Corp.(The) | &nbsp;&nbsp; 46690 | 5599065 |
| Carlyle Group, Inc.(The) | &nbsp;&nbsp; 16894 | 993029 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2963 | 577015 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 15958 | 14927273 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 20599 | 1542453 |
| KKR & Co., Inc. | &nbsp;&nbsp; 46281 | 5288067 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 4649 | 1694561 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp; 2 | 338 |
| Moody's Corp. | &nbsp;&nbsp; 462 | 238189 |
| Nasdaq, Inc. | &nbsp;&nbsp; 90807 | 8798290 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3067 | 305105 |
| S&P Global, Inc. | &nbsp;&nbsp; 15658 | 8264136 |
| XP, Inc., Class A | &nbsp;&nbsp; 29635 | 578179 |
|  |  | 53587102 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Albemarle Corp. | &nbsp;&nbsp; 5162 | 880792 |
| Ecolab, Inc. | &nbsp;&nbsp; 58084 | 16379107 |
| FMC Corp. | &nbsp;&nbsp; 29469 | 465610 |
|  |  | 17725509 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 30354 | 6528842 |
| Veralto Corp. | &nbsp;&nbsp; 18135 | 1795002 |
|  |  | 8323844 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28756 | 4075875 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3399 | 855902 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 124140 | 9722645 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 909 | 365909 |
|  |  | 15020331 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| AECOM | &nbsp;&nbsp; 53804 | 5188319 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 860 | 619828 |
| MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1956 | 470379 |
| Quanta Services, Inc. | &nbsp;&nbsp; 3638 | 1726704 |
|  |  | 8005230 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| CRH PLC | &nbsp;&nbsp; 64694 | 7919193 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. | &nbsp;&nbsp; 2100 | 739557 |
| Capital One Financial Corp. | &nbsp;&nbsp; 47214 | 10336561 |
|  |  | 11076118 |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 1 | 607 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 5310 | 4992727 |
| Sysco Corp. | &nbsp;&nbsp; 29281 | 2455212 |
| Target Corp. | &nbsp;&nbsp; 30858 | 3254593 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13732 | 1148270 |
| Walmart, Inc. | &nbsp;&nbsp; 106657 | 12707115 |
| Walgreens Boots Alliance, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 52055 | 27589 |
|  |  | 24586113 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Avery Dennison Corp. | &nbsp;&nbsp; 22966 | 4260423 |
| Ball Corp. | &nbsp;&nbsp; 3191 | 181472 |
|  |  | 4441895 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Carbon Transition Readiness Aware Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| Genuine Parts Co. | &nbsp;&nbsp; 4933 | $685638 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Liberty Live Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4 | 322 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AST SpaceMobile, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3164 | 351869 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 19515 | 216421 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 103815 | 4621844 |
|  |  | 5190134 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| Constellation Energy Corp. | &nbsp;&nbsp; 4567 | 1281866 |
| Edison International | &nbsp;&nbsp; 30381 | 1892129 |
| Eversource Energy | &nbsp;&nbsp; 128234 | 8864816 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 45609 | 4009031 |
| NRG Energy, Inc. | &nbsp;&nbsp; 6084 | 928601 |
| PG&E Corp. | &nbsp;&nbsp; 144337 | 2225676 |
|  |  | 19202119 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| Acuity, Inc. | &nbsp;&nbsp; 4173 | 1290459 |
| Eaton Corp. PLC | &nbsp;&nbsp; 19941 | 7007666 |
| Emerson Electric Co. | &nbsp;&nbsp; 21170 | 3111143 |
| GE Vernova, Inc. | &nbsp;&nbsp; 6971 | 5063525 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 7498 | 3658574 |
|  |  | 20131367 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp; 750 | 159135 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 66142 | 4169592 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6699 | 1574131 |
|  |  | 5902858 |
| **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 153599 | 8607688 |
| SLB Ltd. | &nbsp;&nbsp; 51927 | 2512228 |
| TechnipFMC PLC | &nbsp;&nbsp; 91527 | 5099885 |
|  |  | 16219801 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Electronic Arts, Inc. | &nbsp;&nbsp; 1070 | 218194 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55291 | 8042076 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 143983 | 12021141 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15439 | 1015269 |
| Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7828 | 745226 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 892 | 446312 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 15402 | 1737345 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47605 | 1311042 |
|  |  | 25536605 |
| **Financial Services — 3.3%** | **Financial Services — 3.3%** | **Financial Services — 3.3%** |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2604 | 157021 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 14464 | 1945987 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 44744 | 21500834 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24570 | 1484765 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8423 | 536798 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 34906 | 18807004 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 12 | 632 |
| Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 31649 | 984600 |
| Visa, Inc., Class A | &nbsp;&nbsp; 8109 | 2609720 |
|  |  | 48027361 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Bunge Global SA | &nbsp;&nbsp; 12055 | 1372823 |
| Hershey Co.(The) | &nbsp;&nbsp; 8570 | 1669008 |
| Ingredion, Inc. | &nbsp;&nbsp; 2 | 236 |
| McCormick & Co., Inc./MD, NVS | &nbsp;&nbsp; 60301 | 3728411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 44736 | $2615714 |
|  |  | 9386192 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Avis Budget Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1148 | 132009 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 3955 | 801758 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 11318 | 3296254 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78148 | 6255747 |
|  |  | 10485768 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Abbott Laboratories | &nbsp;&nbsp; 49034 | 5359416 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 12549 | 2553471 |
| Dentsply Sirona , Inc. | &nbsp;&nbsp; 160691 | 2003817 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 43281 | 3521342 |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 90350 | 6769926 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3 | 767 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4310 | 2173188 |
| Masimo Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1470 | 201875 |
| Medtronic PLC | &nbsp;&nbsp; 8006 | 824298 |
| ResMed, Inc. | &nbsp;&nbsp; 8037 | 2076037 |
|  |  | 25484137 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cencora, Inc. | &nbsp;&nbsp; 11928 | 4284776 |
| Cigna Group(The) | &nbsp;&nbsp; 1295 | 354972 |
| CVS Health Corp. | &nbsp;&nbsp; 46395 | 3457355 |
| DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2 | 219 |
| Elevance Health, Inc. | &nbsp;&nbsp; 10028 | 3467081 |
| Humana, Inc. | &nbsp;&nbsp; 13503 | 2635786 |
| McKesson Corp. | &nbsp;&nbsp; 1914 | 1590936 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 22874 | 6563237 |
|  |  | 22354362 |
| **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 44 | 759 |
| Welltower, Inc. | &nbsp;&nbsp; 1459 | 274817 |
|  |  | 275576 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14416 | 2939711 |
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1284 | 166111 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 1213 | 6067232 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50963 | 1980932 |
| DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6964 | 1424974 |
| Expedia Group, Inc. | &nbsp;&nbsp; 10105 | 2676208 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 46216 | 2436970 |
| McDonald's Corp. | &nbsp;&nbsp; 2823 | 889245 |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp; 34017 | 1140930 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 21558 | 1444170 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 9535 | 3095538 |
| Starbucks Corp. | &nbsp;&nbsp; 36926 | 3395346 |
| Wendy's Co.(The) | &nbsp;&nbsp; 124341 | 968616 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 38984 | 6062012 |
|  |  | 31748284 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 28780 | 2770075 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 126779 | 11446876 |
|  |  | 14216951 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 19674 | 819225 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| Honeywell International, Inc. | &nbsp;&nbsp; 24602 | 5597447 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Carbon Transition Readiness Aware Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Prologis, Inc. | &nbsp;&nbsp; 83958 | $10961556 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Allstate Corp.(The) | &nbsp;&nbsp; 922 | 183469 |
| American Financial Group, Inc./OH | &nbsp;&nbsp; 3701 | 482129 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19081 | 1832539 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 18046 | 4500131 |
| Assurant, Inc. | &nbsp;&nbsp; 10280 | 2447976 |
| Assured Guaranty Ltd. | &nbsp;&nbsp; 18503 | 1569980 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 12302 | 1979269 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 8227 | 447467 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 26412 | 3567205 |
| Kemper Corp. | &nbsp;&nbsp; 28983 | 1142220 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 10938 | 1036047 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp; 2919 | 591827 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 9320 | 2651633 |
| W R Berkley Corp. | &nbsp;&nbsp; 17300 | 1186434 |
|  |  | 23618326 |
| **Interactive Media & Services — 7.8%** | **Interactive Media & Services — 7.8%** | **Interactive Media & Services — 7.8%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 121441 | 41047058 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 96752 | 32753455 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 53978 | 38675237 |
| Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7510 | 166196 |
| Reddit, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 566 | 102033 |
|  |  | 112743979 |
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 25540 | 6733365 |
| Amdocs Ltd. | &nbsp;&nbsp; 4110 | 336773 |
| DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 289 |
| Globant SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 5924 | 396197 |
| International Business Machines Corp. | &nbsp;&nbsp; 19963 | 6122652 |
| MongoDB, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 903 | 335311 |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32508 | 2746276 |
| Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3884 | 467867 |
|  |  | 17138730 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12 | 548 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 33224 | 4447032 |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19948 | 2888670 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 5736 | 3318907 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7869 | 2917196 |
|  |  | 13571805 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 9183 | 6036537 |
| Cummins, Inc. | &nbsp;&nbsp; 3399 | 1967409 |
| Deere & Co. | &nbsp;&nbsp; 9512 | 5022336 |
| Fortive Corp. | &nbsp;&nbsp; 10556 | 557463 |
| IDEX Corp. | &nbsp;&nbsp; 2 | 397 |
| Oshkosh Corp. | &nbsp;&nbsp; 12582 | 1809543 |
| PACCAR, Inc. | &nbsp;&nbsp; 40899 | 5026896 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 17788 | 1399204 |
| Xylem, Inc./New York | &nbsp;&nbsp; 11252 | 1551313 |
|  |  | 23371098 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Omnicom Group, Inc. | &nbsp;&nbsp; 4 | 308 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 11243 | 1044137 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 11985 | 721857 |
| Newmont Corp. | &nbsp;&nbsp; 8637 | 970367 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Southern Copper Corp. | &nbsp;&nbsp; 12402 | $2360349 |
|  |  | 5096710 |
| **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** |
| AGNC Investment Corp. | &nbsp;&nbsp; 22 | 251 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| NiSource, Inc. | &nbsp;&nbsp; 49065 | 2173089 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 123187 | 10145681 |
| Sempra | &nbsp;&nbsp; 31320 | 2725153 |
|  |  | 15043923 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| BXP, Inc. | &nbsp;&nbsp; 24850 | 1607050 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 15711 | 541715 |
|  |  | 2148765 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| Chevron Corp. | &nbsp;&nbsp; 35966 | 6362386 |
| ConocoPhillips Co. | &nbsp;&nbsp; 18556 | 1934092 |
| Devon Energy Corp. | &nbsp;&nbsp; 5173 | 208006 |
| Expand Energy Corp. | &nbsp;&nbsp; 1568 | 176259 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 53495 | 7564193 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 14349 | 2528150 |
| ONEOK, Inc. | &nbsp;&nbsp; 75506 | 5979320 |
| Valero Energy Corp. | &nbsp;&nbsp; 5921 | 1074247 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 20622 | 1387036 |
|  |  | 27213689 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| American Airlines Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 147151 | 1957108 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18091 | 1851071 |
|  |  | 3808179 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Coty, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 32935 | 104404 |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 16728 | 1928404 |
|  |  | 2032808 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 18918 | 19620804 |
| Johnson & Johnson | &nbsp;&nbsp; 36573 | 8311214 |
| Merck & Co., Inc. | &nbsp;&nbsp; 28838 | 3179966 |
| Pfizer, Inc. | &nbsp;&nbsp; 289969 | 7666781 |
|  |  | 38778765 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 5068 | 1250884 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 10089 | 892069 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 23703 | 3206068 |
| KBR, Inc. | &nbsp;&nbsp; 7578 | 324414 |
| Parsons Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11272 | 789716 |
|  |  | 6463151 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 29928 | 5097636 |
| **Semiconductors & Semiconductor Equipment — 13.8%** | **Semiconductors & Semiconductor Equipment — 13.8%** | **Semiconductors & Semiconductor Equipment — 13.8%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44797 | 10604794 |
| Analog Devices, Inc. | &nbsp;&nbsp; 24522 | 7623399 |
| Applied Materials, Inc. | &nbsp;&nbsp; 19491 | 6282339 |
| Broadcom, Inc. | &nbsp;&nbsp; 100434 | 33273784 |
| Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23738 | 877831 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3539 | 798115 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 106750 | 4960673 |
| KLA Corp. | &nbsp;&nbsp; 4098 | 5851698 |
| Lam Research Corp. | &nbsp;&nbsp; 36253 | 8463626 |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2340 | 188417 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 12896 | 1017752 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Carbon Transition Readiness Aware Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Micron Technology, Inc. | &nbsp;&nbsp; 21318 | $8844412 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 794 | 892575 |
| Nvidia Corp. | &nbsp;&nbsp; 558913 | 106825042 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 18437 | 2794865 |
|  |  | 199299322 |
| **Software — 8.8%** | **Software — 8.8%** | **Software — 8.8%** |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14179 | 4157992 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3627 | 1715970 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6387 | 754816 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47620 | 12041669 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8156 | 2417112 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8016 | 3538302 |
| DocuSign, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24571 | 1290960 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17502 | 1422213 |
| Gen Digital, Inc. | &nbsp;&nbsp; 202785 | 4864812 |
| HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2777 | 777560 |
| Intuit, Inc. | &nbsp;&nbsp; 7077 | 3530857 |
| Microsoft Corp. | &nbsp;&nbsp; 137388 | 59116683 |
| Oracle Corp. | &nbsp;&nbsp; 30724 | 5056556 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44287 | 6492031 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28765 | 5090542 |
| Salesforce, Inc. | &nbsp;&nbsp; 19703 | 4182750 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36450 | 4265015 |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4147 | 1928832 |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38068 | 2573397 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4983 | 875164 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5708 | 1141657 |
|  |  | 127234890 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 538410 | 15118553 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| Best Buy Co., Inc. | &nbsp;&nbsp; 36917 | 2403297 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 19270 | 460167 |
| Gap, Inc.(The) | &nbsp;&nbsp; 17214 | 481648 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 16889 | 6326450 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 2632 | 702902 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 73251 | 10973732 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2474 | 1601569 |
| Wayfair, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4643 | 480504 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 6221 | 1273128 |
|  |  | 24703397 |
| **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** |
| Apple, Inc. | &nbsp;&nbsp; 375023 | 97310968 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Nike, Inc., Class B | &nbsp;&nbsp; 39997 | 2472214 |
| Ralph Lauren Corp., Class A | &nbsp;&nbsp; 5556 | 1963546 |
| Tapestry, Inc. | &nbsp;&nbsp; 30091 | 3818849 |
|  |  | 8254609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Air Lease Corp., Class A | &nbsp;&nbsp; 10838 | $700460 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 989 | 249683 |
| United Rentals, Inc. | &nbsp;&nbsp; 1 | 782 |
| WW Grainger, Inc. | &nbsp;&nbsp; 1963 | 2119922 |
|  |  | 3070847 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 27788 | 5480071 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $1,023,098,693)** | **Total Common Stocks — 99.4%** <br>**(Cost: $1,023,098,693)** | 1432525765 |
| **Warrants** | **Warrants** | **Warrants** |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| GameStop Corp., ((Issued 09/10/25, Exercisable <br> 09/10/26, 1 Share for 1 Warrant, Expires 10/30/26, <br> Strike Price USD 32.00)<sup>(a)</sup><br>| &nbsp;&nbsp; 1894 | 7386 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 7386 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $1,023,098,693)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $1,023,098,693)** | 1432533151 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1975734 | 1976722 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 8520000 | 8520000 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $10,496,510)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $10,496,510)** | 10496722 |
| **Total Investments — 100.1%** <br>**(Cost: $1,033,595,203)** | **Total Investments — 100.1%** <br>**(Cost: $1,033,595,203)** | 1443029873 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (1035816)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1441994057 |

---

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

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

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

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

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

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

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Carbon Transition Readiness Aware Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $3274700 | $— | &nbsp;&nbsp; $(1298773 )<sup>(a)</sup><br>| $722 | $73 | $1976722 | 1975734 | $24513 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 6480000 | 2040000 <br><sup>(a)</sup><br>|  |  |  | 8520000 | 8520000 | 128793 |  |
|  |  |  |  | $722 | $73 | $10496722 |  | $153306 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P 500 E-Mini Index | 19 | 03/20/26 | &nbsp;&nbsp; $6617 | $(5878) |

---

**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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5878 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5878 |

---

&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 January 31, 2026, 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; $752001 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $752001 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(239709)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(239709)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $6573881 |

---

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 (unaudited)(continued)

January 31, 2026

**iShares U.S. Carbon Transition Readiness Aware Active ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1432498176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27589 | &nbsp;&nbsp; $1432525765 |
| Warrants | &nbsp;&nbsp; 7386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7386 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10496722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10496722 |
|  | &nbsp;&nbsp; $1443002284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27589 | &nbsp;&nbsp; $1443029873 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(5878)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5878)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares U.S. Equity Factor Rotation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Communication Services — 12.7%** | **Communication Services — 12.7%** | **Communication Services — 12.7%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 2757781 | $932129978 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 1823672 | 617367682 |
| AT&T, Inc. | &nbsp;&nbsp; 13139521 | 344386846 |
| Comcast Corp., Class A | &nbsp;&nbsp; 10125303 | 301227764 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 114107 | 8304708 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 1568912 | 1124125448 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4909771 | 409916781 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 551015 | 36234746 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 836 | 164868 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 6045312 | 269137290 |
| Versant Media Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 507 | 16518 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 283389 | 31966279 |
|  |  | 4074978908 |
| **Consumer Discretionary — 9.1%** | **Consumer Discretionary — 9.1%** | **Consumer Discretionary — 9.1%** |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5911948 | 1414729157 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 83617 | 418238855 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10185 | 4085305 |
| Coupang, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45 | 907 |
| General Motors Co. | &nbsp;&nbsp; 566268 | 47566512 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 720 | 214927 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 604915 | 226595110 |
| Lennar Corp., Class A | &nbsp;&nbsp; 113401 | 12400400 |
| Macy's, Inc. | &nbsp;&nbsp; 90 | 1802 |
| McDonald's Corp. | &nbsp;&nbsp; 152 | 47880 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 228600 | 74214990 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1680176 | 723164552 |
|  |  | 2921260397 |
| **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** |
| Altria Group, Inc. | &nbsp;&nbsp; 4 | 248 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 1140 | 85284 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 290361 | 273011930 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 959144 | 145569285 |
| Walmart, Inc. | &nbsp;&nbsp; 3585031 | 427120593 |
|  |  | 845787340 |
| **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** |
| Chevron Corp. | &nbsp;&nbsp; 444 | 78543 |
| ConocoPhillips Co. | &nbsp;&nbsp; 403 | 42005 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 4618010 | 652986614 |
| Valero Energy Corp. | &nbsp;&nbsp; 44 | 7983 |
|  |  | 653115145 |
| **Financials — 16.8%** | **Financials — 16.8%** | **Financials — 16.8%** |
| Allstate Corp.(The) | &nbsp;&nbsp; 210689 | 41925004 |
| American Express Co. | &nbsp;&nbsp; 8 | 2817 |
| American International Group, Inc. | &nbsp;&nbsp; 2976127 | 222852390 |
| Bank of America Corp. | &nbsp;&nbsp; 10355423 | 550908504 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 1669545 | 802266459 |
| Capital One Financial Corp. | &nbsp;&nbsp; 1553910 | 340197516 |
| Citigroup, Inc. | &nbsp;&nbsp; 3348628 | 387469746 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 435411 | 407287804 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 3599105 | 486095121 |
| Huntington Bancshares, Inc./Ohio | &nbsp;&nbsp; 456443 | 7978624 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 4103224 | 1255135189 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 620 | 334050 |
| MetLife, Inc. | &nbsp;&nbsp; 44 | 3471 |
| Morgan Stanley | &nbsp;&nbsp; 24 | 4387 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 315 | 5591 |
| Progressive Corp.(The) | &nbsp;&nbsp; 844655 | 175688240 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 303175 | 30159849 |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1128587 | 25743069 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 1472885 | $419050511 |
| Visa, Inc., Class A | &nbsp;&nbsp; 762341 | 245344204 |
| Wells Fargo & Co. | &nbsp;&nbsp; 3410 | 308571 |
|  |  | 5398761117 |
| **Health Care — 5.8%** | **Health Care — 5.8%** | **Health Care — 5.8%** |
| AbbVie, Inc. | &nbsp;&nbsp; 165810 | 36977288 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2362057 | 220923191 |
| Contra Abiomed, Inc., NVS<sup>(c)</sup> | &nbsp;&nbsp; 53 | 123 |
| Eli Lilly & Co. | &nbsp;&nbsp; 115643 | 119939137 |
| Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 165734 | 6854758 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 1020688 | 144886662 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 376329 | 189752608 |
| Johnson & Johnson | &nbsp;&nbsp; 2775843 | 630810322 |
| Medtronic PLC | &nbsp;&nbsp; 540663 | 55666662 |
| Merck & Co., Inc. | &nbsp;&nbsp; 1496 | 164964 |
| Pfizer, Inc. | &nbsp;&nbsp; 8631602 | 228219557 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 341593 | 197649126 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 124719 | 35785623 |
|  |  | 1867630021 |
| **Industrials — 7.2%** | **Industrials — 7.2%** | **Industrials — 7.2%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 203525 | 50234041 |
| Caterpillar, Inc. | &nbsp;&nbsp; 478059 | 314256864 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 4189 | 4784257 |
| Deere & Co. | &nbsp;&nbsp; 499645 | 263812560 |
| Eaton Corp. PLC | &nbsp;&nbsp; 690200 | 242550084 |
| GE Vernova, Inc. | &nbsp;&nbsp; 173014 | 125672179 |
| General Electric Co. | &nbsp;&nbsp; 624214 | 191502613 |
| Honeywell International, Inc. | &nbsp;&nbsp; 80848 | 18394537 |
| PACCAR, Inc. | &nbsp;&nbsp; 44 | 5408 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 566143 | 529819265 |
| RTX Corp. | &nbsp;&nbsp; 1303518 | 261915872 |
| Trane Technologies PLC | &nbsp;&nbsp; 555230 | 233518633 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 415107 | 33229315 |
| Union Pacific Corp. | &nbsp;&nbsp; 228112 | 53629131 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 8 | 850 |
| Waste Management, Inc. | &nbsp;&nbsp; 8 | 1778 |
|  |  | 2323327387 |
| **Information Technology — 38.4%** | **Information Technology — 38.4%** | **Information Technology — 38.4%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1071858 | 253740944 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 1733073 | 249701158 |
| Apple, Inc. | &nbsp;&nbsp; 9486691 | 2461606581 |
| Applied Materials, Inc. | &nbsp;&nbsp; 1283030 | 413546230 |
| AppLovin Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 215324 | 101871938 |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52565 | 7917340 |
| Broadcom, Inc. | &nbsp;&nbsp; 2590154 | 858118020 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 12904163 | 1010654046 |
| Corning, Inc. | &nbsp;&nbsp; 981208 | 101309726 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28428 | 12548261 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 44 | 5035 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 134225 | 10907124 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 287 | 6176 |
| International Business Machines Corp. | &nbsp;&nbsp; 704 | 215917 |
| Intuit, Inc. | &nbsp;&nbsp; 8 | 3991 |
| Lam Research Corp. | &nbsp;&nbsp; 2965051 | 692220806 |
| Micron Technology, Inc. | &nbsp;&nbsp; 869123 | 360581750 |
| Microsoft Corp. | &nbsp;&nbsp; 4355426 | 1874096254 |
| Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 90 | 3540 |
| Nvidia Corp. | &nbsp;&nbsp; 14342121 | 2741209587 |
| Oracle Corp. | &nbsp;&nbsp; 190738 | 31391660 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3274168 | 479960287 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 2772 | 420207 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Equity Factor Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Salesforce, Inc. | &nbsp;&nbsp; 2028072 | $430539405 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 117568 | 47931298 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1030961 | 120632747 |
| Snowflake, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 20 | 3854 |
| Strategy, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 310 | 46410 |
| Western Digital Corp. | &nbsp;&nbsp; 330942 | 82811617 |
|  |  | 12344001909 |
| **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| CRH PLC | &nbsp;&nbsp; 314422 | 38488397 |
| Newmont Corp. | &nbsp;&nbsp; 1386182 | 155737547 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 62 | 3830 |
|  |  | 194229774 |
| **Real Estate — 1.8%** | **Real Estate — 1.8%** | **Real Estate — 1.8%** |
| Millrose Properties, Inc. | &nbsp;&nbsp; 4 | 119 |
| Prologis, Inc. | &nbsp;&nbsp; 721759 | 94232855 |
| Realty Income Corp. | &nbsp;&nbsp; 4902902 | 299861487 |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 144187 | 4048771 |
| Welltower, Inc. | &nbsp;&nbsp; 982642 | 185090447 |
|  |  | 583233679 |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| Duke Energy Corp. | &nbsp;&nbsp; 4181420 | 507415317 |
| Exelon Corp. | &nbsp;&nbsp; 1716276 | 76854840 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 2071719 | 182104100 |
| NRG Energy, Inc. | &nbsp;&nbsp; 7875 | 1201961 |
| Southern Co.(The) | &nbsp;&nbsp; 1052 | 93954 |
| Vistra Corp. | &nbsp;&nbsp; 349 | 55264 |
|  |  | 767725436 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $26,569,083,198)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $26,569,083,198)** | 31974051113 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 12711306 | $12717662 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 134460000 | 134460000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $147,177,036)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $147,177,036)** | 147177662 |
| **Total Investments — 100.0%** <br>**(Cost: $26,716,260,234)** | **Total Investments — 100.0%** <br>**(Cost: $26,716,260,234)** | 32121228775 |
| **Other Assets Less Liabilities — .00%** | **Other Assets Less Liabilities — .00%** | 7008386 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $32128237161 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $574019 | $12145375 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(2358)<br>| $626 | $12717662 | 12711306 | $49506 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 170520000 |  | &nbsp;&nbsp; (36060000 )<sup>(a)</sup><br>|  |  | 134460000 | 134460000 | 4202777 |  |
|  |  |  |  | $(2358) | $626 | $147177662 |  | $4252283 | $— |

---

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

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

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Equity Factor Rotation Active ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $31974050990 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123 | &nbsp;&nbsp; $31974051113 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 147177662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147177662 |
|  | &nbsp;&nbsp; $32121228652 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123 | &nbsp;&nbsp; $32121228775 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares U.S. Industry Rotation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Communication Services — 13.7%** | **Communication Services — 13.7%** | **Communication Services — 13.7%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 3406 | $1151228 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 2861 | 968534 |
| AT&T, Inc. | &nbsp;&nbsp; 4152 | 108824 |
| Comcast Corp., Class A | &nbsp;&nbsp; 2146 | 63844 |
| Electronic Arts, Inc. | &nbsp;&nbsp; 151 | 30792 |
| Liberty Media Corp./Liberty Formula One, Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 150 | 13053 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 100 | 14545 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 1271 | 910671 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2682 | 223920 |
| Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 390 | 8631 |
| Reddit, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 59 | 10636 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 368 | 24200 |
| Snap, Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 646 | 4477 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 2733 | 538975 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 119 | 26216 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 2447 | 108940 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 1138 | 128366 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1481 | 40787 |
|  |  | 4376639 |
| **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 229 | 29626 |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4170 | 997881 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 294 | 22271 |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7 | 25930 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 91 | 5924 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 17 | 85031 |
| Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 6805 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 547 | 16421 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 59 | 23665 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 714 | 27753 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 62 | 12360 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 30 | 6060 |
| Domino's Pizza, Inc. | &nbsp;&nbsp; 19 | 7796 |
| DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 202 | 41333 |
| DraftKings, Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 245 | 6740 |
| eBay, Inc. | &nbsp;&nbsp; 204 | 18609 |
| Expedia Group, Inc. | &nbsp;&nbsp; 61 | 16155 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 90 | 14864 |
| Ford Motor Co. | &nbsp;&nbsp; 2055 | 28523 |
| General Motors Co. | &nbsp;&nbsp; 497 | 41748 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 120 | 35821 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 434 | 162572 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 28 | 4378 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 161 | 8490 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 244 | 65163 |
| Marriott International, Inc./MD, Class A | &nbsp;&nbsp; 120 | 37836 |
| McDonald's Corp. | &nbsp;&nbsp; 377 | 118755 |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19 | 40808 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 369 | 36313 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 382 | 5635 |
| Ross Stores, Inc. | &nbsp;&nbsp; 145 | 27354 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 135 | 43828 |
| Starbucks Corp. | &nbsp;&nbsp; 602 | 55354 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1545 | 664983 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 491 | 73557 |
| Tractor Supply Co. | &nbsp;&nbsp; 238 | 12109 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 12947 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 55 | 11256 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 144 | 22392 |
|  |  | 2875046 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |
| Altria Group, Inc. | &nbsp;&nbsp; 1979 | $122678 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 107 | 10299 |
| Clorox Co.(The) | &nbsp;&nbsp; 50 | 5639 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 996 | 74511 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 317 | 28622 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 36 | 5641 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 115 | 108129 |
| Dollar General Corp. | &nbsp;&nbsp; 55 | 7889 |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 50 | 5879 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 304 | 8342 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 145 | 14499 |
| Kroger Co.(The) | &nbsp;&nbsp; 157 | 9867 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 177 | 14295 |
| PepsiCo, Inc. | &nbsp;&nbsp; 335 | 51466 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 1842 | 330528 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 1037 | 157385 |
| Sysco Corp. | &nbsp;&nbsp; 115 | 9643 |
| Target Corp. | &nbsp;&nbsp; 117 | 12340 |
| Walmart, Inc. | &nbsp;&nbsp; 1133 | 134986 |
|  |  | 1112638 |
| **Energy — 2.7%** | **Energy — 2.7%** | **Energy — 2.7%** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 53 | 2970 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 101 | 21364 |
| Chevron Corp. | &nbsp;&nbsp; 924 | 163456 |
| ConocoPhillips Co. | &nbsp;&nbsp; 596 | 62121 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 375 | 10819 |
| Devon Energy Corp. | &nbsp;&nbsp; 282 | 11339 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 92 | 15083 |
| EOG Resources, Inc. | &nbsp;&nbsp; 262 | 29378 |
| EQT Corp. | &nbsp;&nbsp; 297 | 17146 |
| Expand Energy Corp. | &nbsp;&nbsp; 112 | 12590 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 2034 | 287608 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 973 | 29667 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 143 | 25195 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 343 | 15569 |
| ONEOK, Inc. | &nbsp;&nbsp; 296 | 23440 |
| Phillips 66 | &nbsp;&nbsp; 191 | 27420 |
| SLB Ltd. | &nbsp;&nbsp; 76 | 3677 |
| Targa Resources Corp. | &nbsp;&nbsp; 100 | 20098 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 28 | 9754 |
| Valero Energy Corp. | &nbsp;&nbsp; 147 | 26670 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 578 | 38876 |
|  |  | 854240 |
| **Financials — 12.4%** | **Financials — 12.4%** | **Financials — 12.4%** |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 132 | 7960 |
| Aflac, Inc. | &nbsp;&nbsp; 373 | 41385 |
| Allstate Corp.(The) | &nbsp;&nbsp; 177 | 35221 |
| American Express Co. | &nbsp;&nbsp; 27 | 9509 |
| American Financial Group, Inc./OH | &nbsp;&nbsp; 53 | 6904 |
| American International Group, Inc. | &nbsp;&nbsp; 376 | 28155 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 53 | 27941 |
| Aon PLC, Class A | &nbsp;&nbsp; 138 | 48250 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 208 | 27984 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 240 | 23050 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 124 | 18559 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 175 | 43640 |
| Bank of America Corp. | &nbsp;&nbsp; 3842 | 204394 |
| Bank of New York Mellon Corp.(The) | &nbsp;&nbsp; 414 | 49647 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 663 | 318591 |
| Blackstone, Inc., NVS | &nbsp;&nbsp; 413 | 58819 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 261 | 15772 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Industry Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Brown & Brown, Inc. | &nbsp;&nbsp; 198 | $14276 |
| Capital One Financial Corp. | &nbsp;&nbsp; 31 | 6787 |
| Carlyle Group, Inc.(The) | &nbsp;&nbsp; 163 | 9581 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 65 | 17229 |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 975 | 101322 |
| Chubb Ltd. | &nbsp;&nbsp; 257 | 79557 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 109 | 17537 |
| Citigroup, Inc. | &nbsp;&nbsp; 1032 | 119413 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 228 | 14359 |
| CME Group, Inc. | &nbsp;&nbsp; 209 | 60414 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 99 | 19279 |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32 | 10068 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 20 | 5660 |
| Everest Group Ltd. | &nbsp;&nbsp; 27 | 8945 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 182 | 9899 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 231 | 12763 |
| Fifth Third Bancorp | &nbsp;&nbsp; 408 | 20490 |
| First Citizens BancShares, Inc./NC, Class A | &nbsp;&nbsp; 5 | 10348 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 259 | 16506 |
| Global Payments, Inc. | &nbsp;&nbsp; 116 | 8322 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 167 | 156213 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 202 | 27282 |
| Huntington Bancshares, Inc./Ohio | &nbsp;&nbsp; 850 | 14858 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 261 | 19544 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 329 | 57174 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 36 | 6452 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 1501 | 459141 |
| KeyCorp | &nbsp;&nbsp; 600 | 12912 |
| KKR & Co., Inc. | &nbsp;&nbsp; 341 | 38963 |
| Loews Corp. | &nbsp;&nbsp; 96 | 10135 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 47 | 17131 |
| M&T Bank Corp. | &nbsp;&nbsp; 85 | 18833 |
| Markel Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9 | 18366 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 338 | 63608 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 405 | 218210 |
| MetLife, Inc. | &nbsp;&nbsp; 410 | 32341 |
| Moody's Corp. | &nbsp;&nbsp; 95 | 48978 |
| Morgan Stanley | &nbsp;&nbsp; 676 | 123573 |
| MSCI, Inc., Class A | &nbsp;&nbsp; 45 | 27415 |
| Nasdaq, Inc. | &nbsp;&nbsp; 299 | 28970 |
| Northern Trust Corp. | &nbsp;&nbsp; 127 | 18978 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 433 | 22815 |
| PNC Financial Services Group, Inc.(The) | &nbsp;&nbsp; 216 | 48233 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 117 | 11082 |
| Progressive Corp.(The) | &nbsp;&nbsp; 396 | 82368 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 193 | 21444 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 137 | 22723 |
| Regions Financial Corp. | &nbsp;&nbsp; 571 | 16273 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 397 | 39494 |
| Rocket Cos. Inc, Class A | &nbsp;&nbsp; 461 | 8266 |
| S&P Global, Inc. | &nbsp;&nbsp; 176 | 92891 |
| SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63 | 1437 |
| State Street Corp. | &nbsp;&nbsp; 189 | 24733 |
| Synchrony Financial | &nbsp;&nbsp; 34 | 2469 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp; 115 | 12153 |
| Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 216 | 6720 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 90 | 9276 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 152 | 43245 |
| Truist Financial Corp. | &nbsp;&nbsp; 734 | 37742 |
| U.S. Bancorp | &nbsp;&nbsp; 867 | 48647 |
| Visa, Inc., Class A | &nbsp;&nbsp; 814 | 261970 |
| W R Berkley Corp. | &nbsp;&nbsp; 200 | 13716 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Wells Fargo & Co. | &nbsp;&nbsp; 1746 | $157995 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 67 | 21270 |
|  |  | 3954575 |
| **Health Care — 9.0%** | **Health Care — 9.0%** | **Health Care — 9.0%** |
| Abbott Laboratories | &nbsp;&nbsp; 451 | 49294 |
| AbbVie, Inc. | &nbsp;&nbsp; 1163 | 259361 |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 50 | 6693 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 86 | 29073 |
| Amgen, Inc. | &nbsp;&nbsp; 354 | 121026 |
| Baxter International, Inc. | &nbsp;&nbsp; 115 | 2308 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 74 | 15058 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 97 | 17449 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 385 | 36009 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1283 | 70629 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 80 | 17190 |
| Cencora, Inc. | &nbsp;&nbsp; 61 | 21912 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 167 | 7234 |
| Cigna Group(The) | &nbsp;&nbsp; 92 | 25218 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 51 | 4150 |
| CVS Health Corp. | &nbsp;&nbsp; 437 | 32565 |
| Danaher Corp. | &nbsp;&nbsp; 107 | 23421 |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 100 | 7304 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 151 | 12285 |
| Elevance Health, Inc. | &nbsp;&nbsp; 78 | 26968 |
| Eli Lilly & Co. | &nbsp;&nbsp; 507 | 525835 |
| GE HealthCare Technologies, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 117 | 9240 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 817 | 115973 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 55 | 26855 |
| Humana, Inc. | &nbsp;&nbsp; 42 | 8198 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 13409 |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16 | 2317 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 109 | 10908 |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 139 | 21805 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 17 | 4349 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 92 | 46388 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 6444 |
| Johnson & Johnson | &nbsp;&nbsp; 1522 | 345875 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 28 | 7603 |
| McKesson Corp. | &nbsp;&nbsp; 42 | 34911 |
| Medtronic PLC | &nbsp;&nbsp; 334 | 34389 |
| Merck & Co., Inc. | &nbsp;&nbsp; 1577 | 173896 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3 | 4120 |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 86 | 19878 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65 | 8844 |
| Pfizer, Inc. | &nbsp;&nbsp; 3591 | 94946 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 37 | 6920 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 68 | 50419 |
| ResMed, Inc. | &nbsp;&nbsp; 38 | 9816 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 241 | 10045 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 33 | 2540 |
| STERIS PLC | &nbsp;&nbsp; 25 | 6565 |
| Stryker Corp. | &nbsp;&nbsp; 90 | 33260 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 62 | 35874 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 13146 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 314 | 90096 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 17 | 3421 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 935 | 190665 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 169 | 79413 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9 | 3336 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 12 | 2773 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 50 | 4354 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Industry Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| Zoetis, Inc. | &nbsp;&nbsp; 281 | $35074 |
|  |  | 2879047 |
| **Industrials — 7.9%** | **Industrials — 7.9%** | **Industrials — 7.9%** |
| 3M Co. | &nbsp;&nbsp; 123 | 18839 |
| AECOM | &nbsp;&nbsp; 133 | 12825 |
| Allegion PLC | &nbsp;&nbsp; 18 | 2977 |
| AMETEK, Inc. | &nbsp;&nbsp; 113 | 25310 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 114 | 28137 |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 34 | 16442 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 111 | 16802 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 357 | 83438 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 32 | 2829 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 49 | 9658 |
| Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15 | 1716 |
| Carlisle Companies, Inc. | &nbsp;&nbsp; 7 | 2386 |
| Carrier Global Corp. | &nbsp;&nbsp; 118 | 7030 |
| Caterpillar, Inc. | &nbsp;&nbsp; 193 | 126871 |
| Cintas Corp. | &nbsp;&nbsp; 199 | 38087 |
| CNH Industrial NV | &nbsp;&nbsp; 356 | 3831 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 36 | 41116 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 475 | 19276 |
| CSX Corp. | &nbsp;&nbsp; 1932 | 72952 |
| Cummins, Inc. | &nbsp;&nbsp; 56 | 32414 |
| Deere & Co. | &nbsp;&nbsp; 105 | 55440 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 451 | 29716 |
| Dover Corp. | &nbsp;&nbsp; 55 | 11082 |
| Eaton Corp. PLC | &nbsp;&nbsp; 197 | 69230 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 45 | 32433 |
| Emerson Electric Co. | &nbsp;&nbsp; 282 | 41443 |
| Equifax, Inc. | &nbsp;&nbsp; 39 | 7855 |
| Fastenal Co. | &nbsp;&nbsp; 144 | 6244 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 23 | 5807 |
| Fortive Corp. | &nbsp;&nbsp; 117 | 6179 |
| GE Vernova, Inc. | &nbsp;&nbsp; 138 | 100239 |
| General Dynamics Corp. | &nbsp;&nbsp; 106 | 37216 |
| General Electric Co. | &nbsp;&nbsp; 486 | 149100 |
| Graco, Inc. | &nbsp;&nbsp; 63 | 5502 |
| HEICO Corp. | &nbsp;&nbsp; 19 | 6287 |
| HEICO Corp., Class A | &nbsp;&nbsp; 33 | 8401 |
| Honeywell International, Inc. | &nbsp;&nbsp; 148 | 33673 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 174 | 36206 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 26 | 12686 |
| IDEX Corp. | &nbsp;&nbsp; 27 | 5361 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 111 | 29000 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 166 | 14291 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 35 | 4734 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 84 | 17028 |
| Johnson Controls International PLC | &nbsp;&nbsp; 94 | 11210 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 85 | 29142 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 32 | 6025 |
| Lennox International, Inc. | &nbsp;&nbsp; 5 | 2475 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 96 | 60885 |
| Masco Corp. | &nbsp;&nbsp; 34 | 2247 |
| Nordson Corp. | &nbsp;&nbsp; 17 | 4667 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 233 | 67859 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 62 | 42920 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 206 | 35679 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 159 | 13582 |
| PACCAR, Inc. | &nbsp;&nbsp; 218 | 26794 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 52 | 48664 |
| Paychex, Inc. | &nbsp;&nbsp; 97 | 10004 |
| Paycom Software, Inc. | &nbsp;&nbsp; 16 | 2156 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Pentair PLC | &nbsp;&nbsp; 59 | $6217 |
| Quanta Services, Inc. | &nbsp;&nbsp; 150 | 71195 |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 113 | 24305 |
| Rocket Lab Corp.<sup>(a)</sup> | &nbsp;&nbsp; 199 | 15934 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 56 | 23612 |
| Rollins, Inc. | &nbsp;&nbsp; 146 | 9248 |
| RTX Corp. | &nbsp;&nbsp; 614 | 123371 |
| Snap-on, Inc. | &nbsp;&nbsp; 19 | 6956 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 61 | 4995 |
| Textron, Inc. | &nbsp;&nbsp; 68 | 5988 |
| Trane Technologies PLC | &nbsp;&nbsp; 34 | 14300 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 26 | 37116 |
| TransUnion | &nbsp;&nbsp; 55 | 4346 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2034 | 162822 |
| Union Pacific Corp. | &nbsp;&nbsp; 614 | 144351 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 219 | 22408 |
| United Rentals, Inc. | &nbsp;&nbsp; 7 | 5474 |
| Veralto Corp. | &nbsp;&nbsp; 126 | 12471 |
| Verisk Analytics, Inc., Class A | &nbsp;&nbsp; 38 | 8263 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 182 | 33885 |
| Waste Connections, Inc. | &nbsp;&nbsp; 142 | 23799 |
| Waste Management, Inc. | &nbsp;&nbsp; 217 | 48226 |
| Watsco, Inc. | &nbsp;&nbsp; 7 | 2705 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 69 | 15880 |
| WW Grainger, Inc. | &nbsp;&nbsp; 6 | 6480 |
| Xylem, Inc./New York | &nbsp;&nbsp; 101 | 13925 |
|  |  | 2500670 |
| **Information Technology — 35.9%** | **Information Technology — 35.9%** | **Information Technology — 35.9%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 218 | 57474 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 251 | 73606 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 937 | 221816 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 736 | 106043 |
| Analog Devices, Inc. | &nbsp;&nbsp; 280 | 87046 |
| Apple, Inc. | &nbsp;&nbsp; 8814 | 2287057 |
| Applied Materials, Inc. | &nbsp;&nbsp; 459 | 147945 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 138 | 65289 |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 425 | 60240 |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 75 | 11297 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 88 | 10400 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 127 | 32114 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp; 91 | 3196 |
| Broadcom, Inc. | &nbsp;&nbsp; 2591 | 858398 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 162 | 48010 |
| CDW Corp. | &nbsp;&nbsp; 74 | 9353 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 58 | 14605 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 1577 | 123511 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 110 | 19509 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 173 | 14196 |
| CoreWeave, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 71 | 6616 |
| Corning, Inc. | &nbsp;&nbsp; 493 | 50902 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 88 | 11025 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 150 | 66211 |
| Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 184 | 23795 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 186 | 21286 |
| DocuSign, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 97 | 5096 |
| Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 151 | 5752 |
| Entegris, Inc. | &nbsp;&nbsp; 87 | 10272 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25 | 6890 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 14 | 20484 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55 | 12404 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 219 | 13806 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 388 | 31529 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Industry Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27 | $5659 |
| Gen Digital, Inc. | &nbsp;&nbsp; 307 | 7365 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 56 | 5629 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 736 | 15839 |
| HP, Inc. | &nbsp;&nbsp; 530 | 10303 |
| HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 7840 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2579 | 119846 |
| International Business Machines Corp. | &nbsp;&nbsp; 325 | 99678 |
| Intuit, Inc. | &nbsp;&nbsp; 166 | 82821 |
| IonQ, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 160 | 6397 |
| Jabil, Inc. | &nbsp;&nbsp; 61 | 14469 |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 98 | 21200 |
| KLA Corp. | &nbsp;&nbsp; 76 | 108523 |
| Lam Research Corp. | &nbsp;&nbsp; 727 | 169725 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 499 | 39381 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 298 | 22624 |
| Micron Technology, Inc. | &nbsp;&nbsp; 648 | 268842 |
| Microsoft Corp. | &nbsp;&nbsp; 4219 | 1815394 |
| MongoDB, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 29 | 10769 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 28 | 31476 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 69 | 27775 |
| NetApp, Inc. | &nbsp;&nbsp; 121 | 11658 |
| Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 132 | 5192 |
| Nvidia Corp. | &nbsp;&nbsp; 14032 | 2681936 |
| NXP Semiconductors NV | &nbsp;&nbsp; 145 | 32790 |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 60 | 5069 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 232 | 13894 |
| Oracle Corp. | &nbsp;&nbsp; 1021 | 168036 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1359 | 199216 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 404 | 71496 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 69 | 10773 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 185 | 12865 |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 113 | 10868 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 614 | 93076 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 64 | 23759 |
| Salesforce, Inc. | &nbsp;&nbsp; 571 | 121218 |
| Samsara, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 184 | 5161 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 126 | 51369 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 73131 |
| Snowflake, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 113 | 21775 |
| Strategy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 156 | 23355 |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 300 | 8733 |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 110 | 51163 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 176 | 39209 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29 | 17989 |
| Teradyne, Inc. | &nbsp;&nbsp; 92 | 22177 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 526 | 113379 |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 140 | 9464 |
| Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 65 | 7830 |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 8496 |
| VeriSign, Inc. | &nbsp;&nbsp; 28 | 6838 |
| Western Digital Corp. | &nbsp;&nbsp; 204 | 51047 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 123 | 21602 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 31 | 7284 |
| Zoom Video Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 129 | 11881 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 61 | 12201 |
|  |  | 11454658 |
| **Materials — 2.2%** | **Materials — 2.2%** | **Materials — 2.2%** |
| Agnico Eagle Mines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 317 | 60388 |
| Alamos Gold, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1575 | 58118 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 545 | 28678 |
| CRH PLC | &nbsp;&nbsp; 728 | 89114 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 967 | $58242 |
| Kinross Gold Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1910 | 60280 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 67 | 43681 |
| Newmont Corp. | &nbsp;&nbsp; 1292 | 145156 |
| Nucor Corp. | &nbsp;&nbsp; 153 | 27191 |
| Pan American Silver Corp. | &nbsp;&nbsp; 1135 | 61971 |
| Reliance, Inc. | &nbsp;&nbsp; 36 | 11862 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 93 | 16700 |
| Vulcan Materials Co. | &nbsp;&nbsp; 146 | 43879 |
|  |  | 705260 |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 160 | 8742 |
| American Tower Corp. | &nbsp;&nbsp; 138 | 24741 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 208 | 35429 |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 305 | 18757 |
| Crown Castle, Inc. | &nbsp;&nbsp; 133 | 11546 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 103 | 17093 |
| Equinix, Inc. | &nbsp;&nbsp; 30 | 24628 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 74 | 10210 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 72 | 3222 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 767 | 13223 |
| Iron Mountain, Inc. | &nbsp;&nbsp; 101 | 9305 |
| Public Storage | &nbsp;&nbsp; 46 | 12705 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 35 | 6444 |
| Ventas, Inc. | &nbsp;&nbsp; 461 | 35806 |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 335 | 9407 |
| Welltower, Inc. | &nbsp;&nbsp; 686 | 129215 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 230 | 5929 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 121 | 7626 |
|  |  | 384028 |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| Alliant Energy Corp. | &nbsp;&nbsp; 119 | 7843 |
| Ameren Corp. | &nbsp;&nbsp; 47 | 4854 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 287 | 34375 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp; 149 | 5914 |
| CMS Energy Corp. | &nbsp;&nbsp; 58 | 4146 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 76 | 8104 |
| Constellation Energy Corp. | &nbsp;&nbsp; 167 | 46874 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 168 | 10109 |
| DTE Energy Co. | &nbsp;&nbsp; 34 | 4569 |
| Duke Energy Corp. | &nbsp;&nbsp; 422 | 51210 |
| Edison International | &nbsp;&nbsp; 218 | 13577 |
| Entergy Corp. | &nbsp;&nbsp; 244 | 23397 |
| Evergy, Inc. | &nbsp;&nbsp; 114 | 8747 |
| Eversource Energy | &nbsp;&nbsp; 210 | 14517 |
| Exelon Corp. | &nbsp;&nbsp; 551 | 24674 |
| FirstEnergy Corp. | &nbsp;&nbsp; 243 | 11504 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 1104 | 97042 |
| NiSource, Inc. | &nbsp;&nbsp; 85 | 3765 |
| NRG Energy, Inc. | &nbsp;&nbsp; 109 | 16637 |
| Oklo, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 63 | 5016 |
| PG&E Corp. | &nbsp;&nbsp; 1207 | 18612 |
| PPL Corp. | &nbsp;&nbsp; 384 | 13920 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 107 | 8812 |
| Sempra | &nbsp;&nbsp; 128 | 11137 |
| Southern Co.(The) | &nbsp;&nbsp; 598 | 53407 |
| Vistra Corp. | &nbsp;&nbsp; 484 | 76641 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 80 | 8854 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Industry Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Xcel Energy, Inc. | &nbsp;&nbsp; 331 | $25176 |
|  |  | 613433 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $26,178,074)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $26,178,074)** | 31710234 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.82%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 190907 | 191002 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 180000 | 180000 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $371,001)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $371,001)** | 371002 |
| **Total Investments — 100.6%** <br>**(Cost: $26,549,075)** | **Total Investments — 100.6%** <br>**(Cost: $26,549,075)** | 32081236 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (176911)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $31904325 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $968934 | $— | &nbsp;&nbsp; $(777986 )<sup>(a)</sup><br>| $54 | $— | $191002 | 190907 | $188 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 60000 | 120000 <br><sup>(a)</sup><br>|  |  |  | 180000 | 180000 | 2712 |  |
|  |  |  |  | $54 | $— | $371002 |  | $2900 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $31710234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31710234 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Industry Rotation Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $371002 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371002 |
|  | &nbsp;&nbsp; $32081236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32081236 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares U.S. Thematic Rotation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| Carpenter Technology Corp. | &nbsp;&nbsp; 52 | $16527 |
| General Electric Co. | &nbsp;&nbsp; 299218 | 91797090 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 8925 | 5660413 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 9237 | 6394406 |
| RTX Corp. | &nbsp;&nbsp; 208520 | 41897924 |
|  |  | 145766360 |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| General Motors Co. | &nbsp;&nbsp; 54227 | 4555068 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 302440 | 130173200 |
|  |  | 134728268 |
| **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
| Bank of America Corp. | &nbsp;&nbsp; 878990 | 46762268 |
| Citigroup, Inc. | &nbsp;&nbsp; 126749 | 14666127 |
| East West Bancorp., Inc. | &nbsp;&nbsp; 26 | 2975 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 647396 | 198031963 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 205028 | 3639247 |
| UMB Financial Corp. | &nbsp;&nbsp; 26 | 3306 |
| Webster Financial Corp. | &nbsp;&nbsp; 104 | 6840 |
| Wells Fargo & Co. | &nbsp;&nbsp; 303184 | 27435120 |
|  |  | 290547846 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp; 58778 | 8937783 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 143 | 20299 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 165907 | 11897191 |
|  |  | 11917490 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1220334 | 292025926 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp; 10284 | 3219818 |
| Blackstone, Inc., NVS | &nbsp;&nbsp; 11 | 1567 |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 404021 | 41985862 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 26 | 4518 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 258585 | 25724036 |
| S&P Global, Inc. | &nbsp;&nbsp; 31178 | 16455437 |
| SEI Investments Co. | &nbsp;&nbsp; 60818 | 5342861 |
|  |  | 92734099 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Linde PLC | &nbsp;&nbsp; 25625 | 11709856 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66 | 4077 |
|  |  | 11713933 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Cintas Corp. | &nbsp;&nbsp; 11 | 2105 |
| Clean Harbors, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38389 | 9977685 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 156 | 6330 |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 75439 | 16226175 |
| Veralto Corp. | &nbsp;&nbsp; 85309 | 8443885 |
| Waste Connections, Inc. | &nbsp;&nbsp; 143 | 23967 |
|  |  | 34680147 |
| **Communications Equipment — 2.4%** | **Communications Equipment — 2.4%** | **Communications Equipment — 2.4%** |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 64828 | 9188721 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11777 | 2965566 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 1589416 | 124483061 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77320 | 21310165 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 54551 | 21958960 |
|  |  | 179906473 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** |
| API Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 172761 | $7181675 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 23845 | 27233375 |
| Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26003 | 9475233 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 98569 | 71041635 |
| MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 166585 | 40060361 |
|  |  | 154992279 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| American Express Co. | &nbsp;&nbsp; 111040 | 39104957 |
| Capital One Financial Corp. | &nbsp;&nbsp; 65 | 14230 |
| Synchrony Financial | &nbsp;&nbsp; 52 | 3777 |
|  |  | 39122964 |
| **Consumer Staples Distribution & Retail — 7.3%** | **Consumer Staples Distribution & Retail — 7.3%** | **Consumer Staples Distribution & Retail — 7.3%** |
| Albertsons Co, Inc., Class A | &nbsp;&nbsp; 187 | 3114 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 252398 | 237317220 |
| Dollar General Corp. | &nbsp;&nbsp; 185270 | 26573276 |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 325319 | 38254261 |
| Performance Food Group Co.<sup>(a)</sup> | &nbsp;&nbsp; 52 | 4963 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22 | 1560 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 39 | 3261 |
| Walmart, Inc. | &nbsp;&nbsp; 2001551 | 238464786 |
|  |  | 540622441 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65 | 5499 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 47261 | 7153898 |
| Eaton Corp. PLC | &nbsp;&nbsp; 26 | 9137 |
| Emerson Electric Co. | &nbsp;&nbsp; 23 | 3380 |
| GE Vernova, Inc. | &nbsp;&nbsp; 8648 | 6281648 |
| Nextpower, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22 | 2576 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 57492 | 10703860 |
|  |  | 24154499 |
| **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** |
| Amphenol Corp., Class A | &nbsp;&nbsp; 1027080 | 147981686 |
| Arrow Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52 | 6890 |
| Badger Meter, Inc. | &nbsp;&nbsp; 57528 | 8432454 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52 | 3278 |
| Itron, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26584 | 2633943 |
| Jabil, Inc. | &nbsp;&nbsp; 55863 | 13250145 |
| TD SYNNEX Corp. | &nbsp;&nbsp; 123223 | 19551793 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2362 | 1465149 |
| Vontier Corp. | &nbsp;&nbsp; 44 | 1650 |
|  |  | 193326988 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| TechnipFMC PLC | &nbsp;&nbsp; 364 | 20282 |
| Tidewater, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 70233 | 4388860 |
|  |  | 4409142 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Electronic Arts, Inc. | &nbsp;&nbsp; 78 | 15906 |
| Liberty Media Corp./Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 22 | 1914 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 104 | 15127 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 741066 | 61871600 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 156 | 17597 |
|  |  | 61922144 |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** | **Financial Services — 5.9%** |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 434732 | 208901768 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 1692 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 325 | 20712 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 149320 | 80452123 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Thematic Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 55 | $2898 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 33 | 1948 |
| Visa, Inc., Class A | &nbsp;&nbsp; 458058 | 147416806 |
|  |  | 436797947 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 376135 | 16312975 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1126052 | 105319644 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 106654 | 8677369 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 99 | 49918 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22 | 1784 |
| Penumbra, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13 | 4656 |
| Stryker Corp. | &nbsp;&nbsp; 155386 | 57424450 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 14 | 1219 |
|  |  | 171479040 |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| Cardinal Health, Inc. | &nbsp;&nbsp; 200979 | 43186367 |
| Cencora, Inc. | &nbsp;&nbsp; 8627 | 3098991 |
| Elevance Health, Inc. | &nbsp;&nbsp; 5893 | 2037446 |
| Encompass Health Corp. | &nbsp;&nbsp; 45034 | 4257064 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 55647 | 27170761 |
| HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 312889 | 26805201 |
| McKesson Corp. | &nbsp;&nbsp; 50368 | 41866385 |
| Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13821 | 2482113 |
| Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp; 62710 | 11869749 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 151713 | 43531011 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 23 | 4629 |
|  |  | 206309717 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| Booking Holdings, Inc. | &nbsp;&nbsp; 1158 | 5792130 |
| Boyd Gaming Corp. | &nbsp;&nbsp; 33 | 2790 |
| Light & Wonder, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 104 | 12064 |
| Viking Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 253165 | 18265855 |
|  |  | 24072839 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 510 | 39974 |
| **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** |
| Honeywell International, Inc. | &nbsp;&nbsp; 179069 | 40741779 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Allstate Corp.(The) | &nbsp;&nbsp; 56327 | 11208510 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35732 | 3431701 |
| Chubb Ltd. | &nbsp;&nbsp; 59640 | 18462158 |
| Globe Life, Inc. | &nbsp;&nbsp; 79654 | 11169084 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 64328 | 8688140 |
| Loews Corp. | &nbsp;&nbsp; 27511 | 2904336 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 91 | 17125 |
| MetLife, Inc. | &nbsp;&nbsp; 16929 | 1335360 |
| Primerica, Inc. | &nbsp;&nbsp; 26 | 6839 |
| Progressive Corp.(The) | &nbsp;&nbsp; 53391 | 11105328 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 19429 | 5527745 |
|  |  | 73856326 |
| **Interactive Media & Services — 11.8%** | **Interactive Media & Services — 11.8%** | **Interactive Media & Services — 11.8%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 1107523 | 374342774 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 706767 | 239261833 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 352885 | 252842102 |
|  |  | 866446709 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Amdocs Ltd. | &nbsp;&nbsp; 35318 | 2893957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 27890 | $2288653 |
| DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 121 | 1746 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 87246 | 8769968 |
| International Business Machines Corp. | &nbsp;&nbsp; 5370 | 1646979 |
|  |  | 15601303 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 110 | 2298 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 130 | 14131 |
| Caterpillar, Inc. | &nbsp;&nbsp; 13878 | 9122842 |
| Donaldson Co., Inc. | &nbsp;&nbsp; 75224 | 7668334 |
| Graco, Inc. | &nbsp;&nbsp; 289445 | 25277232 |
| ITT, Inc. | &nbsp;&nbsp; 90603 | 16516927 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 26 | 6899 |
| Mueller Industries, Inc. | &nbsp;&nbsp; 337185 | 45904366 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 67369 | 15504302 |
|  |  | 120015033 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10723 | 2210225 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 61623 | 4484922 |
|  |  | 6695147 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 33 | 3065 |
| Newmont Corp. | &nbsp;&nbsp; 676 | 75949 |
| Royal Gold, Inc. | &nbsp;&nbsp; 11 | 2896 |
|  |  | 81910 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
| CMS Energy Corp. | &nbsp;&nbsp; 21 | 1501 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Centrus Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13 | 3618 |
| Expand Energy Corp. | &nbsp;&nbsp; 17 | 1911 |
| SM Energy Co. | &nbsp;&nbsp; 353454 | 6881749 |
|  |  | 6887278 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 49 | 2328 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 56241 | 58330353 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Concentrix Corp. | &nbsp;&nbsp; 55 | 2054 |
| ExlService Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 126162 | 4939242 |
| Genpact Ltd. | &nbsp;&nbsp; 143 | 6306 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 98659 | 13344617 |
| Paychex, Inc. | &nbsp;&nbsp; 22 | 2269 |
| Paycom Software, Inc. | &nbsp;&nbsp; 11 | 1482 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 727040 | 59537306 |
|  |  | 77833276 |
| **Semiconductors & Semiconductor Equipment — 17.7%** | **Semiconductors & Semiconductor Equipment — 17.7%** | **Semiconductors & Semiconductor Equipment — 17.7%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 232711 | 55089675 |
| Applied Materials, Inc. | &nbsp;&nbsp; 165919 | 53479012 |
| Broadcom, Inc. | &nbsp;&nbsp; 653485 | 216499581 |
| Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 46947 | 6119072 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 47603 | 5963704 |
| Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 99 | 3661 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 39 | 8795 |
| KLA Corp. | &nbsp;&nbsp; 18454 | 26351205 |
| Lam Research Corp. | &nbsp;&nbsp; 368808 | 86101916 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 23214 | 1832049 |
| Micron Technology, Inc. | &nbsp;&nbsp; 395246 | 163979660 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Thematic Rotation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Nvidia Corp. | &nbsp;&nbsp; 3530126 | $674712982 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 106527 | 16148428 |
| Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22 | 2504 |
|  |  | 1306292244 |
| **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
| ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27084 | 1174362 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 69445 | 20364746 |
| Appfolio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13 | 2469 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55276 | 13977642 |
| Box, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 867457 | 21990035 |
| Check Point Software Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 631978 | 113446371 |
| CommVault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 72348 | 6200224 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13 | 5738 |
| Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 206355 | 5257925 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26 | 2113 |
| Guidewire Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78 | 10979 |
| InterDigital, Inc. | &nbsp;&nbsp; 21930 | 7158829 |
| Intuit, Inc. | &nbsp;&nbsp; 58175 | 29024671 |
| Microsoft Corp. | &nbsp;&nbsp; 1240034 | 533574230 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 435248 | 63803004 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52811 | 9345963 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12169 | 1899946 |
| Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22 | 2902 |
| RingCentral, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 143 | 3701 |
| Salesforce, Inc. | &nbsp;&nbsp; 17259 | 3663913 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 101438 | 11869260 |
| Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp; 130 | 3708 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 26 | 4566 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26 | 5200 |
|  |  | 842792497 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| Gap, Inc.(The) | &nbsp;&nbsp; 35 | 979 |
| Ross Stores, Inc. | &nbsp;&nbsp; 10624 | 2004218 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 848229 | 127073187 |
| Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44 | 3117 |
|  |  | 129081501 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** |
| Apple, Inc. | &nbsp;&nbsp; 2232255 | $579225527 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 91 | 10414 |
| HP, Inc. | &nbsp;&nbsp; 102 | 1983 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 65 | 4520 |
| Sandisk Corp.<sup>(a)</sup> | &nbsp;&nbsp; 28987 | 16703759 |
|  |  | 595946203 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 21 | 2506 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 11 | 1974 |
| **Total Long-Term Investments — 98.0%** <br>**(Cost: $6,504,814,257)** | **Total Long-Term Investments — 98.0%** <br>**(Cost: $6,504,814,257)** | 7217138939 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 29316 | 29331 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 138220000 | 138220000 |
| **Total Short-Term Securities — 1.9%** <br>**(Cost: $138,249,331)** | **Total Short-Term Securities — 1.9%** <br>**(Cost: $138,249,331)** | 138249331 |
| **Total Investments — 99.9%** <br>**(Cost: $6,643,063,588)** | **Total Investments — 99.9%** <br>**(Cost: $6,643,063,588)** | 7355388270 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 8374536 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7363762806 |

---

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $10734173 | $— | &nbsp;&nbsp; $(10704681 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(161)<br>| $— | $29331 | 29316 | $44648 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 90450000 | 47770000 <br><sup>(a)</sup><br>|  |  |  | 138220000 | 138220000 | 2867924 |  |
|  |  |  |  | $(161) | $— | $138249331 |  | $2912572 | $— |

---

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

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

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Thematic Rotation Active ETF**

**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 |  |  |  |  |
| S&P 500 E-Mini Index | 402 | 03/20/26 | &nbsp;&nbsp; $140012 | $(600993) |

---

**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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $600993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $600993 |

---

&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 January 31, 2026, 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; $(3454)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3454)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(604404)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(604404)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $70040158 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $7217138939 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7217138939 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 138249331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 138249331 |
|  | &nbsp;&nbsp; $7355388270 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7355388270 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares U.S. Thematic Rotation Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(600993)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(600993)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares World ex U.S. Carbon Transition Readiness Aware Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.4%** | **Australia — 5.4%** | **Australia — 5.4%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 15385 | $391399 |
| BHP Group Ltd. | &nbsp;&nbsp; 14890 | 512847 |
| Brambles Ltd. | &nbsp;&nbsp; 106691 | 1656133 |
| Cochlear Ltd. | &nbsp;&nbsp; 166 | 30941 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 20666 | 2139362 |
| CSL Ltd. | &nbsp;&nbsp; 360 | 45363 |
| Fortescue Ltd. | &nbsp;&nbsp; 12895 | 186731 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5472 | 55082 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 13049 | 1915068 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 15448 | 464049 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 14295 | 195924 |
| REA Group Ltd. | &nbsp;&nbsp; 2338 | 307409 |
| Santos Ltd. | &nbsp;&nbsp; 80933 | 394690 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 30438 | 358314 |
| Transurban Group | &nbsp;&nbsp; 200876 | 1943028 |
| Westpac Banking Corp. | &nbsp;&nbsp; 76327 | 2050837 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 2294 | 49230 |
|  |  | 12696407 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp; 1537 | 199824 |
| Verbund AG | &nbsp;&nbsp; 3308 | 242726 |
|  |  | 442550 |
| **Belgium — 0.4%** | **Belgium — 0.4%** | **Belgium — 0.4%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 412 | 29657 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 170 | 142965 |
| UCB SA | &nbsp;&nbsp; 2846 | 867248 |
|  |  | 1039870 |
| **Canada — 12.4%** | **Canada — 12.4%** | **Canada — 12.4%** |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 11552 | 600994 |
| Bank of Montreal | &nbsp;&nbsp; 2623 | 357086 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 31950 | 2388653 |
| BCE, Inc. | &nbsp;&nbsp; 1336 | 34537 |
| Bombardier, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 499 | 85244 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 7618 | 347262 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 10376 | 432140 |
| Cameco Corp. | &nbsp;&nbsp; 6804 | 841524 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 32947 | 3044872 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 635 | 78122 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1586 | 445673 |
| CGI, Inc. | &nbsp;&nbsp; 2991 | 256343 |
| Dollarama, Inc. | &nbsp;&nbsp; 1800 | 242573 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 4644 | 117665 |
| Enbridge, Inc. | &nbsp;&nbsp; 15179 | 740975 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 8945 | 2093878 |
| GFL Environmental, Inc. | &nbsp;&nbsp; 996 | 42783 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 3019 | 370954 |
| Intact Financial Corp. | &nbsp;&nbsp; 3171 | 577331 |
| Keyera Corp. | &nbsp;&nbsp; 7674 | 259867 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 2601 | 194991 |
| Manulife Financial Corp. | &nbsp;&nbsp; 34018 | 1295864 |
| National Bank of Canada | &nbsp;&nbsp; 14035 | 1672367 |
| Pan American Silver Corp. | &nbsp;&nbsp; 25234 | 1374884 |
| Power Corp. of Canada | &nbsp;&nbsp; 5926 | 298857 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 2789 | 186862 |
| Royal Bank of Canada | &nbsp;&nbsp; 10796 | 1797576 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9147 | 1200231 |
| Stantec, Inc. | &nbsp;&nbsp; 9592 | 950571 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 3132 | 197353 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 2344 | 125803 |
| TELUS Corp. | &nbsp;&nbsp; 97087 | 1354719 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 8758 | $818524 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 16186 | 2132418 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 14520 | 132441 |
| WSP Global, Inc. | &nbsp;&nbsp; 11668 | 2255622 |
|  |  | 29347559 |
| **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 1421 | 193184 |
| DSV A/S | &nbsp;&nbsp; 1603 | 450740 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 1225 | 399087 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 24078 | 1429733 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 8862 | 543006 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 8071 | 181559 |
| Rockwool AS, Class B | &nbsp;&nbsp; 3657 | 123497 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 12728 | 385803 |
|  |  | 3706609 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Fortum OYJ | &nbsp;&nbsp; 2154 | 50882 |
| Kone OYJ, Class B | &nbsp;&nbsp; 7484 | 537837 |
| Neste OYJ | &nbsp;&nbsp; 10124 | 258617 |
| Nokia OYJ | &nbsp;&nbsp; 18188 | 117147 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 22427 | 250113 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 20600 | 237147 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 20405 | 827219 |
|  |  | 2278962 |
| **France — 10.4%** | **France — 10.4%** | **France — 10.4%** |
| Airbus SE | &nbsp;&nbsp; 10201 | 2335516 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 6285 | 558794 |
| BioMerieux | &nbsp;&nbsp; 3107 | 360805 |
| Capgemini SE | &nbsp;&nbsp; 2980 | 463027 |
| Carrefour SA | &nbsp;&nbsp; 18862 | 308944 |
| Covivio SA/France | &nbsp;&nbsp; 1537 | 98193 |
| Credit Agricole SA | &nbsp;&nbsp; 103613 | 2243887 |
| Dassault Systemes SE | &nbsp;&nbsp; 33315 | 916322 |
| Engie SA | &nbsp;&nbsp; 71016 | 2120283 |
| FDJ United | &nbsp;&nbsp; 1492 | 39487 |
| Gecina SA | &nbsp;&nbsp; 357 | 32791 |
| Getlink SE | &nbsp;&nbsp; 3339 | 66093 |
| Hermes International SCA | &nbsp;&nbsp; 496 | 1193375 |
| Ipsen SA | &nbsp;&nbsp; 1065 | 173984 |
| Kering SA | &nbsp;&nbsp; 467 | 145787 |
| Klepierre SA | &nbsp;&nbsp; 15787 | 608168 |
| Legrand SA | &nbsp;&nbsp; 4950 | 790306 |
| L'Oreal SA | &nbsp;&nbsp; 3382 | 1553823 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2639 | 1703222 |
| Pernod Ricard SA | &nbsp;&nbsp; 1534 | 137165 |
| Renault SA | &nbsp;&nbsp; 4011 | 151373 |
| Rexel SA | &nbsp;&nbsp; 6879 | 288268 |
| Safran SA | &nbsp;&nbsp; 980 | 350145 |
| Sanofi SA | &nbsp;&nbsp; 21556 | 2033240 |
| Schneider Electric SE | &nbsp;&nbsp; 9386 | 2690983 |
| Societe Generale SA | &nbsp;&nbsp; 6580 | 576602 |
| Sodexo SA | &nbsp;&nbsp; 2922 | 149290 |
| STMicroelectronics NV | &nbsp;&nbsp; 8443 | 238414 |
| Thales SA | &nbsp;&nbsp; 431 | 131940 |
| TotalEnergies SE | &nbsp;&nbsp; 25341 | 1843018 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 2148 | 237493 |
| Vinci SA | &nbsp;&nbsp; 223 | 32064 |
|  |  | 24572802 |
| **Germany — 7.7%** | **Germany — 7.7%** | **Germany — 7.7%** |
| adidas AG | &nbsp;&nbsp; 2919 | 517549 |
| Allianz SE, Registered | &nbsp;&nbsp; 6453 | 2841395 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares World ex U.S. Carbon Transition Readiness Aware Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 10211 | $1051532 |
| Commerzbank AG | &nbsp;&nbsp; 19363 | 795910 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 22185 | 875444 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 3731 | 208669 |
| Evonik Industries AG | &nbsp;&nbsp; 11473 | 177716 |
| GEA Group AG | &nbsp;&nbsp; 23766 | 1699336 |
| Heidelberg Materials AG | &nbsp;&nbsp; 218 | 59704 |
| Knorr-Bremse AG | &nbsp;&nbsp; 2663 | 310067 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 11937 | 815825 |
| MTU Aero Engines AG | &nbsp;&nbsp; 195 | 86692 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 400 | 242431 |
| Rheinmetall AG | &nbsp;&nbsp; 356 | 754309 |
| SAP SE | &nbsp;&nbsp; 10791 | 2155701 |
| Siemens AG, Registered | &nbsp;&nbsp; 9506 | 2873950 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 10689 | 1821192 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 9466 | 472481 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 1840 | 232080 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 8301 | 238698 |
|  |  | 18230681 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd. | &nbsp;&nbsp; 198400 | 2289035 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 551 | 89576 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 26000 | 132100 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 54000 | 50860 |
| Link REIT | &nbsp;&nbsp; 12500 | 57472 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 146000 | 645586 |
| Sands China Ltd. | &nbsp;&nbsp; 187200 | 406276 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 49000 | 786885 |
|  |  | 4457790 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AIB Group PLC | &nbsp;&nbsp; 49223 | 550221 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 14988 | 304518 |
| Kingspan Group PLC | &nbsp;&nbsp; 3710 | 323047 |
|  |  | 1177786 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 13667 | 337868 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 14459 | 347584 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1049 | 451941 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 472 | 54162 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 180 | 19039 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 2254 | 109404 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 11413 | 388955 |
|  |  | 1708953 |
| **Italy — 2.4%** | **Italy — 2.4%** | **Italy — 2.4%** |
| BPER Banca SpA | &nbsp;&nbsp; 5741 | 80853 |
| Eni SpA | &nbsp;&nbsp; 106390 | 2174517 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 305776 | 2164705 |
| Leonardo SpA | &nbsp;&nbsp; 3885 | 259621 |
| Moncler SpA | &nbsp;&nbsp; 5841 | 340318 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 14446 | 61677 |
| Snam SpA | &nbsp;&nbsp; 41964 | 288405 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 350827 | 237978 |
|  |  | 5608074 |
| **Japan — 19.8%** | **Japan — 19.8%** | **Japan — 19.8%** |
| Advantest Corp. | &nbsp;&nbsp; 11800 | 1951560 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 28300 | 387076 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 22100 | 505578 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 7500 | 145612 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 37500 | 392582 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 81100 | 786752 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Asics Corp. | &nbsp;&nbsp; 30300 | $729402 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 97300 | 1353432 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 10700 | 277651 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 2400 | 61173 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10600 | 605479 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 12200 | 437653 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 61100 | 537322 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 30300 | 555084 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 44400 | 1512889 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 6000 | 58466 |
| Denso Corp. | &nbsp;&nbsp; 65800 | 912959 |
| Disco Corp. | &nbsp;&nbsp; 1600 | 682001 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 600 | 228920 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 75700 | 1512127 |
| Fujikura Ltd. | &nbsp;&nbsp; 1500 | 188530 |
| Fujitsu Ltd. | &nbsp;&nbsp; 25800 | 716873 |
| Hitachi Ltd. | &nbsp;&nbsp; 94700 | 3286100 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 49600 | 498854 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 16200 | 137461 |
| IHI Corp. | &nbsp;&nbsp; 13800 | 319279 |
| Inpex Corp. | &nbsp;&nbsp; 11500 | 257649 |
| ITOCHU Corp. | &nbsp;&nbsp; 6000 | 76815 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 4700 | 63277 |
| Kao Corp. | &nbsp;&nbsp; 35600 | 1424088 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 500 | 41738 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 55700 | 804868 |
| KDDI Corp. | &nbsp;&nbsp; 14500 | 244818 |
| Komatsu Ltd. | &nbsp;&nbsp; 14600 | 558818 |
| Kubota Corp. | &nbsp;&nbsp; 84500 | 1294680 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 12200 | 198056 |
| LY Corp. | &nbsp;&nbsp; 36300 | 92943 |
| Makita Corp. | &nbsp;&nbsp; 1800 | 62542 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 18300 | 466392 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 36700 | 1080592 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 65900 | 1193472 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 30200 | 986484 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 12300 | 385543 |
| NEC Corp. | &nbsp;&nbsp; 15300 | 518665 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 5400 | 334398 |
| Nippon Steel Corp. | &nbsp;&nbsp; 7300 | 30420 |
| Nitto Denko Corp. | &nbsp;&nbsp; 5900 | 131118 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 99100 | 898078 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 23700 | 720963 |
| Olympus Corp. | &nbsp;&nbsp; 66800 | 797893 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 5800 | 101537 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14700 | 88137 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 42139 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 20400 | 339159 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2700 | 343853 |
| Secom Co. Ltd. | &nbsp;&nbsp; 12900 | 472573 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 1000 | 26496 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 24400 | 431572 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 17800 | 171375 |
| Shimadzu Corp. | &nbsp;&nbsp; 5600 | 151772 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 4900 | 100887 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 25300 | 432117 |
| SoftBank Corp. | &nbsp;&nbsp; 150800 | 204976 |
| SoftBank Group Corp. | &nbsp;&nbsp; 34000 | 928451 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 1700 | 58624 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 59282 |
| Sony Group Corp. | &nbsp;&nbsp; 42600 | 939241 |
| Subaru Corp. | &nbsp;&nbsp; 4300 | 92313 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares World ex U.S. Carbon Transition Readiness Aware Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 12400 | $542866 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 30300 | 1712204 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 47100 | 1657470 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 2500 | 83497 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 21100 | 287700 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4800 | 163391 |
| Terumo Corp. | &nbsp;&nbsp; 40900 | 535023 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 4300 | 160272 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 5900 | 1572107 |
| Toray Industries, Inc. | &nbsp;&nbsp; 165300 | 1219287 |
| Toyota Motor Corp. | &nbsp;&nbsp; 49900 | 1131008 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 7500 | 273144 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 7700 | 256709 |
| ZOZO, Inc. | &nbsp;&nbsp; 99600 | 822642 |
|  |  | 46846949 |
| **Netherlands — 4.4%** | **Netherlands — 4.4%** | **Netherlands — 4.4%** |
| Akzo Nobel NV | &nbsp;&nbsp; 4057 | 284222 |
| ASML Holding NV | &nbsp;&nbsp; 3491 | 5005763 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1063 | 206906 |
| ING Groep NV | &nbsp;&nbsp; 22009 | 649065 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 3406 | 53385 |
| JDE Peet's NV | &nbsp;&nbsp; 13405 | 504660 |
| Koninklijke KPN NV | &nbsp;&nbsp; 234493 | 1148432 |
| Koninklijke Philips NV | &nbsp;&nbsp; 36894 | 1059441 |
| Prosus NV | &nbsp;&nbsp; 16464 | 946701 |
| Universal Music Group NV | &nbsp;&nbsp; 6777 | 166155 |
| Wolters Kluwer NV | &nbsp;&nbsp; 3697 | 347159 |
|  |  | 10371889 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Meridian Energy Ltd. | &nbsp;&nbsp; 70774 | 240093 |
| **Norway — 1.3%** | **Norway — 1.3%** | **Norway — 1.3%** |
| Mowi ASA | &nbsp;&nbsp; 13363 | 308045 |
| Norsk Hydro ASA | &nbsp;&nbsp; 34158 | 303251 |
| Orkla ASA | &nbsp;&nbsp; 191343 | 2276667 |
| Salmar ASA | &nbsp;&nbsp; 1846 | 109967 |
|  |  | 2997930 |
| **Portugal — 1.1%** | **Portugal — 1.1%** | **Portugal — 1.1%** |
| EDP SA | &nbsp;&nbsp; 318760 | 1629961 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 30333 | 603555 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 15081 | 355626 |
|  |  | 2589142 |
| **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 20870 | 970087 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50283 | 216217 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1478 | 172172 |
|  |  | 1358476 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| Amadeus IT Group SA | &nbsp;&nbsp; 2428 | 162789 |
| Banco Santander SA | &nbsp;&nbsp; 134233 | 1713895 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 23827 | 736972 |
| Grifols SA | &nbsp;&nbsp; 11670 | 149306 |
| Iberdrola SA | &nbsp;&nbsp; 142590 | 3205814 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 1953 | 43909 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 26971 | 1755006 |
| Telefonica SA | &nbsp;&nbsp; 7797 | 31565 |
|  |  | 7799256 |
| **Sweden — 3.1%** | **Sweden — 3.1%** | **Sweden — 3.1%** |
| AddTech AB, Class B | &nbsp;&nbsp; 4568 | 148318 |
| Alfa Laval AB | &nbsp;&nbsp; 15177 | 879086 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 9680 | 199623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 14256 | $998301 |
| EQT AB | &nbsp;&nbsp; 50218 | 1906060 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 20752 | 516771 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 70195 | 268901 |
| Saab AB, Class B | &nbsp;&nbsp; 2872 | 224082 |
| SKF AB, Class B | &nbsp;&nbsp; 6683 | 174738 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 1074 | 537376 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 2717 | 103179 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 122462 | 1326284 |
|  |  | 7282719 |
| **Switzerland — 7.4%** | **Switzerland — 7.4%** | **Switzerland — 7.4%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 11279 | 971100 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 78 | 137593 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 12 | 172458 |
| Geberit AG, Registered | &nbsp;&nbsp; 1231 | 939979 |
| Givaudan SA, Registered | &nbsp;&nbsp; 355 | 1372248 |
| Holcim AG | &nbsp;&nbsp; 2327 | 239841 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 2098 | 485817 |
| Logitech International SA, Registered | &nbsp;&nbsp; 1261 | 108638 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 656 | 445719 |
| Nestle SA, Registered | &nbsp;&nbsp; 23065 | 2201013 |
| Novartis AG, Registered<sup>(c)</sup> | &nbsp;&nbsp; 11856 | 1759072 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 4773 | 2170472 |
| Sika AG, Registered | &nbsp;&nbsp; 1859 | 356724 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 3572 | 977597 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 1304 | 307663 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 1256 | 1377270 |
| Swisscom AG, Registered | &nbsp;&nbsp; 1034 | 848998 |
| UBS Group AG, Registered | &nbsp;&nbsp; 33261 | 1573757 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 1440 | 1024447 |
|  |  | 17470406 |
| **United Kingdom — 12.5%** | **United Kingdom — 12.5%** | **United Kingdom — 12.5%** |
| 3i Group PLC | &nbsp;&nbsp; 18467 | 848358 |
| Admiral Group PLC | &nbsp;&nbsp; 24427 | 919285 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 15673 | 726723 |
| Antofagasta PLC | &nbsp;&nbsp; 3944 | 195431 |
| AstraZeneca PLC | &nbsp;&nbsp; 20412 | 3803044 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 74990 | 552788 |
| Aviva PLC | &nbsp;&nbsp; 35238 | 307200 |
| BAE Systems PLC | &nbsp;&nbsp; 13810 | 374899 |
| Barclays PLC | &nbsp;&nbsp; 156965 | 1047595 |
| BP PLC | &nbsp;&nbsp; 208533 | 1322215 |
| BT Group PLC | &nbsp;&nbsp; 154357 | 405730 |
| Centrica PLC | &nbsp;&nbsp; 136886 | 358437 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 4054 | 220171 |
| Compass Group PLC | &nbsp;&nbsp; 3163 | 94844 |
| Diageo PLC | &nbsp;&nbsp; 28977 | 666769 |
| GSK PLC | &nbsp;&nbsp; 64320 | 1663422 |
| Haleon PLC | &nbsp;&nbsp; 11468 | 59976 |
| HSBC Holdings PLC | &nbsp;&nbsp; 267848 | 4725087 |
| Informa PLC | &nbsp;&nbsp; 45403 | 547915 |
| J Sainsbury PLC | &nbsp;&nbsp; 186257 | 816125 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 1057018 | 1578344 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 7261 | 809907 |
| M&G PLC | &nbsp;&nbsp; 11073 | 46941 |
| National Grid PLC | &nbsp;&nbsp; 2572 | 43697 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 115827 | 1055738 |
| Pearson PLC | &nbsp;&nbsp; 4094 | 53848 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 9762 | 813759 |
| RELX PLC | &nbsp;&nbsp; 25752 | 912960 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares World ex U.S. Carbon Transition Readiness Aware Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 51692 | $864134 |
| Schroders PLC | &nbsp;&nbsp; 41366 | 256210 |
| Shell PLC | &nbsp;&nbsp; 50021 | 1922782 |
| SSE PLC | &nbsp;&nbsp; 6016 | 199957 |
| Tesco PLC | &nbsp;&nbsp; 129441 | 753191 |
| Whitbread PLC | &nbsp;&nbsp; 11750 | 438609 |
|  |  | 29406091 |
| **Total Common Stocks — 98.2%** <br>**(Cost: $184,309,748)** | **Total Common Stocks — 98.2%** <br>**(Cost: $184,309,748)** | 231630994 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1271 | 131098 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 7121 | 863813 |
|  |  | 994911 |
| **Total Preferred Stocks — 0.4%** <br>**(Cost: $843,523)** | **Total Preferred Stocks — 0.4%** <br>**(Cost: $843,523)** | 994911 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $185,153,271)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $185,153,271)** | 232625905 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1660000 | $1660000 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $1,660,000)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $1,660,000)** | 1660000 |
| **Total Investments — 99.3%** <br>**(Cost: $186,813,271)** | **Total Investments — 99.3%** <br>**(Cost: $186,813,271)** | 234285905 |
| **Other Assets Less Liabilities — 0.7%** | **Other Assets Less Liabilities — 0.7%** | 1548885 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $235834790 |

---

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $81889 | $— | &nbsp;&nbsp; $(81836 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(53)<br>| $— | $— |  | $438 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1380000 | 280000 <br><sup>(b)</sup><br>|  |  |  | 1660000 | 1660000 | 30947 |  |
|  |  |  |  | $(53) | $— | $1660000 |  | $31385 | $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 19 | 03/20/26 | &nbsp;&nbsp; $2885 | $111729 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares World ex U.S. Carbon Transition Readiness Aware Active ETF**

**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<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111729 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111729 |

---

&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 January 31, 2026, 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; $210898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $210898 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $148035 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $148035 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3126740 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $32302374 | &nbsp;&nbsp; $199328620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $231630994 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 994911 | &nbsp;&nbsp; — | &nbsp;&nbsp; 994911 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1660000 |
|  | &nbsp;&nbsp; $33962374 | &nbsp;&nbsp; $200323531 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234285905 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $111729 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111729 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>FinTech <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Health <br> Innovation <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Country <br> Rotation <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Equity Factor <br> Rotation <br> Active ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $8941878 | $9637822 | $815188 | $114787968 |
| Investments, at value—affiliated<sup>(c)</sup> | 1840510 | 661179 | 16886946 |  |
| Cash | 4041 | 161 | 6083 |  |
| Cash pledged for futures contracts |  |  |  | 11000 |
| Foreign currency, at value<sup>(d)</sup> |  | 58 |  | 1571 |
| Receivables: |  |  |  |  |
| Investments sold | 33704 | 112659 |  |  |
| Securities lending income—affiliated | 967 | 174 | 211 |  |
| Capital shares sold |  | 19148 |  |  |
| Dividends—unaffiliated | 2877 | 2910 |  | 47139 |
| Dividends—affiliated | 970 | 626 | 131 |  |
| Tax reclaims | 1512 | 1171 |  | 2352 |
| Other assets | 211 |  |  |  |
| Total assets | 10826670 | 10435908 | 17708559 | 114850030 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  |  | 99987 |
| Collateral on securities loaned, at value | 1570315 | 441226 | 584200 |  |
| Payables: |  |  |  |  |
| Investments purchased |  | 53036 |  |  |
| Investment advisory fees | 4554 | 3553 | 1179 | 42590 |
| Variation margin on futures contracts |  |  |  | 3244 |
| Total liabilities | 1574869 | 497815 | 585379 | 145821 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $9251801 | $9938093 | $17123180 | $114704209 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $9818356 | $9784997 | $14224874 | $104635453 |
| Accumulated earnings (loss) | (566555) | 153096 | 2898306 | 10068756 |
| NET ASSETS | $9251801 | $9938093 | $17123180 | $114704209 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 360000 | 320000 | 520000 | 3840000 |
| Net asset value | $25.70 | $31.06 | $32.93 | $29.87 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $8662995 | $8545696 | $573030 | $104274169 |
| <sup>(b)</sup> Securities loaned, at value | $1288824 | $421531 | $563086 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $1840426 | $661124 | $14373824 | $— |
| <sup>(d)</sup> Foreign currency, at cost | $— | $58 | $— | $1552 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Large Cap <br> Core Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Large Cap <br> Value Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Carbon <br> Transition <br> Readiness <br> Aware Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Equity <br> Factor Rotation <br> Active ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $103098031 | $102451595 | $1432533151 | $31974051113 |
| Investments, at value—affiliated<sup>(c)</sup> | 4857321 | 870000 | 10496722 | 147177662 |
| Cash | 7374 | 5135 | 1697 | 10958 |
| Cash pledged for futures contracts |  |  | 436000 |  |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated | 443 | 17 | 2400 | 4862 |
| Capital shares sold |  |  |  | 935911 |
| Dividends—unaffiliated | 18019 | 116857 | 678711 | 25338370 |
| Dividends—affiliated | 5431 | 3040 | 20212 | 242682 |
| Tax reclaims | 35 |  |  |  |
| Total assets | 107986654 | 103446644 | 1444168893 | 32147761558 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 2387319 |  | 1976452 | 12719393 |
| Payables: |  |  |  |  |
| Investments purchased |  | 5737 |  |  |
| Capital shares redeemed |  | 53885 |  |  |
| Investment advisory fees | 33398 | 40508 | 172740 | 6805004 |
| Variation margin on futures contracts |  |  | 25644 |  |
| Total liabilities | 2420717 | 100130 | 2174836 | 19524397 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $105565937 | $103346514 | $1441994057 | $32128237161 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $97841143 | $91843718 | $1075733947 | $27114758845 |
| Accumulated earnings | 7724794 | 11502796 | 366260110 | 5013478316 |
| NET ASSETS | $105565937 | $103346514 | $1441994057 | $32128237161 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 2430000 | 2680000 | 19300000 | 522325000 |
| Net asset value | $43.44 | $38.56 | $74.71 | $61.51 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $97435800 | $93220243 | $1023098693 | $26569083198 |
| <sup>(b)</sup> Securities loaned, at value | $2279528 | $— | $1914035 | $11458962 |
| <sup>(c)</sup> Investments, at cost—affiliated | $4857319 | $870000 | $10496510 | $147177036 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>U.S. Industry <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Thematic <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>World ex <br> U.S. Carbon <br> Transition <br> Readiness <br> Aware Active <br> ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $31710234 | $7217138939 | $232625905 |
| Investments, at value—affiliated<sup>(c)</sup> | 371002 | 138249331 | 1660000 |
| Cash | 3743 | 16828 | 23032 |
| Cash pledged for futures contracts |  | 10135000 | 89000 |
| Foreign currency, at value<sup>(d)</sup> |  |  | 73607 |
| Receivables: |  |  |  |
| Investments sold |  |  | 242060 |
| Securities lending income—affiliated | 26 | 2348 | 42 |
| Capital shares sold |  | 110094 |  |
| Dividends—unaffiliated | 21003 | 1616209 | 126145 |
| Dividends—affiliated | 540 | 426369 | 4782 |
| Tax reclaims |  |  | 955725 |
| Foreign withholding tax claims |  |  | 124243 |
| Total assets | 32106548 | 7367695118 | 235924541 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 191028 | 30551 |  |
| Payables: |  |  |  |
| Investment advisory fees | 11195 | 3359065 | 38974 |
| Professional fees |  |  | 21332 |
| Variation margin on futures contracts |  | 542696 | 29445 |
| Total liabilities | 202223 | 3932312 | 89751 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $31904325 | $7363762806 | $235834790 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $26446114 | $6617196661 | $255188974 |
| Accumulated earnings (loss) | 5458211 | 746566145 | (19354184) |
| NET ASSETS | $31904325 | $7363762806 | $235834790 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 980000 | 188980000 | 4125000 |
| Net asset value | $32.56 | $38.97 | $57.17 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $26178074 | $6504814257 | $185153271 |
| <sup>(b)</sup> Securities loaned, at value | $163818 | $29518 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $371001 | $138249331 | $1660000 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $73670 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>FinTech <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Health <br> Innovation <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Country <br> Rotation <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Equity Factor <br> Rotation <br> Active ETF<sup>(a)</sup> <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $19829 | &nbsp;&nbsp;&nbsp; $21257 | &nbsp;&nbsp;&nbsp; $2204 | &nbsp;&nbsp;&nbsp; $379092 |
| Dividends—affiliated | &nbsp;&nbsp; 6903 | &nbsp;&nbsp;&nbsp; 2233 | &nbsp;&nbsp;&nbsp; 235454 | &nbsp;&nbsp;&nbsp; 3700 |
| Interest—unaffiliated | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 82 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 9222 | &nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp; 5996 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp; (548)<br>| &nbsp;&nbsp;&nbsp; (33304)<br>|
| Total investment income | &nbsp;&nbsp; 36101 | &nbsp;&nbsp;&nbsp; 24300 | &nbsp;&nbsp;&nbsp; 243178 | &nbsp;&nbsp;&nbsp; 349570 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 36868 | &nbsp;&nbsp;&nbsp; 23480 | &nbsp;&nbsp;&nbsp; 37843 | &nbsp;&nbsp;&nbsp; 127156 |
| Commitment costs | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 80 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4598 |
| Total expenses | &nbsp;&nbsp; 36884 | &nbsp;&nbsp;&nbsp; 23489 | &nbsp;&nbsp;&nbsp; 37864 | &nbsp;&nbsp;&nbsp; 131834 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (2141)<br>| &nbsp;&nbsp;&nbsp; (2960)<br>| &nbsp;&nbsp;&nbsp; (32915)<br>| &nbsp;&nbsp;&nbsp; (86)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 34743 | &nbsp;&nbsp;&nbsp; 20529 | &nbsp;&nbsp;&nbsp; 4949 | &nbsp;&nbsp;&nbsp; 131748 |
| Net investment income | &nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp; 3771 | &nbsp;&nbsp;&nbsp; 238229 | &nbsp;&nbsp;&nbsp; 217822 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (477339)<br>| &nbsp;&nbsp;&nbsp; 69499 | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; (252244)<br>|
| Investments—affiliated | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 230526 | &nbsp;&nbsp;&nbsp; — |
| Capital gain distributions from underlying funds—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7358 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; (435)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2692)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24448 |
|  | &nbsp;&nbsp; (477246)<br>| &nbsp;&nbsp;&nbsp; 69090 | &nbsp;&nbsp;&nbsp; 238780 | &nbsp;&nbsp;&nbsp; (230488)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1542421)<br>| &nbsp;&nbsp;&nbsp; 1036834 | &nbsp;&nbsp;&nbsp; 206107 | &nbsp;&nbsp;&nbsp; 10513799 |
| Investments—affiliated | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 1854856 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (804)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1293 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15184 |
|  | &nbsp;&nbsp; (1542414)<br>| &nbsp;&nbsp;&nbsp; 1036937 | &nbsp;&nbsp;&nbsp; 2060159 | &nbsp;&nbsp;&nbsp; 10530276 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (2019660)<br>| &nbsp;&nbsp;&nbsp; 1106027 | &nbsp;&nbsp;&nbsp; 2298939 | &nbsp;&nbsp;&nbsp; 10299788 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(2018302)<br>| &nbsp;&nbsp;&nbsp; $1109798 | &nbsp;&nbsp;&nbsp; $2537168 | &nbsp;&nbsp;&nbsp; $10517610 |
| <sup>(a)</sup> For the period from August 05, 2025 (commencement of operations) to January 31, 2026. | <sup>(a)</sup> For the period from August 05, 2025 (commencement of operations) to January 31, 2026. | <sup>(a)</sup> For the period from August 05, 2025 (commencement of operations) to January 31, 2026. | <sup>(a)</sup> For the period from August 05, 2025 (commencement of operations) to January 31, 2026. | <sup>(a)</sup> For the period from August 05, 2025 (commencement of operations) to January 31, 2026. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (unaudited)(continued)

Six Months Ended January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Large Cap <br> Core Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Large Cap <br> Value Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Carbon <br> Transition <br> Readiness <br> Aware Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Equity <br> Factor Rotation <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $153510 | &nbsp;&nbsp;&nbsp; $812118 | &nbsp;&nbsp;&nbsp; $8157130 | &nbsp;&nbsp;&nbsp; $165907641 |
| Dividends—affiliated | &nbsp;&nbsp; 12436 | &nbsp;&nbsp;&nbsp; 17797 | &nbsp;&nbsp;&nbsp; 128793 | &nbsp;&nbsp;&nbsp; 4202777 |
| Interest—unaffiliated | &nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26493 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 24513 | &nbsp;&nbsp;&nbsp; 49506 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (681)<br>| &nbsp;&nbsp;&nbsp; (3844)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 167027 | &nbsp;&nbsp;&nbsp; 829515 | &nbsp;&nbsp;&nbsp; 8306592 | &nbsp;&nbsp;&nbsp; 170186417 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 79444 | &nbsp;&nbsp;&nbsp; 206169 | &nbsp;&nbsp;&nbsp; 2058811 | &nbsp;&nbsp;&nbsp; 35779436 |
| Commitment costs | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp; 43408 |
| Total expenses | &nbsp;&nbsp; 79532 | &nbsp;&nbsp;&nbsp; 206290 | &nbsp;&nbsp;&nbsp; 2060916 | &nbsp;&nbsp;&nbsp; 35822844 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (4473)<br>| &nbsp;&nbsp;&nbsp; (34262)<br>| &nbsp;&nbsp;&nbsp; (1051832)<br>| &nbsp;&nbsp;&nbsp; (95437)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 75059 | &nbsp;&nbsp;&nbsp; 172028 | &nbsp;&nbsp;&nbsp; 1009084 | &nbsp;&nbsp;&nbsp; 35727407 |
| Net investment income | &nbsp;&nbsp; 91968 | &nbsp;&nbsp;&nbsp; 657487 | &nbsp;&nbsp;&nbsp; 7297508 | &nbsp;&nbsp;&nbsp; 134459010 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (315481)<br>| &nbsp;&nbsp;&nbsp; (1137338)<br>| &nbsp;&nbsp;&nbsp; 20511956 | &nbsp;&nbsp;&nbsp; 2315515 |
| Investments—affiliated | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; (2358)<br>|
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 752001 | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 2591932 | &nbsp;&nbsp;&nbsp; 3807104 | &nbsp;&nbsp;&nbsp; 1393148 | &nbsp;&nbsp;&nbsp; 145269536 |
|  | &nbsp;&nbsp; 2276641 | &nbsp;&nbsp;&nbsp; 2669774 | &nbsp;&nbsp;&nbsp; 22657827 | &nbsp;&nbsp;&nbsp; 147582693 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 3469403 | &nbsp;&nbsp;&nbsp; 5547763 | &nbsp;&nbsp;&nbsp; 90171117 | &nbsp;&nbsp;&nbsp; 2262178711 |
| Investments—affiliated | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 626 |
| Foreign currency translations | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (239709)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 3469396 | &nbsp;&nbsp;&nbsp; 5547763 | &nbsp;&nbsp;&nbsp; 89931481 | &nbsp;&nbsp;&nbsp; 2262179337 |
| Net realized and unrealized gain | &nbsp;&nbsp; 5746037 | &nbsp;&nbsp;&nbsp; 8217537 | &nbsp;&nbsp;&nbsp; 112589308 | &nbsp;&nbsp;&nbsp; 2409762030 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $5838005 | &nbsp;&nbsp;&nbsp; $8875024 | &nbsp;&nbsp;&nbsp; $119886816 | &nbsp;&nbsp;&nbsp; $2544221040 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>U.S. Industry <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Thematic <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>World ex <br> U.S. Carbon <br> Transition <br> Readiness <br> Aware Active <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $180623 | &nbsp;&nbsp;&nbsp; $21116193 | &nbsp;&nbsp;&nbsp; $2250221 |
| Dividends—affiliated | &nbsp;&nbsp; 2712 | &nbsp;&nbsp;&nbsp; 2867924 | &nbsp;&nbsp;&nbsp; 30947 |
| Interest—unaffiliated | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp; 2682 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 44648 | &nbsp;&nbsp;&nbsp; 438 |
| Foreign taxes withheld | &nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (17330)<br>| &nbsp;&nbsp;&nbsp; (153234)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125407 |
| Total investment income | &nbsp;&nbsp; 183407 | &nbsp;&nbsp;&nbsp; 24018354 | &nbsp;&nbsp;&nbsp; 2256461 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 65669 | &nbsp;&nbsp;&nbsp; 17830433 | &nbsp;&nbsp;&nbsp; 421794 |
| Commitment costs | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 10141 | &nbsp;&nbsp;&nbsp; 357 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15602 |
| Total expenses | &nbsp;&nbsp; 65716 | &nbsp;&nbsp;&nbsp; 17840574 | &nbsp;&nbsp;&nbsp; 437753 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; (65392)<br>| &nbsp;&nbsp;&nbsp; (181469)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 65654 | &nbsp;&nbsp;&nbsp; 17775182 | &nbsp;&nbsp;&nbsp; 256284 |
| Net investment income | &nbsp;&nbsp; 117753 | &nbsp;&nbsp;&nbsp; 6243172 | &nbsp;&nbsp;&nbsp; 2000177 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 289660 | &nbsp;&nbsp;&nbsp; (148599008)<br>| &nbsp;&nbsp;&nbsp; 2026297 |
| Investments—affiliated | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; (161)<br>| &nbsp;&nbsp;&nbsp; (53)<br>|
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; 10670 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3454)<br>| &nbsp;&nbsp;&nbsp; 210898 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 513666 | &nbsp;&nbsp;&nbsp; 190671741 | &nbsp;&nbsp;&nbsp; 5900740 |
|  | &nbsp;&nbsp; 803380 | &nbsp;&nbsp;&nbsp; 42069060 | &nbsp;&nbsp;&nbsp; 8148552 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1922574 | &nbsp;&nbsp;&nbsp; 416976627 | &nbsp;&nbsp;&nbsp; 25716512 |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48820 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (604404)<br>| &nbsp;&nbsp;&nbsp; 148035 |
|  | &nbsp;&nbsp; 1922574 | &nbsp;&nbsp;&nbsp; 416372223 | &nbsp;&nbsp;&nbsp; 25913367 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2725954 | &nbsp;&nbsp;&nbsp; 458441283 | &nbsp;&nbsp;&nbsp; 34061919 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2843707 | &nbsp;&nbsp;&nbsp; $464684455 | &nbsp;&nbsp;&nbsp; $36062096 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>FinTech Active ETF  | iShares <br>FinTech Active ETF  | iShares <br>Health Innovation Active ETF  | iShares <br>Health Innovation Active ETF  |
|  | Six Months <br> Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1358 | &nbsp;&nbsp;&nbsp; $29280 | &nbsp;&nbsp;&nbsp; $3771 | &nbsp;&nbsp;&nbsp; $1690 |
| Net realized gain (loss) | &nbsp;&nbsp; (477246)<br>| &nbsp;&nbsp;&nbsp; 951918 | &nbsp;&nbsp;&nbsp; 69090 | &nbsp;&nbsp;&nbsp; 88864 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1542414)<br>| &nbsp;&nbsp;&nbsp; 1233506 | &nbsp;&nbsp;&nbsp; 1036937 | &nbsp;&nbsp;&nbsp; (255815)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (2018302)<br>| &nbsp;&nbsp;&nbsp; 2214704 | &nbsp;&nbsp;&nbsp; 1109798 | &nbsp;&nbsp;&nbsp; (165261)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (606027 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (32052)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 1313201 | &nbsp;&nbsp;&nbsp; 3506878 | &nbsp;&nbsp;&nbsp; 4869589 | &nbsp;&nbsp;&nbsp; (40963)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (1311128)<br>| &nbsp;&nbsp;&nbsp; 5689530 | &nbsp;&nbsp;&nbsp; 5979387 | &nbsp;&nbsp;&nbsp; (206224)<br>|
| Beginning of period | &nbsp;&nbsp; 10562929 | &nbsp;&nbsp;&nbsp; 4873399 | &nbsp;&nbsp;&nbsp; 3958706 | &nbsp;&nbsp;&nbsp; 4164930 |
| End of period | &nbsp;&nbsp; $9251801 | &nbsp;&nbsp;&nbsp; $10562929 | &nbsp;&nbsp;&nbsp; $9938093 | &nbsp;&nbsp;&nbsp; $3958706 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>International Country Rotation Active <br> ETF  | iShares <br>International Country Rotation Active <br> ETF  | iShares <br>International <br> Equity Factor <br> Rotation Active <br> ETF <br>|
|  | Six Months <br> Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>12/03/24<sup>(a)</sup> <br>to 07/31/25<br>| &nbsp;&nbsp; Period From <br>08/05/25<sup>(a)</sup> <br>to 01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $238229 | &nbsp;&nbsp;&nbsp; $180574 | &nbsp;&nbsp;&nbsp; $217822 |
| Net realized gain (loss) | &nbsp;&nbsp; 238780 | &nbsp;&nbsp;&nbsp; 10990 | &nbsp;&nbsp;&nbsp; (230488)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2060159 | &nbsp;&nbsp;&nbsp; 695121 | &nbsp;&nbsp;&nbsp; 10530276 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2537168 | &nbsp;&nbsp;&nbsp; 886685 | &nbsp;&nbsp;&nbsp; 10517610 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (349210 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (176337)<br>| &nbsp;&nbsp;&nbsp; (448854 )<sup>(c)</sup><br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 4871847 | &nbsp;&nbsp;&nbsp; 9353027 | &nbsp;&nbsp;&nbsp; 104635453 |
| *NET ASSETS* |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 7059805 | &nbsp;&nbsp;&nbsp; 10063375 | &nbsp;&nbsp;&nbsp; 114704209 |
| Beginning of period | &nbsp;&nbsp; 10063375 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $17123180 | &nbsp;&nbsp;&nbsp; $10063375 | &nbsp;&nbsp;&nbsp; $114704209 |

---

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

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

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Large Cap Core Active ETF  | iShares <br>Large Cap Core Active ETF  | iShares <br>Large Cap Value Active ETF  | iShares <br>Large Cap Value Active ETF  |
|  | Six Months <br> Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $91968 | &nbsp;&nbsp;&nbsp; $41711 | &nbsp;&nbsp;&nbsp; $657487 | &nbsp;&nbsp;&nbsp; $413549 |
| Net realized gain (loss) | &nbsp;&nbsp; 2276641 | &nbsp;&nbsp;&nbsp; 641653 | &nbsp;&nbsp;&nbsp; 2669774 | &nbsp;&nbsp;&nbsp; (15125)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3469396 | &nbsp;&nbsp;&nbsp; 888257 | &nbsp;&nbsp;&nbsp; 5547763 | &nbsp;&nbsp;&nbsp; 2703762 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 5838005 | &nbsp;&nbsp;&nbsp; 1571621 | &nbsp;&nbsp;&nbsp; 8875024 | &nbsp;&nbsp;&nbsp; 3102186 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (89652 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (47420)<br>| &nbsp;&nbsp;&nbsp; (619020 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (317720)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 90091420 | &nbsp;&nbsp;&nbsp; 983222 | &nbsp;&nbsp;&nbsp; 42074874 | &nbsp;&nbsp;&nbsp; 42912722 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 95839773 | &nbsp;&nbsp;&nbsp; 2507423 | &nbsp;&nbsp;&nbsp; 50330878 | &nbsp;&nbsp;&nbsp; 45697188 |
| Beginning of period | &nbsp;&nbsp; 9726164 | &nbsp;&nbsp;&nbsp; 7218741 | &nbsp;&nbsp;&nbsp; 53015636 | &nbsp;&nbsp;&nbsp; 7318448 |
| End of period | &nbsp;&nbsp; $105565937 | &nbsp;&nbsp;&nbsp; $9726164 | &nbsp;&nbsp;&nbsp; $103346514 | &nbsp;&nbsp;&nbsp; $53015636 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>U.S. Carbon Transition Readiness Aware <br> Active ETF  | iShares <br>U.S. Carbon Transition Readiness Aware <br> Active ETF  | iShares <br>U.S. Equity Factor Rotation Active ETF  | iShares <br>U.S. Equity Factor Rotation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $7297508 | &nbsp;&nbsp;&nbsp; $14783109 | &nbsp;&nbsp;&nbsp; $134459010 | &nbsp;&nbsp;&nbsp; $149830050 |
| Net realized gain | &nbsp;&nbsp; 22657827 | &nbsp;&nbsp;&nbsp; 53438638 | &nbsp;&nbsp;&nbsp; 147582693 | &nbsp;&nbsp;&nbsp; 332212100 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 89931481 | &nbsp;&nbsp;&nbsp; 115346789 | &nbsp;&nbsp;&nbsp; 2262179337 | &nbsp;&nbsp;&nbsp; 2345207056 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 119886816 | &nbsp;&nbsp;&nbsp; 183568536 | &nbsp;&nbsp;&nbsp; 2544221040 | &nbsp;&nbsp;&nbsp; 2827249206 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (8232744 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (15535961)<br>| &nbsp;&nbsp;&nbsp; (116145376 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (173851322)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 23992562 | &nbsp;&nbsp;&nbsp; (104556892)<br>| &nbsp;&nbsp;&nbsp; 8223740012 | &nbsp;&nbsp;&nbsp; 8684001013 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 135646634 | &nbsp;&nbsp;&nbsp; 63475683 | &nbsp;&nbsp;&nbsp; 10651815676 | &nbsp;&nbsp;&nbsp; 11337398897 |
| Beginning of period | &nbsp;&nbsp; 1306347423 | &nbsp;&nbsp;&nbsp; 1242871740 | &nbsp;&nbsp;&nbsp; 21476421485 | &nbsp;&nbsp;&nbsp; 10139022588 |
| End of period | &nbsp;&nbsp; $1441994057 | &nbsp;&nbsp;&nbsp; $1306347423 | &nbsp;&nbsp;&nbsp; $32128237161 | &nbsp;&nbsp;&nbsp; $21476421485 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>U.S. Industry Rotation Active ETF  | iShares <br>U.S. Industry Rotation Active ETF  | iShares <br>U.S. Thematic Rotation Active ETF  | iShares <br>U.S. Thematic Rotation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $117753 | &nbsp;&nbsp;&nbsp; $172210 | &nbsp;&nbsp;&nbsp; $6243172 | &nbsp;&nbsp;&nbsp; $2408836 |
| Net realized gain (loss) | &nbsp;&nbsp; 803380 | &nbsp;&nbsp;&nbsp; (66405)<br>| &nbsp;&nbsp;&nbsp; 42069060 | &nbsp;&nbsp;&nbsp; (2798912)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1922574 | &nbsp;&nbsp;&nbsp; 3206099 | &nbsp;&nbsp;&nbsp; 416372223 | &nbsp;&nbsp;&nbsp; 293914707 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2843707 | &nbsp;&nbsp;&nbsp; 3311904 | &nbsp;&nbsp;&nbsp; 464684455 | &nbsp;&nbsp;&nbsp; 293524631 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (118885 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (153907)<br>| &nbsp;&nbsp;&nbsp; (7109070 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1229475)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (37513)<br>| &nbsp;&nbsp;&nbsp; 16687430 | &nbsp;&nbsp;&nbsp; 1806022013 | &nbsp;&nbsp;&nbsp; 4800412100 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 2687309 | &nbsp;&nbsp;&nbsp; 19845427 | &nbsp;&nbsp;&nbsp; 2263597398 | &nbsp;&nbsp;&nbsp; 5092707256 |
| Beginning of period | &nbsp;&nbsp; 29217016 | &nbsp;&nbsp;&nbsp; 9371589 | &nbsp;&nbsp;&nbsp; 5100165408 | &nbsp;&nbsp;&nbsp; 7458152 |
| End of period | &nbsp;&nbsp; $31904325 | &nbsp;&nbsp;&nbsp; $29217016 | &nbsp;&nbsp;&nbsp; $7363762806 | &nbsp;&nbsp;&nbsp; $5100165408 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>World ex U.S. Carbon Transition <br> Readiness Aware Active ETF  | iShares <br>World ex U.S. Carbon Transition <br> Readiness Aware Active ETF  |
|  | Six Months <br> Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $2000177 | &nbsp;&nbsp;&nbsp; $7251578 |
| Net realized gain | &nbsp;&nbsp; 8148552 | &nbsp;&nbsp;&nbsp; 10964033 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 25913367 | &nbsp;&nbsp;&nbsp; 7586214 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 36062096 | &nbsp;&nbsp;&nbsp; 25801825 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4111932 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8710326)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (27543892)<br>| &nbsp;&nbsp;&nbsp; (78919297)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 4406272 | &nbsp;&nbsp;&nbsp; (61827798)<br>|
| Beginning of period | &nbsp;&nbsp; 231428518 | &nbsp;&nbsp;&nbsp; 293256316 |
| End of period | &nbsp;&nbsp; $235834790 | &nbsp;&nbsp;&nbsp; $231428518 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares FinTech Active ETF  | iShares FinTech Active ETF  | iShares FinTech Active ETF  | iShares FinTech Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>08/16/22<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $33.01 | &nbsp;&nbsp;&nbsp; $24.37 | &nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp; $24.99 |
| Net investment income<sup>(b)</sup> | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (5.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp; (2.46)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (5.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; (2.28)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.66 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $33.01 | &nbsp;&nbsp;&nbsp; $24.37 | &nbsp;&nbsp;&nbsp; $22.59 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (17.36 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.06<br> %<br>| &nbsp;&nbsp;&nbsp; (9.09 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.69 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.65 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(i)</sup><br>|
| Net investment income | 0.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $9252 | &nbsp;&nbsp;&nbsp; $10563 | &nbsp;&nbsp;&nbsp; $4873 | &nbsp;&nbsp;&nbsp; $4518 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Health Innovation Active ETF  | iShares Health Innovation Active ETF  | iShares Health Innovation Active ETF  | iShares Health Innovation Active ETF  | iShares Health Innovation Active ETF  | iShares Health Innovation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>09/29/20<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.74 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $24.73 | &nbsp;&nbsp;&nbsp; $23.21 | &nbsp;&nbsp;&nbsp; $30.04 | &nbsp;&nbsp;&nbsp; $25.13 |
| Net investment income (loss)<sup>(b)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.30 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.06 |
| Net increase (decrease) from investment operations | 6.32 | &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp; (6.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $31.06 | &nbsp;&nbsp;&nbsp; $24.74 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $24.73 | &nbsp;&nbsp;&nbsp; $23.21 | &nbsp;&nbsp;&nbsp; $30.04 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.54 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (4.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>| &nbsp;&nbsp;&nbsp; (22.72 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.50 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.81 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.71 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(i)</sup><br>|
| Net investment income (loss) | 0.13 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp;&nbsp; (0.64 )%<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $9938 | &nbsp;&nbsp;&nbsp; $3959 | &nbsp;&nbsp;&nbsp; $4165 | &nbsp;&nbsp;&nbsp; $5935 | &nbsp;&nbsp;&nbsp; $7426 | &nbsp;&nbsp;&nbsp; $7209 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. | <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. | <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. | <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. | <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. | <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. | <sup>(g)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been -22.73%. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | iShares International Country Rotation Active ETF  | iShares International Country Rotation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>12/03/24<sup>(a)</sup> <br>to 07/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $27.95 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain<sup>(c)</sup> | 5.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Net increase from investment operations | 5.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| **Distributions**<sup>(d)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (0.49 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| From net realized gain | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $27.95 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 20.54 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.64 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.07 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04 %<sup>(i)</sup><br>|
| Net investment income | 3.46 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $17123 | &nbsp;&nbsp;&nbsp; $10063 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | |
|:---|:---|
|  | iShares <br> International <br> Equity <br> Factor <br> Rotation <br> Active ETF <br>|
|  | Period <br> From <br>08/05/25<sup>(a)</sup> <br>to <br> 01/31/26 <br>(unaudited)<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.11 |
| Net realized and unrealized gain<sup>(c)</sup> | 4.88 |
| Net increase from investment operations | 4.99 |
| **Distributions**<sup>(d)</sup> <br>|  |
| From net investment income | &nbsp;&nbsp; (0.10 )<sup>(e)</sup><br>|
| From net realized gain | &nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $29.87 |
| **Total Return**<sup>(f)</sup> <br>|  |
| Based on net asset value | 19.99 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |
| Total expenses | 0.46 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.46 %<sup>(i)</sup><br>|
| Net investment income | 0.77 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $114704 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 24<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> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Large Cap Core Active ETF  | iShares Large Cap Core Active ETF  | iShares Large Cap Core Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>10/24/23<sup>(a)</sup> <br>to 07/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp; $31.39 | &nbsp;&nbsp;&nbsp; $25.14 |
| Net investment income<sup>(b)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain<sup>(c)</sup> | 6.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 |
| Net increase from investment operations | 6.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.08 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $43.44 | &nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp; $31.39 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |
| Based on net asset value | 16.36 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.43 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.36 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>(i)</sup><br>|
| Net investment income | 0.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $105566 | &nbsp;&nbsp;&nbsp; $9726 | &nbsp;&nbsp;&nbsp; $7219 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Large Cap Value Active ETF  | iShares Large Cap Value Active ETF  | iShares Large Cap Value Active ETF  | iShares Large Cap Value Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>05/19/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $34.65 | &nbsp;&nbsp;&nbsp; $31.82 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $24.95 |
| Net investment income<sup>(b)</sup> | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain<sup>(c)</sup> | 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Net increase from investment operations | 4.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.28 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $38.56 | &nbsp;&nbsp;&nbsp; $34.65 | &nbsp;&nbsp;&nbsp; $31.82 | &nbsp;&nbsp;&nbsp; $27.12 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 12.15 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.70 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.46 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(i)</sup><br>|
| Net investment income | 1.75 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $103347 | &nbsp;&nbsp;&nbsp; $53016 | &nbsp;&nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $6510 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Carbon Transition Readiness Aware Active ETF  | iShares U.S. Carbon Transition Readiness Aware Active ETF  | iShares U.S. Carbon Transition Readiness Aware Active ETF  | iShares U.S. Carbon Transition Readiness Aware Active ETF  | iShares U.S. Carbon Transition Readiness Aware Active ETF  | iShares U.S. Carbon Transition Readiness Aware Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>04/06/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $68.85 | &nbsp;&nbsp;&nbsp; $60.11 | &nbsp;&nbsp;&nbsp; $50.57 | &nbsp;&nbsp;&nbsp; $45.83 | &nbsp;&nbsp;&nbsp; $50.58 | &nbsp;&nbsp;&nbsp; $46.60 |
| Net investment income<sup>(b)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Net increase (decrease) from investment operations | 6.29 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.43 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $74.71 | &nbsp;&nbsp;&nbsp; $68.85 | &nbsp;&nbsp;&nbsp; $60.11 | &nbsp;&nbsp;&nbsp; $50.57 | &nbsp;&nbsp;&nbsp; $45.83 | &nbsp;&nbsp;&nbsp; $50.58 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.61 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.16<br> %<br>| &nbsp;&nbsp;&nbsp; (6.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.74 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.29 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(j)</sup><br>|
| Total expenses after fees waived | 0.14 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14 %<sup>(j)</sup><br>|
| Net investment income | 1.04 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(j)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1441994 | &nbsp;&nbsp;&nbsp; $1306347 | &nbsp;&nbsp;&nbsp; $1242872 | &nbsp;&nbsp;&nbsp; $1683979 | &nbsp;&nbsp;&nbsp; $1409350 | &nbsp;&nbsp;&nbsp; $1423889 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $56.00 | &nbsp;&nbsp;&nbsp; $47.26 | &nbsp;&nbsp;&nbsp; $37.43 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $37.03 | &nbsp;&nbsp;&nbsp; $27.27 |
| Net investment income<sup>(a)</sup> | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 |
| Net increase (decrease) from investment operations | 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.23 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $61.51 | &nbsp;&nbsp;&nbsp; $56.00 | &nbsp;&nbsp;&nbsp; $47.26 | &nbsp;&nbsp;&nbsp; $37.43 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $37.03 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 10.30 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.47<br> %<br>| &nbsp;&nbsp;&nbsp; (9.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.87<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.26 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses after fees waived | 0.26 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 0.97 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $32128237 | &nbsp;&nbsp;&nbsp; $21476421 | &nbsp;&nbsp;&nbsp; $10139023 | &nbsp;&nbsp;&nbsp; $32754 | &nbsp;&nbsp;&nbsp; $73470 | &nbsp;&nbsp;&nbsp; $96288 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp;&nbsp; 146<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</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>(b)</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>(b)</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>(b)</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>(b)</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>(b)</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>(b)</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> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares U.S. Industry Rotation Active ETF  | iShares U.S. Industry Rotation Active ETF  | iShares U.S. Industry Rotation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>03/26/24<sup>(a)</sup> <br>to 07/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $29.81 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain<sup>(c)</sup> | 2.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net increase from investment operations | 2.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.12 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.56 | &nbsp;&nbsp;&nbsp; $29.81 | &nbsp;&nbsp;&nbsp; $26.03 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |
| Based on net asset value | 9.61 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |
| Total expenses | 0.42 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.42 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %<sup>(i)</sup><br>|
| Net investment income | 0.75 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $31904 | &nbsp;&nbsp;&nbsp; $29217 | &nbsp;&nbsp;&nbsp; $9372 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 227<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Period From <br>12/14/21<sup>(a)</sup> <br>to 07/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $36.13 | &nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp; $24.78 |
| Net investment income<sup>(b)</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp; (3.06)<br>|
| Net increase (decrease) from investment operations | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (2.97)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.04 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $38.97 | &nbsp;&nbsp;&nbsp; $36.13 | &nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $21.74 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.97 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.56<br> %<br>| &nbsp;&nbsp;&nbsp; (11.99 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(i)</sup><br>|
| Net investment income | 0.19 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7363763 | &nbsp;&nbsp;&nbsp; $5100165 | &nbsp;&nbsp;&nbsp; $7458 | &nbsp;&nbsp;&nbsp; $4938 | &nbsp;&nbsp;&nbsp; $4349 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF  | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF  | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF  | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF  | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF  | iShares World ex U.S. Carbon Transition Readiness Aware Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>04/06/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $49.77 | &nbsp;&nbsp;&nbsp; $46.00 | &nbsp;&nbsp;&nbsp; $43.41 | &nbsp;&nbsp;&nbsp; $39.85 | &nbsp;&nbsp;&nbsp; $48.06 | &nbsp;&nbsp;&nbsp; $46.16 |
| Net investment income<sup>(b)</sup> | 0.45 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 7.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp; (7.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Net increase (decrease) from investment operations | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| **Distributions**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.00 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $57.17 | &nbsp;&nbsp;&nbsp; $49.77 | &nbsp;&nbsp;&nbsp; $46.00 | &nbsp;&nbsp;&nbsp; $43.41 | &nbsp;&nbsp;&nbsp; $39.85 | &nbsp;&nbsp;&nbsp; $48.06 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 16.99 %<sup>(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.14 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br> %<br>| &nbsp;&nbsp;&nbsp; (14.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.77 %<sup>(h)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.36 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(j)</sup><br>|
| Total expenses after fees waived | 0.21 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(j)</sup><br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.35 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.66 %<sup>(c)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58 %<sup>(j)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $235835 | &nbsp;&nbsp;&nbsp; $231429 | &nbsp;&nbsp;&nbsp; $293256 | &nbsp;&nbsp;&nbsp; $576262 | &nbsp;&nbsp;&nbsp; $442315 | &nbsp;&nbsp;&nbsp; $605599 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2026 <br> and the year ended ended July 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.07.<br> • Total return by 0.05% and 0.16%.<br> • Ratio of net investment income to average net assets by 0.09% and 0.14%. |
| <sup>(d)</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> 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> 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> 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> 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> 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> 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>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

BlackRock ETF Trust (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 FinTech Active ETF | FinTech Active | Non-diversified |
| iShares Health Innovation Active ETF | Health Innovation Active | Diversified |
| iShares International Country Rotation Active ETF | International Country Rotation Active | Non-diversified |
| iShares International Equity Factor Rotation Active ETF<sup>(a)</sup> | International Equity Factor Rotation Active | Diversified |
| iShares Large Cap Core Active ETF | Large Cap Core Active | Non-diversified |
| iShares Large Cap Value Active ETF | Large Cap Value Active | Non-diversified |
| iShares U.S. Carbon Transition Readiness Aware Active ETF<sup>(b)</sup> | U.S. Carbon Transition Readiness Aware Active | Diversified |
| iShares U.S. Equity Factor Rotation Active ETF | U.S. Equity Factor Rotation Active | Diversified |
| iShares U.S. Industry Rotation Active ETF | U.S. Industry Rotation Active | Non-diversified |
| iShares U.S. Thematic Rotation Active ETF | U.S. Thematic Rotation Active | Non-diversified |
| iShares World ex U.S. Carbon Transition Readiness Aware Active ETF<sup>(c)</sup> | World ex U.S. Carbon Transition Readiness Aware Active | Diversified |

---

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

<sup>(a)</sup> The Fund commenced operations on August 05, 2025. <br> <sup>(b)</sup> Formerly known as the BlackRock U.S. Carbon Transition Readiness ETF. <br> <sup>(c)</sup> Formerly Known as the BlackRock World ex U.S. Carbon Transition Readiness ETF.

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 open-end equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

On November 18, 2025, the Board of Trustees of the Trust (the "Board") approved a plan of reorganization pursuant to which iShares Large Cap Value Active ETF will be reorganized into a newly created series to be named iShares Large Cap Value Active ETF II (the "Acquiring Fund"). The Board also approved a plan of reorganization pursuant to which CornerCap Fundametrics® Large-Cap ETF will be reorganized into the Acquiring Fund. The reorganizations are expected to be completed on or about February 27, 2026.

***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. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

For financial reporting purposes, investment transactions for the International Country Rotation Active ETF 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 from the underlying funds, if any, are recorded on the ex-dividend date. Interest income 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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

as ordinary income for U.S. federal income tax purposes. However, each of the currency hedged funds has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

**Foreign Taxes:** Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**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.

**Segment Reporting:** 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;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

&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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

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

&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 Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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

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

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| FinTech Active |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $207478 | &nbsp;&nbsp;&nbsp; $(207478) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 132003 | &nbsp;&nbsp;&nbsp; (132003) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 39581 | &nbsp;&nbsp;&nbsp; (39581) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 174728 | &nbsp;&nbsp;&nbsp; (174728) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 332950 | &nbsp;&nbsp;&nbsp; (332950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 144720 | &nbsp;&nbsp;&nbsp; (144720) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 69564 | &nbsp;&nbsp;&nbsp; (69564) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 187800 | &nbsp;&nbsp;&nbsp; (187800) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1288824 | &nbsp;&nbsp;&nbsp; $(1288824) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Health Innovation Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $2740 | &nbsp;&nbsp;&nbsp; $(2740) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 11198 | &nbsp;&nbsp;&nbsp; (11198) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 172377 | &nbsp;&nbsp;&nbsp; (172377) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 37619 | &nbsp;&nbsp;&nbsp; (37619) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 69235 | &nbsp;&nbsp;&nbsp; (69235) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 55132 | &nbsp;&nbsp;&nbsp; (55132) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 70634 | &nbsp;&nbsp;&nbsp; (70634) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;(335) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2261 | &nbsp;&nbsp;&nbsp; (2261) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $421531 | &nbsp;&nbsp;&nbsp; $(421531) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Country Rotation Active |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $563086 | &nbsp;&nbsp;&nbsp; $(563086) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Large Cap Core Active |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $103983 | &nbsp;&nbsp;&nbsp; $(103983) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2175545 | &nbsp;&nbsp;&nbsp; (2175545) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2279528 | &nbsp;&nbsp;&nbsp; $(2279528) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Carbon Transition Readiness Aware Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $1714 | &nbsp;&nbsp;&nbsp; $(1714) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;(985) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 770660 | &nbsp;&nbsp;&nbsp; (770660) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 20214 | &nbsp;&nbsp;&nbsp; (20214) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 69375 | &nbsp;&nbsp;&nbsp; (69375) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 65845 | &nbsp;&nbsp;&nbsp; (65845) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 577380 | &nbsp;&nbsp;&nbsp; (577380) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 407862 | &nbsp;&nbsp;&nbsp; (407862) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1914035 | &nbsp;&nbsp;&nbsp; $(1914035) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Equity Factor Rotation Active |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $1580661 | &nbsp;&nbsp;&nbsp; $(1580661) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 9541614 | &nbsp;&nbsp;&nbsp; (9541614) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 3661 | &nbsp;&nbsp;&nbsp; (3661) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 333026 | &nbsp;&nbsp;&nbsp; (333026) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $11458962 | &nbsp;&nbsp;&nbsp; $(11458962) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Industry Rotation Active |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $47020 | &nbsp;&nbsp;&nbsp; $(47020) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; (1199) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 58449 | &nbsp;&nbsp;&nbsp; (58449) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 57150 | &nbsp;&nbsp;&nbsp; (57150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $163818 | &nbsp;&nbsp;&nbsp; $(163818) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Thematic Rotation Active |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $15797 | &nbsp;&nbsp;&nbsp; $(15625) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $172 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1889 | &nbsp;&nbsp;&nbsp; (1889) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 11832 | &nbsp;&nbsp;&nbsp; (11802) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp; $29518 | &nbsp;&nbsp;&nbsp; $(29316) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $202 |

---

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

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

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

***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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the 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.

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of 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).

Effective November 28, 2025, for its investment advisory services to the iShares FinTech Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $3 billion | 0.66% |
| Over $3 billion, up to and including $5 billion | 0.63 |
| Over $5 billion, up to and including $10 billion | 0.61 |
| Over $10 billion | 0.60 |

---

Prior to November 28, 2025, for its investment advisory services to the iShares FinTech Active ETF, BFA was paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.70% |
| Over $1 billion, up to and including $3 billion | 0.66 |
| Over $3 billion, up to and including $5 billion | 0.63 |
| Over $5 billion, up to and including $10 billion | 0.61 |
| Over $10 billion | 0.60 |

---

Effective November 28, 2025, for its investment advisory services to the iShares Health Innovation Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $5 billion | 0.77% |
| Over $5 billion, up to and including $10 billion | 0.74 |
| Over $10 billion | 0.72 |

---

Prior to November 28, 2025, for its investment advisory services to the iShares Health Innovation Active ETF, BFA was paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.85% |
| Over $1 billion, up to and including $3 billion | 0.80 |
| Over $3 billion, up to and including $5 billion | 0.77 |
| Over $5 billion, up to and including $10 billion | 0.74 |
| Over $10 billion | 0.72 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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* |
| International Country Rotation Active | 0.55% |
| International Equity Factor Rotation Active | 0.45 |

---

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

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.38% |
| Over $1 billion, up to and including $3 billion | 0.36 |
| Over $3 billion, up to and including $5 billion | 0.34 |
| Over $5 billion, up to and including $10 billion | 0.33 |
| Over $10 billion | 0.32 |

---

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

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.55% |
| Over $1 billion, up to and including $3 billion | 0.51 |
| Over $3 billion, up to and including $5 billion | 0.48 |
| Over $5 billion, up to and including $10 billion | 0.46 |
| Over $10 billion | 0.45 |

---

For its investment advisory services to each of the iShares U.S. Carbon Transition Readiness Aware Active ETF and iShares U.S. Equity Factor Rotation Active ETF, BFA will be paid a management fee from the Funds based on a percentage of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.30% |
| Over $1 billion, up to and including $3 billion | 0.28 |
| Over $3 billion, up to and including $5 billion | 0.27 |
| Over $5 billion, up to and including $10 billion | 0.26 |
| Over $10 billion | 0.25 |

---

For its investment advisory services to the iShares U.S. Industry Rotation Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.42% |
| Over $1 billion, up to and including $3 billion | 0.39 |
| Over $3 billion, up to and including $5 billion | 0.38 |
| Over $5 billion, up to and including $10 billion | 0.37 |
| Over $10 billion | 0.35 |

---

For its investment advisory services to the iShares U.S. Thematic Rotation Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.60% |
| Over $1 billion, up to and including $3 billion | 0.56 |
| Over $3 billion, up to and including $5 billion | 0.54 |
| Over $5 billion, up to and including $10 billion | 0.52 |
| Over $10 billion | 0.51 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

For its investment advisory services to the iShares World ex U.S. Carbon Transition Readiness Aware Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.35% |
| Over $1 billion, up to and including $3 billion | 0.33 |
| Over $3 billion, up to and including $5 billion | 0.32 |
| Over $5 billion, up to and including $10 billion | 0.30 |
| Over $10 billion | 0.29 |

---

**Expense Waivers**: Effective November 28, 2025, for each of the iShares FinTech Active ETF and iShares Health Innovation Active ETF, BFA has contractually agreed to cap the Fund's total annual fund operating expenses after fee waiver to 0.55% as a percentage of the Fund's average daily net assets through June 30, 2027. The contractual waiver may be terminated prior to June 30, 2027 only upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

For the iShares Large Cap Core Active ETF, BFA has contractually agreed to waive 0.02% of its management fee payable through June 30, 2027. For the iShares Large Cap Value Active ETF, BFA has contractually agreed to limit the Fund's total annual fund operating expenses after fee waiver to 0.46% as a percentage of the Fund's average daily net assets through June 30, 2027. The contractual waiver may be terminated prior to June 30, 2027 only upon written agreement of the Trust and BFA.

BFA has contractually agreed to waive 0.15% of its management fee payable for each of the iShares U.S. Carbon Transition Readiness Aware Active and iShares World ex U.S. Carbon Transition Readiness Aware Active ETFs, through June 30, 2027.

BFA may also from time to time voluntarily waive and/or reimburse other fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2026, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| FinTech Active | &nbsp;&nbsp; $1985 |
| Health Innovation Active | &nbsp;&nbsp; 2909 |
| Large Cap Core Active | &nbsp;&nbsp; 4181 |
| Large Cap Value Active | &nbsp;&nbsp; 33811 |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 1048923 |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 180769 |

---

In addition, 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.

For the six months ended January 31, 2026, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| FinTech Active | &nbsp;&nbsp; $156 |
| Health Innovation Active | &nbsp;&nbsp; 51 |
| International Country Rotation Active | &nbsp;&nbsp; 32915 |
| International Equity Factor Rotation Active | &nbsp;&nbsp; 86 |
| Large Cap Core Active | &nbsp;&nbsp; 292 |
| Large Cap Value Active | &nbsp;&nbsp; 451 |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 2909 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 95437 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 62 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 65392 |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 700 |

---

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares FinTech Active ETF, iShares International Country Rotation Active, iShares U.S. Carbon Transition Readiness ETF and iShares World ex U.S. Carbon Transition Readiness ETF.

**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.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**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.

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

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

Pursuant to the securities lending agreement effective as of January 1, 2026, each of iShares FinTech Active ETF, iShares Health Innovation Active ETF, iShares Large Cap Core Active ETF, iShares Large Cap Value Active ETF, iShares U.S. Carbon Transition Readiness Aware Active ETF, iShares U.S. Equity Factor Rotation Active ETF, iShares U.S. Industry Rotation Active ETF and iShares U.S. Thematic Rotation Active ETF (the "Group 1 Funds"), retains 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the securities lending agreement effective as of January 1, 2026, each of iShares International Country Rotation Active ETF, iShares International Equity Factor Rotation Active ETF and iShares World ex U.S. Carbon Transition Readiness Aware Active ETF (the "Group 2 Funds"), retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Multi-Asset Complex in a given calendar year exceeds a specific threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the securities lending agreement effective as of January 1, 2025, identical securities lending arrangements were in place for each Fund for the calendar year ended December 31, 2025.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
| FinTech Active | &nbsp;&nbsp; $2465 |
| Health Innovation Active | &nbsp;&nbsp; 267 |
| International Country Rotation Active | &nbsp;&nbsp; 1279 |
| Large Cap Core Active | &nbsp;&nbsp; 358 |
| Large Cap Value Active | &nbsp;&nbsp; 28 |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 6919 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 16786 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 76 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 15574 |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 108 |

---

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; $83487138 | &nbsp;&nbsp;&nbsp; $77385240 | &nbsp;&nbsp;&nbsp; $3809811 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 127043455 | &nbsp;&nbsp;&nbsp; 163887688 | &nbsp;&nbsp;&nbsp; (67177801) |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 7541044 | &nbsp;&nbsp;&nbsp; 6545884 | &nbsp;&nbsp;&nbsp; 425536 |

---

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 six months ended January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| FinTech Active | &nbsp;&nbsp; $3949299 | &nbsp;&nbsp;&nbsp; $4445311 |
| Health Innovation Active | &nbsp;&nbsp; 1812743 | &nbsp;&nbsp;&nbsp; 1853200 |
| International Country Rotation Active | &nbsp;&nbsp; 4994671 | &nbsp;&nbsp;&nbsp; 5075611 |
| International Equity Factor Rotation Active | &nbsp;&nbsp; 17327080 | &nbsp;&nbsp;&nbsp; 13677059 |
| Large Cap Core Active | &nbsp;&nbsp; 9855947 | &nbsp;&nbsp;&nbsp; 9159004 |
| Large Cap Value Active | &nbsp;&nbsp; 28099292 | &nbsp;&nbsp;&nbsp; 24454169 |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 252571692 | &nbsp;&nbsp;&nbsp; 254895035 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 2607140908 | &nbsp;&nbsp;&nbsp; 2296915336 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 13612968 | &nbsp;&nbsp;&nbsp; 13756104 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 2750395816 | &nbsp;&nbsp;&nbsp; 2740411739 |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 26064261 | &nbsp;&nbsp;&nbsp; 29111925 |

---

For the six months ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| FinTech Active | &nbsp;&nbsp; $1173055 | &nbsp;&nbsp;&nbsp; $— |
| Health Innovation Active | &nbsp;&nbsp; 4694963 | &nbsp;&nbsp;&nbsp; — |
| International Country Rotation Active | &nbsp;&nbsp; 4835332 | &nbsp;&nbsp;&nbsp; — |
| International Equity Factor Rotation Active | &nbsp;&nbsp; 100875019 | &nbsp;&nbsp;&nbsp; — |
| Large Cap Core Active | &nbsp;&nbsp; 94227195 | &nbsp;&nbsp;&nbsp; 7114212 |
| Large Cap Value Active | &nbsp;&nbsp; 55726737 | &nbsp;&nbsp;&nbsp; 16907529 |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 27234299 | &nbsp;&nbsp;&nbsp; 3542141 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 8385917927 | &nbsp;&nbsp;&nbsp; 432192633 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 1852495 | &nbsp;&nbsp;&nbsp; 1881168 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 2990155599 | &nbsp;&nbsp;&nbsp; 1251893931 |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26641471 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust'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.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2026, 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.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of July 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital* <br>*Losses*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary* <br>*Losses*<sup>(b)</sup> <br>|
| Health Innovation Active | &nbsp;&nbsp; $(999433)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(447)<br>|
| Large Cap Core Active | &nbsp;&nbsp; (197750)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Large Cap Value Active | &nbsp;&nbsp; (509863)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; (63105668)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; (545935679)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| U.S. Industry Rotation Active | &nbsp;&nbsp; (497572)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7546175)<br>| &nbsp;&nbsp;&nbsp; — |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; (73242753)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

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

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

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of January 31, 2026, 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>|
| FinTech Active | &nbsp;&nbsp; $10841891 | &nbsp;&nbsp;&nbsp; $1273036 | &nbsp;&nbsp;&nbsp; $(1332539) | &nbsp;&nbsp;&nbsp; $(59503) |
| Health Innovation Active | &nbsp;&nbsp; 9219026 | &nbsp;&nbsp;&nbsp; 1319745 | &nbsp;&nbsp;&nbsp; (239770) | &nbsp;&nbsp;&nbsp; 1079975 |
| International Country Rotation Active | &nbsp;&nbsp; 14962667 | &nbsp;&nbsp;&nbsp; 2775127 | &nbsp;&nbsp;&nbsp; (35660) | &nbsp;&nbsp;&nbsp; 2739467 |
| International Equity Factor Rotation Active | &nbsp;&nbsp; 104274169 | &nbsp;&nbsp;&nbsp; 12838164 | &nbsp;&nbsp;&nbsp; (2309181) | &nbsp;&nbsp;&nbsp; 10528983 |
| Large Cap Core Active | &nbsp;&nbsp; 102315560 | &nbsp;&nbsp;&nbsp; 8232590 | &nbsp;&nbsp;&nbsp; (2592798) | &nbsp;&nbsp;&nbsp; 5639792 |
| Large Cap Value Active | &nbsp;&nbsp; 94057790 | &nbsp;&nbsp;&nbsp; 11706552 | &nbsp;&nbsp;&nbsp; (2442747) | &nbsp;&nbsp;&nbsp; 9263805 |
| U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 1036705837 | &nbsp;&nbsp;&nbsp; 446332976 | &nbsp;&nbsp;&nbsp; (40014818) | &nbsp;&nbsp;&nbsp; 406318158 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 26745290895 | &nbsp;&nbsp;&nbsp; 5930564640 | &nbsp;&nbsp;&nbsp; (554626760) | &nbsp;&nbsp;&nbsp; 5375937880 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 26949434 | &nbsp;&nbsp;&nbsp; 6102754 | &nbsp;&nbsp;&nbsp; (970952) | &nbsp;&nbsp;&nbsp; 5131802 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 6643184381 | &nbsp;&nbsp;&nbsp; 933721660 | &nbsp;&nbsp;&nbsp; (222118764) | &nbsp;&nbsp;&nbsp; 711602896 |
| World ex U.S. Carbon Transition Readiness Aware Active | &nbsp;&nbsp; 187644382 | &nbsp;&nbsp;&nbsp; 56922812 | &nbsp;&nbsp;&nbsp; (10169560) | &nbsp;&nbsp;&nbsp; 46753252 |

---

***9. LINE OF CREDIT***

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month Overnight Bank Fund Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2026, the Funds did not borrow under the credit agreement.

***10. 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.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

**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.

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.

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 within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**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.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

***11. 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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| FinTech Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; $1313201 | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; $3506878 |
| Health Innovation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; $4869589 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; $985214 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp;&nbsp; (1026177)<br>|
|  | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; $4869589 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(40963)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>01/31/26 | Six Months Ended <br>01/31/26 | Period Ended <br>07/31/25<sup>(a)</sup>  | Period Ended <br>07/31/25<sup>(a)</sup>  |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| International Country Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; $4871847 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; $9353027 |

---

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

---

| | | |
|:---|:---|:---|
|  | Period Ended <br>01/31/26<sup>(b)</sup>  | Period Ended <br>01/31/26<sup>(b)</sup>  |
| *Fund Name* | *Shares* | *Amount* |
| International Equity Factor Rotation Active |  |  |
| Shares sold | &nbsp;&nbsp; 3839996 | &nbsp;&nbsp;&nbsp; $104635353 |
| Shares redeemed | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp; $104635453 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| Large Cap Core Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp; $97483518 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; $5256625 |
| Shares redeemed | &nbsp;&nbsp; (170000)<br>| &nbsp;&nbsp;&nbsp; (7392098)<br>| &nbsp;&nbsp;&nbsp; (130000)<br>| &nbsp;&nbsp;&nbsp; (4273403)<br>|
|  | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp; $90091420 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; $983222 |
| Large Cap Value Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp; $60199021 | &nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; $45551071 |
| Shares redeemed | &nbsp;&nbsp; (490000)<br>| &nbsp;&nbsp;&nbsp; (18124147)<br>| &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (2638349)<br>|
|  | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; $42074874 | &nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $42912722 |
| U.S. Carbon Transition Readiness Aware Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; $27591037 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $44914873 |
| Shares redeemed | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (3598475)<br>| &nbsp;&nbsp;&nbsp; (2400000)<br>| &nbsp;&nbsp;&nbsp; (149471765)<br>|
|  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; $23992562 | &nbsp;&nbsp;&nbsp; (1700000)<br>| &nbsp;&nbsp;&nbsp; $(104556892)<br>|
| U.S. Equity Factor Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 146250000 | &nbsp;&nbsp;&nbsp; $8667292919 | &nbsp;&nbsp;&nbsp; 254500000 | &nbsp;&nbsp;&nbsp; $13022575573 |
| Shares redeemed | &nbsp;&nbsp; (7400000)<br>| &nbsp;&nbsp;&nbsp; (443552907)<br>| &nbsp;&nbsp;&nbsp; (85550000)<br>| &nbsp;&nbsp;&nbsp; (4338574560)<br>|
|  | &nbsp;&nbsp; 138850000 | &nbsp;&nbsp;&nbsp; $8223740012 | &nbsp;&nbsp;&nbsp; 168950000 | &nbsp;&nbsp;&nbsp; $8684001013 |
| U.S. Industry Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; $1891198 | &nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; $20597383 |
| Shares redeemed | &nbsp;&nbsp; (60000)<br>| &nbsp;&nbsp;&nbsp; (1928711)<br>| &nbsp;&nbsp;&nbsp; (140000)<br>| &nbsp;&nbsp;&nbsp; (3909953)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(37513)<br>| &nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; $16687430 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 01/31/26 | Six Months Ended<br> 01/31/26 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| U.S. Thematic Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 81320000 | &nbsp;&nbsp;&nbsp; $3074835330 | &nbsp;&nbsp;&nbsp; 142000000 | &nbsp;&nbsp;&nbsp; $4835373396 |
| Shares redeemed | &nbsp;&nbsp; (33500000)<br>| &nbsp;&nbsp;&nbsp; (1268813317)<br>| &nbsp;&nbsp;&nbsp; (1080000)<br>| &nbsp;&nbsp;&nbsp; (34961296)<br>|
|  | &nbsp;&nbsp; 47820000 | &nbsp;&nbsp;&nbsp; $1806022013 | &nbsp;&nbsp;&nbsp; 140920000 | &nbsp;&nbsp;&nbsp; $4800412100 |
| World ex U.S. Carbon Transition Readiness Aware Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; $10248513 |
| Shares redeemed | &nbsp;&nbsp; (525000)<br>| &nbsp;&nbsp;&nbsp; (27543892)<br>| &nbsp;&nbsp;&nbsp; (1950000)<br>| &nbsp;&nbsp;&nbsp; (89167810)<br>|
|  | &nbsp;&nbsp; (525000)<br>| &nbsp;&nbsp;&nbsp; $(27543892)<br>| &nbsp;&nbsp;&nbsp; (1725000)<br>| &nbsp;&nbsp;&nbsp; $(78919297)<br>|

---

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

<sup>(a)</sup> The Fund commenced operations on December 03, 2024. <br> <sup>(b)</sup> The Fund commenced operations on August 05, 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 or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the 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 January 31, 2026, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Shares* |
| FinTech Active | &nbsp;&nbsp; 160,000 |
| International Country Rotation Active | &nbsp;&nbsp; 170,000 |
| International Equity Factor Rotation Active | &nbsp;&nbsp; 600,000 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 200,000 |

---

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares World ex U.S. Carbon Transition Readiness ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund, will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

As of the close of trading on the NYSE on February 27, 2026, each of iShares Large Cap Value Active ETF and CornerCap Fundametrics<sup>®</sup> Large-Cap ETF was reorganized with and into iShares Large Cap Value Active ETF II (each a "Reorganization" and together the "Reorganizations"). Effective immediately following the Reorganizations, the name of iShares Large Cap Value Active ETF II was changed to "iShares Large Cap Value Active ETF."

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

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

**Fund and Service Providers** 

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock Fund Advisors <br>San Francisco, CA 94105<br>| PricewaterhouseCoopers LLP <br>Philadelphia, PA 19103<br>|
| **Sub-Adviser** | **Legal Counsel** |
| BlackRock International Limited<sup>(a)</sup> <br>Edinburgh, EH3 8BL <br>United Kingdom<br>| Ropes & Gray LLP <br>Boston, MA 02199<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>|  |
| <sup>(a)</sup> For LCTU, LCTD, BPAY and CORO. |  |

---

Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust (the "Trust") met on May 20-21, 2025 (the "Organizational Meeting") to consider the initial approval of the proposed investment advisory agreement (the "Agreement") between the Trust, on behalf of iShares International Equity Factor Rotation Active ETF (the "Fund"), and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Fund's investment advisor. The Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.

***The Approval Process***

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). In connection with this deliberative 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 Organizational Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement. The Board considered all factors it believed relevant with respect to the Fund, including, among other things: (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 and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; (h) BlackRock's portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.

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

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

***A. 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. The Board considered the scope of the services provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. 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 the Fund's investment objective(s), 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 evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock's code of ethics (regulating the personal trading of BlackRock's officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

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. The Board considered that 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 (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans.

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

The Board, 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 was newly organized and had not yet commenced operations as of the date of the Organizational Meeting.

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

In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Additionally, the Board noted information received at prior Board meetings 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 contractual management fee rate ranked in the third quartile, and that the estimated actual management fee rate and estimated total expense ratio would each rank in the third quartile, relative to the Fund's Expense Peers.

Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.

As the Fund had not commenced operations as of the date of the Organizational Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

***D. Economies of Scale***

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

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

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

In connection with its consideration of the Agreement, the Board noted that it considered information regarding BlackRock's brokerage and soft dollar practices and received and reviewed reports from BlackRock and its affiliates at prior meetings of the boards of directors/trustees of other funds in the BlackRock Multi-Asset 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.

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

**Conclusion**

Following discussion, the Board, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, 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 also assisted by the advice of independent legal counsel in making this determination.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

Glossary of Terms Used in this Report

------

THIS PAGE INTENTIONALLY LEFT BLANK.

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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.**

![](g59045img17bc97022.gif)

![](g59045img80b35a363.gif)

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

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

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

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

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

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

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

---

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

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940

------

Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

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

[(a)(3) Section 302 Certifications are attached](d59045dex99cert.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](d59045dex99906cert.htm)

------

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

BlackRock ETF Trust

---

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

---

Date: March 23, 2026

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 |

---

Date: March 23, 2026

---

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

---

Date: March 23, 2026

## 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, certify that:

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

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: March 23, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

------

**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, certify that:

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

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: March 23, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

## 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 (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 2026 (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: March 23, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 2026 (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: March 23, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

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**.**