# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-26-144974
**Filing Date:** 2026-4
**Character Count:** 1491944
**Document Hash:** 8323f7624c3da5716db4bbf3c4958ed4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-144974.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-144974

**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 II
- **CENTRAL INDEX KEY:** 0001804196

**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:** 811-23511
- **FILM NUMBER:** 26843680

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

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

## Series and Classes Contracts Data

### iShares Short Duration High Yield Muni Active ETF (Series ID: S000068548)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000219258 | iShares Short Duration High Yield Muni Active ETF |  |

### iShares Intermediate Muni Income Active ETF (Series ID: S000070976)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000225367 | iShares Intermediate Muni Income Active ETF |  |

### iShares Floating Rate Loan Active ETF (Series ID: S000077718)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000238207 | iShares Floating Rate Loan Active ETF |  |

### iShares AAA CLO Active ETF (Series ID: S000079064)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000239899 | iShares AAA CLO Active ETF |  |

### iShares Flexible Income Active ETF (Series ID: S000080411)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000242803 | iShares Flexible Income Active ETF |  |

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

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

### iShares Total Return Active ETF (Series ID: S000083073)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246586 | iShares Total Return Active ETF |  |

### iShares BBB-B CLO Active ETF (Series ID: S000089141)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255648 | iShares BBB-B CLO Active ETF |  |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-23511

Name of Fund:

---

| |
|:---|
| BlackRock ETF Trust II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares AAA CLO Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares BBB-B CLO Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Flexible Income Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Floating Rate Loan Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Intermediate Muni Income Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Short Duration High Yield Muni Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Short-Term California Muni Active ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Total Return Active ETF |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

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](g59022images_5730.jpg)

### iShares AAA CLO Active ETF

### CLOA \| NASDAQ

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

------

This semi-annual shareholder report contains important information about iShares AAA CLO 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 AAA CLO Active ETF | $10 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1456775876 |
| Number of Portfolio Holdings | &nbsp;&nbsp;373 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

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

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 1-5 Years | 0.3% |
| 5-10 Years | 6.3% |
| 10-15 Years | 93.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Serenity-Peace Park Clo Ltd., 5.25%, 10/24/38 | 1.1% |
| OHA Credit Funding 7 Ltd., 4.95%, 07/19/38 | 1.0% |
| BlueMountain CLO XXXV Ltd., 5.09%, 10/22/37 | 0.9% |
| Warwick Capital CLO 1 Ltd., 4.95%, 10/20/38 | 0.9% |
| OHA Credit Funding 3 Ltd., 4.99%, 01/20/38 | 0.9% |
| Sandstone Peak II Ltd., 5.08%, 07/20/38 | 0.8% |
| Barings CLO Ltd., 5.11%, 10/15/38 | 0.8% |
| AIMCO CLO 10 Ltd., 5.08%, 07/22/37 | 0.8% |
| RAD CLO 27 Ltd., 4.99%, 01/15/38 | 0.7% |
| CBAMR Ltd., 4.95%, 10/20/38 | 0.7% |

---

<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](g59022images_5729.jpg)

iShares AAA CLO Active ETF

Semi-Annual Shareholder Report — January 31, 2026

CLOA-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares BBB-B CLO Active ETF

### BCLO \| NASDAQ

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

------

This semi-annual shareholder report contains important information about iShares BBB-B CLO 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 BBB-B CLO Active ETF | $23 | 0.45%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$74886709 |
| Number of Portfolio Holdings | &nbsp;&nbsp;48 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

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

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 5-10 Years | 4.1% |
| 10-15 Years | 95.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| OHA Credit Partners XIV Ltd., 6.52%, 07/21/37 | 5.5% |
| Palmer Square CLO Ltd., 6.32%, 01/15/38 | 4.6% |
| GoldenTree Loan Management U.S. CLO 10 Ltd., 6.77%, 10/20/37 | 4.2% |
| Apidos CLO L, 6.47%, 01/20/38 | 4.0% |
| Birch Grove CLO 11 Ltd., 6.77%, 01/22/38 | 3.5% |
| Golub Capital Partners CLO 58B-R Ltd., 6.57%, 10/25/37 | 3.4% |
| GoldenTree Loan Management U.S. CLO 17 Ltd., 6.47%, 01/20/39 | 3.4% |
| Golub Capital Partners CLO 74 B Ltd., 6.87%, 07/25/37 | 3.1% |
| Palmer Square CLO Ltd., 6.32%, 01/20/38 | 3.1% |
| Ballyrock CLO 28 Ltd., 6.47%, 01/20/38 | 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](g59022images_5729.jpg)

iShares BBB-B CLO Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BCLO-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares Flexible Income Active ETF

### BINC \| NYSE Arca

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

------

This semi-annual shareholder report contains important information about iShares Flexible Income 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 Flexible Income Active ETF | $20 | 0.39%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$16492295422 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4718 |
| Portfolio Turnover Rate | &nbsp;&nbsp;168% |

---

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

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 37.3% |
| U.S. Government & Agency Obligations | 22.0% |
| Collateralized Mortgage Obligations | 18.9% |
| Asset-Backed Securities | 16.5% |
| Foreign Government Obligations | 9.3% |
| Investment Companies | 2.7% |
| Floating Rate Loan Interests | 1.4% |
| Convertible Bonds | 0.1% |
| Fixed Rate Loan Interests | 0.0 %(b) |
| Municipal Debt Obligations | 0.0 %(b) |
| Preferred Stocks | 0.0 %(b) |
| Common Stocks | 0.0 %(b) |
| TBA Sales Commitments | (8.2)% |

---

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating\** | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 23.5% |
| AA/Aa | 14.6% |
| A | 6.1% |
| BBB/Baa | 8.9% |
| BB/Ba | 18.3% |
| B | 11.1% |
| CCC/Caa | 1.2% |
| CC/Ca | 0.0 %(b) |
| C | 0.1% |
| D | 0.0 %(b) |
| N/R | 16.2% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g59022images_5729.jpg)

iShares Flexible Income Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BINC-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares Floating Rate Loan Active ETF

### BRLN \| Cboe BZX Exchange

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

------

This semi-annual shareholder report contains important information about iShares Floating Rate Loan 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 Floating Rate Loan Active ETF | $27 | 0.53%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$59315616 |
| Number of Portfolio Holdings | &nbsp;&nbsp;448 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating\** | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| A | 0.9% |
| BBB/Baa | 8.7% |
| BB/Ba | 29.2% |
| B | 53.4% |
| CCC/Caa | 2.3% |
| C | 0.1% |
| D | 0.0 %(b) |
| N/R | 5.4% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 0.2% |
| 1-5 Years | 38.5% |
| 5-10 Years | 60.4% |
| More than 20 Years | 0.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g59022images_5729.jpg)

iShares Floating Rate Loan Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BRLN-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares Intermediate Muni Income Active ETF

### INMU \| NYSE Arca

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

------

This semi-annual shareholder report contains important information about iShares Intermediate Muni Income 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 Intermediate Muni Income Active ETF | $15 | 0.29%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$342049377 |
| Number of Portfolio Holdings | &nbsp;&nbsp;344 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating\** | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 16.2% |
| AA/Aa | 48.1% |
| A | 22.9% |
| BBB/Baa | 6.6% |
| BB/Ba | 2.6% |
| B | 0.3% |
| N/R | 3.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total <br> Investments<sup>(a)</sup>* |
| Colorado State Education Loan Program, 5.00%, 06/30/26 | 2.7% |
| Conroe Independent School District GO, 5.00%, 02/15/43 | 2.0% |
| State of Connecticut Special Tax Revenue RB, 5.00%, 07/01/40 | 1.7% |
| Commonwealth of Pennsylvania GO, 5.00%, 04/01/42 | 1.7% |
| Minnesota Housing Finance Agency, 6.00%, 01/01/53 | 1.5% |
| Tennessee Energy Acquisition Corp. RB, 5.00%, 11/01/34 | 1.4% |
| California Community Choice Financing Authority RB, 5.00%, 10/01/56 | 1.4% |
| Massachusetts Clean Water Trust.(The), 5.00%, 02/01/43 | 1.3% |
| State Public School Building Authority RB, 5.00%, 06/01/32 | 1.1% |
| Matagorda County Navigation District No. 1, 4.00%, 06/01/30 | 1.0% |

---

---

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

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g59022images_5729.jpg)

iShares Intermediate Muni Income Active ETF

Semi-Annual Shareholder Report — January 31, 2026

INMU-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares Short Duration High Yield Muni Active ETF

### SHYM \| Cboe BZX Exchange

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

------

This semi-annual shareholder report contains important information about iShares Short Duration High Yield Muni 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 Short Duration High Yield Muni Active ETF | $17 | 0.33%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$478382061 |
| Number of Portfolio Holdings | &nbsp;&nbsp;391 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating\** | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 0.1% |
| AA/Aa | 6.1% |
| A | 12.6% |
| BBB/Baa | 8.4% |
| BB/Ba | 15.4% |
| B | 5.6% |
| CCC/Caa | 0.1% |
| N/R | 51.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total <br> Investments<sup>(a)</sup>* |
| University of Vermont & State Agricultural College RB, 5.00%, 10/01/40 | 2.7% |
| City & County of Denver Colorado RB AMT, 5.00%, 10/01/32 | 2.2% |
| New York Transportation Development Corp. RB AMT, 5.25%, 08/01/31 | 2.1% |
| Commonwealth of Puerto Rico Notes, 1.00%, 11/01/51 | 1.9% |
| California Municipal Finance Authority RB AMT, 4.00%, 07/15/29 | 1.6% |
| New York Transportation Development Corp. RB AMT, 5.00%, 07/01/46 | 1.6% |
| City of Philadelphia Water & Wastewater Revenue RB, Series A, 5.00%, 10/01/42 | 1.5% |
| Southeast Energy Authority A Cooperative District RB, 5.00%, 01/01/56 | 1.4% |
| Port of Beaumont Navigation District RB, 10.00%, 07/01/26 | 1.4% |
| California Infrastructure & Economic Development Bank RB, 12.00%, 01/01/65 | 1.3% |

---

---

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

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g59022images_5729.jpg)

iShares Short Duration High Yield Muni Active ETF

Semi-Annual Shareholder Report — January 31, 2026

SHYM-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares Short-Term California Muni Active ETF

### CALI \| NASDAQ

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

------

This semi-annual shareholder report contains important information about iShares Short-Term California Muni 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 Short-Term California Muni Active ETF | $10 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$260657022 |
| Number of Portfolio Holdings | &nbsp;&nbsp;177 |
| Portfolio Turnover Rate | &nbsp;&nbsp;54% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating\** | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 8.0% |
| AA/Aa | 64.7% |
| A | 25.9% |
| BBB/Baa | 0.9% |
| N/R | 0.5% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total <br> Investments<sup>(a)</sup>* |
| Bay Area Toll Authority, VRDN, 2.85%, 02/03/26 | 4.2% |
| City of Modesto Water Revenue COP, VRDN, 1.80%, 02/07/26 | 3.6% |
| Municipal Water District of Orange County Water Facilities Corp. COP, VRDN, 1.51%, 02/07/26 | 2.9% |
| Metropolitan Water District of Southern California, VRDN, 1.50%, 02/07/26 | 2.3% |
| Southern California Public Power Authority RB, 5.00%, 09/01/30 | 2.0% |
| Pasadena California GO, VRDN, 3.20%, 02/03/26 | 1.9% |
| State of California GO, VRDN, 1.38%, 02/07/26 | 1.9% |
| California Community Choice Financing Authority RB, 5.00%, 08/01/29 | 1.8% |
| California Public Finance Authority VRDN, 2.70%, 02/03/26 | 1.8% |
| San Diego Public Facilities Financing Authority RB, VRDN, 2.36%, 02/07/26 | 1.8% |

---

---

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

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g59022images_5729.jpg)

iShares Short-Term California Muni Active ETF

Semi-Annual Shareholder Report — January 31, 2026

CALI-01/26-SAR

![TSR - BLK BlackRock Logo](g59022images_5730.jpg)

### iShares Total Return Active ETF

### BRTR \| NASDAQ

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

------

This semi-annual shareholder report contains important information about iShares Total Return 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 Total Return Active ETF | $19 | 0.37%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$537063726 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2716 |
| Portfolio Turnover Rate | &nbsp;&nbsp;411% |

---

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

Credit quality allocation

---

| | |
|:---|:---|
| *Credit Rating\** | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa | 47.7% |
| AA/Aa | 9.7% |
| A | 6.4% |
| BBB/Baa | 9.9% |
| BB/Ba | 4.0% |
| B | 1.8% |
| CCC/Caa | 0.5% |
| CC/Ca | 0.1% |
| C | 0.2% |
| D | 0.0 %(b) |
| N/R | 19.7% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 1.2% |
| 1-5 Years | 17.2% |
| 5-10 Years | 31.5% |
| 10-15 Years | 10.6% |
| 15-20 Years | 5.7% |
| More than 20 Years | 33.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g59022images_5729.jpg)

iShares Total Return Active ETF

Semi-Annual Shareholder Report — January 31, 2026

BRTR-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 to this semi-annual report

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

![](g59022img132d37a11.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 II** |
| • iShares AAA CLO Active ETF \| CLOA \| NASDAQ |
| • iShares BBB-B CLO Active ETF \| BCLO \| NASDAQ |
| • iShares Flexible Income Active ETF \| BINC \| NYSE Arca |
| • iShares Floating Rate Loan Active ETF \| BRLN \| Cboe BZX Exchange |
| • iShares Intermediate Muni Income Active ETF \| INMU \| NYSE Arca |
| • iShares Short-Term California Muni Active ETF \| CALI \| NASDAQ |
| • iShares Short Duration High Yield Muni Active ETF \| SHYM \| Cboe BZX Exchange |
| • iShares Total Return Active ETF \| BRTR \| NASDAQ |

---

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

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

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Derivative Financial Instruments](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_pastperformance-Footer-BLKReport-1178_1)  | &nbsp;&nbsp; 3 |
| [Schedules of Investments](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 4 |
| [Statements of Assets and Liabilities](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_FS-Footer-BLKReport_1)  | &nbsp;&nbsp; 183 |
| [Statements of Operations](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_FS-Footer-BLKReport_5)  | &nbsp;&nbsp; 187 |
| [Statements of Changes in Net Assets](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_FS-Footer-BLKReport_7)  | &nbsp;&nbsp; 189 |
| [Financial Highlights](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_FS-Footer-BLKReport_11)  | &nbsp;&nbsp; 193 |
| [Notes to Financial Statements](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_NTFS-Footer-BLKReport_1)  | &nbsp;&nbsp; 201 |
| [Additional Information](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_ADI-Footer-BLKReport-1178_1)  | &nbsp;&nbsp; 217 |
| [Glossary of Terms Used in these Financial Statements](#xx_c7699ab3-fc2c-4a1b-9cbe-22edcff97726_Abbreviations-Footer-BLKReport-1178_1)  | &nbsp;&nbsp; 218 |

---

------

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 AAA CLO Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 1988 CLO 5 Ltd., 5.21%, 07/15/37, (3-mo. CME <br> Term SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2500 | $2507948 |
| 37 Capital CLO 3 Ltd., 5.17%, 07/15/38, (3-mo. <br> CME Term SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004495 |
| 522 Funding CLO Ltd. |  |  |
| 5.00%, 04/15/35, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6160 | 6166975 |
| 5.52%, 04/15/35, (3-mo. CME Term SOFR <br> +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2507093 |
| 610 Funding 2 CLO Ltd., 1.00%, 01/20/39<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 5000000 |
| 720 East CLO IV Ltd., 5.27%, 04/15/37, (3-mo. CME <br> Term SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004952 |
| 720 East CLO Ltd. |  |  |
| 5.00%, 01/20/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1460 | 1466108 |
| 5.04%, 04/15/38, (3-mo. CME Term SOFR <br> +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10085 | 10137311 |
| 720 East CLO VIII Ltd., 5.39%, 07/20/38, (3-mo. <br> CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3565 | 3582925 |
| AB BSL CLO 2 Ltd., 5.03%, 04/15/34, (3-mo. CME <br> Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4700 | 4705068 |
| AB BSL CLO 3 Ltd., 4.92%, 04/20/38, (3-mo. CME <br> Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5016418 |
| AGL CLO 29 Ltd., 5.24%, 04/21/37, (3-mo. CME <br> Term SOFR +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1925 | 1929728 |
| AGL CLO 37 Ltd., 4.91%, 04/22/38, (3-mo. CME <br> Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4298 | 4314368 |
| AGL CLO 40 Ltd., 4.91%, 07/22/38, (3-mo. CME <br> Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007983 |
| AGL CLO 42 Ltd., 4.97%, 07/22/38, (3-mo. CME <br> Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7775 | 7813961 |
| AGL CLO 43 Ltd., 5.12%, 09/10/38, (3-mo. CME <br> Term SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3500 | 3516863 |
| AGL CLO 7 Ltd., 4.92%, 10/15/38, (3-mo. CME <br> Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2560 | 2572191 |
| AGL Core CLO 2 Ltd., 5.13%, 07/20/37, (3-mo. CME <br> Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003887 |
| AGL Core CLO 31 Ltd., 5.07%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2550 | 2560208 |
| AGL Core CLO 8 Ltd., 5.00%, 01/20/38, (3-mo. CME <br> Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2920 | 2932567 |
| AIMCO CLO, 5.19%, 10/17/37, (3-mo. CME Term <br> SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5022466 |
| AIMCO CLO 10 Ltd., 5.08%, 07/22/37, (3-mo. CME <br> Term SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11000 | 11037455 |
| AIMCO CLO 11 Ltd., 5.01%, 07/17/37, (3-mo. CME <br> Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3800 | 3815390 |
| Allegro CLO V-S Ltd., 5.17%, 07/24/37, (3-mo. CME <br> Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1506687 |
| Allegro CLO XIII Ltd., 5.01%, 07/20/38, (3-mo. CME <br> Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7513 | 7547071 |
| Allegro CLO XIV Ltd., 5.01%, 10/15/37, (3-mo. CME <br> Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2510000 |
| Allegro CLO XV Ltd., 4.85%, 04/20/38, (3-mo. CME <br> Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1568 | 1572093 |
| AMMC CLO 23 Ltd., 5.06%, 07/17/38, (3-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4200 | 4223323 |
| AMMC CLO 25 Ltd., 4.97%, 10/15/38, (3-mo. CME <br> Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 900 | 904329 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| AMMC CLO 27 Ltd., 4.75%, 01/20/37, (3-mo. CME <br> Term SOFR +1.08%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $6850 | $6853751 |
| AMMC CLO 28 Ltd., 5.22%, 07/20/37, (3-mo. CME <br> Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2390 | 2397376 |
| AMMC CLO 31 Ltd., 4.98%, 02/20/38, (3-mo. CME <br> Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012302 |
| AMMC CLO 32 Ltd., 5.03%, 10/17/38, (3-mo. CME <br> Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3016239 |
| Anchorage Capital CLO 15 Ltd., 5.08%, <br> 07/20/38, (3-mo. CME Term SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5025710 |
| Anchorage Capital CLO 17 Ltd., 4.90%, <br> 02/15/38, (3-mo. CME Term SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006925 |
| Anchorage Capital CLO 19 Ltd., 5.02%, <br> 10/15/38, (3-mo. CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3016416 |
| Anchorage Capital CLO 20 Ltd., 4.77%, <br> 01/20/35, (3-mo. CME Term SOFR +1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001250 |
| Anchorage Capital CLO 24 Ltd., 5.10%, <br> 07/15/37, (3-mo. CME Term SOFR +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010119 |
| Anchorage Capital CLO 25 Ltd., 5.06%, <br> 04/20/35, (3-mo. CME Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001358 |
| Anchorage Capital CLO 30 Ltd. |  |  |
| 5.42%, 01/20/37, (3-mo. CME Term SOFR + <br> 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2012435 |
| 4.97%, 01/20/37, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5005461 |
| Anchorage Capital CLO 31 Ltd., 5.06%, <br> 10/20/38, (3-mo. CME Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3015249 |
| Anchorage Capital CLO 6 Ltd., 5.04%, <br> 07/22/38, (3-mo. CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2011460 |
| Anchorage Capital CLO 7 Ltd., 5.23%, <br> 04/28/37, (3-mo. CME Term SOFR +1.56%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2005177 |
| Apidos CLO LIII, 4.99%, 07/20/38, (3-mo. CME <br> Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5026910 |
| Apidos CLO LIV, 4.97%, 10/20/38, (3-mo. CME <br> Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3015852 |
| Apidos CLO XLVII Ltd., 5.17%, 04/26/37, (3-mo. <br> CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2221 | 2225442 |
| APIDOS CLO XLVIII Ltd., 5.11%, 07/25/37, (3-mo. <br> CME Term SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5445 | 5466780 |
| Apidos CLO XVIII-R, 5.00%, 01/22/38, (3-mo. CME <br> Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1570 | 1576771 |
| Apidos CLO XXXI, 5.03%, 04/15/31, (3-mo. CME <br> Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 597 | 597182 |
| Apidos CLO XXXVII, 5.06%, 10/22/34, (3-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5250 | 5253447 |
| ARES Loan Funding III Ltd., 4.94%, <br> 07/25/36, (3-mo. CME Term SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6250 | 6256453 |
| ARES Loan Funding VIII Ltd., 4.92%, <br> 01/24/38, (3-mo. CME Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6019800 |
| Ares LVI CLO Ltd., 4.92%, 01/25/38, (3-mo. CME <br> Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006993 |
| ARES LXXIX CLO Ltd., 1.00%, 04/20/39, (3-mo. <br> CME Term SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| ARES XXXIX CLO Ltd., 5.09%, 07/18/37, (3-mo. <br> CME Term SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8000 | 8027459 |
| Arini U.S. Clo II Ltd., 5.07%, 03/31/38, (3-mo. CME <br> Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5230 | 5261129 |
| Arini U.S. CLO IV Ltd., 4.93%, 01/15/39, (3-mo. <br> CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Atlantic Avenue Ltd., 5.15%, 10/15/38, (3-mo. CME <br> Term SOFR + 1.380%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5100 | 5129529 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Bain Capital Credit CLO Ltd. |  |  |
| 5.00%, 01/21/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1004160 |
| 5.07%, 07/25/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4355 | 4371234 |
| 4.91%, 07/19/34, (3-mo. CME Term SOFR <br> +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1000000 |
| 4.88%, 10/23/34, (3-mo. CME Term SOFR + <br> 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2950 | 2952119 |
| 4.83%, 04/23/38, (3-mo. CME Term SOFR + <br> 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5012321 |
| Ballyrock CLO 14 Ltd. |  |  |
| 5.37%, 07/20/37, (3-mo. CME Term SOFR <br> +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1006601 |
| 5.05%, 07/20/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3345 | 3357589 |
| Ballyrock CLO 26 Ltd., 5.18%, 07/25/37, (3-mo. <br> CME Term SOFR +1.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003059 |
| Ballyrock CLO Ltd. |  |  |
| 5.48%, 10/20/31, (3-mo. CME Term SOFR <br> +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3002737 |
| 4.91%, 10/25/38, (3-mo. CME Term SOFR <br> +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4184 | 4199899 |
| Barings CLO Ltd., 5.11%, 10/15/38, (3-mo. CME <br> Term SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11000 | 11054989 |
| BBAM U.S. CLO I Ltd. |  |  |
| 4.87%, 03/30/38, (3-mo. CME Term SOFR <br> +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2005616 |
| 5.67%, 03/30/38, (3-mo. CME Term SOFR + <br> 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1008401 |
| Bbam U.S. Clo V Ltd., 5.03%, 07/25/38, (3-mo. CME <br> Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5028255 |
| Benefit Street Partners CLO 43 Ltd., 5.07%, <br> 10/20/38, (3-mo. CME Term SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6025176 |
| Benefit Street Partners CLO IV Ltd., 4.92%, <br> 10/20/38, (3-mo. CME Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020360 |
| Benefit Street Partners CLO XVIII Ltd., 4.91%, <br> 10/15/38, (3-mo. CME Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5017787 |
| Benefit Street Partners CLO XX Ltd., 4.96%, <br> 07/15/37, (3-mo. CME Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5024963 |
| Benefit Street Partners CLO XXVI Ltd., 5.05%, <br> 07/20/37, (3-mo. CME Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003676 |
| Benefit Street Partners CLO XXVII Ltd., 5.04%, <br> 10/20/37, (3-mo. CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2511300 |
| Benefit Street Partners CLO XXXIII Ltd., 5.42%, <br> 01/25/36, (3-mo. CME Term SOFR +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2000997 |
| Benefit Street Partners CLO XXXVII Ltd., 5.02%, <br> 01/25/38, (3-mo. CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6250 | 6277926 |
| Benefit Street Partners CLO XXXVIII Ltd., 4.98%, <br> 01/25/38, (3-mo. CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5021898 |
| Birch Grove Clo 11 Ltd., 5.42%, 01/22/38, (3-mo. <br> CME Term SOFR +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1002122 |
| Birch Grove CLO 2 Ltd., 5.07%, 10/19/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010748 |
| Birch Grove CLO 3 Ltd., 4.93%, 01/19/38, (3-mo. <br> CME Term SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6019217 |
| Birch Grove CLO 4 Ltd., 5.15%, 07/15/37, (3-mo. <br> CME Term SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6160 | 6182490 |
| Birch Grove CLO 5 Ltd., 5.08%, 10/20/37, (3-mo. <br> CME Term SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10500 | 10538692 |
| Birch Grove CLO 8 Ltd., 5.30%, 04/20/37, (3-mo. <br> CME Term SOFR +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5210 | 5219164 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Birch Grove CLO 9 Ltd., 5.07%, 10/22/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $3620 | $3633200 |
| Birch Grove CLO Ltd., 5.26%, 07/17/37, (3-mo. <br> CME Term SOFR +1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5011508 |
| Blueberry Park CLO Ltd., 5.02%, 10/20/37, (3-mo. <br> CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2008992 |
| BlueMountain CLO XXXV Ltd., 5.09%, <br> 10/22/37, (3-mo. CME Term SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13550 | 13604285 |
| Bowling Green Park CLO LLC, 4.67%, <br> 04/18/35, (3-mo. CME Term SOFR + <br> 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1000500 |
| Brant Point CLO Ltd. |  |  |
| 5.62%, 07/20/37, (3-mo. CME Term SOFR <br> +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1700 | 1705555 |
| 5.05%, 07/25/38, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4800 | 4825925 |
| Bridge Street CLO I Ltd., 5.22%, 07/20/37, (3-mo. <br> CME Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6019350 |
| Bridge Street CLO III Ltd., 5.09%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2509788 |
| Bridge Street CLO Ltd., 4.89%, 04/20/38, (3-mo. <br> CME Term SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4013334 |
| Bridge Street CLO VI Ltd., 5.07%, 01/15/39, (3-mo. <br> CME Term SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3500 | 3515106 |
| Bryant Park CLO Ltd., 5.00%, 07/20/38, (3-mo. CME <br> Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8000 | 8032704 |
| Bryant Park Funding Ltd. |  |  |
| 5.29%, 04/15/37, (3-mo. CME Term SOFR <br> +1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1920 | 1924765 |
| 5.42%, 05/15/37, (3-mo. CME Term SOFR <br> +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2504411 |
| 5.07%, 10/15/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1350 | 1354830 |
| 5.01%, 01/18/38, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2008367 |
| 4.94%, 10/18/38, (3-mo. CME Term SOFR <br> +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012540 |
| Canyon Capital CLO Ltd., 4.85%, 04/15/38, (3-mo. <br> CME Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2506721 |
| Carlyle U.S. CLO Ltd. |  |  |
| 4.99%, 04/15/35, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3003672 |
| 5.22%, 04/20/37, (3-mo. CME Term SOFR <br> +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10000 | 10022444 |
| 5.06%, 04/15/35, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1000648 |
| CarVal CLO I Ltd., 4.90%, 07/16/31, (3-mo. CME <br> Term SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 511 | 511523 |
| CarVal CLO IX-C Ltd. |  |  |
| 5.35%, 04/20/37, (3-mo. CME Term SOFR <br> +1.68%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3750 | 3757268 |
| 5.77%, 04/20/37, (3-mo. CME Term SOFR + <br> 2.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003755 |
| CarVal CLO VC Ltd., 5.13%, 10/15/34, (3-mo. CME <br> Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 945 | 946510 |
| CarVal CLO VII-C Ltd., 5.11%, 07/20/37, (3-mo. <br> CME Term SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1520 | 1525320 |
| Carval CLO VIII-C Ltd., 5.09%, 10/22/37, (3-mo. <br> CME Term SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020109 |
| Carval CLO X-C Ltd., 5.13%, 07/20/37, (3-mo. CME <br> Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1756376 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| CarVal CLO XI C Ltd., 5.06%, 10/20/37, (3-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $7830 | $7857380 |
| CBAMR Ltd., 4.95%, 10/20/38, (3-mo. CME Term <br> SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10550 | 10595376 |
| Cedar Funding XIV CLO Ltd., 5.05%, <br> 10/15/37, (3-mo. CME Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007093 |
| CIFC Funding Ltd. |  |  |
| 5.10%, 10/20/34, (3-mo. CME Term SOFR <br> +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 750 | 751230 |
| 5.03%, 07/23/37, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011195 |
| 5.08%, 07/15/36, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3002250 |
| 4.93%, 01/15/38, (3-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003503 |
| 4.82%, 04/23/38, (3-mo. CME Term SOFR <br> +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1501796 |
| 5.15%, 07/21/37, (3-mo. CME Term SOFR <br> +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505871 |
| 5.17%, 04/18/37, (3-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003853 |
| 4.89%, 01/17/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5017489 |
| 4.99%, 04/17/35, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3500 | 3504307 |
| 4.88%, 10/20/38, (3-mo. CME Term SOFR <br> +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5610 | 5630101 |
| 4.90%, 10/15/38, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3010510 |
| 4.95%, 10/19/38, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7028700 |
| 4.91%, 10/15/38, (3-mo. CME Term SOFR + <br> 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7027608 |
| 4.64%, 04/19/35, (3-mo. CME Term SOFR + <br> 0.970%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4505366 |
| Series 2021 6A, Class A, 5.07%, 10/15/34, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4002863 |
| Clover CLO LLC, 5.06%, 07/15/37, (3-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007571 |
| Creeksource Dunes Creek CLO Ltd., 5.08%, <br> 01/15/38, (3-mo. CME Term SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011240 |
| Crown City CLO I, 5.04%, 07/20/38, (3-mo. CME <br> Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5026565 |
| Crown Point CLO 9 Ltd., 5.12%, 07/14/34, (3-mo. <br> CME Term SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003013 |
| Diameter Capital CLO 1 Ltd., 5.06%, <br> 10/15/37, (3-mo. CME Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4200 | 4215480 |
| Diameter Capital CLO 10 Ltd., 4.98%, <br> 04/20/38, (3-mo. CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3750 | 3767696 |
| Diameter Capital CLO 12 Ltd., 5.16%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5520709 |
| Diameter Capital CLO 13 Ltd., 4.96%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505250 |
| Diameter Capital CLO 2 Ltd., 5.06%, <br> 10/15/37, (3-mo. CME Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7300 | 7327130 |
| Diameter Capital CLO 3 Ltd., 5.00%, <br> 01/15/38, (3-mo. CME Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6831 | 6859043 |
| Diameter Capital CLO 4 Ltd., 4.90%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4010800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Diameter Capital Clo 6 Ltd., 5.28%, 04/15/37, (3-mo. <br> CME Term SOFR +1.61%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1002565 |
| Diameter Capital CLO 7 Ltd., 5.15%, <br> 07/20/37, (3-mo. CME Term SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4015200 |
| Diameter Capital CLO 8 Ltd., 5.07%, <br> 10/20/37, (3-mo. CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007483 |
| Diameter Capital CLO 9 Ltd., 4.84%, <br> 04/20/38, (3-mo. CME Term SOFR +1.17%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5010514 |
| Dryden 37 Senior Loan Fund, 5.33%, <br> 01/15/31, (3-mo. CME Term SOFR + <br> 1.662%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1502896 |
| Dryden 83 CLO Ltd., 5.20%, 04/18/37, (3-mo. CME <br> Term SOFR +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1270 | 1272983 |
| Eaton Vance CLO Ltd., 5.01%, 10/15/38, (3-mo. <br> CME Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5022950 |
| Elevation Clo 2021-15 Ltd., 4.97%, 01/25/35, (3-mo. <br> CME Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1600 | 1601608 |
| Elevation CLO Ltd. |  |  |
| 5.07%, 07/25/38, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3016968 |
| 1.00%, 03/31/38, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Elmwood CLO 19 Ltd., 4.91%, 10/17/38, (3-mo. <br> CME Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5019711 |
| Elmwood CLO 22 Ltd., 4.87%, 04/17/38, (3-mo. <br> CME Term SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006611 |
| Elmwood CLO 24 Ltd., 4.99%, 01/17/38, (3-mo. <br> CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5173 | 5194727 |
| Elmwood CLO 26 Ltd., 5.17%, 04/18/37, (3-mo. <br> CME Term SOFR + 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2504923 |
| Elmwood CLO 29 Ltd., 5.19%, 04/20/37, (3-mo. <br> CME Term SOFR +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5011484 |
| Elmwood CLO 31 Ltd., 5.02%, 07/17/37, (3-mo. <br> CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4017872 |
| Elmwood CLO 38 Ltd., 4.82%, 04/22/38, (3-mo. <br> CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5006000 |
| Elmwood CLO 40 Ltd., 4.91%, 03/22/38, (3-mo. <br> CME Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5520471 |
| Elmwood CLO I Ltd. |  |  |
| 5.19%, 04/20/37, (3-mo. CME Term SOFR <br> +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6013693 |
| 1.00%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.120%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6000000 |
| Elmwood CLO II Ltd., 5.02%, 10/20/37, (3-mo. CME <br> Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2511725 |
| Elmwood CLO IV Ltd., 5.13%, 04/18/37, (3-mo. <br> CME Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003172 |
| Elmwood CLO VIII Ltd., 5.22%, 04/20/37, (3-mo. <br> CME Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4009132 |
| Elmwood CLO XII Ltd., 5.03%, 10/15/37, (3-mo. <br> CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1010 | 1014805 |
| Flatiron CLO 20 Ltd., 5.13%, 11/20/38, (3-mo. CME <br> Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020305 |
| Flatiron CLO 25 Ltd., 5.02%, 10/17/37, (3-mo. CME <br> Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3650 | 3666374 |
| Galaxy 35 Clo Ltd., 4.85%, 04/20/38, (3-mo. CME <br> Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1050 | 1052055 |
| Generate CLO 11 Ltd., 5.08%, 10/20/37, (3-mo. <br> CME Term SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007618 |
| Generate CLO 12 Ltd., 5.00%, 07/20/38, (3-mo. <br> CME Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5523375 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Generate CLO 13 Ltd., 5.47%, 01/20/37, (3-mo. <br> CME Term SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $4000 | $4003638 |
| Generate CLO 17 Ltd., 5.07%, 10/22/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505625 |
| Generate CLO 8 Ltd., 5.05%, 01/20/38, (3-mo. CME <br> Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012530 |
| Generate CLO 9 Ltd., 5.02%, 01/20/38, (3-mo. CME <br> Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3013257 |
| GoldenTree Loan Management U.S. CLO 22 Ltd., <br> 5.00%, 10/20/37, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004393 |
| GoldentTree Loan Management U.S. CLO 1 Ltd., <br> 5.17%, 04/20/37, (3-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3675 | 3681859 |
| Golub Capital Partners 48 LP, 4.98%, <br> 04/17/38, (3-mo. CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004704 |
| Golub Capital Partners CLO 41B-R Ltd., 5.00%, <br> 07/20/38, (3-mo. CME Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4400 | 4418949 |
| Golub Capital Partners CLO 55B Ltd., 5.57%, <br> 10/20/38, (3-mo. CME Term SOFR +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1507394 |
| Golub Capital Partners CLO 58B-R Ltd., 4.95%, <br> 10/25/37, (3-mo. CME Term SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6150 | 6177890 |
| Golub Capital Partners CLO 66B Ltd., 5.12%, <br> 07/25/38, (3-mo. CME Term SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7027754 |
| Golub Capital Partners CLO 72 B Ltd., 5.22%, <br> 04/25/37, (3-mo. CME Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1320 | 1323371 |
| Golub Capital Partners CLO 74 B Ltd., 5.17%, <br> 07/25/37, (3-mo. CME Term SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3850 | 3864245 |
| Golub Capital Partners CLO 76 B Ltd., 5.04%, <br> 10/25/37, (3-mo. CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3250 | 3262139 |
| Golub Capital Partners CLO 77 B Ltd., 4.92%, <br> 01/25/38, (3-mo. CME Term SOFR + 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1504768 |
| Golub Capital Partners CLO 79B Ltd. |  |  |
| 4.84%, 04/20/38, (3-mo. CME Term SOFR <br> +1.17%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004028 |
| 5.17%, 04/20/38, (3-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1727 | 1733311 |
| Golub Capital Partners CLO 81 B Ltd., 4.98%, <br> 07/20/38, (3-mo. CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3015036 |
| HalseyPoint CLO 3 Ltd., 5.15%, 07/30/37, (3-mo. <br> CME Term SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1240 | 1244727 |
| HalseyPoint CLO 4 Ltd., 5.15%, 04/20/34, (3-mo. <br> CME Term SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6730 | 6741594 |
| Halseypoint Clo 5 Ltd., 5.14%, 01/30/35, (3-mo. <br> CME Term SOFR +1.47%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1250 | 1252170 |
| HalseyPoint CLO 6 Ltd., 5.72%, 01/20/38, (3-mo. <br> CME Term SOFR +2.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005113 |
| Halseypoint CLO 7 Ltd., 5.12%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1505979 |
| Harriman Park CLO Ltd., 4.97%, 07/20/38, (3-mo. <br> CME Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5024970 |
| ICG U.S. CLO I Ltd., 5.05%, 07/18/38, (3-mo. CME <br> Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3016260 |
| ICG U.S. CLO Ltd., 5.00%, 07/25/38, (3-mo. CME <br> Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020342 |
| Kennedy Lewis CLO 15 Ltd., 5.24%, <br> 07/20/37, (3-mo. CME Term SOFR +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9180 | 9205280 |
| KKR CLO 35 Ltd., 4.87%, 01/20/38, (3-mo. CME <br> Term SOFR + 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5013813 |
| KKR CLO 50 Ltd., 5.22%, 04/20/37, (3-mo. CME <br> Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5012524 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| KKR CLO 58 Ltd., 5.27%, 10/15/38, (3-mo. CME <br> Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $3700 | $3719118 |
| Madison Park Funding LIX Ltd., 5.17%, <br> 04/18/37, (3-mo. CME Term SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1755427 |
| Madison Park Funding LV Ltd., 5.03%, <br> 07/18/37, (3-mo. CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2396 | 2404672 |
| Madison Park Funding LVIII Ltd., 5.18%, <br> 04/25/37, (3-mo. CME Term SOFR +1.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003103 |
| Madison Park Funding LX Ltd., 5.04%, <br> 10/25/37, (3-mo. CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5023582 |
| Madison Park Funding LXVII Ltd., 5.18%, <br> 04/25/37, (3-mo. CME Term SOFR +1.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4007 | 4015214 |
| Madison Park Funding XL-R Ltd., 5.12%, <br> 10/16/38, (3-mo. CME Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5024540 |
| Madison Park Funding XXX Ltd., 5.03%, <br> 07/16/37, (3-mo. CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2600 | 2609353 |
| Madison Park Funding XXXIII Ltd., 4.96%, <br> 10/15/32, (3-mo. CME Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5578 | 5582800 |
| Madison Park Funding XXXV Ltd., 1.00%, <br> 02/13/39, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Madison Park Funding XXXVII Ltd., 6.27%, <br> 04/15/37, (3-mo. CME Term SOFR + 2.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1503062 |
| Marble Point CLO XIX Ltd., 4.97%, 10/19/38, (3-mo. <br> CME Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10000 | 10048820 |
| Marble Point CLO XVII Ltd., 5.11%, 07/20/37, (3-mo. <br> CME Term SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9200 | 9232179 |
| Marble Point CLO XVIII Ltd., 4.88%, <br> 03/15/38, (3-mo. CME Term SOFR +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2200 | 2206768 |
| MidOcean Credit CLO XIX, 5.12%, 07/20/36, (3-mo. <br> CME Term SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2375 | 2382412 |
| Midocean Credit CLO XV Ltd., 5.20%, <br> 07/21/37, (3-mo. CME Term SOFR +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3008862 |
| Midocean Credit Clo XXI, 5.12%, 10/20/38, (3-mo. <br> CME Term SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006972 |
| Milford Park CLO Ltd., 4.83%, 01/20/38, (3-mo. <br> CME Term SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1980 | 1985276 |
| Milos CLO Ltd., 5.48%, 10/20/30, (3-mo. CME Term <br> SOFR +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 228 | 228434 |
| MP CLO VIII Ltd., 5.13%, 04/28/34, (3-mo. CME <br> Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4506899 |
| Neuberger Berman CLO XXI Ltd., 4.99%, <br> 01/20/39, (3-mo. CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2510000 |
| Neuberger Berman Loan Advisers CLO 33 Ltd., <br> 4.89%, 04/16/39, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1350 | 1354719 |
| Neuberger Berman Loan Advisers Clo 40 Ltd., <br> 4.90%, 10/16/37, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5016361 |
| Neuberger Berman Loan Advisers CLO 46 Ltd., <br> 5.17%, 01/20/37, (3-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003660 |
| Neuberger Berman Loan Advisers NBLA CLO 52<br> Ltd., 5.02%, 10/24/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3014236 |
| Neuberger Berman Loan Advisers NBLA CLO 53<br> Ltd., 5.01%, 10/24/37, (3-mo. CME Term SOFR + <br> 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3013242 |
| New Mountain 3 Ltd., 5.00%, 10/20/38, (3-mo. CME <br> Term SOFR + 1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7250 | 7281508 |
| New Mountain CLO 2 Ltd., 5.03%, 01/15/38, (3-mo. <br> CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5019892 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| New York City Transitional Finance Authority <br> Building Aid Revenue, 5.13%, 10/20/38, (3-mo. <br> CME Term SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $5000 | $5021640 |
| Oak Hill Credit Partners X-R Ltd., 4.80%, <br> 04/20/38, (3-mo. CME Term SOFR +1.13%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 860 | 860740 |
| Oaktree CLO Ltd. |  |  |
| 5.22%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6810 | 6827361 |
| 5.05%, 01/20/38, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3013754 |
| Ocean Trails CLO XIV Ltd., 5.01%, 01/20/38, (3-mo. <br> CME Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004204 |
| OCP CLO Ltd. |  |  |
| 5.20%, 04/18/37, (3-mo. CME Term SOFR <br> +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4900 | 4910589 |
| 5.30%, 04/20/37, (3-mo. CME Term SOFR <br> +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6010412 |
| 5.00%, 01/21/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2630 | 2640891 |
| 4.92%, 01/20/38, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4012963 |
| 4.98%, 01/26/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5150 | 5172489 |
| 5.02%, 10/20/37, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3013693 |
| 4.75%, 04/17/37, (3-mo. CME Term SOFR + <br> 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3450 | 3454342 |
| 5.04%, 07/20/37, (3-mo. CME Term SOFR <br> +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8975 | 9008207 |
| 4.97%, 07/26/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5024080 |
| 5.09%, 07/20/37, (3-mo. CME Term SOFR <br> +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5016664 |
| 4.97%, 10/24/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3075 | 3090603 |
| Octagon 55 Ltd., 4.93%, 03/20/38, (3-mo. CME <br> Term SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009704 |
| Octagon 75 Ltd., 4.87%, 01/22/38, (3-mo. CME <br> Term SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2250 | 2257471 |
| Octagon Investment Partners 38 Ltd., 5.47%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1650 | 1660644 |
| Octagon Investment Partners 47 Ltd., 4.95%, <br> 01/22/38, (3-mo. CME Term SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011127 |
| Octagon Investment Partners XVI Ltd., 5.53%, <br> 07/17/30, (3-mo. CME Term SOFR +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3006000 |
| OHA Credit Funding 17 Ltd., 5.15%, <br> 04/20/37, (3-mo. CME Term SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4700 | 4708561 |
| OHA Credit Funding 2 Ltd., 4.91%, 01/21/38, (3-mo. <br> CME Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3390 | 3401400 |
| OHA Credit Funding 21 Ltd., 5.20%, <br> 10/20/38, (3-mo. CME Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8000 | 8043864 |
| OHA Credit Funding 3 Ltd., 4.99%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 12930 | 12984466 |
| OHA Credit Funding 4 Ltd., 4.96%, 01/22/38, (3-mo. <br> CME Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3294 | 3308257 |
| OHA Credit Funding 6 Ltd., 5.00%, 10/20/37, (3-mo. <br> CME Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2511314 |
| OHA Credit Funding 7 Ltd., 4.95%, 07/19/38, (3-mo. <br> CME Term SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13750 | 13819327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OHA Credit Partners XII Ltd., 5.62%, <br> 04/23/37, (3-mo. CME Term SOFR + <br> 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1160 | $1161740 |
| OHA Credit Partners XIII Ltd., 5.05%, <br> 10/21/37, (3-mo. CME Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3700 | 3718178 |
| OHA Credit Partners XVI, 5.02%, 10/18/37, (3-mo. <br> CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5050 | 5072680 |
| OHA Credit Partners XVII Ltd., 4.99%, <br> 01/18/38, (3-mo. CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2278 | 2287575 |
| OHA Loan Funding Ltd. |  |  |
| 5.37%, 07/20/37, (3-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1800 | 1811897 |
| 5.35%, 10/20/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10000 | 10033735 |
| 4.92%, 10/19/38, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9000 | 9042561 |
| Onex CLO Subsidiary Ltd., 5.17%, 07/20/37, (3-mo. <br> CME Term SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003658 |
| Palmer Square CLO 2021-3 Ltd., 4.96%, <br> 10/15/38, (3-mo. CME Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3550 | 3569099 |
| Palmer Square CLO Ltd. |  |  |
| 5.03%, 10/20/37, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004769 |
| 4.82%, 04/20/38, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5005964 |
| 4.97%, 07/20/37, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4020012 |
| 4.92%, 10/20/38, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5860 | 5887085 |
| 5.10%, 08/14/38, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3850 | 3868141 |
| Park Blue CLO Ltd. |  |  |
| 5.15%, 07/25/37, (3-mo. CME Term SOFR <br> +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1756720 |
| 5.09%, 07/20/37, (3-mo. CME Term SOFR <br> +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2840 | 2849453 |
| 5.01%, 01/25/38, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1935 | 1943700 |
| 4.89%, 04/25/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3009964 |
| 5.15%, 04/20/37, (3-mo. CME Term SOFR <br> +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012858 |
| 5.43%, 10/20/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004492 |
| 4.95%, 01/20/39, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011546 |
| Pikes Peak CLO 11 Ltd., 5.07%, 07/25/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1225 | 1229563 |
| Pikes Peak CLO 12 Ltd., 4.89%, 04/20/38, (3-mo. <br> CME Term SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7023222 |
| Pikes Peak Clo 15 Ltd., 4.89%, 10/20/38, (3-mo. <br> CME Term SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5350 | 5368906 |
| Pikes Peak CLO 16 Ltd., 5.13%, 07/25/37, (3-mo. <br> CME Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1795 | 1801900 |
| Polen Capital CLO Ltd., 5.04%, 01/20/39, (3-mo. <br> CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3011482 |
| Post CLO Ltd. |  |  |
| 5.27%, 04/20/37, (3-mo. CME Term SOFR <br> +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5513329 |
| 4.75%, 10/15/34, (3-mo. CME Term SOFR + <br> 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003024 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Post CLO VI Ltd., 5.09%, 01/20/38, (3-mo. CME <br> Term SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $6350 | $6375354 |
| Rad CLO 14 Ltd., 5.10%, 01/15/35, (3-mo. CME <br> Term SOFR +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1041 | 1042965 |
| RAD CLO 27 Ltd., 4.99%, 01/15/38, (3-mo. CME <br> Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10695 | 10738149 |
| Rad CLO 6 Ltd., 5.06%, 10/20/37, (3-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2530 | 2539219 |
| Rad CLO 9 Ltd., 5.01%, 01/15/38, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3012941 |
| Reese Park CLO Ltd., 4.99%, 01/15/38, (3-mo. CME <br> Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004191 |
| Regatta 30 Funding Ltd., 4.99%, 01/25/38, (3-mo. <br> CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6625 | 6653048 |
| Regatta 31 Funding Ltd., 4.84%, 03/25/38, (3-mo. <br> CME Term SOFR +1.17%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2100 | 2105717 |
| Regatta 32 Funding Ltd., 5.01%, 07/25/38, (3-mo. <br> CME Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9930 | 9986015 |
| Regatta 35 Funding Ltd., 4.96%, 10/15/38, (3-mo. <br> CME Term SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3045 | 3060877 |
| Regatta X Funding Ltd., 5.15%, 07/17/37, (3-mo. <br> CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4015855 |
| Regatta XI Funding Ltd., 5.07%, 07/17/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7500 | 7530319 |
| Regatta XVII Funding Ltd., 5.05%, 10/15/37, (3-mo. <br> CME Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5024617 |
| Regatta XX Funding Ltd., 4.85%, 01/15/38, (3-mo. <br> CME Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2650 | 2657571 |
| Regatta XXV Funding Ltd., 5.01%, 07/15/38, (3-mo. <br> CME Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2011148 |
| Regatta XXVII Funding Ltd., 5.20%, <br> 04/26/37, (3-mo. CME Term SOFR +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4009483 |
| Regatta XXVIII Funding Ltd., 5.22%, <br> 04/25/37, (3-mo. CME Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4510350 |
| Rockford Tower CLO Ltd., 5.11%, 07/20/37, (3-mo. <br> CME Term SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4014623 |
| RR 14 Ltd., 5.05%, 04/15/36, (3-mo. CME Term <br> SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1538 | 1539839 |
| RR 18 Ltd., 4.96%, 07/15/40, (3-mo. CME Term <br> SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9500 | 9547851 |
| RR 19 Ltd., 4.85%, 04/15/40, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5014369 |
| RR 21 Ltd., 5.07%, 07/15/39, (3-mo. CME Term <br> SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5570 | 5592392 |
| RR 27 Ltd., 4.90%, 10/15/40, (3-mo. CME Term <br> SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5017523 |
| RR 28 Ltd., 5.22%, 04/15/37, (3-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2004450 |
| RR 29 Ltd., 5.06%, 07/15/39, (3-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3210 | 3222613 |
| RR 32 Ltd., 5.03%, 10/15/39, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1740 | 1748258 |
| RR 41 Ltd., 5.21%, 10/15/40, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2008914 |
| RR 5 Ltd., 5.17%, 07/15/39, (3-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4512150 |
| Sagard-Halseypoint Clo 10 Ltd., 5.02%, <br> 10/20/38, (3-mo. CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5022102 |
| Sagard-Halseypoint CLO 8 Ltd., 5.06%, <br> 01/30/38, (3-mo. CME Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3215 | 3226866 |
| Sandstone Peak II Ltd., 5.08%, 07/20/38, (3-mo. <br> CME Term SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11000 | 11065527 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Sandstone Peak III Ltd., 5.30%, 04/25/37, (3-mo. <br> CME Term SOFR +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $7000 | $7012195 |
| Sandstone Peak Ltd., 4.95%, 10/15/34, (3-mo. CME <br> Term SOFR + 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10250 | 10260109 |
| Sculptor CLO XXIX Ltd., 5.04%, 07/22/38, (3-mo. <br> CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5028470 |
| Sculptor CLO XXVIII Ltd., 4.73%, 01/20/35, (3-mo. <br> CME Term SOFR +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4502053 |
| Sculptor CLO XXX Ltd., 5.12%, 07/20/38, (3-mo. <br> CME Term SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003939 |
| Sculptor CLO XXXIV Ltd., 5.04%, 01/20/38, (3-mo. <br> CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5375 | 5397213 |
| Serenity-Peace Park Clo Ltd., 5.25%, <br> 10/24/38, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15500 | 15566696 |
| Silver Point CLO 11 Ltd, 5.02%, 07/15/38, (3-mo. <br> CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5027460 |
| Silver Point CLO 12 Ltd., 5.29%, 10/15/38, (3-mo. <br> CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5020000 |
| Silver Point CLO 4 Ltd., 5.30%, 04/15/37, (3-mo. <br> CME Term SOFR +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5900 | 5910030 |
| Silver Point CLO 5 Ltd., 5.77%, 10/20/37, (3-mo. <br> CME Term SOFR +2.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005048 |
| Silver Point CLO 6 Ltd., 5.07%, 10/15/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4014871 |
| Silver Point CLO 7 Ltd., 5.03%, 01/15/38, (3-mo. <br> CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4500 | 4517681 |
| Sixth Street CLO XVI Ltd., 1.00%, 01/21/39, (3-mo. <br> CME Term SOFR + 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1000000 |
| Sixth Street CLO XX Ltd., 4.99%, 07/17/38, (3-mo. <br> CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1900 | 1909732 |
| Sixth Street CLO XXV Ltd., 5.15%, 07/24/37, (3-mo. <br> CME Term SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4850 | 4868705 |
| Sycamore Tree CLO Ltd. |  |  |
| 5.32%, 04/20/37, (3-mo. CME Term SOFR <br> +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5000 | 5009793 |
| 5.06%, 01/20/38, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7450 | 7483541 |
| Symetra CLO Ltd., 4.96%, 04/20/38, (3-mo. CME <br> Term SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2930 | 2940268 |
| Symphony CLO 39 Ltd., 5.00%, 01/25/38, (3-mo. <br> CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6000 | 6026025 |
| Symphony CLO 40 Ltd., 4.98%, 01/05/38, (3-mo. <br> CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4017960 |
| Symphony CLO XXXIII Ltd., 4.93%, <br> 01/24/38, (3-mo. CME Term SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5519577 |
| Symphony Loan Funding CLO 1 Ltd., 5.10%, <br> 01/22/38, (3-mo. CME Term SOFR +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4014290 |
| TCW CLO Ltd. |  |  |
| 4.94%, 01/20/38, (3-mo. CME Term SOFR <br> +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2250 | 2257791 |
| 5.06%, 10/20/37, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6750 | 6774586 |
| 4.86%, 04/20/38, (3-mo. CME Term SOFR <br> +1.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3008246 |
| Texas Debt Capital CLO Ltd., 4.81%, <br> 04/24/38, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5250 | 5255333 |
| TICP CLO VI Ltd., 5.05%, 01/15/34, (3-mo. CME <br> Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 999484 |
| Trestles CLO III Ltd., 5.06%, 10/20/37, (3-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7800 | 7828631 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Trestles CLO IX Ltd., 5.13%, 01/15/39, (3-mo. CME <br> Term SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $4000 | $4015806 |
| Trestles CLO Ltd., 5.13%, 07/25/37, (3-mo. CME <br> Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5900 | 5922648 |
| Trestles CLO VII Ltd., 5.05%, 10/25/37, (3-mo. CME <br> Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4950 | 4968315 |
| Trimaran CAVU Ltd. |  |  |
| 5.07%, 10/22/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2007160 |
| 5.05%, 01/25/38, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1506801 |
| Trinitas CLO XXIV Ltd., 5.27%, 04/25/37, (3-mo. <br> CME Term SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1503578 |
| Trinitas CLO XXIX Ltd., 5.16%, 07/23/37, (3-mo. <br> CME Term SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3485 | 3498187 |
| Trinitas CLO XXVII Ltd., 5.87%, 04/18/37, (3-mo. <br> CME Term SOFR + 2.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2010921 |
| Trinitas CLO XXX Ltd., 5.04%, 10/23/37, (3-mo. <br> CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5519823 |
| Trinitas CLO XXXII Ltd., 5.00%, 07/23/38, (3-mo. <br> CME Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1250 | 1255154 |
| Trinitas CLO XXXIII Ltd., 5.55%, 07/22/38, (3-mo. <br> CME Term SOFR +1.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1350 | 1361424 |
| Trinitas CLO XXXV Ltd., 1.00%, 01/22/39, (3-mo. <br> CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Voya CLO Ltd. |  |  |
| 5.01%, 10/17/32, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 982 | 981971 |
| 5.18%, 04/20/37, (3-mo. CME Term SOFR <br> +1.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5511012 |
| 5.19%, 04/15/37, (3-mo. CME Term SOFR <br> +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3100 | 3107106 |
| Warwick Capital CLO 1 Ltd., 4.95%, <br> 10/20/38, (3-mo. CME Term SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13000 | 13058474 |
| Warwick Capital CLO 4 Ltd., 5.07%, <br> 07/20/37, (3-mo. CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4900 | 4918247 |
| Warwick Capital CLO 5 Ltd., 5.03%, <br> 01/20/38, (3-mo. CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5500 | 5521899 |
| Warwick Capital CLO 7 Ltd., 5.25%, <br> 10/21/38, (3-mo. CME Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3150 | 3165867 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Wehle Park CLO Ltd., 4.91%, 10/21/38, (3-mo. CME <br> Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $5000 | $5019791 |
| Wellington Management CLO 3 Ltd., 5.03%, <br> 07/18/37, (3-mo. CME Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6500 | 6523541 |
| Whitebox CLO II Ltd., 5.05%, 10/24/37, (3-mo. CME <br> Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4300 | 4315479 |
| Whitebox Clo V Ltd., 5.03%, 07/20/38, (3-mo. CME <br> Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2010506 |
| Wise CLO Ltd. |  |  |
| 5.13%, 07/15/37, (3-mo. CME Term SOFR <br> +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4015190 |
| 5.02%, 09/20/38, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7031500 |
| **Total Long-Term Investments — 100.1%** <br>**(Cost: $1,456,511,573)** | **Total Long-Term Investments — 100.1%** <br>**(Cost: $1,456,511,573)** | 1458692265 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 23290000 | 23290000 |
| **Total Short-Term Securities — 1.6%** <br>**(Cost: $23,290,000)** | **Total Short-Term Securities — 1.6%** <br>**(Cost: $23,290,000)** | 23290000 |
| **Total Investments — 101.7%** <br>**(Cost: $1,479,801,573)** | **Total Investments — 101.7%** <br>**(Cost: $1,479,801,573)** | 1481982265 |
| **Liabilities in Excess of Other Assets — (1.7)%** | **Liabilities in Excess of Other Assets — (1.7)%** | (25206389)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1456775876 |

---

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

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

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

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

<sup>(d)</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>| &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 <br> Shares<br>| $23120000<br> $170000 <br><sup>(a)</sup><br>| $— | $— | $— | $23290000 | 23290000 | $279342 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares AAA CLO 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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1458692265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1458692265 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 23290000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23290000 |
|  | &nbsp;&nbsp; $23290000 | &nbsp;&nbsp; $1458692265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1481982265 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares BBB-B CLO Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 720 East CLO Ltd., 6.57%, 01/20/38, (3-mo. CME Term <br> SOFR +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1250 | $1260486 |
| AIMCO CLO 18 Ltd., 6.52%, 07/20/37, (3-mo. CME Term <br> SOFR +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2009500 |
| Apidos CLO L, 6.47%, 01/20/38, (3-mo. CME Term <br> SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2890 | 2909915 |
| Apidos CLO LIV, 7.57%, 10/20/38, (3-mo. CME Term <br> SOFR +3.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003051 |
| Ares Loan Funding IV Ltd., 6.42%, 10/15/38, (3-mo. <br> CME Term SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1007035 |
| Ares LXXV CLO Ltd., 6.47%, 01/15/37, (3-mo. CME <br> Term SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2010329 |
| Ballyrock CLO 28 Ltd., 6.47%, 01/20/38, (3-mo. CME <br> Term SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2012002 |
| Birch Grove CLO 11 Ltd., 6.77%, 01/22/38, (3-mo. CME <br> Term SOFR +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2528128 |
| Bridge Street CLO V Ltd., 6.52%, 04/20/38, (3-mo. CME <br> Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005800 |
| Bryant Park Funding Ltd. |  |  |
| 8.67%, 04/15/38, (3-mo. CME Term SOFR <br> +5.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 958473 |
| 7.07%, 04/15/38, (3-mo. CME Term SOFR <br> +3.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 994424 |
| Elmwood CLO V Ltd., 7.92%, 10/20/37, (3-mo. CME <br> Term SOFR +4.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2006757 |
| Flatiron CLO 23 LLC |  |  |
| 6.37%, 04/17/36, (3-mo. CME Term SOFR <br> +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1003094 |
| 8.62%, 04/17/36, (3-mo. CME Term SOFR <br> +4.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1007924 |
| GoldenTree Loan Management U.S. CLO 10 Ltd., <br> 6.77%, 10/20/37, (3-mo. CME Term SOFR <br> +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3050 | 3076826 |
| GoldenTree Loan Management U.S. CLO 17 Ltd., <br> 6.47%, 01/20/39, (3-mo. CME Term SOFR <br> +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2512973 |
| GoldenTree Loan Management U.S. CLO 22 Ltd., <br> 6.52%, 10/20/37, (3-mo. CME Term SOFR + <br> 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1004711 |
| Golub Capital Partners CLO 58B-R Ltd., 6.57%, <br> 10/25/37, (3-mo. CME Term SOFR + 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2500 | 2523396 |
| Golub Capital Partners CLO 74 B Ltd., 6.87%, <br> 07/25/37, (3-mo. CME Term SOFR +3.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2240 | 2257116 |
| Golub Capital Partners CLO 76 B Ltd., 9.42%, <br> 10/25/37, (3-mo. CME Term SOFR +5.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 650 | 657223 |
| Invesco U.S. CLO Ltd., 6.72%, 07/15/38, (3-mo. CME <br> Term SOFR +3.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1008303 |
| Madison Park Funding XXXVII Ltd., 7.42%, <br> 04/15/37, (3-mo. CME Term SOFR +3.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1975790 |
| Neuberger Berman Loan Advisers CLO 44 Ltd., 6.32%, <br> 10/16/35, (3-mo. CME Term SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2003406 |
| Neuberger Berman Loan Advisers CLO 59 Ltd., 7.47%, <br> 01/23/39, (3-mo. CME Term SOFR +3.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1650 | 1676835 |
| OCP CLO Ltd. |  |  |
| 6.12%, 04/17/37, (3-mo. CME Term SOFR <br> +2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005212 |
| 6.77%, 10/25/37, (3-mo. CME Term SOFR + <br> 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1010293 |
| OHA Credit Funding 11 Ltd., 6.52%, 07/19/37, (3-mo. <br> CME Term SOFR +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1780 | 1781911 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OHA Credit Funding 12-R Ltd., 6.42%, 07/20/37, (3-mo. <br> CME Term SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1003675 |
| OHA Credit Funding 2 Ltd., 6.37%, 01/21/38, (3-mo. <br> CME Term SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2010897 |
| OHA Credit Partners XIV Ltd., 6.52%, 07/21/37, (3-mo. <br> CME Term SOFR +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4000 | 4023523 |
| Palmer Square CLO Ltd. |  |  |
| 6.32%, 01/20/38, (3-mo. CME Term SOFR <br> +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2230 | 2241617 |
| 6.32%, 01/15/38, (3-mo. CME Term SOFR <br> +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3350 | 3366676 |
| Pikes Peak CLO 6, 8.47%, 05/18/34, (3-mo. CME Term <br> SOFR +4.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 995128 |
| RAD CLO 21 Ltd., 6.27%, 01/25/37, (3-mo. CME Term <br> SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 998998 |
| Regatta VIII Funding Ltd., 7.37%, 04/17/37, (3-mo. CME <br> Term SOFR +3.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005267 |
| Regatta XXI Funding Ltd., 6.77%, 10/15/37, (3-mo. CME <br> Term SOFR +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 505101 |
| RR 28 Ltd., 8.12%, 04/15/37, (3-mo. CME Term SOFR <br> +4.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1950 | 1965936 |
| Sixth Street CLO XX Ltd., 6.62%, 07/17/38, (3-mo. CME <br> Term SOFR +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 700 | 705927 |
| Sycamore Tree CLO Ltd., 6.57%, 10/20/38, (3-mo. CME <br> Term SOFR +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1013969 |
| Symphony CLO XXXIII Ltd., 6.27%, 01/24/38, (3-mo. <br> CME Term SOFR +2.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 1981205 |
| Trimaran Cavu Ltd., 7.57%, 04/25/38, (3-mo. CME Term <br> SOFR +3.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1001738 |
| Trinitas CLO XXXI Ltd., 6.67%, 01/22/38, (3-mo. CME <br> Term SOFR +3.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1750 | 1768314 |
| Trinitas CLO XXXII Ltd., 9.47%, 07/23/38, (3-mo. CME <br> Term SOFR +5.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 750 | 755578 |
| Voya CLO Ltd. |  |  |
| 6.52%, 01/20/38, (3-mo. CME Term SOFR <br> +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1000 | 1005283 |
| 9.02%, 01/20/38, (3-mo. CME Term SOFR + <br> 5.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1450 | 1464982 |
| Wellington Management CLO 3 Ltd., 9.42%, <br> 07/18/37, (3-mo. CME Term SOFR +5.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 502743 |
| Whitebox Clo II Ltd., 9.42%, 10/24/37, (3-mo. CME Term <br> SOFR +5.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 503493 |
| **Total Long-Term Investments — 97.5%** <br>**(Cost: $73,514,502)** | **Total Long-Term Investments — 97.5%** <br>**(Cost: $73,514,502)** | 73030963 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 1690000 | 1690000 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $1,690,000)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $1,690,000)** | 1690000 |
| **Total Investments — 99.8%** <br>**(Cost: $75,204,502)** | **Total Investments — 99.8%** <br>**(Cost: $75,204,502)** | 74720963 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 165746 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $74886709 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares BBB-B CLO Active ETF**

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

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

<sup>(b)</sup> 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. 

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

<sup>(c)</sup> Affiliate of the Fund. <br> <sup>(d)</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>| &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* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $2160000 | $—<br> $(470000 )<sup>(a)</sup><br>| $— | $— | $1690000 | 1690000 | $26851 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73030963 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73030963 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1690000 |
|  | &nbsp;&nbsp; $1690000 | &nbsp;&nbsp; $73030963 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74720963 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Flexible Income Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 1988 CLO 2 Ltd., 4.87%, 04/15/38, (3-mo. <br> CME Term SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,545 | $3556085 |
| 1988 CLO 3 Ltd., 4.92%, 10/15/38, (3-mo. <br> CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3002016 |
| 1988 CLO 5 Ltd., 5.21%, 07/15/37, (3-mo. <br> CME Term SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4012716 |
| 522 Funding CLO Ltd. |  |  |
| 5.00%, 04/15/35, (3-mo. CME Term <br> SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | 3253680 |
| 5.98%, 10/20/31, (3-mo. CME Term <br> SOFR +2.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250672 |
| 4.87%, 10/23/34, (3-mo. CME Term <br> SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,010 | 3012636 |
| 4.97%, 10/20/31, (3-mo. CME Term <br> SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD42 | 41980 |
| 610 Funding 2 CLO Ltd., 1.00%, 01/20/39<sup>(a)</sup> | &nbsp;&nbsp; USD8,500 | 8500000 |
| 720 East CLO Ltd., 5.00%, 01/20/38, (3-mo. <br> CME Term SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,755 | 2766525 |
| 720 East CLO VII Ltd., 4.73%, <br> 04/20/37, (3-mo. CME Term SOFR <br> +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,500 | 8509323 |
| A10 Issuer LLC, 5.22%, 05/15/42, (1-mo. <br> CME Term SOFR + 1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,388 | 8396536 |
| AB BSL CLO 2 Ltd., 5.03%, <br> 04/15/34, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; USD3,500 | 3503774 |
| AB BSL CLO 3 Ltd., 4.92%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,480 | 2488143 |
| AB Carval Euro CLO II-C DAC, 5.81%, <br> 02/15/37, (3-mo. EURIBOR + 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR730 | 880642 |
| ACE Securities Corp. Home Equity Loan <br> Trust, 4.48%, 08/25/35, (1-mo. CME Term <br> SOFR +0.80%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,792 | 1597030 |
| ACREC LLC, 4.99%, 08/18/42, (1-mo. CME <br> Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 4981397 |
| ACRES Commercial Realty Issuer LLC, <br> 1.00%, 08/18/44, (1-mo. CME Term <br> SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,000 | 10004154 |
| ACRES LLC, 5.29%, 08/18/40, (1-mo. CME <br> Term SOFR +1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,290 | 7304334 |
| Affirm Asset Securitization Trust |  |  |
| 5.61%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,731 | 2735294 |
| 4.62%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,287 | 4297231 |
| 5.19%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD563 | 564346 |
| 5.34%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,591 | 1595743 |
| 5.08%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,928 | 1931215 |
| 4.45%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,970 | 4974250 |
| 4.93%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD295 | 295573 |
| 4.56%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD819 | 820359 |
| Affirm Master Trust |  |  |
| 4.99%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD5,756 | 5813900 |
| 5.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD3,418 | 3444451 |
| 4.45%, 10/16/34<sup>(a)</sup> | &nbsp;&nbsp; USD11,330 | 11349242 |
| 4.37%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD6,026 | 6025033 |
| 4.57%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,683 | 2682762 |
| AGL CLO 21 Ltd., 5.03%, 10/21/37, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3014362 |
| AGL CLO 30 Ltd., 7.12%, 04/21/37, (3-mo. <br> CME Term SOFR +3.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 402105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| AGL CLO 33 Ltd., 6.47%, 07/21/37, (3-mo. <br> CME Term SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | $1305188 |
| AGL CLO 35 Ltd., 5.01%, 01/21/38, (3-mo. <br> CME Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004665 |
| AGL CLO 39 Ltd. |  |  |
| 6.17%, 04/20/38, (3-mo. CME Term <br> SOFR +2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2009955 |
| 8.17%, 04/20/38, (3-mo. CME Term <br> SOFR +4.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | 1306738 |
| AGL CLO 5 Ltd. |  |  |
| 6.46%, 01/20/39, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1005336 |
| 7.71%, 01/20/39, (3-mo. CME Term <br> SOFR + 3.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 993807 |
| AGL CLO 6 Ltd., 4.95%, 04/20/38, (3-mo. <br> CME Term SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2009090 |
| Aimco CLO, 5.67%, 04/16/37, (3-mo. CME <br> Term SOFR +2.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251914 |
| AIMCO CLO 10 Ltd., 5.08%, <br> 07/22/37, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,180 | 4194233 |
| AIMCO CLO 11 Ltd. |  |  |
| 5.32%, 07/17/37, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD550 | 553757 |
| 5.01%, 07/17/37, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1757087 |
| Aimco CLO 14 Ltd., 4.89%, 10/20/38, (3-mo. <br> CME Term SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4013559 |
| AIMCO CLO 18 Ltd., 6.52%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004750 |
| AIMCO CLO 23 Ltd., 4.80%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.13%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1251215 |
| AIMCO CLO 24 Ltd., 5.52%, <br> 04/19/38, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,575 | 1587120 |
| Alinea CLO Ltd., 4.82%, 07/20/31, (3-mo. <br> CME Term SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,114 | 1113413 |
| AMMC CLO 27 Ltd., 4.75%, <br> 01/20/37, (3-mo. CME Term SOFR <br> +1.08%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,500 | 4502464 |
| AMMC CLO 30 Ltd., 6.02%, <br> 01/15/37, (3-mo. CME Term SOFR <br> +2.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003267 |
| AMMC CLO 32 Ltd., 5.03%, <br> 10/17/38, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010826 |
| Anchorage Capital CLO 15 Ltd., 5.08%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010284 |
| Anchorage Capital CLO 18 Ltd., 5.08%, <br> 04/15/34, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | 350237 |
| Anchorage Capital CLO 19 Ltd., 5.02%, <br> 10/15/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010944 |
| Anchorage Capital CLO 21 Ltd., 4.72%, <br> 10/20/34, (3-mo. CME Term SOFR <br> +1.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,350 | 1350715 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Anchorage Capital Clo 29 Ltd., 10.51%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +6.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | $1264066 |
| Anchorage Capital CLO 29 Ltd., 5.27%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4010220 |
| Anchorage Capital CLO 30 Ltd., 4.97%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,250 | 7257918 |
| Anchorage Capital CLO 31 Ltd., 5.06%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5025415 |
| Anchorage Capital Clo 34 Ltd., 6.57%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3042818 |
| Anchorage Capital CLO 6 Ltd., 5.04%, <br> 07/22/38, (3-mo. CME Term SOFR <br> +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,795 | 3816745 |
| Annisa CLO Ltd., 5.52%, 07/20/31, (3-mo. <br> CME Term SOFR +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 400832 |
| Apidos CLO LIII, 4.99%, 07/20/38, (3-mo. <br> CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010764 |
| Apidos CLO LIV |  |  |
| 6.32%, 10/20/38, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2016159 |
| 7.57%, 10/20/38, (3-mo. CME Term <br> SOFR +3.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1504576 |
| Apidos CLO LV, 4.93%, 01/20/39, (3-mo. <br> CME Term SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005999 |
| Apidos CLO XL Ltd., 5.02%, <br> 07/15/37, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008958 |
| Apidos CLO XLIV Ltd., 7.77%, <br> 10/26/37, (3-mo. CME Term SOFR + <br> 4.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1014640 |
| APIDOS CLO XLVIII Ltd., 5.11%, <br> 07/25/37, (3-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD489 | 490956 |
| Apidos CLO XXIV |  |  |
| 4.88%, 10/20/30, (3-mo. CME Term <br> SOFR +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD36 | 35913 |
| 5.28%, 10/20/30, (3-mo. CME Term <br> SOFR +1.61%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,500 | 4506261 |
| Apidos CLO XXV |  |  |
| 5.27%, 01/20/37, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 502480 |
| 7.62%, 01/20/37, (3-mo. CME Term <br> SOFR +3.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500297 |
| Apidos CLO XXXII |  |  |
| 4.77%, 01/20/33, (3-mo. CME Term <br> SOFR +1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,965 | 1965976 |
| 5.17%, 01/20/33, (3-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD555 | 555777 |
| Apidos CLO XXXIX Ltd., 4.90%, <br> 10/21/38, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007039 |
| Apidos CLO XXXV, 4.98%, 04/20/34, (3-mo. <br> CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,424 | 2425933 |
| Apidos CLO XXXVII, 5.06%, <br> 10/22/34, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,815 | 1816192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Apidos Loan Fund Ltd., 6.37%, <br> 10/25/38, (3-mo. CME Term SOFR <br> +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,930 | $1943670 |
| Arbor Realty Collateralized Loan Obligation <br> Ltd., 5.60%, 01/20/41, (1-mo. CME Term <br> SOFR +1.93%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,424 | 7447882 |
| Arbor Realty Commercial Real Estate <br> Notes LLC, 5.03%, 01/20/43, (1-mo. CME <br> Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,313 | 7308811 |
| Arbour CLO VI DAC, 5.26%, <br> 11/15/37, (3-mo. EURIBOR + 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,150 | 1375953 |
| Arbour Clo XI DAC, 5.86%, 05/15/38, (3-mo. <br> EURIBOR + 3.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR800 | 960525 |
| Arcano Euro Clo II DAC0.00% <br> 07/25/39, (3-mo. EURIBOR + 3.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1198225 |
| AREIT, 5.23%, 07/25/43, (1-mo. CME Term <br> SOFR + 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD14,495 | 14500289 |
| AREIT LLC, 5.79%, 08/17/41, (1-mo. CME <br> Term SOFR +2.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD86 | 85915 |
| AREIT Ltd. |  |  |
| 5.37%, 05/17/41, (1-mo. CME Term <br> SOFR +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,652 | 1654303 |
| 5.06%, 12/17/29, (1-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,146 | 10131874 |
| Ares LIV CLO Ltd., 4.98%, 07/15/38, (3-mo. <br> CME Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010156 |
| ARES Loan Funding III Ltd., 4.94%, <br> 07/25/36, (3-mo. CME Term SOFR <br> +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,850 | 4855008 |
| Ares Loan Funding IV Ltd., 6.42%, <br> 10/15/38, (3-mo. CME Term SOFR <br> +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007035 |
| ARES LX CLO Ltd., 4.85%, 07/18/34, (3-mo. <br> CME Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,000 | 10014427 |
| Ares LXVI CLO Ltd., 4.94%, <br> 10/25/38, (3-mo. CME Term SOFR <br> +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5025015 |
| ARES LXXIX CLO Ltd., 1.00%, <br> 04/20/39, (3-mo. CME Term SOFR + <br> 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,750 | 4750000 |
| Ares XLI Clo Ltd., 5.00%, 04/15/34, (3-mo. <br> CME Term SOFR + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3003082 |
| Ares XXVII CLO Ltd., 5.32%, <br> 10/28/34, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD226 | 227019 |
| ARI Fleet Lease Trust |  |  |
| 5.41%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD3 | 2930 |
| 5.30%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD856 | 860842 |
| 5.69%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,288 | 2325612 |
| 6.03%, 02/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,492 | 2548055 |
| 5.16%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD829 | 845149 |
| 5.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD469 | 479444 |
| Arini European CLO IV DAC, 5.52%, <br> 01/15/38, (3-mo. EURIBOR + 3.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,660 | 2006342 |
| Arini European CLO V DAC, 4.82%, <br> 01/15/39, (3-mo. EURIBOR + 2.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,560 | 1871473 |
| Arini U.S. Clo III Ltd., 5.19%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16,000 | 16051525 |
| Asimi Funding PLC |  |  |
| 5.08%, 09/16/31, (1-day SONIA + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP3 | 4189 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 4.68%, 05/16/32, (1-day SONIA + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP314 | $431285 |
| 5.48%, 05/16/32, (1-day SONIA + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP129 | 176342 |
| 5.13%, 05/16/32, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP164 | 224354 |
| 6.13%, 05/16/32, (1-day SONIA + <br> 2.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP68 | 93854 |
| 4.55%, 12/16/32, (1-day SONIA + <br> 0.82%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,974 | 4078994 |
| 6.53%, 12/16/32, (1-day SONIA + <br> 2.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP705 | 964402 |
| 8.53%, 12/16/32, (1-day SONIA + <br> 4.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP721 | 990460 |
| 4.93%, 12/16/32, (1-day SONIA + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,745 | 2387693 |
| 5.48%, 12/16/32, (1-day SONIA + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP365 | 500062 |
| 5.23%, 12/16/32, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP356 | 487272 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Five Sarl<br>|  |  |
| 4.44%, 11/15/39, (1-mo. EURIBOR + <br> 2.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR84 | 100791 |
| 3.19%, 11/15/39, (1-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR119 | 141635 |
| 3.54%, 11/15/39, (1-mo. EURIBOR + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR84 | 100748 |
| 5.94%, 11/15/39, (1-mo. EURIBOR + <br> 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR109 | 129782 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Four Sarl<br>|  |  |
| 3.21%, 08/16/40, (1-mo. EURIBOR + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,352 | 4000672 |
| 2.78%, 08/16/40, (1-mo. EURIBOR + <br> 0.72%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR7,875 | 9370435 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Four Srl<br>|  |  |
| 3.66%, 08/16/40, (1-mo. EURIBOR + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR525 | 626585 |
| 3.36%, 08/16/40, (1-mo. EURIBOR + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR478 | 570671 |
| Asset-Backed European Securitisation <br> Transaction Twenty-Three Sarl<br>|  |  |
| 3.56%, 03/21/34, (1-mo. EURIBOR + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR84 | 100359 |
| 3.86%, 03/21/34, (1-mo. EURIBOR + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR84 | 100535 |
| 4.36%, 03/21/34, (1-mo. EURIBOR + <br> 2.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR84 | 100776 |
| 3.26%, 03/21/34<sup>(d)</sup> | &nbsp;&nbsp; EUR505 | 601978 |
| Atrium XV, 5.06%, 07/16/36, (3-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003855 |
| Aurium CLO VII DAC, 5.28%, <br> 10/15/38, (3-mo. EURIBOR + 3.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR720 | 862900 |
| Aurium CLO XIII DAC, 4.82%, <br> 04/15/38, (3-mo. EURIBOR + 2.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,100 | 1311931 |
| Auto ABS Italian Stella Loans |  |  |
| 3.09%, 12/29/36, (1-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR250 | 298107 |
| 2.62%, 12/29/36, (1-mo. EURIBOR + <br> 0.73%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR578 | 686547 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 3.64%, 12/29/36, (1-mo. EURIBOR + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR70 | $83106 |
| 4.24%, 12/29/36, (1-mo. EURIBOR + <br> 2.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR70 | 83372 |
| 2.89%, 12/28/40, (1-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR640 | 760212 |
| 2.62%, 12/28/40, (1-mo. EURIBOR + <br> 0.73%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR907 | 1079056 |
| 3.14%, 12/28/40, (1-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR160 | 189713 |
| 3.79%, 12/28/40, (1-mo. EURIBOR + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR98 | 117388 |
| 3.08%, 06/25/40, (1-mo. EURIBOR + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR532 | 630543 |
| 2.60%, 06/25/40, (1-mo. EURIBOR + <br> 0.67%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR7,435 | 8824469 |
| 2.88%, 06/25/40, (1-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,620 | 3109327 |
| Auto ABS Spanish Loans FT |  |  |
| 2.79%, 09/28/38, (1-mo. EURIBOR + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR712 | 846962 |
| 3.24%, 09/28/38, (1-mo. EURIBOR + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR316 | 377021 |
| Auto1 Car Funding Sarl, 2.64%, <br> 12/15/33, (1-mo. EURIBOR + 0.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR270 | 321178 |
| Auto1 Car Funding Sarl Compartment <br> FinanceHero 2<br>|  |  |
| 3.24%, 07/16/35, (1-mo. EURIBOR + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR91 | 108152 |
| 2.79%, 07/16/35, (1-mo. EURIBOR + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR182 | 215440 |
| Autoflorence 4 Srl |  |  |
| 2.66%, 12/24/44, (1-mo. EURIBOR + <br> 0.69%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,574 | 3056582 |
| 3.02%, 12/24/44, (1-mo. EURIBOR + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,032 | 1226448 |
| 3.42%, 12/24/44, (1-mo. EURIBOR + <br> 1.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR572 | 679836 |
| AutoNoria Spain FT |  |  |
| 2.97%, 04/30/43, (1-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR500 | 594386 |
| 3.17%, 04/30/43, (1-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118759 |
| 3.47%, 04/30/43, (1-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118860 |
| 4.97%, 04/30/43, (1-mo. EURIBOR + <br> 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 119090 |
| Avoca CLO XVIII DAC, 5.07%, <br> 01/15/38, (3-mo. EURIBOR + 3.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,170 | 1406513 |
| Bain Capital CLO Ltd. Series 2024-1A, <br> Class A1, 5.22%, 04/16/37, (3-mo. CME <br> Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002526 |
| Bain Capital Credit CLO Ltd. |  |  |
| 5.00%, 01/21/38, (3-mo. CME Term <br> SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 753120 |
| 5.10%, 01/17/39, (3-mo. CME Term <br> SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5018779 |
| 4.83%, 07/17/35, (3-mo. CME Term <br> SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,000 | 10010909 |
| 4.61%, 04/18/34, (3-mo. CME Term <br> SOFR + 0.940%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500391 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Balboa Bay Loan Funding Ltd., 4.66%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 0.990%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | $5002501 |
| Ballyrock CLO 14 Ltd., 5.37%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1006601 |
| Ballyrock CLO 15 Ltd., 5.00%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251033 |
| Ballyrock CLO 20 Ltd., 1.00%, <br> 10/15/36, (3-mo. CME Term SOFR + <br> 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| Ballyrock CLO 28 Ltd., 5.37%, <br> 01/20/38, (3-mo. CME Term SOFR <br> +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 503476 |
| Ballyrock CLO Ltd., 4.91%, 10/25/38, (3-mo. <br> CME Term SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,420 | 1425396 |
| Bardot CLO Ltd., 4.65%, 10/22/32, (3-mo. <br> CME Term SOFR +0.98%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD936 | 935378 |
| Barings Equipment Finance LLC, 5.02%, <br> 06/13/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD6,409 | 6595041 |
| Battalion CLO IX Ltd., 4.63%, <br> 07/15/31, (3-mo. CME Term SOFR <br> +0.96%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,879 | 1878202 |
| Battalion CLO X Ltd., 4.81%, <br> 01/24/35, (3-mo. CME Term SOFR + <br> 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,991 | 4995320 |
| Battalion CLO XII Ltd., 5.40%, <br> 05/17/31, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,170 | 1171888 |
| Battalion Clo XV Ltd., 4.65%, <br> 01/17/33, (3-mo. CME Term SOFR <br> +0.98%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,593 | 3592771 |
| Bavarian Sky U.K. 6 PLC, 4.28%, <br> 06/20/32, (1-day SONIA + 0.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP585 | 800515 |
| BBAM U.S. CLO I Ltd., 4.87%, <br> 03/30/38, (3-mo. CME Term SOFR <br> +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,560 | 4572805 |
| BBAM U.S. CLO VI Ltd., 5.06%, <br> 01/27/39, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5022980 |
| Bbva Consumer Auto FT |  |  |
| 3.35%, 05/19/42, (3-mo. EURIBOR + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR98 | 116575 |
| 3.05%, 05/19/42, (3-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR293 | 348402 |
| BDS LLC |  |  |
| 5.25%, 09/19/39, (1-mo. CME Term <br> SOFR +1.58%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,315 | 7324586 |
| 4.96%, 10/17/42, (1-mo. CME Term <br> SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,895 | 7873751 |
| Bear Mountain Park CLO Ltd., 6.77%, <br> 07/15/37, (3-mo. CME Term SOFR <br> +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2012969 |
| Bear Stearns Asset Backed Securities I <br> Trust, 4.22%, 11/25/36, (1-mo. CME Term <br> SOFR +0.55%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,036 | 2062700 |
| Benefit Street Partners Clo 41 Ltd., 4.97%, <br> 07/25/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5024115 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Benefit Street Partners CLO 42 Ltd., 4.97%, <br> 10/25/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | $5024220 |
| Benefit Street Partners CLO 44 Ltd., 4.94%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008280 |
| Benefit Street Partners CLO IV Ltd., 6.32%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000450 |
| Benefit Street Partners CLO Ltd., 4.85%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002692 |
| Benefit Street Partners CLO V-B Ltd., <br> 5.20%, 07/20/37, (3-mo. CME Term <br> SOFR +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,340 | 3350516 |
| Benefit Street Partners CLO XVI Ltd., <br> 6.37%, 01/17/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251349 |
| Benefit Street Partners CLO XVIII Ltd., <br> 4.91%, 10/15/38, (3-mo. CME Term <br> SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,000 | 7024902 |
| Benefit Street Partners CLO XX Ltd. |  |  |
| 4.96%, 07/15/37, (3-mo. CME Term <br> SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251248 |
| 6.37%, 10/15/38, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,400 | 1409829 |
| Benefit Street Partners Clo XXII Ltd., 6.42%, <br> 04/20/35, (3-mo. CME Term SOFR <br> +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1005640 |
| Benefit Street Partners CLO XXIII Ltd., <br> 4.77%, 04/25/34, (3-mo. CME Term <br> SOFR +1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250251 |
| Benefit Street Partners CLO XXIV Ltd., <br> 4.73%, 10/20/34, (3-mo. CME Term <br> SOFR +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001201 |
| Benefit Street Partners CLO XXIX |  |  |
| 4.85%, 01/25/38, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,750 | 7767050 |
| 5.17%, 01/25/38, (3-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002482 |
| Benefit Street Partners CLO XXV Ltd., <br> 4.67%, 01/15/35, (3-mo. CME Term <br> SOFR + 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,500 | 6503554 |
| Benefit Street Partners CLO XXVII Ltd., <br> 5.04%, 10/20/37, (3-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,500 | 7533900 |
| Benefit Street Partners CLO XXVIII Ltd., <br> 5.02%, 10/20/37, (3-mo. CME Term <br> SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004300 |
| Benefit Street Partners CLO XXXIX Ltd., <br> 6.22%, 04/15/38, (3-mo. CME Term <br> SOFR +2.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,550 | 1558720 |
| Benefit Street Partners CLO XXXV Ltd., <br> 6.97%, 04/25/37, (3-mo. CME Term <br> SOFR +3.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD375 | 378031 |
| Benefit Street Partners CLO XXXVIII Ltd. |  |  |
| 4.98%, 01/25/38, (3-mo. CME Term <br> SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,172 | 9212170 |
| 5.32%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2013627 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Bethpage Park CLO Ltd. |  |  |
| 5.06%, 01/15/35, (3-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1000668 |
| 6.88%, 10/15/36, (3-mo. CME Term <br> SOFR + 3.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3488718 |
| Birch Grove CLO 10 Ltd., 5.06%, <br> 01/22/38, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD450 | 452103 |
| Birch Grove Clo 11 Ltd., 5.03%, <br> 01/22/38, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,650 | 1656607 |
| Birch Grove CLO 2 Ltd., 6.82%, <br> 10/19/37, (3-mo. CME Term SOFR <br> +3.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1009800 |
| Birch Grove CLO 3 Ltd. |  |  |
| 4.93%, 01/19/38, (3-mo. CME Term <br> SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD19,000 | 19060855 |
| 5.27%, 01/19/38, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501436 |
| Birch Grove CLO 4 Ltd., 5.15%, <br> 07/15/37, (3-mo. CME Term SOFR <br> +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003651 |
| Birch Grove CLO 6 Ltd., 5.05%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,540 | 6575813 |
| Birch Grove CLO 7 Ltd., 4.93%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16,000 | 16054832 |
| Birch Grove CLO 8 Ltd. |  |  |
| 5.30%, 04/20/37, (3-mo. CME Term <br> SOFR +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,670 | 5679974 |
| 6.37%, 04/20/37, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,200 | 2212551 |
| 10.77%, 04/20/37, (3-mo. CME Term <br> SOFR + 7.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1005793 |
| Blueberry Park CLO Ltd. |  |  |
| 9.02%, 10/20/37, (3-mo. CME Term <br> SOFR +5.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1008305 |
| 6.57%, 10/20/37, (3-mo. CME Term <br> SOFR +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1012409 |
| BlueMountain CLO Ltd. |  |  |
| 4.93%, 04/20/31, (3-mo. CME Term <br> SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD438 | 438123 |
| 5.81%, 08/15/31, (3-mo. CME Term <br> SOFR +1.96%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250750 |
| 4.86%, 10/25/30, (3-mo. CME Term <br> SOFR +1.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,113 | 3112839 |
| 5.52%, 10/25/30, (3-mo. CME Term <br> SOFR +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,650 | 1654125 |
| 5.05%, 11/15/30, (3-mo. CME Term <br> SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD795 | 794726 |
| 5.55%, 11/15/30, (3-mo. CME Term <br> SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001228 |
| 5.22%, 08/15/31, (3-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,294 | 1293841 |
| 4.62%, 04/20/30, (3-mo. CME Term <br> SOFR +0.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,334 | 4334720 |
| BlueMountain CLO XXII Ltd. |  |  |
| 5.43%, 07/15/31, (3-mo. CME Term <br> SOFR +1.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250363 |
| 5.01%, 07/15/31, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD175 | 175427 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| BlueMountain CLO XXIV Ltd., 5.53%, <br> 04/20/34, (3-mo. CME Term SOFR <br> +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | $250124 |
| BlueMountain CLO XXX Ltd., 4.82%, <br> 04/15/35, (3-mo. CME Term SOFR <br> +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,900 | 2902636 |
| BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD3,821 | 3854507 |
| Brex Commercial Charge Card Master Trust, <br> 6.05%, 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,549 | 2553386 |
| Bridge Street CLO II Ltd., 5.16%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5000000 |
| Bridge Street CLO III Ltd., 5.09%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007830 |
| Bridge Street CLO V Ltd., 6.52%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,800 | 3822041 |
| Bridge Street CLO VI Ltd., 5.07%, <br> 01/15/39, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5021580 |
| Brignole Co. |  |  |
| 2.68%, 02/24/42, (1-mo. EURIBOR + <br> 0.78%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR473 | 562256 |
| 3.10%, 02/24/42, (1-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR81 | 96005 |
| 5.90%, 02/24/42, (1-mo. EURIBOR + <br> 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR51 | 61383 |
| Bryant Park Funding Ltd. |  |  |
| 5.01%, 01/18/38, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2510459 |
| 5.37%, 01/18/38, (3-mo. CME Term <br> SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1505667 |
| 4.87%, 04/15/38, (3-mo. CME Term <br> SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002600 |
| 6.47%, 04/15/38, (3-mo. CME Term <br> SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 751504 |
| 7.62%, 04/15/38, (3-mo. CME Term <br> SOFR +3.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1489221 |
| BSPDF Issuer LLC, 5.20%, 12/15/42, (1-mo. <br> CME Term SOFR +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,217 | 8228652 |
| BXMT Ltd., 5.31%, 10/18/42, (1-mo. CME <br> Term SOFR +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD12,785 | 12800777 |
| California Street CLO IX LP, 5.03%, <br> 07/16/32, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD484 | 484125 |
| Canyon Capital CLO Ltd. |  |  |
| 5.68%, 04/15/34, (3-mo. CME Term <br> SOFR +2.01%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250705 |
| 5.00%, 07/15/31, (3-mo. CME Term <br> SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD361 | 361231 |
| 4.85%, 04/15/38, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,835 | 2842621 |
| 4.68%, 10/15/34, (3-mo. CME Term <br> SOFR + 1.010%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13,450 | 13467262 |
| Canyon CLO Ltd. |  |  |
| 5.00%, 07/15/31, (3-mo. CME Term <br> SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD229 | 229414 |
| 5.07%, 10/15/37, (3-mo. CME Term <br> SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250924 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Capital Four CLO VIII DAC, 5.28%, <br> 10/25/37, (3-mo. EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,360 | $1629933 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| 5.63%, 08/20/31<sup>(d)</sup> | &nbsp;&nbsp; GBP230 | 316491 |
| 6.33%, 08/20/31, (1-day SONIA + <br> 2.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP175 | 241456 |
| 5.13%, 08/20/31, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP381 | 523377 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 4.91%, 07/20/31, (3-mo. CME Term <br> SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD191 | 190846 |
| 5.48%, 07/20/31, (3-mo. CME Term <br> SOFR + 1.812%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 500689 |
| Carlyle U.S. CLO Ltd. |  |  |
| 5.58%, 04/20/34, (3-mo. CME Term <br> SOFR +1.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD580 | 581705 |
| 5.45%, 10/21/37, (3-mo. CME Term <br> SOFR +1.78%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1006521 |
| 5.22%, 04/20/37, (3-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6013466 |
| 5.03%, 10/15/37, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3014163 |
| 4.82%, 04/20/38, (3-mo. CME Term <br> SOFR +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,405 | 1406663 |
| 7.52%, 04/20/37, (3-mo. CME Term <br> SOFR +3.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250950 |
| 6.52%, 07/20/37, (3-mo. CME Term <br> SOFR +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1762968 |
| 5.32%, 10/15/38, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2771022 |
| 6.42%, 10/15/38, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3013493 |
| 4.87%, 04/15/38, (3-mo. CME Term <br> SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,350 | 6370762 |
| CARLYLE U.S. CLO Ltd., 5.03%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004200 |
| Carrington Mortgage Loan Trust, 4.22%, <br> 05/25/36, (1-mo. CME Term SOFR <br> +0.55%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,234 | 1093628 |
| CarVal CLO I Ltd., 4.90%, 07/16/31, (3-mo. <br> CME Term SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,075 | 1076381 |
| CarVal CLO II Ltd., 4.69%, 04/20/32, (3-mo. <br> CME Term SOFR +1.02%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD837 | 837640 |
| CarVal CLO IV Ltd., 4.97%, 03/31/38, (3-mo. <br> CME Term SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,000 | 9044010 |
| Cascade MH Asset Trust, 1.75%, <br> 02/25/46<sup>(a)</sup><br>| &nbsp;&nbsp; USD241 | 220146 |
| Cbam Ltd., 5.53%, 07/20/31, (3-mo. CME <br> Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | 300366 |
| CBAM Ltd. |  |  |
| 5.73%, 01/20/34, (3-mo. CME Term <br> SOFR +2.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2002555 |
| 5.45%, 10/17/38, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3011182 |
| Cedar Funding V CLO Ltd., 4.88%, <br> 01/17/39, (3-mo. CME Term SOFR + <br> 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2758250 |
| Cedar Funding VII Clo Ltd., 5.20%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3515022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Cedar Funding XI CLO Ltd., 4.85%, <br> 05/29/32, (3-mo. CME Term SOFR <br> +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,382 | $1382025 |
| Cedar Funding XIV CLO Ltd., 5.05%, <br> 10/15/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD550 | 551951 |
| Cedar Funding XIX CLO Ltd., 5.00%, <br> 01/23/38, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004137 |
| Chesapeake Funding II LLC |  |  |
| 5.65%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD34 | 34592 |
| 6.16%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD166 | 167665 |
| CIFC European Funding CLO II DAC, <br> 5.02%, 10/15/39, (3-mo. EURIBOR + <br> 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,440 | 1728872 |
| CIFC European Funding CLO III DAC, <br> 1.00%, 01/15/39, (3-mo. EURIBOR + <br> 2.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,501 | 2964559 |
| Cifc Funding Ltd., 5.47%, 01/17/35, (3-mo. <br> CME Term SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3016352 |
| CIFC Funding Ltd. |  |  |
| 5.10%, 10/20/34, (3-mo. CME Term <br> SOFR +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,840 | 2844659 |
| 5.22%, 04/21/37, (3-mo. CME Term <br> SOFR + 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD320 | 320717 |
| 5.33%, 01/18/31, (3-mo. CME Term <br> SOFR +1.66%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,025 | 4030896 |
| 5.08%, 07/17/37, (3-mo. CME Term <br> SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,170 | 4184040 |
| 5.12%, 07/16/37, (3-mo. CME Term <br> SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,200 | 5221123 |
| 5.42%, 07/25/37, (3-mo. CME Term <br> SOFR +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251756 |
| 5.03%, 07/23/37, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2258396 |
| 6.62%, 07/23/37, (3-mo. CME Term <br> SOFR +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,730 | 3754728 |
| 5.08%, 07/15/36, (3-mo. CME Term <br> SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,745 | 2747059 |
| 7.92%, 01/20/37, (3-mo. CME Term <br> SOFR +4.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2000000 |
| 5.04%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2260928 |
| 5.42%, 10/20/37, (3-mo. CME Term <br> SOFR +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2517299 |
| 5.58%, 10/15/34, (3-mo. CME Term <br> SOFR +1.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,370 | 1374110 |
| 4.82%, 04/23/38, (3-mo. CME Term <br> SOFR +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001197 |
| 6.17%, 04/23/38, (3-mo. CME Term <br> SOFR +2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2513546 |
| 4.94%, 10/18/38, (3-mo. CME Term <br> SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,841 | 3860063 |
| 5.32%, 10/18/38, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD640 | 644654 |
| 6.37%, 10/18/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3020437 |
| 4.92%, 10/17/38, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2009370 |
| 6.27%, 10/17/38, (3-mo. CME Term <br> SOFR +2.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,450 | 4476308 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 6.42%, 01/16/38, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,820 | $1830235 |
| 5.52%, 10/15/38, (3-mo. CME Term <br> SOFR +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2016961 |
| 6.37%, 10/15/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,440 | 3463566 |
| 6.37%, 07/16/35, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,100 | 2100332 |
| 4.99%, 04/17/35, (3-mo. CME Term <br> SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,750 | 7759537 |
| 4.85%, 03/31/38, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002200 |
| 4.88%, 10/20/38, (3-mo. CME Term <br> SOFR +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,060 | 10096045 |
| 4.90%, 10/15/38, (3-mo. CME Term <br> SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003503 |
| 4.95%, 10/19/38, (3-mo. CME Term <br> SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5020500 |
| 7.37%, 04/20/37, (3-mo. CME Term <br> SOFR + 3.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3018088 |
| 5.40%, 10/24/38, (3-mo. CME Term <br> SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1005119 |
| CIT Mortgage Loan Trust |  |  |
| 5.54%, 10/25/37, (1-mo. CME Term <br> SOFR +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4008576 |
| 5.54%, 10/25/37, (1-mo. CME Term <br> SOFR +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD942 | 927372 |
| 5.54%, 10/25/37, (1-mo. CME Term <br> SOFR +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,321 | 3454090 |
| College Avenue Student Loans LLC |  |  |
| 4.69%, 07/26/55, (1-mo. CME Term <br> SOFR +1.01%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD958 | 948364 |
| 3.06%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp; USD68 | 63957 |
| 4.59%, 06/25/52, (1-mo. CME Term <br> SOFR +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD734 | 724770 |
| 2.72%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp; USD138 | 128552 |
| 1.60%, 07/25/51<sup>(a)</sup> | &nbsp;&nbsp; USD302 | 277580 |
| Compartment Driver UK Ten, 4.73%, <br> 04/25/33, (1-day SONIA + 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP500 | 687102 |
| Compass Datacenters Issuer II LLC, 4.93%, <br> 11/25/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD6,203 | 6175161 |
| Compass Datacenters Issuer III LLC, 5.29%, <br> 07/25/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,205 | 5223502 |
| Concord Music Royalties LLC, 5.64%, <br> 10/20/74<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,013 | 1021134 |
| Consolidated Communications LLC/Fidium <br> Fiber Finance Holdco LLC<br>|  |  |
| 5.77%, 12/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD8,626 | 8739421 |
| 5.52%, 12/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD7,426 | 7519246 |
| Contego CLO V DAC, 5.12%, <br> 10/15/37, (3-mo. EURIBOR + 3.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,560 | 1848849 |
| Contego CLO VII DAC, 5.48%, <br> 01/23/38, (3-mo. EURIBOR + 3.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,980 | 2347699 |
| Contego CLO XI DAC, 5.25%, <br> 11/20/38, (3-mo. EURIBOR + 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR850 | 1018196 |
| Countrywide Asset-Backed Certificates <br> Trust, 4.16%, 06/25/37, (1-mo. CME Term <br> SOFR +0.49%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,162 | 2102870 |
| CQS U.S. CLO Ltd., 5.12%, <br> 07/20/36, (3-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5015730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Credit-Based Asset Servicing and <br> Securitization LLC, 4.57%, <br> 07/25/33, (1-mo. CME Term SOFR <br> +0.89%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,288 | $3312270 |
| Creeksource Dunes Creek CLO Ltd., 6.77%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 252628 |
| Cross 2025-CES1 Mortgage Trust, 5.30%, <br> 11/25/60<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,025 | 4066451 |
| Crown City CLO I, 5.04%, 07/20/38, (3-mo. <br> CME Term SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,800 | 5830815 |
| Crown Point CLO 11 Ltd., 4.93%, <br> 02/28/38, (3-mo. CME Term SOFR + <br> 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006550 |
| Crown Point CLO 8 Ltd., 5.12%, <br> 10/20/34, (3-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250394 |
| Cumulus Static CLO DAC, 5.76%, <br> 11/15/33, (3-mo. EURIBOR + 3.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR333 | 395049 |
| CWABS Asset-Backed Certificates Trust, <br> 5.67%, 08/25/34<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,937 | 1738210 |
| CWHEQ Revolving Home Equity Loan Trust <br> Series, 3.93%, 07/15/36, (1-mo. CME <br> Term SOFR +0.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,105 | 1053638 |
| DB Master Finance LLC, 4.89%, 08/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD5,263 | 5251629 |
| Deephaven Residential Mortgage Trust, <br> 5.22%, 10/25/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD10,618 | 10712319 |
| Diameter Capital CLO 10 Ltd., 4.98%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2260618 |
| Diameter Capital CLO 13 Ltd., 4.96%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3010500 |
| Diameter Capital Clo 2 Ltd., 9.82%, <br> 10/15/37, (3-mo. CME Term SOFR <br> +6.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1528749 |
| Diameter Capital CLO 2 Ltd., 5.06%, <br> 10/15/37, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3011149 |
| Diameter Capital CLO 3 Ltd., 5.00%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,000 | 7028962 |
| Diameter Capital CLO 4 Ltd., 4.90%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,000 | 8021600 |
| Diameter Capital CLO 9 Ltd., 4.84%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.17%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,650 | 6663984 |
| Dilosk Rmbs No. 9 Dac, 2.71%, <br> 01/25/63, (3-mo. EURIBOR + 0.68%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR496 | 588302 |
| Dowson PLC |  |  |
| 5.33%, 08/20/31, (1-day SONIA + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP118 | 161630 |
| 6.08%, 08/20/31, (1-day SONIA + <br> 2.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 136388 |
| 4.61%, 08/20/31<sup>(d)</sup> | &nbsp;&nbsp; GBP507 | 694816 |
| 4.98%, 08/20/31, (1-day SONIA + <br> 1.25%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP665 | 913008 |
| 7.68%, 08/20/31, (1-day SONIA + <br> 3.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP500 | 683069 |
| 10.68%, 08/20/31, (1-day SONIA + <br> 6.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP500 | 676527 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.63%, 12/20/32, (1-day SONIA + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP441 | $604175 |
| 8.98%, 12/20/32, (1-day SONIA + <br> 5.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP632 | 866157 |
| 6.63%, 12/20/32, (1-day SONIA + <br> 2.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP502 | 688023 |
| 4.63%, 12/20/32, (1-day SONIA + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP6,327 | 8680983 |
| 5.23%, 12/20/32, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP401 | 549394 |
| 4.83%, 12/20/32, (1-day SONIA + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,609 | 3575681 |
| Dryden 113 CLO Ltd., 4.76%, <br> 10/15/37, (3-mo. CME Term SOFR + <br> 1.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3003046 |
| Dryden 115 CLO Ltd., 7.47%, <br> 04/18/37, (3-mo. CME Term SOFR <br> +3.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3024790 |
| Dryden 121 CLO Ltd., 6.57%, <br> 01/15/37, (3-mo. CME Term SOFR <br> +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1009048 |
| Dryden 40 Senior Loan Fund, 5.00%, <br> 08/15/31, (3-mo. CME Term SOFR <br> +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,885 | 5885036 |
| Dryden 42 Senior Loan Fund, 5.52%, <br> 07/15/37, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002471 |
| Dryden 49 Senior Loan Fund Series <br> 2017-49A, Class AR, 4.88%, <br> 07/18/30, (3-mo. SOFR + 1.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD37 | 36850 |
| Dryden 54 Senior Loan Fund, 4.82%, <br> 10/19/29, (3-mo. CME Term SOFR <br> +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD54 | 53755 |
| Dryden 60 CLO Ltd., 4.98%, <br> 07/15/31, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD510 | 510457 |
| Dryden 61 Clo Ltd., 5.25%, 01/17/32, (3-mo. <br> CME Term SOFR + 1.580%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3002256 |
| Dryden 64 CLO Ltd., 4.90%, <br> 04/18/31, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD246 | 246018 |
| Dryden 72 CLO Ltd., 4.95%, <br> 05/15/32, (3-mo. CME Term SOFR <br> +1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,523 | 1523890 |
| Dwight Issuer LLC, 5.34%, 06/18/42, (1-mo. <br> CME Term SOFR +1.66%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,570 | 1570072 |
| Eaton Vance CLO Ltd. |  |  |
| 5.06%, 10/15/37, (3-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD822 | 824968 |
| 5.18%, 07/15/37, (3-mo. CME Term <br> SOFR + 1.510%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,350 | 1353997 |
| ECARAT DE SA Compartment |  |  |
| 2.69%, 02/25/37, (1-mo. EURIBOR + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 237023 |
| 2.94%, 02/25/37, (1-mo. EURIBOR + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118629 |
| ECARAT DE SA Compartment Lease |  |  |
| 3.14%, 05/25/34, (1-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 238089 |
| 2.89%, 05/25/34, (1-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR500 | 594264 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Edenbrook Mortgage Funding PLC |  |  |
| 5.71%, 03/22/57, (1-day SONIA + <br> 1.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP144 | $199901 |
| 6.31%, 03/22/57, (1-day SONIA + <br> 2.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP99 | 138648 |
| EDvestinU Private Education Loan Issue <br> No. 1 LLC, 3.58%, 11/25/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD38 | 37242 |
| Elevation CLO Ltd., 4.87%, 10/20/31, (3-mo. <br> CME Term SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 2999592 |
| ELFI Graduate Loan Program LLC |  |  |
| 4.51%, 08/26/47<sup>(a)</sup> | &nbsp;&nbsp; USD104 | 102074 |
| 6.37%, 02/04/48<sup>(a)</sup> | &nbsp;&nbsp; USD290 | 303012 |
| 5.56%, 08/25/49<sup>(a)</sup> | &nbsp;&nbsp; USD4,575 | 4663161 |
| Elm Park CLO DAC, 5.32%, <br> 01/15/38, (3-mo. EURIBOR + 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,729 | 3276002 |
| Elmwood CLO 16 Ltd., 6.17%, <br> 04/20/37, (3-mo. CME Term SOFR <br> +2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1256782 |
| Elmwood CLO 19 Ltd., 4.91%, <br> 10/17/38, (3-mo. CME Term SOFR <br> +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6023654 |
| Elmwood CLO 24 Ltd., 4.99%, <br> 01/17/38, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,447 | 7478277 |
| Elmwood CLO 29 Ltd. |  |  |
| 5.19%, 04/20/37, (3-mo. CME Term <br> SOFR +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,145 | 2149927 |
| 10.07%, 04/20/37, (3-mo. CME Term <br> SOFR +6.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1503349 |
| Elmwood CLO 40 Ltd., 4.91%, <br> 03/22/38, (3-mo. CME Term SOFR <br> +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3011166 |
| Elmwood CLO 41 Ltd. |  |  |
| 9.67%, 07/17/38, (3-mo. CME Term <br> SOFR +6.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3066243 |
| 5.02%, 07/17/38, (3-mo. CME Term <br> SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2011374 |
| Elmwood CLO I Ltd., 1.00%, <br> 04/20/37, (3-mo. CME Term SOFR + <br> 1.120%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,685 | 4685000 |
| Elmwood CLO II Ltd., 5.02%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 753518 |
| Elmwood CLO III Ltd., 5.05%, <br> 07/18/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,500 | 9536579 |
| Elmwood CLO IV Ltd., 5.52%, <br> 04/18/37, (3-mo. CME Term SOFR <br> +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1762239 |
| Elmwood CLO VII Ltd., 5.03%, <br> 10/17/37, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004757 |
| Elmwood CLO XI Ltd. |  |  |
| 5.22%, 01/20/38, (3-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,115 | 1121846 |
| 6.37%, 01/20/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1005085 |
| Empower CLO Ltd. |  |  |
| 4.99%, 10/15/38, (3-mo. CME Term <br> SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5020723 |
| 5.27%, 04/25/37, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,545 | 1548862 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Enterprise Fleet Financing LLC |  |  |
| 4.38%, 07/20/29<sup>(a)</sup> | &nbsp;&nbsp; USD52 | $51618 |
| 6.40%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD306 | 309646 |
| 5.23%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp; USD874 | 880231 |
| 5.51%, 01/22/29<sup>(a)</sup> | &nbsp;&nbsp; USD107 | 106918 |
| Equity One Mortgage Pass-Through Trust, <br> 5.46%, 12/25/33<sup>(b)</sup><br>| &nbsp;&nbsp; USD517 | 470210 |
| FACT SA, 3.04%, 09/22/31, (1-mo. <br> EURIBOR + 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | 357135 |
| Fair Oaks Loan Funding III DAC, 5.02%, <br> 10/15/34, (3-mo. EURIBOR + 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,160 | 1386371 |
| FCT Noria |  |  |
| 3.04%, 07/25/43, (1-mo. EURIBOR + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118354 |
| 3.29%, 07/25/43, (1-mo. EURIBOR + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118164 |
| 4.64%, 07/25/43, (1-mo. EURIBOR + <br> 2.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118968 |
| 2.79%, 07/25/43, (1-mo. EURIBOR + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | 354942 |
| Fidelity Grand Harbour CLO DAC |  |  |
| 5.62%, 10/15/34, (3-mo. EURIBOR + <br> 3.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1201866 |
| 4.76%, 02/15/38, (3-mo. EURIBOR + <br> 2.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,040 | 2422744 |
| FIGRE Trust |  |  |
| 5.06%, 09/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,718 | 5757303 |
| 5.83%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,715 | 4794993 |
| 5.15%, 11/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,561 | 9629700 |
| 4.98%, 01/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,958 | 4958196 |
| 5.18%, 01/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,283 | 1282581 |
| Finance Ireland Auto Receivables No. 2 <br> DAC, 2.89%, 11/14/34, (1-mo. EURIBOR <br> + 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR207 | 245069 |
| First Mobility Sarl - Compartment Swiss <br> Lease, 2.89%, 10/14/32<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | 356459 |
| FirstKey Homes Trust, 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 494261 |
| Flatiron CLO 20 Ltd., 5.13%, <br> 11/20/38, (3-mo. CME Term SOFR <br> +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4016244 |
| Flatiron CLO 21 Ltd., 5.03%, <br> 10/19/37, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251189 |
| Flatiron CLO 23 LLC, 4.91%, <br> 04/17/36, (3-mo. CME Term SOFR + <br> 1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,420 | 2428131 |
| Flatiron CLO 25 Ltd., 8.92%, <br> 10/17/37, (3-mo. CME Term SOFR <br> +5.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD780 | 787917 |
| Flatiron CLO 28 Ltd., 4.75%, <br> 07/15/36, (3-mo. CME Term SOFR <br> +1.08%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001556 |
| Flatiron CLO Ltd., 1.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; USD1,000 | 1000000 |
| Fondo de Titulizacion Santander Consumo 9 |  |  |
| 3.03%, 10/25/40, (3-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR400 | 474547 |
| 3.43%, 10/25/40, (3-mo. EURIBOR + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 237326 |
| 6.90%, 10/25/40, (3-mo. EURIBOR + <br> 4.87%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,080 | 1293234 |
| Ford Credit Auto Owner Trust, 5.27%, <br> 05/17/27<br>| &nbsp;&nbsp; USD20 | 19892 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Fort Greene Park CLO LLC, 8.07%, <br> 04/22/34, (3-mo. CME Term SOFR <br> +4.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $992691 |
| Fortuna Consumer Loan Abs DAC |  |  |
| 3.12%, 10/18/35, (1-mo. EURIBOR + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118516 |
| 4.72%, 10/18/35, (1-mo. EURIBOR + <br> 2.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118274 |
| 3.37%, 10/18/35, (1-mo. EURIBOR + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 117997 |
| Fortuna Consumer Loan ABS DAC |  |  |
| 2.69%, 10/18/34, (1-mo. EURIBOR + <br> 0.72%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR1,913 | 2272168 |
| 3.27%, 10/18/34, (1-mo. EURIBOR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR249 | 297382 |
| 3.62%, 10/18/34, (1-mo. EURIBOR + <br> 1.65%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR83 | 99013 |
| 6.07%, 10/18/34, (1-mo. EURIBOR + <br> 4.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR249 | 300697 |
| 2.97%, 04/18/35, (1-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR600 | 711164 |
| 3.32%, 04/18/35, (1-mo. EURIBOR + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 237678 |
| 2.67%, 04/18/35, (1-mo. EURIBOR + <br> 0.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,300 | 3920650 |
| Foundation Finance Trust |  |  |
| 2.19%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp; USD266 | 253347 |
| 6.53%, 06/15/49<sup>(a)</sup> | &nbsp;&nbsp; USD1,609 | 1678078 |
| 4.60%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD2,798 | 2809065 |
| 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD3,890 | 3902523 |
| 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD2,910 | 2943106 |
| 5.67%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD2,572 | 2635814 |
| 5.68%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD522 | 524607 |
| 4.56%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD6,696 | 6715948 |
| 4.87%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD2,443 | 2446643 |
| 5.07%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD4,703 | 4678906 |
| FS Rialto Issuer LLC |  |  |
| 5.31%, 10/19/39, (1-mo. CME Term <br> SOFR +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4015921 |
| 5.06%, 08/19/42, (1-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,370 | 7383298 |
| 1.00%, 01/19/44, (1-mo. CME Term <br> SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,038 | 7040912 |
| FT Santander Consumer Spain Auto, 3.28%, <br> 09/17/43, (3-mo. EURIBOR + 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118818 |
| FTA Consumo Santander |  |  |
| 3.68%, 07/20/38, (3-mo. EURIBOR + <br> 1.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR128 | 151921 |
| 3.33%, 07/20/38, (3-mo. EURIBOR + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR128 | 152042 |
| Fulvia Spv Srl |  |  |
| 3.15%, 12/23/41, (3-mo. EURIBOR + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118608 |
| 2.70%, 12/23/41, (3-mo. EURIBOR + <br> 0.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR717 | 850916 |
| 2.90%, 12/23/41, (3-mo. EURIBOR + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR404 | 479308 |
| Galaxy 32 CLO Ltd., 7.97%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 4.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500858 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Galaxy 34 CLO Ltd., 5.57%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $2009031 |
| Galaxy XXII CLO Ltd. |  |  |
| 4.91%, 04/16/34, (3-mo. CME Term <br> SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,738 | 3737716 |
| 1.00%, 04/16/34, (3-mo. CME Term <br> SOFR + 1.020%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4000000 |
| GAMMA Sociedade de Titularizacao <br> de Creditos<br>|  |  |
| 2.95%, 02/25/34, (3-mo. EURIBOR + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR656 | 780795 |
| 3.53%, 10/25/35, (3-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR183 | 217282 |
| 4.68%, 10/25/35, (3-mo. EURIBOR + <br> 2.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR183 | 217282 |
| 3.23%, 10/25/35, (3-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR275 | 326523 |
| Generate CLO 12 Ltd., 5.00%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5021250 |
| Generate CLO 13 Ltd., 5.47%, <br> 01/20/37, (3-mo. CME Term SOFR <br> +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,200 | 8207459 |
| Generate CLO 17 Ltd., 5.07%, <br> 10/22/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003750 |
| Generate CLO 4 Ltd., 5.10%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,125 | 8152416 |
| Generate CLO 9 Ltd., 5.02%, <br> 01/20/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4017676 |
| Golden Bar Securitisation Srl |  |  |
| 3.04%, 12/20/44, (3-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR478 | 567781 |
| 3.29%, 12/20/44, (3-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR165 | 195992 |
| 3.94%, 12/20/44, (3-mo. EURIBOR + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 119680 |
| Golden Bar Securitisation SRL |  |  |
| 3.54%, 09/22/43, (3-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR149 | 177922 |
| 3.64%, 12/22/44, (3-mo. EURIBOR + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR210 | 250182 |
| 3.24%, 12/22/44, (3-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR243 | 288612 |
| 2.94%, 12/22/44, (3-mo. EURIBOR + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR293 | 347652 |
| Golden Ray SA - Compartment 1 |  |  |
| 2.76%, 12/27/57, (1-mo. EURIBOR + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR590 | 699422 |
| 3.46%, 12/27/57, (1-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118046 |
| Golden Ray SA Compartment 2 |  |  |
| 3.46%, 12/27/58, (1-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 238066 |
| 2.90%, 12/27/58, (1-mo. EURIBOR + <br> 0.94%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,847 | 4576574 |
| 3.06%, 12/27/58, (1-mo. EURIBOR + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR500 | 592845 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| GoldenTree Loan Management U.S. CLO 10<br> Ltd., 6.77%, 10/20/37, (3-mo. CME Term <br> SOFR +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | $756597 |
| GoldenTree Loan Management U.S. CLO 11<br> Ltd., 8.57%, 10/20/34, (3-mo. CME Term <br> SOFR +4.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD950 | 946593 |
| GoldenTree Loan Management U.S. CLO 19<br> Ltd., 7.07%, 04/20/37, (3-mo. CME Term <br> SOFR + 3.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3019396 |
| GoldenTree Loan Management U.S. CLO 20<br> Ltd., 5.12%, 07/20/37, (3-mo. CME Term <br> SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD722 | 724692 |
| GoldenTree Loan Management U.S. CLO 22<br> Ltd., 5.57%, 10/20/37, (3-mo. CME Term <br> SOFR +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008963 |
| GoldenTree Loan Management U.S. CLO 23<br> Ltd., 4.94%, 01/20/39, (3-mo. CME Term <br> SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4013973 |
| GoldenTree Loan Management U.S. CLO 24<br> Ltd., 4.82%, 10/20/38, (3-mo. CME Term <br> SOFR +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2003775 |
| Goldentree Loan Management U.S. Clo 26 <br> Ltd.<br>|  |  |
| 6.42%, 07/20/38, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2516730 |
| 7.57%, 07/20/38, (3-mo. CME Term <br> SOFR +3.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000092 |
| GoldenTree Loan Management US CLO 25<br> Ltd., 4.99%, 04/20/37<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3015369 |
| GoldentTree Loan Management U.S. CLO 1<br> Ltd., 6.07%, 04/20/37, (3-mo. CME Term <br> SOFR +2.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251346 |
| Goldman Home Improvement Trust <br> Issuer Trust<br>|  |  |
| 6.80%, 10/25/52<sup>(a)</sup> | &nbsp;&nbsp; USD5,405 | 5543121 |
| 4.50%, 06/25/52<sup>(a)</sup> | &nbsp;&nbsp; USD2,030 | 2029083 |
| Golub Capital CLO 87B Ltd., 1.00%, <br> 04/20/39, (3-mo. CME Term SOFR + <br> 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500000 |
| Golub Capital Partners 48 LP, 4.98%, <br> 04/17/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2511760 |
| Golub Capital Partners CLO 19B-R3 Ltd., <br> 5.04%, 10/20/36, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6011916 |
| Golub Capital Partners CLO 37B Ltd, <br> 5.69%, 10/20/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3016594 |
| Golub Capital Partners CLO 41B-R Ltd., <br> 6.62%, 07/20/38, (3-mo. CME Term <br> SOFR +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3029018 |
| Golub Capital Partners CLO 43B Ltd., <br> 5.01%, 10/20/37, (3-mo. CME Term <br> SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012888 |
| Golub Capital Partners CLO 50B-R Ltd., <br> 6.42%, 04/20/35, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2004944 |
| Golub Capital Partners CLO 53B Ltd., <br> 4.65%, 07/20/34, (3-mo. CME Term <br> SOFR + 0.980%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,053 | 1053488 |
| Golub Capital Partners CLO 60B Ltd., <br> 4.98%, 10/25/34, (3-mo. CME Term <br> SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD600 | 600639 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Golub Capital Partners CLO 64B Ltd., <br> 6.72%, 10/25/37, (3-mo. CME Term <br> SOFR +3.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1008319 |
| Golub Capital Partners CLO 66B Ltd., <br> 5.12%, 07/25/38, (3-mo. CME Term <br> SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007930 |
| Golub Capital Partners CLO 69M, 5.42%, <br> 10/25/37<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,200 | 2210287 |
| Golub Capital Partners CLO 74 B Ltd., <br> 6.87%, 07/25/37, (3-mo. CME Term <br> SOFR +3.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD320 | 322445 |
| Golub Capital Partners CLO 76 B Ltd., <br> 5.04%, 10/25/37, (3-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,030 | 3041318 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| 6.37%, 01/25/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3017256 |
| 4.92%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003178 |
| 5.47%, 01/25/38, (3-mo. CME Term <br> SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,800 | 2822610 |
| Golub Capital Partners CLO 81 B Ltd., <br> 4.98%, 07/20/38, (3-mo. CME Term <br> SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010024 |
| Golub Capital Private Credit Fund CLO 2,<br> 5.14%, 10/18/39, (3-mo. CME Term <br> SOFR +1.47%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1249979 |
| GoodLeap Home Improvement <br> Solutions Trust<br>|  |  |
| 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp; USD3,927 | 3976274 |
| 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD6,744 | 6837081 |
| 5.32%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD4,352 | 4397450 |
| 5.00%, 10/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD10,294 | 10309336 |
| Gracie Point International Funding LLC |  |  |
| 6.45%, 03/01/27, (90-day Avg SOFR + <br> 2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD126 | 126540 |
| 5.89%, 03/01/28, (90-day Avg SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,510 | 4511635 |
| Green Lakes Park CLO LLC, 4.85%, <br> 01/25/38, (3-mo. CME Term SOFR <br> +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5012496 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.15%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD616 | 625536 |
| 6.43%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD3,913 | 3993020 |
| 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD5,403 | 5473049 |
| 5.22%, 03/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD617 | 626773 |
| 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD1,335 | 1337701 |
| 5.26%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD690 | 696209 |
| 5.56%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD547 | 551977 |
| 7.79%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD540 | 555945 |
| 4.52%, 12/27/60<sup>(a)</sup> | &nbsp;&nbsp; USD3,860 | 3874851 |
| GreenSky Home Improvement Trust |  |  |
| 5.67%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; USD655 | 671096 |
| 5.87%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; USD1,709 | 1746755 |
| Greystone CRE Notes LLC |  |  |
| 5.16%, 01/15/43, (1-mo. CME Term <br> SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,069 | 4076611 |
| 5.46%, 10/15/42, (1-mo. CME Term <br> SOFR +1.78%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,000 | 7992429 |
| Greywolf CLO II Ltd., 5.53%, <br> 04/15/34, (3-mo. CME Term SOFR + <br> 1.860%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,450 | 7462582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| GS Mortgage-Backed Securities Trust |  |  |
| 4.90%, 05/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD6,624 | $6623908 |
| 5.27%, 05/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD1,411 | 1410751 |
| GSAMP Trust, 4.24%, 06/25/36, (1-mo. <br> CME Term SOFR +0.56%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,350 | 1184580 |
| GT Loan Financing I Ltd., 5.08%, <br> 04/28/39, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,000 | 9000000 |
| HalseyPoint CLO 3 Ltd., 7.97%, <br> 07/30/37, (3-mo. CME Term SOFR <br> +4.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,340 | 1339233 |
| HalseyPoint CLO 4 Ltd., 5.15%, <br> 04/20/34, (3-mo. CME Term SOFR <br> +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD900 | 901550 |
| Halseypoint Clo 5 Ltd., 5.14%, <br> 01/30/35, (3-mo. CME Term SOFR <br> +1.47%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD700 | 701215 |
| Halseypoint CLO 6 Ltd., 5.02%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,100 | 1104973 |
| Halseypoint CLO 7 Ltd., 5.12%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007973 |
| Halseypoint CLO II Ltd., 5.62%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4016262 |
| Hambridge Euro Clo 1 DAC, 5.34%, <br> 10/20/38, (3-mo. EURIBOR + 3.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,440 | 1731607 |
| Harriman Park CLO Ltd., 4.97%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,150 | 1155743 |
| Henley CLO IV DAC, 5.03%, <br> 04/25/34, (3-mo. EURIBOR + 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1192352 |
| Henley CLO XI DAC, 4.63%, <br> 04/25/39, (3-mo. EURIBOR + 2.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,280 | 2716604 |
| Henley CLO XII DAC, 5.12%, <br> 01/15/38, (3-mo. EURIBOR + 3.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR850 | 1016529 |
| Hermitage PLC |  |  |
| 4.98%, 04/21/33, (1-day SONIA + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP139 | 190198 |
| 4.63%, 04/21/33, (1-day SONIA + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP417 | 571339 |
| 7.63%, 04/21/33, (1-day SONIA + <br> 3.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP46 | 63900 |
| 6.08%, 04/21/33, (1-day SONIA + <br> 2.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP46 | 63750 |
| 5.33%, 04/21/33, (1-day SONIA + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP46 | 63515 |
| 5.13%, 04/21/33, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP106 | 144911 |
| 6.93%, 04/21/33, (1-day SONIA + <br> 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137259 |
| 5.43%, 04/21/33, (1-day SONIA + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 136803 |
| 4.83%, 04/21/33, (1-day SONIA + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP300 | 409900 |
| Hill FL BV |  |  |
| 2.69%, 10/18/32, (1-mo. EURIBOR + <br> 0.72%)<sup>(d)</sup><br>| &nbsp;&nbsp; EUR1,083 | 1285480 |
| 3.92%, 10/18/32, (1-mo. EURIBOR + <br> 1.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR87 | 101761 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 3.22%, 10/18/32, (1-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,106 | $1313915 |
| 2.92%, 10/18/32, (1-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR842 | 1000344 |
| 4.61%, 10/18/32, (1-mo. EURIBOR + <br> 2.64%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,877 | 2230857 |
| HIVE 2025-1 BV |  |  |
| 3.31%, 11/21/45, (1-mo. EURIBOR + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR657 | 779864 |
| 2.76%, 11/21/45, (1-mo. EURIBOR + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR8,371 | 9941775 |
| Household Capital 2025-1 RMBS, 5.63%, <br> 07/21/87, (3-month BB Swap + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD524 | 364474 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| 5.10%, 05/20/32, (30-day Avg SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD512 | 513423 |
| 5.05%, 10/20/32, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,688 | 1693626 |
| 4.90%, 09/20/33, (30-day Avg SOFR + <br> 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,809 | 1814140 |
| ICG U.S. CLO Ltd. |  |  |
| 6.82%, 07/25/38, (3-mo. CME Term <br> SOFR +3.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2024294 |
| 4.96%, 10/20/38, (3-mo. CME Term <br> SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5025059 |
| Incref LLC, 5.40%, 10/19/42, (1-mo. CME <br> Term SOFR + 1.73%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,695 | 8717386 |
| Invesco U.S. CLO Ltd. |  |  |
| 5.47%, 04/20/35, (3-mo. CME Term <br> SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD819 | 821533 |
| 0.00%, 10/15/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3020614 |
| 6.52%, 01/18/39, (3-mo. CME Term <br> SOFR + 2.850%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp; USD2,500 | 2500000 |
| Italian Stella Loans SRL, 3.36%, <br> 05/27/39, (1-mo. EURIBOR + 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR85 | 101321 |
| Jersey Mike's Funding LLC, 5.48%, <br> 02/15/56<sup>(a)</sup><br>| &nbsp;&nbsp; USD14,674 | 14674000 |
| Jubilee CLO DAC, 5.22%, 01/15/39, (3-mo. <br> EURIBOR + 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,420 | 1702246 |
| Kennedy Lewis CLO 15 Ltd., 5.24%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD17,950 | 17999431 |
| Kennedy Lewis CLO 2 Ltd., 4.77%, <br> 10/22/37, (3-mo. CME Term SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,400 | 1400023 |
| Kennedy Lewis CLO 20 Ltd., 4.97%, <br> 01/25/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,615 | 1621632 |
| Kennedy Lewis CLO 7 Ltd., 5.29%, <br> 04/22/37, (3-mo. CME Term SOFR <br> +1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501312 |
| KKR CLO 23 Ltd., 4.76%, 10/20/31, (3-mo. <br> CME Term SOFR +1.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,380 | 2381526 |
| KKR Clo 25 Ltd., 5.25%, 07/15/34, (3-mo. <br> CME Term SOFR +1.58%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | 1302858 |
| KKR CLO 27 Ltd., 4.78%, 01/15/35, (3-mo. <br> CME Term SOFR + 1.110%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3003000 |
| KKR CLO 28 Ltd., 4.79%, 02/09/35, (3-mo. <br> CME Term SOFR +1.12%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5004290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| KKR CLO 30 Ltd., 5.52%, 04/17/37, (3-mo. <br> CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | $3512975 |
| KKR CLO 35 Ltd., 4.87%, 01/20/38, (3-mo. <br> CME Term SOFR + 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2506906 |
| KKR CLO 43 Ltd., 6.17%, 01/15/36, (3-mo. <br> CME Term SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,775 | 1778458 |
| KKR CLO 54 Ltd., 4.99%, 01/15/38, (3-mo. <br> CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008073 |
| KKR Financial CLO Ltd., 5.08%, <br> 10/15/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003500 |
| Latitude Australia Credit Card Master Trust |  |  |
| 4.97%, 11/23/37, (1-month BB Swap + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD500 | 349234 |
| 4.72%, 11/23/37, (1-month BB Swap + <br> 1.15%)<sup>(d)</sup><br>| &nbsp;&nbsp; AUD2,663 | 1860036 |
| LCM 29 Ltd., 5.53%, 04/15/31, (3-mo. CME <br> Term SOFR +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,420 | 1423550 |
| LCM 32 Ltd., 5.63%, 07/20/34, (3-mo. CME <br> Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1251872 |
| LendingClub Rated Notes Issuer Trust |  |  |
| 0.00%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; USD80 | 191885 |
| 5.20%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD4,924 | 4953899 |
| 5.59%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD284 | 285521 |
| 6.25%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD572 | 574877 |
| 6.47%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD229 | 229816 |
| 8.99%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD367 | 368158 |
| 13.02%, 01/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD183 | 183660 |
| 5.19%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD6,414 | 6435106 |
| Lendmark Funding Trust |  |  |
| 1.90%, 11/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,325 | 1294007 |
| 3.41%, 11/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD710 | 681220 |
| 5.53%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp; USD6,407 | 6485389 |
| 6.40%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,957 | 1987370 |
| 7.21%, 06/21/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,241 | 5341921 |
| 3.09%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD945 | 894860 |
| 4.47%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,850 | 1854737 |
| 5.25%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,153 | 2167183 |
| 4.94%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD3,295 | 3328527 |
| 5.33%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD5,895 | 5981290 |
| 4.51%, 05/21/35<sup>(a)</sup> | &nbsp;&nbsp; USD6,352 | 6343582 |
| 4.83%, 05/21/35<sup>(a)</sup> | &nbsp;&nbsp; USD1,083 | 1080723 |
| 5.04%, 05/21/35<sup>(a)</sup> | &nbsp;&nbsp; USD305 | 304853 |
| Liberty Series, 4.82%, 05/25/32, (1-month <br> BB Swap + 1.20%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD208 | 145025 |
| LoanCore, 5.06%, 08/17/42, (1-mo. CME <br> Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,050 | 9051394 |
| LoanCore Issuer LLC, 5.13%, <br> 08/18/42, (1-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,143 | 11156358 |
| London Cards No. 3 PLC |  |  |
| 5.23%, 12/15/35, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,077 | 1475915 |
| 5.73%, 12/15/35, (1-day SONIA + <br> 2.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,030 | 1410098 |
| 4.63%, 12/15/35, (1-day SONIA + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,544 | 2120719 |
| Long Beach Mortgage Loan Trust, 4.15%, <br> 03/25/46, (1-mo. CME Term SOFR <br> +0.47%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD105 | 92952 |
| LT Rahoitus DAC, 2.87%, 07/18/36, (1-mo. <br> EURIBOR + 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 236960 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Lyra Music Assets Delaware LP |  |  |
| 5.76%, 12/22/64<sup>(a)</sup> | &nbsp;&nbsp; USD2,115 | $2138128 |
| 5.60%, 09/20/65<sup>(a)</sup> | &nbsp;&nbsp; USD1,311 | 1324409 |
| Madison Park Funding LI Ltd., 4.90%, <br> 10/19/38, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752724 |
| Madison Park Funding LIX Ltd., 5.17%, <br> 04/18/37, (3-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6018606 |
| Madison Park Funding LXV Ltd., 4.97%, <br> 07/16/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6028908 |
| Madison Park Funding LXXI Ltd., 4.81%, <br> 04/23/38, (3-mo. CME Term SOFR <br> +1.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,715 | 9732973 |
| Madison Park Funding XIV Ltd., 6.57%, <br> 10/22/30, (3-mo. CME Term SOFR <br> +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3000194 |
| Madison Park Funding XL-R Ltd. |  |  |
| 5.12%, 10/16/38, (3-mo. CME Term <br> SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,700 | 3718160 |
| 6.78%, 10/16/38, (3-mo. CME Term <br> SOFR +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3536335 |
| Madison Park Funding XXIV Ltd., 6.62%, <br> 10/20/29, (3-mo. CME Term SOFR <br> +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD850 | 850318 |
| Madison Park Funding XXIX Ltd., 4.85%, <br> 03/25/38, (3-mo. CME Term SOFR <br> +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | 3258509 |
| Madison Park Funding XXX Ltd., 5.03%, <br> 07/16/37, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,375 | 1379946 |
| Madison Park Funding XXXI Ltd., 5.47%, <br> 07/23/37, (3-mo. CME Term SOFR <br> +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1006328 |
| Madison Park Funding XXXIII Ltd. |  |  |
| 5.47%, 10/15/32, (3-mo. CME Term <br> SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD475 | 476245 |
| 4.96%, 10/15/32, (3-mo. CME Term <br> SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,469 | 4473257 |
| Madison Park Funding XXXIV Ltd., 7.02%, <br> 10/16/37, (3-mo. CME Term SOFR <br> +3.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1497709 |
| Madison Park Funding XXXV Ltd. |  |  |
| 5.83%, 04/20/32, (3-mo. CME Term <br> SOFR + 2.162%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,962 | 3962000 |
| 1.00%, 02/13/39, (3-mo. CME Term <br> SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,500 | 7500000 |
| Madison Park Funding XXXVI Ltd., 4.73%, <br> 04/15/35, (3-mo. CME Term SOFR <br> +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250139 |
| Madison Park Funding XXXVII Ltd. |  |  |
| 7.42%, 04/15/37, (3-mo. CME Term <br> SOFR +3.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 493947 |
| 6.27%, 04/15/37, (3-mo. CME Term <br> SOFR + 2.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1503062 |
| Marble Point CLO XV Ltd., 5.27%, <br> 07/23/32, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3006432 |
| Marble Point CLO XVII Ltd., 5.11%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3512242 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Mariner Finance Issuance Trust |  |  |
| 2.33%, 03/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD350 | $339273 |
| 2.10%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD5,745 | 5599219 |
| 3.42%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,177 | 1123177 |
| 1.86%, 03/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD480 | 472536 |
| 5.13%, 09/22/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,600 | 1621266 |
| 6.77%, 09/22/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,592 | 1628936 |
| 5.73%, 11/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,340 | 2390309 |
| 6.36%, 11/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,102 | 2158124 |
| 4.98%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD5,732 | 5810566 |
| 5.33%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,074 | 2099802 |
| 5.69%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,834 | 2876240 |
| 4.59%, 11/22/38<sup>(a)</sup> | &nbsp;&nbsp; USD5,113 | 5124058 |
| Metro Finance Trust |  |  |
| 4.73%, 10/15/31, (1-month BB Swap + <br> 1.17%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD4,334 | 3027962 |
| 5.11%, 10/15/31, (1-month BB Swap + <br> 1.55%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD510 | 357202 |
| MF1 LLC |  |  |
| 5.41%, 03/19/39, (1-mo. CME Term <br> SOFR +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,181 | 8213173 |
| 5.16%, 05/18/42, (1-mo. CME Term <br> SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,617 | 8640866 |
| 5.13%, 02/18/43, (1-mo. CME Term <br> SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,159 | 10195588 |
| 5.03%, 02/18/41, (1-mo. CME Term <br> SOFR + 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD14,900 | 14900000 |
| MFA Trust, 6.33%, 09/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,602 | 1604635 |
| MidOcean Credit CLO XII Ltd., 5.01%, <br> 07/18/38, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2511227 |
| MidOcean Credit CLO XIX, 5.12%, <br> 07/20/36, (3-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003121 |
| Midocean Credit CLO XV Ltd. |  |  |
| 5.97%, 07/21/37, (3-mo. CME Term <br> SOFR +2.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004744 |
| 7.02%, 07/21/37, (3-mo. CME Term <br> SOFR + 3.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1008070 |
| Midocean Credit Clo XXI, 5.12%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,700 | 2709412 |
| Mila BV |  |  |
| 2.67%, 09/16/41 | &nbsp;&nbsp; EUR314 | 373383 |
| 2.93%, 09/16/41, (1-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR78 | 91851 |
| 3.04%, 10/12/42, (1-mo. EURIBOR + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118626 |
| 3.29%, 10/12/42, (1-mo. EURIBOR + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 117853 |
| 2.79%, 10/12/42, (1-mo. EURIBOR + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118582 |
| 4.66%, 10/12/42, (1-mo. EURIBOR + <br> 2.72%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | 354573 |
| Milford Park CLO Ltd., 4.83%, <br> 01/20/38, (3-mo. CME Term SOFR <br> +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3007994 |
| Milos CLO Ltd., 5.48%, 10/20/30, (3-mo. <br> CME Term SOFR +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD601 | 601141 |
| MMAF Equipment Finance LLC, 5.10%, <br> 07/13/49<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,677 | 1728967 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Morgan Stanley Eaton Vance CLO Ltd., <br> 5.62%, 10/20/37, (3-mo. CME Term <br> SOFR +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | $2010359 |
| Morglas Abs PLC, 4.53%, 09/15/40, (1-day <br> SONIA + 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,730 | 2369639 |
| Mosaic Solar Loan Trust |  |  |
| 1.64%, 04/22/47<sup>(a)</sup> | &nbsp;&nbsp; USD268 | 223328 |
| 4.01%, 06/22/43<sup>(a)</sup> | &nbsp;&nbsp; USD33 | 30832 |
| 6.40%, 05/20/53<sup>(a)</sup> | &nbsp;&nbsp; USD115 | 115689 |
| 4.20%, 02/22/44<sup>(a)</sup> | &nbsp;&nbsp; USD107 | 100452 |
| Navient Education Loan Trust |  |  |
| 5.53%, 07/15/55<sup>(a)</sup> | &nbsp;&nbsp; USD3,024 | 3054341 |
| 5.32%, 07/15/55<sup>(a)</sup> | &nbsp;&nbsp; USD1,333 | 1346674 |
| Navient Private Education Loan Trust |  |  |
| 3.61%, 12/15/59<sup>(a)</sup> | &nbsp;&nbsp; USD69 | 69171 |
| 5.24%, 07/16/40, (1-mo. CME Term <br> SOFR +1.56%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD976 | 977608 |
| 4.51%, 12/15/59, (1-mo. CME Term <br> SOFR + 0.83%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD238 | 238057 |
| Navient Private Education Refi Loan Trust |  |  |
| 3.42%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD17 | 16551 |
| 3.13%, 02/15/68<sup>(a)</sup> | &nbsp;&nbsp; USD819 | 810893 |
| 5.51%, 10/15/71<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 204981 |
| 0.97%, 12/16/69<sup>(a)</sup> | &nbsp;&nbsp; USD6,872 | 6238471 |
| 1.06%, 10/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD3,253 | 2994728 |
| 3.33%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 88854 |
| 5.39%, 11/15/68, (1-mo. CME Term <br> SOFR +1.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,563 | 1575166 |
| 4.69%, 01/15/43, (1-mo. CME Term <br> SOFR +1.01%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD319 | 318753 |
| 4.84%, 12/15/59, (1-mo. CME Term <br> SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,350 | 1348080 |
| 0.84%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD243 | 224201 |
| 5.66%, 10/15/72<sup>(a)</sup> | &nbsp;&nbsp; USD4,293 | 4400427 |
| 1.33%, 04/15/69<sup>(a)</sup> | &nbsp;&nbsp; USD651 | 605882 |
| 2.15%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp; USD3,107 | 3002432 |
| Series 2020-IA, Class A1B, 4.79%, <br> 04/15/69, (1-mo. CME Term SOFR + <br> 1.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,498 | 2483604 |
| Series 2021-DA, Class A, 4.76%, <br> 04/15/60, (PRIME - 1.99%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD335 | 331160 |
| Navient Refinance Loan Trust |  |  |
| 4.72%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; USD4,350 | 4352620 |
| 4.80%, 10/15/55<sup>(a)</sup> | &nbsp;&nbsp; USD3,395 | 3405495 |
| Navient Student Loan Trust |  |  |
| 5.41%, 03/15/72, (30-day Avg SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,303 | 1314675 |
| 3.39%, 12/15/59<sup>(a)</sup> | &nbsp;&nbsp; USD448 | 441765 |
| Nelnet Student Loan Trust |  |  |
| 4.82%, 04/20/62, (1-mo. CME Term <br> SOFR +1.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,883 | 10888270 |
| 2.85%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD300 | 271355 |
| 4.53%, 04/20/62, (1-mo. CME Term <br> SOFR + 0.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,723 | 2716553 |
| 3.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD664 | 576964 |
| 4.48%, 04/20/62, (1-mo. CME Term <br> SOFR + 0.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD201 | 199699 |
| 2.90%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 452379 |
| 1.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD1,411 | 1346298 |
| 5.95%, 11/25/53, (30-day Avg SOFR + <br> 2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD226 | 229002 |
| 2.85%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD3,869 | 3499574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 1.63%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD1,717 | $1639063 |
| 1.36%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD779 | 743286 |
| 4.81%, 03/15/57, (30-day Avg SOFR + <br> 1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,314 | 5298547 |
| 5.27%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; USD4,550 | 4593393 |
| 5.06%, 05/17/55, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,758 | 8809851 |
| 6.04%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp; USD1,725 | 1715282 |
| 4.98%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp; USD4,285 | 4287587 |
| 5.38%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp; USD2,406 | 2406616 |
| 6.05%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; USD5,670 | 5665981 |
| 5.05%, 06/22/65, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,571 | 4602609 |
| 5.82%, 06/22/65<sup>(a)</sup> | &nbsp;&nbsp; USD2,778 | 2730308 |
| Series 2021-A, Class A1, 4.59%, <br> 04/20/62, (1-mo. CME Term SOFR + <br> 0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD351 | 350395 |
| Series 2021-BA, Class AFL, 4.57%, <br> 04/20/62, (1-mo. CME Term SOFR + <br> 0.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,021 | 1019881 |
| Neuberger Berman CLO XVII Ltd., 5.07%, <br> 07/22/38, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3011541 |
| Neuberger Berman CLO XXI Ltd., 4.99%, <br> 01/20/39, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,000 | 9036000 |
| Neuberger Berman Loan Advisers CLO 30<br> Ltd., 6.47%, 01/20/39, (3-mo. CME Term <br> SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1002476 |
| Neuberger Berman Loan Advisers CLO 33<br> Ltd., 4.89%, 04/16/39, (3-mo. CME Term <br> SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6020972 |
| Neuberger Berman Loan Advisers CLO 34<br> Ltd., 6.52%, 07/20/39, (3-mo. CME Term <br> SOFR +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2013062 |
| Neuberger Berman Loan Advisers <br> CLO 36R Ltd.<br>|  |  |
| 6.42%, 07/20/39, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,440 | 3463679 |
| 4.94%, 07/20/39, (3-mo. CME Term <br> SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,500 | 5527296 |
| Neuberger Berman Loan Advisers Clo 40 <br> Ltd., 5.32%, 10/16/37, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5031399 |
| Neuberger Berman Loan Advisers CLO 44<br> Ltd., 6.32%, 10/16/35, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD425 | 425724 |
| Neuberger Berman Loan Advisers CLO 48<br> Ltd., 6.37%, 04/25/36, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500206 |
| Neuberger Berman Loan Advisers Clo 51 <br> Ltd., 4.95%, 10/23/36, (3-mo. CME Term <br> SOFR + 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,900 | 6907170 |
| Neuberger Berman Loan Advisers Clo 56 <br> Ltd., 6.77%, 07/24/37, (3-mo. CME Term <br> SOFR +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007881 |
| Neuberger Berman Loan Advisers Clo 58 <br> Ltd., 5.01%, 10/18/38, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,125 | 1129956 |
| New Mountain 3 Ltd., 5.00%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3013038 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| New Mountain CLO 2 Ltd., 5.03%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | $3011935 |
| New Residential Mortgage Loan Trust, <br> 4.44%, 02/17/39<sup>(a)</sup><br>| &nbsp;&nbsp; USD258 | 252901 |
| New York City Municipal Water Finance <br> Authority, 4.87%, 03/31/38, (3-mo. CME <br> Term SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2507936 |
| New York City Transitional Finance Authority <br> Building Aid Revenue, 5.13%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5021640 |
| Newday Funding Master Issuer PLC |  |  |
| 6.38%, 07/15/32, (1-day SONIA + <br> 2.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP142 | 196125 |
| 5.63%, 07/15/32, (1-day SONIA + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137541 |
| 5.13%, 07/15/32, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137318 |
| 5.33%, 11/15/32, (1-day SONIA + <br> 1.60%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP151 | 206868 |
| 5.03%, 11/15/32, (1-day SONIA + <br> 1.30%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP438 | 600702 |
| 4.63%, 11/15/32, (1-day SONIA + <br> 0.90%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP1,047 | 1436355 |
| 0.00%, 04/15/33, (1-day SONIA + <br> 1.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP317 | 433034 |
| 0.00%, 04/15/33, (1-day SONIA + <br> 1.15%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP194 | 265482 |
| 0.00%, 04/15/33, (1-day SONIA + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,989 | 2727917 |
| 5.23%, 07/15/33, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP152 | 207782 |
| 4.78%, 07/15/33, (1-day SONIA + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP475 | 649190 |
| 4.53%, 07/15/33, (1-day SONIA + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,490 | 2041700 |
| Newday Funding Master Issuer PLC - <br> Series, 4.63%, 07/15/32, (1-day SONIA + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP710 | 973747 |
| Noria DE |  |  |
| 2.92%, 02/25/43, (1-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR312 | 370093 |
| 3.22%, 02/25/43, (1-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR156 | 184615 |
| 3.62%, 02/25/43, (1-mo. EURIBOR + <br> 1.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR78 | 92471 |
| 5.52%, 02/25/43, (1-mo. EURIBOR + <br> 3.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR78 | 93369 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,840 | 3819906 |
| Oak Hill Credit Partners X-R Ltd. |  |  |
| 4.80%, 04/20/38, (3-mo. CME Term <br> SOFR +1.13%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,500 | 9508179 |
| 6.17%, 04/20/38, (3-mo. CME Term <br> SOFR +2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,950 | 2920390 |
| 7.27%, 04/20/38, (3-mo. CME Term <br> SOFR +3.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1501626 |
| Oaktree CLO Ltd. |  |  |
| 6.67%, 10/22/37, (3-mo. CME Term <br> SOFR +3.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD270 | 272624 |
| 4.86%, 01/15/38, (3-mo. CME Term <br> SOFR + 1.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 4.64%, 01/15/35, (3-mo. CME Term <br> SOFR +0.97%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | $3003126 |
| 5.05%, 01/20/38, (3-mo. CME Term <br> SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3013754 |
| OCP Aegis CLO Ltd., 4.89%, <br> 01/16/37, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2002157 |
| OCP CLO Ltd. |  |  |
| 5.42%, 07/20/37, (3-mo. CME Term <br> SOFR +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 503657 |
| 5.07%, 07/20/37, (3-mo. CME Term <br> SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | 3261955 |
| 5.37%, 07/20/37, (3-mo. CME Term <br> SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD680 | 684828 |
| 6.77%, 07/20/37, (3-mo. CME Term <br> SOFR +3.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,260 | 1268802 |
| 10.43%, 04/23/37, (3-mo. CME Term <br> SOFR +6.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,200 | 1212530 |
| 5.04%, 10/18/37, (3-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007531 |
| 5.35%, 10/18/37, (3-mo. CME Term <br> SOFR +1.68%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,750 | 4781025 |
| 5.03%, 10/15/37, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2762798 |
| 5.01%, 11/26/37, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,750 | 6780387 |
| 5.00%, 01/21/38, (3-mo. CME Term <br> SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5020704 |
| 4.92%, 01/20/38, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003241 |
| 5.27%, 01/21/38, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3008253 |
| 4.98%, 01/26/38, (3-mo. CME Term <br> SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008734 |
| 4.85%, 01/20/38, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1252625 |
| 4.81%, 04/16/38, (3-mo. CME Term <br> SOFR + 1.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001842 |
| 4.85%, 04/20/38, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2254950 |
| 5.04%, 07/20/37, (3-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250925 |
| 9.57%, 10/25/37, (3-mo. CME Term <br> SOFR +5.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2526526 |
| 6.42%, 07/15/38, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3529745 |
| 6.37%, 04/20/38, (3-mo. CME Term <br> SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004226 |
| 6.17%, 01/15/37, (3-mo. CME Term <br> SOFR + 2.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 249873 |
| 0.00%, 01/17/39, (3-mo. CME Term <br> SOFR + 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,750 | 4750000 |
| 5.10%, 10/15/38, (3-mo. CME Term <br> SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,025 | 1028707 |
| Octagon 75 Ltd., 4.87%, 01/22/38, (3-mo. <br> CME Term SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006641 |
| Octagon Investment Partners 36 Ltd., <br> 5.32%, 04/15/31, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250133 |
| Octagon Investment Partners 41 Ltd., <br> 4.76%, 10/15/33, (3-mo. CME Term <br> SOFR + 1.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,250 | 4254677 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Octagon Investment Partners XXI Ltd., <br> 5.20%, 02/14/31, (3-mo. CME Term <br> SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | $5007182 |
| OHA Credit Funding 10-R Ltd. |  |  |
| 4.93%, 07/18/37, (3-mo. CME Term <br> SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4009922 |
| 6.37%, 07/18/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3016299 |
| OHA Credit Funding 13 Ltd. |  |  |
| 5.02%, 07/20/37, (3-mo. CME Term <br> SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD751 | 754349 |
| 6.47%, 07/20/37, (3-mo. CME Term <br> SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004944 |
| OHA Credit Funding 14-R Ltd., 6.57%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1011524 |
| OHA Credit Funding 16-R Ltd., 4.87%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006969 |
| OHA Credit Funding 2 Ltd. |  |  |
| 6.37%, 01/21/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,050 | 2061169 |
| 5.22%, 01/21/38, (3-mo. CME Term <br> SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1257588 |
| OHA Credit Funding 22 Ltd., 5.00%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,050 | 2055330 |
| OHA Credit Funding 3 Ltd., 4.99%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 753159 |
| OHA Credit Funding 4 Ltd., 4.96%, <br> 01/22/38, (3-mo. CME Term SOFR <br> +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD700 | 703030 |
| OHA Credit Funding 5 Ltd., 5.37%, <br> 10/18/37, (3-mo. CME Term SOFR <br> +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1761622 |
| OHA Credit Funding 6 Ltd., 5.00%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,250 | 3264708 |
| OHA Credit Funding 7 Ltd., 4.95%, <br> 07/19/38, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,250 | 6281512 |
| OHA Credit Funding 9 Ltd. |  |  |
| 5.02%, 10/19/37, (3-mo. CME Term <br> SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5022455 |
| 5.37%, 10/19/37, (3-mo. CME Term <br> SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2013563 |
| 5.62%, 10/19/37, (3-mo. CME Term <br> SOFR +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004753 |
| OHA Credit Partners XVI, 5.02%, <br> 10/18/37, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD625 | 627807 |
| OHA Loan Funding Ltd. |  |  |
| 5.13%, 07/20/37, (3-mo. CME Term <br> SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250980 |
| 5.35%, 10/20/38, (3-mo. CME Term <br> SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,260 | 1264251 |
| 4.92%, 10/19/38, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,715 | 3732568 |
| 5.24%, 10/19/38, (3-mo. CME Term <br> SOFR +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 503370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 6.32%, 10/19/38, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,750 | $2750000 |
| OHS Issuer LLC, 5.98%, 02/25/61<sup>(a)</sup> | &nbsp;&nbsp; USD7,203 | 7129875 |
| Onemain Financial Issuance Trust |  |  |
| 5.79%, 07/14/38<sup>(a)</sup> | &nbsp;&nbsp; USD1,072 | 1083536 |
| 4.82%, 07/14/38<sup>(a)</sup> | &nbsp;&nbsp; USD12,650 | 12818507 |
| OneMain Financial Issuance Trust |  |  |
| 3.14%, 10/14/36<sup>(a)</sup> | &nbsp;&nbsp; USD350 | 345299 |
| 2.47%, 06/16/36<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 464745 |
| 4.89%, 10/14/34<sup>(a)</sup> | &nbsp;&nbsp; USD173 | 172851 |
| 5.24%, 10/14/34<sup>(a)</sup> | &nbsp;&nbsp; USD8,929 | 8953949 |
| 1.75%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp; USD354 | 348543 |
| 5.50%, 06/14/38<sup>(a)</sup> | &nbsp;&nbsp; USD3,088 | 3181558 |
| 1.95%, 06/16/36<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 190266 |
| 2.21%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp; USD392 | 378063 |
| 7.52%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD595 | 615786 |
| 5.21%, 09/15/36, (30-day Avg SOFR + <br> 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,250 | 4284277 |
| 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD5,323 | 5483901 |
| 7.49%, 06/14/38<sup>(a)</sup> | &nbsp;&nbsp; USD595 | 628212 |
| 2.76%, 09/14/35<sup>(a)</sup> | &nbsp;&nbsp; USD575 | 554511 |
| 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp; USD17,087 | 17910462 |
| Orchard Park CLO Ltd. |  |  |
| 5.03%, 10/20/37, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004771 |
| 9.27%, 10/20/37, (3-mo. CME Term <br> SOFR +5.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1009103 |
| Orion CLO Ltd., 7.00%, 10/20/38, (3-mo. <br> CME Term SOFR +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3033298 |
| OWL Rock CLO V LLC, 5.45%, <br> 04/20/34, (3-mo. CME Term SOFR <br> +1.78%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1499158 |
| OZLM Funding II Ltd., 4.87%, <br> 07/30/37, (3-mo. CME Term SOFR <br> +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3003733 |
| OZLM XVIII Ltd., 5.48%, 04/15/31, (3-mo. <br> CME Term SOFR +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD454 | 455406 |
| OZLM XXIV Ltd., 5.38%, 07/20/32, (3-mo. <br> CME Term SOFR +1.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,200 | 1201784 |
| Palmer Square CLO 2021-3 Ltd., 4.96%, <br> 10/15/38, (3-mo. CME Term SOFR <br> +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,750 | 4775555 |
| Palmer Square CLO Ltd. |  |  |
| 5.02%, 07/20/37, (3-mo. CME Term <br> SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251124 |
| 5.27%, 07/20/37, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,940 | 6980947 |
| 6.32%, 01/20/38, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD830 | 834324 |
| 8.17%, 04/20/38, (3-mo. CME Term <br> SOFR +4.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 755198 |
| 6.32%, 01/15/38, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,060 | 1065276 |
| 6.12%, 04/20/38, (3-mo. CME Term <br> SOFR +2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004724 |
| 4.99%, 07/15/38, (3-mo. CME Term <br> SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2010676 |
| 4.92%, 10/20/38, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,750 | 5776576 |
| 6.50%, 08/14/38, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5025628 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 6.43%, 10/20/38, (3-mo. CME Term <br> SOFR +2.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | $3019550 |
| 5.23%, 10/20/38, (3-mo. CME Term <br> SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3014970 |
| Palmer Square European Loan <br> Funding DAC<br>|  |  |
| 5.21%, 05/15/34, (3-mo. EURIBOR + <br> 3.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR730 | 865335 |
| 5.11%, 05/15/34, (3-mo. EURIBOR + <br> 3.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR850 | 1007904 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.27%, 04/15/31, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001429 |
| 4.94%, 08/08/32, (3-mo. CME Term <br> SOFR +1.08%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,987 | 2991336 |
| 5.51%, 08/08/32, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5009297 |
| 5.76%, 08/08/32, (3-mo. CME Term <br> SOFR +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,200 | 2204778 |
| 6.81%, 08/08/32, (3-mo. CME Term <br> SOFR +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1994978 |
| 8.57%, 10/15/32, (3-mo. CME Term <br> SOFR +4.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD945 | 945055 |
| 8.37%, 01/15/33, (3-mo. CME Term <br> SOFR +4.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 750042 |
| 4.72%, 10/15/32, (3-mo. CME Term <br> SOFR + 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,229 | 4235211 |
| 5.07%, 04/15/31, (3-mo. CME Term <br> SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD800 | 800148 |
| 6.10%, 02/15/33, (3-mo. CME Term <br> SOFR +2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| 6.17%, 01/15/33, (3-mo. CME Term <br> SOFR +2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,698 | 2699438 |
| 6.17%, 07/15/33, (3-mo. CME Term <br> SOFR +2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4001924 |
| 5.67%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,000 | 4004228 |
| 5.47%, 10/15/32, (3-mo. CME Term <br> SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001489 |
| 8.11%, 01/15/34, (3-mo. CME Term <br> SOFR + 4.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999647 |
| 4.66%, 01/15/34, (3-mo. CME Term <br> SOFR + 0.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5003610 |
| 6.11%, 01/15/34, (3-mo. CME Term <br> SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000588 |
| 1.00%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,000 | 5000000 |
| 1.00%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,000 | 5000000 |
| 1.00%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,200 | 2200000 |
| 1.00%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,000 | 3000000 |
| Panorama Auto Trust |  |  |
| 4.53%, 03/15/33, (1-month BB Swap + <br> 0.97%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,513 | 1750885 |
| 4.91%, 03/15/33, (1-month BB Swap + <br> 1.35%)<sup>(d)</sup><br>| &nbsp;&nbsp; AUD576 | 402169 |
| 4.71%, 09/15/33, (1-month BB Swap + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD500 | 347608 |
| 4.43%, 09/15/33, (1-month BB Swap + <br> 0.87%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,062 | 1434820 |
| 4.91%, 09/15/33, (1-month BB Swap + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD500 | 347611 |
| 5.14%, 04/20/34, (1-month BB Swap + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,726 | 1900760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 4.57%, 04/20/34, (1-month BB Swap + <br> 0.93%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD10,990 | $7646920 |
| 4.99%, 04/20/34, (1-month BB Swap + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,531 | 1767164 |
| Park Blue CLO Ltd. |  |  |
| 5.15%, 07/25/37, (3-mo. CME Term <br> SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,240 | 9275480 |
| 5.09%, 07/20/37, (3-mo. CME Term <br> SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,480 | 4494911 |
| 5.01%, 01/25/38, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,200 | 5223379 |
| 4.89%, 04/25/38, (3-mo. CME Term <br> SOFR +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4013285 |
| 5.15%, 04/20/37, (3-mo. CME Term <br> SOFR +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,615 | 1621922 |
| 10.59%, 04/20/38, (3-mo. CME Term <br> SOFR +6.92%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1965137 |
| 5.52%, 01/25/37, (3-mo. CME Term <br> SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,250 | 2250000 |
| 4.95%, 01/20/39, (3-mo. CME Term <br> SOFR + 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6023091 |
| 6.57%, 01/20/39, (3-mo. CME Term <br> SOFR + 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2534270 |
| 1.00%, 01/25/39, (3-mo. CME Term <br> SOFR + 1.250%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp; USD2,500 | 2500000 |
| Pavillion Consumer PLC |  |  |
| 5.33%, 01/25/36, (1-day SONIA + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,277 | 1746740 |
| 4.93%, 01/25/36, (1-day SONIA + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP4,106 | 5610704 |
| PCL Funding IX PLC |  |  |
| 4.63%, 07/16/29, (1-day SONIA + <br> 0.90%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP1,142 | 1566642 |
| 5.03%, 07/16/29, (1-day SONIA + <br> 1.30%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137251 |
| Peace Park CLO Ltd. |  |  |
| 4.92%, 10/20/38, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,837 | 2848342 |
| 6.37%, 10/20/38, (3-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,750 | 5761751 |
| Penta CLO 17 DAC, 5.31%, <br> 08/15/38, (3-mo. EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR685 | 822290 |
| PFP Ltd. |  |  |
| 5.50%, 09/17/39, (1-mo. CME Term <br> SOFR +1.83%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD939 | 940295 |
| 5.25%, 08/18/43, (1-mo. CME Term <br> SOFR + 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5006227 |
| PFS Financing Corp. |  |  |
| 4.91%, 04/15/28, (30-day Avg SOFR + <br> 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1751079 |
| 5.14%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD8,050 | 8143321 |
| Pikes Peak CLO 14 Ltd., 5.05%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,620 | 1629508 |
| Pikes Peak Clo 15 Ltd., 4.89%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3512369 |
| Pikes Peak CLO 18, 4.89%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,000 | 10033997 |
| Pikes Peak CLO 6, 4.81%, 05/18/34, (3-mo. <br> CME Term SOFR + 0.940%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,550 | 3550887 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Planet Fitness Master Issuer LLC, 5.65%, <br> 12/06/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,952 | $4944952 |
| Point Au Roche Park CLO Ltd. |  |  |
| 5.01%, 07/20/34, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD700 | 700000 |
| 1.00%, 01/20/39, (3-mo. CME Term <br> SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500000 |
| Point Broadband Funding LLC |  |  |
| 5.34%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD4,410 | 4447974 |
| 5.73%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD2,510 | 2534224 |
| Polen Capital CLO Ltd., 5.04%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1756698 |
| Pony SA |  |  |
| 2.84%, 01/14/33, (1-mo. EURIBOR + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR87 | 103191 |
| 2.51%, 01/14/33, (1-mo. EURIBOR + <br> 0.52%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR868 | 1030459 |
| 3.19%, 01/14/33, (1-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR87 | 103406 |
| Post CLO Ltd., 5.57%, 04/20/35, (3-mo. <br> CME Term SOFR +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,805 | 1805000 |
| Post CLO VI Ltd., 5.09%, 01/20/38, (3-mo. <br> CME Term SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1756987 |
| Progress Residential Trust |  |  |
| 4.61%, 12/17/40<sup>(a)</sup> | &nbsp;&nbsp; USD415 | 406293 |
| 4.10%, 02/17/43<sup>(a)</sup> | &nbsp;&nbsp; USD1,795 | 1648314 |
| Providus CLO II DAC, 5.22%, <br> 10/15/38, (3-mo. EURIBOR + 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR910 | 1084505 |
| Providus Clo VI DAC, 5.25%, <br> 05/20/34, (3-mo. EURIBOR + 3.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1195001 |
| Providus Clo XIV DAC, 1.00%, <br> 04/18/40, (3-mo. EURIBOR + 2.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,773 | 3286974 |
| QTS Issuer ABS II LLC |  |  |
| 5.04%, 10/05/55<sup>(a)</sup> | &nbsp;&nbsp; USD5,182 | 5157595 |
| 6.73%, 01/05/56<sup>(a)</sup> | &nbsp;&nbsp; USD1,114 | 1125568 |
| 5.85%, 01/05/56<sup>(a)</sup> | &nbsp;&nbsp; USD2,431 | 2433089 |
| Quarzo Srl, 2.91%, 03/15/42, (3-mo. <br> EURIBOR + 0.81%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR988 | 1175468 |
| Quarzo SRL |  |  |
| 3.70%, 06/15/41, (3-mo. EURIBOR + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 238118 |
| 2.89%, 06/15/41, (3-mo. EURIBOR + <br> 0.79%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR755 | 896750 |
| 4.40%, 06/15/41, (3-mo. EURIBOR + <br> 2.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR66 | 79507 |
| Rad CLO 10 Ltd. |  |  |
| 5.33%, 04/23/34, (3-mo. CME Term <br> SOFR +1.66%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250716 |
| 5.10%, 04/23/34, (3-mo. CME Term <br> SOFR +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,510 | 3512714 |
| Rad CLO 18 Ltd., 5.07%, 07/15/37, (3-mo. <br> CME Term SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003136 |
| RAD CLO 21 Ltd. |  |  |
| 5.47%, 01/25/37, (3-mo. CME Term <br> SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,120 | 3123116 |
| 4.74%, 01/25/37, (3-mo. CME Term <br> SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD14,000 | 14008162 |
| Rad CLO 24 Ltd., 5.67%, 07/20/37, (3-mo. <br> CME Term SOFR +2.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004524 |
| Rad CLO 25 Ltd., 5.13%, 07/20/37, (3-mo. <br> CME Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2007600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| RAD CLO 27 Ltd., 4.99%, 01/15/38, (3-mo. <br> CME Term SOFR +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1004035 |
| RAD CLO 28 Ltd., 6.47%, 04/20/38, (3-mo. <br> CME Term SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752022 |
| Rad CLO 6 Ltd., 5.06%, 10/20/37, (3-mo. <br> CME Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3010931 |
| RAF ABS Trust, 4.51%, 12/09/31<sup>(d)</sup> | &nbsp;&nbsp; AUD1,880 | 1309846 |
| RCKT Mortgage Trust, 6.77%, 02/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD138 | 139448 |
| Red & Black Auto Italy Srl, 2.75%, <br> 07/28/36, (1-mo. EURIBOR + 0.81%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR664 | 789994 |
| Red & Black Auto Italy SRL, 3.04%, <br> 07/28/36, (1-mo. EURIBOR + 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR89 | 105804 |
| Regatta 30 Funding Ltd., 4.99%, <br> 01/25/38, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012701 |
| Regatta 31 Funding Ltd. |  |  |
| 4.84%, 03/25/38, (3-mo. CME Term <br> SOFR +1.17%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,590 | 2597051 |
| 5.27%, 03/25/38, (3-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,075 | 1081966 |
| 6.47%, 03/25/38, (3-mo. CME Term <br> SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2011942 |
| Regatta XII Funding Ltd., 5.06%, <br> 10/15/37, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,540 | 3556974 |
| Regatta XVII Funding Ltd., 5.05%, <br> 10/15/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,900 | 3919201 |
| Regatta XVIII Funding Ltd. |  |  |
| 5.22%, 04/15/38, (3-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,855 | 2873073 |
| 4.83%, 04/15/38, (3-mo. CME Term <br> SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,473 | 1476826 |
| Regatta XXIV Funding Ltd., 4.99%, <br> 01/20/38, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012614 |
| Regatta XXV Funding Ltd., 5.01%, <br> 07/15/38, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD12,000 | 12066888 |
| Regatta XXVIII Funding Ltd., 5.22%, <br> 04/25/37, (3-mo. CME Term SOFR <br> +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,100 | 9120930 |
| Regional Management Issuance Trust |  |  |
| 3.07%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD51 | 51272 |
| 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD4,477 | 4349343 |
| 2.35%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,710 | 1612733 |
| 3.71%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,080 | 1076549 |
| 5.83%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD1,371 | 1397660 |
| 7.46%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD3,844 | 3947186 |
| 5.49%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,033 | 1042367 |
| 5.74%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD3,736 | 3771564 |
| 6.33%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD750 | 756818 |
| 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp; USD5,337 | 5395970 |
| 4.59%, 11/16/37<sup>(a)</sup> | &nbsp;&nbsp; USD7,346 | 7331406 |
| Republic Finance Issuance Trust |  |  |
| 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD6,024 | 6084850 |
| 6.47%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,801 | 1839209 |
| 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp; USD7,613 | 7749962 |
| 5.86%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp; USD3,630 | 3713373 |
| 7.28%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,665 | 1713349 |
| 4.59%, 11/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD6,466 | 6480493 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Retained Vantage Data Centers Issuer LLC, <br> 5.09%, 08/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,089 | $4042217 |
| RevoCar SA - Compartment |  |  |
| 2.77%, 08/25/38, (1-mo. EURIBOR + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 236716 |
| 3.02%, 08/25/38, (1-mo. EURIBOR + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118363 |
| Riserva Clo Ltd., 4.72%, 01/18/34, (3-mo. <br> CME Term SOFR + 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5003219 |
| Riverbank Park Clo Ltd., 8.47%, <br> 01/25/38, (3-mo. CME Term SOFR <br> +4.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004625 |
| Rockford Tower CLO Ltd. |  |  |
| 5.12%, 10/20/30, (3-mo. CME Term <br> SOFR +1.45%)<sup>(a)(b)(g)</sup><br>| &nbsp;&nbsp; USD0 | 231 |
| 5.09%, 10/20/31, (3-mo. CME Term <br> SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD49 | 48997 |
| 4.96%, 03/31/38, (3-mo. CME Term <br> SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005239 |
| 6.83%, 03/31/38, (3-mo. CME Term <br> SOFR + 3.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1516042 |
| 7.03%, 10/20/31, (3-mo. CME Term <br> SOFR + 3.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001866 |
| Rockford Tower Europe CLO DAC |  |  |
| 5.03%, 10/25/37, (3-mo. EURIBOR + <br> 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,980 | 2355906 |
| 5.18%, 01/15/40, (3-mo. EURIBOR + <br> 3.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,550 | 3054791 |
| Romark CLO II Ltd., 6.67%, <br> 07/25/31, (3-mo. CME Term SOFR + <br> 3.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1009157 |
| RR 19 Ltd. |  |  |
| 4.85%, 04/15/40, (3-mo. CME Term <br> SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,630 | 1634684 |
| 5.22%, 04/15/40, (3-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 754508 |
| 8.37%, 04/15/40, (3-mo. CME Term <br> SOFR +4.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4035806 |
| RR 20 Ltd., 6.27%, 07/15/37, (3-mo. CME <br> Term SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 751666 |
| RR 27 Ltd., 4.90%, 10/15/40, (3-mo. CME <br> Term SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,700 | 6723481 |
| RR 32 Ltd., 5.03%, 10/15/39, (3-mo. CME <br> Term SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 251187 |
| RR 38 Ltd. |  |  |
| 4.82%, 04/15/40, (3-mo. CME Term <br> SOFR +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,125 | 1127477 |
| 5.17%, 04/15/40, (3-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 753863 |
| RR 41 Ltd., 5.21%, 10/15/40, (3-mo. CME <br> Term SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4017828 |
| RR 43 Ltd., 1.00%, 10/15/39, (3-mo. CME <br> Term SOFR + 2.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| RR 5 Ltd., 7.27%, 07/15/39, (3-mo. CME <br> Term SOFR +3.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1258814 |
| RR 8 Ltd., 4.90%, 01/15/39, (3-mo. CME <br> Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3010500 |
| Sagard-Halseypoint Clo 10 Ltd., 5.02%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5022102 |
| SAIF Securitization Trust, 5.64%, <br> 06/25/65<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD2,232 | 2265738 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Sandstone Peak II Ltd., 5.08%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | $1005957 |
| Sandstone Peak IV Ltd., 4.95%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012000 |
| Sandstone Peak Ltd. |  |  |
| 5.50%, 10/15/34, (3-mo. CME Term <br> SOFR +1.83%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3008768 |
| 7.02%, 10/15/34, (3-mo. CME Term <br> SOFR +3.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2009975 |
| Santander Consumo 8 Fondo de Titulizacion |  |  |
| 3.21%, 01/21/40, (3-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR400 | 477109 |
| 2.78%, 01/21/40, (3-mo. EURIBOR + <br> 0.77%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR600 | 712510 |
| 3.51%, 01/21/40, (3-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 237882 |
| 4.76%, 01/21/40, (3-mo. EURIBOR + <br> 2.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118635 |
| SC Austria Sarl |  |  |
| 3.13%, 07/25/41, (3-mo. EURIBOR + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,805 | 4537308 |
| 3.48%, 07/25/41, (3-mo. EURIBOR + <br> 1.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,321 | 1575710 |
| 3.83%, 07/25/41, (3-mo. EURIBOR + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,128 | 1345372 |
| SC Germany SA Compartment Consumer |  |  |
| 3.69%, 05/14/38, (1-mo. EURIBOR + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 119018 |
| 3.39%, 05/14/38, (1-mo. EURIBOR + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118806 |
| 2.69%, 05/14/38<sup>(d)</sup> | &nbsp;&nbsp; EUR749 | 889898 |
| 3.09%, 05/14/38, (1-mo. EURIBOR + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR600 | 712110 |
| 3.19%, 12/14/38, (1-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118054 |
| 3.74%, 12/14/38, (1-mo. EURIBOR + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 119369 |
| 2.94%, 12/14/38, (1-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR400 | 472220 |
| 2.94%, 12/15/38, (1-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,800 | 4523165 |
| 3.49%, 12/15/38, (1-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,200 | 1428396 |
| 3.14%, 12/15/38, (1-mo. EURIBOR + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR800 | 951300 |
| SC Germany SA Compartment Leasing |  |  |
| 2.84%, 09/14/36, (1-mo. EURIBOR + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 237165 |
| 2.99%, 09/14/36, (1-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118352 |
| Sculptor CLO Ltd., 4.92%, 01/30/39<sup>(a)</sup> | &nbsp;&nbsp; USD6,400 | 6429773 |
| Secucor Finance 2013-1 DAC |  |  |
| 5.39%, 09/20/36, (1-mo. EURIBOR + <br> 3.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR400 | 472207 |
| 3.69%, 09/20/36, (1-mo. EURIBOR + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118617 |
| 6.49%, 09/20/36, (1-mo. EURIBOR + <br> 4.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118033 |
| 3.44%, 09/20/36, (1-mo. EURIBOR + <br> 1.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR500 | 596093 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 8.19%, 09/20/36, (1-mo. EURIBOR + <br> 6.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR700 | $847181 |
| Serenity-Peace Park Clo Ltd., 5.25%, <br> 10/24/38, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012909 |
| Service Experts Issuer LLC |  |  |
| 2.67%, 02/02/32<sup>(a)</sup> | &nbsp;&nbsp; USD19 | 19103 |
| 6.39%, 11/20/35<sup>(a)</sup> | &nbsp;&nbsp; USD802 | 822627 |
| Sesac Finance LLC, 5.50%, 07/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD3,866 | 3833506 |
| Shackleton CLO Ltd. |  |  |
| 4.91%, 04/13/31, (3-mo. CME Term <br> SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5 | 5484 |
| 5.76%, 08/15/30, (3-mo. CME Term <br> SOFR +1.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD67 | 66817 |
| 5.48%, 07/15/30, (3-mo. CME Term <br> SOFR +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD88 | 88463 |
| Signal Harmonic CLO I DAC, 5.52%, <br> 07/15/38, (3-mo. EURIBOR + 3.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,320 | 1584489 |
| Signal Peak CLO 11 Ltd., 5.12%, <br> 07/18/37, (3-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2508878 |
| Signal Peak CLO 14 Ltd., 4.97%, <br> 01/22/38, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,920 | 6947680 |
| Signal Peak CLO 7 Ltd., 5.09%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004022 |
| Signal Peak CLO 8 Ltd., 5.06%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,700 | 8730989 |
| Silver Point CLO 12 Ltd., 5.29%, <br> 10/15/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2510000 |
| Silver Point CLO 13 Ltd. |  |  |
| 5.18%, 10/15/38, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5019290 |
| 6.58%, 10/15/38, (3-mo. CME Term <br> SOFR +2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2011532 |
| Silver Point Clo 3 Ltd., 5.01%, <br> 01/18/39, (3-mo. CME Term SOFR + <br> 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008226 |
| Silver Point CLO 4 Ltd., 5.30%, <br> 04/15/37, (3-mo. CME Term SOFR <br> +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,170 | 1171989 |
| Silver Point Clo 5 Ltd., 6.92%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +3.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2522401 |
| Silver Point CLO 6 Ltd., 5.07%, <br> 10/15/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5018589 |
| Silver Point CLO 7 Ltd., 5.03%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,170 | 8202101 |
| Silver Point CLO 8 Ltd. |  |  |
| 4.88%, 04/15/38, (3-mo. CME Term <br> SOFR +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3009730 |
| 8.82%, 04/15/38, (3-mo. CME Term <br> SOFR +5.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 993733 |
| Silver Point Euro Clo 1 DAC, 5.10%, <br> 01/15/39, (3-mo. EURIBOR + 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,257 | 1504055 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Sixth Street CLO XII Ltd., 5.27%, <br> 01/17/39, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,025 | $1032083 |
| Sixth Street CLO XIII Ltd., 4.89%, <br> 01/21/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001000 |
| Sixth Street CLO XIV Ltd. |  |  |
| 5.17%, 01/20/38, (3-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,735 | 3755842 |
| 4.82%, 01/20/38, (3-mo. CME Term <br> SOFR +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,200 | 5211289 |
| Sixth Street CLO XIX Ltd, 5.27%, <br> 07/17/38, (3-mo. CME Term SOFR <br> +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 503260 |
| Sixth Street CLO XVI Ltd., 1.00%, <br> 01/21/39, (3-mo. CME Term SOFR + <br> 1.170%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,000 | 11000000 |
| Sixth Street CLO XVII Ltd., 4.82%, <br> 04/17/38, (3-mo. CME Term SOFR <br> +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1753346 |
| Sixth Street CLO XVIII Ltd., 6.37%, <br> 10/17/38, (3-mo. CME Term SOFR <br> +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,600 | 1606076 |
| SLM Private Credit Student Loan Trust |  |  |
| 4.22%, 12/16/41, (3-mo. CME Term <br> SOFR +0.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD293 | 290724 |
| 4.41%, 09/15/33, (3-mo. CME Term <br> SOFR +0.69%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD178 | 175590 |
| Series 2004-A, Class A3, 4.38%, <br> 06/15/33, (3-mo. CME Term SOFR <br> +0.66%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD159 | 159028 |
| Series 2005-A, Class A4, 4.29%, <br> 12/15/38, (3-mo. CME Term SOFR <br> +0.57%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,084 | 1071311 |
| Series 2006-A, Class A5, 4.27%, <br> 06/15/39, (3-mo. CME Term SOFR <br> +0.55%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD69 | 66865 |
| SLM Private Education Loan Trust, 8.54%, <br> 10/15/41, (1-mo. CME Term SOFR <br> +4.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,279 | 2394108 |
| SMB Private Education Loan Trust |  |  |
| 3.44%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD66 | 65235 |
| 2.76%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,016 | 930765 |
| 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD2,129 | 2085243 |
| 4.59%, 01/15/53, (1-mo. CME Term <br> SOFR +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,438 | 1427176 |
| 2.30%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD848 | 828130 |
| 5.16%, 02/16/55, (30-day Avg SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,146 | 1155771 |
| 4.79%, 06/15/37, (1-mo. CME Term <br> SOFR +1.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD377 | 377679 |
| 4.48%, 05/16/50<sup>(a)</sup> | &nbsp;&nbsp; USD742 | 739056 |
| 1.59%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD4,881 | 4525358 |
| 5.51%, 10/16/56, (30-day Avg SOFR + <br> 1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,320 | 2366224 |
| 2.84%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD133 | 130311 |
| 1.34%, 03/17/53<sup>(a)</sup> | &nbsp;&nbsp; USD102 | 96437 |
| 2.23%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD83 | 81087 |
| 4.54%, 10/15/35, (1-mo. CME Term <br> SOFR +0.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD19 | 18884 |
| 5.67%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD1,657 | 1699479 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.26%, 11/15/52, (30-day Avg SOFR + <br> 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,787 | $3824979 |
| 4.62%, 09/15/37, (1-mo. CME Term <br> SOFR +0.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD839 | 838011 |
| 4.51%, 01/15/37, (1-mo. CME Term <br> SOFR +0.83%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD89 | 88716 |
| 3.50%, 09/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD4 | 3825 |
| 3.50%, 06/17/41<sup>(a)</sup> | &nbsp;&nbsp; USD75 | 74171 |
| 0.00%, 01/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,807 | 1789824 |
| 3.50%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD15 | 15171 |
| 4.66%, 07/15/36, (1-mo. CME Term <br> SOFR +0.98%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD506 | 505766 |
| 4.64%, 09/15/54, (1-mo. CME Term <br> SOFR +0.96%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD458 | 456840 |
| 2.50%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; USD380 | 340991 |
| 5.21%, 01/15/53, (30-day Avg SOFR + <br> 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,418 | 1428249 |
| 1.07%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,015 | 932064 |
| 4.89%, 07/15/53, (1-mo. CME Term <br> SOFR +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD143 | 143015 |
| 5.16%, 03/15/56, (30-day Avg SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,223 | 3258835 |
| 5.88%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp; USD669 | 688090 |
| 4.64%, 09/15/54, (1-mo. CME Term <br> SOFR +0.96%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,777 | 2764802 |
| 4.59%, 02/15/36, (1-mo. CME Term <br> SOFR +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD84 | 83765 |
| 6.15%, 10/15/58<sup>(a)</sup> | &nbsp;&nbsp; USD1,365 | 1409247 |
| 1.39%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD210 | 193159 |
| 4.81%, 06/17/52, (30-day Avg SOFR + <br> 1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,556 | 1553497 |
| 3.25%, 11/16/54<sup>(a)</sup> | &nbsp;&nbsp; USD415 | 387418 |
| 5.09%, 05/16/50<sup>(a)</sup> | &nbsp;&nbsp; USD5,072 | 5005846 |
| 3.00%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; USD3,600 | 3386640 |
| 4.81%, 07/15/53, (30-day Avg SOFR + <br> 1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD405 | 401978 |
| 3.56%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD9,155 | 8808235 |
| SoFi Consumer Loan Program Trust |  |  |
| 4.80%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp; USD6,830 | 6865779 |
| 5.12%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,393 | 4463071 |
| SoFi Personal Loan Trust |  |  |
| 6.00%, 11/12/30<sup>(a)</sup> | &nbsp;&nbsp; USD49 | 49524 |
| 6.06%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp; USD299 | 296999 |
| Sofi Professional Loan Program LLC, <br> 3.09%, 08/17/48<sup>(a)</sup><br>| &nbsp;&nbsp; USD661 | 651262 |
| SoFi Professional Loan Program LLC, <br> 3.59%, 01/25/48<sup>(a)</sup><br>| &nbsp;&nbsp; USD13 | 13288 |
| SoFi Professional Loan Program Trust |  |  |
| 3.12%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD365 | 327460 |
| 3.36%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD537 | 464456 |
| 1.95%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD1,633 | 1539501 |
| 2.17%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD1,288 | 1221152 |
| 2.73%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD1,350 | 1126929 |
| 1.14%, 02/15/47<sup>(a)</sup> | &nbsp;&nbsp; USD1,499 | 1314711 |
| Sona Fios CLO III DAC, 5.28%, <br> 04/20/37, (3-mo. EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,800 | 2163156 |
| Sona Fios CLO V DAC, 5.33%, <br> 08/25/38, (3-mo. EURIBOR + 3.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,200 | 1439812 |
| Sound Point CLO Ltd., 5.57%, <br> 04/15/38, (3-mo. CME Term SOFR + <br> 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,050 | 1055016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Sound Point CLO V-R Ltd. |  |  |
| 5.08%, 07/18/31, (3-mo. CME Term <br> SOFR +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD268 | $267605 |
| 5.68%, 07/18/31, (3-mo. CME Term <br> SOFR +2.01%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003500 |
| Sound Point CLO XXV Ltd., 4.95%, <br> 04/25/33, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD758 | 758268 |
| Sound Point CLO XXVIII Ltd., 4.95%, <br> 01/25/32, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,825 | 7828747 |
| Sound Point CLO XXXII Ltd., 5.08%, <br> 10/25/34, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3004096 |
| Sounds Point CLO IV-R Ltd., 5.08%, <br> 04/18/31, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,606 | 2606128 |
| Soundview Home Loan Trust, 4.31%, <br> 01/25/37, (1-mo. CME Term SOFR <br> +0.64%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD269 | 278766 |
| STAR Trust, 6.13%, 02/17/42, (1-mo. CME <br> Term SOFR +2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,667 | 1667858 |
| Stream Innovations Issuer Trust, 5.05%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,670 | 1685906 |
| Subway Funding LLC, 6.03%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp; USD1,098 | 1112569 |
| Summit Issuer LLC, 5.21%, 11/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD4,456 | 4490849 |
| Sunrise Spv 97 Srl |  |  |
| 3.14%, 10/27/50, (1-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR215 | 253554 |
| 3.44%, 10/27/50, (1-mo. EURIBOR + <br> 1.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118276 |
| 2.89%, 10/27/50, (1-mo. EURIBOR + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR669 | 793603 |
| Sycamore Tree CLO Ltd. |  |  |
| 5.32%, 04/20/37, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001959 |
| 5.82%, 04/20/37, (3-mo. CME Term <br> SOFR +2.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003346 |
| 4.87%, 04/20/38, (3-mo. CME Term <br> SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3009954 |
| 6.57%, 10/20/38, (3-mo. CME Term <br> SOFR +2.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3041906 |
| Symphony CLO 30 Ltd., 5.62%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007387 |
| Symphony CLO 37 Ltd., 8.57%, <br> 01/20/37, (3-mo. CME Term SOFR <br> +4.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| Symphony CLO 40 Ltd., 4.98%, <br> 01/05/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008980 |
| Symphony CLO 43 Ltd., 5.19%, <br> 04/15/37, (3-mo. CME Term SOFR <br> +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2004501 |
| Symphony CLO 44 Ltd., 9.82%, <br> 07/14/37, (3-mo. CME Term SOFR <br> +6.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007918 |
| Symphony CLO XIX Ltd., 4.89%, <br> 04/16/31, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD230 | 229844 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Symphony CLO XVI Ltd., 4.87%, <br> 10/15/31, (3-mo. CME Term SOFR <br> +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD829 | $829673 |
| Symphony CLO XX Ltd. |  |  |
| 5.22%, 01/16/32, (3-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001644 |
| 4.77%, 01/16/32, (3-mo. CME Term <br> SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,777 | 7780536 |
| Symphony CLO XXXIII Ltd., 4.93%, <br> 01/24/38, (3-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003560 |
| Taco Bell Funding LLC, 4.82%, 08/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD5,528 | 5500058 |
| TAGUS - Sociedade de Titularizacao de <br> Creditos SA/Silk Finance No. 6<br>|  |  |
| 3.72%, 12/25/39, (3-mo. EURIBOR + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118996 |
| 3.22%, 12/25/39, (3-mo. EURIBOR + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | 356432 |
| TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 2<br>|  |  |
| 4.56%, 10/27/42, (1-mo. EURIBOR + <br> 2.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR73 | 87879 |
| 3.76%, 10/27/42, (1-mo. EURIBOR + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR73 | 87562 |
| 5.96%, 10/27/42, (1-mo. EURIBOR + <br> 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR73 | 88022 |
| TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 3<br>|  |  |
| 2.89%, 10/27/43, (1-mo. EURIBOR + <br> 0.93%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,200 | 2615545 |
| 4.96%, 10/27/43, (1-mo. EURIBOR + <br> 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | 355721 |
| 3.36%, 10/27/43, (1-mo. EURIBOR + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118575 |
| 3.61%, 10/27/43, (1-mo. EURIBOR + <br> 1.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118575 |
| TCI-Symphony CLO Ltd., 4.86%, <br> 07/15/30, (3-mo. CME Term SOFR <br> +1.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD44 | 43782 |
| TCW CLO AMR Ltd., 5.15%, <br> 08/16/34, (3-mo. CME Term SOFR + <br> 1.299%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,200 | 2202319 |
| TCW CLO Ltd., 4.94%, 01/20/38, (3-mo. <br> CME Term SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752597 |
| Terwin Mortgage Trust, 4.81%, <br> 06/25/36, (1-mo. CME Term SOFR <br> +1.13%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,323 | 1248583 |
| Texas Debt Capital CLO Ltd. |  |  |
| 9.67%, 04/22/37, (3-mo. CME Term <br> SOFR +6.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2011111 |
| 6.42%, 07/20/38, (3-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3022645 |
| 4.97%, 07/20/38, (3-mo. CME Term <br> SOFR +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5025015 |
| 4.81%, 04/24/38, (3-mo. CME Term <br> SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3503555 |
| Texas Debt Capital Euro CLO DAC, 5.62%, <br> 07/16/38, (3-mo. EURIBOR + 3.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR828 | 984880 |
| Thayer Park CLO Ltd., 4.67%, <br> 04/20/34, (3-mo. CME Term SOFR + <br> 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5006496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| TICP CLO VI Ltd., 5.05%, 01/15/34, (3-mo. <br> CME Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | $249871 |
| TICP CLO VII Ltd. |  |  |
| 5.57%, 04/15/33, (3-mo. CME Term <br> SOFR +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001537 |
| 4.97%, 04/15/33, (3-mo. CME Term <br> SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD682 | 682490 |
| TICP CLO XI Ltd., 5.20%, 04/25/37, (3-mo. <br> CME Term SOFR +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 400925 |
| Tikehau CLO VI DAC, 5.62%, <br> 01/15/35, (3-mo. EURIBOR + 3.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1193606 |
| Tikehau CLO XII DAC, 5.28%, <br> 10/20/38, (3-mo. EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,300 | 1560718 |
| Towd Point Mortgage Trust |  |  |
| 5.80%, 01/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,699 | 4755749 |
| 5.30%, 12/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD2,694 | 2693949 |
| Trestles CLO II Ltd., 5.24%, <br> 07/25/37, (3-mo. CME Term SOFR <br> +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 752078 |
| Trestles CLO III Ltd. |  |  |
| 9.77%, 10/20/37, (3-mo. CME Term <br> SOFR +6.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1011499 |
| 5.06%, 10/20/37, (3-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2509176 |
| Trestles Clo IV Ltd., 5.07%, 10/30/38, (3-mo. <br> CME Term SOFR + 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5022700 |
| Trestles CLO IX Ltd., 5.13%, <br> 01/15/39, (3-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6023709 |
| Trestles CLO Ltd., 6.82%, 07/25/37, (3-mo. <br> CME Term SOFR +3.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 502020 |
| Trestles CLO VI Ltd., 4.85%, <br> 04/25/38, (3-mo. CME Term SOFR <br> +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,670 | 5684968 |
| Trestles CLO VII Ltd., 5.05%, <br> 10/25/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3011100 |
| Trestles CLO VIII Ltd., 5.00%, <br> 06/11/35, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,000 | 6015179 |
| TREVA Equipment Finance SA - <br> Compartment<br>|  |  |
| 2.89%, 01/20/35, (1-mo. EURIBOR + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR63 | 74827 |
| 2.63%, 01/20/35, (1-mo. EURIBOR + <br> 0.64%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR316 | 374339 |
| Trimaran CAVU Ltd. |  |  |
| 7.18%, 10/25/34, (3-mo. CME Term <br> SOFR +3.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | 1744720 |
| 5.07%, 10/22/37, (3-mo. CME Term <br> SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4014320 |
| 5.05%, 01/25/38, (3-mo. CME Term <br> SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4018136 |
| 9.92%, 01/25/38, (3-mo. CME Term <br> SOFR +6.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,750 | 3800841 |
| 4.91%, 03/27/38, (3-mo. CME Term <br> SOFR +1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2005991 |
| 6.72%, 03/18/38, (3-mo. CME Term <br> SOFR +3.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3025826 |
| 1.00%, 01/20/39, (3-mo. CME Term <br> SOFR + 2.750%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp; USD2,000 | 2000000 |
| 1.00%, 10/25/34<sup>(a)</sup> | &nbsp;&nbsp; USD11,000 | 11000000 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 1.00%, 10/25/34<sup>(a)</sup> | &nbsp;&nbsp; USD3,000 | $3000000 |
| 1.00%, 10/25/34<sup>(a)</sup> | &nbsp;&nbsp; USD3,300 | 3300000 |
| Trinitas CLO VI Ltd., 6.97%, <br> 01/25/34, (3-mo. CME Term SOFR + <br> 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,200 | 1197098 |
| Trinitas CLO VII Ltd., 4.73%, <br> 01/25/35, (3-mo. CME Term SOFR <br> +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3003673 |
| Trinitas CLO XIV Ltd. |  |  |
| 4.77%, 01/25/34, (3-mo. CME Term <br> SOFR +1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,405 | 2407485 |
| 5.37%, 01/25/34, (3-mo. CME Term <br> SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,245 | 1247671 |
| Trinitas CLO XVI Ltd., 4.80%, <br> 07/20/34, (3-mo. CME Term SOFR <br> +1.13%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,430 | 3432204 |
| Trinitas CLO XVIII Ltd., 4.89%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,750 | 3754104 |
| Trinitas CLO XXIII Ltd., 4.98%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3014946 |
| Trinitas CLO XXIX Ltd., 7.07%, <br> 07/23/37, (3-mo. CME Term SOFR <br> +3.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007638 |
| Trinitas CLO XXX Ltd., 10.57%, <br> 10/23/37, (3-mo. CME Term SOFR <br> +6.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1524177 |
| Trinitas CLO XXXII Ltd. |  |  |
| 5.00%, 07/23/38, (3-mo. CME Term <br> SOFR +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3012370 |
| 9.47%, 07/23/38, (3-mo. CME Term <br> SOFR +5.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1007438 |
| Trinitas CLO XXXIII Ltd., 9.62%, <br> 07/22/38, (3-mo. CME Term SOFR <br> +5.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2013565 |
| Trinitas CLO XXXV Ltd. |  |  |
| 1.00%, 01/22/39, (3-mo. CME Term <br> SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2500000 |
| 1.00%, 01/22/39, (3-mo. CME Term <br> SOFR + 2.500%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp; USD1,000 | 1000000 |
| Truist Bank Auto Credit-Linked Notes Series, <br> 4.73%, 09/26/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,541 | 4562522 |
| Unity-Peace Park CLO Ltd., 1.00%, <br> 04/20/35, (3-mo. CME Term SOFR + <br> 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3000000 |
| UPG HI Issuer Trust, 5.00%, 09/25/47<sup>(a)</sup> | &nbsp;&nbsp; USD2,184 | 2193221 |
| Upgrade Master Pass-Thru Trust Series |  |  |
| 5.50%, 08/16/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,534 | 1540818 |
| 5.10%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,342 | 2346186 |
| 5.25%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD517 | 518903 |
| 4.55%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,176 | 4176445 |
| 4.98%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,826 | 1828637 |
| 5.91%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,428 | 2432121 |
| UPX HIL Issuer Trust, 5.16%, 01/25/47<sup>(a)</sup> | &nbsp;&nbsp; USD4,861 | 4887129 |
| Valley Stream Park CLO Ltd., 5.52%, <br> 01/20/37, (3-mo. CME Term SOFR <br> +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,840 | 5846557 |
| Vantage Data Centers Germany Borrower <br> Lux Sarl, 4.29%, 06/28/50<sup>(d)</sup><br>| &nbsp;&nbsp; EUR597 | 712983 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Vantage Data Centers Jersey Borrower <br> Spv Ltd.<br>|  |  |
| 6.17%, 05/28/39<sup>(d)</sup> | &nbsp;&nbsp; GBP3,116 | $4357434 |
| 6.34%, 05/28/39<sup>(d)</sup> | &nbsp;&nbsp; GBP1,889 | 2588339 |
| Venture XXIX CLO Ltd., 5.10%, <br> 09/07/30, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD29 | 29289 |
| Victory Street CLO, 5.20%, 01/15/39, (3-mo. <br> EURIBOR + 3.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,200 | 5041643 |
| Victory Street CLO I DAC, 5.47%, <br> 01/15/38, (3-mo. EURIBOR + 3.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,250 | 1503575 |
| Vista Point Securitization Trust |  |  |
| 6.68%, 05/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,271 | 1286458 |
| 5.30%, 11/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD11,412 | 11464416 |
| Voya CLO Ltd. |  |  |
| 5.58%, 10/17/32, (3-mo. CME Term <br> SOFR +1.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250250 |
| 4.93%, 07/15/31, (3-mo. CME Term <br> SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD37 | 36789 |
| 4.87%, 07/20/32, (3-mo. CME Term <br> SOFR +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,308 | 2312734 |
| 5.23%, 04/19/31, (3-mo. CME Term <br> SOFR +1.56%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,050 | 1050618 |
| 4.90%, 04/25/31, (3-mo. CME Term <br> SOFR +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD18 | 18295 |
| 4.88%, 04/19/31, (3-mo. CME Term <br> SOFR +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD123 | 122665 |
| 4.98%, 01/20/38, (3-mo. CME Term <br> SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1004500 |
| 5.01%, 10/17/32, (3-mo. CME Term <br> SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,273 | 3273237 |
| 4.63%, 10/20/31, (3-mo. CME Term <br> SOFR +0.96%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,133 | 1131342 |
| Voya Euro CLO IV DAC, 5.12%, <br> 10/15/34, (3-mo. EURIBOR + 3.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR500 | 595497 |
| Warwick Capital CLO 1 Ltd. |  |  |
| 4.95%, 10/20/38, (3-mo. CME Term <br> SOFR +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008996 |
| 6.47%, 10/20/38, (3-mo. CME Term <br> SOFR +2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2008553 |
| Warwick Capital CLO 5 Ltd., 5.03%, <br> 01/20/38, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | 501991 |
| Warwick Capital CLO 6 Ltd., 5.10%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,620 | 1627731 |
| Wehle Park CLO Ltd., 6.37%, <br> 10/21/38, (3-mo. CME Term SOFR <br> +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3005081 |
| Wellesley Park CLO Ltd., 5.11%, <br> 01/24/39, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,250 | 1254191 |
| Wellfleet CLO Ltd., 5.09%, 07/15/37, (3-mo. <br> CME Term SOFR +1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2006610 |
| Wellington Management CLO 4 Ltd., 4.82%, <br> 04/18/38, (3-mo. CME Term SOFR <br> +1.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,500 | 3506947 |
| Whetstone Park CLO Ltd., 6.83%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 3.162%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,295 | 1286904 |
| Whitebox Clo I Ltd., 4.85%, 01/24/37, (3-mo. <br> CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,435 | 4444748 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Whitebox CLO II Ltd. |  |  |
| 5.05%, 10/24/37, (3-mo. CME Term <br> SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,750 | $1756300 |
| 5.42%, 10/24/37, (3-mo. CME Term <br> SOFR +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | 250631 |
| Whitebox CLO III Ltd. |  |  |
| 6.52%, 10/15/35, (3-mo. CME Term <br> SOFR +2.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | 749973 |
| 9.32%, 10/15/35, (3-mo. CME Term <br> SOFR +5.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1500792 |
| Whitebox Clo V Ltd., 5.37%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1003939 |
| Wildwood Park CLO Ltd. |  |  |
| 5.03%, 10/20/37, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,000 | 3014408 |
| 9.42%, 10/20/37, (3-mo. CME Term <br> SOFR +5.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1009743 |
| Wireless PropCo Funding LLC, 8.51%, <br> 06/25/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD9,225 | 9416322 |
| Wonder Lake Park CLO Ltd., 4.96%, <br> 07/24/38, (3-mo. CME Term SOFR + <br> 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5024985 |
| Youni Italy Srl |  |  |
| 2.78%, 01/25/36, (1-mo. EURIBOR + <br> 0.81%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,859 | 4588727 |
| 4.87%, 01/25/36, (1-mo. EURIBOR + <br> 2.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR432 | 511944 |
| 3.72%, 01/25/36, (1-mo. EURIBOR + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR229 | 271365 |
| **Total Asset-Backed Securities — 18.6%** <br>**(Cost: $3,045,279,039)** | **Total Asset-Backed Securities — 18.6%** <br>**(Cost: $3,045,279,039)** | 3074322829 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** |
| DOMI |  |  |
| 1.00%, 02/15/57<sup>(d)</sup> | &nbsp;&nbsp; EUR534 | 632977 |
| 1.00%, 02/15/57<sup>(d)</sup> | &nbsp;&nbsp; EUR319 | 378127 |
| Domi BV, 2.73%, 04/16/57, (3-mo. <br> EURIBOR + 0.71%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,455 | 1726725 |
| Edenbrook Mortgage Funding PLC, 4.63%, <br> 03/22/57, (1-day SONIA + 0.87%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP549 | 753828 |
| Fairbridge BV |  |  |
| 2.97%, 02/24/62, (3-mo. EURIBOR + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,515 | 4174816 |
| 3.27%, 02/24/62, (3-mo. EURIBOR + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR403 | 476885 |
| 3.82%, 02/24/62, (3-mo. EURIBOR + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR327 | 388973 |
| FIGRE Trust |  |  |
| 5.72%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,203 | 6298515 |
| 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,261 | 5375847 |
| Hops Hill No. 5 PLC |  |  |
| 4.46%, 06/21/56, (1-day SONIA + <br> 0.73%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP891 | 1219496 |
| 4.73%, 06/21/56, (1-day SONIA + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP249 | 340597 |
| 5.18%, 06/21/56, (1-day SONIA + <br> 1.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137229 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| London Bridge Mortgages PLC |  |  |
| 4.78%, 03/20/67, (1-day SONIA + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP310 | $423923 |
| 5.13%, 03/20/67, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137090 |
| London Wall Mortgage Capital PLC |  |  |
| 5.36%, 05/15/57, (1-day SONIA + <br> 1.50%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP379 | 518883 |
| 5.86%, 05/15/57, (1-day SONIA + <br> 2.00%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP282 | 385714 |
| RCKT Mortgage Trust |  |  |
| 5.49%, 11/25/44<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,931 | 4973843 |
| 6.59%, 05/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,178 | 1196299 |
| Towd Point Mortgage Trust |  |  |
| 5.12%, 09/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,334 | 3340116 |
| 5.17%, 09/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,000 | 3006522 |
| 5.73%, 11/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD8,875 | 8965641 |
| Tower Bridge Funding PLC |  |  |
| 0.00%, 01/20/73, (1-day SONIA + <br> 0.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,195 | 3004403 |
| 4.86%, 12/20/66, (1-day SONIA + <br> 1.10%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP333 | 455635 |
| Vista Point Securitization Trust |  |  |
| 5.25%, 10/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,446 | 5445411 |
| 5.68%, 01/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD6,167 | 6199332 |
| 6.00%, 01/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,000 | 1017114 |
|  |  | 60973941 |
| **Financial — 0.0%** | **Financial — 0.0%** | **Financial — 0.0%** |
| Taurus 2025-4 UK DAC, 0.00% 08/18/35<sup>(d)</sup> | &nbsp;&nbsp; GBP129 | 176529 |
| WST Trust, 4.58%, 09/19/57<sup>(d)</sup> | &nbsp;&nbsp; AUD10,500 | 7301514 |
|  |  | 7478043 |
| **Mortgage Securities — 0.2%** | **Mortgage Securities — 0.2%** | **Mortgage Securities — 0.2%** |
| Castle Hill Ingots Ltd. , 6.34%, 02/10/43<sup>(a)</sup> | &nbsp;&nbsp; USD8,000 | 8014400 |
| PENN Commercial Mortgage Trust <br> 2025-P11<br>|  |  |
| 5.34%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD6,364 | 6544942 |
| 6.51%, 08/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD5,516 | 5807384 |
| PRPM 2025-NQM3 Trust |  |  |
| 5.61%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD10,627 | 10736467 |
| 6.92%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD3,018 | 3042380 |
|  |  | 34145573 |
| **Mortgage-Backed Securities — 20.7%** | **Mortgage-Backed Securities — 20.7%** | **Mortgage-Backed Securities — 20.7%** |
| 1301 Trust, 8.10%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,235 | 9469466 |
| 1345T |  |  |
| 5.28%, 06/15/42, (1-mo. CME Term <br> SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13,575 | 13625906 |
| 8.18%, 06/15/42, (1-mo. CME Term <br> SOFR +4.5%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,711 | 11799126 |
| 2023-MIC Trust (The), 8.44%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,040 | 6522027 |
| 280 Park Avenue Mortgage Trust, Series <br> 2017-280P, Class A, 4.85%, 09/15/34, <br> (1-mo. CME Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,941 | 2937324 |
| A&D Mortgage Trust |  |  |
| 4.91%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,161 | 6171291 |
| 5.46%, 08/25/69<sup>(a)</sup> | &nbsp;&nbsp; USD1,314 | 1323251 |
| 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp; USD5,500 | 5553286 |
| 5.79%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,343 | 4401875 |
| 6.20%, 02/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD590 | 597223 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,410 | 5456286 |
| ADMT, 5.67%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,831 | 8919789 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Ajax Mortgage Loan Trust, 3.50%, <br> 03/27/62<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD2,986 | $2910784 |
| ALA Trust |  |  |
| 5.42%, 06/15/40, (1-mo. CME Term <br> SOFR +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,577 | 7638563 |
| 6.77%, 06/15/40, (1-mo. CME Term <br> SOFR +3.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,559 | 4593176 |
| Alternative Loan Trust, 6.41%, 02/25/35, <br> (1-mo. CME Term SOFR +2.74%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,420 | 3292216 |
| Angel Oak Mortgage Trust |  |  |
| 0.95%, 07/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD20,949 | 18324980 |
| 0.99%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,931 | 4309429 |
| 1.07%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,421 | 5603131 |
| 1.19%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD224 | 196684 |
| 1.21%, 07/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,796 | 2457771 |
| 1.31%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,045 | 1801152 |
| 1.31%, 07/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,322 | 1162974 |
| 1.45%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,345 | 2070287 |
| 1.47%, 06/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD125 | 121506 |
| 2.04%, 06/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD273 | 266745 |
| 3.29%, 12/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD160 | 146207 |
| 3.35%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD543 | 522683 |
| 3.86%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,020 | 1899921 |
| 3.88%, 12/25/66<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,445 | 1377222 |
| 4.12%, 01/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,035 | 7577035 |
| 4.75%, 09/26/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,157 | 4147167 |
| 4.80%, 11/26/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,377 | 2375756 |
| 4.98%, 10/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,871 | 8900992 |
| 5.14%, 09/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,775 | 5799471 |
| 5.21%, 08/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,097 | 1098714 |
| 5.35%, 10/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD6,376 | 6420427 |
| 5.41%, 07/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,221 | 7287759 |
| 5.46%, 12/26/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,907 | 4949083 |
| 5.57%, 04/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD9,956 | 10072617 |
| 5.64%, 02/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,864 | 3906032 |
| 5.65%, 10/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD11,231 | 11351219 |
| 5.69%, 01/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,167 | 3203022 |
| 5.70%, 08/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,687 | 2717406 |
| 5.99%, 01/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,386 | 1400246 |
| 6.20%, 01/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,537 | 1558675 |
| 6.50%, 12/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD182 | 182960 |
| AOMT 2024-6, 4.65%, 11/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD847 | 845118 |
| Arbor Multifamily Mortgage Securities Trust, <br> 1.75%, 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp; USD190 | 157108 |
| ARES Commercial Mortgage Trust |  |  |
| 5.37%, 07/15/41, (1-mo. CME Term <br> SOFR +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,030 | 8045056 |
| 7.62%, 07/15/41, (1-mo. CME Term <br> SOFR +3.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,500 | 1501831 |
| ARES1 2024-IND2, 5.12%, 10/15/34, (1-mo. <br> CME Term SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,970 | 11981222 |
| Arroyo Mortgage Trust |  |  |
| 2.96%, 10/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp; USD339 | 326390 |
| 3.81%, 01/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD398 | 390211 |
| ARZ Trust, 5.77%, 06/11/39<sup>(a)</sup> | &nbsp;&nbsp; USD2,430 | 2496177 |
| Atlas Funding PLC |  |  |
| 0.00%, 07/20/67, (1-day SONIA + <br> 0.79%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP5,082 | 6966460 |
| 0.00%, 07/20/67, (1-day SONIA + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP632 | 865320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 0.00%, 07/20/67, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP195 | $266985 |
| 0.00%, 07/20/67, (1-day SONIA + <br> 2.97%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP683 | 934372 |
| 0.00%, 07/20/67, (1-day SONIA + <br> 3.07%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP499 | 684580 |
| 4.58%, 09/20/61<sup>(d)</sup> | &nbsp;&nbsp; GBP458 | 628359 |
| 5.03%, 09/20/61, (1-day SONIA + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP101 | 139221 |
| 5.28%, 09/20/61, (1-day SONIA + <br> 1.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 138037 |
| ATLX Trust, 3.85%, 04/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD6,150 | 6024166 |
| Atrium Hotel Portfolio Trust |  |  |
| 5.33%, 08/15/42, (1-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,431 | 5446588 |
| 5.59%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,900 | 8069797 |
| 9.18%, 08/15/42, (1-mo. CME Term <br> SOFR +5.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,168 | 8152451 |
| 9.52%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,855 | 5008936 |
| 10.43%, 08/15/42, (1-mo. CME Term <br> SOFR +6.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,467 | 1464274 |
| BAHA Trust |  |  |
| 6.17%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,840 | 10209649 |
| 7.07%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,160 | 2264051 |
| 7.77%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,225 | 8640060 |
| 9.20%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2106878 |
| BAMLL Commercial Mortgage Securities <br> Trust, 5.48%, 09/15/40, (1-mo. CME Term <br> SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,437 | 8452819 |
| BAMLL Trust, 6.03%, 08/15/39, (1-mo. CME <br> Term SOFR +2.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,800 | 1802906 |
| BANK, 5.29%, 12/25/67 | &nbsp;&nbsp; USD25 | 25741 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, 3.75%, 02/15/50<br>| &nbsp;&nbsp; USD420 | 416089 |
| Bank5, 6.23%, 05/15/57 | &nbsp;&nbsp; USD2,189 | 2306475 |
| Barclays Mortgage Loan Trust |  |  |
| 5.14%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD16,314 | 16160947 |
| 5.23%, 12/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD19,104 | 19653485 |
| 5.64%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD13,167 | 13324085 |
| 5.90%, 01/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,465 | 2483876 |
| BAY Mortgage Trust, 5.48%, 05/15/35, <br> (1-mo. CME Term SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,140 | 9142679 |
| Bayview Commercial Mortgage <br> Pass-Through Trust, 5.50%, 04/25/36, <br> (1-mo. CME Term SOFR +1.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD875 | 856403 |
| BBCMS Mortgage Trust |  |  |
| 4.44%, 09/15/55 | &nbsp;&nbsp; USD1,100 | 1084727 |
| 4.50%, 07/15/58<sup>(a)</sup> | &nbsp;&nbsp; USD2,385 | 2007584 |
| 5.30%, 12/15/58 | &nbsp;&nbsp; USD785 | 809469 |
| 5.42%, 02/15/57 | &nbsp;&nbsp; USD2,973 | 3101561 |
| 5.53%, 11/15/57 | &nbsp;&nbsp; USD800 | 839308 |
| 5.59%, 07/15/58<sup>(b)</sup> | &nbsp;&nbsp; USD1,964 | 2070030 |
| 5.66%, 05/15/58 | &nbsp;&nbsp; USD6,649 | 6958477 |
| 5.83%, 05/15/57 | &nbsp;&nbsp; USD2,100 | 2248135 |
| 5.84%, 07/15/58<sup>(b)</sup> | &nbsp;&nbsp; USD2,100 | 2183472 |
| Series 2018-TALL, Class A, 4.60%, <br> 03/15/37, (1-mo. CME Term SOFR <br> +0.92%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 3820192 |
| Benchmark Mortgage Trust, 0.81%, <br> 07/15/56<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,996 | 52109 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| BFLD Commercial Mortgage Trust |  |  |
| 4.67%, 10/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,576 | $4592553 |
| 5.17%, 11/15/41, (1-mo. CME Term <br> SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,340 | 5351681 |
| 5.18%, 11/15/42, (1-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,938 | 8968724 |
| 6.43%, 11/15/42, (1-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,918 | 3943701 |
| 9.83%, 10/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD12,050 | 12398122 |
| BFLD Mortgage Trust, 5.57%, 07/15/41, <br> (1-mo. CME Term SOFR +1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,300 | 6327562 |
| BFLD Trust |  |  |
| 5.23%, 06/15/42, (1-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,385 | 8390241 |
| 5.78%, 06/15/42, (1-mo. CME Term <br> SOFR +2.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,210 | 1211134 |
| 6.88%, 10/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,877 | 1883891 |
| BHMS Commercial Mortgage Trust, 5.53%, <br> 08/15/42, (1-mo. CME Term SOFR <br> +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16,846 | 16951287 |
| BINOM Securitization Trust, 2.03%, <br> 06/25/56<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,287 | 1193045 |
| Bletchley Park Funding PLC |  |  |
| 4.93%, 01/27/70, (1-day SONIA + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP366 | 503360 |
| 5.23%, 01/27/70, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137050 |
| 5.61%, 01/27/70, (1-day SONIA + <br> 1.88%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP131 | 180761 |
| 7.11%, 01/27/70, (1-day SONIA + <br> 3.38%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP180 | 247139 |
| BLP Commercial Mortgage Trust, 5.02%, <br> 03/15/41, (1-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,292 | 4295869 |
| BMP Trust |  |  |
| 5.05%, 06/15/41, (1-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,555 | 6561145 |
| 7.07%, 06/15/41, (1-mo. CME Term <br> SOFR +3.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,380 | 2391900 |
| BOCA Commercial Mortgage Trust, 5.28%, <br> 12/15/42, (1-mo. CME Term SOFR + <br> 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13,350 | 13433437 |
| BPR Commercial Mortgage Trust |  |  |
| 5.11%, 11/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD12,500 | 12590311 |
| 7.23%, 11/05/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,050 | 4216005 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp; USD5,250 | 5441956 |
| BPR Trust, 4.85%, 09/15/38, (1-mo. CME <br> Term SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,823 | 5819844 |
| Braccan Mortgage Funding PLC |  |  |
| 0.00%, 01/17/68, (1-day SONIA + <br> 0.86%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP9,829 | 13500476 |
| 0.00%, 01/17/68, (1-day SONIA + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,446 | 1980307 |
| 0.00%, 01/17/68, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP382 | 523434 |
| 0.00%, 01/17/68, (1-day SONIA + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP336 | 460821 |
| 4.70%, 02/15/67, (1-day SONIA + <br> 0.84%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,097 | 1504137 |
| 4.70%, 05/17/67, (1-day SONIA + <br> 0.84%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP881 | 1208006 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.96%, 05/17/67, (1-day SONIA + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP182 | $249380 |
| 5.06%, 02/15/67, (1-day SONIA + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP405 | 557679 |
| 5.26%, 05/17/67, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP104 | 142303 |
| 8.20%, 02/15/67, (1-day SONIA + <br> 4.34%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP385 | 529612 |
| BRAVO Residential Funding Trust |  |  |
| 1.44%, 03/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD207 | 204104 |
| 1.96%, 04/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,357 | 1272363 |
| 4.30%, 08/01/53<sup>(a)(e)</sup> | &nbsp;&nbsp; USD9,388 | 9308609 |
| 4.35%, 01/25/60<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,284 | 1278573 |
| 5.11%, 07/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,445 | 1444983 |
| 5.57%, 03/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,084 | 1095096 |
| 5.60%, 01/25/60<sup>(a)(e)</sup> | &nbsp;&nbsp; USD856 | 851623 |
| 5.60%, 12/25/64<sup>(a)</sup> | &nbsp;&nbsp; USD10,862 | 10972485 |
| 5.61%, 02/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD11,716 | 11844478 |
| 5.68%, 11/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,710 | 2743551 |
| 6.19%, 03/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD916 | 927331 |
| 7.91%, 02/25/64<sup>(a)</sup> | &nbsp;&nbsp; USD1,300 | 1322261 |
| 8.25%, 10/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,186 | 4255772 |
| BRCK Trust |  |  |
| 4.96%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,355 | 5375691 |
| 7.51%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10,189 | 10454567 |
| 8.40%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,100 | 4237132 |
| BRES Commercial Mortgage Trust, 5.17%, <br> 11/15/42, (1-mo. CME Term SOFR <br> +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,581 | 6607674 |
| BSTN Commercial Mortgage Trust |  |  |
| 5.06%, 04/13/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,820 | 1832383 |
| 5.55%, 06/15/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,612 | 5764324 |
| BWAY Mortgage Trust |  |  |
| 3.45%, 03/10/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,750 | 2536981 |
| 3.63%, 03/10/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,600 | 1440060 |
| 3.93%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,000 | 850035 |
| 6.52%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,867 | 6049498 |
| BX Commercial Mortgage Trust |  |  |
| 4.69%, 02/15/39, (1-mo. CME Term <br> SOFR +1.01%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD266 | 266088 |
| 5.07%, 03/15/41, (1-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,265 | 4270224 |
| 5.08%, 11/15/42, (1-mo. CME Term <br> SOFR + 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16,190 | 16220616 |
| 5.12%, 02/15/39, (1-mo. CME Term <br> SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,198 | 5201174 |
| 5.12%, 02/15/39, (1-mo. CME Term <br> SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,239 | 8249453 |
| 5.12%, 04/15/40, (1-mo. CME Term <br> SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,057 | 8072436 |
| 5.17%, 10/15/41, (1-mo. CME Term <br> SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,043 | 6050388 |
| 5.22%, 03/15/34, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,383 | 1382500 |
| 5.22%, 05/15/34, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,927 | 5930677 |
| 5.22%, 11/15/41, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,750 | 5758984 |
| 5.32%, 12/15/39, (1-mo. CME Term <br> SOFR +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,501 | 2508119 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.32%, 05/15/41, (1-mo. CME Term <br> SOFR +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,993 | $9009364 |
| 5.37%, 08/15/41, (1-mo. CME Term <br> SOFR +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,203 | 10225529 |
| 5.42%, 04/15/40, (1-mo. CME Term <br> SOFR +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,540 | 5553432 |
| 5.44%, 12/09/40, (1-mo. CME Term <br> SOFR +1.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,816 | 4815865 |
| 5.47%, 10/15/41, (1-mo. CME Term <br> SOFR +1.79%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,837 | 3845113 |
| 5.57%, 12/15/39, (1-mo. CME Term <br> SOFR +1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD722 | 725102 |
| 6.37%, 03/15/41, (1-mo. CME Term <br> SOFR +2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,238 | 3242559 |
| 6.56%, 10/15/41, (1-mo. CME Term <br> SOFR +2.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,465 | 6481162 |
| 6.82%, 06/15/27, (1-mo. CME Term <br> SOFR +3.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,900 | 2903598 |
| 7.08%, 11/15/42, (1-mo. CME Term <br> SOFR + 3.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,446 | 4463017 |
| 7.42%, 02/15/39, (1-mo. CME Term <br> SOFR +3.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,328 | 1334823 |
| 7.57%, 06/15/27, (1-mo. CME Term <br> SOFR +3.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD600 | 600744 |
| BX Trust |  |  |
| 4.53%, 01/15/39, (1-mo. CME Term <br> SOFR +0.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,850 | 4848484 |
| 4.60%, 02/15/36, (1-mo. CME Term <br> SOFR +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,300 | 4297312 |
| 4.60%, 02/15/36, (1-mo. CME Term <br> SOFR +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,194 | 1193376 |
| 4.68%, 01/15/39, (1-mo. CME Term <br> SOFR +1.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,385 | 5385000 |
| 5.03%, 10/15/42, (1-mo. CME Term <br> SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,394 | 5412297 |
| 5.03%, 12/13/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD15,315 | 15575061 |
| 5.12%, 04/15/41, (1-mo. CME Term <br> SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,783 | 3787480 |
| 5.12%, 03/15/42, (1-mo. CME Term <br> SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,242 | 8252302 |
| 5.15%, 02/15/36, (1-mo. CME Term <br> SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99938 |
| 5.17%, 04/15/37, (1-mo. CME Term <br> SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,763 | 1765328 |
| 5.17%, 06/15/41, (1-mo. CME Term <br> SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,011 | 11024764 |
| 5.18%, 06/15/40, (1-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,930 | 3936528 |
| 5.22%, 06/15/37, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,163 | 9168419 |
| 5.26%, 01/15/39, (1-mo. CME Term <br> SOFR +1.58%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD60 | 59981 |
| 5.38%, 12/15/44, (1-mo. CME Term <br> SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,985 | 6013015 |
| 5.77%, 03/15/41, (1-mo. CME Term <br> SOFR +2.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,460 | 2459232 |
| 5.88%, 06/13/47<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10,000 | 10253809 |
| 6.37%, 04/15/41, (1-mo. CME Term <br> SOFR +2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,284 | 1295529 |
| 6.38%, 01/15/39, (1-mo. CME Term <br> SOFR +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,450 | 2450000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.62%, 03/15/30, (1-mo. CME Term <br> SOFR +2.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,233 | $4217083 |
| 6.72%, 03/15/41, (1-mo. CME Term <br> SOFR +3.04%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 999688 |
| 6.98%, 06/15/35, (1-mo. CME Term <br> SOFR +3.3%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,130 | 5131331 |
| BXP Trust, 2.78%, 01/15/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 2481507 |
| CAFL Issuer LLC, 6.75%, 11/28/31<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,000 | 3039583 |
| Cali, 5.56%, 07/15/41, (1-mo. CME Term <br> SOFR +1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,580 | 4588587 |
| Castell PLC |  |  |
| 4.70%, 01/27/62, (1-day SONIA + <br> 0.97%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP645 | 885111 |
| 4.98%, 01/27/62, (1-day SONIA + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP134 | 183798 |
| 5.28%, 01/27/62, (1-day SONIA + <br> 1.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137641 |
| 5.73%, 01/27/62, (1-day SONIA + <br> 2.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 138734 |
| 7.23%, 01/27/62, (1-day SONIA + <br> 3.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP121 | 167720 |
| 7.88%, 01/27/62, (1-day SONIA + <br> 4.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP88 | 120375 |
| CD Mortgage Trust, 4.51%, 08/15/51<sup>(b)</sup> | &nbsp;&nbsp; USD430 | 421851 |
| CEDR Commercial Mortgage Trust, 4.67%, <br> 02/15/39, (1-mo. CME Term SOFR <br> +0.99%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | 297098 |
| CENT, 4.92%, 07/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,335 | 7440444 |
| CFCRE Commercial Mortgage Trust, 3.69%, <br> 05/10/58<br>| &nbsp;&nbsp; USD435 | 432709 |
| CFK Trust, 2.39%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp; USD500 | 467228 |
| CFMT LLC |  |  |
| 3.00%, 06/25/34<sup>(a)(b)</sup> | &nbsp;&nbsp; USD315 | 304791 |
| 4.00%, 10/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,641 | 3604995 |
| Chase Home Lending Mortgage Trust |  |  |
| 6.00%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,274 | 1294752 |
| 6.00%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,925 | 2958434 |
| 6.00%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,104 | 1117852 |
| 6.50%, 01/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD542 | 547491 |
| Chase Home Lending Mortgage Trust <br> Series, 5.50%, 09/25/56<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD14,082 | 14134431 |
| Cheshire PLC |  |  |
| 0.00%, 06/28/48, (1-day SONIA + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,721 | 2353272 |
| 0.00%, 06/28/48, (1-day SONIA + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP386 | 528211 |
| 0.00%, 06/28/48, (1-day SONIA + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP166 | 227157 |
| CHI Commercial Mortgage Trust, 5.10%, <br> 12/13/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,708 | 9800388 |
| CHL Mortgage Pass-Through Trust, 6.00%, <br> 02/25/37<br>| &nbsp;&nbsp; USD4,845 | 1692462 |
| CHNGE Mortgage Trust, 4.01%, <br> 01/25/67<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,760 | 1708768 |
| CIM Trust |  |  |
| 1.43%, 07/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,863 | 5438383 |
| 5.66%, 10/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,919 | 2949257 |
| 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,561 | 3613987 |
| 6.64%, 12/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD620 | 622365 |
| 6.77%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,095 | 5098612 |
| 7.04%, 04/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,095 | 5124425 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| CIP Commercial Mortgage Trust |  |  |
| 5.08%, 10/15/37, (1-mo. CME Term <br> SOFR +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,606 | $9618007 |
| 7.43%, 10/15/37, (1-mo. CME Term <br> SOFR +3.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,905 | 4917262 |
| Citadel PLC |  |  |
| 4.75%, 04/28/60, (1-day SONIA + <br> 1.02%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP1,361 | 1868191 |
| 5.18%, 04/28/60, (1-day SONIA + <br> 1.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 138273 |
| 5.48%, 04/28/60, (1-day SONIA + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137832 |
| 6.18%, 04/28/60, (1-day SONIA + <br> 2.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 139123 |
| 7.48%, 04/28/60, (1-day SONIA + <br> 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 138851 |
| Citigroup Commercial Mortgage Trust |  |  |
| 2.46%, 11/10/42<sup>(a)</sup> | &nbsp;&nbsp; USD833 | 751423 |
| 3.58%, 04/10/49 | &nbsp;&nbsp; USD384 | 382215 |
| 4.41%, 06/10/51<sup>(b)</sup> | &nbsp;&nbsp; USD425 | 422684 |
| 5.82%, 10/12/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,310 | 2377493 |
| COLT Mortgage Loan Trust |  |  |
| 1.21%, 07/27/54<sup>(a)</sup> | &nbsp;&nbsp; USD775 | 712288 |
| 1.33%, 10/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD662 | 631212 |
| 2.28%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD545 | 506121 |
| 3.90%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD131 | 128769 |
| 4.09%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD582 | 505815 |
| 5.05%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD12,448 | 12505520 |
| 5.12%, 08/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,085 | 5106439 |
| 5.39%, 11/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,397 | 4431268 |
| 5.47%, 06/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,358 | 7440916 |
| 5.54%, 12/26/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD6,309 | 6372013 |
| 5.61%, 05/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,108 | 7193363 |
| 5.79%, 04/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD10,772 | 10926681 |
| 5.84%, 02/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD945 | 951115 |
| 6.05%, 04/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD233 | 233014 |
| 6.46%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp; USD282 | 281791 |
| 6.60%, 07/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,020 | 2028900 |
| 6.83%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,900 | 2932365 |
| 6.86%, 10/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 3027415 |
| 6.90%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2015993 |
| 6.92%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,400 | 1416952 |
| 7.10%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,671 | 2714077 |
| 7.43%, 09/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD70 | 70488 |
| 7.76%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2060461 |
| 7.81%, 09/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2024112 |
| 8.08%, 05/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,900 | 1937876 |
| 8.40%, 10/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2033545 |
| COLT Pass-Through Certificates, 0.86%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,652 | 2433402 |
| Commission Mortgage Trust |  |  |
| 5.50%, 08/10/40<sup>(a)</sup> | &nbsp;&nbsp; USD5,783 | 5783718 |
| 5.52%, 06/15/41, (1-mo. CME Term <br> SOFR +1.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,215 | 7212745 |
| 5.55%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,731 | 3742953 |
| 5.87%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD8,550 | 8680894 |
| 6.27%, 06/15/41, (1-mo. CME Term <br> SOFR +2.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,566 | 3563771 |
| 8.20%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,395 | 2388327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| CONE Trust |  |  |
| 5.32%, 08/15/41, (1-mo. CME Term <br> SOFR + 1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,278 | $6278000 |
| 7.57%, 08/15/41, (1-mo. CME Term <br> SOFR +3.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD690 | 689499 |
| Cross 2025-CES1 Mortgage Trust, 5.00%, <br> 11/25/70<sup>(a)</sup><br>| &nbsp;&nbsp; USD9,688 | 9736377 |
| Cross Mortgage Trust |  |  |
| 5.13%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,452 | 6479956 |
| 5.59%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,166 | 5215558 |
| 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,537 | 9658457 |
| 5.85%, 08/26/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,569 | 4621657 |
| 5.88%, 04/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,830 | 9984247 |
| 6.09%, 12/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD677 | 683454 |
| 6.09%, 04/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,583 | 3621895 |
| 6.13%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,091 | 2111365 |
| 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,979 | 3020147 |
| 7.14%, 11/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD478 | 483384 |
| 7.52%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,878 | 2894390 |
| 7.59%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,636 | 1647247 |
| CSAIL Commercial Mortgage Trust |  |  |
| 3.59%, 12/15/52 | &nbsp;&nbsp; USD72 | 67982 |
| 3.61%, 06/15/52 | &nbsp;&nbsp; USD915 | 878228 |
| Csmc Trust |  |  |
| 1.17%, 07/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,077 | 4413851 |
| 3.27%, 11/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,326 | 6818315 |
| CSMC Trust |  |  |
| 0.83%, 03/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,106 | 1772975 |
| 2.13%, 02/25/43<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,128 | 1006163 |
| 3.24%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,662 | 3529105 |
| 3.50%, 12/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD128 | 119996 |
| 3.50%, 03/25/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD120 | 113452 |
| 4.05%, 12/15/49<sup>(b)</sup> | &nbsp;&nbsp; USD900 | 885810 |
| 4.06%, 10/25/59<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,519 | 1510525 |
| 4.95%, 11/15/38, (1-mo. CME Term <br> SOFR +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,505 | 1494831 |
| CSTL Commercial Mortgage Trust |  |  |
| 4.56%, 11/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,910 | 2892208 |
| 4.76%, 11/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,880 | 7936044 |
| DBC Mortgage Trust, 5.03%, 11/15/42, <br> (1-mo. CME Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD12,748 | 12771902 |
| DBGS, 5.56%, 08/15/34, (1-mo. CME Term <br> SOFR +1.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,820 | 7820000 |
| DBJPM Mortgage Trust, 3.56%, 06/10/50<sup>(b)</sup> | &nbsp;&nbsp; USD250 | 242252 |
| DBMS DAC |  |  |
| 0.00%, 02/18/36, (1-day SONIA + <br> 1.28%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP4,129 | 5652676 |
| 0.00%, 02/18/36, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP735 | 1006605 |
| 0.00%, 02/18/36, (1-day SONIA + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP497 | 680524 |
| DBWF Mortgage Trust, 5.42%, 04/15/37, <br> (1-mo. CME Term SOFR +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 1999375 |
| DC Trust |  |  |
| 5.73%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,440 | 2472186 |
| 7.71%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,250 | 3249621 |
| Deephaven Residential Mortgage Trust |  |  |
| 0.72%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,162 | 1121440 |
| 1.19%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD682 | 611467 |
| 4.80%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,224 | 11224054 |
| 5.09%, 11/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,282 | 11347037 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.74%, 07/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,033 | $3069149 |
| 6.57%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD574 | 573817 |
| 6.68%, 11/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,857 | 1867566 |
| DGWD Trust, 5.28%, 08/15/35, (1-mo. CME <br> Term SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,366 | 7396274 |
| DK Trust |  |  |
| 5.18%, 03/15/34, (1-mo. CME Term <br> SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,910 | 4922275 |
| 5.27%, 08/15/37, (1-mo. CME Term <br> SOFR + 1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,303 | 8318568 |
| 6.43%, 03/15/34, (1-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,400 | 1405250 |
| 6.57%, 08/15/37, (1-mo. CME Term <br> SOFR +2.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,764 | 3775762 |
| Durst Commercial Mortgage Trust |  |  |
| 5.32%, 08/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,861 | 3944465 |
| 7.02%, 08/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,125 | 4248616 |
| Dutch Property Finance BV, 2.94%, <br> 04/28/64, (3-mo. EURIBOR + 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR851 | 1012542 |
| East One PLC |  |  |
| 4.70%, 02/25/58, (1-day SONIA + <br> 0.97%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP7,629 | 10463164 |
| 5.13%, 02/25/58, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP383 | 524807 |
| 5.63%, 02/25/58, (1-day SONIA + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP848 | 1161961 |
| Easy Street Mortgage Loan Trust, 5.61%, <br> 10/25/40<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,682 | 5711751 |
| EFMT |  |  |
| 4.77%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD8,054 | 8054022 |
| 4.96%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD1,122 | 1122014 |
| 5.03%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD16,378 | 16462084 |
| 5.10%, 10/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD14,518 | 14606815 |
| 5.39%, 05/26/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD8,216 | 8296917 |
| 5.44%, 07/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD10,834 | 10963429 |
| 5.71%, 11/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,976 | 4021733 |
| 6.45%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 3033638 |
| 6.54%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD1,000 | 999986 |
| 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,388 | 3448459 |
| 6.65%, 03/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,930 | 1958052 |
| 6.67%, 02/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD972 | 968923 |
| 6.84%, 10/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,125 | 3158184 |
| 7.44%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,232 | 3263709 |
| 7.62%, 10/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,983 | 1985672 |
| Ellington Financial Mortgage Trust |  |  |
| 4.30%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,112 | 7089212 |
| 4.30%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,581 | 1499545 |
| 5.00%, 08/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,838 | 4823609 |
| 5.04%, 10/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,515 | 7539504 |
| 5.73%, 02/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD71 | 71085 |
| 5.88%, 09/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD837 | 829443 |
| ELM Trust |  |  |
| 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,320 | 3334642 |
| 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,690 | 3710729 |
| Elstree Funding, 4.45%, 01/21/65, (1-day <br> SONIA + 0.72%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,065 | 1458449 |
| Elstree Funding No. 5 PLC, 4.58%, <br> 08/21/61, (1-day SONIA + 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP487 | 668076 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,080 | 7229457 |
| EverBank Mortgage Loan Trust, 2.50%, <br> 03/25/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD133 | 123395 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Exmoor Funding PLC |  |  |
| 4.50%, 03/25/95, (1-day SONIA + <br> 0.76%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP974 | $1333676 |
| 4.62%, 03/25/94, (1-day SONIA + <br> 0.88%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP484 | 664369 |
| 4.99%, 03/25/95, (1-day SONIA + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP240 | 328205 |
| 5.24%, 03/25/94, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP157 | 216291 |
| 5.49%, 03/25/95, (1-day SONIA + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP101 | 138228 |
| 5.64%, 03/25/94, (1-day SONIA + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137881 |
| 6.12%, 03/25/95, (1-day SONIA + <br> 2.38%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 136859 |
| Extended Stay America Trust |  |  |
| 4.98%, 10/15/42, (1-mo. CME Term <br> SOFR + 1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,148 | 9187997 |
| 5.92%, 02/15/43, (1-mo. CME Term <br> SOFR + 2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,000 | 2013750 |
| Fannie Mae REMICS |  |  |
| 4.75%, 01/25/54, (30-day Avg SOFR + <br> 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,050 | 7089208 |
| 4.80%, 08/25/53, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD6,857 | 6901002 |
| 4.80%, 09/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,089 | 5121969 |
| 4.90%, 12/25/54, (30-day Avg SOFR + <br> 1.20%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,144 | 8213089 |
| 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,941 | 4996077 |
| 5.05%, 03/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,722 | 2751117 |
| 5.10%, 08/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,412 | 2438733 |
| 5.10%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,368 | 1383469 |
| 5.10%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,289 | 7372420 |
| 5.10%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,162 | 4207841 |
| 5.10%, 08/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,345 | 3387271 |
| 5.12%, 12/25/54, (30-day Avg SOFR + <br> 1.42%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,851 | 1873990 |
| 5.15%, 02/25/55, (30-day Avg SOFR + <br> 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,620 | 8732299 |
| 5.20%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,325 | 3367734 |
| 5.25%, 06/25/55, (30-day Avg SOFR + <br> 1.55%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD6,144 | 6231529 |
| 5.30%, 05/25/55, (30-day Avg SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,593 | 5672976 |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.05%, 10/25/54, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,452 | 4499365 |
| 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,030 | 4078043 |
| 5.05%, 09/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,114 | 4161572 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.10%, 02/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,577 | $3617525 |
| 5.10%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,751 | 2782568 |
| 5.10%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,580 | 3620926 |
| 5.10%, 03/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,472 | 3512741 |
| 5.10%, 05/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,079 | 5138751 |
| 5.15%, 02/25/55, (30-day Avg SOFR + <br> 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD11,854 | 11997623 |
| 5.20%, 02/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,817 | 4884744 |
| 5.20%, 05/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,610 | 4669883 |
| 5.20%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,885 | 4950029 |
| 5.20%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,537 | 3582834 |
| 5.20%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,558 | 3604126 |
| 5.20%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,721 | 4782815 |
| 5.30%, 02/25/55, (30-day Avg SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,903 | 4975496 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 0.26%, 06/25/33<sup>(b)</sup> | &nbsp;&nbsp; USD4,245 | 82742 |
| 0.54%, 12/25/27<sup>(b)</sup> | &nbsp;&nbsp; USD65,072 | 581845 |
| Federal Home Loan Mortgage <br> Corp. REMICS<br>|  |  |
| 4.70%, 09/25/54, (30-day Avg SOFR + <br> 1.00%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,737 | 8776153 |
| 4.76%, 10/25/54, (30-day Avg SOFR + <br> 1.06%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD19,699 | 19794803 |
| 4.80%, 09/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,670 | 4698218 |
| 4.80%, 10/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD18,802 | 18910249 |
| 4.80%, 11/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD6,468 | 6503022 |
| 4.80%, 11/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,498 | 5530620 |
| 4.85%, 10/25/54, (30-day Avg SOFR + <br> 1.15%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD10,543 | 10613137 |
| 4.90%, 06/25/54, (30-day Avg SOFR + <br> 1.20%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,046 | 3073891 |
| 4.95%, 03/25/54, (30-day Avg SOFR + <br> 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,364 | 1377233 |
| 5.05%, 03/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD19,675 | 19901980 |
| 5.05%, 08/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,610 | 8715524 |
| 5.15%, 03/25/54, (30-day Avg SOFR + <br> 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,405 | 5470275 |
| 5.15%, 04/25/54, (30-day Avg SOFR + <br> 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,523 | 5590826 |
| 5.20%, 12/25/54, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,947 | 6024263 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Federal Home Loan Mortgage Corp. <br> STRIPS, 4.90%, 05/25/54, (30-day Avg <br> SOFR + 1.20%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,729 | $2753486 |
| Federal National Mortgage <br> Association REMICS<br>|  |  |
| 4.65%, 10/25/54, (30-day Avg SOFR + <br> 0.95%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD12,966 | 13010313 |
| 4.75%, 06/25/54, (30-day Avg SOFR + <br> 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,786 | 3806762 |
| 4.75%, 06/25/54, (30-day Avg SOFR + <br> 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,533 | 3553426 |
| 4.80%, 08/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,753 | 2772594 |
| 4.95%, 05/25/55, (30-day Avg SOFR + <br> 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD15,842 | 15973933 |
| 5.00%, 07/25/53, (30-day Avg SOFR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,035 | 5079438 |
| 5.00%, 06/25/54, (30-day Avg SOFR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD20,418 | 20606741 |
| 5.00%, 03/25/55, (30-day Avg SOFR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD25,282 | 25530405 |
| First Horizon Alternative Mortgage Securities <br> Trust, 4.79%, 01/25/37<sup>(b)</sup><br>| &nbsp;&nbsp; USD881 | 683759 |
| Flagstar Mortgage Trust |  |  |
| 3.50%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD132 | 120063 |
| 3.50%, 10/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD113 | 102911 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |
| 5.13%, 12/15/39, (1-mo. CME Term <br> SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,530 | 8551325 |
| 7.93%, 12/15/39, (1-mo. CME Term <br> SOFR +4.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,600 | 6653625 |
| Frontier Mortgage Funding PLC |  |  |
| 4.46%, 12/20/66, (1-day SONIA + <br> 0.73%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,404 | 1921655 |
| 4.73%, 12/20/66, (1-day SONIA + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP866 | 1184991 |
| FS Trust, 5.49%, 08/15/39, (1-mo. CME <br> Term SOFR +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,166 | 6173707 |
| Gaea Mortgage Loan Trust, 6.75%, <br> 02/25/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD571 | 561096 |
| Galton Funding Mortgage Trust |  |  |
| 2.41%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,784 | 3573573 |
| 2.96%, 10/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD562 | 555427 |
| GCAT Trust |  |  |
| 0.00%, 10/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10,616 | 10640082 |
| 1.09%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,162 | 1830447 |
| 1.92%, 08/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD46 | 42565 |
| 2.56%, 04/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,653 | 1597919 |
| 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD813 | 761657 |
| 3.27%, 04/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD184 | 179747 |
| 3.37%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,456 | 4308339 |
| 3.47%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD578 | 441284 |
| 3.69%, 11/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD831 | 819142 |
| 3.94%, 04/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD119 | 117007 |
| 4.25%, 10/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,882 | 3732856 |
| 4.35%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,162 | 3994863 |
| 5.50%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,981 | 5020516 |
| 5.71%, 08/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD289 | 291487 |
| 6.00%, 05/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10,007 | 10167342 |
| 6.50%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD294 | 298856 |
| 7.20%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 3051468 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| GGP Trust, 4.67%, 03/05/43<sup>(a)</sup> | &nbsp;&nbsp; USD5,000 | $5000000 |
| Government National Mortgage Association, <br> 4.95%, 01/20/55, (30-day Avg SOFR + <br> 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,997 | 4027086 |
| Government National Mortgage <br> Association REMICS<br>|  |  |
| 4.70%, 03/20/54, (30-day Avg SOFR + <br> 1.00%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,921 | 1929206 |
| 4.70%, 08/20/54, (30-day Avg SOFR + <br> 1.00%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,517 | 5547622 |
| 4.85%, 06/20/54, (30-day Avg SOFR + <br> 1.15%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,249 | 3268928 |
| Great Wolf Trust, 5.22%, 03/15/39, (1-mo. <br> CME Term SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,370 | 1373853 |
| GS Mortgage Securities Corp. Trust |  |  |
| 5.77%, 03/15/28, (1-mo. CME Term <br> SOFR +2.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,390 | 4411950 |
| 6.33%, 11/25/41, (1-mo. CME Term <br> SOFR + 2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,874 | 6891240 |
| 6.47%, 03/15/28, (1-mo. CME Term <br> SOFR + 2.79%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD580 | 583263 |
| 6.67%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,870 | 2881410 |
| 7.43%, 09/10/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,510 | 3522741 |
| 7.72%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,636 | 2629385 |
| GS Mortgage-Backed Securities Corp. Trust, <br> 6.60%, 02/25/66<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001670 |
| GS Mortgage-Backed Securities Trust |  |  |
| 2.50%, 12/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,909 | 1726332 |
| 3.75%, 07/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD835 | 819258 |
| 4.87%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,725 | 3724938 |
| 4.97%, 06/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD13,231 | 13268620 |
| 5.01%, 07/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD13,399 | 13452850 |
| 5.04%, 01/25/66<sup>(a)(e)</sup> | &nbsp;&nbsp; USD13,902 | 13961909 |
| 6.63%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD373 | 372543 |
| 6.74%, 06/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,873 | 1879025 |
| 6.74%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,667 | 1682167 |
| 6.74%, 01/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,780 | 1794652 |
| 6.77%, 10/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,658 | 1672402 |
| 6.87%, 11/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD1,475 | 1491409 |
| 7.37%, 10/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,326 | 1329148 |
| 7.43%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,568 | 1567113 |
| 7.61%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD708 | 706600 |
| GSAT Trust, 5.18%, 07/15/40, (1-mo. CME <br> Term SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,475 | 9489770 |
| GWT Trust, 5.37%, 05/15/41, (1-mo. CME <br> Term SOFR +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,555 | 4573505 |
| HarborView Mortgage Loan Trust, 3.99%, <br> 08/19/37, (1-mo. CME Term SOFR <br> +0.31%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,946 | 1688314 |
| Harvest Commercial Capital Loan Trust, <br> 6.16%, 10/25/56<br>| &nbsp;&nbsp; USD2,431 | 2483356 |
| HIH Trust, 5.52%, 10/15/41, (1-mo. CME <br> Term SOFR +1.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,990 | 3998944 |
| HILT Commercial Mortgage Trust |  |  |
| 5.22%, 05/15/37, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,193 | 11213987 |
| 6.12%, 05/15/37, (1-mo. CME Term <br> SOFR +2.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,100 | 3109687 |
| Hilton USA Trust, 3.72%, 11/05/38<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 198950 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| HLTN Commercial Mortgage Trust, 5.32%, <br> 06/15/41, (1-mo. CME Term SOFR <br> +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,641 | $7655440 |
| Homes Trust, 5.72%, 10/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD8,858 | 8962466 |
| HOMES Trust |  |  |
| 5.03%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD14,034 | 14101533 |
| 5.15%, 11/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD3,454 | 3480058 |
| 5.22%, 08/25/59<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,041 | 5068680 |
| 5.43%, 02/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD13,522 | 13652379 |
| 5.63%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,406 | 5477601 |
| 5.92%, 07/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,121 | 7206968 |
| 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,286 | 2318385 |
| 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,000 | 2033300 |
| 6.79%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,900 | 2927254 |
| 6.90%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 3036235 |
| HONO Mortgage Trust, 4.95%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,690 | 5633100 |
| HTL Commercial Mortgage Trust |  |  |
| 5.88%, 05/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,840 | 2876426 |
| 10.26%, 05/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 3095024 |
| Hudson Yards Mortgage Trust, 2.94%, <br> 12/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | 377647 |
| ILPT Commercial Mortgage Trust, 5.29%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,792 | 8990606 |
| INT Commercial Mortgage Trust, 5.04%, <br> 11/05/37<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,643 | 3681541 |
| INV Mortgage Trust, 5.42%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,342 | 7282346 |
| J.P. Morgan Chase Commercial Mortgage <br> Securities Trust, 5.80%, 10/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 5094531 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| 2.85%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,180 | 1169156 |
| 5.17%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,020 | 6072268 |
| 5.37%, 03/15/40, (1-mo. CME Term <br> SOFR +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,635 | 2640076 |
| 6.48%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,450 | 3457444 |
| 7.25%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,841 | 1843308 |
| 8.22%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,533 | 1533047 |
| JP Morgan Mortgage Trust |  |  |
| 0.15%, 08/25/50, (1-mo. CME Term <br> SOFR +3.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD373 | 4903 |
| 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD691 | 642267 |
| 2.93%, 05/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,201 | 1919355 |
| 3.50%, 08/25/47<sup>(a)(b)</sup> | &nbsp;&nbsp; USD905 | 828299 |
| 3.51%, 07/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD195 | 176901 |
| 4.74%, 05/25/49, (1-mo. CME Term <br> SOFR +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD19 | 18756 |
| 4.75%, 10/26/48<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,282 | 1291630 |
| 4.75%, 06/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,118 | 3118178 |
| 4.93%, 06/25/66<sup>(a)</sup> | &nbsp;&nbsp; USD8,906 | 8905860 |
| 4.95%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,654 | 9689016 |
| 5.06%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD14,646 | 14721655 |
| 5.50%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,475 | 4524741 |
| 5.51%, 05/25/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD832 | 829302 |
| 5.59%, 02/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD8,155 | 8239941 |
| 5.85%, 08/25/50, (1-mo. CME Term <br> SOFR +2.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD373 | 375654 |
| 5.99%, 07/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,867 | 1886111 |
| 6.00%, 08/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD623 | 629320 |
| 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,344 | 2381553 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.41%, 02/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,800 | $2846444 |
| 6.42%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,300 | 1316630 |
| 6.76%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,643 | 2665737 |
| 6.92%, 10/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 2988376 |
| 7.23%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,680 | 1667199 |
| 8.05%, 07/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD940 | 948623 |
| JPMBB Commercial Mortgage Securities <br> Trust, 3.97%, 03/17/49<br>| &nbsp;&nbsp; USD430 | 423510 |
| Jubilee Place 7 BV |  |  |
| 2.79%, 09/18/62, (3-mo. EURIBOR + <br> 0.72%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,092 | 1296072 |
| 3.12%, 09/18/62, (3-mo. EURIBOR + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR257 | 304333 |
| 3.47%, 09/18/62, (3-mo. EURIBOR + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 119003 |
| Jubilee Place 8 BV, 3.32%, 03/17/62, (3-mo. <br> EURIBOR + 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | 118903 |
| JW Commercial Mortgage Trust, 5.30%, <br> 06/15/39, (1-mo. CME Term SOFR <br> +1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,805 | 6822004 |
| JW Trust, 5.27%, 11/15/39, (1-mo. CME <br> Term SOFR +1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,360 | 4370900 |
| KSL Commercial Mortgage Trust |  |  |
| 5.22%, 12/15/39, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,597 | 7597350 |
| 5.64%, 06/15/42 | &nbsp;&nbsp; USD6,105 | 6134588 |
| 8.45%, 06/05/42 | &nbsp;&nbsp; USD8,585 | 8613883 |
| La Trobe Financial Capital Markets Trust, <br> 4.61%, 05/15/57, (1-month BB Swap + <br> 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD1,201 | 836314 |
| Lagarino European Loan Conduit No. 40 <br> DAC<br>|  |  |
| 3.50%, 06/22/37, (3-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,932 | 2294106 |
| 4.15%, 06/22/37, (3-mo. EURIBOR + <br> 2.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR526 | 623561 |
| 4.65%, 06/22/37, (3-mo. EURIBOR + <br> 2.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR334 | 396423 |
| 5.55%, 06/22/37, (3-mo. EURIBOR + <br> 3.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR948 | 1125028 |
| Last Mile Logistics Pan Euro Finance DAC, <br> 4.76%, 08/17/33, (3-mo. EURIBOR + <br> 2.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,871 | 2214873 |
| Last Mile Securities PE DAC, 4.41%, <br> 08/17/31, (3-mo. EURIBOR + 2.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR915 | 1084455 |
| LBA Trust, 5.12%, 10/15/41, (1-mo. CME <br> Term SOFR + 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,389 | 4394474 |
| LQR Trust |  |  |
| 5.28%, 01/15/43, (1-mo. CME Term <br> SOFR + 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,542 | 3540410 |
| 7.63%, 01/15/43, (1-mo. CME Term <br> SOFR + 3.95%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD7,320 | 7319921 |
| LUX, 6.37%, 08/15/40, (1-mo. CME Term <br> SOFR +2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD882 | 890265 |
| MAC Trust, 5.38%, 10/15/40, (1-mo. CME <br> Term SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,700 | 10739971 |
| MAD Commercial Mortgage Trust |  |  |
| 4.91%, 10/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,927 | 3950709 |
| 7.57%, 10/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,992 | 3955502 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| MAIN Trust |  |  |
| 5.37%, 01/15/41, (1-mo. CME Term <br> SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,900 | $9899996 |
| 8.00%, 01/15/41, (1-mo. CME Term <br> SOFR + 4.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,400 | 1399999 |
| 8.92%, 01/15/41, (1-mo. CME Term <br> SOFR + 5.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,400 | 1399999 |
| 11.00%, 01/15/41, (1-mo. CME Term <br> SOFR + 7.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,600 | 1599998 |
| MCR Mortgage Trust |  |  |
| 5.44%, 02/15/37, (1-mo. CME Term <br> SOFR +1.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD894 | 894598 |
| 5.47%, 12/15/41, (1-mo. CME Term <br> SOFR + 1.79%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,261 | 5270876 |
| 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD4,800 | 4859302 |
| 6.79%, 02/15/37, (1-mo. CME Term <br> SOFR +3.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,813 | 1813374 |
| 7.59%, 02/15/37, (1-mo. CME Term <br> SOFR +3.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,652 | 1652185 |
| Meridian Funding PLC |  |  |
| 0.00%, 02/20/68, (1-day SONIA + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,455 | 3359991 |
| 0.00%, 02/20/68, (1-day SONIA + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP497 | 680208 |
| 0.00%, 02/20/68, (1-day SONIA + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP570 | 779184 |
| 0.00%, 02/20/68, (1-day SONIA + <br> 2.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP470 | 643350 |
| 0.00%, 02/20/68, (1-day SONIA + <br> 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP559 | 762339 |
| MF1 Trust |  |  |
| 4.75%, 12/15/34, (1-mo. CME Term <br> SOFR +1.07%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD130 | 129847 |
| 5.05%, 12/15/34, (1-mo. CME Term <br> SOFR +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | 99964 |
| MFA Trust |  |  |
| 1.47%, 11/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,697 | 3324221 |
| 3.30%, 08/25/49<sup>(a)(b)</sup> | &nbsp;&nbsp; USD206 | 200391 |
| 4.30%, 12/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,703 | 2425137 |
| 5.23%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD19,241 | 19394348 |
| 5.26%, 08/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD8,325 | 8389764 |
| 5.27%, 08/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,652 | 4676731 |
| 5.57%, 09/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,304 | 1299848 |
| 5.75%, 11/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD520 | 517948 |
| 6.11%, 12/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,874 | 1888949 |
| 6.13%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD632 | 640083 |
| 6.58%, 03/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,112 | 1129663 |
| 6.93%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,850 | 1871562 |
| MFRA Trust |  |  |
| 5.72%, 12/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD6,170 | 6243726 |
| 6.67%, 12/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,529 | 3598112 |
| MHP Commercial Mortgage Trust, 7.18%, <br> 09/15/40, (1-mo. CME Term SOFR <br> +3.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,000 | 4997987 |
| MHP Trust |  |  |
| 4.50%, 07/15/38, (1-mo. CME Term <br> SOFR +0.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,720 | 4718525 |
| 4.70%, 07/15/38, (1-mo. CME Term <br> SOFR +1.01%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,300 | 1299188 |
| 4.85%, 07/15/38, (1-mo. CME Term <br> SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD215 | 214798 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.15%, 07/15/38, (1-mo. CME Term <br> SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD215 | $214731 |
| 5.55%, 07/15/38, (1-mo. CME Term <br> SOFR +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | 349563 |
| Miltonia Mortgage Finance SRL, 3.34%, <br> 04/28/62, (3-mo. EURIBOR + 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | 237597 |
| MIRA Trust, 6.75%, 06/10/38<sup>(a)</sup> | &nbsp;&nbsp; USD103 | 106849 |
| Molossus Btl PLC |  |  |
| 0.00%, 03/17/63, (1-day SONIA + <br> 0.83%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP8,728 | 11958464 |
| 0.00%, 03/17/63, (1-day SONIA + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,708 | 2339038 |
| 0.00%, 03/17/63, (1-day SONIA + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP169 | 231553 |
| 0.00%, 03/17/63, (1-day SONIA + <br> 1.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP164 | 224892 |
| Morgan Stanley Capital I Trust |  |  |
| 3.52%, 07/15/52 | &nbsp;&nbsp; USD895 | 854679 |
| 3.70%, 06/15/52 | &nbsp;&nbsp; USD895 | 856630 |
| 3.89%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp; USD230 | 225867 |
| 4.43%, 07/15/51<sup>(b)</sup> | &nbsp;&nbsp; USD650 | 646151 |
| 4.62%, 07/15/51<sup>(b)</sup> | &nbsp;&nbsp; USD182 | 177523 |
| 5.23%, 11/15/34, (1-mo. CME Term <br> SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD799 | 787015 |
| 5.24%, 12/15/38, (1-mo. CME Term <br> SOFR +1.56%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,338 | 3187877 |
| Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| 4.25%, 02/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD19,529 | 19224528 |
| 4.25%, 02/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,641 | 1540394 |
| 4.93%, 01/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD9,900 | 9899715 |
| 5.04%, 07/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,144 | 5153914 |
| 5.44%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD13,278 | 13426679 |
| 5.44%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD13,201 | 13348361 |
| 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,367 | 2398174 |
| 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,830 | 1858060 |
| 6.59%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,712 | 2720714 |
| 7.11%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1525164 |
| 7.50%, 07/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,000 | 1010291 |
| Mortimer PLC |  |  |
| 0.00%, 09/22/70, (1-day SONIA + <br> 0.81%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,256 | 3093166 |
| 0.00%, 09/22/70, (1-day SONIA + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP344 | 471910 |
| 0.00%, 09/22/70, (1-day SONIA + <br> 1.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP429 | 589811 |
| 0.00%, 09/22/70, (1-day SONIA + <br> 1.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP353 | 484918 |
| 0.00%, 09/22/70, (1-day SONIA + <br> 3.87%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,432 | 1956272 |
| 4.59%, 09/22/67, (1-day SONIA + <br> 0.83%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP1,077 | 1475248 |
| 4.91%, 09/22/67, (1-day SONIA + <br> 1.15%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP561 | 771194 |
| 5.31%, 09/22/67, (1-day SONIA + <br> 1.55%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137584 |
| 5.86%, 09/22/67, (1-day SONIA + <br> 2.10%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137956 |
| MTN Commercial Mortgage Trust, 5.09%, <br> 03/15/39, (1-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,041 | 2041000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| NCMF Trust, 7.53%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,993 | $6088835 |
| New Residential Mortgage Loan Trust |  |  |
| 0.94%, 10/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD523 | 503660 |
| 2.49%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,471 | 1422253 |
| 2.71%, 11/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD828 | 794178 |
| 2.72%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD572 | 544385 |
| 2.77%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,668 | 1585666 |
| 2.80%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,441 | 2360790 |
| 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD85 | 81986 |
| 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD414 | 401670 |
| 3.75%, 05/28/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD33 | 31877 |
| 3.75%, 05/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD141 | 135979 |
| 3.99%, 04/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD872 | 815349 |
| 4.00%, 03/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD114 | 111602 |
| 4.50%, 02/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD77 | 76655 |
| 4.75%, 12/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD127 | 127046 |
| 5.11%, 08/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,259 | 11340115 |
| 5.12%, 09/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,437 | 5473332 |
| 5.35%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,426 | 4473022 |
| 5.47%, 11/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD8,184 | 8307557 |
| 5.53%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD16,355 | 16604270 |
| 5.64%, 01/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,202 | 3259659 |
| 6.47%, 01/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,172 | 2242934 |
| 6.83%, 08/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,300 | 1318145 |
| 7.02%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,500 | 3473504 |
| 7.13%, 03/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,380 | 1395388 |
| 7.41%, 08/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD833 | 829644 |
| 7.91%, 03/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,900 | 1931601 |
| NEW Residential Mortgage Loan Trust, <br> 5.57%, 04/25/65<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD2,040 | 2068836 |
| NRTH Commercial Mortgage Trust, 5.07%, <br> 10/15/40, (1-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11,031 | 11065472 |
| NYC Commercial Mortgage Trust |  |  |
| 4.67%, 11/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,516 | 5542980 |
| 5.42%, 10/15/40, (1-mo. CME Term <br> SOFR + 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,940 | 4978332 |
| 7.39%, 07/13/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,179 | 3260472 |
| NYC Trust, 4.79%, 01/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD14,075 | 14126019 |
| NYCT Trust 2024-3ELV |  |  |
| 5.67%, 08/15/29, (1-mo. CME Term <br> SOFR +1.99%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,790 | 7820732 |
| 6.52%, 08/15/29, (1-mo. CME Term <br> SOFR +2.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 1001250 |
| 7.52%, 08/15/29, (1-mo. CME Term <br> SOFR +3.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,000 | 4005000 |
| NYMT Loan Trust |  |  |
| 3.75%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,306 | 9054610 |
| 4.77%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,264 | 6263750 |
| 4.95%, 02/25/61<sup>(a)</sup> | &nbsp;&nbsp; USD2,426 | 2426122 |
| 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,539 | 6584371 |
| 6.47%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,000 | 999990 |
| OBX Trust |  |  |
| 1.07%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,299 | 1150969 |
| 1.56%, 05/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,319 | 1967237 |
| 3.00%, 11/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,260 | 1012296 |
| 4.50%, 11/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp; USD234 | 226309 |
| 4.94%, 09/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,623 | 2631214 |
| 5.11%, 08/25/62<sup>(a)(e)</sup> | &nbsp;&nbsp; USD389 | 389136 |
| 5.88%, 06/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,213 | 1228173 |
| 5.99%, 01/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,022 | 1033743 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.07%, 01/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,572 | $2598669 |
| 6.13%, 12/25/63<sup>(a)(e)</sup> | &nbsp;&nbsp; USD946 | 956194 |
| 6.52%, 07/25/63<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,557 | 1565759 |
| 6.62%, 01/25/64<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,000 | 1009239 |
| 6.95%, 02/25/63<sup>(a)(e)</sup> | &nbsp;&nbsp; USD7,686 | 7682512 |
| 7.39%, 06/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD850 | 853990 |
| ONE Mortgage Trust, 4.49%, 03/15/36, <br> (1-mo. CME Term SOFR +0.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,800 | 1797375 |
| One New York Plaza Trust |  |  |
| 4.75%, 01/15/36, (1-mo. CME Term <br> SOFR +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 970000 |
| 5.05%, 01/15/36, (1-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD519 | 502133 |
| 5.30%, 01/15/36, (1-mo. CME Term <br> SOFR +1.61%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,000 | 961250 |
| ONNI Commerical Mortgage Trust, 5.75%, <br> 07/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,605 | 5700418 |
| ORL Trust, 5.17%, 12/15/39, (1-mo. CME <br> Term SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD4,400 | 4411000 |
| Pepper Prime Trust |  |  |
| 4.52%, 04/12/67, (1-month BB Swap + <br> 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD8,400 | 5844487 |
| 4.67%, 04/12/67, (1-month BB Swap + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD770 | 535450 |
| 4.82%, 04/12/67, (1-month BB Swap + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD540 | 374886 |
| Pepper Residential Securities Trust No. 41 |  |  |
| 4.57%, 07/12/67<sup>(d)</sup> | &nbsp;&nbsp; AUD4,490 | 3128801 |
| 4.72%, 07/12/67, (1-month BB Swap + <br> 1.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD870 | 606243 |
| PGA Trust, 5.57%, 06/15/39, (1-mo. CME <br> Term SOFR +1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,463 | 8465645 |
| Pierpont Btl PLC |  |  |
| 1.00%, 12/21/62, (1-day SONIA + <br> 0.77%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP4,895 | 6700755 |
| 1.00%, 12/21/62, (1-day SONIA + <br> 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP106 | 145665 |
| Pierpont BTL PLC |  |  |
| 4.56%, 03/21/62, (1-day SONIA + <br> 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP551 | 754122 |
| 4.60%, 09/21/61, (1-day SONIA + <br> 0.84%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,357 | 1862363 |
| 4.81%, 03/21/62, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP289 | 394414 |
| 5.06%, 03/21/62, (1-day SONIA + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 136291 |
| PMT Loan Trust |  |  |
| 5.00%, 01/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD9,900 | 9838125 |
| 5.50%, 03/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,404 | 3446124 |
| 5.50%, 10/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,687 | 6724609 |
| 6.00%, 02/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,793 | 6918998 |
| Polaris PLC |  |  |
| 1.00%, 06/27/70, (1-day SONIA + <br> 0.73%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,946 | 2662810 |
| 4.55%, 02/26/68, (1-day SONIA + <br> 0.82%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,732 | 2373641 |
| 4.55%, 10/27/69, (1-day SONIA + <br> 0.82%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP8,860 | 12152451 |
| 4.78%, 02/26/68, (1-day SONIA + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP413 | 566939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.78%, 08/25/68, (1-day SONIA + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP196 | $269162 |
| 4.83%, 10/27/69, (1-day SONIA + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP689 | 947794 |
| 5.13%, 02/26/68, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP108 | 148640 |
| 5.13%, 08/25/68, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137739 |
| 5.13%, 10/27/69, (1-day SONIA + <br> 1.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP225 | 309912 |
| 5.38%, 10/27/69, (1-day SONIA + <br> 1.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP377 | 517572 |
| 5.53%, 02/26/68, (1-day SONIA + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137862 |
| PRET Trust |  |  |
| 4.00%, 08/25/64<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,167 | 1142440 |
| 4.00%, 07/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD6,733 | 6599134 |
| PRKCM, 5.55%, 02/25/60<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,981 | 3017697 |
| PRKCM Trust |  |  |
| 2.07%, 08/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,529 | 1347374 |
| 2.07%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,368 | 3015885 |
| 5.10%, 10/25/60<sup>(a)(e)</sup> | &nbsp;&nbsp; USD14,709 | 14790236 |
| 5.10%, 10/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,942 | 2957336 |
| 6.33%, 03/25/59<sup>(a)(e)</sup> | &nbsp;&nbsp; USD743 | 752381 |
| 6.43%, 05/25/59<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,039 | 1056037 |
| 7.76%, 09/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,000 | 1005856 |
| PRM5 Trust |  |  |
| 4.62%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD7,507 | 7509767 |
| 5.81%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,200 | 3209389 |
| PRPM, 5.23%, 08/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,750 | 5774140 |
| PRPM LLC |  |  |
| 4.00%, 05/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,000 | 2924530 |
| 4.00%, 05/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,000 | 1899939 |
| 4.00%, 07/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,309 | 1296813 |
| 4.00%, 08/25/54<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,250 | 2120326 |
| 4.50%, 08/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,167 | 1132643 |
| 4.50%, 08/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,400 | 1348279 |
| 4.50%, 08/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,333 | 1235615 |
| PRPM Trust |  |  |
| 5.18%, 10/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD10,886 | 11004127 |
| 5.21%, 01/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD1,625 | 1628910 |
| 5.39%, 08/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD248 | 246219 |
| 5.50%, 01/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD945 | 907017 |
| 5.50%, 08/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,717 | 2709009 |
| 5.67%, 12/26/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD9,755 | 9847806 |
| 5.69%, 04/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD11,121 | 11240502 |
| 5.80%, 11/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,836 | 3878086 |
| 6.22%, 11/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD3,127 | 3157255 |
| 6.27%, 12/25/68<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,181 | 1194107 |
| 6.52%, 12/26/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,000 | 5101650 |
| 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,027 | 2066902 |
| 6.72%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,705 | 1716175 |
| Radian Mortgage Capital Trust |  |  |
| 5.50%, 03/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,402 | 1414442 |
| 6.00%, 11/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,112 | 1116459 |
| Residential Mortgage Loan Trust |  |  |
| 0.86%, 01/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD628 | 610384 |
| 3.95%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,250 | 2162410 |
| 4.67%, 01/26/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,528 | 1431002 |
| 6.04%, 05/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD895 | 889501 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| RESIMAC Premier Series, 4.56%, 04/08/57, <br> (1-month BB Swap + 0.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD10,905 | $7585042 |
| RESIMAC Premier Series 2025-1, 4.67%, <br> 09/12/56<sup>(d)</sup><br>| &nbsp;&nbsp; AUD1,236 | 863875 |
| RFMSI Series Trust, 5.73%, 10/25/37<sup>(b)</sup> | &nbsp;&nbsp; USD111 | 66886 |
| ROCK Trust, 8.82%, 11/13/41<sup>(a)</sup> | &nbsp;&nbsp; USD1,290 | 1371374 |
| RUN Trust, 4.00%, 03/25/67<sup>(a)</sup> | &nbsp;&nbsp; USD1,955 | 1948804 |
| Sage AR Funding |  |  |
| 5.16%, 05/17/37, (1-day SONIA + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,837 | 2526387 |
| 5.86%, 05/17/37, (1-day SONIA + <br> 2.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP959 | 1313232 |
| 6.26%, 05/17/37, (1-day SONIA + <br> 2.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP379 | 517839 |
| 7.76%, 05/17/37, (1-day SONIA + <br> 3.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP327 | 448359 |
| SAIF Securitization Trust, 5.97%, <br> 07/25/54<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD2,262 | 2284426 |
| Santander Mortgage Asset Receivable Trust |  |  |
| 4.95%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,623 | 4640492 |
| 5.14%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD12,584 | 12653147 |
| 5.73%, 02/25/65<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,968 | 3005493 |
| 6.89%, 08/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,170 | 3187374 |
| Santander Residential 1 FT |  |  |
| 2.95%, 10/18/68, (3-mo. EURIBOR + <br> 0.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,500 | 1781838 |
| 3.20%, 10/18/68, (3-mo. EURIBOR + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR400 | 474376 |
| Sapphire XXXII Trust, 4.67%, 06/14/66, <br> (1-month BB Swap + 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD5,294 | 3694609 |
| Sapphire XXXIII Trust |  |  |
| 4.57%, 02/12/67, (1-month BB Swap + <br> 1.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD4,160 | 2895311 |
| 4.67%, 02/12/67, (1-month BB Swap + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD1,450 | 1008930 |
| SCG Commercial Mortgage Trust, 6.63%, <br> 03/15/35, (1-mo. CME Term SOFR <br> +2.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,410 | 7391475 |
| SCG Commercial Mortgage Trust 2025, <br> 6.43%, 08/15/42, (1-mo. CME Term <br> SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,259 | 1265285 |
| SCG Mortgage Trust, 5.42%, 04/15/41, <br> (1-mo. CME Term SOFR +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD8,700 | 8700000 |
| SCG Trust, 5.18%, 09/15/42, (1-mo. CME <br> Term SOFR +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD6,460 | 6487054 |
| SDAL Trust, 6.12%, 04/15/42, (1-mo. CME <br> Term SOFR +2.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10,496 | 10555960 |
| SELF Commercial Mortgage Trust |  |  |
| 5.22%, 11/15/34, (1-mo. CME Term <br> SOFR +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD420 | 419974 |
| 7.87%, 11/15/34, (1-mo. CME Term <br> SOFR +4.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,866 | 2872964 |
| Sequoia Mortgage Trust |  |  |
| 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,911 | 11124472 |
| 4.47%, 11/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,321 | 5344958 |
| 5.00%, 12/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD18,489 | 18430714 |
| 5.50%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,593 | 4630262 |
| SG Residential Mortgage Trust |  |  |
| 3.68%, 03/27/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,399 | 2213069 |
| 4.08%, 09/25/59<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,000 | 2866038 |
| 5.10%, 12/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,400 | 6431925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| SHR Trust |  |  |
| 5.63%, 10/15/41, (1-mo. CME Term <br> SOFR +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,130 | $5152444 |
| 8.13%, 10/15/41, (1-mo. CME Term <br> SOFR +4.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD345 | 348263 |
| Sirius Logistics UK DAC, 4.98%, 11/17/35, <br> (1-day SONIA + 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP3,502 | 4791963 |
| SLG Commercial Mortgage Trust, 4.93%, <br> 02/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,368 | 5387608 |
| SMR Mortgage Trust, 5.33%, 02/15/39, <br> (1-mo. CME Term SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,142 | 2139574 |
| SMRT 2022-Mini, 4.68%, 01/15/39, (1-mo. <br> CME Term SOFR +1.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,150 | 5150468 |
| Spruce Hill Mortgage Loan Trust, 4.68%, <br> 01/28/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD5,020 | 4790150 |
| SREIT Trust, 5.17%, 11/15/36, (1-mo. CME <br> Term SOFR +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD265 | 265000 |
| Starwood Mortgage Residential Trust |  |  |
| 2.18%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD500 | 464766 |
| 2.88%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD940 | 857479 |
| Stratton Mortgage Funding PLC |  |  |
| 4.72%, 06/25/49, (1-day SONIA + <br> 0.98%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP340 | 464994 |
| 5.09%, 06/25/49, (1-day SONIA + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP179 | 244968 |
| SV Vanir Logistics Finance Sarl |  |  |
| 0.00%, 07/23/37, (3-mo. EURIBOR + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,633 | 1936632 |
| 0.00%, 07/23/37, (3-mo. EURIBOR + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR650 | 770858 |
| 0.00%, 07/23/37, (3-mo. EURIBOR + <br> 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,025 | 1215585 |
| Taurus 2025-4 UK DAC |  |  |
| 0.00%, 08/18/35, (1-day SONIA + <br> 1.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP782 | 1070630 |
| 0.00%, 08/18/35, (1-day SONIA + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 136909 |
| Taurus U.K. DAC |  |  |
| 5.35%, 02/18/35, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,828 | 2504324 |
| 5.85%, 02/18/35, (1-day SONIA + <br> 2.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP361 | 493557 |
| 6.35%, 02/18/35, (1-day SONIA + <br> 2.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP446 | 610368 |
| TCO Commercial Mortgage Trust, 6.42%, <br> 12/15/39, (1-mo. CME Term SOFR <br> +2.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2503125 |
| Think Tank Commercial Series 2025, 4.67%, <br> 12/10/57, (1-month BB Swap + <br> 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD1,405 | 980016 |
| THPT Mortgage Trust, 6.99%, 12/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,570 | 6697969 |
| Thunder Logistics DAC |  |  |
| 3.56%, 11/17/36, (3-mo. EURIBOR + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR789 | 935407 |
| 4.11%, 11/17/36, (3-mo. EURIBOR + <br> 2.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR72 | 84888 |
| Together Asset Backed Securitisation 14 <br> PLC, 4.49%, 08/15/66, (1-day SONIA + <br> 0.76%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP666 | 912141 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Together Asset Backed Securitisation PLC, <br> 4.93%, 01/15/57, (1-day SONIA + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,402 | $1930238 |
| Together Asset-Backed Securitisation PLC |  |  |
| 4.66%, 09/12/56, (1-day SONIA + <br> 0.93%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP706 | 968918 |
| 4.69%, 10/12/65, (1-day SONIA + <br> 0.96%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP959 | 1317953 |
| 4.93%, 09/12/56, (1-day SONIA + <br> 1.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP424 | 581216 |
| 5.23%, 09/12/56, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137056 |
| 5.23%, 01/15/57, (1-day SONIA + <br> 1.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP182 | 250900 |
| 5.53%, 01/15/57, (1-day SONIA + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP109 | 150516 |
| 5.68%, 09/12/56, (1-day SONIA + <br> 1.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137147 |
| Towd Point Mortgage Trust |  |  |
| 3.50%, 03/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1469307 |
| 3.75%, 07/25/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD766 | 735303 |
| 3.75%, 08/01/62<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,918 | 1832355 |
| 4.85%, 11/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | 99853 |
| TRK Trust |  |  |
| 1.15%, 07/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,062 | 1870181 |
| 2.58%, 02/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,544 | 6166655 |
| 3.29%, 07/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD255 | 213378 |
| 3.44%, 02/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,975 | 5304817 |
| 4.34%, 06/25/57<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,326 | 1277538 |
| TYSN Mortgage Trust, 6.58%, 12/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,304 | 4522763 |
| U.K. Logistics DAC |  |  |
| 5.51%, 05/17/34, (1-day SONIA + <br> 1.65%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP130 | 177902 |
| 7.86%, 05/17/35, (1-day SONIA + <br> 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP592 | 810322 |
| UBS Commercial Mortgage Trust |  |  |
| 3.76%, 10/15/52<sup>(b)</sup> | &nbsp;&nbsp; USD1,201 | 1069846 |
| 3.84%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; USD565 | 549737 |
| UK Logistics DAC |  |  |
| 5.19%, 08/17/35, (1-day SONIA + <br> 1.33%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,457 | 3373703 |
| 5.21%, 02/17/35, (1-day SONIA + <br> 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,194 | 1632682 |
| 5.51%, 08/17/35, (1-day SONIA + <br> 1.65%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP1,266 | 1738642 |
| 5.56%, 02/17/35, (1-day SONIA + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP168 | 228976 |
| 5.81%, 08/17/35, (1-day SONIA + <br> 1.95%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP525 | 721118 |
| 5.96%, 02/17/35, (1-day SONIA + <br> 2.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP85 | 116234 |
| 6.96%, 02/17/35, (1-day SONIA + <br> 3.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP186 | 254182 |
| University Trust |  |  |
| 5.33%, 11/15/42, (1-mo. CME Term <br> SOFR + 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD7,830 | 7839741 |
| 5.93%, 11/15/42, (1-mo. CME Term <br> SOFR + 2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD9,700 | 9712124 |
| VCC Trust, 8.16%, 05/25/55<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,031 | 1025397 |
| VEGAS, 6.22%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,985 | 4032221 |
| VEGAS Trust, 5.52%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp; USD4,850 | 4904650 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Velocity Commercial Capital Loan Trust |  |  |
| 2.61%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,028 | $958863 |
| 4.48%, 12/26/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD348 | 285457 |
| 5.03%, 05/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,459 | 1092127 |
| 5.20%, 02/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD214 | 181385 |
| 5.22%, 06/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,233 | 4189267 |
| 5.46%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,920 | 2910634 |
| 5.49%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,467 | 2485552 |
| 5.81%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,850 | 5937779 |
| 5.87%, 06/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD12,025 | 12194834 |
| 6.03%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,892 | 1930681 |
| 6.04%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD249 | 247844 |
| 6.17%, 09/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,868 | 1875949 |
| 6.31%, 09/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,087 | 1081104 |
| 6.56%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD278 | 276679 |
| 6.58%, 04/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD655 | 671324 |
| 6.76%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD387 | 386938 |
| 6.85%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD487 | 484163 |
| 6.92%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD207 | 209039 |
| 6.98%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,997 | 2031786 |
| 7.23%, 06/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,364 | 1397242 |
| 7.33%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD901 | 913764 |
| 7.52%, 08/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,017 | 985257 |
| 9.35%, 09/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD996 | 990257 |
| 9.45%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD289 | 287668 |
| 9.53%, 10/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD256 | 257531 |
| 9.63%, 01/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,878 | 3738883 |
| 9.67%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,973 | 3016425 |
| 10.15%, 02/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD312 | 315925 |
| 10.21%, 10/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD105 | 96088 |
| 10.28%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,480 | 2361253 |
| Verus Securitization Trust |  |  |
| 0.82%, 10/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD914 | 888599 |
| 2.82%, 11/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,517 | 2351119 |
| 3.20%, 06/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD712 | 549271 |
| 3.80%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,513 | 2331600 |
| 4.05%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,334 | 1061095 |
| 4.13%, 02/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,768 | 1704005 |
| 4.83%, 10/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,571 | 2571320 |
| 4.91%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD19,295 | 19360382 |
| 4.94%, 10/25/67<sup>(a)</sup> | &nbsp;&nbsp; USD9,407 | 9406455 |
| 5.02%, 01/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD2,070 | 2078347 |
| 5.10%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD5,746 | 5771734 |
| 5.13%, 08/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD5,825 | 5864122 |
| 5.22%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD6,192 | 6213258 |
| 5.33%, 08/26/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,566 | 1578327 |
| 5.36%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,023 | 4054482 |
| 5.42%, 07/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD13,571 | 13720226 |
| 5.43%, 06/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD11,409 | 11528945 |
| 5.62%, 05/25/70<sup>(a)(e)</sup> | &nbsp;&nbsp; USD8,012 | 8115116 |
| 5.71%, 01/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD4,443 | 4470853 |
| 5.85%, 12/25/67<sup>(a)(e)</sup> | &nbsp;&nbsp; USD394 | 393246 |
| 6.10%, 02/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD221 | 223400 |
| 6.12%, 03/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD1,779 | 1799830 |
| 6.34%, 04/25/69<sup>(a)(e)</sup> | &nbsp;&nbsp; USD2,084 | 2113056 |
| 6.40%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD584 | 582920 |
| 6.41%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,359 | 1364118 |
| 6.48%, 09/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD1,338 | 1343968 |
| 6.54%, 10/27/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,735 | 1742576 |
| 6.62%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,850 | 1861171 |
| 7.38%, 10/27/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD700 | 703728 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.44%, 02/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,000 | $3981597 |
| 7.44%, 05/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD500 | 504477 |
| 7.45%, 12/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,510 | 1532757 |
| 7.51%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,414 | 1426810 |
| 7.51%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,967 | 1992830 |
| 7.64%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,765 | 1794409 |
| 7.71%, 03/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,152 | 1153107 |
| 7.77%, 09/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,450 | 3467013 |
| 8.03%, 04/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD680 | 695936 |
| 8.09%, 03/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,000 | 1016768 |
| 8.16%, 11/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,500 | 1527858 |
| Verus Securitization Trust 2024, 8.40%, <br> 04/25/69<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,240 | 1268265 |
| Visio Trust, 1.31%, 11/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD49 | 47943 |
| VTR Commercial Mortgage Trust |  |  |
| 5.20%, 10/13/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11,426 | 11441153 |
| 6.71%, 10/13/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,904 | 3914971 |
| WaMu Mortgage Pass-Through Certificates <br> Series Trust, 4.63%, 09/25/46, (12-mo. <br> MTA + 0.96%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD35 | 28993 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Series Trust, 4.92%, <br> 04/25/47, (12-mo. MTA + 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD239 | 211292 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 3.75%, 03/15/59 | &nbsp;&nbsp; USD850 | 848275 |
| 4.02%, 12/15/49<sup>(b)</sup> | &nbsp;&nbsp; USD440 | 436327 |
| 4.06%, 08/17/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD210 | 206549 |
| Series 2018-C46, Class AS, 4.38%, <br> 08/15/51<br>| &nbsp;&nbsp; USD660 | 653817 |
| Series 2019-C50, Class AS, 4.02%, <br> 05/15/52<br>| &nbsp;&nbsp; USD870 | 844624 |
| Wells Fargo Mortgage-Backed Securities <br> Trust, 3.50%, 07/25/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD160 | 148372 |
| WEST Trust, 5.28%, 04/10/35<sup>(a)(b)</sup> | &nbsp;&nbsp; USD4,126 | 4187675 |
| WHARF Commercial Mortgage Trust |  |  |
| 5.53%, 07/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD3,947 | 4067877 |
| 7.98%, 07/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD2,897 | 2951491 |
| Winchester 1 PLC |  |  |
| 4.63%, 10/21/56<sup>(d)</sup> | &nbsp;&nbsp; GBP675 | 927161 |
| 4.94%, 10/21/56, (1-day SONIA + <br> 1.20%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP340 | 466122 |
| 5.29%, 10/21/56, (1-day SONIA + <br> 1.55%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP100 | 137999 |
| 5.74%, 10/21/56, (1-day SONIA + <br> 2.00%)<sup>(d)</sup><br>| &nbsp;&nbsp; GBP100 | 138438 |
| WinWater Mortgage Loan Trust |  |  |
| 3.50%, 11/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD293 | 279670 |
| 3.50%, 01/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD129 | 121412 |
| 3.50%, 02/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD361 | 338058 |
| 3.50%, 02/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD145 | 134759 |
| 3.76%, 08/20/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD450 | 313707 |
| 3.93%, 06/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD381 | 370623 |
| 4.00%, 09/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD92 | 90068 |
| 4.00%, 11/20/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD250 | 190867 |
|  |  | 3407687713 |
| **Municpal Debt Obligations — 0.0%** | **Municpal Debt Obligations — 0.0%** | **Municpal Debt Obligations — 0.0%** |
| Tower Bridge Funding PLC, 4.55%, <br> 12/20/66<sup>(d)</sup><br>| &nbsp;&nbsp; GBP482 | 660290 |
| **Total Collateralized Mortgage Obligations — 21.3%** <br>**(Cost: $3,475,071,203)** | **Total Collateralized Mortgage Obligations — 21.3%** <br>**(Cost: $3,475,071,203)** | 3510945560 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Cellnex Telecom SA, Series CLNX, 0.75%, <br> 11/20/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR4,400 | $4720466 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(d)</sup> | &nbsp;&nbsp; EUR8,000 | 9202192 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| ams-OSRAM AG, Series ., 2.13%, <br> 11/03/27<sup>(d)</sup><br>| &nbsp;&nbsp; EUR1,100 | 1250099 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Ocado Group PLC, 0.75%, 01/18/27<sup>(d)</sup> | &nbsp;&nbsp; GBP7,000 | 9168586 |
| **Total Convertible Bonds — 0.2%** <br>**(Cost: $23,626,751)** | **Total Convertible Bonds — 0.2%** <br>**(Cost: $23,626,751)** | 24341343 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.13%, 02/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,899 | 3023086 |
| 7.50%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,716 | 1823313 |
| 7.88%, 04/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,569 | 6916283 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | &nbsp;&nbsp; USD586 | 575290 |
| 4.00%, 02/15/30 | &nbsp;&nbsp; USD323 | 312269 |
| 4.88%, 01/15/29 | &nbsp;&nbsp; USD4,098 | 4098410 |
| 5.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD377 | 376011 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.29%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,034 | 1061717 |
| 10.38%, 05/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD8,599 | 9091668 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD877 | 856018 |
| 4.63%, 03/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD190 | 185527 |
| 5.00%, 08/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,367 | 3366305 |
| 7.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD851 | 896244 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,505 | 4368334 |
| Summer BC Holdco B Sarl, 6.31%, <br> 02/15/30, (3-mo. EURIBOR + 4.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR11,253 | 12529901 |
| Summer BC Holdco B SARL, 5.88%, <br> 02/15/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR6,997 | 7710473 |
| WPP Finance 2013, 3.63%, 06/09/31<sup>(d)</sup> | &nbsp;&nbsp; EUR25,280 | 29651597 |
|  |  | 86842446 |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| ATI, Inc., 7.25%, 08/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD4,524 | 4742523 |
| Boeing Co. (The), 3.75%, 02/01/50 | &nbsp;&nbsp; USD11,542 | 8452835 |
| Bombardier, Inc. |  |  |
| 7.00%, 06/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,146 | 2252695 |
| 7.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD995 | 1056356 |
| 8.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,920 | 5272602 |
| Czechoslovak Group A/S, 5.25%, <br> 01/10/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR8,217 | 10166143 |
| Spirit AeroSystems, Inc., 4.60%, 06/15/28<sup>(h)</sup> | &nbsp;&nbsp; USD2,756 | 2773833 |
| TransDigm, Inc. |  |  |
| 4.63%, 01/15/29 | &nbsp;&nbsp; USD4,709 | 4680536 |
| 4.88%, 05/01/29<sup>(h)</sup> | &nbsp;&nbsp; USD110 | 109799 |
| 6.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,528 | 1556868 |
| 6.25%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 103347 |
| 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,861 | 2942038 |
| 6.38%, 05/31/33<sup>(a)</sup> | &nbsp;&nbsp; USD6,618 | 6737203 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 6.63%, 03/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD9,680 | $10008859 |
| 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD8,636 | 8781335 |
| 6.75%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,766 | 1827838 |
| 6.88%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD944 | 983256 |
| 7.13%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,864 | 4052212 |
|  |  | 76500278 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Darling Ingredients, Inc. |  |  |
| 5.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,397 | 1397473 |
| 6.00%, 06/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,591 | 2625502 |
| Imperial Brands Finance PLC, 3.88%, <br> 02/12/34<sup>(d)</sup><br>| &nbsp;&nbsp; EUR5,672 | 6668344 |
| MHP Lux SA, 10.50%, 07/28/29<sup>(a)</sup> | &nbsp;&nbsp; USD335 | 345050 |
| Tereos Finance Groupe I SA, 7.25%, <br> 04/15/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR2,559 | 3102381 |
|  |  | 14138750 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| ABRA Global Finance, 14.00%, 10/22/29, <br> (6.00% cash and 8.00% PIK)<sup>(a)(h)(i)</sup><br>| &nbsp;&nbsp; USD709 | 739708 |
| Air Canada, 3.88%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD2,152 | 2143839 |
| Air France-KLM, Series ., 5.75%, (5-year <br> EURIBOR ICE Swap + 3.58%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR11,000 | 13362630 |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,273 | 3332159 |
| 8.50%, 05/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD980 | 1022622 |
| American Airlines, Inc./AAdvantage Loyalty <br> IP Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD8,181 | 8266115 |
| Avianca Midco 2 PLC, 9.50%, 01/28/31<sup>(a)</sup> | &nbsp;&nbsp; USD425 | 433628 |
| Azul Secured Finance LLP |  |  |
| 9.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD320 | 323600 |
| 9.88%, 02/15/31 | &nbsp;&nbsp; USD450 | 445626 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28<sup>(h)</sup> | &nbsp;&nbsp; USD10,048 | 10220180 |
| 5.25%, 07/10/30 | &nbsp;&nbsp; USD8,033 | 8225642 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55, <br> (5-year EURIBOR ICE Swap + <br> 2.86%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR10,100 | 12353196 |
| Grupo Aeromexico SAB de CV, 8.25%, <br> 11/15/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD3,466 | 3567814 |
| JetBlue Airways Corp., 9.88%, 09/20/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD8,900 | 8938866 |
| VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.<br>|  |  |
| 6.38%, 02/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,548 | 2417458 |
| 7.88%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD900 | 901540 |
| 9.50%, 06/01/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,450 | 1508484 |
|  |  | 78203107 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Beach Acquisition Bidco LLC |  |  |
| 5.25%, 07/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR7,356 | 8927798 |
| 10.00%, 07/15/33, (10.00% Cash or <br> 10.75% PIK)<sup>(a)(h)(i)</sup><br>| &nbsp;&nbsp; USD7,865 | 8653927 |
| PrestigeBidCo GmbH, 5.77%, 07/01/29, <br> (3-mo. EURIBOR + 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,253 | 1496376 |
| VF Corp. |  |  |
| 2.80%, 04/23/27<sup>(h)</sup> | &nbsp;&nbsp; USD1,767 | 1723576 |
| 2.95%, 04/23/30<sup>(h)</sup> | &nbsp;&nbsp; USD1,474 | 1344463 |
| 4.25%, 03/07/29 | &nbsp;&nbsp; EUR11,000 | 13201259 |
|  |  | 35347399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| Allison Transmission, Inc. |  |  |
| 3.75%, 01/30/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD283 | $266765 |
| 4.75%, 10/01/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD869 | 868987 |
| 5.88%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,222 | 1237368 |
| Aston Martin Capital Holdings Ltd., 10.38%, <br> 03/31/29<sup>(d)</sup><br>| &nbsp;&nbsp; GBP7,662 | 9432703 |
| BMW International Investment BV, 3.00%, <br> 08/27/27<sup>(d)</sup><br>| &nbsp;&nbsp; EUR3,402 | 4068925 |
| Ford Motor Credit Co. LLC, 4.97%, <br> 04/06/29<br>| &nbsp;&nbsp; USD7,740 | 7781441 |
| Hyundai Capital America, 5.03%, 03/27/30, <br> (1-day SOFR + 1.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD2,500 | 2534209 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 10/01/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,508 | 2484318 |
| 5.50%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,774 | 1772527 |
| 5.88%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,053 | 2052577 |
| Mercedes-Benz International Finance BV, <br> 2.50%, 09/05/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR4,000 | 4745424 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.85%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp; USD2,845 | 2785817 |
| 5.63%, 09/29/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,816 | 4832514 |
| 6.13%, 09/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,019 | 4007843 |
| 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD534 | 553693 |
| Nissan Motor Co. Ltd. |  |  |
| 4.81%, 09/17/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD9,709 | 9165732 |
| 5.25%, 07/17/29<sup>(d)</sup> | &nbsp;&nbsp; EUR13,904 | 16961966 |
| 6.38%, 07/17/33<sup>(d)</sup> | &nbsp;&nbsp; EUR12,700 | 15582076 |
| 7.50%, 07/17/30<sup>(a)</sup> | &nbsp;&nbsp; USD763 | 801130 |
| 7.75%, 07/17/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,334 | 3518627 |
| 8.13%, 07/17/35<sup>(a)</sup> | &nbsp;&nbsp; USD2,516 | 2686892 |
| RCI Banque SA |  |  |
| 4.75%, 03/24/37, (5-year EURIBOR ICE <br> Swap + 2.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR7,100 | 8635032 |
| 5.50%, 10/09/34, (5-year EURIBOR ICE <br> Swap + 2.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR20,000 | 24988913 |
| 6.13%, , (5-year EURIBOR ICE Swap + <br> 3.83%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,800 | 4618747 |
| Renault SA, 3.88%, 09/30/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,800 | 4557371 |
| Volkswagen Bank GmbH, 4.63%, <br> 05/03/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR2,500 | 3131802 |
| Volkswagen International Finance NV |  |  |
| 3.88%, (10-year EUR Swap + <br> 3.37%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,000 | 5956145 |
| 4.38%, (9-year EUR Swap + <br> 3.36%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,900 | 4604175 |
| 5.49%, (5-year EURIBOR ICE Swap + <br> 3.17%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,200 | 3975739 |
| Series ., 5.99%, (8-year EURIBOR ICE <br> Swap + 3.12%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR11,900 | 14934338 |
|  |  | 173543796 |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD807 | 825348 |
| 7.50%, 02/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,893 | 7157312 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | &nbsp;&nbsp; USD569 | 555138 |
| 6.38%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD113 | 115293 |
| 7.75%, 10/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,275 | 5426537 |
| Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54, <br> (5-year CMT + 3.39%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,207 | 2305064 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.75%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR11,859 | $14281879 |
| 6.75%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD8,291 | 8581434 |
| Dana Financing Luxembourg SARL, 8.50%, <br> 07/15/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR2,411 | 3042725 |
| Dana, Inc., 4.25%, 09/01/30 | &nbsp;&nbsp; USD201 | 192003 |
| Forvia SE |  |  |
| 3.75%, 06/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR257 | 304932 |
| 5.50%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR5,893 | 7244575 |
| 5.63%, 06/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,320 | 4122366 |
| 6.75%, 09/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,207 | 6364292 |
| 8.00%, 06/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD727 | 776123 |
| Goodyear Tire & Rubber Co.(The) |  |  |
| 4.88%, 03/15/27<sup>(h)</sup> | &nbsp;&nbsp; USD876 | 873157 |
| 5.00%, 07/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD1,053 | 1031237 |
| 5.25%, 07/15/31<sup>(h)</sup> | &nbsp;&nbsp; USD3,780 | 3600322 |
| 5.63%, 04/30/33<sup>(h)</sup> | &nbsp;&nbsp; USD1,948 | 1857184 |
| 6.63%, 07/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD123 | 125579 |
| IHO Verwaltungs GmbH |  |  |
| 7.00%, 11/15/31, (7.00 % in Cash and <br> 7.75 % in PIK)<sup>(d)(i)</sup><br>| &nbsp;&nbsp; EUR6,272 | 8046592 |
| 8.75%, 05/15/28, (8.75% PIK)<sup>(d)(i)</sup> | &nbsp;&nbsp; EUR4,000 | 4915613 |
| Mahle GmbH |  |  |
| 2.38%, 05/14/28<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | 230956 |
| 6.50%, 05/02/31<sup>(d)</sup> | &nbsp;&nbsp; EUR10,881 | 13450640 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,258 | 2300256 |
| 6.25%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD609 | 628545 |
| Schaeffler AG |  |  |
| 4.25%, 04/01/28<sup>(d)</sup> | &nbsp;&nbsp; EUR1,800 | 2179419 |
| 5.38%, 04/01/31<sup>(d)</sup> | &nbsp;&nbsp; EUR2,200 | 2770895 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD7,581 | 7626114 |
| ZF Europe Finance BV |  |  |
| 2.50%, 10/23/27<sup>(d)</sup> | &nbsp;&nbsp; EUR10,900 | 12785369 |
| 3.00%, 10/23/29<sup>(d)</sup> | &nbsp;&nbsp; EUR4,400 | 4963089 |
| 6.13%, 03/13/29<sup>(d)</sup> | &nbsp;&nbsp; EUR5,000 | 6183828 |
| 7.00%, 06/12/30<sup>(d)</sup> | &nbsp;&nbsp; EUR11,200 | 14150984 |
| ZF Finance GmbH, 2.25%, 05/03/28<sup>(d)</sup> | &nbsp;&nbsp; EUR4,000 | 4585573 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28<sup>(a)</sup> | &nbsp;&nbsp; USD632 | 652537 |
| 6.88%, 04/23/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,473 | 3463148 |
| 7.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,467 | 4571479 |
| 7.50%, 03/24/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,211 | 5341218 |
|  |  | 167628755 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Abanca Corp. Bancaria SA, 4.63%, <br> 12/11/36, (5-year EURIBOR ICE Swap + <br> 2.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,100 | 3815724 |
| ABN AMRO Bank NV, 5.50%, 09/21/33, <br> (5-year EURIBOR ICE Swap + <br> 2.45%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4382709 |
| Abu Dhabi Commercial Bank PJSC, 8.00%, <br> (5-year CMT + 3.52%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD589 | 624340 |
| AIB Group PLC |  |  |
| 6.00%, (5-year EURIBOR ICE Swap + <br> 3.70%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4295107 |
| 7.13%, (5-year EURIBOR ICE Swap + <br> 4.38%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,553 | 4569528 |
| Al Rajhi Sukuk Ltd., 6.25%, (6-year CMT + <br> 1.59%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD1,263 | 1271285 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Alpha Bank SA, 6.00%, 09/13/34, (5-year <br> EURIBOR ICE Swap + 3.27%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,000 | $3840281 |
| Axis Bank Ltd./Gandhinagar, 4.10%, (5-year <br> CMT + 3.32%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD4,500 | 4466250 |
| B&M European Value Retail SA, 6.50%, <br> 11/27/31<sup>(d)</sup><br>| &nbsp;&nbsp; GBP6,300 | 8448956 |
| Banca Monte dei Paschi di Siena SpA, <br> 4.38%, 10/02/35, (5-year EURIBOR ICE <br> Swap + 2.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR8,500 | 10343076 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.88%, (5-year EUR Swap + <br> 4.26%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1295668 |
| 7.75%, (5-year CMT + 3.25%)<sup>(b)(h)(j)</sup> | &nbsp;&nbsp; USD3,227 | 3471536 |
| 8.38%, (5-year EURIBOR ICE Swap + <br> 5.54%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,000 | 6541826 |
| Banco de Credito e Inversiones SA, 8.75%, <br> (5-year CMT + 4.94%)<sup>(a)(b)(h)(j)</sup><br>| &nbsp;&nbsp; USD468 | 503914 |
| Banco de Sabadell SA |  |  |
| 5.13%, 11/10/28, (1-year EUR Swap + <br> 2.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR6,300 | 7790370 |
| 5.25%, 02/07/29, (1-year EUR Swap + <br> 2.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR13,800 | 17158349 |
| 5.50%, 09/08/29, (1-year EURIBOR ICE <br> Swap + 2.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,600 | 5821125 |
| Banco Mercantil del Norte SA/Grand <br> Cayman, 8.38%, (5-year CMT + <br> 4.07%)<sup>(a)(b)(j)</sup><br>| &nbsp;&nbsp; USD758 | 800069 |
| Bank Negara Indonesia Persero Tbk PT, <br> 4.30%, (5-year CMT + 3.47%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD4,500 | 4406400 |
| Bank of America Corp. |  |  |
| 0.58%, 08/24/28, (3-mo. EURIBOR + <br> 0.76%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,950 | 3397769 |
| 3.26%, 01/28/31, (3-mo. EURIBOR + <br> 0.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR9,274 | 11082307 |
| 5.52%, 10/25/35, (1-day SOFR + <br> 1.74%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,580 | 8756758 |
| Bankinter SA |  |  |
| 5.00%, 06/25/34, (5-year EURIBOR ICE <br> Swap + 2.35%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,000 | 2478597 |
| 7.38%, (5-year EURIBOR ICE Swap + <br> 4.70%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR4,400 | 5632468 |
| Series ., 3.25%, 11/03/33, (1-year <br> EURIBOR ICE Swap + 0.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR10,500 | 12353644 |
| Banque Federative du Credit Mutuel SA |  |  |
| 1.25%, 06/03/30<sup>(d)</sup> | &nbsp;&nbsp; EUR15,200 | 16682477 |
| 4.00%, 01/15/35, (5-year EURIBOR ICE <br> Swap + 1.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR16,700 | 20137418 |
| Barclays PLC, 9.25%, (5-year GBP Swap + <br> 5.64%)<sup>(b)(j)</sup><br>| &nbsp;&nbsp; GBP2,600 | 3863699 |
| BNP Paribas SA, 3.74%, 04/20/34, (3-mo. <br> EURIBOR + 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR15,300 | 18234918 |
| BPER Banca SpA, 6.50%, (5-year <br> EURIBOR ICE Swap + 4.34%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,000 | 6218433 |
| CaixaBank SA |  |  |
| 6.25%, (5-year EURIBOR ICE Swap + <br> 3.93%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,200 | 2790313 |
| 7.50%, (5-year EURIBOR ICE Swap + <br> 5.29%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,600 | 3426688 |
| Series ., 5.88%, (5-year EUR Swap + <br> 6.35%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,400 | 6631384 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |
| 0.00%, 12/11/30<sup>(b)(f)</sup> | &nbsp;&nbsp; USD24,587 | $24515452 |
| 3.49%, 10/22/34, (3-mo. EURIBOR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR7,735 | 9064431 |
| 3.75%, 05/14/32, (3-mo. EURIBOR + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR14,345 | 17396215 |
| 4.11%, 04/29/36, (3-mo. EURIBOR + <br> 1.58%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR2,619 | 3177882 |
| 5.33%, 03/27/36, (1-day SOFR + <br> 1.47%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,565 | 8729925 |
| 6.35%, 09/09/30<sup>(b)</sup> | &nbsp;&nbsp; USD40,455 | 39930420 |
| Commerzbank AG |  |  |
| 4.25%, (5-year EUR Swap + <br> 4.38%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,600 | 3085348 |
| 6.50%, (5-year EUR Swap + <br> 6.74%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR4,200 | 5323177 |
| 6.63%, (5-year EURIBOR ICE Swap + <br> 4.23%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR200 | 253272 |
| 7.88%, (5-year EURIBOR ICE Swap + <br> 5.12%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR1,200 | 1623614 |
| Commonwealth Bank of Australia, 3.79%, <br> 08/26/37, (5-year EURIBOR ICE Swap + <br> 1.32%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,575 | 4245918 |
| Cooperatieve Rabobank UA |  |  |
| 3.25%, <sup>(b)(d)(j)</sup> | &nbsp;&nbsp; EUR3,800 | 4504148 |
| 4.63%, 01/27/28, (3-mo. EURIBOR + <br> 1.55%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR8,600 | 10411981 |
| Credit Agricole SA |  |  |
| 0.50%, 09/21/29, (3-mo. EURIBOR + <br> 0.68%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR9,500 | 10625548 |
| 5.88%, (5-year EURIBOR ICE Swap + <br> 3.63%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,400 | 4157752 |
| Series `, 3.75%, 01/23/31, (3-mo. <br> EURIBOR + 1.10%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR16,500 | 20057836 |
| Deutsche Bank AG |  |  |
| 4.50%, (5-year EURIBOR ICE Swap + <br> 4.55%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,800 | 6879221 |
| 4.63%, (5-year EURIBOR ICE Swap + <br> 4.74%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR7,400 | 8749588 |
| 8.13%, (5-year USD ICE Swap <br> +4.36%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD2,800 | 3016824 |
| Series .., 6.75%, , (5-year EURIBOR ICE <br> Swap + 4.03%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,800 | 3455887 |
| Eurobank SA, 4.25%, 04/30/35, (5-year <br> EURIBOR ICE Swap + 2.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,275 | 3936770 |
| Fifth Third Bancorp, 4.57%, 04/29/32, (1-day <br> SOFR + 0.95%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,354 | 3350990 |
| First Abu Dhabi Bank PJSC, 5.88%, (6-year <br> CMT + 2.08%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD655 | 661059 |
| Freedom Mortgage Corp., 12.25%, <br> 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,284 | 5824971 |
| Goldman Sachs Bank USA/New York, <br> 6.60%, 09/12/30<sup>(b)(f)</sup><br>| &nbsp;&nbsp; USD40,455 | 40309362 |
| Goldman Sachs Group, Inc.(The) |  |  |
| 1.25%, 02/07/29<sup>(d)</sup> | &nbsp;&nbsp; EUR4,003 | 4545403 |
| 5.07%, 01/21/37, (1-day SOFR + <br> 1.19%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD11,656 | 11606024 |
| 5.39%, 02/02/41, (5-year CMT + <br> 1.18%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD10,570 | 10471443 |
| 7.25%, 04/10/28 | &nbsp;&nbsp; GBP617 | 894994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC Holdings PLC |  |  |
| 3.31%, 05/13/30, (3-mo. EURIBOR + <br> 1.26%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR8,252 | $9893252 |
| 5.64%, 08/28/36, (3-month BB Swap + <br> 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,000 | 1357382 |
| ING Groep NV |  |  |
| 7.25%, (5-year USD ICE Swap + <br> 4.08%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD2,750 | 2936225 |
| 8.00%, (5-year USD ICE Swap + <br> 4.36%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD2,525 | 2744611 |
| Intesa Sanpaolo SpA |  |  |
| 5.50%, (5-year EUR Swap + <br> 5.85%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,758 | 3364981 |
| Series -\*, 6.38%, , (5-year EUR Swap + <br> 5.55%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR8,600 | 10708793 |
| KBC Group NV, 8.00%, (5-year EURIBOR <br> ICE Swap + 4.92%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,200 | 2868546 |
| KeyCorp, 5.31%, 01/28/37, (1-day SOFR + <br> 1.36%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,515 | 1516727 |
| LG Electronics, Inc., 5.63%, 04/24/27<sup>(d)</sup> | &nbsp;&nbsp; USD2,312 | 2350379 |
| Lloyds Banking Group PLC |  |  |
| 8.50%, (5-year UK Government Bond + <br> 5.88%)<sup>(b)(j)</sup><br>| &nbsp;&nbsp; GBP1,300 | 1872334 |
| Series ., 7.50%, (5-year UK Government <br> Bond + 3.43%)<sup>(b)(j)</sup><br>| &nbsp;&nbsp; GBP2,575 | 3695801 |
| Mitsubishi UFJ Financial Group, Inc., 6.35%, <br> , (5-year CMT + 2.07%)<sup>(b)(j)</sup><br>| &nbsp;&nbsp; USD2,000 | 2042982 |
| Morgan Stanley |  |  |
| 3.75%, 11/07/36, (3-mo. EURIBOR + <br> 1.12%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR1,950 | 2290755 |
| 3.96%, 03/21/35<sup>(b)</sup> | &nbsp;&nbsp; EUR10,761 | 13020221 |
| 4.66%, 03/02/29, (3-mo. EURIBOR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR28,037 | 34561998 |
| 5.31%, 01/18/41, (5-year CMT + <br> 1.17%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,470 | 4415212 |
| National Australia Bank Ltd. |  |  |
| 4.95%, 11/14/35, (3-month BB Swap + <br> 1.30%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD6,000 | 4196360 |
| 5.77%, 07/30/40, (3-month BB Swap + <br> 1.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD3,000 | 2064170 |
| National Bank of Greece SA, 5.88%, <br> 06/28/35, (5-year EURIBOR ICE Swap + <br> 3.15%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,700 | 4748320 |
| NatWest Group PLC |  |  |
| 4.07%, 09/06/28, (3-mo. EURIBOR + <br> 1.91%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR5,007 | 6077278 |
| 7.50%, (5-year UK Government Bond + <br> 3.29%)<sup>(b)(j)</sup><br>| &nbsp;&nbsp; GBP5,025 | 7233442 |
| PNC Financial Services Group, Inc. (The), <br> 5.42%, 01/25/41, (5-year CMT + <br> 1.17%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,325 | 3321912 |
| Societe Generale SA, 5.75%, 01/22/32, <br> (3-mo. EURIBOR + 0.98%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP6,600 | 9292391 |
| Standard Chartered PLC |  |  |
| 4.30%, <sup>(b)(d)(j)</sup> | &nbsp;&nbsp; SGD4,000 | 3171134 |
| 7.00%, , (5-year CMT + 2.87%)<sup>(a)(b)(j)</sup> | &nbsp;&nbsp; USD6,000 | 6173520 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.57%, 01/15/47, (1-day SOFR + <br> 1.36%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,750 | 2747657 |
| 6.45%, (5-year CMT + 1.90%)<sup>(b)(j)</sup> | &nbsp;&nbsp; USD4,000 | 4075284 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| U.S. Bancorp, 2.87%, 05/21/28, (3-mo. <br> EURIBOR + 0.80%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR10,860 | $12899155 |
| UBS Group AG |  |  |
| 0.25%, 11/05/28, (1-year EUR Swap + <br> 0.77%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR6,670 | 7596245 |
| 4.75%, 03/17/32, (1-year EURIBOR ICE <br> Swap + 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR6,949 | 8828691 |
| 5.13%, (5-year CMT + 4.86%)<sup>(b)(d)(j)</sup> | &nbsp;&nbsp; USD1,200 | 1200000 |
| UniCredit SpA |  |  |
| 3.73%, 06/10/35<sup>(d)</sup> | &nbsp;&nbsp; EUR6,649 | 7912668 |
| 4.20%, 06/11/34<sup>(d)</sup> | &nbsp;&nbsp; EUR5,946 | 7282149 |
| United Overseas Bank Ltd., 3.00%, <sup>(b)(d)(j)</sup> | &nbsp;&nbsp; SGD10,000 | 7847260 |
| Wells Fargo & Co. |  |  |
| 1.00%, 02/02/27<sup>(d)</sup> | &nbsp;&nbsp; EUR15,931 | 18643376 |
| 1.50%, 05/24/27<sup>(d)</sup> | &nbsp;&nbsp; EUR2,973 | 3483399 |
| 2.73%, 07/22/28, (3-mo. EURIBOR + <br> 0.70%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR14,457 | 17191258 |
| 3.90%, 07/22/32, (3-mo. EURIBOR + <br> 1.22%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR11,321 | 13815208 |
| 4.96%, 01/23/37, (1-day SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD9,600 | 9521603 |
| Westpac Banking Corp. |  |  |
| 5.82%, 06/04/40, (3-month BB Swap + <br> 1.78%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD4,000 | 2762449 |
| 6.14%, 11/13/45<sup>(d)</sup> | &nbsp;&nbsp; AUD4,610 | 3188024 |
|  |  | 761251993 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Heineken NV |  |  |
| 3.51%, 05/03/34<sup>(d)</sup> | &nbsp;&nbsp; EUR370 | 437393 |
| 4.24%, 11/14/45<sup>(d)</sup> | &nbsp;&nbsp; EUR10,108 | 11660013 |
| PepsiCo, Inc., 4.05%, 07/28/55 | &nbsp;&nbsp; EUR4,200 | 4714570 |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc., 4.38%, 04/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,058 | 2012001 |
|  |  | 18823977 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc. |  |  |
| 2.77%, 09/01/53 | &nbsp;&nbsp; USD12,174 | 7268592 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; USD4,755 | 4648934 |
| Biocon Biologics Global PLC, 6.67%, <br> 10/09/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD790 | 800270 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD559 | 572996 |
| 7.25%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD867 | 917598 |
|  |  | 14208390 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,263 | 1203807 |
| 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD904 | 900705 |
| 6.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,311 | 3412297 |
| 6.38%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,426 | 4579485 |
| 6.75%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 105063 |
| Cemex SAB de CV, 7.20%, (5-year CMT + <br> 3.52%)<sup>(a)(b)(j)</sup><br>| &nbsp;&nbsp; USD468 | 490698 |
| EMRLD Borrower LP/Emerald <br> Co-Issuer, Inc.<br>|  |  |
| 6.38%, 12/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR11,223 | 13813704 |
| 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,436 | 6661756 |
| 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD247 | 259142 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR5,937 | 7348419 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Miter Brands Acquisition Holdco, Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,689 | $2761772 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD10,424 | 10810643 |
| 6.75%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD273 | 283611 |
| Sisecam U.K. PLC, 8.25%, 05/02/29<sup>(d)</sup> | &nbsp;&nbsp; USD3,188 | 3277041 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,451 | 2458654 |
| 8.88%, 11/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,470 | 3699350 |
| Standard Building Solutions, Inc. |  |  |
| 6.25%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,433 | 2486908 |
| 6.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,957 | 4080209 |
| Standard Industries, Inc./New York |  |  |
| 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,873 | 2771616 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,666 | 3646834 |
|  |  | 75051714 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Air Liquide Finance SA |  |  |
| 0.38%, 09/20/33<sup>(d)</sup> | &nbsp;&nbsp; EUR4,400 | 4231258 |
| 3.00%, 05/05/33<sup>(d)</sup> | &nbsp;&nbsp; EUR6,300 | 7350867 |
| Air Products and Chemicals, Inc., 2.95%, <br> 05/14/31<br>| &nbsp;&nbsp; EUR8,791 | 10343489 |
| Axalta Coating Systems LLC, 3.38%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,119 | 1077032 |
| Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD1,251 | 1248471 |
| Brenntag Finance BV, 3.38%, 10/02/31<sup>(d)</sup> | &nbsp;&nbsp; EUR3,800 | 4475718 |
| Celanese U.S. Holdings LLC |  |  |
| 6.50%, 04/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD2,259 | 2298331 |
| 6.75%, 04/15/33<sup>(h)</sup> | &nbsp;&nbsp; USD5,524 | 5595503 |
| 6.85%, 11/15/28<sup>(h)</sup> | &nbsp;&nbsp; USD1,649 | 1731091 |
| 7.00%, 02/15/31 | &nbsp;&nbsp; USD1,273 | 1302119 |
| 7.20%, 11/15/33<sup>(h)</sup> | &nbsp;&nbsp; USD1,905 | 2015313 |
| 7.33%, 07/15/29 | &nbsp;&nbsp; USD560 | 588829 |
| 7.38%, 07/15/32 | &nbsp;&nbsp; USD1,353 | 1411571 |
| 7.38%, 02/15/34<sup>(h)</sup> | &nbsp;&nbsp; USD2,932 | 2983550 |
| Chemours Co.(The) |  |  |
| 4.63%, 11/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,872 | 2678115 |
| 8.00%, 01/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,777 | 6794850 |
| FIS Fabbrica Italiana Sintetici SpA |  |  |
| 5.28%, 02/05/31, (3-mo. EURIBOR + <br> 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,446 | 1713707 |
| 5.63%, 08/01/27<sup>(d)</sup> | &nbsp;&nbsp; EUR3,175 | 3765048 |
| FMC Corp., 8.45%, 11/01/55, (5-year CMT + <br> 4.37%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD13,625 | 10927646 |
| GC Treasury Center Co. Ltd. |  |  |
| 6.50%, , (5-year CMT + 2.82%)<sup>(b)(d)(j)</sup> | &nbsp;&nbsp; USD4,455 | 4504228 |
| 7.13%, (5-year CMT + 3.16%)<sup>(b)(d)(j)</sup> | &nbsp;&nbsp; USD3,205 | 3281119 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,682 | 1479954 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31<sup>(h)</sup> | &nbsp;&nbsp; USD2,401 | 2049836 |
| 4.50%, 05/01/29 | &nbsp;&nbsp; USD1,871 | 1800352 |
| Ineos Finance PLC, 6.38%, 04/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR5,503 | 5626337 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 350620 |
| 7.25%, 03/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR4,203 | 4165152 |
| 7.50%, 04/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD11,433 | 9575755 |
| Ineos Quattro Finance 2 PLC |  |  |
| 6.75%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR1,930 | 1712257 |
| 8.50%, 03/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR6,735 | 6506613 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Inversion Escrow Issuer LLC, 6.75%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,169 | $1157889 |
| Italmatch Chemicals SpA |  |  |
| 6.23%, 02/05/31<sup>(b)(d)</sup> | &nbsp;&nbsp; EUR2,595 | 3079919 |
| 6.25%, 02/05/31<sup>(d)</sup> | &nbsp;&nbsp; EUR1,262 | 1500863 |
| Itelyum Regeneration SpA, 5.75%, <br> 04/15/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR15,700 | 18882671 |
| Kronos International, Inc., 9.50%, <br> 03/15/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR8,463 | 9114445 |
| Lenzing AG, 9.00%, (3-year EURIBOR ICE <br> Swap + 12.10%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR4,800 | 5669878 |
| Lune Holdings Sarl, 5.63%, 11/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR4,892 | 565408 |
| MEGlobal BV, 4.25%, 11/03/26<sup>(d)</sup> | &nbsp;&nbsp; USD678 | 676729 |
| Methanex Corp., 5.13%, 10/15/27<sup>(h)</sup> | &nbsp;&nbsp; USD3,883 | 3894043 |
| Methanex U.S. Operations, Inc., 6.25%, <br> 03/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD880 | 907470 |
| NOVA Chemicals Corp. |  |  |
| 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD80 | 78008 |
| 5.25%, 06/01/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,443 | 4463758 |
| 9.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,113 | 3319793 |
| OCP SA |  |  |
| 5.13%, 06/23/51<sup>(d)</sup> | &nbsp;&nbsp; USD521 | 420984 |
| 7.50%, 05/02/54<sup>(a)</sup> | &nbsp;&nbsp; USD989 | 1077066 |
| Olin Corp. |  |  |
| 5.00%, 02/01/30<sup>(h)</sup> | &nbsp;&nbsp; USD306 | 298367 |
| 5.63%, 08/01/29 | &nbsp;&nbsp; USD535 | 536455 |
| 6.63%, 04/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,968 | 4868216 |
| Olympus Water U.S. Holding Corp. |  |  |
| 5.38%, 10/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR1,421 | 1574606 |
| 6.13%, 02/15/33<sup>(d)</sup> | &nbsp;&nbsp; EUR5,927 | 7041205 |
| 6.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,301 | 6165657 |
| 7.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,651 | 1692353 |
| Series 144\*, 7.25%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD4,192 | 4175687 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | &nbsp;&nbsp; USD468 | 464104 |
| 6.50%, 09/27/28<sup>(h)</sup> | &nbsp;&nbsp; USD1,535 | 1525882 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,841 | 2834101 |
| SCIL IV LLC/SCIL USA Holdings LLC, <br> 9.50%, 07/15/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR2,852 | 3546243 |
| Sherwin-Williams Co. (The), 2.90%, <br> 03/15/52<br>| &nbsp;&nbsp; USD5,500 | 3405885 |
| Synthomer PLC, 7.38%, 05/02/29<sup>(d)</sup> | &nbsp;&nbsp; EUR5,500 | 5291106 |
| WR Grace Holdings LLC |  |  |
| 4.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD905 | 905000 |
| 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,247 | 4223540 |
| 7.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD739 | 739924 |
|  |  | 217681986 |
| **Commercial Services — 2.7%** | **Commercial Services — 2.7%** | **Commercial Services — 2.7%** |
| ADT Security Corp.(The) |  |  |
| 4.13%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,001 | 1949541 |
| 5.88%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,093 | 1108028 |
| Albion Financing 1 Sarl/Aggreko <br> Holdings, Inc.<br>|  |  |
| 5.38%, 05/21/30<sup>(d)</sup> | &nbsp;&nbsp; EUR11,756 | 14396664 |
| 7.00%, 05/21/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,783 | 3942877 |
| Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,737 | 6037751 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/29<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD8,993 | 8916603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 Sarl<br>|  |  |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD400 | $395305 |
| 4.88%, 06/01/28<sup>(d)</sup> | &nbsp;&nbsp; GBP9,072 | 12244233 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR9,600 | 11905174 |
| Anticimex International AB, 5.30%, <br> 11/17/31<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,350 | 1609327 |
| APCOA Group GmbH, 6.00%, 04/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR19,000 | 22861434 |
| Arena Luxembourg Finance Sarl, 4.52%, <br> 05/01/30, (3-mo. EURIBOR + 2.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,122 | 4931635 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| 8.00%, 02/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,680 | 3761954 |
| 8.38%, 06/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,336 | 7546757 |
| BCP V Modular Services Finance II PLC |  |  |
| 4.75%, 11/30/28<sup>(d)</sup> | &nbsp;&nbsp; EUR4,300 | 4918950 |
| 6.13%, 11/30/28<sup>(d)</sup> | &nbsp;&nbsp; GBP9,176 | 12051797 |
| 6.50%, 07/10/31<sup>(d)</sup> | &nbsp;&nbsp; EUR14,964 | 16740028 |
| Belron U.K. Finance PLC, 5.75%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,567 | 1596838 |
| Bidvest Group UK PLC (The), 6.20%, <br> 09/17/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD468 | 476485 |
| Block, Inc. |  |  |
| 2.75%, 06/01/26 | &nbsp;&nbsp; USD3,713 | 3690973 |
| 3.50%, 06/01/31 | &nbsp;&nbsp; USD939 | 878126 |
| 5.63%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD552 | 561849 |
| 6.00%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,646 | 2702844 |
| 6.50%, 05/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD4,229 | 4393734 |
| Boels Topholding BV |  |  |
| 5.75%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR9,030 | 11044620 |
| 6.25%, 02/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR2,297 | 2806956 |
| Brink's Co.(The) |  |  |
| 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD984 | 983907 |
| 6.50%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,376 | 2451224 |
| 6.75%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD974 | 1013850 |
| Clarivate Science Holdings Corp., 3.88%, <br> 07/01/28<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD4,432 | 4182842 |
| Cofiroute SA, 1.00%, 05/19/31<sup>(d)</sup> | &nbsp;&nbsp; EUR7,000 | 7488457 |
| Currenta Group Holdings Sarl, 6.06%, <br> 05/15/32, (3-mo. EURIBOR + 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,917 | 2278553 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(d)</sup> | &nbsp;&nbsp; EUR8,900 | 10467087 |
| EquipmentShare.com, Inc. |  |  |
| 8.00%, 03/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,492 | 1573762 |
| 8.63%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,438 | 3675315 |
| 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,313 | 2417189 |
| Flinders Port Holdings Pty Ltd., 6.10%, <br> 07/10/34<br>| &nbsp;&nbsp; AUD1,500 | 1056945 |
| Garda World Security Corp. |  |  |
| 6.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD709 | 697649 |
| 7.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,367 | 1396066 |
| 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD7,883 | 8055362 |
| 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,150 | 2207332 |
| GEO Group, Inc. (The), 8.63%, 04/15/29 | &nbsp;&nbsp; USD4,233 | 4426587 |
| Herc Holdings, Inc. |  |  |
| 5.75%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD241 | 242711 |
| 6.00%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD148 | 148750 |
| 6.63%, 06/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,239 | 3352015 |
| 7.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,624 | 3803616 |
| 7.25%, 06/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,510 | 2656361 |
| ION Platform Finance SARL |  |  |
| 6.50%, 09/30/30<sup>(d)</sup> | &nbsp;&nbsp; EUR10,710 | 11672434 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 6.88%, 09/30/32<sup>(d)</sup> | &nbsp;&nbsp; EUR9,546 | $10200945 |
| 7.88%, 05/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR14,014 | 16157653 |
| ION Platform Finance U.S., Inc., 7.88%, <br> 09/30/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD6,672 | 5851438 |
| Kapla Holding SAS, 5.00%, 04/30/31<sup>(d)</sup> | &nbsp;&nbsp; EUR16,744 | 20124025 |
| Kaspi.KZ JSC |  |  |
| 6.25%, 03/26/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,915 | 2986155 |
| 6.25%, 03/26/30<sup>(d)</sup> | &nbsp;&nbsp; USD817 | 836943 |
| Loxam SAS |  |  |
| 4.25%, 02/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR2,000 | 2391437 |
| 4.25%, 02/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR14,781 | 17623525 |
| 6.38%, 05/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR900 | 1097749 |
| 6.38%, 05/31/29<sup>(d)</sup> | &nbsp;&nbsp; EUR5,503 | 6744217 |
| Motability Operations Group PLC |  |  |
| 3.88%, 01/24/34<sup>(d)</sup> | &nbsp;&nbsp; EUR5,596 | 6724570 |
| 4.00%, 01/17/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,990 | 4900965 |
| 4.13%, 02/04/38<sup>(d)</sup> | &nbsp;&nbsp; EUR2,720 | 3230283 |
| NSW Ports Finance Co. Pty Ltd., 5.43%, <br> 09/19/34<sup>(d)</sup><br>| &nbsp;&nbsp; AUD650 | 439927 |
| Pachelbel Bidco SpA |  |  |
| 6.28%, 05/17/31, (3-mo. EURIBOR + <br> 4.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,116 | 4893005 |
| 7.13%, 05/17/31<sup>(d)</sup> | &nbsp;&nbsp; EUR15,821 | 19732005 |
| Prime Security Services <br> Borrower LLC/Prime Finance, Inc., <br> 3.38%, 08/31/27<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD2,641 | 2586952 |
| Q-Park Holding I BV |  |  |
| 5.13%, 03/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR1,229 | 1494900 |
| 5.13%, 02/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,303 | 4031857 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30 | &nbsp;&nbsp; USD1,682 | 1573437 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; USD870 | 827910 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; USD223 | 222726 |
| 5.13%, 06/01/29 | &nbsp;&nbsp; USD3,095 | 3113941 |
| 5.75%, 10/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD718 | 729390 |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.<br>|  |  |
| 5.50%, 05/15/33<sup>(d)</sup> | &nbsp;&nbsp; EUR11,980 | 14459663 |
| 6.75%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,873 | 3951204 |
| Techem Verwaltungsgesellschaft 675 mbH, <br> 4.63%, 07/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR7,700 | 9187899 |
| United Rentals North America, Inc. |  |  |
| 3.75%, 01/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD2,321 | 2168900 |
| 3.88%, 11/15/27 | &nbsp;&nbsp; USD562 | 557302 |
| 4.00%, 07/15/30 | &nbsp;&nbsp; USD4,954 | 4786609 |
| 4.88%, 01/15/28 | &nbsp;&nbsp; USD4,544 | 4545000 |
| 5.38%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,059 | 1058377 |
| Verisure Holding AB, 7.13%, 02/01/28<sup>(d)</sup> | &nbsp;&nbsp; EUR375 | 454222 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,341 | 3512888 |
| Williams Scotsman, Inc. |  |  |
| 4.63%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,253 | 2244590 |
| 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,635 | 3758081 |
| 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD95 | 98430 |
| 7.38%, 10/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD607 | 632854 |
| Worldline SA/France |  |  |
| 4.13%, 09/12/28<sup>(d)</sup> | &nbsp;&nbsp; EUR3,700 | 3969998 |
| 5.25%, 11/27/29<sup>(d)</sup> | &nbsp;&nbsp; EUR6,800 | 7030534 |
|  |  | 440651003 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Almaviva-The Italian Innovation Co. SpA, <br> 5.00%, 10/30/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR11,092 | 13034775 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,952 | $2057063 |
| Atos SE |  |  |
| 6.08%, 12/18/30<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; EUR3,150 | 3853832 |
| Series ., 10.53%, 12/18/29<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; EUR14,683 | 19788453 |
| Cedacri Mergeco SpA, 6.69%, 05/15/28, <br> (3-mo. EURIBOR + 4.62%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR7,927 | 9398712 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD12,470 | 9921121 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,835 | 6253463 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,981 | 3929548 |
| 5.13%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,213 | 1195433 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(d)</sup> | &nbsp;&nbsp; EUR6,000 | 7128832 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| 8.25%, 12/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,718 | 2870956 |
| 8.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,559 | 1649720 |
| 9.63%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,323 | 2625954 |
|  |  | 83707862 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,384 | 4202810 |
| 5.50%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD544 | 544176 |
| Opal Bidco SAS |  |  |
| 5.50%, 03/31/32<sup>(d)</sup> | &nbsp;&nbsp; EUR11,649 | 14183029 |
| 6.50%, 03/31/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,592 | 2644934 |
| Perrigo Finance Unlimited Co. |  |  |
| 5.15%, 06/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD1,338 | 1297810 |
| 6.13%, 09/30/32<sup>(h)</sup> | &nbsp;&nbsp; USD2,942 | 2893536 |
| Prestige Brands, Inc. |  |  |
| 3.75%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD524 | 489796 |
| 5.13%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,213 | 1213460 |
|  |  | 27469551 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| American Builders & Contractors Supply <br> Co., Inc.<br>|  |  |
| 3.88%, 11/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD312 | 301076 |
| 4.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD673 | 664284 |
| IMCD NV |  |  |
| 2.13%, 03/31/27<sup>(d)</sup> | &nbsp;&nbsp; EUR12,352 | 14573393 |
| 4.88%, 09/18/28<sup>(d)</sup> | &nbsp;&nbsp; EUR7,193 | 8916548 |
|  |  | 24455301 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| Ally Financial, Inc. |  |  |
| 6.65%, 01/17/40, (5-year CMT + <br> 2.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,767 | 1766417 |
| 6.70%, 02/14/33<sup>(h)</sup> | &nbsp;&nbsp; USD387 | 403423 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,873 | 6326337 |
| Azorra Finance Ltd. |  |  |
| 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,282 | 2390027 |
| 7.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,303 | 3476176 |
| Bracken MidCo1 PLC, 6.75%, 11/01/27, <br> (6.75% PIK)<sup>(b)(d)(i)</sup><br>| &nbsp;&nbsp; GBP4,143 | 5640298 |
| Capital One Financial Corp., 5.20%, <br> 09/11/36, (1-day SOFR + 1.63%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,375 | 4314059 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,814 | 6820687 |
| 9.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD150 | 157181 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.50%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,119 | 1135774 |
| 6.75%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,344 | 2363271 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Encore Capital Group, Inc., 4.25%, <br> 06/01/28<sup>(d)</sup><br>| &nbsp;&nbsp; GBP3,548 | $4669324 |
| Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,192 | 2244016 |
| Freedom Mortgage Holdings LLC |  |  |
| 6.88%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,221 | 2204063 |
| 7.88%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD4,475 | 4564666 |
| 8.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD598 | 625556 |
| 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,163 | 2286871 |
| Garfunkelux Holdco 3 SA, 9.00%, <br> 09/01/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR9,904 | 11431000 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD420 | 426825 |
| 6.88%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,899 | 6103023 |
| 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,091 | 3140240 |
| 8.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD911 | 959198 |
| GS Finance Corp. |  |  |
| 5.95%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; USD47,090 | 47090000 |
| 8.75%, 02/14/30<sup>(b)</sup> | &nbsp;&nbsp; USD17,990 | 17980033 |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29<sup>(d)</sup> | &nbsp;&nbsp; USD5,078 | 5283304 |
| Intrum Investments And Financing AB |  |  |
| 7.75%, 09/11/28<sup>(a)(d)</sup> | &nbsp;&nbsp; EUR1,414 | 1520933 |
| 8.00%, 09/11/27<sup>(d)</sup> | &nbsp;&nbsp; EUR3,351 | 4021090 |
| 8.50%, 09/11/29 | &nbsp;&nbsp; EUR790 | 824374 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.13%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD6,029 | 6140579 |
| 7.13%, 04/30/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,022 | 6331609 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 5.00%, 08/15/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,145 | 4018890 |
| 6.63%, 10/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,127 | 2107729 |
| Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,954 | 2058814 |
| Link Finance Cayman Ltd., 4.88%, <br> 02/02/36<sup>(d)</sup><br>| &nbsp;&nbsp; USD4,090 | 4065542 |
| Muangthai Capital PCL |  |  |
| 6.88%, 09/30/28<sup>(d)</sup> | &nbsp;&nbsp; USD4,500 | 4574700 |
| 7.55%, 07/21/30<sup>(d)</sup> | &nbsp;&nbsp; USD1,360 | 1409776 |
| Muthoot Finance Ltd. |  |  |
| 5.75%, 08/04/30<sup>(d)</sup> | &nbsp;&nbsp; USD1,700 | 1697875 |
| 6.38%, 04/23/29<sup>(d)</sup> | &nbsp;&nbsp; USD1,000 | 1023000 |
| 6.38%, 03/02/30<sup>(d)</sup> | &nbsp;&nbsp; USD5,755 | 5890818 |
| Osaic Holdings, Inc. 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,200 | 3316160 |
| PennyMac Financial Services, Inc. |  |  |
| 5.75%, 09/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,216 | 2188434 |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,709 | 1724612 |
| 6.88%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD205 | 209102 |
| 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,648 | 3766181 |
| 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,857 | 5115998 |
| Power Finance Corp. Ltd., 1.84%, <br> 09/21/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR204 | 232557 |
| PRA Group Europe Holding II Sarl, 6.25%, <br> 09/30/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR900 | 1034940 |
| Rocket Companies, Inc., 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,697 | 3785022 |
| Rocket Cos. Inc |  |  |
| 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,187 | 6364072 |
| 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,117 | 4302211 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD3,262 | 3217633 |
| 3.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,831 | 1718795 |
| 4.00%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD741 | 680408 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Sammaan Capital Ltd., 7.50%, 10/16/30<sup>(d)</sup> | &nbsp;&nbsp; USD4,745 | $4776127 |
| SLM Corp. |  |  |
| 3.13%, 11/02/26 | &nbsp;&nbsp; USD2,680 | 2643630 |
| 6.50%, 01/31/30 | &nbsp;&nbsp; USD2,006 | 2069913 |
| SRC Sukuk Ltd., 4.38%, 04/02/29<sup>(d)</sup> | &nbsp;&nbsp; USD2,231 | 2225422 |
| Stonex Escrow Issuer LLC, 6.88%, <br> 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,641 | 1693018 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,002 | 1066011 |
| SURA Asset Management SA, 6.35%, <br> 05/13/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD679 | 721838 |
| Synchrony Financial, 7.25%, 02/02/33<sup>(h)</sup> | &nbsp;&nbsp; USD1,730 | 1837395 |
| Titanium 2l Bondco Sarl, 6.25%, 01/14/31, <br> (6.75% PIK)<sup>(i)</sup><br>| &nbsp;&nbsp; EUR2,698 | 561379 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(d)</sup> | &nbsp;&nbsp; USD2,573 | 2810745 |
| Turquoise V Trust 1.00%, 06/12/67 | &nbsp;&nbsp; AUD13,650 | 9505180 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,135 | 6061407 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD4,487 | 4490616 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,234 | 3213569 |
| 6.63%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,591 | 2613371 |
|  |  | 273433244 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| A2A SpA, 5.00%, (5-year EURIBOR ICE <br> Swap + 2.25%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,805 | 4697611 |
| ACEN Finance Ltd., 4.00%<sup>(d)(j)</sup> | &nbsp;&nbsp; USD1,198 | 784690 |
| AES Andes SA |  |  |
| 6.30%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD468 | 483210 |
| 6.30%, 03/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD4,300 | 4439750 |
| 8.15%, 06/10/55, (5-year CMT + <br> 3.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD935 | 991568 |
| AES Corp. (The), 6.95%, 07/15/55, (5-year <br> CMT + 2.89%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,962 | 8761089 |
| AES Panama Generation Holdings SRL, <br> 4.38%, 05/31/30<sup>(d)</sup><br>| &nbsp;&nbsp; USD3,688 | 3466075 |
| AGL Energy Ltd., 5.77%, 09/30/35<sup>(d)</sup> | &nbsp;&nbsp; AUD6,090 | 4124406 |
| Alpha Generation LLC |  |  |
| 6.25%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD3,896 | 3921281 |
| 6.75%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD159 | 164852 |
| Amprion GmbH, 4.58%, 01/15/46<sup>(d)</sup> | &nbsp;&nbsp; EUR7,600 | 9044484 |
| Atlantica Sustainable Infrastructure Ltd., <br> 4.13%, 06/15/28<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD532 | 521916 |
| AusNet Services Holdings Pty Ltd. |  |  |
| 5.62%, 02/04/56, (3-month BB Swap + <br> 1.77%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,170 | 1516852 |
| 6.50%, 02/04/56, (3-month BB Swap + <br> 1.77%)<sup>(b)</sup><br>| &nbsp;&nbsp; AUD1,680 | 1175519 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |
| 5.63%, 02/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR17,263 | 20703847 |
| 6.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,390 | 2383294 |
| Calpine Corp. |  |  |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,664 | 3660792 |
| 5.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,611 | 2609709 |
| Clean Renewable Power Mauritius Pte. Ltd., <br> 4.25%, 03/25/27<sup>(d)</sup><br>| &nbsp;&nbsp; USD3,465 | 3394834 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,081 | 1948968 |
| 4.75%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,550 | 1548907 |
| Continuum Energy Aura Pte. Ltd., 9.50%, <br> 02/24/27<sup>(d)</sup><br>| &nbsp;&nbsp; USD4,500 | 4573125 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Continuum Green Energy India Pvt / <br> Co-Issuers, 7.50%, 06/26/33<sup>(d)</sup><br>| &nbsp;&nbsp; USD2,773 | $2892989 |
| ContourGlobal Power Holdings SA |  |  |
| 4.38%, 07/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR9,795 | 11541769 |
| 5.00%, 02/28/30<sup>(d)</sup> | &nbsp;&nbsp; EUR14,801 | 18009847 |
| Diamond II Ltd. |  |  |
| 7.95%, 07/28/26<sup>(a)</sup> | &nbsp;&nbsp; USD549 | 549000 |
| 7.95%, 07/28/26<sup>(d)</sup> | &nbsp;&nbsp; USD5,500 | 5500000 |
| DPL LLC, 4.35%, 04/15/29 | &nbsp;&nbsp; USD390 | 385460 |
| Duke Energy Corp. |  |  |
| 3.10%, 06/15/28 | &nbsp;&nbsp; EUR2,359 | 2819953 |
| 3.75%, 04/01/31 | &nbsp;&nbsp; EUR6,578 | 7945791 |
| E.ON SE, 3.45%, 01/19/34<sup>(d)</sup> | &nbsp;&nbsp; EUR22,690 | 26859019 |
| Edison International |  |  |
| 7.88%, 06/15/54, (5-year CMT + <br> 3.66%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD1,644 | 1712302 |
| 8.13%, 06/15/53, (5-year CMT + <br> 3.86%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD3,318 | 3433732 |
| EDP SA |  |  |
| 1.88%, 03/14/82, (5-year EUR Swap + <br> 2.08%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,100 | 3463844 |
| 4.75%, 05/29/54, (5-year EURIBOR ICE <br> Swap + 2.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,700 | 5764027 |
| EDP Servicios Financieros Espana SA, <br> 3.25%, 02/04/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR5,880 | 6971332 |
| Electricite de France SA |  |  |
| 2.63%, (5-year EUR Swap + <br> 2.86%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,400 | 2801694 |
| 3.38%, (5-year EUR Swap + <br> 3.97%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR12,200 | 13996335 |
| 4.13%, 06/17/31<sup>(d)</sup> | &nbsp;&nbsp; EUR4,800 | 5958743 |
| 4.38%, (5-year EURIBOR ICE Swap + <br> 2.07%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR13,300 | 15775523 |
| 5.13%, 09/22/50<sup>(d)</sup> | &nbsp;&nbsp; GBP6,700 | 7547805 |
| 5.13%, (5-year EURIBOR ICE Swap + <br> 2.94%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,000 | 3687409 |
| 5.63%, (5-year EURIBOR ICE Swap + <br> 3.27%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,600 | 3262449 |
| 5.88%, (15-year GBP Swap + <br> 3.32%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; GBP4,600 | 6351464 |
| 6.25%, 05/30/28<sup>(d)</sup> | &nbsp;&nbsp; GBP11,350 | 16142632 |
| 7.38%, (5-year UK Government Bond + <br> 3.77%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; GBP3,900 | 5591509 |
| Emera, Inc., Series 16-A, 6.75%, 06/15/76, <br> 3-mo. SOFR US + 5.7%<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,700 | 3725275 |
| Enel SpA |  |  |
| 4.13%, , (5-year EURIBOR ICE Swap + <br> 1.65%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,850 | 3382469 |
| 4.25%, (5-year EURIBOR ICE Swap + <br> 2.01%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR6,375 | 7676148 |
| Engie Energia Chile SA, 3.40%, 01/28/30<sup>(d)</sup> | &nbsp;&nbsp; USD1,095 | 1035624 |
| Eurogrid GmbH, 3.60%, 02/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR3,300 | 4005615 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,186 | 1262371 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(a)</sup> | &nbsp;&nbsp; USD722 | 713957 |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD2,607 | 2591571 |
| MVM Energetika Zrt |  |  |
| 6.50%, 03/13/31<sup>(d)</sup> | &nbsp;&nbsp; USD2,312 | 2441327 |
| 7.50%, 06/09/28<sup>(d)</sup> | &nbsp;&nbsp; USD12,675 | 13368449 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| NextEra Energy Capital Holdings, Inc., <br> 4.00%, 05/15/56, (5-year EURIBOR ICE <br> Swap + 1.58%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR27,100 | $32064348 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,000 | 1916524 |
| 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,637 | 2463489 |
| 5.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,552 | 4565560 |
| 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD9,578 | 9541880 |
| 5.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,508 | 1518001 |
| 6.25%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,378 | 4494424 |
| NSW Electricity Networks Finance Pty. Ltd. |  |  |
| 5.44%, 11/20/55, (3-month BB Swap + <br> 1.80%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,400 | 1685864 |
| 5.76%, 03/11/55, (3-month BB Swap + <br> 2.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD1,910 | 1356111 |
| 6.28%, 03/11/55, (3-month BB Swap + <br> 2.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD600 | 421031 |
| 6.30%, 11/20/55, (3-month BB Swap + <br> 2.20%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,420 | 1676371 |
| Oncor Electric Delivery Co. LLC, 3.63%, <br> 06/15/34<sup>(d)</sup><br>| &nbsp;&nbsp; EUR4,593 | 5457695 |
| Origin Energy Finance Ltd., 1.00%, <br> 09/17/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR5,554 | 6127452 |
| Orsted A/S |  |  |
| 2.50%, (5-year UK GovernmentBond + <br> 2.13%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP9,918 | 10653469 |
| 5.13%, (5-year EURIBOR ICE Swap + <br> 2.59%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR375 | 457286 |
| 5.25%, (5-year EUR Swap + 2.62%)<sup>(b)(d)</sup> | &nbsp;&nbsp; EUR1,000 | 1222086 |
| PacifiCorp, 7.38%, 09/15/55, (5-year CMT + <br> 3.32%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,216 | 3302845 |
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara<br>|  |  |
| 1.88%, 11/05/31<sup>(d)</sup> | &nbsp;&nbsp; EUR3,000 | 3174876 |
| 4.00%, 06/30/50<sup>(d)(h)</sup> | &nbsp;&nbsp; USD2,200 | 1583890 |
| 4.88%, 07/17/49<sup>(d)</sup> | &nbsp;&nbsp; USD2,200 | 1844832 |
| PG&E Corp., 7.38%, 03/15/55, (5-year CMT <br> + 3.88%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD8,935 | 9221358 |
| Public Power Corp. SA, 4.25%, 10/31/30<sup>(d)</sup> | &nbsp;&nbsp; EUR4,793 | 5763371 |
| Renew Treasury Ifsc Pvt Ltd., 6.50%, <br> 02/02/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD662 | 664648 |
| RTE Reseau de Transport <br> d'Electricite SADIR, 3.88%, 11/24/37<sup>(d)</sup><br>| &nbsp;&nbsp; EUR900 | 1069449 |
| San Miguel Global Power Holdings Corp. |  |  |
| 8.13%, (1-year CMT + 6.40%)<sup>(b)(d)(j)</sup> | &nbsp;&nbsp; USD3,100 | 3131000 |
| 8.38%, , (5-year CMT + 7.12%)<sup>(b)(d)(j)</sup> | &nbsp;&nbsp; USD5,127 | 5184679 |
| Saudi Electricity Sukuk Programme Co. |  |  |
| 4.94%, 02/13/29<sup>(d)</sup> | &nbsp;&nbsp; USD2,275 | 2301572 |
| 5.23%, 02/18/30<sup>(d)</sup> | &nbsp;&nbsp; USD5,488 | 5605882 |
| 5.68%, 04/11/53<sup>(d)</sup> | &nbsp;&nbsp; USD3,466 | 3410440 |
| Southern Co. (The), 1.88%, 09/15/81, <br> (5-year EUR Swap + 2.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR19,027 | 22039412 |
| Star Energy Geothermal Darajat II/Star <br> Energy Geothermal Salak, 4.85%, <br> 10/14/38<sup>(d)</sup><br>| &nbsp;&nbsp; USD508 | 490220 |
| Talen Energy Supply LLC |  |  |
| 6.25%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD434 | 439842 |
| 6.50%, 02/01/36<sup>(a)</sup> | &nbsp;&nbsp; USD2,094 | 2146860 |
| 8.63%, 06/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,127 | 7519769 |
| Vistra Operations Co. LLC |  |  |
| 4.70%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,684 | 3678838 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp; USD201 | $201168 |
| 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,716 | 2717937 |
| 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD596 | 626241 |
| 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD7,692 | 8139067 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,311 | 5379041 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 4.50%, 09/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD556 | 550945 |
| 7.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD404 | 416881 |
| 7.75%, 04/15/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,335 | 2380173 |
| 8.38%, 01/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD718 | 754201 |
| 8.63%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD6,510 | 6829762 |
|  |  | 500275003 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,340 | 4168492 |
| 4.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD264 | 261183 |
| 6.00%, 09/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,286 | 1235960 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,487 | 5657218 |
| 6.38%, 03/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,335 | 1390095 |
| 7.25%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD839 | 849092 |
|  |  | 13562040 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,981 | 3917013 |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD689 | 674549 |
| 5.88%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD659 | 668795 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,561 | 1526398 |
| 6.63%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,719 | 2840382 |
|  |  | 9627137 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| Azure Power Energy Ltd., 3.58%, <br> 08/19/26<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,432 | 1424459 |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.25%, 09/27/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,411 | 3485257 |
| 7.25%, 09/27/28<sup>(d)</sup> | &nbsp;&nbsp; USD3,460 | 3535324 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(d)</sup> | &nbsp;&nbsp; USD4,554 | 4518115 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(d)</sup> | &nbsp;&nbsp; USD3,500 | 3493000 |
|  |  | 16456155 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,979 | 2027282 |
| Arcosa, Inc. |  |  |
| 4.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD888 | 872926 |
| 6.88%, 08/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD914 | 962791 |
| Bouygues SA, 5.38%, 06/30/42<sup>(d)</sup> | &nbsp;&nbsp; EUR4,100 | 5401111 |
| Cellnex Finance Co. SA, 3.88%, 01/19/36<sup>(d)</sup> | &nbsp;&nbsp; EUR4,900 | 5742807 |
| Heathrow Finance PLC |  |  |
| 3.88%, 03/01/27<sup>(d)(e)</sup> | &nbsp;&nbsp; GBP6,391 | 8657405 |
| 4.13%, 09/01/29<sup>(d)(e)</sup> | &nbsp;&nbsp; GBP3,193 | 4162161 |
| 6.63%, 03/01/31<sup>(d)</sup> | &nbsp;&nbsp; GBP7,333 | 10232173 |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(a)</sup> | &nbsp;&nbsp; USD507 | 504465 |
| TAV Havalimanlari Holding AS, 8.50%, <br> 12/07/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD625 | 646875 |
| TopBuild Corp., 3.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD236 | 228563 |
| Weekley Homes LLC/Weekley Finance <br> Corp., 4.88%, 09/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD30 | 29554 |
| Worley Financial Services Pty Ltd., 5.87%, <br> 05/13/32<sup>(d)</sup><br>| &nbsp;&nbsp; AUD1,500 | 1051492 |
|  |  | 40519605 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| Allwyn Entertainment Financing UK PLC |  |  |
| 4.13%, 02/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR8,629 | $10093830 |
| 7.25%, 04/30/30<sup>(d)</sup> | &nbsp;&nbsp; EUR11,081 | 13742098 |
| Banijay Entertainment SASU, 7.00%, <br> 05/01/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR8,996 | 11059530 |
| Betclic Everest Group SAS, 5.13%, <br> 12/10/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR3,397 | 4067910 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,059 | 4858472 |
| 6.00%, 10/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,911 | 1859134 |
| 6.50%, 02/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,562 | 2619709 |
| 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,431 | 3542919 |
| Churchill Downs, Inc. |  |  |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD5,503 | 5484217 |
| 5.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,276 | 1275775 |
| 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD721 | 742871 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,435 | 1433580 |
| 7.00%, 08/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,141 | 3250074 |
| Cirsa Finance International Sarl |  |  |
| 4.88%, 10/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR2,226 | 2695037 |
| 5.10%, 10/15/32, (3-mo. EURIBOR + <br> 3.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,107 | 3716927 |
| Cirsa Finance International SARL, 6.50%, <br> 03/15/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR4,991 | 6143796 |
| Entain PLC, 4.88%, 11/30/31<sup>(d)</sup> | &nbsp;&nbsp; EUR3,250 | 3865551 |
| Flutter Treasury DAC, 4.00%, 06/04/31<sup>(d)</sup> | &nbsp;&nbsp; EUR3,159 | 3741746 |
| Light & Wonder International, Inc. |  |  |
| 7.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD379 | 389100 |
| 7.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,291 | 3443854 |
| Live Nation Entertainment, Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,607 | 1584572 |
| 4.75%, 10/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,918 | 1917407 |
| Lottomatica Group SpA, 4.88%, 01/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR4,310 | 5256599 |
| Lottomatica SpA/Roma |  |  |
| 5.31%, 06/01/31, (3-mo. EURIBOR + <br> 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,192 | 1420608 |
| 5.38%, 06/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR1,734 | 2120828 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD10,652 | 11188403 |
| Pinewood Finco PLC |  |  |
| 3.63%, 11/15/27<sup>(d)</sup> | &nbsp;&nbsp; GBP713 | 957828 |
| 6.00%, 03/27/30<sup>(d)</sup> | &nbsp;&nbsp; GBP8,558 | 11853284 |
| Resorts World Las Vegas LLC/RWLV <br> Capital, Inc.<br>|  |  |
| 4.63%, 04/16/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,500 | 3184475 |
| 4.63%, 04/16/29<sup>(d)</sup> | &nbsp;&nbsp; USD2,000 | 1819700 |
| 8.45%, 07/27/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,500 | 2543750 |
| Six Flags Entertainment Corp. |  |  |
| 5.50%, 04/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,556 | 1555222 |
| 7.25%, 05/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,783 | 6693938 |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum <br> Management Corp.<br>|  |  |
| 5.25%, 07/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD190 | 182439 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; USD149 | 149014 |
| Six Flags Entertainment Corp/Canada's <br> Wonderland Co/Millennium <br> Operations LLC, 8.63%, 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,962 | 3022573 |
| SJM International Ltd., 6.50%, 01/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD4,000 | 3966000 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Tabcorp Finance Pty Ltd., 5.99%, <br> 05/28/31<sup>(d)</sup><br>| &nbsp;&nbsp; AUD4,960 | $3422812 |
| Vail Resorts, Inc. |  |  |
| 5.63%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,552 | 1576250 |
| 6.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD264 | 273597 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,527 | 6933763 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | &nbsp;&nbsp; USD692 | 686886 |
| 4.28%, 03/15/32 | &nbsp;&nbsp; USD6,606 | 5813280 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,325 | 1328937 |
| 6.25%, 03/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,705 | 2755930 |
| 7.13%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,132 | 2297074 |
|  |  | 172531299 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Biffa Group Holdings Ltd. |  |  |
| 5.25%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR9,309 | 11035908 |
| 7.38%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; GBP4,900 | 6817168 |
| Clean Harbors, Inc. |  |  |
| 5.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD675 | 689614 |
| 6.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,589 | 1627036 |
| GFL Environmental, Inc. |  |  |
| 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,730 | 2686842 |
| 4.38%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD526 | 515231 |
| 4.75%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,746 | 1734762 |
| Luna 2 5SARL, 5.50%, 07/01/32<sup>(d)</sup> | &nbsp;&nbsp; EUR6,115 | 7388841 |
| Madison IAQ LLC, 4.13%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,591 | 1571939 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,493 | 2413413 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD420 | 437042 |
|  |  | 36917796 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| Albertsons Co, Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,341 | 1287044 |
| 4.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD4,743 | 4739458 |
| 4.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,634 | 2598408 |
| 5.50%, 03/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD467 | 467826 |
| 5.75%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD231 | 227182 |
| 5.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD660 | 660195 |
| 6.25%, 03/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD374 | 381892 |
| 6.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,744 | 2787942 |
| Albertsons Companies, Inc., 5.63%, <br> 03/31/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD366 | 365629 |
| Bellis Acquisition Co. PLC |  |  |
| 8.00%, 07/01/31<sup>(d)</sup> | &nbsp;&nbsp; EUR13,674 | 15339360 |
| 8.13%, 05/14/30<sup>(d)</sup> | &nbsp;&nbsp; GBP6,095 | 7622029 |
| Cencosud SA, 4.38%, 07/17/27<sup>(d)</sup> | &nbsp;&nbsp; USD2,312 | 2311769 |
| Chobani LLC/Chobani Finance Corp., Inc., <br> 7.63%, 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,120 | 4285006 |
| Darling Global Finance BV, 4.50%, <br> 07/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR4,123 | 4987213 |
| Froneri Lux FinCo SARL, 4.75%, <br> 08/01/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR6,493 | 7763770 |
| Irca SpA/Gallarate, 5.85%, 12/15/29, (3-mo. <br> EURIBOR + 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,329 | 2766431 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,287 | 5539534 |
| Kraft Heinz Foods Co., 5.20%, 07/15/45 | &nbsp;&nbsp; USD4,887 | 4443325 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Lamb Weston Holdings, Inc. |  |  |
| 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,099 | $1060970 |
| 4.38%, 01/31/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,576 | 1501480 |
| 4.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,291 | 1293204 |
| Lion/Polaris Lux 4 SA, 5.64%, 07/01/29, <br> (3-mo. EURIBOR + 3.62%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR6,481 | 7728708 |
| Market Bidco Finco PLC |  |  |
| 6.75%, 01/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR7,002 | 8210857 |
| 8.75%, 01/31/31<sup>(d)</sup> | &nbsp;&nbsp; GBP2,941 | 3951737 |
| Nomad Foods Europe Midco Ltd., 4.53%, <br> 10/28/32<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1185717 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,270 | 3201828 |
| 5.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,155 | 1155626 |
| 6.13%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD606 | 622397 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; USD2,028 | 1874320 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; USD2,156 | 2101668 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; USD451 | 482116 |
| Post Holdings, Inc. |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD586 | 555155 |
| 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,893 | 2825049 |
| 6.25%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD5,241 | 5381485 |
| 6.25%, 10/15/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD950 | 956798 |
| 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD3,544 | 3571175 |
| 6.50%, 03/15/36<sup>(a)(h)</sup> | &nbsp;&nbsp; USD128 | 128116 |
| Premier Foods Finance PLC, 3.50%, <br> 10/15/26<sup>(d)</sup><br>| &nbsp;&nbsp; GBP1,028 | 1397317 |
| U.S. Foods, Inc. |  |  |
| 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,153 | 1148383 |
| 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD5,982 | 6169643 |
|  |  | 125077762 |
| **Food Service — 0.2%** | **Food Service — 0.2%** | **Food Service — 0.2%** |
| Aramark International Finance Sarl, 4.38%, <br> 04/15/33<sup>(d)</sup><br>| &nbsp;&nbsp; EUR10,150 | 11958637 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,324 | 2322724 |
| gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(d)</sup><br>| &nbsp;&nbsp; CHF8,170 | 10570079 |
| TKC Holdings, Inc., 6.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,209 | 1217375 |
|  |  | 26068815 |
| **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** |
| Ahlstrom Holding 3 OY, 4.88%, <br> 02/04/28<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD9,689 | 9579734 |
| Eldorado Intl. Finance GmbH, 8.50%, <br> 12/01/32<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD2,446 | 2559690 |
| Fiber Bidco SpA |  |  |
| 6.02%, 01/15/30, (3-mo. EURIBOR + <br> 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,514 | 2905060 |
| 6.13%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR10,844 | 12409118 |
| Fiber Midco SpA, 10.75%, 06/15/29, (6.25% <br> PIK)<sup>(d)(i)</sup><br>| &nbsp;&nbsp; EUR1,053 | 967095 |
| LD Celulose International GmbH, 7.95%, <br> 01/26/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD608 | 639847 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,148 | 1037366 |
| 7.25%, 11/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,968 | 4694826 |
| Sappi Papier Holding GmbH, 4.50%, <br> 03/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR9,876 | 11174377 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | &nbsp;&nbsp; USD3,985 | 3996277 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| 6.00%, 01/15/29 | &nbsp;&nbsp; USD3,938 | $4066773 |
| WEPA Hygieneprodukte GmbH, 5.63%, <br> 01/15/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR3,000 | 3716603 |
|  |  | 57746766 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| AmeriGas Partners LP/AmeriGas <br> Finance Corp.<br>|  |  |
| 5.75%, 05/20/27 | &nbsp;&nbsp; USD261 | 262830 |
| 9.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,869 | 6290164 |
| Centrica PLC, 6.50%, 05/21/55, (5-year UK <br> Government Bond + 2.51%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP5,418 | 7701004 |
| EP Infrastructure AS |  |  |
| 4.13%, 02/27/33<sup>(d)</sup> | &nbsp;&nbsp; EUR4,020 | 4757386 |
| 4.38%, 01/29/34<sup>(d)</sup> | &nbsp;&nbsp; EUR8,100 | 9635992 |
| Promigas SA ESP/Gases del Pacifico SAC, <br> 3.75%, 10/16/29<sup>(d)(h)</sup><br>| &nbsp;&nbsp; USD4,724 | 4427569 |
|  |  | 33074945 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Dynamo Newco II GmbH, 6.25%, <br> 10/15/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR2,091 | 2483489 |
| IMA Industria Macchine Automatiche SpA, <br> 5.77%, 04/15/29, (3-mo. EURIBOR + <br> 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4162220 |
|  |  | 6645709 |
| **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** |
| Avantor Funding, Inc. |  |  |
| 3.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,379 | 2284408 |
| 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,428 | 4393924 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD6,791 | 7079618 |
| Bausch & Lomb Netherlands BV & Bausch <br> & Lomb, Inc., 5.89%, 01/15/31, (3-mo. <br> EURIBOR + 3.87%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,246 | 2689187 |
| Dentsply Sirona , Inc., 8.38%, 09/12/55, <br> (5-year CMT + 4.38%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD5,602 | 5529761 |
| Hologic, Inc., 4.63%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,555 | 2552117 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,187 | 6049155 |
| 5.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,156 | 3161454 |
| Medline Borrower LP/Medline Co-Issuer, <br> Inc., 6.25%, 04/01/29<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD9,635 | 9944386 |
| Medtronic, Inc., 4.15%, 10/15/53 | &nbsp;&nbsp; EUR6,700 | 7494266 |
| Teleflex, Inc. |  |  |
| 4.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,319 | 3272922 |
| 4.63%, 11/15/27 | &nbsp;&nbsp; USD2,410 | 2396785 |
|  |  | 56847983 |
| **Health Care - Services — 1.0%** | **Health Care - Services — 1.0%** | **Health Care - Services — 1.0%** |
| Acadia Healthcare Co., Inc. |  |  |
| 5.00%, 04/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,237 | 1187596 |
| 5.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD254 | 250982 |
| 7.38%, 03/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,183 | 5119740 |
| Charles River Laboratories <br> International, Inc.<br>|  |  |
| 3.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,669 | 1609864 |
| 4.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD614 | 581917 |
| 4.25%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,027 | 1998381 |
| CHS/Community Health Systems, Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,420 | 1273806 |
| 9.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD13,110 | 13668263 |
| 10.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD7,402 | 7968534 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| DaVita, Inc. |  |  |
| 4.63%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,390 | $2299696 |
| 6.75%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD8,911 | 9146143 |
| 6.88%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,451 | 2524633 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/28 | &nbsp;&nbsp; USD3,415 | 3398940 |
| 4.63%, 04/01/31<sup>(h)</sup> | &nbsp;&nbsp; USD110 | 107671 |
| 4.75%, 02/01/30 | &nbsp;&nbsp; USD607 | 604213 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR11,354 | 14351223 |
| Global Medical Response, Inc., 7.38%, <br> 10/01/32<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD4,227 | 4370676 |
| Gruppo San Donato SpA, 6.50%, <br> 10/31/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR5,644 | 6782604 |
| HCA, Inc., 4.63%, 03/15/52 | &nbsp;&nbsp; USD5,742 | 4686531 |
| IQVIA, Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD4,041 | 4039531 |
| 5.00%, 05/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,376 | 3377137 |
| 6.50%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD937 | 970615 |
| LifePoint Health, Inc. |  |  |
| 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD847 | 920342 |
| 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,720 | 1845276 |
| 11.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,330 | 6903352 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32<sup>(d)</sup> | &nbsp;&nbsp; EUR16,000 | 19241990 |
| 5.39%, 06/30/32, (3-mo. EURIBOR + <br> 3.37%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR896 | 1066608 |
| Molina Healthcare, Inc. |  |  |
| 3.88%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,806 | 3510551 |
| 3.88%, 05/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,062 | 1855493 |
| 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,824 | 2773814 |
| 6.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD505 | 508563 |
| 6.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD298 | 305405 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,139 | 7535015 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; USD4,231 | 4157905 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; USD7,652 | 7630639 |
| 5.13%, 11/01/27 | &nbsp;&nbsp; USD969 | 969265 |
| 6.00%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD149 | 153326 |
| 6.13%, 10/01/28 | &nbsp;&nbsp; USD3,315 | 3318398 |
| 6.13%, 06/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD7,082 | 7227245 |
| 6.75%, 05/15/31 | &nbsp;&nbsp; USD100 | 103865 |
|  |  | 160345748 |
| **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** |
| Ares Capital Corp., 5.10%, 01/15/31 | &nbsp;&nbsp; USD9,050 | 8896016 |
| HA Sustainable Infrastructure Capital, Inc., <br> 8.00%, 06/01/56, (5-year CMT + <br> 4.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,500 | 2622500 |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33<sup>(a)</sup> | &nbsp;&nbsp; USD542 | 527838 |
| Progroup AG |  |  |
| 5.13%, 04/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR3,232 | 3931110 |
| 5.38%, 04/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR13,217 | 16015279 |
| Stena International SA |  |  |
| 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD8,495 | 8727952 |
| 7.25%, 01/15/31<sup>(d)(h)</sup> | &nbsp;&nbsp; USD2,831 | 2908632 |
| 7.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,615 | 4776133 |
| Turkiye Varlik Fonu Yonetimi AS, 8.25%, <br> 02/14/29<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD468 | 501491 |
| TVF Varlik Kiralama AS, 6.95%, <br> 01/23/30<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD4,905 | 5055878 |
|  |  | 53962829 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co.<br>|  |  |
| 4.63%, 04/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,097 | $1984264 |
| 6.88%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,719 | 2743248 |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC, <br> 4.88%, 02/15/30<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD5,334 | 4979511 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,648 | 2520045 |
| 6.63%, 09/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD573 | 580318 |
| K Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,340 | 2397248 |
| 8.38%, 10/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,639 | 1675050 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,278 | 6123044 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD418 | 408153 |
| 6.00%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,603 | 2557626 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD252 | 253610 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD758 | 772478 |
| 5.75%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD148 | 151910 |
|  |  | 27146505 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International, Inc., 3.88%, <br> 10/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD302 | 281811 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/30 | &nbsp;&nbsp; USD611 | 612593 |
| 6.50%, 06/15/33<sup>(h)</sup> | &nbsp;&nbsp; USD4,295 | 4238271 |
|  |  | 5132675 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Ontex Group NV, 5.25%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR1,802 | 2095207 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Central Garden & Pet Co., 4.13%, <br> 04/30/31<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD797 | 754301 |
| Newell Brands, Inc. |  |  |
| 6.38%, 05/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD2,786 | 2753766 |
| 6.63%, 09/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD2,585 | 2587745 |
| 6.63%, 05/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD3,452 | 3380661 |
| Scotts Miracle-Gro Co. (The), 4.00%, <br> 04/01/31<sup>(h)</sup><br>| &nbsp;&nbsp; USD1,443 | 1358336 |
|  |  | 10834809 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 6.75%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,294 | 3377015 |
| 7.50%, 11/06/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,504 | 6733537 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD456 | 450369 |
| 5.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,438 | 3427126 |
| 6.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,136 | 1167638 |
| 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,104 | 3155356 |
| 7.38%, 10/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD10,319 | 10682404 |
| American National Group, Inc., 7.00%, <br> 12/01/55, (5-year CMT + 3.18%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,376 | 2399546 |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,376 | 1357620 |
| 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,417 | 2480040 |
| Ardonagh Finco Ltd. |  |  |
| 6.88%, 02/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR21,795 | 26543622 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD7,170 | $7412190 |
| BNP Paribas Cardif SA, 6.00%, (5-year <br> EURIBOR ICE Swap + 3.37%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR21,800 | 26198048 |
| FWD Group Holdings Ltd. |  |  |
| 5.25%, 09/22/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,000 | 4018720 |
| 5.84%, 09/22/35<sup>(a)</sup> | &nbsp;&nbsp; USD5,960 | 6026752 |
| Global Atlantic Fin Co. |  |  |
| 7.25%, 03/01/56, (5-year CMT + <br> 3.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,626 | 1639333 |
| 7.95%, 10/15/54, (5-year CMT + <br> 3.61%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,522 | 1573183 |
| Hanwha Life Insurance Co. Ltd., 6.30%, <br> 06/24/55, (5-year CMT + 2.29%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD3,500 | 3640000 |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 8.13%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD7,509 | 7651198 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD10,229 | 10672468 |
| Insurance Australia Group Ltd., 5.39%, <br> 06/15/37, (3-month BB Swap + <br> 1.68%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD1,340 | 949327 |
| Jones Deslauriers Insurance Management, <br> Inc., 8.50%, 03/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,916 | 3048952 |
| Liberty Mutual Group, Inc., 4.30%, <br> 02/01/61<sup>(a)</sup><br>| &nbsp;&nbsp; USD367 | 245217 |
| Nanshan Life Pte Ltd., 5.88%, 03/17/41, <br> (5-year CMT + 1.85%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD2,995 | 2998085 |
| Panther Escrow Issuer LLC, 7.13%, <br> 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD8,070 | 8311503 |
| Peak RE Bvi Holding Ltd., 5.63%, , (5-year <br> CMT + 3.00%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD2,250 | 2274609 |
| Phoenix Group Holdings PLC, 8.50%, <br> (5-year CMT + 4.19%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD1,520 | 1649078 |
| Ryan Specialty LLC |  |  |
| 4.38%, 02/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,514 | 2449208 |
| 5.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD287 | 291768 |
| Tongyang Life Insurance Co. Ltd., 6.25%, <br> 05/07/35, (5-year CMT + 2.40%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD1,500 | 1560615 |
| UnipolSai Assicurazioni SpA, 4.90%, <br> 05/23/34<sup>(d)</sup><br>| &nbsp;&nbsp; EUR3,700 | 4641102 |
|  |  | 159025629 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
| Alphabet, Inc. |  |  |
| 3.88%, 05/06/45 | &nbsp;&nbsp; EUR4,800 | 5441150 |
| 4.38%, 11/06/64 | &nbsp;&nbsp; EUR10,670 | 12045751 |
| Amazon.com, Inc., 5.45%, 11/20/55 | &nbsp;&nbsp; USD10,530 | 10254812 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,350 | 3294722 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | &nbsp;&nbsp; USD47,214 | 49160010 |
| Booking Holdings, Inc. |  |  |
| 3.25%, 11/21/32 | &nbsp;&nbsp; EUR664 | 780963 |
| 3.63%, 11/12/28 | &nbsp;&nbsp; EUR3,730 | 4538905 |
| 4.13%, 05/12/33 | &nbsp;&nbsp; EUR2,500 | 3090521 |
| Cogent Communications Group LLC/Cogent <br> Finance, Inc.<br>|  |  |
| 6.50%, 07/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,538 | 5085343 |
| 7.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,389 | 1380656 |
| 7.00%, 06/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD437 | 435121 |
| Engineering - Ingegneria Informatica - SpA |  |  |
| 8.63%, 02/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR1,700 | 2104117 |
| 11.13%, 05/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR4,865 | 6030542 |
| Gen Digital, Inc. |  |  |
| 6.25%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD211 | 212017 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD3,798 | $3829735 |
| 7.13%, 09/30/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,198 | 2252776 |
| Go Daddy Operating Co. LLC/GD Finance <br> Co., Inc.<br>|  |  |
| 3.50%, 03/01/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD406 | 385796 |
| 5.25%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,913 | 1910586 |
| iliad SA |  |  |
| 4.25%, 01/09/32<sup>(d)</sup> | &nbsp;&nbsp; EUR6,000 | 7197242 |
| 5.38%, 02/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR2,100 | 2620892 |
| ION Platform Finance U.S., Inc./ION <br> Platform Finance Sarl<br>|  |  |
| 5.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD6,890 | 6532865 |
| 9.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,514 | 1453576 |
| 9.50%, 05/30/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,011 | 6760997 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD454 | 411125 |
| 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,104 | 1983145 |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,661 | 2635611 |
| 5.00%, 12/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,203 | 1202769 |
| Prosus NV |  |  |
| 3.06%, 07/13/31<sup>(d)</sup> | &nbsp;&nbsp; USD5,742 | 5248188 |
| 3.26%, 01/19/27<sup>(d)</sup> | &nbsp;&nbsp; USD1,456 | 1437800 |
| 3.68%, 01/21/30<sup>(d)</sup> | &nbsp;&nbsp; USD1,535 | 1475688 |
| 4.03%, 08/03/50<sup>(d)</sup> | &nbsp;&nbsp; USD935 | 651905 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (5-year EUR Swap + <br> 4.74%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR4,853 | 5652461 |
| 8.13%, (5-year CMT + 4.25%)<sup>(a)(b)(j)</sup> | &nbsp;&nbsp; USD5,937 | 6144719 |
| 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,367 | 4892585 |
| 11.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,419 | 1511600 |
| Snap, Inc., 6.88%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,813 | 4914673 |
| United Group BV |  |  |
| 5.25%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR4,760 | 5668637 |
| 6.31%, 02/15/31, (3-mo. EURIBOR + <br> 4.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,498 | 2958309 |
| Wayfair LLC |  |  |
| 6.75%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD779 | 805153 |
| 7.25%, 10/31/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,253 | 2355710 |
| 7.75%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,059 | 3252084 |
|  |  | 190001257 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,014 | 3132170 |
| 7.00%, 03/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,840 | 3940746 |
| 7.38%, 05/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,497 | 1562181 |
| 7.63%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD5,372 | 5626241 |
| Commercial Metals Co., 5.75%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,029 | 1046181 |
| CSN Resources SA, 8.88%, 12/05/30<sup>(d)</sup> | &nbsp;&nbsp; USD519 | 500607 |
| Mineral Resources Ltd. |  |  |
| 7.00%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,660 | 1744586 |
| 8.00%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD210 | 214750 |
| 8.50%, 05/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,426 | 3551518 |
| 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,962 | 2060903 |
| Samarco Mineracao SA |  |  |
| 9.50%, 06/30/31, (4 % Cash and 5.50 % <br> PIK)<sup>(a)(h)(i)</sup><br>| &nbsp;&nbsp; USD108 | 107999 |
| 9.50%, 06/30/31, (4 % Cash and 5.50 % <br> PIK)<sup>(d)(i)</sup><br>| &nbsp;&nbsp; USD9,274 | 9319573 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Vale Overseas Ltd. |  |  |
| 6.00%, 02/25/56, (5-year CMT + <br> 2.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD790 | $793871 |
| 6.40%, 06/28/54 | &nbsp;&nbsp; USD304 | 312360 |
|  |  | 33913686 |
| **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |
| Deuce Finco PLC |  |  |
| 5.55%, 11/20/32, (3-mo. EURIBOR + <br> 3.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,999 | 4777042 |
| 7.00%, 11/20/31<sup>(d)</sup> | &nbsp;&nbsp; GBP4,077 | 5661330 |
| Dometic Group AB, 5.00%, 09/11/30<sup>(d)</sup> | &nbsp;&nbsp; EUR9,243 | 11078484 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD368 | 369007 |
| 6.75%, 02/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,319 | 7500555 |
| 7.75%, 02/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,909 | 3108819 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,305 | 1341424 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(d)</sup> | &nbsp;&nbsp; GBP8,738 | 12599627 |
| TUI Cruises GmbH |  |  |
| 5.00%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,941 | 4807432 |
| 6.25%, 04/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR1,000 | 1228223 |
| Viking Cruises Ltd. |  |  |
| 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,411 | 1416689 |
| 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,655 | 2831743 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,325 | 2323497 |
|  |  | 59043872 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| Boyd Gaming Corp. |  |  |
| 4.75%, 12/01/27<sup>(h)</sup> | &nbsp;&nbsp; USD731 | 730723 |
| 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD180 | 175342 |
| Essendi SA |  |  |
| 5.38%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR7,265 | 8887285 |
| 5.63%, 05/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR12,848 | 15666665 |
| 5.81%, 05/15/32, (3-mo. EURIBOR + <br> 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,509 | 5391173 |
| 6.38%, 10/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR800 | 993524 |
| Fortune Star BVI Ltd. |  |  |
| 3.95%, 10/02/26<sup>(d)</sup> | &nbsp;&nbsp; EUR5,500 | 6503124 |
| 5.88%, 11/20/30<sup>(d)</sup> | &nbsp;&nbsp; EUR830 | 974002 |
| Grupo Posadas SAB de CV, 8.00%, <br> 12/30/27<sup>(b)(d)</sup><br>| &nbsp;&nbsp; USD488 | 487479 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD640 | 622981 |
| 4.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,194 | 4003371 |
| 4.88%, 01/15/30 | &nbsp;&nbsp; USD294 | 294575 |
| 5.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,903 | 6039554 |
| 6.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD210 | 216916 |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,289 | 3067689 |
| 5.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,659 | 2585301 |
| 6.63%, 01/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD840 | 858631 |
| Hilton Worldwide Finance LLC/Hilton <br> Worldwide Finance Corp., 4.88%, <br> 04/01/27<br>| &nbsp;&nbsp; USD2,703 | 2703965 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.50%, 06/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD190 | 181259 |
| 6.50%, 10/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,964 | 4723208 |
| Melco Resorts Finance Ltd. |  |  |
| 5.75%, 07/21/28<sup>(d)</sup> | &nbsp;&nbsp; USD6,000 | 5993220 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| 6.50%, 09/24/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD673 | $670688 |
| 7.63%, 04/17/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD643 | 673141 |
| MGM China Holdings Ltd., 7.13%, <br> 06/26/31<sup>(d)</sup><br>| &nbsp;&nbsp; USD3,000 | 3176250 |
| MGM Resorts International |  |  |
| 4.63%, 09/01/26<sup>(h)</sup> | &nbsp;&nbsp; USD84 | 84048 |
| 5.50%, 04/15/27 | &nbsp;&nbsp; USD2,175 | 2188840 |
| 6.13%, 09/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD1,732 | 1771498 |
| 6.50%, 04/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD3,814 | 3904430 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD60 | 59726 |
| 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,963 | 3030648 |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD7,211 | 6979166 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 194963 |
| 6.00%, 04/01/27 | &nbsp;&nbsp; USD298 | 301736 |
| 6.13%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD288 | 291059 |
| 6.63%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp; USD4,203 | 4219018 |
| TVL Finance PLC, 10.25%, 04/28/28<sup>(d)</sup> | &nbsp;&nbsp; GBP1,594 | 2181137 |
| Wynn Macau Ltd. |  |  |
| 5.13%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD876 | 868642 |
| 5.50%, 10/01/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,181 | 3174670 |
| 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,842 | 4833236 |
| 5.63%, 08/26/28<sup>(d)</sup> | &nbsp;&nbsp; USD5,103 | 5093764 |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,460 | 2493825 |
|  |  | 117290472 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Columbus McKinnon Corp/NY, 7.13%, <br> 02/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD582 | 585026 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,560 | 2551902 |
| 6.25%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD974 | 997288 |
| TK Elevator Midco GmbH, 4.38%, <br> 07/15/27<sup>(d)</sup><br>| &nbsp;&nbsp; EUR909 | 1081430 |
| TK Elevator U.S. Newco, Inc., 5.25%, <br> 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,676 | 4677361 |
|  |  | 9893007 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
| Avient Corp. |  |  |
| 6.25%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD320 | 329001 |
| 7.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,711 | 1759943 |
| Axon Enterprise, Inc., 6.13%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,853 | 2932738 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD200 | 192724 |
| 4.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD375 | 372191 |
| 4.75%, 04/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,556 | 1554824 |
| 5.95%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,461 | 3531573 |
| Maxam Prill Sarl, 6.00%, 07/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR22,753 | 27998356 |
|  |  | 38671350 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| AMC Networks, Inc., 10.50%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,362 | 7937627 |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |
| 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD8,333 | 7629237 |
| 4.25%, 01/15/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,195 | 3543477 |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,487 | 2337384 |
| 4.50%, 06/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD9,774 | 8551937 |
| 4.75%, 03/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD12,420 | 11864838 |
| 4.75%, 02/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD10,432 | 9528435 |
| 5.00%, 02/01/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,394 | 1386325 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,826 | $1826748 |
| 5.38%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,950 | 3906174 |
| 6.38%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,563 | 2587500 |
| 7.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD51 | 51493 |
| 7.38%, 03/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,418 | 4544421 |
| 7.38%, 02/01/36<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,324 | 1325587 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital, 3.95%, 06/30/62<sup>(h)</sup><br>| &nbsp;&nbsp; USD10,464 | 6387161 |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD938 | 950255 |
| 8.88%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,059 | 4109774 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.00%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD14,690 | 15132007 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; USD480 | 443429 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; USD231 | 224391 |
| 5.00%, 09/20/37 | &nbsp;&nbsp; USD6,872 | 5308483 |
| 6.35%, 06/01/40 | &nbsp;&nbsp; USD9,596 | 7919675 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD13,105 | 13510620 |
| iHeartCommunications, Inc. |  |  |
| 7.75%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,086 | 4354379 |
| 9.13%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,396 | 6044220 |
| Informa PLC, 3.38%, 06/09/31<sup>(d)</sup> | &nbsp;&nbsp; EUR5,344 | 6347542 |
| McGraw-Hill Education, Inc. |  |  |
| 5.75%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,598 | 1605082 |
| 7.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,226 | 4442828 |
| Nexstar Media, Inc. |  |  |
| 4.75%, 11/01/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,166 | 2152922 |
| 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD2,058 | 2058527 |
| Paramount Global |  |  |
| 6.25%, 02/28/57, (3-mo. SOFR US + <br> 4.16%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD426 | 387128 |
| 6.38%, 03/30/62, (5-year CMT + <br> 4.00%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD7,531 | 7082152 |
| Sinclair Television Group, Inc., 8.13%, <br> 02/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD393 | 406527 |
| Sirius XM Radio LLC |  |  |
| 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD7,275 | 7106363 |
| 4.13%, 07/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,994 | 2823399 |
| 5.00%, 08/01/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,478 | 6466740 |
| 5.50%, 07/01/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD332 | 333486 |
| Sunrise FinCo I BV |  |  |
| 4.63%, 05/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR7,166 | 8593253 |
| 4.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD10,564 | 10118410 |
| TEGNA, Inc. |  |  |
| 4.63%, 03/15/28 | &nbsp;&nbsp; USD3,538 | 3513386 |
| 5.00%, 09/15/29 | &nbsp;&nbsp; USD1,378 | 1368409 |
| Telenet Finance Luxembourg Notes SARL, <br> 5.50%, 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD10,600 | 10566614 |
| Univision Communications, Inc. |  |  |
| 4.50%, 05/01/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD200 | 191031 |
| 7.38%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,990 | 3029181 |
| 8.50%, 07/31/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD9,673 | 10087556 |
| 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD3,849 | 4144049 |
| Versant Media Group, Inc., 7.25%, <br> 01/30/31<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD3,680 | 3771226 |
| Virgin Media O2 Vendor Financing Notes V <br> DAC, 7.88%, 03/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; GBP8,165 | 10960237 |
| Virgin Media O2 Vendor Financing Notes VI <br> DAC, 8.50%, 03/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD375 | 371722 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Virgin Media O2 Vendor Financing Notes VII <br> DAC, 7.50%, 07/15/33<sup>(d)</sup><br>| &nbsp;&nbsp; EUR333 | $393089 |
| Virgin Media Secured Finance PLC |  |  |
| 4.13%, 08/15/30<sup>(d)</sup> | &nbsp;&nbsp; GBP2,300 | 2857046 |
| 4.25%, 01/15/30<sup>(d)</sup> | &nbsp;&nbsp; GBP1,500 | 1905958 |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,118 | 5651873 |
| 5.25%, 05/15/29<sup>(d)</sup> | &nbsp;&nbsp; GBP970 | 1302140 |
| 5.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,426 | 2392792 |
| Virgin Media Vendor Financing Notes III <br> DAC, 4.88%, 07/15/28<sup>(d)</sup><br>| &nbsp;&nbsp; GBP8,364 | 11424228 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD7,819 | 7060228 |
| 5.25%, 01/15/33<sup>(d)</sup> | &nbsp;&nbsp; EUR17,011 | 19568846 |
| 7.50%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,569 | 1573805 |
| Ziggo Bond Co. BV |  |  |
| 3.38%, 02/28/30<sup>(d)</sup> | &nbsp;&nbsp; EUR4,000 | 4197055 |
| 6.13%, 11/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR2,392 | 2652064 |
| Ziggo BV |  |  |
| 2.88%, 01/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,953 | 4433015 |
| 4.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,104 | 2930376 |
|  |  | 307675862 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| Alcoa Nederland Holding BV |  |  |
| 4.13%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 196979 |
| 7.13%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD400 | 423132 |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,190 | 2259114 |
| 6.38%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,670 | 1736067 |
| AngloGold Ashanti Holdings PLC, 3.75%, <br> 10/01/30<br>| &nbsp;&nbsp; USD468 | 449917 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,067 | 2189046 |
| 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,983 | 3287009 |
| BHP Billiton Finance Ltd., 3.64%, <br> 09/04/35<sup>(d)</sup><br>| &nbsp;&nbsp; EUR7,127 | 8437946 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.15%, 01/14/30<sup>(d)</sup> | &nbsp;&nbsp; USD7,104 | 6753631 |
| 5.53%, 01/30/37<sup>(a)</sup> | &nbsp;&nbsp; USD695 | 697276 |
| 6.44%, 01/26/36<sup>(d)</sup> | &nbsp;&nbsp; USD935 | 1001983 |
| Fortescue Treasury Pty Ltd. |  |  |
| 4.38%, 04/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,640 | 1584568 |
| 4.50%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,264 | 1263898 |
| 5.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD190 | 195498 |
| 6.13%, 04/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD418 | 435316 |
| Freeport Indonesia PT |  |  |
| 4.76%, 04/14/27<sup>(d)</sup> | &nbsp;&nbsp; USD4,121 | 4130890 |
| 6.20%, 04/14/52<sup>(d)</sup> | &nbsp;&nbsp; USD3,759 | 3810780 |
| Glencore Capital Finance DAC, 3.75%, <br> 02/04/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR2,603 | 3148633 |
| Industrias Penoles SAB de CV, 4.15%, <br> 09/12/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD2,515 | 2486706 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD511 | 493306 |
| 5.88%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 100743 |
| Marcobre SAC, 5.75%, 01/22/36<sup>(a)</sup> | &nbsp;&nbsp; USD588 | 584516 |
| Navoi Mining & Metallurgical Combinat |  |  |
| 6.70%, 10/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD722 | 747992 |
| 6.70%, 10/17/28<sup>(d)</sup> | &nbsp;&nbsp; USD5,382 | 5575752 |
| 6.75%, 05/14/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,591 | 1673056 |
| 6.95%, 10/17/31<sup>(a)</sup> | &nbsp;&nbsp; USD468 | 500264 |
| Nexa Resources SA, 6.75%, 04/09/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD512 | 554586 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Nickel Industries Ltd., 9.00%, 09/30/30<sup>(d)</sup> | &nbsp;&nbsp; USD1,580 | $1655050 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,558 | 2340743 |
| 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,195 | 5032734 |
| 6.88%, 01/30/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,811 | 1877013 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/26<sup>(d)</sup> | &nbsp;&nbsp; USD1,456 | 1445080 |
| 4.50%, 11/16/29<sup>(a)</sup> | &nbsp;&nbsp; USD701 | 672960 |
| 4.50%, 11/16/29<sup>(d)</sup> | &nbsp;&nbsp; USD1,456 | 1397760 |
| Vedanta Resources Finance II PLC |  |  |
| 9.48%, 07/24/30<sup>(d)</sup> | &nbsp;&nbsp; USD2,962 | 3118986 |
| 10.88%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; USD624 | 666900 |
| 10.88%, 09/17/29<sup>(d)</sup> | &nbsp;&nbsp; USD4,712 | 5035950 |
| 11.25%, 12/03/31<sup>(a)</sup> | &nbsp;&nbsp; USD468 | 518310 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<sup>(a)</sup> | &nbsp;&nbsp; USD692 | 716220 |
|  |  | 79196310 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp. |  |  |
| 10.25%, 10/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD8,169 | 6734911 |
| 13.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD190 | 138225 |
|  |  | 6873136 |
| **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** |
| Aethon United BR LP/Aethon United <br> Finance Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,332 | 3506250 |
| Ampol Ltd., 5.85%, 10/30/55, (3-month BB <br> Swap + 2.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD2,450 | 1657606 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,470 | 2486749 |
| 6.63%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD251 | 260130 |
| 6.63%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,323 | 1369957 |
| Azule Energy Finance PLC, 8.25%, <br> 01/22/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,650 | 5656215 |
| BP Capital Markets PLC, 3.25%, (5-year <br> EUR Swap + 3.52%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR6,034 | 7152399 |
| Breakwater Energy Holdings Sarl |  |  |
| 9.25%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,525 | 4750286 |
| 9.25%, 11/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD6,024 | 6295080 |
| California Resources Corp. |  |  |
| 7.00%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD3,364 | 3393216 |
| 8.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD386 | 405987 |
| Chord Energy Corp. |  |  |
| 6.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,982 | 3040144 |
| 6.75%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD458 | 474796 |
| CNX Resources Corp. |  |  |
| 7.25%, 03/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,501 | 1570381 |
| 7.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,185 | 1227283 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,389 | 2330943 |
| 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD8,154 | 8164522 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD6,951 | 6727021 |
| 7.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD588 | 583227 |
| 8.38%, 01/15/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,351 | 3382717 |
| CVR Energy, Inc. |  |  |
| 5.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD789 | 788479 |
| 7.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,601 | 3593424 |
| 8.50%, 01/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,162 | 5380079 |
| Diamondback Energy, Inc., 4.25%, 03/15/52 | &nbsp;&nbsp; USD5,200 | 4080400 |
| Ecopetrol SA, 8.88%, 01/13/33<sup>(h)</sup> | &nbsp;&nbsp; USD1,321 | 1416442 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Empresa Nacional del Petroleo, 5.95%, <br> 07/30/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD935 | $975355 |
| Energean PLC |  |  |
| 5.63%, 05/12/31<sup>(d)</sup> | &nbsp;&nbsp; EUR3,625 | 4315725 |
| 5.63%, 05/12/31<sup>(a)</sup> | &nbsp;&nbsp; EUR695 | 827429 |
| Energian Israel Finance Ltd., 5.38%, <br> 03/30/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,183 | 1166574 |
| Eni SpA |  |  |
| 4.13%, , (5-year EURIBOR ICE Swap + <br> 1.64%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR8,730 | 10327302 |
| 4.50%, (5-year EUR Swap + <br> 2.08%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR4,725 | 5738715 |
| Gran Tierra Energy, Inc., 9.50%, <br> 10/15/29<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD949 | 756828 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD530 | 521476 |
| 6.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,173 | 4029995 |
| 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD5,991 | 5773693 |
| 7.25%, 02/15/35<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,977 | 2880646 |
| 8.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,218 | 1264564 |
| Ithaca Energy North Sea PLC, 5.50%, <br> 10/01/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR11,113 | 13316777 |
| KazMunayGas National Co. JSC, 5.75%, <br> 04/19/47<sup>(d)</sup><br>| &nbsp;&nbsp; USD746 | 699002 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD2,667 | 2687931 |
| 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,762 | 1794153 |
| 6.88%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD48 | 49044 |
| MC Brazil Downstream Trading SARL, <br> 7.25%, 06/30/31<sup>(d)</sup><br>| &nbsp;&nbsp; USD769 | 681825 |
| Medco Maple Tree Pte Ltd. |  |  |
| 8.96%, 04/27/29<sup>(a)</sup> | &nbsp;&nbsp; USD592 | 617752 |
| 8.96%, 04/27/29<sup>(d)</sup> | &nbsp;&nbsp; USD3,000 | 3130500 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6,798 | 7086609 |
| Northern Oil & Gas, Inc. |  |  |
| 7.88%, 10/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,771 | 2797654 |
| 8.75%, 06/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,062 | 1097832 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,698 | 3710422 |
| 6.25%, 02/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,674 | 1724473 |
| 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,141 | 2244412 |
| Petrobras Global Finance BV, 6.75%, <br> 01/27/41<sup>(h)</sup><br>| &nbsp;&nbsp; USD1,342 | 1345355 |
| Petroleos del Peru SA, 4.75%, 06/19/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD828 | 625244 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/31 | &nbsp;&nbsp; USD1,274 | 1241386 |
| 6.84%, 01/23/30 | &nbsp;&nbsp; USD2,194 | 2242268 |
| 6.95%, 01/28/60 | &nbsp;&nbsp; USD1,626 | 1324214 |
| 7.50%, 03/20/26 | &nbsp;&nbsp; USD10,281 | 10293851 |
| 8.75%, 06/02/29 | &nbsp;&nbsp; USD7,976 | 8566766 |
| Petron Corp., 5.95%, (5-year CMT + <br> 7.57%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD5,594 | 5574309 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 <br> SA, 6.24%, 07/03/36<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD636 | 672131 |
| PRIO Luxembourg Holding Sarl, 6.75%, <br> 10/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD594 | 588090 |
| Puma International Financing SA, 7.75%, <br> 04/25/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,760 | 1821050 |
| Raizen Fuels Finance SA |  |  |
| 6.45%, 03/05/34<sup>(a)</sup> | &nbsp;&nbsp; USD860 | 707350 |
| 6.70%, 02/25/37<sup>(d)</sup> | &nbsp;&nbsp; USD1,856 | 1508720 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 6.95%, 03/05/54<sup>(a)</sup> | &nbsp;&nbsp; USD601 | $456580 |
| Range Resources Corp., 4.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD646 | 637137 |
| Santos Finance Ltd., 5.75%, 11/13/35<sup>(a)</sup> | &nbsp;&nbsp; USD7,200 | 7220317 |
| Saudi Arabian Oil Co. |  |  |
| 4.00%, 02/02/29<sup>(d)</sup> | &nbsp;&nbsp; USD1,558 | 1547748 |
| 4.75%, 06/02/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,312 | 2338299 |
| SEPLAT Energy PLC, 9.13%, 03/21/30<sup>(d)</sup> | &nbsp;&nbsp; USD2,590 | 2718697 |
| SierraCol Energy Andina LLC, 6.00%, <br> 06/15/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,055 | 1011481 |
| SM Energy Co. |  |  |
| 6.75%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,953 | 3997997 |
| 7.00%, 08/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,999 | 6014372 |
| Sunoco LP |  |  |
| 4.50%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,525 | 2470982 |
| 4.63%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,962 | 5813413 |
| 5.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,919 | 1930762 |
| 5.88%, 03/15/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD210 | 210559 |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD562 | 576511 |
| 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,971 | 3064085 |
| 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,350 | 2443603 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 4.50%, 05/15/29 | &nbsp;&nbsp; USD1,720 | 1692947 |
| 4.50%, 04/30/30 | &nbsp;&nbsp; USD100 | 97642 |
| 7.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,175 | 3277953 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| 6.10%, <sup>(b)(d)(j)</sup> | &nbsp;&nbsp; USD2,515 | 2525815 |
| 6.10%, , (5-year CMT + 2.37%)<sup>(a)(b)(j)</sup> | &nbsp;&nbsp; USD655 | 657817 |
| Transocean International Ltd., 7.88%, <br> 10/15/32<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD2,857 | 3013666 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,314 | 4400697 |
| Trident Energy Finance PLC, 12.50%, <br> 11/30/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD472 | 488614 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,762 | 6020771 |
| Var Energi ASA, 7.86%, 11/15/83, (5-year <br> EURIBOR ICE Swap + 4.77%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR7,400 | 9647955 |
| Vista Energy Argentina SAU, 8.50%, <br> 06/10/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD323 | 335516 |
| Vital Energy, Inc., 7.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD6,856 | 6821265 |
| Wintershall Dea Finance 2 BV, 6.12%, <br> (5-year EURIBOR ICE Swap + <br> 3.94%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR8,355 | 10285666 |
| Wintershall Dea Finance BV, 3.83%, <br> 10/03/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR4,900 | 5891655 |
|  |  | 294031677 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.00%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD650 | 649510 |
| 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD324 | 324816 |
| 6.63%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,447 | 1499956 |
| Deepocean Ltd., 6.00%, 04/08/31<sup>(d)</sup> | &nbsp;&nbsp; EUR12,629 | 15521658 |
| Kodiak Gas Services LLC |  |  |
| 6.50%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,867 | 1912336 |
| 6.75%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; USD544 | 562102 |
| 7.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,450 | 2541177 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | &nbsp;&nbsp; EUR20,466 | 25340574 |
| USA Compression Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.25%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD664 | 672630 |
| 7.13%, 03/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,654 | 3783421 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| WBI Operating LLC |  |  |
| 6.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,719 | $2739392 |
| 6.50%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD1,165 | 1176009 |
|  |  | 56723581 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| Alpha Star Holding X SR , 6.13%, <br> 08/05/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD3,974 | 3973425 |
| Ardagh Group SA |  |  |
| 9.50%, 12/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD9,802 | 10591593 |
| 9.50%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD416 | 449519 |
| 12.00%, 12/01/30, (12 % Cash)<sup>(d)(i)</sup> | &nbsp;&nbsp; EUR12,567 | 14062204 |
| 12.00%, 12/01/30, (5.50 % Cash and <br> 6.50 % PIK)<sup>(a)(i)</sup><br>| &nbsp;&nbsp; USD2,432 | 2298219 |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC<br>|  |  |
| 2.00%, 09/01/28<sup>(d)</sup> | &nbsp;&nbsp; EUR1,199 | 1388321 |
| 3.00%, 09/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR3,745 | 4254317 |
| 3.25%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD223 | 214495 |
| 4.00%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD5,475 | 5200718 |
| Ball Corp. |  |  |
| 2.88%, 08/15/30 | &nbsp;&nbsp; USD696 | 640833 |
| 4.25%, 07/01/32 | &nbsp;&nbsp; EUR4,020 | 4868498 |
| 6.00%, 06/15/29 | &nbsp;&nbsp; USD4,484 | 4616799 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,716 | 1731118 |
| 6.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD687 | 692362 |
| 6.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD613 | 620969 |
| 8.75%, 04/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,302 | 6306514 |
| Crown Americas LLC/Crown Americas <br> Capital Corp. V, 4.25%, 09/30/26<br>| &nbsp;&nbsp; USD2,613 | 2605681 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 96908 |
| 6.38%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,742 | 2772714 |
| Kleopatra Finco SARL,0.00%, 01/30/31<sup>(k)</sup> | &nbsp;&nbsp; 5739 | 5884836 |
| Mauser Packaging Solut, 9.25%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD15,545 | 15291671 |
| Mauser Packaging Solut SR, 7.88%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD95 | 96781 |
| OI European Group BV |  |  |
| 4.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD239 | 231279 |
| 5.25%, 06/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR3,000 | 3662071 |
| 6.25%, 05/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR1,200 | 1459680 |
| Owens-Brockway Glass Container, Inc., <br> 7.25%, 05/15/31<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD3,458 | 3519355 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,915 | 1907719 |
| 5.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | 100658 |
| 6.50%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD110 | 114196 |
| 7.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD3,194 | 3325842 |
| Trivium Packaging Finance BV, 12.25%, <br> 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD8,266 | 9044731 |
|  |  | 112024026 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,485 | 2400187 |
| 5.13%, 03/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,106 | 1074041 |
| AI Sirona Luxembourg Acquisition <br> Sarl,0.00%, 01/20/33<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,678 | 1990191 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Bayer AG |  |  |
| 5.38%, 03/25/82, (5-year EUR Swap + <br> 4.46%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR13,000 | $16058500 |
| 6.63%, 09/25/83, (5-year EUR Swap + <br> 3.43%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR8,900 | 11250701 |
| 7.00%, 09/25/83, (5-year EUR Swap + <br> 3.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR9,500 | 12620621 |
| Series N5.5, 4.50%, 03/25/82, (5-year <br> EUR Swap + 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,300 | 3961127 |
| Becton Dickinson & Co., 3.83%, 06/07/32 | &nbsp;&nbsp; EUR5,619 | 6825433 |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/54, (5-year CMT + <br> 2.52%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD859 | 893006 |
| 7.00%, 03/10/55, (5-year CMT + <br> 2.89%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD5,494 | 5750273 |
| Dolcetto Holdco SpA |  |  |
| 5.63%, 07/14/32<sup>(d)</sup> | &nbsp;&nbsp; EUR13,859 | 16711026 |
| 5.73%, 07/14/32, (3-mo. EURIBOR + <br> 3.62%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR595 | 712356 |
| Eli Lilly & Co., 1.70%, 11/01/49 | &nbsp;&nbsp; EUR3,320 | 2522823 |
| Endo Finance Holdings, Inc., 8.50%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,262 | 5567759 |
| Grifols SA |  |  |
| 7.13%, 05/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR7,300 | 9046396 |
| 7.50%, 05/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR8,650 | 10731922 |
| Gruenenthal GmbH |  |  |
| 4.63%, 11/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR1,154 | 1384036 |
| 6.75%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR4,594 | 5680979 |
| Hikma Finance USA LLC, 5.13%, <br> 07/08/30<sup>(d)</sup><br>| &nbsp;&nbsp; USD4,154 | 4167002 |
| HLF Financing SARL LLC/Herbalife <br> International, Inc., 4.88%, 06/01/29<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD9,034 | 8573184 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,115 | 3064905 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.28%, 10/15/32, (3-mo. EURIBOR + <br> 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR14,468 | 17236608 |
| 5.38%, 10/23/30<sup>(d)</sup> | &nbsp;&nbsp; EUR2,500 | 3056738 |
| 7.00%, 02/21/30<sup>(d)</sup> | &nbsp;&nbsp; EUR6,027 | 7403729 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer BV, 2.88%, 04/30/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR3,173 | 3698273 |
| Rossini Sarl, 5.89%, 12/31/29, (3-mo. <br> EURIBOR + 3.87%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR825 | 989432 |
| Rossini SARL, 6.75%, 12/31/29<sup>(d)</sup> | &nbsp;&nbsp; EUR1,868 | 2310542 |
| Teva Pharmaceutical Finance Netherlands <br> II BV<br>|  |  |
| 4.38%, 05/09/30 | &nbsp;&nbsp; EUR6,027 | 7342922 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; EUR3,964 | 5632597 |
| Teva Pharmaceutical Finance Netherlands <br> III BV<br>|  |  |
| 3.15%, 10/01/26<sup>(h)</sup> | &nbsp;&nbsp; USD5,631 | 5589443 |
| 4.75%, 05/09/27 | &nbsp;&nbsp; USD1,982 | 1979522 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; USD3,554 | 3889142 |
|  |  | 190115416 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.38%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,404 | 2408164 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,263 | 1263501 |
| 5.75%, 07/01/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,335 | 1348465 |
| 6.63%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,844 | 1915551 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 7.00%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,024 | $2109186 |
| 7.25%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD41 | 43469 |
| Buckeye Partners LP |  |  |
| 4.13%, 12/01/27 | &nbsp;&nbsp; USD2,623 | 2592785 |
| 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,197 | 3323710 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,256 | 3237836 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,594 | 2611136 |
| 7.38%, 06/30/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,136 | 3224821 |
| 8.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,977 | 3113421 |
| Energy Transfer LP |  |  |
| 6.50%, 02/15/56, (5-year CMT + <br> 2.68%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,209 | 3209154 |
| 6.75%, 02/15/56, (5-year CMT + <br> 2.48%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD421 | 424001 |
| 7.13%, 10/01/54, (5-year CMT + <br> 2.83%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,316 | 1359887 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp.<br>|  |  |
| 7.88%, 05/15/32 | &nbsp;&nbsp; USD4,986 | 5202956 |
| 8.00%, 05/15/33 | &nbsp;&nbsp; USD5,634 | 5879992 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; USD265 | 276256 |
| Global Partners LP/GLP Finance Corp. |  |  |
| 7.13%, 07/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,578 | 1616356 |
| 8.25%, 01/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,626 | 1713889 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,718 | 3769096 |
| 7.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,307 | 1365167 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD191 | 186569 |
| 5.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,840 | 3880501 |
| 5.88%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD823 | 838615 |
| 6.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,008 | 3113292 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.63%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD898 | 921707 |
| 7.38%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,934 | 2042894 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,470 | 6237670 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,969 | 5116669 |
| NuStar Logistics LP, 5.63%, 04/28/27<sup>(h)</sup> | &nbsp;&nbsp; USD806 | 814058 |
| Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD1,997 | 1990795 |
| South Bow Canadian Infrastructure Holdings <br> Ltd., 7.50%, 03/01/55, (5-year CMT + <br> 3.67%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD3,013 | 3185033 |
| Tallgrass Energy Partners LP/Tallgrass <br> Energy Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,680 | 1679420 |
| 6.00%, 12/31/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,302 | 3350787 |
| 6.00%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD670 | 674233 |
| 6.75%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,363 | 2404851 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 11/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD970 | 841712 |
| 6.25%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,854 | 3949244 |
| 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD3,220 | 3059062 |
| 4.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD4,061 | 3747246 |
| Venture Global LNG, Inc. |  |  |
| 7.00%, 01/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD3,433 | 3454271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 8.38%, 06/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,480 | $6627841 |
| 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD190 | 202325 |
| 9.88%, 02/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD18,016 | 19048245 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,574 | 1620121 |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD1,965 | 2039274 |
| 6.50%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD5,886 | 6095717 |
| 6.75%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD7,223 | 7571581 |
| 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD937 | 1027297 |
| 7.75%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; USD829 | 924420 |
|  |  | 148654249 |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| Adler Financing Sarl, Series 1L, 8.25%, <br> 12/31/28, (8.25 % Cash)<sup>(i)</sup><br>| &nbsp;&nbsp; EUR22,607 | 29675050 |
| Alexandrite Lake Lux Holdings Sarl, 6.75%, <br> 07/30/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR6,000 | 7187663 |
| Alpha Star Holding IX Ltd., 7.00%, <br> 08/26/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,828 | 1869130 |
| Alstria Office AG, 5.50%, 03/20/31<sup>(d)</sup> | &nbsp;&nbsp; EUR15,000 | 18282002 |
| Aroundtown Finance Sarl |  |  |
| 5.00%, (5-year EURIBOR ICE Swap + <br> 2.34%)<sup>(b)(j)</sup><br>| &nbsp;&nbsp; EUR5,000 | 5895014 |
| 5.13%, , (5-year EURIBOR ICE Swap + <br> 3.04%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR1,625 | 1879020 |
| 5.25%, , (5-year EURIBOR ICE Swap + <br> 3.43%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR18,175 | 21297061 |
| Aroundtown SA, 1.63%, (5-year EUR Swap <br> + 2.42%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1169343 |
| Central Plaza Development Ltd., 6.80%, <br> 04/07/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD870 | 863475 |
| Citycon OYJ, 3.63%, (5-year EURIBOR ICE <br> Swap + 4.17%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR1,515 | 1393391 |
| Citycon Treasury BV |  |  |
| 1.25%, 09/08/26<sup>(d)</sup> | &nbsp;&nbsp; EUR174 | 203835 |
| 1.63%, 03/12/28<sup>(d)</sup> | &nbsp;&nbsp; EUR2,140 | 2394900 |
| 2.38%, 01/15/27<sup>(d)</sup> | &nbsp;&nbsp; EUR297 | 346735 |
| 5.00%, 03/11/30<sup>(d)</sup> | &nbsp;&nbsp; EUR2,350 | 2655480 |
| 5.38%, 07/08/31<sup>(d)</sup> | &nbsp;&nbsp; EUR4,075 | 4604251 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,895 | 1906868 |
| 8.88%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD2,184 | 2327637 |
| Elect Global Investments Ltd., 4.85%<sup>(d)(j)</sup> | &nbsp;&nbsp; USD1,067 | 832260 |
| Grand City Properties SA, 1.50%, (5-year <br> EUR Swap + 2.18%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR15,000 | 17679410 |
| Heimstaden Bostad AB |  |  |
| 2.63%, (5-year EUR Swap + <br> 3.14%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR550 | 643173 |
| 3.63%, (5-year EUR Swap + <br> 3.94%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,500 | 4141065 |
| 5.00%, , (5-year EURIBOR ICE Swap + <br> 2.53%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,250 | 3850685 |
| 6.25%, (5-year EURIBOR ICE Swap + <br> 4.18%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,500 | 6910984 |
| Heimstaden Bostad Treasury BV, 1.38%, <br> 03/03/27<br>| &nbsp;&nbsp; EUR961 | 1123987 |
| Howard Hughes Corp.(The) |  |  |
| 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD655 | 633464 |
| 4.38%, 02/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD321 | 304003 |
| 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,747 | 4745983 |
| Lendlease Asia Treasury Pte Ltd., 3.90%, <br> <sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; SGD3,500 | 2755483 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| New Immo Holding SA |  |  |
| 4.88%, 12/08/28<sup>(d)</sup> | &nbsp;&nbsp; EUR10,000 | $12079048 |
| 4.95%, 11/14/30<sup>(d)</sup> | &nbsp;&nbsp; EUR2,700 | 3248162 |
| 5.88%, 04/17/28<sup>(d)</sup> | &nbsp;&nbsp; EUR6,700 | 8245772 |
| Sobha Sukuk I Holding Ltd., 7.13%, <br> 09/11/30<sup>(d)</sup><br>| &nbsp;&nbsp; USD2,045 | 2066738 |
| Unique Pub Finance Co PLC.(The), <br> Series N, 6.46%, 03/30/32<sup>(d)</sup><br>| &nbsp;&nbsp; GBP3,730 | 5343196 |
| Vivion Investments Sarl, 5.63%, 06/08/30<sup>(d)</sup> | &nbsp;&nbsp; EUR9,026 | 10539722 |
| Vivion Investments SARL |  |  |
| 6.50%, 02/28/29, (6.5 % Cash)<sup>(d)(i)</sup> | &nbsp;&nbsp; EUR7,052 | 8387276 |
| 8.25%, 08/31/28, (6.50 % Cash and 1.40 <br> % PIK)<sup>(d)(i)</sup><br>| &nbsp;&nbsp; EUR1,006 | 1191339 |
|  |  | 198672605 |
| **Real Estate Investment Trusts — 1.1%** | **Real Estate Investment Trusts — 1.1%** | **Real Estate Investment Trusts — 1.1%** |
| American Tower Corp., 4.63%, 05/16/31 | &nbsp;&nbsp; EUR11,400 | 14426220 |
| Equinix Asia Financing Corp. Pte Ltd., <br> 2.90%, 09/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; SGD3,500 | 2675694 |
| Equinix, Inc., 3.40%, 02/15/52 | &nbsp;&nbsp; USD3,764 | 2563535 |
| Global Net Lease Inc., 4.50%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; USD526 | 515065 |
| Global Net Lease Inc./Global Net Lease <br> Operating Partnership LP, 3.75%, <br> 12/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,372 | 2308076 |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD3,483 | 3331094 |
| Iron Mountain, Inc. |  |  |
| 4.75%, 01/15/34<sup>(d)</sup> | &nbsp;&nbsp; EUR10,503 | 12147372 |
| 4.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD146 | 145915 |
| 4.88%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD340 | 335680 |
| 5.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD644 | 642587 |
| 5.25%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,053 | 1052700 |
| 5.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD8,519 | 8435495 |
| 5.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD737 | 727767 |
| 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,200 | 6370711 |
| Keppel REIT, 3.78%<sup>(b)(d)(j)</sup> | &nbsp;&nbsp; SGD2,750 | 2184508 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.<br>|  |  |
| 4.25%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD6,053 | 6019867 |
| 4.75%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD546 | 541443 |
| 5.50%, 08/01/30<sup>(h)</sup> | &nbsp;&nbsp; USD141 | 144935 |
| 7.00%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD800 | 848706 |
| Millrose Properties, Inc. |  |  |
| 6.25%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,990 | 2012445 |
| 6.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,539 | 2591519 |
| MPT Operating Partnership LP/MPT <br> Finance Corp.<br>|  |  |
| 0.99%, 10/15/26 | &nbsp;&nbsp; EUR1,745 | 1999683 |
| 7.00%, 02/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR12,169 | 15078831 |
| Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,540 | 1506517 |
| 5.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,712 | 4712047 |
| 7.00%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,897 | 1954420 |
| RHP Hotel Properties LP/RHP <br> Finance Corp.<br>|  |  |
| 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD2,778 | 2737784 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; USD3,684 | 3681072 |
| 6.50%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD542 | 560510 |
| 6.50%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | 51830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 7.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD624 | $642458 |
| RLJ Lodging Trust |  |  |
| 3.75%, 07/01/26<sup>(a)</sup> | &nbsp;&nbsp; USD3,863 | 3840308 |
| 4.00%, 09/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,216 | 1153935 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29 | &nbsp;&nbsp; USD1,512 | 1444129 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; USD8,342 | 8280162 |
| Scentre Group Trust 1, 5.35%, 09/18/35<sup>(d)</sup> | &nbsp;&nbsp; AUD15,480 | 10388852 |
| Service Properties Trust |  |  |
| 3.95%, 01/15/28<sup>(h)</sup> | &nbsp;&nbsp; USD110 | 104094 |
| 4.38%, 02/15/30<sup>(h)</sup> | &nbsp;&nbsp; USD7,034 | 6088957 |
| 4.95%, 10/01/29<sup>(h)</sup> | &nbsp;&nbsp; USD5,538 | 4884703 |
| 5.50%, 12/15/27 | &nbsp;&nbsp; USD110 | 109136 |
| 8.38%, 06/15/29 | &nbsp;&nbsp; USD2,347 | 2375129 |
| 8.88%, 06/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD4,586 | 4551946 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD4,835 | 4803091 |
| 4.38%, 01/15/27<sup>(a)(h)</sup> | &nbsp;&nbsp; USD578 | 574200 |
| 5.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | 201049 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,908 | 5044732 |
| 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD461 | 480103 |
| Trust 2401 |  |  |
| 4.87%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,529 | 1502548 |
| 6.95%, 01/30/44<sup>(a)</sup> | &nbsp;&nbsp; USD484 | 502334 |
| 7.70%, 01/23/32<sup>(a)</sup> | &nbsp;&nbsp; USD836 | 917803 |
| Trust Fibra Uno, 4.87%, 01/15/30<sup>(d)</sup> | &nbsp;&nbsp; USD872 | 852267 |
| Unibail-Rodamco-Westfield SE, 4.75%, , <br> (5-year EURIBOR ICE Swap + <br> 2.43%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR10,800 | 13084462 |
|  |  | 174130426 |
| **Retail — 1.2%** | **Retail — 1.2%** | **Retail — 1.2%** |
| Advance Auto Parts, Inc. |  |  |
| 3.90%, 04/15/30 | &nbsp;&nbsp; USD4,342 | 4012459 |
| 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,200 | 1220346 |
| 7.38%, 08/01/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,521 | 2558815 |
| Asbury Automotive Group, Inc. |  |  |
| 4.50%, 03/01/28 | &nbsp;&nbsp; USD310 | 308929 |
| 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,485 | 1462399 |
| 4.75%, 03/01/30 | &nbsp;&nbsp; USD770 | 758081 |
| 5.00%, 02/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,615 | 2541261 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,119 | 4218284 |
| 7.50%, 06/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD1,060 | 1082519 |
| Bertrand Franchise Finance SAS, 5.78%, <br> 07/18/30, (3-mo. EURIBOR + 3.75%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR2,903 | 3370302 |
| Boots Group Finco LP |  |  |
| 5.38%, 08/31/32<sup>(d)</sup> | &nbsp;&nbsp; EUR2,638 | 3229798 |
| 7.38%, 08/31/32<sup>(d)</sup> | &nbsp;&nbsp; GBP3,553 | 5030970 |
| Bubbles Holdco SPA |  |  |
| 6.27%, 09/30/31, (3-mo. EURIBOR + <br> 4.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,998 | 4780069 |
| 6.50%, 09/30/31<sup>(d)</sup> | &nbsp;&nbsp; EUR6,404 | 7794363 |
| Burger King (Restaurant Brands <br> International, Inc.)/New Red Finance, Inc.<br>|  |  |
| 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD292 | 281407 |
| 3.88%, 01/15/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,918 | 1889386 |
| 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD2,130 | 2032289 |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,942 | 3918708 |
| 5.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD954 | 970144 |
| 6.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,354 | 6513913 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| CD&R Firefly Bidco PLC, 8.63%, <br> 04/30/29<sup>(d)</sup><br>| &nbsp;&nbsp; GBP18,249 | $26114055 |
| Dufry One BV, 4.50%, 05/23/32<sup>(d)</sup> | &nbsp;&nbsp; EUR7,310 | 8918453 |
| Duomo Bidco SpA, 5.31%, 01/15/32, (3-mo. <br> EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR5,576 | 6626879 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., 6.75%, <br> 01/15/30<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD11,380 | 10761671 |
| FirstCash, Inc. |  |  |
| 4.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD951 | 944049 |
| 5.63%, 01/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD117 | 117547 |
| 6.88%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,843 | 2955304 |
| Gap, Inc. (The), 3.88%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,597 | 1480517 |
| Goldstory SAS |  |  |
| 6.02%, 02/01/30, (3-mo. EURIBOR + <br> 4.00%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,616 | 5331535 |
| 6.75%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR9,068 | 10586102 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD441 | 431264 |
| 6.38%, 01/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,717 | 2789058 |
| KFC Holding Co./Pizza Hut <br> Holdings LLC/Taco Bell of America LLC, <br> 4.75%, 06/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,693 | 1695546 |
| Kohl's Corp., 5.13%, 05/01/31 | &nbsp;&nbsp; USD7,136 | 6109036 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD480 | 472985 |
| 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD5,971 | 6290192 |
| Lithia Motors, Inc. |  |  |
| 3.88%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD345 | 333744 |
| 4.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD37 | 35615 |
| 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD1,170 | 1167783 |
| 5.50%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD3,958 | 3975584 |
| Murphy Oil USA, Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,714 | 1609949 |
| 4.75%, 09/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD150 | 149266 |
| Nordstrom, Inc., 4.38%, 04/01/30<sup>(h)</sup> | &nbsp;&nbsp; USD1,624 | 1550425 |
| Park River Holdings, Inc. |  |  |
| 8.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,207 | 1243772 |
| 8.75%, 12/31/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5,991 | 5950562 |
| PetSmart LLC/PetSmart Finance Corp. |  |  |
| 7.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD250 | 256365 |
| 10.00%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD12,213 | 12708335 |
| QXO Building Products, Inc., 6.75%, <br> 04/30/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD4,047 | 4170353 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,442 | 1417100 |
| 4.88%, 11/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD732 | 705803 |
| Stonegate Pub Co. Financing PLC |  |  |
| 8.69%, 07/31/29, (3-mo. EURIBOR + <br> 6.62%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR4,000 | 4683935 |
| 10.75%, 07/31/29<sup>(d)</sup> | &nbsp;&nbsp; GBP2,374 | 3266298 |
| Suburban Propane Partners LP/Suburban <br> Energy Finance Corp., 5.00%, <br> 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,022 | 1942003 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | &nbsp;&nbsp; USD547 | 534840 |
| 4.75%, 01/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD4,616 | 4604670 |
| 5.38%, 04/01/32 | &nbsp;&nbsp; USD68 | 68873 |
|  |  | 199973910 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| Nationwide Building Society |  |  |
| 5.75%, (5-year UK Government Bond + <br> 5.63%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; GBP1,985 | $2726369 |
| 7.50%, (5-year UK Government Bond + <br> 3.85%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; GBP5,225 | 7523542 |
| Series ., 7.88%, (5-year UK Government <br> Bond + 3.59%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; GBP850 | 1244515 |
|  |  | 11494426 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| ams-OSRAM AG, 10.50%, 03/30/29<sup>(d)</sup> | &nbsp;&nbsp; EUR2,975 | 3738901 |
| Kioxia Holdings Corp., 6.25%, 07/24/30 | &nbsp;&nbsp; USD4,625 | 4777912 |
| MKS, Inc. Co. GUAR REGS 02/34 4.25, <br> 4.25%, 02/15/34<sup>(d)</sup><br>| &nbsp;&nbsp; EUR10,348 | 12265640 |
| SK Hynix, Inc., 6.38%, 01/17/28<sup>(d)</sup> | &nbsp;&nbsp; USD1,004 | 1047142 |
|  |  | 21829595 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD4,507 | 4478910 |
| 6.63%, 08/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,564 | 2457816 |
| 8.25%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp; USD12,892 | 13112234 |
| 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD11,236 | 11345790 |
| Continuum Energy Pte. Ltd., 12.85%, <br> 09/11/27<sup>(f)(h)</sup><br>| &nbsp;&nbsp; USD1,818 | 1813837 |
| CoreWeave, Inc. |  |  |
| 9.00%, 02/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD6,731 | 6544270 |
| 9.25%, 06/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD7,879 | 7756073 |
| Fair Isaac Corp. |  |  |
| 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,069 | 2034725 |
| 5.25%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD2,866 | 2863175 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR10,646 | 12576371 |
| Open Text Corp. |  |  |
| 3.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD896 | 867338 |
| 3.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD6,120 | 5680458 |
| Open Text Holdings, Inc. |  |  |
| 4.13%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD489 | 454237 |
| 4.13%, 12/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,153 | 1035820 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD922 | 882147 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(a)</sup> | &nbsp;&nbsp; USD2,318 | 2312214 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; USD556 | 555519 |
| 6.50%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD847 | 874463 |
| TeamSystem SpA |  |  |
| 5.00%, 07/01/31<sup>(d)</sup> | &nbsp;&nbsp; EUR6,290 | 7375950 |
| 5.27%, 07/01/32, (3-mo. EURIBOR + <br> 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR5,068 | 5970375 |
| 5.52%, 07/31/31, (3-mo. EURIBOR + <br> 3.50%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,083 | 3644574 |
| Twilio, Inc., 3.63%, 03/15/29 | &nbsp;&nbsp; USD631 | 604245 |
| UKG, Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD7,742 | 7735759 |
|  |  | 102976300 |
| **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** |
| Altice France SA |  |  |
| 4.75%, 10/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR762 | 871847 |
| 5.38%, 04/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR686 | 784824 |
| 5.50%, 10/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR1,524 | 1751283 |
| 5.63%, 07/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR750 | 865428 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD8,778 | 9118097 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Bell Telephone Co. of Canada or <br> Bell Canada<br>|  |  |
| 6.88%, 09/15/55, (5-year CMT + <br> 2.39%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD5,026 | $5207278 |
| 7.00%, 09/15/55, (5-year CMT + <br> 2.36%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD461 | 483511 |
| British Telecommunications PLC |  |  |
| 4.25%, 11/23/81, (5-year CMT + <br> 2.99%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD291 | 288792 |
| 4.88%, 11/23/81, (5-year CMT + <br> 3.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,042 | 1016774 |
| 5.13%, 10/03/54, (5-year EURIBOR ICE <br> Swap + 2.54%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR1,269 | 1569832 |
| 8.38%, 12/20/83, (5-year UK Government <br> Bond + 3.82%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP5,100 | 7523302 |
| Cas Capital No. 2 Ltd., 6.25%, , (5-year <br> CMT + 2.53%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD667 | 673920 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD2,356 | 2427648 |
| Colombia Telecomunicaciones SA ESP, <br> 4.95%, 07/17/30<sup>(d)</sup><br>| &nbsp;&nbsp; USD321 | 300777 |
| Connect Finco SARL/Connect U.S. Finco <br> LLC, 9.00%, 09/15/29<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD6,039 | 6409595 |
| Digicel International Finance Ltd., 8.63%, <br> 08/01/32<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD1,272 | 1322651 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75 % Cash)<sup>(h)(i)</sup> | &nbsp;&nbsp; USD3,380 | 3439944 |
| 10.75%, 11/30/29 | &nbsp;&nbsp; USD11,628 | 12746846 |
| Eutelsat SA |  |  |
| 1.50%, 10/13/28<sup>(d)</sup> | &nbsp;&nbsp; EUR5,400 | 6184059 |
| 9.75%, 04/13/29<sup>(d)</sup> | &nbsp;&nbsp; EUR2,737 | 3443302 |
| Fibercop SpA |  |  |
| 4.75%, 06/30/30<sup>(d)</sup> | &nbsp;&nbsp; EUR3,237 | 3928610 |
| 5.13%, 06/30/32<sup>(d)</sup> | &nbsp;&nbsp; EUR2,615 | 3171184 |
| Series 2034, 6.00%, 09/30/34<sup>(a)</sup> | &nbsp;&nbsp; USD2,870 | 2787035 |
| Series 2036, 7.20%, 07/18/36<sup>(a)</sup> | &nbsp;&nbsp; USD2,833 | 2866486 |
| Series 2038, 7.72%, 06/04/38<sup>(a)</sup> | &nbsp;&nbsp; USD2,493 | 2564210 |
| Flash Compute LLC, 7.25%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,978 | 4994890 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD4,162 | 4162137 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; USD2,296 | 2316894 |
| 6.00%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD4,059 | 4094591 |
| 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD1,552 | 1557449 |
| Iliad Holding SAS |  |  |
| 5.38%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR2,637 | 3227183 |
| 5.63%, 10/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | 120190 |
| 6.88%, 04/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR11,875 | 15007445 |
| 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD5,102 | 5160566 |
| 7.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD4,163 | 4266908 |
| 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD986 | 1055829 |
| Kaixo Bondco Telecom SA, 5.13%, <br> 09/30/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR9,740 | 11674022 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD14,198 | 14630817 |
| 7.00%, 03/31/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD491 | 508580 |
| Liberty Costa Rica Senior Secured Finance, <br> 10.88%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,026 | 1085313 |
| Odido Group Holding BV, 5.50%, <br> 01/15/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR9,275 | 11086315 |
| Optics Bidco SpA, 5.25%, 03/17/55 | &nbsp;&nbsp; EUR3,200 | 3264816 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Rogers Communications, Inc. |  |  |
| 5.25%, 03/15/82, (5-year CMT + <br> 3.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD3,412 | $3408466 |
| 7.00%, 04/15/55, (5-year CMT + <br> 2.65%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,411 | 2500863 |
| 7.13%, 04/15/55, (5-year CMT + <br> 2.62%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD951 | 997264 |
| SoftBank Group Corp. |  |  |
| 3.38%, 07/06/29<sup>(d)</sup> | &nbsp;&nbsp; EUR2,322 | 2669729 |
| 3.88%, 07/06/32<sup>(d)</sup> | &nbsp;&nbsp; EUR784 | 870930 |
| 5.00%, 04/15/28<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | 120946 |
| 5.25%, 10/10/29<sup>(d)</sup> | &nbsp;&nbsp; EUR13,062 | 15772509 |
| 5.38%, 01/08/29<sup>(d)</sup> | &nbsp;&nbsp; EUR4,058 | 4940363 |
| 5.75%, 07/08/32<sup>(d)</sup> | &nbsp;&nbsp; EUR7,181 | 8636524 |
| 6.88%, 01/10/31<sup>(d)</sup> | &nbsp;&nbsp; USD636 | 632527 |
| Series ., 5.88%, 07/10/31<sup>(d)</sup> | &nbsp;&nbsp; EUR10,117 | 12344378 |
| Series ., 6.38%, 07/10/33<sup>(d)</sup> | &nbsp;&nbsp; EUR11,664 | 14244655 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(a)</sup> | &nbsp;&nbsp; USD622 | 656093 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | &nbsp;&nbsp; USD5,793 | 6472085 |
| Telefonica Emisiones SA |  |  |
| 4.38%, , (5-year EURIBOR ICE Swap + <br> 1.84%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR6,900 | 8191005 |
| 4.88%, , (8-year EURIBOR ICE Swap + <br> 2.13%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR5,300 | 6261997 |
| Telefonica Europe BV |  |  |
| 2.50%, (7-year EUR Swap + <br> 2.66%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR2,500 | 2946503 |
| 6.14%, (7-year EUR Swap + <br> 3.35%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR1,500 | 1909211 |
| Series ., 5.75%, (8-year EURIBOR ICE <br> Swap + 3.12%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR6,500 | 8220613 |
| TELUS Corp. |  |  |
| 6.63%, 10/15/55, (5-year CMT + <br> 2.77%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2,400 | 2454552 |
| 7.00%, 10/15/55, (5-year CMT + <br> 2.71%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,144 | 1196437 |
| Series ..., 6.63%, 06/09/56, (5-year CMT <br> + 2.52%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD1,626 | 1633266 |
| T-Mobile USA, Inc., 3.40%, 10/15/52 | &nbsp;&nbsp; USD5,880 | 3940487 |
| Turk Telekomunikasyon A/S |  |  |
| 6.95%, 10/07/32<sup>(a)</sup> | &nbsp;&nbsp; USD870 | 887670 |
| 7.38%, 05/20/29<sup>(d)</sup> | &nbsp;&nbsp; USD1,456 | 1515605 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, <br> 01/24/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD620 | 658363 |
| Uniti Group LP/Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, <br> 04/15/28<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD8,089 | 8071419 |
| Veon Midco BV, 3.38%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; USD687 | 655006 |
| VF Ukraine PAT via VFU Funding PLC, <br> 9.63%, 02/11/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD994 | 979137 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD4,829 | 4831564 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.00%, 01/31/29<sup>(d)</sup> | &nbsp;&nbsp; GBP6,856 | 9086620 |
| 4.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,154 | 1044019 |
| 4.50%, 07/15/31<sup>(d)</sup> | &nbsp;&nbsp; GBP2,854 | 3464393 |
| 4.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD6,764 | 6180656 |
| 5.63%, 04/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR16,817 | 19670749 |
| 6.75%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD5,646 | 5505754 |
| Vodafone Group PLC |  |  |
| 4.13%, 06/04/81, (5-year CMT + <br> 2.77%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD4,869 | 4581810 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 7.00%, 04/04/79, (5-year USD Swap + <br> 4.87%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,059 | $3225657 |
| 8.00%, 08/30/86, (5-year UK Government <br> Bond + 3.84%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP2,388 | 3592289 |
| Windstream Services LLC, 7.50%, <br> 10/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD5,269 | 5439996 |
| Windstream Services LLC/Windstream <br> Escrow Finance Corp., 8.25%, <br> 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD2,144 | 2245894 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD9,033 | 9421600 |
| Zayo Group Holdings, Inc., 9.25%, 03/09/30, <br> (9.25 % Cash)<sup>(a)(i)</sup><br>| &nbsp;&nbsp; USD5,342 | 5216223 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR13,917 | 17311077 |
|  |  | 394568084 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(d)</sup> | &nbsp;&nbsp; USD498 | 506832 |
| Danaos Corp. |  |  |
| 6.88%, 10/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,500 | 1549263 |
| 8.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,899 | 3904139 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> | &nbsp;&nbsp; GBP20,631 | 30101588 |
| Mobico Group PLC |  |  |
| 3.63%, 11/20/28<sup>(d)</sup> | &nbsp;&nbsp; GBP1,854 | 2349040 |
| 4.25%, (5-year UK Government Bond + <br> 4.14%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; GBP4,902 | 4345174 |
| 4.88%, 09/26/31<sup>(d)</sup> | &nbsp;&nbsp; EUR5,120 | 5152834 |
| MTR Corp. CI Ltd., 5.63%, (5-year CMT + <br> 1.46%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; USD3,000 | 3155250 |
| MTR Corp. Ltd., 5.58%, 01/29/38<sup>(d)</sup> | &nbsp;&nbsp; AUD4,100 | 2874307 |
| Ocado Group PLC, 10.50%, 08/08/29<sup>(d)</sup> | &nbsp;&nbsp; GBP2,600 | 3596834 |
| Pacific National Finance Pty. Ltd., 7.75%, <br> 12/11/54<sup>(b)(d)</sup><br>| &nbsp;&nbsp; AUD6,030 | 4258785 |
| Patrick Terminals Finance Pty Ltd., 5.55%, <br> 10/22/35<sup>(d)</sup><br>| &nbsp;&nbsp; AUD6,830 | 4589277 |
| Poste Italiane SpA, 2.63%, (5-year <br> EURIBOR ICE Swap + 2.67%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR4,555 | 5200542 |
| SGL Group ApS |  |  |
| 6.30%, 02/24/31, (3-mo. EURIBOR + <br> 4.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR3,000 | 3332290 |
| 6.78%, 04/22/30, (3-mo. EURIBOR + <br> 4.75%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR12,023 | 13599109 |
| Transnet, 8.25%, 02/06/28<sup>(d)</sup> | &nbsp;&nbsp; USD2,550 | 2690250 |
| XPO, Inc. |  |  |
| 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD123 | 127709 |
| 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,562 | 2693300 |
|  |  | 94026523 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| FTAI Aviation Investors LLC |  |  |
| 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD884 | 884849 |
| 5.88%, 04/15/33<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,572 | 1593816 |
| 7.00%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD2,611 | 2747913 |
| 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5,438 | 5765939 |
|  |  | 10992517 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Severn Trent Utilities Finance PLC, 4.25%, <br> 01/29/40<sup>(d)</sup><br>| &nbsp;&nbsp; EUR3,450 | 4080437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| Veolia Environnement SA, 4.32%, , (5-year <br> EURIBOR ICE Swap + 1.84%)<sup>(b)(d)(j)</sup><br>| &nbsp;&nbsp; EUR3,300 | $3935671 |
|  |  | 8016108 |
| **Total Corporate Bonds & Notes — 42.1%** <br>**(Cost: $6,762,808,694)** | **Total Corporate Bonds & Notes — 42.1%** <br>**(Cost: $6,762,808,694)** | 6943622364 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| AM Green BV, Term Loan, 8.00%, 04/11/27 | &nbsp;&nbsp; $4700 | 5201020 |
| **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $5,201,020)** | **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $5,201,020)** | 5201020 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 0.1%** | **Angola — 0.1%** | **Angola — 0.1%** |
| Angolan Government International Bonds |  |  |
| 8.25%, 05/09/28<sup>(d)</sup> | &nbsp;&nbsp; USD10,216 | 10272601 |
| 9.24%, 01/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD2,398 | 2419726 |
|  |  | 12692327 |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |
| Argentina Republic Government <br> International Bonds, 1.75%, 07/09/30<sup>(e)</sup><br>| &nbsp;&nbsp; USD762 | 646258 |
| **Armenia — 0.0%** | **Armenia — 0.0%** | **Armenia — 0.0%** |
| Republic of Armenia International Bonds, <br> 6.75%, 03/12/35<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD547 | 570931 |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |
| Bahrain Government International Bonds, <br> 5.45%, 09/16/32<sup>(d)</sup><br>| &nbsp;&nbsp; USD608 | 576463 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |
| Barbados Government International Bonds, <br> 8.00%, 06/26/35<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,291 | 1382661 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |
| Benin Government International Bonds, <br> 7.96%, 02/13/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,380 | 1442873 |
| Benin Sukuk SA, 6.20%, 01/29/33<sup>(d)</sup> | &nbsp;&nbsp; USD2,444 | 2434395 |
|  |  | 3877268 |
| **Bolivia — 0.0%** | **Bolivia — 0.0%** | **Bolivia — 0.0%** |
| Bolivia Government International Bonds, <br> 4.50%, 03/20/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD4,032 | 3799656 |
| **Brazil — 1.2%** | **Brazil — 1.2%** | **Brazil — 1.2%** |
| Brazil Government International Bonds, <br> 6.63%, 03/15/35<br>| &nbsp;&nbsp; USD1,256 | 1293680 |
| Brazil Letras do Tesouro Nacional |  |  |
| 0.00%, 04/01/26<sup>(l)</sup> | &nbsp;&nbsp; BRL374,902 | 69643652 |
| 0.00%, 07/01/26<sup>(l)</sup> | &nbsp;&nbsp; BRL104,348 | 18776878 |
| Brazil Notas do Tesouro Nacional |  |  |
| Series F, 10.00%, 01/01/27 | &nbsp;&nbsp; BRL401,586 | 74286394 |
| Series F, 10.00%, 01/01/29 | &nbsp;&nbsp; BRL4,757 | 848680 |
| Brazil Notas do Tesouro Nacional Serie B, <br> 6.00%, 08/15/30<br>| &nbsp;&nbsp; BRL41,660 | 35255058 |
|  |  | 200104342 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |
| Bulgaria Government International Bonds, <br> 5.00%, 03/05/37<sup>(d)</sup><br>| &nbsp;&nbsp; USD776 | 764360 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Chile Government International Bonds |  |  |
| 2.75%, 01/31/27<sup>(h)</sup> | &nbsp;&nbsp; USD3,466 | $3415743 |
| 3.75%, 01/14/32 | &nbsp;&nbsp; EUR596 | 721657 |
| 4.34%, 03/07/42 | &nbsp;&nbsp; USD1,148 | 1021720 |
|  |  | 5159120 |
| **Colombia — 0.5%** | **Colombia — 0.5%** | **Colombia — 0.5%** |
| Colombia Government International Bonds |  |  |
| 5.38%, 01/21/29 | &nbsp;&nbsp; USD1,425 | 1418587 |
| 6.13%, 01/21/31 | &nbsp;&nbsp; USD360 | 359640 |
| 6.50%, 11/26/38 | &nbsp;&nbsp; EUR571 | 663805 |
| 7.50%, 02/02/34 | &nbsp;&nbsp; USD2,387 | 2497399 |
| 7.75%, 11/07/36 | &nbsp;&nbsp; USD634 | 665066 |
| 8.00%, 04/20/33 | &nbsp;&nbsp; USD2,688 | 2892288 |
| 8.00%, 11/14/35 | &nbsp;&nbsp; USD814 | 871997 |
| Colombian TES |  |  |
| 12.50%, 02/27/30 | &nbsp;&nbsp; COP23,995,500 | 6344490 |
| Series B, 5.75%, 11/03/27 | &nbsp;&nbsp; COP128,333,200 | 31323328 |
| Series B, 7.25%, 10/26/50 | &nbsp;&nbsp; COP18,868,100 | 3156367 |
| Series B, 7.75%, 09/18/30 | &nbsp;&nbsp; COP129,716,800 | 29052235 |
|  |  | 79245202 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Costa Rica Government International <br> Bonds, 7.30%, 11/13/54<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,022 | 1138764 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Czech Republic Government Bonds, 4.50%, <br> 11/11/32<br>| &nbsp;&nbsp; CZK384,630 | 19194832 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Dominican Republic International Bonds |  |  |
| 4.50%, 01/30/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD1,468 | 1434236 |
| 4.50%, 01/30/30<sup>(d)</sup> | &nbsp;&nbsp; USD3,582 | 3499614 |
| 5.95%, 01/25/27<sup>(d)</sup> | &nbsp;&nbsp; USD4,226 | 4285164 |
| 6.95%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; USD641 | 685870 |
| 7.05%, 02/03/31<sup>(a)</sup> | &nbsp;&nbsp; USD1,136 | 1217792 |
| 10.75%, 06/01/36<sup>(a)</sup> | &nbsp;&nbsp; DOP389,700 | 6787881 |
| 10.75%, 06/01/36<sup>(d)</sup> | &nbsp;&nbsp; DOP84,400 | 1470098 |
|  |  | 19380655 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Ecuador Government International Bonds |  |  |
| 2.50%, 07/31/35<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD1,422 | 1300896 |
| 8.75%, 01/29/34<sup>(a)</sup> | &nbsp;&nbsp; USD4,148 | 4191471 |
| 9.25%, 01/29/39<sup>(a)</sup> | &nbsp;&nbsp; USD960 | 986400 |
|  |  | 6478767 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| Egypt Government International Bonds |  |  |
| 5.63%, 04/16/30<sup>(d)</sup> | &nbsp;&nbsp; EUR13,284 | 15637928 |
| 6.59%, 02/21/28<sup>(d)</sup> | &nbsp;&nbsp; USD1,605 | 1628272 |
| 7.50%, 01/31/27<sup>(d)</sup> | &nbsp;&nbsp; USD3,466 | 3526707 |
| 7.50%, 02/16/61<sup>(a)</sup> | &nbsp;&nbsp; USD779 | 663708 |
| 7.90%, 02/21/48<sup>(d)</sup> | &nbsp;&nbsp; USD15,824 | 14324676 |
| 8.50%, 01/31/47<sup>(d)</sup> | &nbsp;&nbsp; USD2,312 | 2233797 |
| 8.50%, 01/31/47<sup>(a)(h)</sup> | &nbsp;&nbsp; USD685 | 661830 |
| 8.63%, 02/04/30<sup>(d)</sup> | &nbsp;&nbsp; USD2,312 | 2517768 |
| 9.45%, 02/04/33<sup>(a)</sup> | &nbsp;&nbsp; USD627 | 705375 |
|  |  | 41900061 |
| **El Salvador — 0.0%** | **El Salvador — 0.0%** | **El Salvador — 0.0%** |
| El Salvador Government International <br> Bonds, 8.63%, 02/28/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD4,388 | 4697354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ethiopia — 0.0%** | **Ethiopia — 0.0%** | **Ethiopia — 0.0%** |
| Ethiopia International Bonds, 6.63%, <br> 12/11/24<sup>(c)(d)(m)</sup><br>| &nbsp;&nbsp; USD3,075 | $3244125 |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| French Republic Government Bonds, <br> 3.20%, 05/25/35<sup>(a)(d)</sup><br>| &nbsp;&nbsp; EUR41,592 | 48660722 |
| **Gabon — 0.1%** | **Gabon — 0.1%** | **Gabon — 0.1%** |
| Gabon Government International Bonds, <br> 9.50%, 02/18/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD8,712 | 8183879 |
| **Ghana — 0.1%** | **Ghana — 0.1%** | **Ghana — 0.1%** |
| Ghana Government International Bonds |  |  |
| 0.00%, 07/03/26<sup>(d)(l)</sup> | &nbsp;&nbsp; USD25 | 23978 |
| 0.00%, 01/03/30<sup>(d)(l)</sup> | &nbsp;&nbsp; USD921 | 805606 |
| 6.00%, 07/03/29<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD14,168 | 13863654 |
| 6.00%, 07/03/35<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD1,712 | 1558049 |
|  |  | 16251287 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| Guatemala Government Bonds |  |  |
| 6.25%, 08/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD664 | 691390 |
| 6.60%, 06/13/36<sup>(a)</sup> | &nbsp;&nbsp; USD617 | 660190 |
| 7.05%, 10/04/32<sup>(a)</sup> | &nbsp;&nbsp; USD1,125 | 1227656 |
|  |  | 2579236 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| Hungary Government Bonds, 7.00%, <br> 10/24/35<br>| &nbsp;&nbsp; HUF3,765,510 | 12038258 |
| Hungary Government International Bonds |  |  |
| 5.00%, 02/22/27<sup>(d)</sup> | &nbsp;&nbsp; EUR9,470 | 11534909 |
| 5.25%, 06/16/29<sup>(a)</sup> | &nbsp;&nbsp; USD856 | 871408 |
| 5.50%, 06/16/34<sup>(d)</sup> | &nbsp;&nbsp; USD1,456 | 1468740 |
| 5.50%, 03/26/36<sup>(a)</sup> | &nbsp;&nbsp; USD468 | 465192 |
| 6.75%, 09/23/55<sup>(a)</sup> | &nbsp;&nbsp; USD662 | 687653 |
| Magyar Export-Import Bank Zrt, 6.00%, <br> 05/16/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR6,140 | 7785617 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.50%, <br> 06/29/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD6,168 | 6427056 |
|  |  | 41278833 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| Export-Import Bank of India, 5.75%, <br> 01/12/56<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,500 | 1515570 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bonds, <br> 3.88%, 01/15/33<br>| &nbsp;&nbsp; EUR589 | 702751 |
| Indonesia Treasury Bonds, 7.00%, 05/15/27 | &nbsp;&nbsp; IDR356,905,000 | 21812934 |
|  |  | 22515685 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| Ireland Government Bonds, 2.60%, <br> 10/18/34<sup>(d)</sup><br>| &nbsp;&nbsp; EUR66,533 | 76783932 |
| **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** |
| Italy Buoni Poliennali Del Tesoro, 3.65%, <br> 08/01/35<sup>(a)(d)</sup><br>| &nbsp;&nbsp; EUR50,682 | 61424950 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| Ivory Coast Government International Bonds |  |  |
| 5.88%, 10/17/31<sup>(d)</sup> | &nbsp;&nbsp; EUR1,314 | 1595515 |
| 6.38%, 03/03/28<sup>(d)</sup> | &nbsp;&nbsp; USD5,124 | 5189715 |
| 8.08%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp; USD797 | 850399 |
|  |  | 7635629 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** |
| Japan Government Thirty Year Bonds, <br> 3.20%, 09/20/55<br>| &nbsp;&nbsp; JPY4,208,800 | $25315350 |
| **Jordan — 0.1%** | **Jordan — 0.1%** | **Jordan — 0.1%** |
| Jordan Government International Bonds |  |  |
| 5.85%, 07/07/30<sup>(d)</sup> | &nbsp;&nbsp; USD677 | 678855 |
| 7.50%, 01/13/29<sup>(a)</sup> | &nbsp;&nbsp; USD542 | 567745 |
| 7.50%, 01/13/29<sup>(d)</sup> | &nbsp;&nbsp; USD5,553 | 5816767 |
| 7.75%, 01/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD1,677 | 1748273 |
|  |  | 8811640 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| Baiterek National Managing Holding JSC, <br> 5.45%, 05/08/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,135 | 1152933 |
| Development Bank of Kazakhstan JSC |  |  |
| 13.49%, 05/23/28<sup>(a)</sup> | &nbsp;&nbsp; KZT337,500 | 628365 |
| 13.49%, 05/23/28<sup>(d)</sup> | &nbsp;&nbsp; KZT115,500 | 215040 |
| 17.30%, 07/03/28<sup>(d)</sup> | &nbsp;&nbsp; KZT328,500 | 658310 |
|  |  | 2654648 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| Republic of Kenya Government <br> International Bonds<br>|  |  |
| 7.88%, 10/09/33<sup>(d)</sup> | &nbsp;&nbsp; USD5,542 | 5572481 |
| 8.80%, 10/09/38<sup>(a)</sup> | &nbsp;&nbsp; USD617 | 625021 |
| 9.75%, 02/16/31<sup>(a)</sup> | &nbsp;&nbsp; USD599 | 662195 |
| 9.75%, 02/16/31<sup>(d)</sup> | &nbsp;&nbsp; USD2,762 | 3053391 |
|  |  | 9913088 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |
| Kyrgyz Republic International Bonds |  |  |
| 7.75%, 06/03/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,937 | 2009032 |
| 7.75%, 06/03/30<sup>(d)</sup> | &nbsp;&nbsp; USD3,201 | 3320037 |
|  |  | 5329069 |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |
| Latvia Government International Bonds, <br> 5.13%, 07/30/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,295 | 1313635 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bonds |  |  |
| 6.00%, 01/27/23<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD1,270 | 367326 |
| 6.10%, 10/04/22<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD1,778 | 513656 |
| 6.20%, 02/26/25<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD3,534 | 1022102 |
| 6.60%, 11/27/26<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD6,091 | 1760642 |
| 6.65%, 04/22/24<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD1,103 | 319015 |
| 6.85%, 03/23/27<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD1,605 | 464210 |
| 7.00%, 03/23/32<sup>(c)(d)(m)</sup> | &nbsp;&nbsp; USD1,900 | 552064 |
|  |  | 4999015 |
| **Macedonia — 0.0%** | **Macedonia — 0.0%** | **Macedonia — 0.0%** |
| North Macedonia Government International <br> Bonds, 6.96%, 03/13/27<sup>(d)</sup><br>| &nbsp;&nbsp; EUR547 | 667734 |
| **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** |
| Eagle Funding Luxco Sarl |  |  |
| 5.50%, 08/17/30<sup>(a)</sup> | &nbsp;&nbsp; USD16,470 | 16717050 |
| 5.50%, 08/17/30<sup>(d)</sup> | &nbsp;&nbsp; USD1,021 | 1036315 |
| Mexican Bonos |  |  |
| 7.00%, 09/03/26 | &nbsp;&nbsp; MXN825,246 | 47207863 |
| 7.50%, 05/26/33 | &nbsp;&nbsp; MXN1,017,950 | 54852245 |
| 8.50%, 03/01/29 | &nbsp;&nbsp; MXN407,360 | 30693377 |
| Series M 20, 8.50%, 05/31/29 | &nbsp;&nbsp; MXN48,925 | 2841578 |
| Mexico Government International Bonds |  |  |
| 5.13%, 03/19/38 | &nbsp;&nbsp; EUR505 | 597554 |
| 5.38%, 03/22/33 | &nbsp;&nbsp; USD935 | 924715 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 5.38%, 05/16/40 | &nbsp;&nbsp; EUR342 | $403160 |
| 5.40%, 02/09/28 | &nbsp;&nbsp; USD4,043 | 4130491 |
| 5.63%, 02/09/34 | &nbsp;&nbsp; USD860 | 858280 |
| 5.63%, 09/22/35 | &nbsp;&nbsp; USD935 | 918170 |
| 6.00%, 05/13/30 | &nbsp;&nbsp; USD3,119 | 3256236 |
| 6.63%, 01/29/38 | &nbsp;&nbsp; USD931 | 966378 |
| 6.75%, 02/09/56 | &nbsp;&nbsp; USD640 | 634240 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; USD11,475 | 12324150 |
|  |  | 178361802 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |
| City of Ulaanbaatar Mongolia, 7.75%, <br> 08/21/27<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,500 | 1541250 |
| Development Bank of Mongolia LLC, 8.50%, <br> 07/03/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD2,609 | 2707790 |
| Mongolia Government International Bonds, <br> 6.63%, 02/25/30<sup>(d)</sup><br>| &nbsp;&nbsp; USD968 | 1004300 |
|  |  | 5253340 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |
| Montenegro Government International <br> Bonds, 2.88%, 12/16/27<sup>(d)</sup><br>| &nbsp;&nbsp; EUR575 | 671448 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| Morocco Government International Bonds |  |  |
| 2.38%, 12/15/27<sup>(d)</sup> | &nbsp;&nbsp; USD823 | 791627 |
| 4.75%, 04/02/35<sup>(a)</sup> | &nbsp;&nbsp; EUR938 | 1128880 |
| 5.95%, 03/08/28<sup>(a)</sup> | &nbsp;&nbsp; USD468 | 481309 |
|  |  | 2401816 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| Nigeria Government International Bonds |  |  |
| 6.13%, 09/28/28<sup>(d)</sup> | &nbsp;&nbsp; USD6,997 | 7035483 |
| 7.14%, 02/23/30<sup>(d)</sup> | &nbsp;&nbsp; USD3,466 | 3566410 |
| 7.63%, 11/28/47<sup>(d)</sup> | &nbsp;&nbsp; USD730 | 682550 |
| 8.38%, 03/24/29<sup>(d)</sup> | &nbsp;&nbsp; USD4,753 | 5057192 |
| 9.13%, 01/13/46<sup>(a)</sup> | &nbsp;&nbsp; USD3,363 | 3606818 |
| 10.38%, 12/09/34<sup>(a)</sup> | &nbsp;&nbsp; USD734 | 866854 |
|  |  | 20815307 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |
| Oman Government International Bonds, <br> 6.75%, 01/17/48<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,108 | 1193316 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |
| Pakistan Global Sukuk Programme Co. Ltd. <br> (The), 7.95%, 01/31/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD1,319 | 1367216 |
| Pakistan Government International Bonds |  |  |
| 6.88%, 12/05/27<sup>(d)</sup> | &nbsp;&nbsp; USD7,591 | 7714300 |
| 7.38%, 04/08/31<sup>(d)</sup> | &nbsp;&nbsp; USD4,597 | 4626880 |
|  |  | 13708396 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| Panama Government International Bonds |  |  |
| 6.40%, 02/14/35 | &nbsp;&nbsp; USD987 | 1031745 |
| 7.50%, 03/01/31 | &nbsp;&nbsp; USD1,132 | 1250294 |
|  |  | 2282039 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| Paraguay Government International Bonds |  |  |
| 2.74%, 01/29/33<sup>(d)</sup> | &nbsp;&nbsp; USD512 | 454656 |
| 5.60%, 03/13/48<sup>(d)</sup> | &nbsp;&nbsp; USD545 | 519385 |
|  |  | 974041 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Corp. Financiera de Desarrollo SA |  |  |
| 2.40%, 09/28/27<sup>(d)</sup> | &nbsp;&nbsp; USD9,250 | 8963250 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| 5.50%, 05/06/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD561 | $579120 |
| Fondo MIVIVIENDA SA, 4.63%, 04/12/27<sup>(d)</sup> | &nbsp;&nbsp; USD4,534 | 4556670 |
| Peru Government International Bonds |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; USD825 | 685575 |
| 2.78%, 01/23/31 | &nbsp;&nbsp; USD1,270 | 1174750 |
| 7.60%, 08/12/39<sup>(a)</sup> | &nbsp;&nbsp; PEN14 | 4535498 |
| 7.60%, 08/12/39<sup>(d)</sup> | &nbsp;&nbsp; PEN13,148 | 4292595 |
|  |  | 24787458 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| Philippine Government Bonds, 6.00%, <br> 08/20/30<br>| &nbsp;&nbsp; PHP1,934,650 | 33354012 |
| Philippines Government Bonds |  |  |
| 6.25%, 02/28/29 | &nbsp;&nbsp; PHP668,160 | 11630196 |
| 6.38%, 07/27/30 | &nbsp;&nbsp; PHP1,101,200 | 19266363 |
| 6.38%, 04/28/35 | &nbsp;&nbsp; PHP1,189,910 | 20798723 |
| Philippines Government International Bonds, <br> 4.63%, 07/17/28<sup>(h)</sup><br>| &nbsp;&nbsp; USD3,466 | 3511058 |
|  |  | 88560352 |
| **Poland — 0.6%** | **Poland — 0.6%** | **Poland — 0.6%** |
| Republic of Poland Government Bonds |  |  |
| 2.00%, 08/25/36 | &nbsp;&nbsp; PLN19,026 | 4951241 |
| 4.75%, 07/25/29 | &nbsp;&nbsp; PLN57,039 | 16450285 |
| 5.00%, 10/25/34 | &nbsp;&nbsp; PLN58,007 | 16361100 |
| 5.00%, 10/25/35 | &nbsp;&nbsp; PLN68,363 | 19113693 |
| 5.75%, 04/25/29 | &nbsp;&nbsp; PLN100,336 | 29794751 |
| Republic of Poland Government <br> International Bonds<br>|  |  |
| 4.88%, 02/12/30 | &nbsp;&nbsp; USD5,724 | 5893717 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; USD519 | 523318 |
| 5.50%, 04/04/53 | &nbsp;&nbsp; USD786 | 742801 |
|  |  | 93830906 |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |
| Qatar Government International Bonds, <br> 3.25%, 06/02/26<sup>(d)</sup><br>| &nbsp;&nbsp; USD4,619 | 4607453 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| Romanian Government International Bonds |  |  |
| 2.12%, 07/16/31<sup>(d)</sup> | &nbsp;&nbsp; EUR1,515 | 1609490 |
| 2.75%, 04/14/41<sup>(d)</sup> | &nbsp;&nbsp; EUR2,572 | 2115049 |
| 3.63%, 03/27/32<sup>(d)</sup> | &nbsp;&nbsp; USD3,384 | 3103771 |
| 5.25%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; USD314 | 318396 |
| 5.25%, 11/25/27<sup>(d)</sup> | &nbsp;&nbsp; USD4,718 | 4784052 |
| 5.25%, 03/10/30<sup>(d)</sup> | &nbsp;&nbsp; EUR5,976 | 7487417 |
| 5.75%, 09/16/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,820 | 1875583 |
| 5.88%, 01/30/29<sup>(d)</sup> | &nbsp;&nbsp; USD12,680 | 13089564 |
| 6.25%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; EUR1,221 | 1554051 |
| 6.50%, 10/07/45<sup>(a)</sup> | &nbsp;&nbsp; EUR755 | 932696 |
| 6.63%, 02/17/28<sup>(d)</sup> | &nbsp;&nbsp; USD730 | 759200 |
| 6.75%, 07/11/39<sup>(a)</sup> | &nbsp;&nbsp; EUR540 | 690496 |
|  |  | 38319765 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Saudi Government International Bonds |  |  |
| 4.75%, 01/18/28<sup>(d)</sup> | &nbsp;&nbsp; USD6,438 | 6502380 |
| 5.00%, 01/18/53<sup>(a)</sup> | &nbsp;&nbsp; USD1,206 | 1050728 |
| 5.00%, 01/18/53<sup>(d)</sup> | &nbsp;&nbsp; USD2,391 | 2083159 |
| 5.13%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp; USD3,555 | 3620545 |
|  |  | 13256812 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |
| Senegal Government International Bonds, <br> 4.75%, 03/13/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR5,492 | 4788907 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |
| Serbia International Bonds |  |  |
| 6.00%, 06/12/34<sup>(a)</sup> | &nbsp;&nbsp; USD746 | $772848 |
| 6.50%, 09/26/33<sup>(d)</sup> | &nbsp;&nbsp; USD528 | 567933 |
|  |  | 1340781 |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| Republic of South Africa Government Bonds |  |  |
| 7.00%, 02/28/31 | &nbsp;&nbsp; ZAR964,237 | 58616155 |
| 8.00%, 01/31/30 | &nbsp;&nbsp; ZAR987,336 | 62775429 |
| 8.50%, 01/31/37 | &nbsp;&nbsp; ZAR493,413 | 30766378 |
| 8.88%, 02/28/35 | &nbsp;&nbsp; ZAR23,029 | 1500195 |
| Republic of South Africa Government <br> International Bonds<br>|  |  |
| 3.75%, 07/24/26 | &nbsp;&nbsp; EUR2,587 | 3078367 |
| 5.00%, 10/12/46 | &nbsp;&nbsp; USD765 | 581293 |
| 5.75%, 09/30/49 | &nbsp;&nbsp; USD1,365 | 1121900 |
| 7.10%, 11/19/36<sup>(a)</sup> | &nbsp;&nbsp; USD741 | 786182 |
| 7.25%, 12/11/55<sup>(a)</sup> | &nbsp;&nbsp; USD468 | 454311 |
| 7.95%, 11/19/54<sup>(a)</sup> | &nbsp;&nbsp; USD945 | 990658 |
|  |  | 160670868 |
| **Spain — 0.9%** | **Spain — 0.9%** | **Spain — 0.9%** |
| Spain Government Bonds |  |  |
| 2.70%, 01/31/30 | &nbsp;&nbsp; EUR35,629 | 42602356 |
| 3.15%, 04/30/35<sup>(a)(d)</sup> | &nbsp;&nbsp; EUR64,741 | 76640953 |
| 3.45%, 10/31/34<sup>(a)(d)</sup> | &nbsp;&nbsp; EUR16,842 | 20474447 |
|  |  | 139717756 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |
| Sri Lanka Government International Bonds |  |  |
| 3.10%, 01/15/30<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD173 | 170833 |
| 3.10%, 01/15/30<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; USD1,446 | 1427866 |
| 3.35%, 03/15/33<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; USD2,869 | 2632709 |
| 3.60%, 06/15/35<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; USD1,909 | 1559469 |
| 3.60%, 05/15/36<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; USD1,357 | 1339763 |
| 3.60%, 02/15/38<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; USD2,642 | 2614012 |
| 4.00%, 04/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD3,388 | 3306081 |
| 4.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD1,391 | 1356971 |
|  |  | 14407704 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |
| Thailand Government Bonds |  |  |
| 2.41%, 03/17/35 | &nbsp;&nbsp; THB551,978 | 18230899 |
| 2.50%, 11/17/29 | &nbsp;&nbsp; THB2,104,799 | 69584127 |
| 4.00%, 06/17/55 | &nbsp;&nbsp; THB12,723 | 490881 |
|  |  | 88305907 |
| **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** |
| Trinidad & Tobago Government International <br> Bonds, 6.50%, 01/28/36<sup>(a)</sup><br>| &nbsp;&nbsp; USD1,338 | 1333825 |
| **Tunisia — 0.1%** | **Tunisia — 0.1%** | **Tunisia — 0.1%** |
| Tunisian Republic, 6.38%, 07/15/26<sup>(d)</sup> | &nbsp;&nbsp; EUR9,337 | 11021236 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Turkiye Government Bonds |  |  |
| 26.20%, 10/05/33 | &nbsp;&nbsp; TRY191,393 | 4150274 |
| 30.00%, 09/12/29 | &nbsp;&nbsp; TRY107,779 | 2448065 |
| 33.90%, 10/02/30 | &nbsp;&nbsp; TRY46,000 | 1148757 |
| Turkiye Government International Bonds |  |  |
| 6.30%, 03/14/33 | &nbsp;&nbsp; USD652 | 645480 |
| 6.95%, 09/16/35 | &nbsp;&nbsp; USD2,059 | 2085376 |
| 7.13%, 02/12/32 | &nbsp;&nbsp; USD1,265 | 1321293 |
| 9.13%, 07/13/30 | &nbsp;&nbsp; USD3,571 | 4045943 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| 9.38%, 01/19/33 | &nbsp;&nbsp; USD4,619 | $5364968 |
|  |  | 21210156 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government International Bonds |  |  |
| 3.00%, 02/01/30<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD25 | 15781 |
| 4.50%, 02/01/34<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD150 | 94078 |
| 6.00%, 02/01/29<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD225 | 174689 |
| 7.75%, 02/01/34<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD64 | 31107 |
| 7.75%, 02/01/35<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD54 | 30494 |
| 7.75%, 02/01/36<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD54 | 30260 |
|  |  | 376409 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| Abu Dhabi Government International Bonds, <br> 4.88%, 04/30/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD3,466 | 3567398 |
| Emirate of Dubai Government International <br> Bonds, 3.90%, 09/09/50<sup>(d)</sup><br>| &nbsp;&nbsp; USD891 | 655446 |
|  |  | 4222844 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| United Kingdom Gilt, 4.38%, 03/07/30<sup>(d)</sup> | &nbsp;&nbsp; GBP15,219 | 21152893 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Oriental Republic of Uruguay, 5.25%, <br> 09/10/60<br>| &nbsp;&nbsp; USD1,063 | 983256 |
| Uruguay Government International Bonds |  |  |
| 8.00%, 10/29/35 | &nbsp;&nbsp; UYU217,460 | 5873845 |
| 9.75%, 07/20/33 | &nbsp;&nbsp; UYU109,402 | 3200517 |
|  |  | 10057618 |
| **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** |
| Republic of Uzbekistan International Bonds |  |  |
| 5.38%, 05/29/27<sup>(a)</sup> | &nbsp;&nbsp; EUR704 | 850809 |
| 7.85%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; USD517 | 553516 |
| 7.85%, 10/12/28<sup>(d)</sup> | &nbsp;&nbsp; USD5,485 | 5872405 |
| 16.63%, 05/29/27<sup>(d)</sup> | &nbsp;&nbsp; UZS15,430,000 | 1335078 |
|  |  | 8611808 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |
| Zambia Government International Bonds |  |  |
| 0.50%, 12/31/53<sup>(d)</sup> | &nbsp;&nbsp; USD3,308 | 2375002 |
| 7.50%, 06/30/33<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; USD3,950 | 3861755 |
|  |  | 6236757 |
| **Total Foreign Government Obligations — 10.5%** <br>**(Cost: $1,658,107,884)** | **Total Foreign Government Obligations — 10.5%** <br>**(Cost: $1,658,107,884)** | 1733166768 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| Maricopa County Industrial Development <br> Authority RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; $1330 | 1417638 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
| Port of Beaumont Navigation District RB, <br> 10.00%, 07/01/26<sup>(a)</sup><br>| &nbsp;&nbsp; 870 | 872522 |
| **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,200,000)** | **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,200,000)** | 2290160 |
| **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
| **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** |
| Uniform Mortgage-Backed Securities |  |  |
| 3.00%, 02/12/56<sup>(n)</sup> | &nbsp;&nbsp; 48200 | 42714217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 02/15/56<sup>(n)</sup> | &nbsp;&nbsp; $2212726 | $2046400682 |
| 3.50%, 03/12/56<sup>(n)</sup> | &nbsp;&nbsp; 1597077 | 1475341651 |
| 4.50%, 02/15/56<sup>(n)</sup> | &nbsp;&nbsp; 46634 | 45683444 |
| 4.50%, 03/12/56<sup>(n)</sup> | &nbsp;&nbsp; 4700 | 4598874 |
| 5.50%, 02/15/56<sup>(n)</sup> | &nbsp;&nbsp; 54963 | 55727564 |
| 6.00%, 02/15/56<sup>(n)</sup> | &nbsp;&nbsp; 415469 | 425431710 |
|  |  | 4095898142 |
| **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** |
| Tennessee Valley Authority, 5.25%, <br> 02/01/55<br>| &nbsp;&nbsp; 6290 | 6233211 |
| **Total U.S. Government Agency Obligations — 24.9%** <br>**(Cost: $4,092,347,249)** | **Total U.S. Government Agency Obligations — 24.9%** <br>**(Cost: $4,092,347,249)** | 4102131353 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Neptune Bidco U.S., Inc., 2026 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 5.00%), 6.98%, 02/03/33<sup>(f)</sup><br>| &nbsp;&nbsp; EUR1,500 | 1778024 |
| Summer BC Holdco B Sarl, 2024 USD Term <br> Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 5.26%), 8.93%, 02/15/29<br>| &nbsp;&nbsp; USD3,000 | 2765370 |
|  |  | 4543394 |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Aernnova Aerospace S.A.U, 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 4.00%), 6.03%, 02/27/30<br>| &nbsp;&nbsp; EUR1,000 | 1147572 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Clarios Global LP |  |  |
| 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.20%, 01/28/32<br>| &nbsp;&nbsp; EUR1,000 | 1191146 |
| 2024 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), <br> 4.95%, 07/16/31<br>| &nbsp;&nbsp; EUR1,000 | 1190601 |
|  |  | 2381747 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| Hestiafloor 2, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.52%, 02/27/30<br>| &nbsp;&nbsp; EUR1,500 | 1779927 |
| Tarkett Participation, 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.77%, 04/22/31<br>| &nbsp;&nbsp; EUR2,000 | 2384046 |
|  |  | 4163973 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Ineos Finance PLC, 2024 EUR Term Loan <br> B1, (1-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.20%, 02/07/31<br>| &nbsp;&nbsp; EUR2,000 | 1804695 |
| INEOS Quattro Holdings U.K. Ltd., 2023 <br> EUR 1st Lien Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 4.50%), <br> 6.45%, 04/02/29<br>| &nbsp;&nbsp; EUR3,000 | 2543393 |
| Nobian Finance B.V., 2024 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.78%, 07/02/29<br>| &nbsp;&nbsp; EUR1,750 | 1957036 |
| Rain Carbon GmbH, 2023 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.04%, 10/31/28<br>| &nbsp;&nbsp; EUR1,808 | 2134527 |
|  |  | 8439651 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Albion Financing 3 Sarl, 2025 EUR Term <br> Loan, (3-mo. CME Term SOFR at 0.05% <br> Floor + 3.00%), 6.87%, 05/21/31<br>| &nbsp;&nbsp; EUR1,500 | $1783590 |
| AlixPartners LLP, 2025 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.02%, 08/12/32<br>| &nbsp;&nbsp; EUR2,972 | 3536281 |
| Allied Universal Holdco LLC, 2025 USD <br> Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 6.92%, 08/20/32<br>| &nbsp;&nbsp; USD1,108 | 1108772 |
| Atlas Luxco 4 Sarl, EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.70%, 08/20/32<br>| &nbsp;&nbsp; EUR1,534 | 1823829 |
| Belron U.K. Finance PLC, 2024 EUR <br> Incremental Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.75%), <br> 4.74%, 10/16/31<br>| &nbsp;&nbsp; EUR3,377 | 4006085 |
| Boels Topholding BV, 2025 EUR Term Loan <br> B3, (1-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.72%, 05/23/31<br>| &nbsp;&nbsp; EUR1,017 | 1205968 |
| Boluda Towage SL, 2024 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.45%, 01/31/30<br>| &nbsp;&nbsp; EUR1,000 | 1192758 |
| Eagle Bidco Ltd., 2025 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.70%, 02/29/32<br>| &nbsp;&nbsp; EUR2,000 | 2381818 |
| Financiere Pax SAS, 2025 EUR Repriced <br> Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.64%, 12/31/29<br>| &nbsp;&nbsp; EUR4,133 | 4868824 |
| Fugue Finance BV, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.32%, 01/09/32<br>| &nbsp;&nbsp; EUR2,000 | 2369632 |
| Holding Socotec, 2025 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.52%, 06/02/31<br>| &nbsp;&nbsp; EUR1,938 | 2298842 |
| Inspired Finco Holdings Ltd., 2025 EUR <br> Term Loan B6, (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.20%, 02/28/31<br>| &nbsp;&nbsp; EUR2,000 | 2374350 |
| ION Platform Finance Sarl, EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.02%, 10/07/32<br>| &nbsp;&nbsp; EUR2,965 | 3140195 |
| Lernen Bidco Ltd., 2025 EUR Term Loan B3, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.87%, 04/25/29<br>| &nbsp;&nbsp; EUR2,000 | 2383928 |
| Modulaire Group Holdings Ltd., 2025 EUR <br> Term Loan, (3-mo. EURIBOR at 0.00% <br> Floor + 4.43%), 6.44%, 07/10/31<br>| &nbsp;&nbsp; EUR2,500 | 2750218 |
| Obol France 3 SAS, 2024 EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.10%, 12/31/28<br>| &nbsp;&nbsp; EUR917 | 1073104 |
| OCS Group Holdings Ltd. |  |  |
| 2025 GBP Add On Term Loan, (6-mo. <br> SONIA at 0.00% Floor + 5.75%), <br> 9.73%, 11/28/31<br>| &nbsp;&nbsp; GBP1,000 | 1367324 |
| 2025 EUR Fungible Add On Term Loan, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 4.25%), 6.36%, 11/28/31<br>| &nbsp;&nbsp; EUR2,075 | 2481070 |
| Sector Alarm Holding AS, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.57%, 06/14/29<br>| &nbsp;&nbsp; EUR1,000 | 1185646 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Techem Verwaltungsgesellschaft 675 mbH, <br> 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), <br> 5.26%, 07/15/32<br>| &nbsp;&nbsp; EUR2,000 | $2381415 |
| Trevise Holdings 1 SAS, 2025 EUR Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor <br> + 3.75%), 5.69%, 07/09/29<br>| &nbsp;&nbsp; EUR1,000 | 1193920 |
| Verisure Holding AB, 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 2.25%), 4.30%, 11/03/32<br>| &nbsp;&nbsp; EUR2,000 | 2380514 |
|  |  | 49288083 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Atos SE, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.60%), <br> 9.00%, 12/18/29<br>| &nbsp;&nbsp; EUR3,121 | 3815899 |
| Indy U.S. Bidco, LLC, 2025 EUR Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.70%, 10/31/30<br>| &nbsp;&nbsp; EUR1,768 | 2095262 |
| McAfee Corp., 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.53%, 03/01/29<br>| &nbsp;&nbsp; EUR1,603 | 1714026 |
|  |  | 7625187 |
| **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** |
| Rainbow U.K. Bidco Ltd., EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.56%, 02/23/29<br>| &nbsp;&nbsp; EUR1,000 | 1190873 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Parts Europe SA, 2025 EUR Repriced Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.00%), 5.03%, 02/06/31<br>| &nbsp;&nbsp; EUR2,000 | 2384331 |
| Quimper AB, 2024 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.86%, 03/29/30<br>| &nbsp;&nbsp; EUR3,000 | 3557827 |
| Rubix Group Midco Ltd., 2024 EUR Term <br> Loan, (6-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.08%, 09/30/28<br>| &nbsp;&nbsp; EUR2,000 | 2371813 |
|  |  | 8313971 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Cervantes Bidco SL, 2024 EUR 1st Lien <br> Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.36%, 10/30/31<br>| &nbsp;&nbsp; EUR1,483 | 1761150 |
| Garfunkelux Holdco 3 SA, EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 4.75%), 6.88%, 08/01/28<br>| &nbsp;&nbsp; EUR8,000 | 9169864 |
| Sapiencia Bidco SL, EUR Term Loan B, <br> 01/21/33<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,300 | 1544267 |
| Talbot Participation SAS, EUR Refinance <br> Term Loan B, (3-mo. EURIBOR at 0.00% <br> Floor + 3.00%), 5.01%, 07/07/32<br>| &nbsp;&nbsp; EUR1,000 | 1190008 |
| VDK Groep BV, 2026 EUR Term Loan B, <br> 02/23/32<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,300 | 1549137 |
|  |  | 15214426 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Platea BC Bidco AB |  |  |
| EUR Term Loan, (3-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.52%, <br> 04/03/31<br>| &nbsp;&nbsp; EUR1,667 | 1987930 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| EUR Delayed Draw Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.51%, 04/03/31<br>| &nbsp;&nbsp; EUR333 | $397586 |
| Radar Bidco Sarl, 2025 EUR 1st Lien Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.53%, 04/04/31<br>| &nbsp;&nbsp; EUR3,000 | 3557720 |
|  |  | 5943236 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Allwyn Entertainment Financing UK PLC, <br> EUR Term Loan B, (1-mo. EURIBOR at <br> 0.00% Floor + 3.00%), 4.95%, 03/28/32<br>| &nbsp;&nbsp; EUR3,500 | 4151337 |
| Banijay Entertainment SAS, 2025 EUR Term <br> Loan B (2028), (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.28%, 03/01/28<br>| &nbsp;&nbsp; EUR2,000 | 2380941 |
| Betclic Everest Group, 2026 EUR Term Loan <br> B, 12/10/31<sup>(k)</sup><br>| &nbsp;&nbsp; EUR12,219 | 14453094 |
| Betclic Everest Group SAS, EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.01%, 12/10/31<br>| &nbsp;&nbsp; EUR2,591 | 3072791 |
| Dorna Sports, S.L., 2025 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.87%, 08/18/32<br>| &nbsp;&nbsp; EUR1,750 | 2082369 |
| Elvis UK Holdco Ltd., 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.60%), 5.63%, 10/31/31<br>| &nbsp;&nbsp; EUR2,500 | 2978576 |
| Entain PLC, 2024 EUR Term Loan B4, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.52%, 06/30/28<br>| &nbsp;&nbsp; EUR974 | 1161024 |
| QSRP Finco BV, 2025 EUR 1st Lien Term <br> Loan B, 06/19/31<sup>(k)</sup><br>| &nbsp;&nbsp; 1000 | 1150742 |
| Stage Entertainment B.V., 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 4.00%), 6.03%, 06/02/29<br>| &nbsp;&nbsp; EUR2,000 | 2286729 |
| Tackle Sarl, 2025 EUR Repriced Term Loan <br> B2, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.32%, 05/22/28<br>| &nbsp;&nbsp; EUR1,962 | 2325590 |
|  |  | 36043193 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Bellis Acquisition Co. PLC, 2024 EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 4.00%), 6.08%, 05/14/31<br>| &nbsp;&nbsp; EUR2,000 | 2068838 |
| Froneri International Ltd., 2024 EUR Term <br> Loan B3, (6-mo. EURIBOR at 0.00% <br> Floor + 2.75%), 4.90%, 09/30/31<br>| &nbsp;&nbsp; EUR1,500 | 1776922 |
| Froneri Lux FinCo Sarl, 2025 EUR Term <br> Loan, (6-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.90%, 09/30/32<br>| &nbsp;&nbsp; EUR1,628 | 1932225 |
| Market Bidco Ltd., 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.50%), 6.55%, 11/04/30<br>| &nbsp;&nbsp; EUR2,000 | 2329757 |
| Platform Bidco Ltd., 2026 EUR Term Loan B, <br> 09/30/31<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1182386 |
| Valeo F1 Co. Ltd., 2021 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.11%, 09/29/28<br>| &nbsp;&nbsp; EUR2,000 | 2366622 |
| ZF Bidco SAS, 2025 EUR Fungible Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.52%, 07/12/31<br>| &nbsp;&nbsp; EUR1,000 | 1188929 |
|  |  | 12845679 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Gategroup Fin Luxembourg SA, EUR <br> Repriced Term Loan, (3-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.57%, 06/10/32<br>| &nbsp;&nbsp; EUR1,478 | $1760559 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Ahlstrom Holding 3 OY, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.75%), 5.83%, 05/27/30<br>| &nbsp;&nbsp; EUR3,000 | 3578736 |
| **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** |
| Argent Bidco SAS, EUR Term Loan B, <br> 11/12/32<sup>(k)</sup><br>| &nbsp;&nbsp; EUR1,300 | 1549430 |
| **Health Care - Services — 0.1%** | **Health Care - Services — 0.1%** | **Health Care - Services — 0.1%** |
| Elsan SAS, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), <br> 5.58%, 06/16/31<br>| &nbsp;&nbsp; EUR2,000 | 2215015 |
| Median B V, 2021 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.93%), 6.94%, 10/14/27<br>| &nbsp;&nbsp; EUR2,000 | 2322100 |
| Mehilainen Yhtiot Oy, 2025 EUR Term Loan <br> B1, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.52%, 08/05/31<br>| &nbsp;&nbsp; EUR1,000 | 1190589 |
| Ramsay Generale de Sante SA, 2025 EUR <br> Term Loan B4, (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.28%, 08/13/31<br>| &nbsp;&nbsp; EUR1,000 | 1167818 |
| Schoen Klinik SE, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.02%, 01/12/31<br>| &nbsp;&nbsp; EUR1,000 | 1191881 |
| Vivalto Sante Investissement SA, 2025 EUR <br> Term Loan B, (3-mo. EURIBOR at 0.00% <br> Floor + 3.50%), 5.52%, 07/21/31<br>| &nbsp;&nbsp; EUR3,000 | 3524293 |
|  |  | 11611696 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| AVIV Group GmbH, EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.10%, 04/23/32<br>| &nbsp;&nbsp; EUR1,720 | 2032139 |
| HBX Group International PLC, EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 2.25%), 4.39%, 02/13/32<sup>(f)</sup><br>| &nbsp;&nbsp; EUR1,000 | 1180169 |
|  |  | 3212308 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Engineered Machinery Holdings, Inc., 2025 <br> EUR Term Loan, (3-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.52%, 11/26/32<br>| &nbsp;&nbsp; EUR1,979 | 2356536 |
| TK Elevator Midco GmbH, 2025 EUR Term <br> Loan B1, (6-mo. EURIBOR at 0.00% <br> Floor + 3.00%), 5.15%, 04/30/30<br>| &nbsp;&nbsp; EUR1,400 | 1666094 |
|  |  | 4022630 |
| **Machinery - Diversified — 0.0%** | **Machinery - Diversified — 0.0%** | **Machinery - Diversified — 0.0%** |
| INNIO Group Holding GmbH, 2026 EUR <br> Term Loan B, 11/02/31<sup>(k)</sup><br>| &nbsp;&nbsp; EUR2,266 | 2686707 |
| **Manufacturing — 0.0%** | **Manufacturing — 0.0%** | **Manufacturing — 0.0%** |
| Ctec III GmbH, 2022 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.82%, 03/16/29<br>| &nbsp;&nbsp; EUR1,000 | 1186499 |
| Seashell Bidco SL, EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.06%, 12/17/32<br>| &nbsp;&nbsp; EUR3,107 | 3696862 |
|  |  | 4883361 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Ziggo BV, 2019 EUR Term Loan H, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), <br> 4.94%, 01/31/29<br>| &nbsp;&nbsp; EUR3,000 | $3510958 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| EG Finco Ltd., 2026 EUR Term Loan B<sup>(k)</sup> | &nbsp;&nbsp; 4000 | 4741397 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Albea Beauty Holdings SA, 2023 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 5.00%), 7.02%, 12/31/27<br>| &nbsp;&nbsp; EUR1,000 | 1158679 |
| Node AcquiCo GmbH, EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.44%, 12/08/32<br>| &nbsp;&nbsp; EUR3,000 | 3559676 |
|  |  | 4718355 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Aenova Holding GmbH, 2025 EUR Repriced <br> Term Loan B, (3-mo. EURIBOR at 0.00% <br> Floor + 3.00%), 5.07%, 08/22/31<br>| &nbsp;&nbsp; EUR1,000 | 1192260 |
| AI Sirona Luxembourg Acquisition Sarl, <br> 2024 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 4.00%), <br> 5.95%, 09/29/28<br>| &nbsp;&nbsp; EUR2,000 | 2370699 |
| Boots Group Bidco Ltd. (The), EUR Term <br> Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.58%, 08/30/32<br>| &nbsp;&nbsp; EUR3,200 | 3814626 |
| Ceva Sante Animale, 2025 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.02%, 11/08/30<br>| &nbsp;&nbsp; EUR2,000 | 2380656 |
| Nidda Healthcare Holding GmbH, 2025 EUR <br> Repriced Term Loan B, (3-mo. EURIBOR <br> at 0.00% Floor + 3.50%), 5.54%, <br> 12/09/32<br>| &nbsp;&nbsp; EUR5,696 | 6767975 |
|  |  | 16526216 |
| **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
| CD&R Firefly Bidco Ltd., 2025 EUR Term <br> Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.28%, 04/30/29<br>| &nbsp;&nbsp; EUR1,000 | 1191774 |
| Peer Holding III B V, 2025 EUR Term Loan <br> B7, (3-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.77%, 11/26/31<br>| &nbsp;&nbsp; EUR2,800 | 3328239 |
|  |  | 4520013 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Boxer Parent Co., Inc., 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.53%, 07/30/31<br>| &nbsp;&nbsp; EUR1,970 | 2279360 |
| Claudius Finance SARL, 2025 EUR Term <br> Loan B4, (1-mo. EURIBOR at 0.00% <br> Floor + 2.75%), 4.70%, 07/10/28<br>| &nbsp;&nbsp; EUR1,000 | 1178605 |
| Cloud Software Group, Inc., 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.00%), 5.02%, 08/13/32<br>| &nbsp;&nbsp; EUR4,559 | 5329044 |
| Finastra USA, Inc., 2025 EUR Term Loan, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 4.50%), 6.60%, 09/15/32<br>| &nbsp;&nbsp; EUR1,797 | 2012637 |
| Mosel Bidco SE, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.77%, 09/16/30<br>| &nbsp;&nbsp; EUR2,000 | 2333171 |
| Polaris Newco LLC, EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.78%, 06/02/28<br>| &nbsp;&nbsp; EUR979 | 1088711 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Rocket Software, Inc., 2023 EUR Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 5.70%, 11/28/28<br>| &nbsp;&nbsp; EUR1,000 | $1146091 |
| Seine Finance SC, 2023 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.27%, 01/11/31<br>| &nbsp;&nbsp; EUR1,000 | 1184614 |
|  |  | 16552233 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| eircom Finco Sarl, 2025 EUR Term Loan B6, <br> (1-mo. EURIBOR at 0.00% Floor + <br> 2.75%), 4.71%, 05/15/32<br>| &nbsp;&nbsp; EUR1,000 | 1189000 |
| MasOrange Finco PLC, 2025 EUR Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 2.25%), 4.38%, 03/25/31<br>| &nbsp;&nbsp; EUR2,000 | 2370154 |
| Matterhorn Telecom Holding SA, EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 2.50%), 4.52%, 01/30/32<br>| &nbsp;&nbsp; EUR1,362 | 1619210 |
| Odido Holding BV, 2025 EUR Term Loan B2, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 2.90%), 4.92%, 03/30/29<br>| &nbsp;&nbsp; EUR2,000 | 2374729 |
| Telenet International Finance Sarl, 2020 <br> EUR Term Loan AQ, (1-mo. EURIBOR at <br> 0.00% Floor + 2.25%), 4.19%, 04/30/29<br>| &nbsp;&nbsp; EUR2,000 | 2369585 |
| VMED O2 UK Holdco 4 Ltd., 2025 EUR <br> Term Loan AE, (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.19%, 01/31/33<sup>(f)</sup><br>| &nbsp;&nbsp; EUR1,500 | 1773579 |
| Zegona Holdco Ltd., 2026 EUR Repriced <br> Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 2.25%), 4.39%, 07/17/29<br>| &nbsp;&nbsp; EUR1,500 | 1778949 |
|  |  | 13475206 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Edge Finco PLC, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.55%, 08/22/31<br>| &nbsp;&nbsp; EUR1,000 | 1191940 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| Leased & Tenanted Pubs 1 Ltd., GBP 2nd <br> Lien Term Loan, (6-mo. SONIA at 0.00% <br> Floor + 9.38%), 13.34%, 10/31/29<sup>(f)</sup><br>| &nbsp;&nbsp; GBP4,926 | 6268933 |
| **Total Floating Rate Loan Interests — 1.6%** <br>**(Cost: $252,598,372)** | **Total Floating Rate Loan Interests — 1.6%** <br>**(Cost: $252,598,372)** | 261951663 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| New Kelo Holding Co.<sup>(k)</sup> | &nbsp;&nbsp; 586448 | 819021 |
| **Total Common Stocks — 0.0%** <br>**(Cost $819,020)** | **Total Common Stocks — 0.0%** <br>**(Cost $819,020)** | 819021 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 3.0%** | **Exchange Traded Funds — 3.0%** | **Exchange Traded Funds — 3.0%** |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(h)(o)</sup><br>| &nbsp;&nbsp; 3442270 | 279236942 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Exchange Traded Funds (continued)** | **Exchange Traded Funds (continued)** | **Exchange Traded Funds (continued)** |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(h)(o)</sup><br>| &nbsp;&nbsp; 1964300 | $217192651 |
|  |  | 496429593 |
| **Total Investment Companies — 3.0%** <br>**(Cost $495,444,406)** | **Total Investment Companies — 3.0%** <br>**(Cost $495,444,406)** | 496429593 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(h)(p)</sup> | &nbsp;&nbsp; 12300 | 919056 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $615,000)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $615,000)** | 919056 |
| **Total Long-Term Investments — 122.2%** <br>**(Cost: $19,814,118,638)** | **Total Long-Term Investments — 122.2%** <br>**(Cost: $19,814,118,638)** | 20156140730 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.3%** | **Money Market Funds — 6.3%** | **Money Market Funds — 6.3%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 3.82%<sup>(o)(q)(r)</sup><br>| &nbsp;&nbsp; 1029040532 | 1029555052 |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares, 3.64%<sup>(o)(q)</sup><br>| &nbsp;&nbsp; 100000 | 100000 |
| **Total Short-Term Securities — 6.3%** <br>**(Cost: $1,029,598,739)** | **Total Short-Term Securities — 6.3%** <br>**(Cost: $1,029,598,739)** | 1029655052 |
| **Options Purchased — 0.0%** <br>**(Cost: $1,298,650)** | **Options Purchased — 0.0%** <br>**(Cost: $1,298,650)** | 870596 |
| **Total Investments Before TBA Sales Commitments and** <br> **Options Written — 128.5%** <br>**(Cost: $20,845,016,027)** | **Total Investments Before TBA Sales Commitments and** <br> **Options Written — 128.5%** <br>**(Cost: $20,845,016,027)** | 21186666378 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(n)</sup> | **TBA Sales Commitments**<sup>(n)</sup> | **TBA Sales Commitments**<sup>(n)</sup> |
| **Mortgage-Backed Securities — (9.3)%** | **Mortgage-Backed Securities — (9.3)%** | **Mortgage-Backed Securities — (9.3)%** |
| Uniform Mortgage-Backed Securities |  |  |
| 3.50%, 02/15/56 | &nbsp;&nbsp; (1597077)<br>| (1477027829)<br>|
| 4.50%, 02/15/56 | &nbsp;&nbsp; (4700)<br>| (4604199)<br>|
| 5.50%, 02/15/56 | &nbsp;&nbsp; (6200)<br>| (6286245)<br>|

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 02/15/56 | &nbsp;&nbsp; (42000)<br>| $(43007136)<br>|
| **Total TBA Sales Commitments — (9.3)%** <br>**(Proceeds: $(1533040495))** | **Total TBA Sales Commitments — (9.3)%** <br>**(Proceeds: $(1533040495))** | (1530925409)<br>|
| **Options Written — (0.1%)** <br>**(Premiums Received: $(13396326))** | **Options Written — (0.1%)** <br>**(Premiums Received: $(13396326))** | (13047479)<br>|
| **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written, Net of TBA Sales Commitments and Options Written** <br> **— 119.1%** <br>**(Cost: $19,298,579,206)** | **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written, Net of TBA Sales Commitments and Options Written** <br> **— 119.1%** <br>**(Cost: $19,298,579,206)** | 19642693490 |
| **Liabilities in Excess of Other Assets — (19.1)%** | **Liabilities in Excess of Other Assets — (19.1)%** | (3150398068)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $16492295422 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>(n)</sup> Represents or includes a TBA transaction.

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

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

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

<sup>(r)</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 Flexible Income 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: In-<br> stitutional, SL Agency <br> Shares<br>| $1088388845 | $— | &nbsp;&nbsp; $(58883295 )<sup>(a)</sup><br>| $16667 | $32835 | $1029555052 | 1029040532 | $10341695 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| 100000 | 0 <br><sup>(a)</sup><br>|  |  |  | 100000 | 100000 | 2002 |  |
| iShares iBoxx $ High Yield <br> Corporate Bond ETF<br>| 178854824 | 615352210 | &nbsp;&nbsp; (516668169)<br>| 5167718 | (3469641)<br>| 279236942 | 3442270 | 3214275 |  |
| iShares iBoxx $ Investment <br> Grade Corporate Bond <br> ETF<br>|  | 217453000 |  |  | (260349)<br>| 217192651 | 1964300 | 560543 |  |
|  |  |  |  | $5184385 | $(3697155) | $1526084645 |  | $14118515 | $— |

---

&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 |  |  |  |  |
| Euro BUND | 401 | 03/06/26 | &nbsp;&nbsp; $60922 | $(138284) |
| Euro OAT | 256 | 03/06/26 | &nbsp;&nbsp; 37000 | 300166 |
| 10-Year Japanese Government Treasury Bonds | 107 | 03/13/26 | &nbsp;&nbsp; 90994 | (1352145) |
| 3-mo. SOFR | 167 | 03/17/26 | &nbsp;&nbsp; 40209 | 133370 |
| 2-Year U.S. Treasury Note | 8600 | 03/31/26 | &nbsp;&nbsp; 1792831 | (1883239) |
| 5-Year U.S. Treasury Note | 32475 | 03/31/26 | &nbsp;&nbsp; 3536731 | (9794634) |
| 3-mo. SOFR | 173 | 09/15/26 | &nbsp;&nbsp; 41764 | (30514) |
| 3-mo. SOFR | 871 | 03/14/28 | &nbsp;&nbsp; 210532 | (21420) |
| 3-mo. SOFR | 871 | 03/20/29 | &nbsp;&nbsp; 210020 | (53873) |
|  |  |  |  | (12840573) |
| Short Contracts |  |  |  |  |
| Euro BOBL | 2026 | 03/06/26 | &nbsp;&nbsp; 280041 | (246830) |
| Euro BUXL | 321 | 03/06/26 | &nbsp;&nbsp; 41809 | 614182 |
| Euro SCHATZ | 339 | 03/06/26 | &nbsp;&nbsp; 42958 | (14928) |
| 10-Year U.S. Treasury Note | 8793 | 03/20/26 | &nbsp;&nbsp; 982755 | 1169586 |
| 10-Year U.S. Ultra Long Treasury Note | 1284 | 03/20/26 | &nbsp;&nbsp; 146456 | 1236845 |
| Long U.S. Treasury Bond | 827 | 03/20/26 | &nbsp;&nbsp; 94950 | 1259369 |
| Ultra U.S. Treasury Bond | 895 | 03/20/26 | &nbsp;&nbsp; 104743 | 930699 |
| Long Gilt | 117 | 03/27/26 | &nbsp;&nbsp; 14545 | (18227) |
|  |  |  |  | 4930696 |
|  |  |  |  | $(7909877) |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 63604154 | USD | 11310019 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $775707 |
| BRL | 56963862 | USD | 10558700 | Goldman Sachs & Co. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265273 |
| BRL | 1484314 | USD | 271400 | Morgan Stanley & Co. International PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10641 |
| USD | 126665749 | BRL | 661901419 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894733 |
| USD | 10891544 | BRL | 56963862 | Goldman Sachs & Co. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67571 |
| USD | 283802 | BRL | 1484314 | Morgan Stanley & Co. LLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| USD | 250686 | BRL | 1311113 | Societe Generale | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| COP | 46120913280 | USD | 12435200 | Citibank N.A. | 02/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18598 |
| CLP | 31888159411 | USD | 35578000 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906533 |
| COP | 76280242972 | USD | 20175155 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370985 |
| CZK | 81262442 | USD | 3915100 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43366 |
| CZK | 814296942 | USD | 39151075 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515056 |
| HUF | 7690795372 | USD | 23143583 | HSBC Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716808 |
| HUF | 761994445 | USD | 2314400 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49658 |
| IDR | 108813339200 | USD | 6418000 | Bank of America N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67284 |
| IDR | 1080323549176 | USD | 64179670 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207704 |
| INR | 771209839 | USD | 8395400 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2938 |
| JPY | 1130463957 | USD | 7239000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79371 |
| KRW | 1895737815 | USD | 1281900 | Bank of America N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25803 |
| KRW | 18649346080 | USD | 12819000 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45546 |
| MXN | 119856844 | USD | 6788200 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57177 |
| MXN | 1221889148 | USD | 67881653 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1904030 |
| MYR | 335852331 | USD | 82863974 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393706 |
| PHP | 17519567 | USD | 294600 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538 |
| PHP | 174640745 | USD | 2945783 | HSBC Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16188 |
| PLN | 23518114 | USD | 6523600 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95117 |
| PLN | 235409768 | USD | 65235707 | HSBC Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015811 |
| RON | 4157307 | USD | 955200 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11065 |
| RON | 41728560 | USD | 9552224 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146566 |
| USD | 7380771 | EUR | 6183000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44150 |
| USD | 12286000 | MXN | 214116722 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57164 |
| USD | 12184000 | MXN | 210783200 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145552 |
| USD | 923300 | PEN | 3100718 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3486 |
| USD | 9233400 | PEN | 31083318 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12678 |
| USD | 12198000 | SGD | 15443057 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39460 |
| ZAR | 49538854 | USD | 3010500 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51192 |
| ZAR | 604581120 | USD | 36740401 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625044 |
| USD | 96646761 | BRL | 505491554 | Citibank N.A. | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201663 |
| IDR | 37849430424 | USD | 2252406 | Citibank N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2795 |
| INR | 205737901 | USD | 2234096 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4763 |
| USD | 7238471 | INR | 653366108 | HSBC Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128481 |
| USD | 1305301 | PEN | 4393930 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2089 |
| AUD | 1007609 | USD | 675105 | State Street Bank & Trust Company | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26490 |
| CLP | 345321800 | USD | 389695 | UBS AG | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5376 |
| COP | 654463938 | USD | 175501 | Goldman Sachs & Co. | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| JPY | 139302430 | USD | 883864 | Societe Generale | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19034 |
| MXN | 3875350 | USD | 218099 | UBS AG | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942 |
| USD | 248208 | BRL | 1311113 | Societe Generale | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| USD | 35703 | TWD | 1129085 | HSBC Bank PLC | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| ZAR | 1713262 | USD | 104173 | JPMorgan Chase Bank N.A. | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| BRL | 3379059 | USD | 605000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30774 |
| BRL | 290769096 | USD | 52207469 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501049 |
| COP | 8615190083 | USD | 2242908 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67792 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPY | 31927901444 | USD | 206545025 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $522193 |
| MXN | 7881941 | USD | 429000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20265 |
| MXN | 400235343 | USD | 21720992 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1092145 |
| MXN | 9008603 | USD | 490307 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23177 |
| TRY | 312044745 | USD | 6800000 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143581 |
| USD | 210074 | AUD | 301000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| USD | 4951819 | AUD | 7056000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38885 |
| USD | 2701349 | AUD | 3850000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20680 |
| USD | 19586104 | EUR | 16368000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144966 |
| USD | 10991702 | EUR | 9231000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27556 |
| USD | 5758863 | JPY | 885293000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17328 |
| ZAR | 372476675 | USD | 21720992 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264301 |
| ZAR | 1868427 | USD | 109000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6299 |
| EGP | 36275201 | USD | 741900 | Citibank N.A. | 04/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904 |
| EGP | 364647389 | USD | 7419072 | Societe Generale | 04/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47781 |
| IDR | 95247086264 | USD | 5648194 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16808 |
| IDR | 212159695038 | USD | 12456242 | JPMorgan Chase Bank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162359 |
| IDR | 71842253727 | USD | 4221262 | State Street Bank & Trust Company | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51692 |
| USD | 1986049 | PEN | 6678091 | Deutsche Bank Securities Inc. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7539 |
| USD | 18679413 | PEN | 62792716 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75887 |
| USD | 74327661 | THB | 2307799546 | JPMorgan Chase Bank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565852 |
| USD | 3939001 | THB | 122061631 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37671 |
| USD | 11872252 | THB | 366441208 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160070 |
| USD | 304421 | TRY | 14087691 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| EGP | 187190884 | USD | 3692128 | Citibank N.A. | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56303 |
| USD | 7018988 | COP | 26559851094 | State Street Bank & Trust Company | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81704 |
| NGN | 10363032531 | USD | 6937595 | Citibank N.A. | 07/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112746 |
| MXN | 105709500 | USD | 5922603 | BNP Paribas SA | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13636 |
| MXN | 66671600 | USD | 3633153 | Goldman Sachs & Co. | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110868 |
| MXN | 79234300 | USD | 4291374 | HSBC Bank PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158120 |
| MXN | 911189000 | USD | 48388758 | Morgan Stanley & Co. International PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2780114 |
| USD | 256435561 | EUR | 213457051 | BNP Paribas SA | 09/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880421 |
| USD | 256431292 | EUR | 213457051 | Deutsche Bank Securities Inc. | 09/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876152 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25202842 |
| BRL | 1008190765 | USD | 193363875 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1792783)<br>|
| BRL | 96909167 | USD | 18529123 | JPMorgan Chase Bank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114954)<br>|
| BRL | 23320126 | USD | 4458830 | Morgan Stanley & Co. LLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27662)<br>|
| BRL | 1311113 | USD | 250300 | Societe Generale | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1169)<br>|
| USD | 72886801 | BRL | 409893500 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4999001)<br>|
| USD | 17916068 | BRL | 96909167 | JPMorgan Chase Bank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498101)<br>|
| USD | 4286000 | BRL | 23320126 | Morgan Stanley & Co. International PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145167)<br>|
| AUD | 3850000 | USD | 2701591 | UBS AG | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20647)<br>|
| AUD | 7044686 | USD | 4929702 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24311)<br>|
| BRL | 63462535 | USD | 12198000 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200054)<br>|
| CNH | 31659798 | USD | 4559700 | HSBC Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5740)<br>|
| CNH | 316983740 | USD | 45596706 | Societe Generale | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1616)<br>|
| COP | 31971662000 | USD | 8627000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15409)<br>|
| COP | 10659245774 | USD | 2880200 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9124)<br>|
| EUR | 583500 | HUF | 225544135 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7373)<br>|
| EUR | 5834600 | HUF | 2268513018 | State Street Bank & Trust Company | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114756)<br>|
| HUF | 3110947980 | USD | 9758000 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106406)<br>|
| INR | 7575570495 | USD | 83953793 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1457177)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| KRW | 6991859000 | USD | 4870000 | Societe Generale | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(46931)<br>|
| PEN | 33920331 | USD | 10156700 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94391)<br>|
| THB | 1919801860 | USD | 61589357 | HSBC Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (485901)<br>|
| USD | 6941024 | AUD | 10343500 | BNP Paribas SA | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (261414)<br>|
| USD | 696573 | AUD | 1034400 | UBS AG | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23705)<br>|
| USD | 2916758 | EUR | 2484900 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31773)<br>|
| USD | 29071405 | EUR | 24849192 | Deutsche Bank Securities Inc. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (414136)<br>|
| USD | 9758000 | MYR | 38470915 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8021)<br>|
| USD | 3240383 | PHP | 191377020 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5441)<br>|
| USD | 887000 | SGD | 1136483 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7769)<br>|
| USD | 8870300 | SGD | 11369057 | State Street Bank & Trust Company | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80722)<br>|
| USD | 6635000 | ZAR | 109499395 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132485)<br>|
| ZAR | 118172760 | USD | 7325000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21468)<br>|
| BRL | 93382399 | USD | 17854119 | Citibank N.A. | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221990)<br>|
| BRL | 8322710 | USD | 1593168 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22814)<br>|
| CLP | 344590070 | USD | 402871 | HSBC Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8633)<br>|
| CNH | 15607333 | USD | 2252406 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6280)<br>|
| COP | 2974344557 | USD | 805741 | BNP Paribas SA | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6015)<br>|
| CZK | 23098631 | USD | 1135358 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10063)<br>|
| HUF | 163752216 | USD | 512744 | Citibank N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5021)<br>|
| MXN | 38763087 | USD | 2252406 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40378)<br>|
| MYR | 8846325 | USD | 2252406 | Barclays Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6202)<br>|
| PEN | 1345670 | USD | 402871 | Citibank N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3754)<br>|
| PLN | 5733299 | USD | 1629792 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16294)<br>|
| THB | 62795687 | USD | 2014348 | Citibank N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14463)<br>|
| USD | 5161864 | BRL | 28168292 | Societe Generale | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153013)<br>|
| USD | 1305301 | CLP | 1169917791 | HSBC Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33178)<br>|
| USD | 7297796 | CNH | 50816290 | UBS AG | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15418)<br>|
| USD | 2610601 | COP | 9861023157 | State Street Bank & Trust Company | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40778)<br>|
| USD | 3678561 | CZK | 76487988 | HSBC Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47701)<br>|
| USD | 1722565 | CZK | 35818471 | UBS AG | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22401)<br>|
| USD | 1661292 | HUF | 550233982 | JPMorgan Chase Bank N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44741)<br>|
| USD | 7297796 | IDR | 123099222928 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36884)<br>|
| USD | 7297796 | MXN | 132114818 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241377)<br>|
| USD | 7297796 | MYR | 29579354 | Morgan Stanley & Co. International PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (212811)<br>|
| USD | 5280527 | PLN | 19084259 | JPMorgan Chase Bank N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90277)<br>|
| USD | 6526489 | THB | 205466927 | HSBC Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17117)<br>|
| USD | 5161864 | ZAR | 85723555 | HSBC Bank PLC | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132707)<br>|
| ZAR | 25088921 | USD | 1593168 | Bank of America N.A. | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43593)<br>|
| USD | 524882 | CNH | 3646973 | BNP Paribas SA | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146)<br>|
| USD | 772732 | EUR | 663450 | Deutsche Bank Securities Inc. | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15023)<br>|
| USD | 1296 | GBP | 967 | Morgan Stanley & Co. International PLC | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 66271 | HUF | 22053941 | JPMorgan Chase Bank N.A. | 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2089)<br>|
| USD | 2278204 | TRY | 102334625 | Barclays Bank PLC | 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2340)<br>|
| INR | 127575504 | USD | 1408765 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22205)<br>|
| USD | 118289861 | AUD | 177793000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5503405)<br>|
| USD | 17646332 | AUD | 26612000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883005)<br>|
| USD | 24730018 | BRL | 136124656 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (881982)<br>|
| USD | 303000 | BRL | 1690807 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15127)<br>|
| USD | 7043824 | CHF | 5597783 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230806)<br>|
| USD | 44127695 | EUR | 37488000 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398781)<br>|
| USD | 1606861933 | EUR | 1360562000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9149349)<br>|
| USD | 632335877 | EUR | 537927670 | Deutsche Bank Securities Inc. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6589202)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 950384436 | EUR | 802000000 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2193284)<br>|
| USD | 11837479 | EUR | 10075000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129130)<br>|
| USD | 2706111 | EUR | 2306000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32847)<br>|
| USD | 8244649 | EUR | 7048000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126633)<br>|
| USD | 1424455 | EUR | 1200000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (848)<br>|
| USD | 20132088 | GBP | 15138000 | Deutsche Bank Securities Inc. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (580874)<br>|
| USD | 21909618 | GBP | 16313000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (411069)<br>|
| USD | 579091648 | GBP | 432597000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12820464)<br>|
| USD | 233743779 | JPY | 36189848000 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (964136)<br>|
| USD | 557258 | JPY | 87740000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11777)<br>|
| USD | 7788937 | SGD | 10000000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95567)<br>|
| USD | 7588728 | SGD | 9716000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71856)<br>|
| USD | 3599064 | SGD | 4606000 | State Street Bank & Trust Company | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32539)<br>|
| USD | 6010762 | MXN | 105709500 | BNP Paribas SA | 03/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11704)<br>|
| USD | 59331023 | MXN | 1057094900 | Morgan Stanley & Co. International PLC | 03/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (893632)<br>|
| IDR | 23584275742 | USD | 1408765 | Goldman Sachs & Co. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4420)<br>|
| IDR | 19688465000 | USD | 1178524 | HSBC Bank PLC | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6158)<br>|
| USD | 27591105 | BRL | 154226000 | Deutsche Bank Securities Inc. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1324792)<br>|
| USD | 25996160 | BRL | 144965000 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1183389)<br>|
| USD | 4511293 | EUR | 3849352 | JPMorgan Chase Bank N.A. | 04/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66997)<br>|
| USD | 11506165 | EUR | 9817581 | Morgan Stanley & Co. International PLC | 04/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170537)<br>|
| USD | 416154 | EUR | 354202 | Societe Generale | 04/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5122)<br>|
| ARS | 4529222532 | USD | 2920760 | Citibank N.A. | 04/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252755)<br>|
| PEN | 43493876 | USD | 12950918 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65037)<br>|
| TRY | 83777380 | USD | 1810346 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1441)<br>|
| USD | 54447110 | COP | 205197547491 | Morgan Stanley & Co. LLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69941)<br>|
| USD | 5884120 | COP | 22210175703 | State Street Bank & Trust Company | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16698)<br>|
| USD | 18746889 | CZK | 386857615 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111929)<br>|
| USD | 1075034 | HUF | 355276963 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22955)<br>|
| USD | 9904518 | HUF | 3241250645 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112617)<br>|
| USD | 978522 | HUF | 323137555 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20140)<br>|
| USD | 41741057 | IDR | 707485878962 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338010)<br>|
| USD | 1998769 | IDR | 33879133449 | Societe Generale | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16257)<br>|
| USD | 121067981 | MXN | 2133823159 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87473)<br>|
| USD | 12133298 | MXN | 214818733 | State Street Bank & Trust Company | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63805)<br>|
| USD | 7722919 | PHP | 460549489 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70917)<br>|
| USD | 32467527 | PHP | 1930324368 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199174)<br>|
| USD | 44789608 | PHP | 2654523303 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132645)<br>|
| USD | 77770533 | PLN | 278605156 | Deutsche Bank Securities Inc. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (637978)<br>|
| USD | 7934511 | PLN | 28608990 | State Street Bank & Trust Company | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116985)<br>|
| USD | 303773 | UYU | 11680061 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2710)<br>|
| USD | 2964578 | UYU | 113545775 | HSBC Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14844)<br>|
| USD | 13639498 | ZAR | 223583925 | Goldman Sachs & Co. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116889)<br>|
| USD | 132028499 | ZAR | 2152143749 | Societe Generale | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (385856)<br>|
| PEN | 40788892 | USD | 12198000 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115266)<br>|
| USD | 6834108 | BRL | 38074868 | State Street Bank & Trust Company | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206944)<br>|
| USD | 5201692 | COP | 20115525101 | State Street Bank & Trust Company | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52370)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60712408)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(35509566)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 12698 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 110.00 | USD | 140402 | &nbsp;&nbsp; $565371 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, 06/10/27 | 1-day SOFR | Annual | 3.00% | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 3.00 | USD | 618591 | $305225 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 48773 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 81.00 | USD | 395647 | &nbsp;&nbsp; $(1341828)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 16903 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 82.00 | USD | 137117 | &nbsp;&nbsp; (40341)<br>|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 18509 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 112.00 | USD | 204654 | &nbsp;&nbsp; (217706)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 23279 | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; USD | 81.00 | USD | 188839 | &nbsp;&nbsp; (893893)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; (2493768)<br>|
| Put |  |  |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 15518 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 78.00 | USD | 125882 | &nbsp;&nbsp; (79919)<br>|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 12698 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 108.00 | USD | 140402 | &nbsp;&nbsp; (88455)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; USD | 78.00 | USD | 129792 | &nbsp;&nbsp; (271690)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; (440064)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $**(2933832**)<br>|

---

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; ZAR | 17.00 | USD | 33278 | $(157072)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; CLP | 920.00 | USD | 23559 | (78805)<br>|
| USD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; BRL | 5.70 | USD | 33656 | (96896)<br>|
| USD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; MXN | 18.50 | USD | 33656 | (78284)<br>|
|  |  |  |  |  |  |  | (411057)<br>|
| Put |  |  |  |  |  |  |  |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; ZAR | 16.70 | USD | 40931 | (1473762)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; MXN | 17.95 | USD | 40020 | (1114117)<br>|
| USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; MXN | 17.95 | USD | 995 | (27691)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/04/26 | &nbsp;&nbsp; BRL | 5.29 | USD | 53924 | (707267)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; ZAR | 16.35 | USD | 40802 | (872102)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; BRL | 5.25 | USD | 40708 | (399345)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; MXN | 17.65 | USD | 40708 | (636022)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; ZAR | 16.00 | USD | 33278 | (351249)<br>|
| USD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; BRL | 5.30 | USD | 33656 | (515475)<br>|
| USD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; MXN | 17.40 | USD | 33656 | (285100)<br>|
|  |  |  |  |  |  |  | (6382130)<br>|
|  |  |  |  |  |  |  | $(6793187)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, <br> 04/23/56<br>| 4.30% | Annual | 1-day SONIA | Annual | Goldman Sachs Inter-<br> national<br>| 04/23/26 | 4.30 | GBP | 39293 | $(343301)<br>|
| 10-Year Interest Rate Swap, <br> 04/30/36<br>| 3.27% | Annual | 1-day SOFR | Annual | Bank of America N.A. | 04/28/26 | 3.27 | USD | 54278 | (35283)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | 2.50% | Annual | 1-day SOFR | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 2.50 | USD | 618591 | (73922)<br>|
|  |  |  |  |  |  |  |  |  |  | (452506)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 02/04/36<br>| 1-day SOFR | Annual | 3.96% | Annual | Bank of America N.A. | 02/02/26 | 3.96 | USD | 175099 | (9275)<br>|
| 30-Year Interest Rate Swap, <br> 02/04/56<br>| 1-day SOFR | Annual | 4.30% | Annual | Goldman Sachs Inter-<br> national<br>| 02/02/26 | 4.30 | USD | 38713 | (8268)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | 1-day SOFR | Annual | 3.50% | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 3.50 | USD | 618591 | (295408)<br>|
| 2-Year Interest Rate Swap, 10/23/28 | 1-day SOFR | Annual | 3.85% | Annual | Goldman Sachs Inter-<br> national<br>| 10/21/26 | 3.85 | USD | 630344 | (638236)<br>|
| 2-Year Interest Rate Swap, 12/10/29 | 1-day SOFR | Annual | 4.00% | Annual | Deutsche Bank AG | 12/08/27 | 4.00 | USD | 260459 | (1057337)<br>|
| 2-Year Interest Rate Swap, 12/18/29 | 1-day SOFR | Annual | 4.50% | Annual | Deutsche Bank AG | 12/16/27 | 4.50 | USD | 402864 | (859430)<br>|
|  |  |  |  |  |  |  |  |  |  | (2867954)<br>|
|  |  |  |  |  |  |  |  |  |  | $(3320460)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V2 | 5.00<br> %<br>| Quarterly | 06/20/30 | USD | 14065 | $(1292647) | $(866613) | $(426034) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Ardagh Packaging Finance PLC | 5.00<br> %<br>| Quarterly | 12/20/29 | NR | EUR | 143 | $(107311) | $(1987) | $(105324) |
| CDX.NA.HY.45.V2 | 5.00 | Quarterly | 12/20/30 | B | USD | 131083 | 11732980 | 9391156 | 2341824 |
| iTraxx.XO.42.V4 | 5.00 | Quarterly | 12/20/29 | BB- | EUR | 10304 | 1270615 | 759446 | 511169 |
|  |  |  |  |  |  |  | $12896284 | $10148615 | $2747669 |

---

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

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.79% | Monthly | N/A | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 135515 | &nbsp;&nbsp; $4638 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $4636 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 8.47% | Monthly | N/A | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 338686 | &nbsp;&nbsp; 22167 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22167 |
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.59% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2315452 | &nbsp;&nbsp; (160105)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; (162605)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.59% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2299446 | &nbsp;&nbsp; $(154230)<br>| &nbsp;&nbsp; $2482 | &nbsp;&nbsp; $(156712)<br>|
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.60% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3014890 | &nbsp;&nbsp; (152204)<br>| &nbsp;&nbsp; 3254 | &nbsp;&nbsp; (155458)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.73% | Monthly | N/A | &nbsp;&nbsp; 05/11/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 93107 | &nbsp;&nbsp; 11942 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 11940 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.73% | Monthly | N/A | &nbsp;&nbsp; 05/11/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 232698 | &nbsp;&nbsp; 29660 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 29654 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.66% | Monthly | N/A | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 116342 | &nbsp;&nbsp; 17135 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17132 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.72% | Monthly | N/A | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 46551 | &nbsp;&nbsp; 7425 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7423 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.69% | Monthly | N/A | &nbsp;&nbsp; 06/26/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 31945 | &nbsp;&nbsp; 5971 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5970 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.49% | Monthly | N/A | &nbsp;&nbsp; 08/04/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 63784 | &nbsp;&nbsp; 10439 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 10436 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.31% | Monthly | N/A | &nbsp;&nbsp; 08/26/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 75922 | &nbsp;&nbsp; 9677 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9673 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.30% | Monthly | N/A | &nbsp;&nbsp; 08/27/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 11621 | &nbsp;&nbsp; 1444 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1443 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.29% | Monthly | N/A | &nbsp;&nbsp; 08/31/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 81893 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9835 |
| 6.80% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/05/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 40192 | &nbsp;&nbsp; (2950)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (2954)<br>|
| 4.18% | Quarterly | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| Annual | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 2348 | &nbsp;&nbsp; (8214)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (8215)<br>|
| 4.19% | At Termination | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| At Termination | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 15339 | &nbsp;&nbsp; (53673)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (53681)<br>|
| 4.21% | Quarterly | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| Annual | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 25718 | &nbsp;&nbsp; (91397)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (91412)<br>|
| 4.22% | Quarterly | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| Annual | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 12887 | &nbsp;&nbsp; (46327)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (46334)<br>|
| 4.27% | Quarterly | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| Annual | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 16545 | &nbsp;&nbsp; (61713)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (61723)<br>|
| 4.31% | Semi-Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Annual | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 12858 | &nbsp;&nbsp; (4157)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (4164)<br>|
| 6.81% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 140092 | &nbsp;&nbsp; (12643)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (12658)<br>|
| 6.81% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 21443 | &nbsp;&nbsp; (1919)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1921)<br>|
| 6.82% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 151111 | &nbsp;&nbsp; (13863)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; (13880)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.16% | Monthly | N/A | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 15605 | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1397 |
| 3.43% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 3.68%<br>| Annual | N/A | &nbsp;&nbsp; 10/03/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 454577 | &nbsp;&nbsp; 3448 | &nbsp;&nbsp; 451129 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6.96% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | N/A | &nbsp;&nbsp; 10/19/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 310096 | &nbsp;&nbsp; $(5292)<br>| &nbsp;&nbsp; $22 | &nbsp;&nbsp; $(5314)<br>|
| 1-day SOFR, <br> 3.68%<br>| At Termination | 4.17% | At Termination | N/A | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 8927 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8925 |
| 1-day SOFR, <br> 3.68%<br>| At Termination | 4.21% | At Termination | N/A | &nbsp;&nbsp; 10/27/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 20208 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 20204 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 6.92% | Monthly | N/A | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 117490 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 261 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.62% | Monthly | N/A | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 24900 | &nbsp;&nbsp; 8495 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8491 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 9.26% | Monthly | N/A | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 62232 | &nbsp;&nbsp; 69628 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 69622 |
| 3.91% | Quarterly | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| Annual | N/A | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 31172 | &nbsp;&nbsp; (17610)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (17634)<br>|
| 6.64% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 675143 | &nbsp;&nbsp; (43881)<br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; (43991)<br>|
| 6.66% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 77713 | &nbsp;&nbsp; (5905)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (5918)<br>|
| 13.70% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 8432 | &nbsp;&nbsp; (1680)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1682)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.78% | At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1063 |
| 13.79% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 18413 | &nbsp;&nbsp; (7701)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (7708)<br>|
| 13.84% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 17389 | &nbsp;&nbsp; (6133)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (6144)<br>|
| 13.88% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 158199 | &nbsp;&nbsp; (38532)<br>| &nbsp;&nbsp; 133 | &nbsp;&nbsp; (38665)<br>|
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.50% | Annual | N/A | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 817826 | &nbsp;&nbsp; 85871 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 85867 |
| 3.96% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; (2428)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (2431)<br>|
| 3.97% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 35825 | &nbsp;&nbsp; (27887)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; (27924)<br>|
| 3.99% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 21367 | &nbsp;&nbsp; (18939)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; (18961)<br>|
| 4.03% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 17951 | &nbsp;&nbsp; (19786)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (19805)<br>|
| 4.04% | Annual | &nbsp;&nbsp; 3-mo. WIBOR, <br> 3.90%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 9266 | &nbsp;&nbsp; (45377)<br>| &nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (44897)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 17911 | &nbsp;&nbsp; (21414)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (21433)<br>|
| 6.72% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 31548 | &nbsp;&nbsp; (10607)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (10615)<br>|
| 6.72% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 4829 | &nbsp;&nbsp; (1620)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1621)<br>|
| 6.72% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 09/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 34030 | &nbsp;&nbsp; (11435)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (11442)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 4.20% | Annual | N/A | &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 13520 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 13518 |
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.92% | Annual | N/A | &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4504 |
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.95% | Annual | N/A | &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 4784 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4783 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.99% | Annual | N/A | &nbsp;&nbsp; 11/03/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 957 | &nbsp;&nbsp; $10220 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $10216 |
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.84% | Annual | N/A | &nbsp;&nbsp; 11/17/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 18205 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18196 |
| 1-day SOFR, <br> 3.68%<br>| At Termination | 3.23% | At Termination | 12/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 12/11/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 307090 | &nbsp;&nbsp; (39266)<br>| &nbsp;&nbsp; 556 | &nbsp;&nbsp; (39822)<br>|
| 3.90% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 52561 | &nbsp;&nbsp; (80502)<br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; (80567)<br>|
| 3.90% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 20779 | &nbsp;&nbsp; (31323)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (31348)<br>|
| 4.02% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 22364 | &nbsp;&nbsp; (48476)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; (48504)<br>|
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.15% | Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1407861 | &nbsp;&nbsp; 12870 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 12851 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.17% | Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 8131720 | &nbsp;&nbsp; 88157 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 88049 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.18% | Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1192205 | &nbsp;&nbsp; 13282 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13266 |
| 6.53% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 186800 | &nbsp;&nbsp; (34920)<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; (34968)<br>|
| 6.55% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 29606 | &nbsp;&nbsp; (6156)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (6164)<br>|
| 3.48% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 15998 | &nbsp;&nbsp; 6538 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 6517 |
| 3.49% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 6868 | &nbsp;&nbsp; 2532 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2523 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 5.76% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 396152 | &nbsp;&nbsp; (2034)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (2040)<br>|
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 5.87% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 929643 | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1300 |
| 6.32% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 28698 | &nbsp;&nbsp; (307)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (315)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.96% | Monthly | 12/17/2027<sup>(a)</sup> <br>| &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 104726 | &nbsp;&nbsp; 15277 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 15266 |
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.51% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 25007 | &nbsp;&nbsp; (4626)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; (4661)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.59% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 217444 | &nbsp;&nbsp; 32939 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 32640 |
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 2.51% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 69857228 | &nbsp;&nbsp; (970158)<br>| &nbsp;&nbsp; 482 | &nbsp;&nbsp; (970640)<br>|
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 2.57% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 11373888 | &nbsp;&nbsp; (144021)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; (144099)<br>|
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 2.61% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 9341818 | &nbsp;&nbsp; (111347)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; (111411)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 12.90% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 14327 | &nbsp;&nbsp; 13329 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13317 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.11% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 10990 | &nbsp;&nbsp; 9594 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 9575 |
| 1-day BZDIOVER, <br> 0.05%<br>| Quarterly | 13.12% | Annual | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 612664 | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 611953 |
| 1-day BZDIOVER, <br> 0.05%<br>| Quarterly | 13.15% | Annual | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1927 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.16% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 7107 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7105 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.17% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 31286 | &nbsp;&nbsp; $75392 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $75366 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.23% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 148969 | &nbsp;&nbsp; 303228 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 302973 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.29% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 29548 | &nbsp;&nbsp; 84721 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 84679 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.39% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 28819 | &nbsp;&nbsp; 84772 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 84723 |
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.53% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/29 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 25408 | &nbsp;&nbsp; (2572)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; (2608)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.56% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/29 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 11638 | &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (122)<br>|
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 3.27% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/29 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 8226169 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 394 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.77% | Monthly | N/A | &nbsp;&nbsp; 11/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 11015 | &nbsp;&nbsp; 8417 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8411 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 9.04% | Monthly | N/A | &nbsp;&nbsp; 11/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 129270 | &nbsp;&nbsp; 416666 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 416622 |
| 7.78% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | N/A | &nbsp;&nbsp; 12/14/29 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 13457 | &nbsp;&nbsp; (10291)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (10297)<br>|
| 1-day MIBOR, <br> 5.53%<br>| Semi-Annual | 6.12% | Semi-Annual | N/A | &nbsp;&nbsp; 12/18/29 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 560722 | &nbsp;&nbsp; 23213 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 23139 |
| 1-day MIBOR, <br> 5.53%<br>| Semi-Annual | 6.12% | Semi-Annual | N/A | &nbsp;&nbsp; 12/18/29 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 560722 | &nbsp;&nbsp; 21718 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 21644 |
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.18% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; (15432)<br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; (15520)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.21% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 4281 | &nbsp;&nbsp; (40064)<br>| &nbsp;&nbsp; 693 | &nbsp;&nbsp; (40757)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.21% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; (10377)<br>| &nbsp;&nbsp; (526)<br>| &nbsp;&nbsp; (9851)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.29% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; (12496)<br>| &nbsp;&nbsp; (183)<br>| &nbsp;&nbsp; (12313)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.42% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; (430)<br>| &nbsp;&nbsp; 330 | &nbsp;&nbsp; (760)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.63% | Annual | N/A | &nbsp;&nbsp; 01/31/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; 39439 | &nbsp;&nbsp; 82548 | &nbsp;&nbsp; (43109)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.18% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 715 | &nbsp;&nbsp; (4397)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4397)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.27% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2753 | &nbsp;&nbsp; (17320)<br>| &nbsp;&nbsp; 641 | &nbsp;&nbsp; (17961)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.28% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; (19939)<br>| &nbsp;&nbsp; 490 | &nbsp;&nbsp; (20429)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.29% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 391 | &nbsp;&nbsp; (1996)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; (1940)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.31% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 525 | &nbsp;&nbsp; (2275)<br>| &nbsp;&nbsp; (108)<br>| &nbsp;&nbsp; (2167)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.33% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2552 | &nbsp;&nbsp; (8104)<br>| &nbsp;&nbsp; 2388 | &nbsp;&nbsp; (10492)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.33% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; (9263)<br>| &nbsp;&nbsp; (1593)<br>| &nbsp;&nbsp; (7670)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.43% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 45511 | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 39741 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.43% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $1026 |
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.44% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 3198 | &nbsp;&nbsp; 3448 | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; 1137 |
| 8.65% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | N/A | &nbsp;&nbsp; 02/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 41509 | &nbsp;&nbsp; (104494)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (104510)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.92% | Annual | N/A | &nbsp;&nbsp; 02/26/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 1405853 | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 1405069 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.55% | Annual | N/A | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 336357 | &nbsp;&nbsp; 54993 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 54986 |
| 7.82% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | N/A | &nbsp;&nbsp; 05/06/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 16608 | &nbsp;&nbsp; (12920)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; (12928)<br>|
| 7.82% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | N/A | &nbsp;&nbsp; 05/27/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 8914 | &nbsp;&nbsp; (7024)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (7028)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.20% | Annual | N/A | &nbsp;&nbsp; 06/04/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 17390 | &nbsp;&nbsp; 13688 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 13517 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.82% | Monthly | N/A | &nbsp;&nbsp; 06/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 49435 | &nbsp;&nbsp; 38316 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 38294 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.82% | Monthly | N/A | &nbsp;&nbsp; 06/07/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 19780 | &nbsp;&nbsp; 15352 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15344 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.72% | Monthly | N/A | &nbsp;&nbsp; 06/24/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 47541 | &nbsp;&nbsp; 26451 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 26430 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.67% | Monthly | N/A | &nbsp;&nbsp; 07/30/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 35820 | &nbsp;&nbsp; 14931 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14915 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.69% | Monthly | N/A | &nbsp;&nbsp; 07/30/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 312988 | &nbsp;&nbsp; 144405 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 144266 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.51% | Monthly | N/A | &nbsp;&nbsp; 08/21/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 42637 | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 2016 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.49% | Monthly | N/A | &nbsp;&nbsp; 08/22/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 6526 | &nbsp;&nbsp; (68)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (71)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.46% | Monthly | N/A | &nbsp;&nbsp; 08/26/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 45990 | &nbsp;&nbsp; (3361)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (3382)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.28% | Monthly | N/A | &nbsp;&nbsp; 09/12/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 8763 | &nbsp;&nbsp; (4230)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; (4235)<br>|
| 3.70% | Semi-Annual | &nbsp;&nbsp; 6 Month CZK, <br> 3.44%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 89079 | &nbsp;&nbsp; 88642 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 88597 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.81% | Annual | N/A | &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 69381 | &nbsp;&nbsp; 37077 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 37043 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.27% | Annual | N/A | &nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 168542 | &nbsp;&nbsp; 5707 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5702 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.29% | Monthly | N/A | &nbsp;&nbsp; 10/03/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 48982 | &nbsp;&nbsp; (24506)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (24530)<br>|
| 7.16% | Monthly | &nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | N/A | &nbsp;&nbsp; 10/14/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 109946 | &nbsp;&nbsp; 88655 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 88603 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.18% | Monthly | N/A | &nbsp;&nbsp; 10/23/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 53705 | &nbsp;&nbsp; $(41622)<br>| &nbsp;&nbsp; $26 | &nbsp;&nbsp; $(41648)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.56% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 17672 | &nbsp;&nbsp; (8813)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; (8841)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.58% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 133329 | &nbsp;&nbsp; (48617)<br>| &nbsp;&nbsp; 209 | &nbsp;&nbsp; (48826)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.65% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 20337 | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 2061 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.79% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 518746 | &nbsp;&nbsp; 211328 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 211057 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.82% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 145157 | &nbsp;&nbsp; 69011 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 68935 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.90% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 145477 | &nbsp;&nbsp; 97878 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 97802 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.91% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 438387 | &nbsp;&nbsp; 300385 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 300154 |
| 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | 4.02% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 3231 | &nbsp;&nbsp; 8503 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8493 |
| 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | 4.04% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 69348 | &nbsp;&nbsp; 204421 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 204214 |
| 4.08% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 23237 | &nbsp;&nbsp; (80264)<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; (80334)<br>|
| 4.08% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 23589 | &nbsp;&nbsp; (82078)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; (82149)<br>|
| 4.10% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 23589 | &nbsp;&nbsp; (86558)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; (86629)<br>|
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.23% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 225516 | &nbsp;&nbsp; 6803 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6795 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.24% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 224158 | &nbsp;&nbsp; 6977 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6969 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.26% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1216984 | &nbsp;&nbsp; 40876 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 40837 |
| 6.86% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 99804 | &nbsp;&nbsp; (73184)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; (73247)<br>|
| 6.88% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 770712 | &nbsp;&nbsp; (610792)<br>| &nbsp;&nbsp; 483 | &nbsp;&nbsp; (611275)<br>|
| 7.04% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 96345 | &nbsp;&nbsp; (117094)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; (117155)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.53% | Monthly | N/A | &nbsp;&nbsp; 01/03/31 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 23794 | &nbsp;&nbsp; (256)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (269)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.78% | Monthly | N/A | &nbsp;&nbsp; 01/16/31 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 48419 | &nbsp;&nbsp; 28156 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 28130 |
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.62% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 17956 | &nbsp;&nbsp; (3079)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; (3108)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.64% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 8224 | &nbsp;&nbsp; (115)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (128)<br>|
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.72% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 149605 | &nbsp;&nbsp; 32253 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 32172 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.74% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 66327 | &nbsp;&nbsp; 18029 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 17994 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.97% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 154573 | &nbsp;&nbsp; $121195 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $121112 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 5.98% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 104278 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 20 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.07% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 227713 | &nbsp;&nbsp; 2808 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2800 |
| 6.67% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 108289 | &nbsp;&nbsp; (16672)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; (16746)<br>|
| 6.69% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 47115 | &nbsp;&nbsp; (9233)<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; (9265)<br>|
| 6.75% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 106278 | &nbsp;&nbsp; (39470)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; (39541)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.88% | Annual | N/A | &nbsp;&nbsp; 04/01/31 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 252183 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 251989 |
| 1-day MIBOR, <br> 5.53%<br>| Semi-Annual | 6.44% | Semi annual | N/A | &nbsp;&nbsp; 09/18/34 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 379219 | &nbsp;&nbsp; 22748 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 22666 |
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.70% | Annual | N/A | &nbsp;&nbsp; 01/06/35 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34657 | &nbsp;&nbsp; (273307)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; (273828)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 8.27% | Monthly | N/A | &nbsp;&nbsp; 12/05/35 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 134182 | &nbsp;&nbsp; 138114 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 137993 |
| 1.49% | Quarterly | &nbsp;&nbsp; 1-day THOR, <br> 1.23%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/35 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 50085 | &nbsp;&nbsp; 62444 | &nbsp;&nbsp; 18132 | &nbsp;&nbsp; 44312 |
| 1-day THOR, <br> 1.23%<br>| Quarterly | 1.59% | Quarterly | N/A | &nbsp;&nbsp; 12/17/35 | &nbsp;&nbsp; THB | &nbsp;&nbsp; 50085 | &nbsp;&nbsp; (47388)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; (47416)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 8.00% | Monthly | N/A | &nbsp;&nbsp; 12/28/35 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 6443 | &nbsp;&nbsp; (341)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (347)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 8.23% | Monthly | N/A | &nbsp;&nbsp; 01/10/36 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 14071 | &nbsp;&nbsp; 11954 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11940 |
| 1-day SONIA, <br> 3.73%<br>| Annual | 4.45% | Annual | N/A | &nbsp;&nbsp; 12/04/55 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 39293 | &nbsp;&nbsp; (1233046)<br>| &nbsp;&nbsp; 1184 | &nbsp;&nbsp; (1234230)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 4.08% | Annual | N/A | &nbsp;&nbsp; 12/12/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 296000 | &nbsp;&nbsp; (6678751)<br>| &nbsp;&nbsp; (144542)<br>| &nbsp;&nbsp; (6534209)<br>|
| 4.08% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 3.68%<br>| Annual | N/A | &nbsp;&nbsp; 12/12/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 296000 | &nbsp;&nbsp; 6729715 | &nbsp;&nbsp; 214727 | &nbsp;&nbsp; 6514988 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $776458 | &nbsp;&nbsp; $202323 | &nbsp;&nbsp; $574135 |

---

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

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

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Faurecia SE | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 12/20/30 | BB+ | USD | 1927 | $288032 | $242663 | $45369 |
| Worldline SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/30 | BB | USD | 891 | (144540)<br>| (217697)<br>| 73157 |
| Worldline SA | 5.00 | Quarterly | Goldman Sachs International | 12/20/30 | BB | USD | 6900 | (1119222)<br>| (1792259)<br>| 673037 |
| Worldline SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB | USD | 909 | (147431)<br>| (233116)<br>| 85685 |
|  |  |  |  |  |  |  |  | (1123161)<br>| (2000409)<br>| 877248 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 8.07% | At Termination | 1-day COOIS, <br> 8.74%<br>| At Termination | Barclays Bank PLC | N/A | 09/17/26 | COP | $1912726 | $10177 | $— | $10177 |
| 8.40% | At Termination | 1-day COOIS, <br> 8.74%<br>| At Termination | Barclays Bank PLC | N/A | 09/17/26 | COP | 956306 | 4285 |  | 4285 |
| 8.61% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Barclays Bank PLC | N/A | 09/17/26 | COP | 1913281 | 7552 |  | 7552 |
| 8.64% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Barclays Bank PLC | N/A | 09/17/26 | COP | 958429 | 3722 |  | 3722 |
| 8.69% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Barclays Bank PLC | N/A | 09/17/26 | COP | 480012 | 1797 |  | 1797 |
| 8.73% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/17/26 | COP | 1140814 | 4154 |  | 4154 |
| 8.75% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Citibank N.A. | N/A | 09/17/26 | COP | 174620 | 629 |  | 629 |
| 8.78% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Citibank N.A. | N/A | 09/17/26 | COP | 1230540 | 4325 |  | 4325 |
| 8.80% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| N/A | 09/17/26 | COP | 234476 | 815 |  | 815 |
| 7.25% | Quarterly | 1-day COOIS, <br> 8.74%<br>| Quarterly | Barclays Bank PLC | N/A | 09/25/26 | COP | 1912726 | 10975 |  | 10975 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.42% | At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 01/04/27 | BRL | 2103 | (3541)<br>|  | (3541)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 14.58% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/04/27 | BRL | 2841 | 5225 |  | 5225 |
| 4.44% | At Termination | 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| 12/16/2026 <br><sup>(a)</sup><br>| 12/16/27 | CLP | 2902458 | (4157)<br>|  | (4157)<br>|
| 4.44% | Semi annual | 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | Goldman Sachs <br> International<br>| N/A | 12/17/27 | CLP | 30195775 | (48867)<br>|  | (48867)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/27 | COP | 29600451 | (232503)<br>|  | (232503)<br>|
| 1-day COOIS, <br> 8.75%<br>| At Termination | 9.37% | At Termination | Goldman Sachs <br> International<br>| N/A | 12/17/27 | COP | 29383670 | (222194)<br>|  | (222194)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/27 | COP | 58337439 | (392721)<br>|  | (392721)<br>|
| 4.40% | Semi annual | 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | Citibank N.A. | 3/18/2026 <br><sup>(a)</sup><br>| 03/18/28 | CLP | 3021293 | (1885)<br>|  | (1885)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 10.78% | Quarterly | Goldman Sachs <br> International<br>| 3/18/2026 <br><sup>(a)</sup><br>| 03/18/28 | COP | 5633786 | (11257)<br>|  | (11257)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 11.00% | Quarterly | HSBC Bank PLC | 3/18/2026 <br><sup>(a)</sup><br>| 03/18/28 | COP | 12302521 | (11697)<br>|  | (11697)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.31% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 4624 | 7758 |  | 7758 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.33% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 8079 | 12165 |  | 12165 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.34% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 25866 | 47268 |  | 47268 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.34% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 9233 | 19651 |  | 19651 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.42% | At Termination | Bank of America <br> N.A.<br>| N/A | 01/02/29 | BRL | 18431 | 43571 |  | 43571 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.43% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | 4039 | 9266 |  | 9266 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 14.03% | At Termination | Barclays Bank PLC | N/A | 01/02/29 | BRL | $8079 | $60711 | $— | $60711 |
| 9.36% | At Termination | 1-day COOIS, <br> 8.75%<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 12/17/29 | COP | 16418562 | 221591 |  | 221591 |
| 9.42% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/29 | COP | 16370409 | 212348 |  | 212348 |
| 9.54% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/29 | COP | 32103722 | 382726 |  | 382726 |
| 10.60% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| 3/18/2026 <br><sup>(a)</sup><br>| 03/18/30 | COP | 3116150 | 11288 |  | 11288 |
| 10.67% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | HSBC Bank PLC | 3/18/2026 <br><sup>(a)</sup><br>| 03/18/30 | COP | 6804749 | 20311 |  | 20311 |
| 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | 5.64% | Semi annual | JPMorgan Chase <br> Bank N.A.<br>| 12/18/2030 <br><sup>(a)</sup><br>| 12/18/35 | CLP | 804440 | (2209)<br>|  | (2209)<br>|
| 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | 5.24% | Semi annual | Citibank N.A. | 3/18/2026 <br><sup>(a)</sup><br>| 03/18/36 | CLP | 430412 | 2660 |  | 2660 |
|  |  |  |  |  |  |  |  |  | $173939 | $— | $173939 |

---

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR minus <br> 0.10%, 3.68%<br>| At <br> Termination<br>| iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 1953 | $1287754 | $— | $1287754 |
| iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| 1-day SOFR minus <br> 0.40%, 3.68%<br>| At <br> Termination<br>| JPMorgan <br> Chase Bank <br> N.A.<br>| N/A | 03/20/26 | USD | 199 | (136795)<br>|  | (136795)<br>|
| iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| 1-day SOFR minus <br> 0.45%, 3.68%<br>| At <br> Termination<br>| Citibank N.A. | N/A | 03/20/26 | USD | 148 | (102016)<br>|  | (102016)<br>|
| 1-day SOFR plus 0.20%, <br> 3.68%<br>| At <br> Termination<br>| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| Quarterly | JPMorgan <br> Chase Bank <br> N.A.<br>| N/A | 03/20/26 | USD | 458 | (124683)<br>|  | (124683)<br>|
|  |  |  |  |  |  |  |  |  | $924260 | $— | $924260 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps | &nbsp;&nbsp; $10500413 | &nbsp;&nbsp;&nbsp; $(1016088)<br>| &nbsp;&nbsp;&nbsp; $15625837 | &nbsp;&nbsp;&nbsp; $(12730067)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 242663 | &nbsp;&nbsp;&nbsp; (2243072)<br>| &nbsp;&nbsp;&nbsp; 3269972 | &nbsp;&nbsp;&nbsp; (1294525)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (13396326)<br>| &nbsp;&nbsp;&nbsp; 3953441 | &nbsp;&nbsp;&nbsp; (3604594)<br>| &nbsp;&nbsp;&nbsp; (13047479)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income 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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5644217 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5644217 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25202842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25202842 |
| Options Purchased |  |  |  |  |  |  |  |
| Investments at value — unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $565371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $305225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $870596 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2852993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12772844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15625837 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1119911 | &nbsp;&nbsp; $1287754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1104970 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3512635 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3972904 | &nbsp;&nbsp; $1853125 | &nbsp;&nbsp; $25202842 | &nbsp;&nbsp; $19827256 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50856127 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13554094 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13554094 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60712408 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60712408 |
| Options written |  |  |  |  |  |  |  |
| Options written at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2933832 | &nbsp;&nbsp; $6793187 | &nbsp;&nbsp; $3320460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13047479 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $531358 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12198709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12730067 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums re-<br> ceived<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2243072 | &nbsp;&nbsp; $363494 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $931031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3537597 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2774430 | &nbsp;&nbsp; $3297326 | &nbsp;&nbsp; $67505595 | &nbsp;&nbsp; $30004294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103581645 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the 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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7778619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7778619 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24807611)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24807611)<br>|
| Options purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (889003)<br>| &nbsp;&nbsp; (146785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1061718)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2097506)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 175264 | &nbsp;&nbsp; 4226494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10607824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15009582 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 794365 | &nbsp;&nbsp; 1529006 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3046108)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (722737)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80626 | &nbsp;&nbsp; $5608715 | &nbsp;&nbsp; $(24807611)<br>| &nbsp;&nbsp; $14278617 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4839653)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8330342)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8330342)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (103337201)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (103337201)<br>|
| Options purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 34003 | &nbsp;&nbsp; 16516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 365537 | &nbsp;&nbsp; — | &nbsp;&nbsp; 416056 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 3431 | &nbsp;&nbsp; 2392781 | &nbsp;&nbsp; (3394266)<br>| &nbsp;&nbsp; (66278)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1064332)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1696997 | &nbsp;&nbsp; 454860 | &nbsp;&nbsp; — | &nbsp;&nbsp; (118019)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2033838 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1734431 | &nbsp;&nbsp; $2864157 | &nbsp;&nbsp; $(106731467)<br>| &nbsp;&nbsp; $(8149102)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(110281981)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4382685513 |
| Average notional value of contracts — short | &nbsp;&nbsp; $1179811495 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $5807105192 |
| Average amounts sold — in USD | &nbsp;&nbsp; $1215059981 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; $282685 |
| Average market value of option contracts purchased | &nbsp;&nbsp; $6030272 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; $376795419 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 1796162940 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; $15620349 |
| Average notional value — sell protection | &nbsp;&nbsp; $114012429 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $677436815 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $4981935216 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $117738056 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1827575 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 25202842 | &nbsp;&nbsp;&nbsp; 60712408 |
| Options | &nbsp;&nbsp; 870596 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 13047479 |
| Swaps - centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104488 |
| Swaps - OTC<sup>(b)</sup> | &nbsp;&nbsp; 3512635 | &nbsp;&nbsp;&nbsp; 3537597 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 29586073 | &nbsp;&nbsp;&nbsp; 79229547 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (565371)<br>| &nbsp;&nbsp;&nbsp; (4865895)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $29020702 | &nbsp;&nbsp;&nbsp; $74363652 |

---

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

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $141883 | &nbsp;&nbsp; $(141883)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 2712250 | &nbsp;&nbsp; (18004)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2694246)<br>| &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 961849 | &nbsp;&nbsp; (961849)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 4959680 | &nbsp;&nbsp; (4959680)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 73157 | &nbsp;&nbsp; (73157)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 1044551 | &nbsp;&nbsp; (1044551)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 5877071 | &nbsp;&nbsp; (4591571)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1250000)<br>| &nbsp;&nbsp; 35500 |
| Goldman Sachs International | &nbsp;&nbsp; 1423489 | &nbsp;&nbsp; (1423489)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 2056246 | &nbsp;&nbsp; (1336980)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 719266 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3814383 | &nbsp;&nbsp; (3814383)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 5326468 | &nbsp;&nbsp; (5326468)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; (1761)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 206220 | &nbsp;&nbsp; (206220)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 232626 | &nbsp;&nbsp; (232626)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)(d)</sup><br>|
| UBS AG | &nbsp;&nbsp; $189068 | &nbsp;&nbsp; $(103159)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85909 |
|  | &nbsp;&nbsp; $29020702 | &nbsp;&nbsp; $(24235781)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3944246)<br>| &nbsp;&nbsp; $840675 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $6276673 | &nbsp;&nbsp; $(141883)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6134790)<br>| &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 18004 | &nbsp;&nbsp; (18004)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 9956077 | &nbsp;&nbsp; (961849)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8994228 |
| Citibank N.A. | &nbsp;&nbsp; 13496817 | &nbsp;&nbsp; (4959680)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4450000)<br>| &nbsp;&nbsp; 4087137 |
| Deutsche Bank AG | &nbsp;&nbsp; 2134464 | &nbsp;&nbsp; (73157)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2061307 |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 9684908 | &nbsp;&nbsp; (1044551)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3460000)<br>| &nbsp;&nbsp; 5180357 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 4591571 | &nbsp;&nbsp; (4591571)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 3666215 | &nbsp;&nbsp; (1423489)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2242726 |
| HSBC Bank PLC | &nbsp;&nbsp; 1336980 | &nbsp;&nbsp; (1336980)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 5406002 | &nbsp;&nbsp; (3814383)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1591619)<br>| &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 15173166 | &nbsp;&nbsp; (5326468)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9846698 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 97603 | &nbsp;&nbsp; (1761)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95842 |
| Societe Generale | &nbsp;&nbsp; 675001 | &nbsp;&nbsp; (206220)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 468781 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 1747012 | &nbsp;&nbsp; (232626)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1514386)<br>| &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 103159 | &nbsp;&nbsp; (103159)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $74363652 | &nbsp;&nbsp; $(24235781)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17150795)<br>| &nbsp;&nbsp; $32977076 |

---

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

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3066322829 | &nbsp;&nbsp; $8000000 | &nbsp;&nbsp; $3074322829 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 3510945560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3510945560 |
| Convertible Bonds | &nbsp;&nbsp; 24341343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24341343 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 6876983713 | &nbsp;&nbsp; 66638651 | &nbsp;&nbsp; 6943622364 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 5201020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5201020 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 253904706 | &nbsp;&nbsp; 8046957 | &nbsp;&nbsp; 261951663 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1733166768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1733166768 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2290160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2290160 |
| U.S. Government Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 4102131353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4102131353 |
| Common Stocks | &nbsp;&nbsp; 819021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 819021 |
| Investment Companies | &nbsp;&nbsp; 496429593 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 496429593 |
| Preferred Stocks | &nbsp;&nbsp; 919056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 919056 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1029655052 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1029655052 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Flexible Income Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Options Purchased  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $305225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $305225 |
| Equity Contracts | &nbsp;&nbsp; 565371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 565371 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (1530925409)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1530925409)<br>|
|  | &nbsp;&nbsp; $1552729436 | &nbsp;&nbsp; $18020325925 | &nbsp;&nbsp; $82685608 | &nbsp;&nbsp; $19655740969 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3730241 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3730241 |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1287754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1287754 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 25202842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25202842 |
| Interest Rate Contracts | &nbsp;&nbsp; 5644217 | &nbsp;&nbsp; 13877814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19522031 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (531358)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (531358)<br>|
| Equity Contracts | &nbsp;&nbsp; (2933832)<br>| &nbsp;&nbsp; (363494)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3297326)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (67505595)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (67505595)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (13554094)<br>| &nbsp;&nbsp; (16450200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30004294)<br>|
|  | &nbsp;&nbsp; $(10843709)<br>| &nbsp;&nbsp; $(40751996)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51595705)<br>|

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Clear Channel Outdoor Holdings, Inc., 7.75%, <br> 04/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $55 | &nbsp;&nbsp; $55017 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 95568 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 65194 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental, Inc., 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24605 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 57203 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 467506 |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 42070 |
|  |  | &nbsp;&nbsp; 509576 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24619 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 205251 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; 151307 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 73051 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29283 |
|  |  | &nbsp;&nbsp; 102334 |
| **Total Corporate Bonds & Notes — 2.2%** <br>**(Cost: $1,273,987)** | **Total Corporate Bonds & Notes — 2.2%** <br>**(Cost: $1,273,987)** | &nbsp;&nbsp; 1290674 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Clover Holdings 2 LLC, Term Loan B, 7.75%, 12/09/31 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 125312 |
| X Corp., 2025 Term Loan, 9.50%, 10/26/29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19641 |
|  |  | &nbsp;&nbsp; 144953 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cotiviti, Inc., 2024 Term Loan B, 7.63%, 05/01/31 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 119187 |
| **Total Fixed Rate Loan Interests — 0.4%** <br>**(Cost: $275,320)** | **Total Fixed Rate Loan Interests — 0.4%** <br>**(Cost: $275,320)** | &nbsp;&nbsp; 264140 |
| **Floating Rate Loan Interests**<sup>(d)</sup> | **Floating Rate Loan Interests**<sup>(d)</sup> | **Floating Rate Loan Interests**<sup>(d)</sup> |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| Clear Channel Outdoor Holdings, Inc., 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 7.79%, 08/23/28<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23801 |
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 09/24/32<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 68255 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR + 3.00%), 6.82%, 02/07/31<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Advertising (continued)** | **Advertising (continued)** | **Advertising (continued)** |
| Summer BC Holdco B Sarl, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.00%), <br> 8.93%, 02/15/29<br>| &nbsp;&nbsp; $27 | &nbsp;&nbsp; $24700 |
|  |  | &nbsp;&nbsp; 163242 |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 10/31/30<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 65798 |
| Cobham Ultra SeniorCo Sarl, USD Term Loan B, <br> (6-mo. CME Term SOFR + 3.75%), 8.37%, <br> 08/03/29<br>| &nbsp;&nbsp; 114 | &nbsp;&nbsp; 113698 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 10/31/31<br>| &nbsp;&nbsp; 256 | &nbsp;&nbsp; 256531 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 10/31/31<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 97919 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.15%, <br> 02/26/32<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1242 |
| 2025 Term Loan B, (6-mo. CME Term SOFR at <br> 0.50% Floor + 2.50%), 6.38%, 02/26/32<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 66996 |
| Propulsion (BC) Finco S.a.r.l., 2025 Repriced Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.17%, 12/01/32<br>| &nbsp;&nbsp; 57 | &nbsp;&nbsp; 57399 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.92%, 03/22/30<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 116102 |
| 2023 Term Loan J, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.17%, 02/28/31<br>| &nbsp;&nbsp; 297 | &nbsp;&nbsp; 296486 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.17%, 01/19/32<br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; 161056 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.17%, 08/19/32<br>| &nbsp;&nbsp; 182 | &nbsp;&nbsp; 181387 |
|  |  | &nbsp;&nbsp; 1414614 |
| **Airlines — 1.3%** | **Airlines — 1.3%** | **Airlines — 1.3%** |
| AAdvantage Loyalty IP Ltd. |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 5.92%, 04/20/28<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44442 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 6.92%, 05/28/32<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39740 |
| Air Canada, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.42%, 03/21/31<br>| &nbsp;&nbsp; 142 | &nbsp;&nbsp; 141408 |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 5.52%, 01/29/27<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77409 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.00%, <br> 02/15/28<br>| &nbsp;&nbsp; 147 | &nbsp;&nbsp; 146828 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.26%, 06/04/29<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 107598 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.75%), 8.44%, <br> 08/27/29<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 116714 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 02/22/31<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; 107297 |
|  |  | &nbsp;&nbsp; 781436 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 12/21/28<br>| &nbsp;&nbsp; $105 | &nbsp;&nbsp; $104591 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 02/13/32<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59213 |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.92%, 09/12/32<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31000 |
|  |  | &nbsp;&nbsp; 194804 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Allison Transmission, Inc., 2025 Incremental Term <br> Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 5.45%, 01/02/33<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 85170 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.17%, 05/06/30<br>| &nbsp;&nbsp; 325 | &nbsp;&nbsp; 323905 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.75%), 6.42%, 01/28/32<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 149671 |
| Garrett LX I Sarl, 2025 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 5.67%, <br> 01/30/32<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11978 |
| Realtruck Group, Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR + 5.00%), 8.79%, <br> 01/31/28<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 42661 |
| RealTruck Group, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 7.54%, 01/31/28<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11113 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR + 5.00%), 8.99%, 11/17/28<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 137450 |
|  |  | &nbsp;&nbsp; 676778 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 11/24/32<br>| &nbsp;&nbsp; 120 | &nbsp;&nbsp; 119500 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.02%, 01/24/29<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 32314 |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.17%, 01/24/29<br>| &nbsp;&nbsp; 136 | &nbsp;&nbsp; 135269 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.00%), 9.77%, 01/24/30<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 9614 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br> 03/31/28<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 86516 |
| Sazerac Co., , Inc., Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, <br> 07/09/32<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42730 |
|  |  | &nbsp;&nbsp; 306443 |
| **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br> 09/08/32<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; 272642 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 8.92%, <br> 07/08/30<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 96831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 7.67%, <br> 10/27/32<br>| &nbsp;&nbsp; $126 | &nbsp;&nbsp; $124891 |
| Emrld Borrower LP |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.07%, 05/31/30<br>| &nbsp;&nbsp; 239 | &nbsp;&nbsp; 238346 |
| 2024 Term Loan B, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.12%, 08/04/31<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; 186604 |
| Gibraltar Industries Inc., 2026 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 02/02/33<sup>(e)</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15000 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 5.92%, 03/19/29<br>| &nbsp;&nbsp; 119 | &nbsp;&nbsp; 118611 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.92%, 02/10/32<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 108101 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.92%, 04/14/31<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; 135392 |
| Standard Industries, Inc./New York, 2021 Term Loan B, <br> (1-mo. CME Term SOFR + 1.75%), 5.42%, <br> 09/22/28<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12684 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>| &nbsp;&nbsp; 286 | &nbsp;&nbsp; 276127 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR + 2.00%), 5.79%, 10/04/28<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20075 |
|  |  | &nbsp;&nbsp; 1605304 |
| **Chemicals — 4.2%** | **Chemicals — 4.2%** | **Chemicals — 4.2%** |
| Aruba Investments Holdings LLC, 2020 USD Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 7.77%, <br> 11/24/27<br>| &nbsp;&nbsp; 83 | &nbsp;&nbsp; 76379 |
| Ascend Performance Materials Operations LLC, 2021 <br> Term Loan B, (Defaulted), 0.00%, 08/27/26<sup>(c)(e)(f)</sup><br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 21 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 <br> Term Loan B7, (3-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 5.42%, 12/20/29<br>| &nbsp;&nbsp; 173 | &nbsp;&nbsp; 173105 |
| Chemours Co. (The), 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br> 10/15/32<br>| &nbsp;&nbsp; 202 | &nbsp;&nbsp; 200359 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.68%, <br> 11/01/30<br>| &nbsp;&nbsp; 120 | &nbsp;&nbsp; 119740 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br> 10/04/29<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; 98662 |
| ECO Services Operations Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 06/12/31<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 57794 |
| Element Solutions, Inc. |  |  |
| 2025 Add-on Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 5.42%, 12/18/30<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41109 |
| 2023 Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 5.42%, 12/18/30<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; 163524 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 72870 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 5.42%, 02/15/30<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 143888 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.92%, 02/18/30<sup>(e)</sup><br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 39168 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 7.92%, 10/07/31<br>| &nbsp;&nbsp; $45 | &nbsp;&nbsp; $28835 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 3.93%), 7.70%, <br> 07/03/28<br>| &nbsp;&nbsp; 112 | &nbsp;&nbsp; 94695 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 11/26/31<sup>(e)</sup><br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; 72076 |
| Olympus Water U.S. Holding Corp. |  |  |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.00%), 6.67%, 06/20/31<br>| &nbsp;&nbsp; 234 | &nbsp;&nbsp; 230501 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 6.92%, 11/03/32<br>| &nbsp;&nbsp; 142 | &nbsp;&nbsp; 139575 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.00%, 04/08/31<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 40652 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.87%, <br> 10/09/31<br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64231 |
| Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.52%, 11/01/32<br>| &nbsp;&nbsp; 229 | &nbsp;&nbsp; 229859 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 10/29/32<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79296 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 6.70%, <br> 08/02/30<br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 182816 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br> 08/19/32<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 123248 |
|  |  | &nbsp;&nbsp; 2472403 |
| **Commercial Mbs — 0.4%** | **Commercial Mbs — 0.4%** | **Commercial Mbs — 0.4%** |
| Parexel International Corp., 2025 Repriced Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.75%), 6.42%, 12/12/31<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249472 |
| **Commercial Services — 7.9%** | **Commercial Services — 7.9%** | **Commercial Services — 7.9%** |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, <br> 05/21/31<br>| &nbsp;&nbsp; 219 | &nbsp;&nbsp; 218145 |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 08/12/32<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 176287 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.92%, 08/20/32<br>| &nbsp;&nbsp; 380 | &nbsp;&nbsp; 380184 |
| Anticimex International AB, 2025 USD Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.90%), <br> 7.31%, 11/17/31<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34141 |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 01/03/29<br>| &nbsp;&nbsp; 291 | &nbsp;&nbsp; 291763 |
| Belron Finance 2019 LLC, 2025 Repriced Term Loan <br> B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 2.25%), 6.12%, 10/16/31<br>| &nbsp;&nbsp; 374 | &nbsp;&nbsp; 374876 |
| Bright Horizons Family Solutions LLC, 2025 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 5.42%, 08/23/32<br>| &nbsp;&nbsp; 134 | &nbsp;&nbsp; 134100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR + 2.75%), 6.42%, <br> 01/31/31<br>| &nbsp;&nbsp; $77 | &nbsp;&nbsp; $70567 |
| CHG Healthcare Services, Inc., 2025 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 6.42%, 09/29/28<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 127585 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.67%, 04/01/32<br>| &nbsp;&nbsp; 114 | &nbsp;&nbsp; 113349 |
| Creative Artists Agency LLC, 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 10/01/31<br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 311018 |
| Dycom Investments, Inc., 2026 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% + 1.75%), 5.42%, <br> 01/27/33<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42079 |
| Element Materials Technology Group U.S. Holdings, <br> Inc., 2022 USD Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.68%), 7.35%, 07/06/29<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75326 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 08/01/29<br>| &nbsp;&nbsp; 138 | &nbsp;&nbsp; 136442 |
| Fleet Midco I Ltd., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.54%, <br> 02/21/31<sup>(e)</sup><br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 71430 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR + 2.00% and 3.75% PIK), 9.42%, 07/31/30<sup>(g)</sup><br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 62161 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.42%, 06/02/31<br>| &nbsp;&nbsp; 153 | &nbsp;&nbsp; 150158 |
| Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 06/02/32<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27011 |
| Hertz Corp.(The) |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR + <br> 3.50%), 7.29%, 06/30/28<br>| &nbsp;&nbsp; 112 | &nbsp;&nbsp; 94911 |
| 2021 Term Loan C, (1-mo. CME Term SOFR + <br> 3.50%), 7.29%, 06/30/28<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 18017 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br> SOFR + 4.25%), 8.33%, 03/06/28<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 7043 |
| ION Platform Finance U.S., Inc., USD Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.42%, 10/07/32<br>| &nbsp;&nbsp; 305 | &nbsp;&nbsp; 269672 |
| Mavis Tire Express Services Topco Corp., 2025 <br> Repriced Term Loan, (1-mo. CME Term SOFR at <br> 0.75% Floor + 3.00%), 6.67%, 05/04/28<br>| &nbsp;&nbsp; 296 | &nbsp;&nbsp; 295381 |
| Medical Solutions Holdings, Inc., 2021 1st Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.50%), 7.27%, 11/01/28<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 5677 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.45%, <br> 12/31/32<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73823 |
| PG Polaris BidCo Sarl, 2025 Repriced Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.92%, 03/26/31<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59508 |
| Prime Security Services Borrower LLC |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.44%, <br> 03/07/32<br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 239051 |
| 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.69%, <br> 10/13/30<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26471 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Pye-Barker Fire & Safety, LLC, 2025 Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.20%, 12/16/32<br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; $96529 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 11/19/31<br>| &nbsp;&nbsp; 81 | &nbsp;&nbsp; 80141 |
| Shift4 Payments, LLC, 2025 Repriced Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 07/03/32<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54134 |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.42%, 06/24/31<br>| &nbsp;&nbsp; 178 | &nbsp;&nbsp; 177903 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.42%, 06/24/31<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 88852 |
| TruGreen LP, 2020 Term Loan, (3-mo. CME Term <br> SOFR + 4.00%), 7.77%, 11/02/27<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28948 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. <br> CME Term SOFR + 4.36%), 8.04%, 12/17/28<sup>(c)(f)</sup><br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 5252 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 01/30/31<br>| &nbsp;&nbsp; 178 | &nbsp;&nbsp; 177880 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.42%, 03/31/28<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29646 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 03/05/32<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59215 |
|  |  | &nbsp;&nbsp; 4684676 |
| **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 7.67%, <br> 12/09/31<br>| &nbsp;&nbsp; 121 | &nbsp;&nbsp; 118614 |
| Cubic Corp. |  |  |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br> SOFR at 0.75% Floor + 1.00%), 4.93%, <br> 05/25/29<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 7522 |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.25%), 8.18%, <br> 05/25/29<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; 55781 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.67%, 06/27/31<sup>(e)</sup><br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 52404 |
| McAfee LLC, 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br> 03/01/29<br>| &nbsp;&nbsp; 157 | &nbsp;&nbsp; 138771 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR <br> at 0.75% Floor + 3.75%), 7.52%, 02/01/28<br>| &nbsp;&nbsp; 165 | &nbsp;&nbsp; 152036 |
| Ping Identity Holding Corp., 2025 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.62%, <br> 11/15/32<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49521 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.50%), 10.42%, 10/26/29<br>| &nbsp;&nbsp; 343 | &nbsp;&nbsp; 342027 |
|  |  | &nbsp;&nbsp; 916676 |
| **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br> 12/15/32<sup>(e)</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Distribution & Wholesale — 1.6%** | **Distribution & Wholesale — 1.6%** | **Distribution & Wholesale — 1.6%** |
| American Builders & Contractors Supply Co., Inc., <br> 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.42%, 01/31/31<br>| &nbsp;&nbsp; $167 | &nbsp;&nbsp; $167179 |
| Core & Main LP |  |  |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.69%, 07/27/28<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 95707 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.69%, 02/09/31<br>| &nbsp;&nbsp; 214 | &nbsp;&nbsp; 213923 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 07/02/31<br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 117245 |
| Fluid-Flow Products, Inc., 2025 Term Loan B, <br> 03/31/28<sup>(h)</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8003 |
| Gates Global LLC, 2024 Term Loan B5, (1-mo. CME <br> Term SOFR + 1.75%), 5.42%, 06/04/31<br>| &nbsp;&nbsp; 251 | &nbsp;&nbsp; 251080 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.72%, 08/13/32<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 78655 |
|  |  | &nbsp;&nbsp; 931792 |
| **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** |
| Advisor Group, Inc., 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.60%, <br> 07/30/32<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 186332 |
| AllSpring Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.69%, <br> 11/01/30<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24872 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.39%, 02/27/32<br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 169020 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 08/09/30<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 67644 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 11/01/32<sup>(e)</sup><br>| &nbsp;&nbsp; 156 | &nbsp;&nbsp; 155130 |
| Citadel Securities LP, 2024 First Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 10/31/31<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 148654 |
| Corpay Technologies Operating Co. LLC, Term Loan <br> B5, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 5.42%, 04/28/28<br>| &nbsp;&nbsp; 208 | &nbsp;&nbsp; 207909 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 05/19/31<br>| &nbsp;&nbsp; 315 | &nbsp;&nbsp; 313397 |
| Edelman Financial Engines Center LLC.(The), 2024 <br> Term Loan, (1-mo. CME Term SOFR at 0.00% Floor <br> + 3.00%), 6.67%, 04/07/28<br>| &nbsp;&nbsp; 169 | &nbsp;&nbsp; 168421 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 09/15/31<br>| &nbsp;&nbsp; 208 | &nbsp;&nbsp; 206084 |
| GTCR Everest Borrower LLC, Add on Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.42%, 09/05/31<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44698 |
| Hudson River Trading LLC, 2026 Repriced Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 03/18/30<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 107505 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, <br> 12/15/31<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 297907 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.15%, <br> 10/08/32<br>| &nbsp;&nbsp; $90 | &nbsp;&nbsp; $89944 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.42%, 11/05/28<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10535 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.17%, 10/16/31<sup>(e)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5998 |
|  |  | &nbsp;&nbsp; 2204050 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| Calpine Construction Finance Co., L.P., 2025 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 5.42%, 07/31/30<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; 174910 |
| Constellation Renewables LLC, 2020 Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 2.00%), <br> 5.82%, 12/15/27<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89526 |
| LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 6.68%, 12/02/31<br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65312 |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.52%, 04/16/31<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300233 |
| Talen Energy Supply LLC |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.67%, 11/25/32<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 92930 |
| 2024-1 Incremental Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.35%, <br> 12/15/31<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58392 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, <br> (1-mo. CME Term SOFR + 1.75%), 5.42%, <br> 12/20/30<br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 118554 |
|  |  | &nbsp;&nbsp; 899857 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 5.42%, 05/13/29<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16639 |
| Project Aurora US Finco Inc, USD Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, <br> 12/06/32<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23015 |
|  |  | &nbsp;&nbsp; 39654 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.42%, 06/20/31<sup>(e)</sup><br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 69056 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br> 07/02/29<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 97901 |
| LSF12 Helix Parent LLC, USD Term Loan B, <br> 01/21/33<sup>(h)</sup><br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 112576 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.16%, 10/01/32<br>| &nbsp;&nbsp; 81 | &nbsp;&nbsp; 81008 |
| Resilience Parent LLC, 1st Lien Term Loan, <br> 01/21/33<sup>(h)</sup><br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; 165793 |
| Sanmina Corp., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.70%, 10/27/32<sup>(e)</sup><br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90225 |
|  |  | &nbsp;&nbsp; 616559 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| Whitewater Matterhorn Holdings LLC, 2026 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 5.42%, 06/16/32<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 60684 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction — 1.5%** | **Engineering & Construction — 1.5%** | **Engineering & Construction — 1.5%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.17%, 09/23/31<br>| &nbsp;&nbsp; $295 | &nbsp;&nbsp; $294794 |
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.67%, 09/29/32<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43143 |
| Brand Industrial Services, Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.35%, 08/01/30<br>| &nbsp;&nbsp; 229 | &nbsp;&nbsp; 201743 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 11/03/31<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44190 |
| Legence Holdings LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), <br> 5.92%, 12/16/31<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 93300 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.43%, <br> 01/25/31<br>| &nbsp;&nbsp; 194 | &nbsp;&nbsp; 194999 |
|  |  | &nbsp;&nbsp; 872169 |
| **Entertainment — 5.7%** | **Entertainment — 5.7%** | **Entertainment — 5.7%** |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.18%, 10/02/28<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 56808 |
| Caesars Entertainment, Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 5.92%, 02/06/30<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33063 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 5.92%, 02/06/31<br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 342416 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.01%, <br> 07/22/30<br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 117858 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.19%, <br> 12/02/31<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 96572 |
| Delta 2 Lux Sarl, 2024 Term Loan B1, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br> 09/30/31<br>| &nbsp;&nbsp; 293 | &nbsp;&nbsp; 292344 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 03/04/32<br>| &nbsp;&nbsp; 179 | &nbsp;&nbsp; 178650 |
| ECL Entertainment, LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 08/30/30<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29488 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 6.42%, 03/24/32<br>| &nbsp;&nbsp; 367 | &nbsp;&nbsp; 366880 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.42%, 11/30/30<br>| &nbsp;&nbsp; 211 | &nbsp;&nbsp; 210197 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 5.67%, 06/04/32<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 91096 |
| Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.44%, 11/01/29<br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; 73604 |
| Herschend Entertainment Co., LLC, 2026 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 05/27/32<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 92732 |
| Light and Wonder International, Inc., 2026 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.00%), 5.67%, 04/16/29<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199231 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 10/21/32<sup>(e)</sup><br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 121695 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Motion Finco Sarl, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br> 11/12/29<br>| &nbsp;&nbsp; $209 | &nbsp;&nbsp; $178184 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 7.92%, <br> 08/01/30<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 41723 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br> 05/03/29<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90329 |
| Scientific Games Holdings LP, 2024 USD Term Loan <br> B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 6.65%, 04/04/29<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 92099 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term <br> Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.00%), 5.67%, 12/04/31<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 72119 |
| Six Flags Entertainment Corp., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 05/01/31<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37664 |
| UFC Holdings LLC, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.87%, <br> 11/21/31<br>| &nbsp;&nbsp; 301 | &nbsp;&nbsp; 301566 |
| Voyager Parent, LLC, Repriced Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, <br> 07/01/32<br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 109442 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.57%, <br> 01/24/31<br>| &nbsp;&nbsp; 141 | &nbsp;&nbsp; 141396 |
|  |  | &nbsp;&nbsp; 3367156 |
| **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.50%), 5.17%, <br> 10/08/32<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44303 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, <br> 10/21/28<br>| &nbsp;&nbsp; 178 | &nbsp;&nbsp; 177821 |
| GFL ES U.S. LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.27%, <br> 03/03/32<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; 238205 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br> 10/17/30<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60061 |
| Madison IAQ LLC, Term Loan, (6-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.13%, 06/21/28<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150199 |
| Reworld Holding Corp. |  |  |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 5.92%, 11/30/28<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34795 |
| 2025 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 5.92%, <br> 01/15/31<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36942 |
| 2025 1st Lien Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 5.93%, <br> 01/15/31<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9971 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 5.93%, 01/15/31<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61361 |
| The Action Environmental Group, Inc. (The), 2023 <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 6.67%, 10/24/30<sup>(h)</sup><br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49096 |
|  |  | &nbsp;&nbsp; 862754 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 5.92%, 10/28/32<br>| &nbsp;&nbsp; $353 | &nbsp;&nbsp; $353441 |
| Froneri International Ltd., 2024 USD Term Loan B4, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.88%, 09/30/31<br>| &nbsp;&nbsp; 254 | &nbsp;&nbsp; 253672 |
| Froneri Lux Finco Sarl, 2025 USD Term Loan B6, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.88%, 09/30/32<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38915 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. <br> CME Term SOFR at 2.00% Floor + 6.50%), 10.17%, <br> 03/29/30<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4485 |
| US Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 10/03/31<br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; 161307 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 01/29/32<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 61615 |
|  |  | &nbsp;&nbsp; 873435 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc., 2025 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.42%, 04/06/28<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20025 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.52%, <br> 09/07/27<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 63378 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.69%, <br> 09/22/32<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25016 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 09/26/31<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55542 |
| **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** |
| Hologic, Inc., 2026 USD Term Loan B, 01/14/33<sup>(h)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 421762 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.42%, 10/23/28<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 113727 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 5.42%, <br> 10/23/30<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59890 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.67%, 08/20/32<br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; 87231 |
|  |  | &nbsp;&nbsp; 682610 |
| **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** |
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br> 09/20/32<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17421 |
| Bausch & Lomb Corp., 2025 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.42%, 01/15/31<br>| &nbsp;&nbsp; 265 | &nbsp;&nbsp; 266955 |
| Concentra Health Services, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 5.67%, 07/26/31<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 69444 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br> 11/01/28<br>| &nbsp;&nbsp; 165 | &nbsp;&nbsp; 165304 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| ICON Luxembourg Sarl, 2024 LUX Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 5.67%, 07/03/28<br>| &nbsp;&nbsp; $24 | &nbsp;&nbsp; $24143 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.42%, 05/19/31<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 99195 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 09/22/32<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; 143108 |
| Sotera Health Holdings LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 05/30/31<br>| &nbsp;&nbsp; 254 | &nbsp;&nbsp; 254722 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 78278 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 12/19/30<br>| &nbsp;&nbsp; 169 | &nbsp;&nbsp; 168761 |
| Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.17%, <br> 06/30/28<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39800 |
|  |  | &nbsp;&nbsp; 1327131 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.42%, 07/30/31<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36803 |
| Intrado Corp., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.17%, 01/31/30<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29517 |
|  |  | &nbsp;&nbsp; 66320 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 6.77%, 07/30/28<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; 196822 |
| Somnigroup International, Inc., Term Loan B, (1-mo. <br> SOFR + 2.25%), 5.90%, 10/24/31<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34934 |
| Weber-Stephen Products LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.41%, 10/01/32<br>| &nbsp;&nbsp; 132 | &nbsp;&nbsp; 131835 |
|  |  | &nbsp;&nbsp; 363591 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, <br> 12/30/32<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79197 |
| Packers Holdings, LLC, 2025 Takeback Term Loan, <br> (1-mo. CME Term SOFR at 1.00% Floor + 6.50%), <br> 10.27%, 03/10/31<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5770 |
| Reynolds Consumer Products LLC, 2025 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 5.42%, 03/04/32<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29112 |
|  |  | &nbsp;&nbsp; 114079 |
| **Housewares — 0.4%** | **Housewares — 0.4%** | **Housewares — 0.4%** |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br> 01/20/32<br>| &nbsp;&nbsp; 198 | &nbsp;&nbsp; 197061 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.50%), 6.29%, 10/20/28<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19029 |
| 2022 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.02%, <br> 10/20/28<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19253 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Housewares (continued)** | **Housewares (continued)** | **Housewares (continued)** |
| Springs Windows Fashion LLC, 2024 FLFO Delayed <br> Draw Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 4.50%), 8.17%, 12/19/29<br>| &nbsp;&nbsp; $11 | &nbsp;&nbsp; $10862 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, <br> (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.17%, 12/19/29<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16292 |
|  |  | &nbsp;&nbsp; 262497 |
| **Insurance — 6.5%** | **Insurance — 6.5%** | **Insurance — 6.5%** |
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 09/19/31<br>| &nbsp;&nbsp; 479 | &nbsp;&nbsp; 477242 |
| AmWINS Group, Inc., 2026 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.00%), 5.67%, <br> 01/30/32<br>| &nbsp;&nbsp; 340 | &nbsp;&nbsp; 338763 |
| Amynta Agency Borrower, Inc., 2026 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 12/29/31<br>| &nbsp;&nbsp; 226 | &nbsp;&nbsp; 224342 |
| Ardonagh Group Finco Pty Ltd, 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 6.37%, 02/15/31<br>| &nbsp;&nbsp; 208 | &nbsp;&nbsp; 207543 |
| Asurion LLC |  |  |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 7.92%, 09/19/30<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39791 |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 7.92%, 09/19/30<br>| &nbsp;&nbsp; 262 | &nbsp;&nbsp; 261975 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.02%, 08/19/28<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89342 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br> SOFR + 5.25%), 9.04%, 01/20/29<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25474 |
| Baldwin Insurance Group Holdings LLC, 2025 Term <br> Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.18%, 05/26/31<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 86099 |
| CRC Insurance Group LLC |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 6.42%, 05/06/31<br>| &nbsp;&nbsp; 239 | &nbsp;&nbsp; 237909 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 8.42%, 05/06/32<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29547 |
| Howden Group Holdings Ltd., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 6.42%, 02/15/31<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; 214245 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 06/20/30<br>| &nbsp;&nbsp; 431 | &nbsp;&nbsp; 430191 |
| Jones Deslauriers Insurance Management, Inc., 2025 <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 6.42%, 03/15/30<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 98375 |
| Jones DesLauriers Insurance Management, Inc., 2026 <br> Repriced Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 6.66%, 02/02/33<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 85765 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 6.67%, 07/02/31<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20824 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 09/15/31<br>| &nbsp;&nbsp; 206 | &nbsp;&nbsp; 206169 |
| Sedgwick Claims Management Services, Inc., 2023 <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.17%, 07/31/31<br>| &nbsp;&nbsp; 387 | &nbsp;&nbsp; 385019 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| USI, Inc./New York |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.92%, 09/29/30<br>| &nbsp;&nbsp; $193 | &nbsp;&nbsp; $191928 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.92%, 11/21/29<br>| &nbsp;&nbsp; 229 | &nbsp;&nbsp; 228645 |
|  |  | &nbsp;&nbsp; 3879188 |
| **Internet — 2.3%** | **Internet — 2.3%** | **Internet — 2.3%** |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.17%, <br> 08/15/29<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 71054 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.17%, <br> 11/08/32<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 127835 |
| Gen Digital, Inc. |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 5.42%, 09/12/29<br>| &nbsp;&nbsp; 297 | &nbsp;&nbsp; 293763 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.42%, 04/16/32<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 90167 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 1.75%), 5.42%, 05/30/31<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 90034 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.42%, 11/09/29<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 84030 |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 7.92%, 05/03/28<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 56429 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 7.92%, 12/31/31<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43053 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br> 08/31/28<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; 296334 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan <br> B, (1-mo. CME Term SOFR + 4.75%), 8.42%, <br> 03/15/30<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; 179292 |
|  |  | &nbsp;&nbsp; 1331991 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 05/31/30<sup>(e)</sup><br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 94171 |
| Bombardier Recreational Products, Inc., 2024 Term <br> Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.25%), 5.92%, 01/22/31<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 51799 |
| Hayward Industries, Inc., 2021 Term Loan, (1-mo. <br> CME Term SOFR + 2.50%), 6.29%, 05/30/28<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24002 |
| Sabre GLBL, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.00%), 9.77%, 11/15/29<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 48429 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.00%), 9.77%, 11/15/29<sup>(e)</sup><br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 22949 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.25%), 10.02%, 07/30/29<sup>(e)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7727 |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br> Term SOFR at 0.50% Floor + 6.25%), 10.02%, <br> 07/30/29<sup>(e)</sup><br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14016 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br> 08/03/28<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 73124 |
|  |  | &nbsp;&nbsp; 336217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging — 1.6%** | **Lodging — 1.6%** | **Lodging — 1.6%** |
| Aimbridge Acquisition Co., Inc. |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 1.50% and 6.00% <br> PIK), 11.29%, 03/11/30<sup>(g)</sup><br>| &nbsp;&nbsp; $19 | &nbsp;&nbsp; $18579 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 5.50%), 9.29%, 03/11/30<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19873 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 6.92%, <br> 01/27/29<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; 298148 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br> 09/22/32<br>| &nbsp;&nbsp; 81 | &nbsp;&nbsp; 80982 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan <br> B4, (1-mo. CME Term SOFR + 1.75%), 5.42%, <br> 11/08/30<br>| &nbsp;&nbsp; 129 | &nbsp;&nbsp; 129521 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 03/14/31<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 217111 |
| Turquoise Topco Ltd., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 6.90%, 12/30/32<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 68569 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.42%, 05/24/30<br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110263 |
|  |  | &nbsp;&nbsp; 943046 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 6.42%, 06/23/30<br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100637 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 2.50%), 6.16%, 03/15/30<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36891 |
| Columbus McKinnon Corp. |  |  |
| 2026 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.16%, 02/03/33<sup>(e)</sup><br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; 114137 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.50%), 6.17%, 05/14/28<sup>(e)</sup><br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45794 |
| Generac Power Systems, Inc., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.45%, 07/03/31<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49527 |
| Innio Holding GmbH, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 5.93%, <br> 11/02/28<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73939 |
| Innio North America Holding Inc, 2026 USD Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 5.66%, 11/02/31<sup>(e)</sup><br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43103 |
| Roper Industrial PIC LLC, <sup>(h)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73604 |
| SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 6.42%, 04/05/29<br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; 259546 |
| TK Elevator US Newco, Inc., 2025 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 6.38%, 04/30/30<br>| &nbsp;&nbsp; 362 | &nbsp;&nbsp; 362649 |
| Vertiv Group Corp., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.45%, <br> 08/12/32<br>| &nbsp;&nbsp; 278 | &nbsp;&nbsp; 278405 |
| Wec U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.70%, <br> 01/27/31<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; 196473 |
|  |  | &nbsp;&nbsp; 1634705 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing — 0.6%** | **Manufacturing — 0.6%** | **Manufacturing — 0.6%** |
| CompoSecure Holdings LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 5.93%, <br> 01/14/33<br>| &nbsp;&nbsp; $134 | &nbsp;&nbsp; $133582 |
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.42%, 07/06/29<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37761 |
| Graham Packaging Co., Inc., 2026 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.92%, 01/26/33<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 112811 |
| Potters Industries, LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 12/23/32<sup>(e)</sup><br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46927 |
|  |  | &nbsp;&nbsp; 331081 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| Charter Communications Operating LLC |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.66%, 12/07/30<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40836 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.91%, 12/15/31<br>| &nbsp;&nbsp; 81 | &nbsp;&nbsp; 81074 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 8.25%, 04/15/27<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 263034 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 8.93%, 08/02/27<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2158 |
| Gray Media, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR + 5.25%), 8.95%, 06/04/29<br>| &nbsp;&nbsp; 0 <br><sup>(i)</sup><br>| &nbsp;&nbsp; 400 |
| Learfield Communications LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.42%, 06/30/28<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 78564 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.50%), 8.17%, <br> 10/17/31<br>| &nbsp;&nbsp; 134 | &nbsp;&nbsp; 122335 |
| Numericable US LLC, 2025 USD Term Loan B14, <br> (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), <br> 10.55%, 05/31/31<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 106099 |
| Radiate Holdco, LLC, 2025 FLFO Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50% and <br> 1.50% PIK), 8.79%, 09/25/29<sup>(g)</sup><br>| &nbsp;&nbsp; 191 | &nbsp;&nbsp; 163739 |
| Sunrise Financing Partnership, Term Loan AAA, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.13%, <br> 02/15/32<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39854 |
| Telenet Financing USD LLC, 2020 USD Term Loan <br> AR, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 5.79%, 04/28/28<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29638 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, <br> (1-mo. CME Term SOFR + 3.25%), 7.04%, <br> 01/31/29<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23945 |
|  |  | &nbsp;&nbsp; 951676 |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| Covia Holdings Corp., 2025 Repriced Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.40%, 02/26/32<br>| &nbsp;&nbsp; 109 | &nbsp;&nbsp; 108481 |
| Novelis Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.42%, 03/11/32<br>| &nbsp;&nbsp; 237 | &nbsp;&nbsp; 237108 |
|  |  | &nbsp;&nbsp; 345589 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.43%, 02/11/30<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 84362 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Deep Blue Operating I LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.44%, <br> 10/01/32<br>| &nbsp;&nbsp; $27 | &nbsp;&nbsp; $27051 |
| **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br> 12/29/32<br>| &nbsp;&nbsp; 205 | &nbsp;&nbsp; 203633 |
| Charter Next Generation, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.75% Floor + <br> 2.50%), 6.19%, 11/29/30<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 251692 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR + 3.18%), <br> 6.85%, 04/13/29<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19888 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 6.92%, 04/01/32<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; 179204 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 5.00%), 8.77%, <br> 10/30/28<br>| &nbsp;&nbsp; 157 | &nbsp;&nbsp; 71397 |
| Mauser Packaging Solutions Holding Co., 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 7.23%, 04/15/30<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 87670 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 7.67%, 02/01/29<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56085 |
| Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. <br> CME Term SOFR + 4.00%), 7.76%, 09/15/28<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17901 |
| Ring Container Technologies Group, LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.17%, 09/15/32<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; 47930 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br> 09/15/28<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40401 |
|  |  | &nbsp;&nbsp; 975801 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.17%, 08/01/32<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200999 |
| 2026 Repriced Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.17%, 08/01/32<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1875 |
| BioMarin Pharmaceutical, Inc., Term Loan B, <br> 01/28/33<sup>(h)</sup><br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75047 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.45%, <br> 10/31/32<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60002 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br> 7.42%, 04/23/31<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34797 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.00%), 7.77%, <br> 10/01/27<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 49053 |
| Jazz Financing Lux Sarl, 2024 1st Lien Term Loan B2, <br> (1-mo. CME Term SOFR + 2.25%), 5.92%, <br> 05/05/28<br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; 160887 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br> 05/19/31<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33494 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 04/20/29<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105129 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| PRA Health Sciences, Inc., 2024 US Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 5.67%, 07/03/28<br>| &nbsp;&nbsp; $6 | &nbsp;&nbsp; $6015 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 5.42%, 08/01/31<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 93367 |
|  |  | &nbsp;&nbsp; 820665 |
| **Pipelines — 1.5%** | **Pipelines — 1.5%** | **Pipelines — 1.5%** |
| BIP PipeCo Holdings LLC |  |  |
| Term Loan B, 12/06/30<sup>(h)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20290 |
| Term Loan B, 12/06/30<sup>(h)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20290 |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 11/22/32<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46722 |
| Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR <br> + 1.75%), 5.41%, 07/30/32<br>| &nbsp;&nbsp; 210 | &nbsp;&nbsp; 208676 |
| Freeport LNG Investments, LLLP |  |  |
| 2026 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% + 3.25%), 6.89%, 01/29/33<br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 117558 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 6.92%, 12/21/28<br>| &nbsp;&nbsp; 223 | &nbsp;&nbsp; 223480 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.65%, 10/04/30<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8747 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.17%, 04/01/32<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 60720 |
| Oryx Midstream Services Permian Basin LLC, 2025 <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 5.92%, 10/05/28<br>| &nbsp;&nbsp; 164 | &nbsp;&nbsp; 164303 |
|  |  | &nbsp;&nbsp; 870786 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Cushman & Wakefield U.S. Borrower LLC, 2025 Term <br> Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.75%), 6.42%, 01/31/30<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25568 |
| **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |
| Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 01/31/31<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29596 |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.42%, 05/20/30<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 70413 |
|  |  | &nbsp;&nbsp; 100009 |
| **Retail — 1.9%** | **Retail — 1.9%** | **Retail — 1.9%** |
| 1011778 BC Unlimited Liability Co., 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 5.42%, 09/20/30<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 115883 |
| Boots Group Bidco Ltd. (The), USD Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br> 08/30/32<br>| &nbsp;&nbsp; 112 | &nbsp;&nbsp; 112280 |
| EG America LLC |  |  |
| 2026 Term Loan B, 01/30/31<sup>(e)(h)</sup> | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 116854 |
| 2025 USD Repriced Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.32%, <br> 02/07/28<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30588 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 54488 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br> 12/16/30<br>| &nbsp;&nbsp; 138 | &nbsp;&nbsp; 137576 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Les Schwab Tire Centers, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.30%, <br> 04/23/31<br>| &nbsp;&nbsp; $100 | &nbsp;&nbsp; $99802 |
| Murphy Oil USA, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 5.45%, 04/07/32<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33188 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 09/29/32<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20974 |
| QXO Building Products, Inc., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 04/30/32<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32142 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.92%, 10/19/29<br>| &nbsp;&nbsp; 373 | &nbsp;&nbsp; 371821 |
|  |  | &nbsp;&nbsp; 1125596 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Gryphon Acquire Newco LLC, Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.88%, <br> 09/13/32<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 91512 |
| MKS Instruments, Inc., 2026 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.42%, 01/28/33<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 97121 |
| MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, <br> 08/17/29<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; 215745 |
|  |  | &nbsp;&nbsp; 404378 |
| **Software — 11.1%** | **Software — 11.1%** | **Software — 11.1%** |
| Applied Systems, Inc., 2024 1st Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 02/24/31<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; 324270 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, <br> 02/15/29<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 248612 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 6.42%, 03/26/32<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 86949 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br> 11/25/31<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; 142532 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.82%, 07/30/31<br>| &nbsp;&nbsp; 305 | &nbsp;&nbsp; 292510 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br> 06/17/30<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 59854 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. <br> CME Term SOFR + 2.00%), 5.67%, 01/23/32<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 122583 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br> 07/06/29<br>| &nbsp;&nbsp; 265 | &nbsp;&nbsp; 211673 |
| Clearwater Analytics LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 04/21/32<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 86565 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 6.92%, 03/21/31<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; 217070 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 6.92%, 08/13/32<br>| &nbsp;&nbsp; 269 | &nbsp;&nbsp; 260397 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 7.52%, 10/08/28<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 37386 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.29%, 06/02/28<br>| &nbsp;&nbsp; $201 | &nbsp;&nbsp; $200403 |
| Cotiviti Corp., 2024 Term Loan, (1-mo. CME Term <br> SOFR + 2.75%), 6.45%, 05/01/31<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 230669 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.25%), 6.90%, 10/09/31<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19401 |
| Dayforce, Inc. |  |  |
| 2026 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 6.66%, 02/04/33<br>| &nbsp;&nbsp; 255 | &nbsp;&nbsp; 247350 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.67%, 03/01/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199342 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR + 4.25%), 7.92%, 06/26/31<sup>(e)</sup><br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 55985 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.17%, <br> 10/08/29<br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 308406 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 4.75%), 8.42%, 11/22/32<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 47836 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.17%, <br> 05/30/31<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 215533 |
| Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br> 09/15/32<sup>(e)</sup><br>| &nbsp;&nbsp; 328 | &nbsp;&nbsp; 287881 |
| Genesys Cloud Services Holdings II LLC, 2025 USD <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.17%, 01/30/32<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 309960 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 03/20/32<br>| &nbsp;&nbsp; 317 | &nbsp;&nbsp; 304471 |
| Mitchell International, Inc., 2024 2nd Lien Term Loan, <br> (1-mo. CME Term SOFR + 5.25%), 8.92%, <br> 06/17/32<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32736 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 7.92%, 07/01/31<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 51583 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.17%, 12/17/27<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23044 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.42%, 11/03/31<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 72687 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 7.68%, <br> 06/02/28<br>| &nbsp;&nbsp; 174 | &nbsp;&nbsp; 159893 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 6.42%, 07/16/31<br>| &nbsp;&nbsp; 159 | &nbsp;&nbsp; 155913 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 06/28/30<sup>(e)</sup><br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 85664 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.00%), 6.93%, 04/24/28<br>| &nbsp;&nbsp; 154 | &nbsp;&nbsp; 151552 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 05/09/31<br>| &nbsp;&nbsp; 328 | &nbsp;&nbsp; 327826 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.17%, 02/10/31<br>| &nbsp;&nbsp; 251 | &nbsp;&nbsp; 244246 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 5.92%, 04/12/31<br>| &nbsp;&nbsp; 206 | &nbsp;&nbsp; 203220 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 10/22/29<sup>(e)</sup><br>| &nbsp;&nbsp; $61 | &nbsp;&nbsp; $60883 |
| X.AI LLC, Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 7.25%), 10.85%, 06/28/30<br>| &nbsp;&nbsp; 198 | &nbsp;&nbsp; 201614 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), <br> 6.42%, 09/28/29<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 105383 |
| 5th Amendment Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 6.92%, <br> 11/26/31<br>| &nbsp;&nbsp; 216 | &nbsp;&nbsp; 210088 |
|  |  | &nbsp;&nbsp; 6603970 |
| **Storage & Warehousing — 0.1%** | **Storage & Warehousing — 0.1%** | **Storage & Warehousing — 0.1%** |
| Transmontaigne Operating Co., Term Loan B, <br> 03/18/30<sup>(h)</sup><br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39687 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.43%, <br> 10/24/30<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 98441 |
| Digicel International Finance Ltd., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br> 9.02%, 08/06/32<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 53047 |
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.92%, 03/29/32<br>| &nbsp;&nbsp; 396 | &nbsp;&nbsp; 396099 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.35%), 6.14%, <br> 04/16/29<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 121795 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.35%), 6.14%, <br> 04/15/30<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 93367 |
| 2024 Term Loan A, (1-mo. CME Term SOFR + <br> 6.00%), 9.72%, 06/01/28<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3038 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 7.67%, <br> 10/06/32<sup>(e)</sup><br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 118000 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00% <br> and 0.50% PIK), 7.29%, 03/11/30<sup>(g)</sup><br>| &nbsp;&nbsp; 359 | &nbsp;&nbsp; 345192 |
|  |  | &nbsp;&nbsp; 1228979 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 04/10/31<br>| &nbsp;&nbsp; 329 | &nbsp;&nbsp; 328726 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.25%), 10.02%, 12/15/26<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37609 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 03/18/30<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 124275 |
| Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br> 04/09/32<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48939 |
|  |  | &nbsp;&nbsp; 539549 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
| Azuria Water Solutions, Inc. |  |  |
| 2026 Term Loan B, 01/27/33<sup>(e)(h)</sup> | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $90486 |
| 2026 Delayed Draw Term Loan, 01/27/33<sup>(e)(h)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12065 |
|  |  | &nbsp;&nbsp; 102551 |
| **Total Floating Rate Loan Interests — 84.5%** <br>**(Cost: $50,847,853)** | **Total Floating Rate Loan Interests — 84.5%** <br>**(Cost: $50,847,853)** | &nbsp;&nbsp; 50101337 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Luxco Co. Ltd., NVS | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 11725 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Learfield Communications LLC, NVS, (Acquired <br> 09/06/23, Cost $3,910)<sup>(e)(j)</sup><br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 34944 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Hearthside Equity, NVS | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 3565 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Aimbridge Acquisition Co., Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 27770 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Fortrex Technologies, Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 6939 |
| **Total Common Stocks — 0.1%** <br>**(Cost $60,190)** | **Total Common Stocks — 0.1%** <br>**(Cost $60,190)** | &nbsp;&nbsp; 84943 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 3.9%** | **Exchange Traded Funds — 3.9%** | **Exchange Traded Funds — 3.9%** |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(k)</sup> | &nbsp;&nbsp; 20250 | &nbsp;&nbsp; 872775 |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(k)</sup> | &nbsp;&nbsp; 38000 | &nbsp;&nbsp; 1430320 |
|  |  | &nbsp;&nbsp; 2303095 |
| **Total Investment Companies — 3.9%** <br>**(Cost $2,252,625)** | **Total Investment Companies — 3.9%** <br>**(Cost $2,252,625)** | &nbsp;&nbsp; 2303095 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Veritas Kapital Assurance PLC, Series G-1, Preference <br> Shares, NVS<sup>(e)</sup><br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; 1786 |
| Veritas Kapital Assurance PLC, Series G, Preference <br> Shares, NVS<sup>(e)</sup><br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 2386 |
|  |  | &nbsp;&nbsp; 4172 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $2,925)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $2,925)** | &nbsp;&nbsp; 4172 |
| **Total Long-Term Investments — 91.1%** <br>**(Cost: $54,712,900)** | **Total Long-Term Investments — 91.1%** <br>**(Cost: $54,712,900)** | &nbsp;&nbsp; 54048361 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 14.4%** | **Money Market Funds — 14.4%** | **Money Market Funds — 14.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(k)(l)(m)</sup><br>| &nbsp;&nbsp; 321161 | &nbsp;&nbsp; $321322 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(k)(l)</sup><br>| &nbsp;&nbsp; 8220000 | &nbsp;&nbsp; 8220000 |
| **Total Short-Term Securities — 14.4%** <br>**(Cost: $8,541,322)** | **Total Short-Term Securities — 14.4%** <br>**(Cost: $8,541,322)** | &nbsp;&nbsp; 8541322 |
| **Total Investments — 105.5%** <br>**(Cost: $63,254,222)** | **Total Investments — 105.5%** <br>**(Cost: $63,254,222)** | &nbsp;&nbsp; 62589683 |
| **Liabilities in Excess of Other Assets — (5.5)%** | **Liabilities in Excess of Other Assets — (5.5)%** | &nbsp;&nbsp; (3274067)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $59315616 |

---

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

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

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

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

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

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

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

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

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

<sup>(j)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $34,944, representing 0.1% of its net assets as of period end, and an original cost of $3,910. 

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

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

<sup>(m)</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 Floating Rate Loan 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>| $1351543 | $— | &nbsp;&nbsp; $(1030389 )<sup>(a)</sup><br>| $249 | $(81)<br>| $321322 | 321161 | $1246 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 5960000 | 2260000 <br><sup>(a)</sup><br>|  |  |  | 8220000 | 8220000 | 119776 |  |
| iShares 0-5 Year High Yield Corporate Bond <br> ETF<br>| 871560 |  |  |  | 1215 | 872775 | 20250 | 29988 |  |
| iShares Broad USD High Yield Corporate Bond <br> ETF<br>| 673020 | 750806 |  |  | 6494 | 1430320 | 38000 | 23043 |  |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(c)</sup><br>| 576726 |  | &nbsp;&nbsp; (578427)<br>| 37863 | (36162)<br>|  |  | 8388 |  |
|  |  |  |  | $38112 | $(28534) | $10844417 |  | $182441 | $— |

---

&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 Outstanding as of Period End**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.43.V1 | 5.00<br> %<br>| Quarterly | 12/20/29 | B+ | USD | 597 | $50478 | $39913 | $10565 |

---

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

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR, 3.68% | At <br> Termination<br>| Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 500 | $14436 | $(5488)<br>| $19924 |
| 1-day SOFR, 3.68% | At <br> Termination<br>| Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 500 | (3618)<br>| (4885)<br>| 1267 |
| 1-day SOFR, 3.68% | At <br> Termination<br>| Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/20/26 | USD | 2000 | 10289 | (21623)<br>| 31912 |
|  |  |  |  |  |  |  |  |  | $21107 | $(31996)<br>| $53103 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $39913 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10565 | &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31996)<br>| &nbsp;&nbsp;&nbsp; 53103 | &nbsp;&nbsp;&nbsp; — |

---

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

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**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** |  |  |  |  |  |  |  |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10565 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53103 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53103 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53103 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63668 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31996 |

---

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:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8152 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8233 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9849 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6038)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3811 |

---

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

---

| | |
|:---|:---|
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp; $598500 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $3000000 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Swaps - centrally cleared | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $226 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 53103 | &nbsp;&nbsp;&nbsp; 31996 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 53103 | &nbsp;&nbsp;&nbsp; 32222 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (226)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $53103 | &nbsp;&nbsp;&nbsp; $31996 |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $53103 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53103)<br>| &nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $53103 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53103)<br>| &nbsp;&nbsp; $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)</sup> <br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $31966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31966 |
|  | &nbsp;&nbsp; $31966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31966 |

---

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1290674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1290674 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 264140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264140 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 48294878 | &nbsp;&nbsp; 1806459 | &nbsp;&nbsp; 50101337 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 15290 | &nbsp;&nbsp; 69653 | &nbsp;&nbsp; 84943 |
| Investment Companies | &nbsp;&nbsp; 2303095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2303095 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4172 | &nbsp;&nbsp; 4172 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 8541322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8541322 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (340)<br>|
|  | &nbsp;&nbsp; $10844417 | &nbsp;&nbsp; $49864642 | &nbsp;&nbsp; $1880284 | &nbsp;&nbsp; $62589343 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10565 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 53103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53103 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63668 |

---

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

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. <br> <sup>(b)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Floating Rate Loan Active ETF**

in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Common* <br>*Stocks*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Preferred* <br>*Stocks*<br>| *Total* |
| Assets: |  |  |  |  |
| Opening balance, as of July 31, 2025 | &nbsp;&nbsp; $102264 | &nbsp;&nbsp; $781451 | &nbsp;&nbsp; $4208 | &nbsp;&nbsp; $887923 |
| Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 879632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 879632 |
| Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; (404612)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (404612)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; — | &nbsp;&nbsp; 387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 387 |
| Net realized gain (loss) | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; (2433)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (263)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; 5078 | &nbsp;&nbsp; (52708)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; (47665)<br>|
| Purchases | &nbsp;&nbsp; 7441 | &nbsp;&nbsp; 947032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 954473 |
| Sales | &nbsp;&nbsp; (47300)<br>| &nbsp;&nbsp; (342289)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (389589)<br>|
| Closing balance, as of January 31, 2026 | &nbsp;&nbsp; $69653 | &nbsp;&nbsp; $1806460 | &nbsp;&nbsp; $4173 | &nbsp;&nbsp; $1880286 |
| Net change in unrealized appreciation (depreciation) on investment still held at January 31, 2026 | &nbsp;&nbsp; $5077 | &nbsp;&nbsp; $(53777)<br>| &nbsp;&nbsp; $(35)<br>| &nbsp;&nbsp; $(48735)<br>|
| <sup>(a)</sup>Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup>Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup>Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup>Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |  |
| <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at <br> January 31, 2026 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at <br> January 31, 2026 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at <br> January 31, 2026 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at <br> January 31, 2026 is generally due to investments no longer held or categorized as Level 3 at period end. |  |

---

The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial investments.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Intermediate Muni Income Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 7.3%** | **Alabama — 7.3%** | **Alabama — 7.3%** |
| Alabama Highway Authority RB, 5.00%, 09/01/41 <br> (AG)<br>| &nbsp;&nbsp; $950 | $1078762 |
| Baldwin County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/55<sup>(a)</sup><br>| &nbsp;&nbsp; 1100 | 1124111 |
| Black Belt Energy Gas District |  |  |
| 2.63%, 10/01/52<sup>(b)(c)</sup> | &nbsp;&nbsp; 535 | 530805 |
| 4.00%, 10/01/49 | &nbsp;&nbsp; 950 | 956209 |
| 5.00%, 02/01/30 | &nbsp;&nbsp; 465 | 495989 |
| 5.00%, 05/01/31 | &nbsp;&nbsp; 300 | 324398 |
| 5.00%, 12/01/34 | &nbsp;&nbsp; 1650 | 1793679 |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 1490 | 1601413 |
| 5.00%, 12/01/35 | &nbsp;&nbsp; 1415 | 1527206 |
| 5.00%, 03/01/55 | &nbsp;&nbsp; 580 | 626401 |
| 5.00%, 12/01/55 | &nbsp;&nbsp; 2390 | 2562821 |
| 5.25%, 02/01/53 | &nbsp;&nbsp; 1275 | 1344185 |
| 5.25%, 01/01/54 | &nbsp;&nbsp; 605 | 647588 |
| 5.25%, 05/01/55 | &nbsp;&nbsp; 465 | 501641 |
| 5.50%, 11/01/53 | &nbsp;&nbsp; 900 | 951504 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 700 | 771337 |
| County of Jefferson Sewer Revenue RB, 5.25%, <br> 10/01/42<br>| &nbsp;&nbsp; 1000 | 1088416 |
| Energy Southeast A Cooperative District RB, 5.75%, <br> 04/01/54<br>| &nbsp;&nbsp; 225 | 248436 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| 4.00%, 11/01/51 | &nbsp;&nbsp; 1315 | 1339957 |
| 5.00%, 10/01/30 | &nbsp;&nbsp; 2250 | 2442840 |
| 5.25%, 11/01/55 | &nbsp;&nbsp; 2155 | 2366655 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 505 | 539956 |
| Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 110 | 110664 |
|  |  | 24974973 |
| **California — 4.8%** | **California — 4.8%** | **California — 4.8%** |
| California Community Choice Financing Authority RB |  |  |
| 4.40%, 12/01/53<sup>(b)(c)</sup> | &nbsp;&nbsp; 750 | 763125 |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 1500 | 1644752 |
| 5.00%, 03/01/56 | &nbsp;&nbsp; 275 | 300330 |
| 5.00%, 10/01/56 | &nbsp;&nbsp; 4140 | 4542463 |
| California Infrastructure & Economic Development <br> Bank RB<br>|  |  |
| 3.50%, 01/01/65<sup>(a)</sup> | &nbsp;&nbsp; 2225 | 2226050 |
| 12.00%, 01/01/65<sup>(a)</sup> | &nbsp;&nbsp; 1240 | 930000 |
| California Municipal Finance Authority RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp; 500 | 504312 |
| California Pollution Control Financing Authority RB <br> AMT, 4.25%, 07/01/31<br>| &nbsp;&nbsp; 525 | 532538 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| 5.00%, 05/15/34 | &nbsp;&nbsp; 355 | 410179 |
| 5.00%, 05/15/35 | &nbsp;&nbsp; 500 | 581360 |
| 5.00%, 05/15/39 | &nbsp;&nbsp; 1000 | 1120565 |
| Northern California Transmission Agency RB, 5.00%, <br> 05/01/33<br>| &nbsp;&nbsp; 625 | 628953 |
| San Diego Unified School District California GO, <br> Series C, 0.00%, 07/01/38<br>| &nbsp;&nbsp; 1945 | 1291355 |
| San Francisco City & County Airport Comm-San <br> Francisco International Airport RB AMT, 5.00%, <br> 05/01/33<br>| &nbsp;&nbsp; 700 | 797485 |
|  |  | 16273467 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Colorado — 4.4%** | **Colorado — 4.4%** | **Colorado — 4.4%** |
| City & County of Denver Airport System Revenue <br> RB AMT<br>|  |  |
| 5.00%, 12/01/35 | &nbsp;&nbsp; $1010 | $1054498 |
| 5.75%, 11/15/34 | &nbsp;&nbsp; 200 | 233231 |
| Colorado Health Facilities Authority RB |  |  |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 320 | 369969 |
| 5.00%, 11/15/57 | &nbsp;&nbsp; 330 | 377224 |
| 5.00%, 11/15/60 | &nbsp;&nbsp; 285 | 314223 |
| Colorado State Education Loan Program, 5.00%, <br> 06/30/26<br>| &nbsp;&nbsp; 8775 | 8873703 |
| Denver City & County Housing Authority RB, 5.00%, <br> 06/01/29<br>| &nbsp;&nbsp; 415 | 437597 |
| Denver City & County School District No. 1 GO |  |  |
| 5.00%, 12/01/35 (SAW) | &nbsp;&nbsp; 1860 | 1895692 |
| 5.00%, 12/01/36 (SAW) | &nbsp;&nbsp; 640 | 651644 |
| State of Colorado COP, 5.00%, 03/15/37 | &nbsp;&nbsp; 675 | 690078 |
|  |  | 14897859 |
| **Connecticut — 2.6%** | **Connecticut — 2.6%** | **Connecticut — 2.6%** |
| Connecticut Housing Finance Authority RB, 1.85%, <br> 05/15/38<br>| &nbsp;&nbsp; 205 | 155963 |
| Connecticut State Health & Educational Facilities <br> Authority RB<br>|  |  |
| 2.80%, 07/01/48 | &nbsp;&nbsp; 80 | 80007 |
| 3.20%, 07/01/37 | &nbsp;&nbsp; 805 | 807705 |
| 5.00%, 12/01/30 | &nbsp;&nbsp; 740 | 745872 |
| State of Connecticut GO |  |  |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 125 | 148710 |
| 5.00%, 11/15/40 | &nbsp;&nbsp; 895 | 1010706 |
| State of Connecticut Special Tax Revenue RB |  |  |
| 5.00%, 07/01/38 | &nbsp;&nbsp; 220 | 246557 |
| 5.00%, 07/01/40 | &nbsp;&nbsp; 5000 | 5737015 |
|  |  | 8932535 |
| **Delaware — 0.5%** | **Delaware — 0.5%** | **Delaware — 0.5%** |
| Delaware State Economic Development Authority RB, <br> 4.00%, 10/01/45<br>| &nbsp;&nbsp; 1325 | 1348979 |
| Delaware Transportation Authority RB, 5.00%, <br> 09/01/26<br>| &nbsp;&nbsp; 315 | 320050 |
|  |  | 1669029 |
| **District of Columbia — 0.8%** | **District of Columbia — 0.8%** | **District of Columbia — 0.8%** |
| District of Columbia Income Tax Revenue RB, 5.00%, <br> 06/01/40<br>| &nbsp;&nbsp; 175 | 199224 |
| District of Columbia Water & Sewer Authority RB, <br> 5.00%, 10/01/41<br>| &nbsp;&nbsp; 685 | 764051 |
| Metropolitan Washington Airports Authority <br> Aviation Revenue<br>|  |  |
| 5.00%, 10/01/34 | &nbsp;&nbsp; 300 | 344199 |
| 5.00%, 10/01/37 | &nbsp;&nbsp; 295 | 320992 |
| 5.25%, 10/01/41 | &nbsp;&nbsp; 585 | 657917 |
| Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, 0.00%, 10/01/27 (AG)<br>| &nbsp;&nbsp; 395 | 377478 |
|  |  | 2663861 |
| **Florida — 2.8%** | **Florida — 2.8%** | **Florida — 2.8%** |
| County of Miami-Dade Aviation Revenue RB AMT, <br> 5.00%, 10/01/34<br>| &nbsp;&nbsp; 2000 | 2294660 |
| County of Miami-Dade FL GO, Series A, 5.00%, <br> 07/01/38<br>| &nbsp;&nbsp; 1075 | 1083171 |
| County of Miami-Dade Seaport Department RB, <br> 5.00%, 10/01/36<br>| &nbsp;&nbsp; 1205 | 1306106 |
| County of Osceola Transportation Revenue RB |  |  |
| 5.00%, 10/01/33 | &nbsp;&nbsp; 435 | 457589 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| 5.00%, 10/01/39 | &nbsp;&nbsp; $985 | $1014280 |
| Florida Development Finance Corp. RB AMT, 4.38%, <br> 10/01/54<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 252420 |
| Greater Orlando Aviation Authority RB, 5.25%, <br> 11/01/34<br>| &nbsp;&nbsp; 500 | 538510 |
| Kissimmee Park Community Development District, <br> 5.00%, 05/01/30<br>| &nbsp;&nbsp; 555 | 557914 |
| Lakes of Sarasota Community Development District, <br> 2.75%, 05/01/26<br>| &nbsp;&nbsp; 95 | 94839 |
| Miami-Dade County Expressway Authority, 5.00%, <br> 07/01/30<br>| &nbsp;&nbsp; 250 | 250429 |
| Palmetto Ridge Community Development District, <br> 4.13%, 05/01/31<br>| &nbsp;&nbsp; 740 | 741146 |
| Pinery Community Development District, 4.25%, <br> 05/01/31<br>| &nbsp;&nbsp; 500 | 500277 |
| School District of Broward County Florida COP, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp; 290 | 292757 |
| Tohoqua Community Development District, 2.38%, <br> 05/01/26<br>| &nbsp;&nbsp; 60 | 59821 |
|  |  | 9443919 |
| **Georgia — 1.6%** | **Georgia — 1.6%** | **Georgia — 1.6%** |
| City of Atlanta GA Department of Aviation RB AMT, <br> 5.25%, 07/01/42<br>| &nbsp;&nbsp; 300 | 328555 |
| County of DeKalb Water & Sewerage Revenue RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp; 1000 | 1115605 |
| Development Authority of Cobb County.(The), 5.70%, <br> 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 101931 |
| Gainesville & Hall County Hospital Authority RB, <br> 5.00%, 02/15/26<br>| &nbsp;&nbsp; 325 | 325284 |
| Georgia Housing & Finance Authority RB, 4.05%, <br> 12/01/35 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp; 250 | 258376 |
| Main Street Natural Gas, Inc. RB |  |  |
| 4.00%, 03/01/50 | &nbsp;&nbsp; 500 | 502869 |
| 5.00%, 12/01/29 | &nbsp;&nbsp; 850 | 905377 |
| 5.00%, 05/15/37 | &nbsp;&nbsp; 500 | 550625 |
| 5.00%, 07/01/53 | &nbsp;&nbsp; 50 | 52942 |
| 5.00%, 09/01/53 | &nbsp;&nbsp; 100 | 106297 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 500 | 535971 |
| 5.00%, 05/01/55 | &nbsp;&nbsp; 270 | 290799 |
| 5.00%, 12/01/55 | &nbsp;&nbsp; 500 | 537197 |
|  |  | 5611828 |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |
| State of Hawaii Airports System Revenue RB AMT, <br> 5.00%, 07/01/42<br>| &nbsp;&nbsp; 500 | 539253 |
| **Idaho — 1.1%** | **Idaho — 1.1%** | **Idaho — 1.1%** |
| Idaho Health Facilities Authority RB, 5.00%, 03/01/60 | &nbsp;&nbsp; 1810 | 2014379 |
| Idaho Housing & Finance Association RB, 5.00%, <br> 08/15/43<br>| &nbsp;&nbsp; 1750 | 1934722 |
|  |  | 3949101 |
| **Illinois — 4.1%** | **Illinois — 4.1%** | **Illinois — 4.1%** |
| Chicago Board of Education GO |  |  |
| 5.50%, 12/01/32 | &nbsp;&nbsp; 625 | 673415 |
| 6.00%, 12/01/38 | &nbsp;&nbsp; 1900 | 2080912 |
| Chicago O'Hare International Airport RB |  |  |
| 5.00%, 01/01/37 | &nbsp;&nbsp; 1230 | 1371043 |
| Series B, 5.00%, 01/01/37 | &nbsp;&nbsp; 510 | 517075 |
| Series B, 5.00%, 01/01/38 | &nbsp;&nbsp; 1600 | 1620596 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago Transit Authority Capital Grant Receipts <br> Revenue RB<br>|  |  |
| 5.00%, 06/01/27 | &nbsp;&nbsp; $670 | $687284 |
| 5.00%, 06/01/28 | &nbsp;&nbsp; 785 | 823531 |
| City of Chicago Illinois GO, 5.00%, 01/01/27 | &nbsp;&nbsp; 100 | 101322 |
| Illinois Finance Authority RB, Class B,2.98%, <br> 05/01/42<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 500 | 498904 |
| Illinois Housing Development Authority RB, 6.25%, <br> 10/01/56 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp; 750 | 865531 |
| Illinois State Toll Highway Authority RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp; 785 | 786688 |
| Northern Illinois Municipal Power Agency RB, 4.00%, <br> 12/01/36<br>| &nbsp;&nbsp; 100 | 100260 |
| Rock Island County School District No. 41 Rock Island <br> GO, 5.00%, 01/01/42 (AGC)<br>| &nbsp;&nbsp; 350 | 375012 |
| State of Illinois GO |  |  |
| 5.00%, 10/01/30 | &nbsp;&nbsp; 225 | 247978 |
| 5.00%, 11/01/34 | &nbsp;&nbsp; 1120 | 1135373 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 100 | 111917 |
| 5.00%, 09/01/43 | &nbsp;&nbsp; 1000 | 1053421 |
| Series B, 5.00%, 03/01/26 | &nbsp;&nbsp; 915 | 916808 |
|  |  | 13967070 |
| **Indiana — 1.0%** | **Indiana — 1.0%** | **Indiana — 1.0%** |
| Indiana Finance Authority RB |  |  |
| 5.00%, 10/01/34 | &nbsp;&nbsp; 775 | 784593 |
| 5.00%, 02/01/40 | &nbsp;&nbsp; 325 | 369789 |
| 5.00%, 10/01/57 | &nbsp;&nbsp; 1970 | 2249318 |
|  |  | 3403700 |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** |
| City of Henderson Kentucky RB AMT, 3.70%, <br> 01/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 100816 |
| Kentucky Public Energy Authority |  |  |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 1050 | 1066384 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 1950 | 2100863 |
| 5.25%, 06/01/55 | &nbsp;&nbsp; 315 | 335180 |
| Kentucky State Property & Building Commission, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp; 1040 | 1145383 |
| Louisville/Jefferson County Metropolitan Government, <br> 1.75%, 02/01/35<br>| &nbsp;&nbsp; 125 | 124149 |
|  |  | 4872775 |
| **Louisiana — 0.7%** | **Louisiana — 0.7%** | **Louisiana — 0.7%** |
| Louisiana Local Government Environmental Facilities <br> & Community Development Authority, <br> Class A,2.00%, 06/01/30<br>| &nbsp;&nbsp; 175 | 165308 |
| Louisiana Public Facilities Authority, 4.38%, <br> 05/01/53<sup>(a)</sup><br>| &nbsp;&nbsp; 1700 | 1700590 |
| Parish of St. James Louisiana RB |  |  |
| 3.70%, 08/01/41 | &nbsp;&nbsp; 100 | 102071 |
| 6.10%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp; 500 | 554215 |
|  |  | 2522184 |
| **Maryland — 0.3%** | **Maryland — 0.3%** | **Maryland — 0.3%** |
| City of Baltimore Maryland RB, 4.00%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201448 |
| Maryland Economic Development Corp. RB, 5.00%, <br> 06/01/35<br>| &nbsp;&nbsp; 500 | 517548 |
| Montgomery County Housing Opportunities <br> Commission, 3.85%, 07/01/34 (FHA 542(C))<br>| &nbsp;&nbsp; 365 | 380944 |
|  |  | 1099940 |
| **Massachusetts — 1.6%** | **Massachusetts — 1.6%** | **Massachusetts — 1.6%** |
| Commonwealth of Massachusetts GOL, 5.00%, <br> 07/01/36<br>| &nbsp;&nbsp; 520 | 524423 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Massachusetts Clean Water Trust.(The) |  |  |
| 5.00%, 02/01/26 | &nbsp;&nbsp; $55 | $55000 |
| 5.00%, 02/01/43 | &nbsp;&nbsp; 4000 | 4471530 |
| Massachusetts School Building Authority, 5.00%, <br> 02/15/41<br>| &nbsp;&nbsp; 350 | 399854 |
|  |  | 5450807 |
| **Michigan — 1.1%** | **Michigan — 1.1%** | **Michigan — 1.1%** |
| Michigan Finance Authority |  |  |
| 1.20%, 10/15/38 | &nbsp;&nbsp; 550 | 524962 |
| 5.25%, 02/29/40 | &nbsp;&nbsp; 100 | 109745 |
| Michigan State Hospital Finance Authority |  |  |
| 5.00%, 08/15/55 | &nbsp;&nbsp; 215 | 239724 |
| 5.00%, 08/15/55 | &nbsp;&nbsp; 1830 | 2097106 |
| Michigan Strategic Fund |  |  |
| 5.00%, 12/31/26 | &nbsp;&nbsp; 150 | 152269 |
| 5.00%, 06/30/29 | &nbsp;&nbsp; 490 | 513400 |
|  |  | 3637206 |
| **Minnesota — 1.4%** | **Minnesota — 1.4%** | **Minnesota — 1.4%** |
| Minnesota Housing Finance Agency, 6.00%, 01/01/53 <br> (GNMA/FNMA/FHLMC COLL)<br>| &nbsp;&nbsp; 4530 | 4864859 |
| **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** |
| Kansas City Industrial Development Authority, 5.00%, <br> 03/01/34<br>| &nbsp;&nbsp; 750 | 787955 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| Central Plains Energy Project RB, 5.00%, 05/01/53 | &nbsp;&nbsp; 1170 | 1230413 |
| **Nevada — 0.9%** | **Nevada — 0.9%** | **Nevada — 0.9%** |
| Clark County School District GOL |  |  |
| 5.00%, 06/15/36 | &nbsp;&nbsp; 1000 | 1001547 |
| 5.00%, 06/15/39 | &nbsp;&nbsp; 1000 | 1134123 |
| County of Washoe Nevada RB |  |  |
| 3.63%, 03/01/36 | &nbsp;&nbsp; 275 | 280811 |
| 4.13%, 03/01/36 | &nbsp;&nbsp; 90 | 92506 |
| Las Vegas Valley Water District, 5.00%, 06/01/34 | &nbsp;&nbsp; 530 | 534335 |
|  |  | 3043322 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |
| New Hampshire Housing Finance Authority, 6.25%, <br> 07/01/55 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp; 2220 | 2509532 |
| **New Jersey — 3.7%** | **New Jersey — 3.7%** | **New Jersey — 3.7%** |
| New Jersey Economic Development Authority, 5.00%, <br> 06/15/28<br>| &nbsp;&nbsp; 225 | 238652 |
| New Jersey Educational Facilities Authority |  |  |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 1510 | 1559002 |
| 5.00%, 09/01/38 | &nbsp;&nbsp; 100 | 111172 |
| New Jersey Health Care Facilities Financing Authority, <br> 5.00%, 07/01/29<br>| &nbsp;&nbsp; 850 | 858512 |
| New Jersey Higher Education Student Assistance <br> Authority, 5.00%, 12/01/33<br>| &nbsp;&nbsp; 450 | 493224 |
| New Jersey Housing & Mortgage Finance Agency, <br> 3.50%, 05/01/29 (HUD SECT 8)<br>| &nbsp;&nbsp; 240 | 244666 |
| New Jersey Transportation Trust Fund Authority |  |  |
| 5.00%, 06/15/32 | &nbsp;&nbsp; 750 | 858604 |
| 5.00%, 06/15/35 | &nbsp;&nbsp; 1110 | 1298431 |
| 5.00%, 06/15/37 | &nbsp;&nbsp; 290 | 326636 |
| 5.00%, 06/15/43 | &nbsp;&nbsp; 1000 | 1083128 |
| Series A, 0.00%, 12/15/34 | &nbsp;&nbsp; 2015 | 1527430 |
| Series A, 0.00%, 12/15/37 | &nbsp;&nbsp; 3000 | 1976715 |
| Tobacco Settlement Financing Corp. RB |  |  |
| 5.00%, 06/01/29 | &nbsp;&nbsp; 570 | 598831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| 5.00%, 06/01/34 | &nbsp;&nbsp; $945 | $976779 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 500 | 515117 |
|  |  | 12666899 |
| **New Mexico — 1.0%** | **New Mexico — 1.0%** | **New Mexico — 1.0%** |
| New Mexico Mortgage Finance Authority, 5.75%, <br> 03/01/57<br>| &nbsp;&nbsp; 3000 | 3340575 |
| **New York — 9.8%** | **New York — 9.8%** | **New York — 9.8%** |
| City of New York NY GO, 5.00%, 02/01/42 | &nbsp;&nbsp; 500 | 548297 |
| Hudson Yards Infrastructure Corp. RB, Series A, <br> 5.00%, 02/15/26<br>| &nbsp;&nbsp; 130 | 130131 |
| Metropolitan Transportation Authority, 5.00%, <br> 11/15/43<br>| &nbsp;&nbsp; 1355 | 1445265 |
| New York City Transitional Finance Authority Future <br> Tax Secured Revenue<br>|  |  |
| 3.25%, 11/01/65 | &nbsp;&nbsp; 1550 | 1566013 |
| 3.75%, 05/01/65 | &nbsp;&nbsp; 465 | 474206 |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 655 | 764498 |
| 5.00%, 05/01/37 | &nbsp;&nbsp; 620 | 622360 |
| 5.00%, 07/15/40 (SAW) | &nbsp;&nbsp; 2000 | 2261025 |
| 5.00%, 11/01/42 | &nbsp;&nbsp; 1800 | 1980266 |
| 5.00%, 05/01/44 | &nbsp;&nbsp; 185 | 198268 |
| New York City Transitional Finance Authority Future <br> Tax Secured Revenue RB<br>|  |  |
| 5.00%, 11/01/30 | &nbsp;&nbsp; 1000 | 1118747 |
| 5.00%, 11/01/37 | &nbsp;&nbsp; 2430 | 2829505 |
| 5.00%, 11/01/41 | &nbsp;&nbsp; 500 | 559416 |
| New York Counties Tobacco Trust VI, 5.00%, <br> 05/01/38<br>| &nbsp;&nbsp; 1000 | 1151211 |
| New York Counties Tobacco Trust VI New York RB, <br> 5.00%, 06/01/36<br>| &nbsp;&nbsp; 730 | 731981 |
| New York Energy Finance Development Corp. RB, <br> 5.00%, 07/01/56<br>| &nbsp;&nbsp; 1100 | 1172292 |
| New York State Dormitory Authority RB |  |  |
| 5.00%, 02/15/26 | &nbsp;&nbsp; 640 | 640600 |
| 5.00%, 03/15/26 | &nbsp;&nbsp; 615 | 617075 |
| 5.00%, 10/01/38 (AG SAW) | &nbsp;&nbsp; 1000 | 1146904 |
| 5.00%, 03/15/39 | &nbsp;&nbsp; 500 | 577494 |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 630 | 700094 |
| Series A, 5.00%, 03/15/36 | &nbsp;&nbsp; 1225 | 1241440 |
| New York State Environmental Facilities Corp. <br> RB AMT<br>|  |  |
| 4.25%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp; 500 | 507749 |
| 5.13%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp; 250 | 262530 |
| New York State Thruway Authority RB |  |  |
| 5.00%, 03/15/40 | &nbsp;&nbsp; 1000 | 1148484 |
| 5.00%, 03/15/41 | &nbsp;&nbsp; 1000 | 1083316 |
| New York Transportation Development Corp. RB |  |  |
| 5.00%, 01/01/34 | &nbsp;&nbsp; 2000 | 2062301 |
| 5.00%, 01/01/36 | &nbsp;&nbsp; 1000 | 1025991 |
| New York Transportation Development Corp. RB AMT |  |  |
| 4.00%, 10/01/30 | &nbsp;&nbsp; 315 | 319720 |
| 4.00%, 12/01/42 | &nbsp;&nbsp; 250 | 236465 |
| 5.00%, 01/01/28 | &nbsp;&nbsp; 275 | 284636 |
| 5.00%, 12/01/31 | &nbsp;&nbsp; 500 | 550939 |
| 5.00%, 01/01/33 | &nbsp;&nbsp; 710 | 733062 |
| 6.00%, 06/30/40 | &nbsp;&nbsp; 500 | 569979 |
| Port Authority of New York & New Jersey RB AMT, <br> 5.00%, 09/01/41<br>| &nbsp;&nbsp; 565 | 614818 |
| Triborough Bridge & Tunnel Authority RB |  |  |
| 5.00%, 11/15/38 | &nbsp;&nbsp; 100 | 113724 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| 5.00%, 11/15/42 | &nbsp;&nbsp; $650 | $712458 |
| 5.00%, 11/15/42 | &nbsp;&nbsp; 150 | 165751 |
| Series A-2, 2.00%, 05/15/45 | &nbsp;&nbsp; 735 | 733957 |
|  |  | 33602968 |
| **North Carolina — 1.1%** | **North Carolina — 1.1%** | **North Carolina — 1.1%** |
| County of Wake NC RB, 5.00%, 05/01/40 | &nbsp;&nbsp; 1000 | 1137553 |
| Cumberland County Industrial Facilities & Pollution <br> Control Financing Authority RB AMT, 3.13%, <br> 12/01/27<br>| &nbsp;&nbsp; 1925 | 1926570 |
| North Carolina Medical Care Commission RB, 3.45%, <br> 11/01/30<br>| &nbsp;&nbsp; 250 | 250937 |
| North Carolina Turnpike Authority RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp; 300 | 319035 |
| State of North Carolina RB, 5.00%, 03/01/35 | &nbsp;&nbsp; 260 | 308912 |
|  |  | 3943007 |
| **Ohio — 2.2%** | **Ohio — 2.2%** | **Ohio — 2.2%** |
| Ohio Air Quality Development Authority RB, 4.00%, <br> 09/01/30<br>| &nbsp;&nbsp; 230 | 233838 |
| Ohio Air Quality Development Authority RB AMT |  |  |
| 3.75%, 01/01/29 | &nbsp;&nbsp; 2110 | 2134905 |
| 4.25%, 11/01/39 | &nbsp;&nbsp; 275 | 279396 |
| 4.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp; 200 | 186848 |
| Ohio Housing Finance Agency RB, 6.00%, 03/01/55 <br> (GNMA/FNMA/FHLMC COLL)<br>| &nbsp;&nbsp; 1710 | 1883344 |
| Ohio Water Development Authority RB, 5.00%, <br> 12/01/42<br>| &nbsp;&nbsp; 1005 | 1125179 |
| Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 255948 |
| State of Ohio RB, 5.00%, 12/31/39 | &nbsp;&nbsp; 1500 | 1500318 |
|  |  | 7599776 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |
| Oklahoma Housing Finance Agency RB, 4.00%, <br> 03/01/50 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp; 515 | 521851 |
| Oklahoma Turnpike Authority RB, 5.00%, 01/01/41 | &nbsp;&nbsp; 515 | 576705 |
| Tulsa Municipal Airport Trust Trustees Oklahoma RB <br> AMT, 6.25%, 12/01/35<br>| &nbsp;&nbsp; 170 | 197359 |
|  |  | 1295915 |
| **Oregon — 2.8%** | **Oregon — 2.8%** | **Oregon — 2.8%** |
| City of Portland Oregon GOL, 5.00%, 05/01/40 | &nbsp;&nbsp; 2500 | 2841744 |
| Lane County School District No. 19 Springfield, <br> 0.00%, 06/15/33<br>| &nbsp;&nbsp; 1115 | 892385 |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2000557 |
| Port of Portland Airport Revenue RB AMT |  |  |
| 5.00%, 07/01/33 | &nbsp;&nbsp; 500 | 567796 |
| 5.00%, 07/01/41 | &nbsp;&nbsp; 1000 | 1083205 |
| 5.00%, 07/01/43 | &nbsp;&nbsp; 300 | 317628 |
| 5.25%, 07/01/41 | &nbsp;&nbsp; 665 | 728875 |
| Salem-Keizer School District No. 24J GO, 0.00%, <br> 06/15/27 (GTD)<br>| &nbsp;&nbsp; 1250 | 1204480 |
|  |  | 9636670 |
| **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** |
| Allegheny County Hospital Development Authority RB, <br> 5.00%, 04/01/26<br>| &nbsp;&nbsp; 510 | 511741 |
| Allentown Neighborhood Improvement Zone <br> Development Authority RB, 5.50%, 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 410 | 445338 |
| Commonwealth Financing Authority RB |  |  |
| 5.00%, 06/01/34 | &nbsp;&nbsp; 1615 | 1690070 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 1605 | 1614216 |
| Commonwealth of Pennsylvania GO, 5.00%, <br> 04/01/42<br>| &nbsp;&nbsp; 5000 | 5601606 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Pennsylvania Economic Development Financing <br> Authority RB<br>|  |  |
| 3.00%, 12/01/30 | &nbsp;&nbsp; $350 | $350154 |
| 5.00%, 03/15/60 | &nbsp;&nbsp; 535 | 586770 |
| Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| 3.25%, 04/01/34 | &nbsp;&nbsp; 200 | 200013 |
| 5.50%, 06/30/38 | &nbsp;&nbsp; 500 | 550657 |
| 5.50%, 06/30/40 | &nbsp;&nbsp; 500 | 543285 |
| 5.50%, 06/30/42 (AGM) | &nbsp;&nbsp; 395 | 426016 |
| Pennsylvania Higher Educational Facilities Authority <br> RB, 5.00%, 08/15/40<br>| &nbsp;&nbsp; 250 | 277612 |
| Pennsylvania Housing Finance Agency RB |  |  |
| 2.00%, 10/01/32 | &nbsp;&nbsp; 445 | 404252 |
| 5.25%, 04/01/32 | &nbsp;&nbsp; 125 | 140033 |
| 5.25%, 10/01/32 | &nbsp;&nbsp; 150 | 168818 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 225 | 253540 |
| 5.25%, 10/01/33 | &nbsp;&nbsp; 275 | 311520 |
| Pennsylvania Turnpike Commission RB |  |  |
| 5.00%, 12/01/42 | &nbsp;&nbsp; 1095 | 1216723 |
| 5.00%, 12/01/43 | &nbsp;&nbsp; 650 | 709897 |
| State Public School Building Authority RB, 5.00%, <br> 06/01/32 (AG SAW)<br>| &nbsp;&nbsp; 3540 | 3599014 |
|  |  | 19601275 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue RB, 4.33%, 07/01/40<br>| &nbsp;&nbsp; 250 | 248486 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |
| Rhode Island Health & Educational Building Corp. RB, <br> 5.00%, 09/15/35<br>| &nbsp;&nbsp; 585 | 600456 |
| Rhode Island Housing & Mortgage Finance Corp. RB, <br> 5.00%, 10/01/41 (GNMA COLL)<br>| &nbsp;&nbsp; 250 | 269620 |
|  |  | 870076 |
| **South Carolina — 2.4%** | **South Carolina — 2.4%** | **South Carolina — 2.4%** |
| Charleston Housing Authority South Carolina RB, <br> 4.50%, 09/01/35<br>| &nbsp;&nbsp; 1000 | 1023670 |
| City of Hardeeville South Carolina, 3.00%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 95 | 93210 |
| South Carolina Jobs-Economic Development <br> Authority RB<br>|  |  |
| 4.00%, 04/01/33 | &nbsp;&nbsp; 750 | 750881 |
| 4.00%, 03/01/62 | &nbsp;&nbsp; 145 | 149634 |
| 5.00%, 11/01/34 | &nbsp;&nbsp; 575 | 667126 |
| 5.00%, 11/01/38 | &nbsp;&nbsp; 1000 | 1120186 |
| 5.00%, 11/01/49 | &nbsp;&nbsp; 225 | 251873 |
| 5.25%, 11/01/42 | &nbsp;&nbsp; 1225 | 1361937 |
| South Carolina Public Service Authority RB |  |  |
| 5.00%, 12/01/43 | &nbsp;&nbsp; 300 | 322216 |
| Series A, 5.00%, 12/01/31 | &nbsp;&nbsp; 570 | 574558 |
| South Carolina State Housing Finance & Development <br> Authority RB, 6.25%, 01/01/56 <br> (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp; 1700 | 1941170 |
|  |  | 8256461 |
| **Tennessee — 2.2%** | **Tennessee — 2.2%** | **Tennessee — 2.2%** |
| Metropolitan Nashville Airport Authority.(The), 5.00%, <br> 07/01/41<br>| &nbsp;&nbsp; 250 | 275367 |
| Tennergy Corp. Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp; 750 | 802393 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| Tennessee Energy Acquisition Corp. RB |  |  |
| 5.00%, 11/01/34 | &nbsp;&nbsp; $4250 | $4619576 |
| 5.00%, 12/01/35 | &nbsp;&nbsp; 1695 | 1825674 |
|  |  | 7523010 |
| **Texas — 21.2%** | **Texas — 21.2%** | **Texas — 21.2%** |
| Allen Independent School District GO, 5.00%, <br> 02/15/35 (PSF)<br>| &nbsp;&nbsp; 1010 | 1011473 |
| Board of Regents of the University of Texas System, <br> 5.00%, 08/15/38<br>| &nbsp;&nbsp; 2175 | 2609727 |
| Central Texas Regional Mobility Authority RB, 5.00%, <br> 01/01/27<br>| &nbsp;&nbsp; 1195 | 1223978 |
| City of Austin Water & Wastewater System Revenue <br> RB, 5.00%, 11/15/36<br>| &nbsp;&nbsp; 1145 | 1161375 |
| City of Dallas TX GOL, 5.00%, 02/15/26 | &nbsp;&nbsp; 1165 | 1166127 |
| City of El Paso Water & Sewer Revenue RB, 5.00%, <br> 03/01/42<br>| &nbsp;&nbsp; 960 | 1044514 |
| City of Galveston Wharves & Terminal Revenue RB <br> AMT, 5.00%, 08/01/33<br>| &nbsp;&nbsp; 500 | 549153 |
| City of Garland TX Electric Utility System Revenue <br> RB, 5.00%, 03/01/26<br>| &nbsp;&nbsp; 340 | 340650 |
| City of Houston Airport System Revenue RB AMT |  |  |
| 5.25%, 07/01/36 | &nbsp;&nbsp; 715 | 825851 |
| 5.50%, 07/15/37 | &nbsp;&nbsp; 100 | 108952 |
| City of Houston Texas GOL, 5.00%, 03/01/41 | &nbsp;&nbsp; 2175 | 2433843 |
| City of Houston TX Airport System Revenue RB |  |  |
| 5.25%, 07/15/30 | &nbsp;&nbsp; 1000 | 1059235 |
| 5.25%, 07/15/33 | &nbsp;&nbsp; 1000 | 1082916 |
| City of San Antonio Electric & Gas Systems Revenue <br> RB, 5.00%, 02/01/36<br>| &nbsp;&nbsp; 1000 | 1187610 |
| City of San Antonio TX Electric & Gas Systems <br> Revenue RB<br>|  |  |
| 1.00%, 02/01/55 | &nbsp;&nbsp; 1000 | 1000592 |
| 5.00%, 02/01/40 | &nbsp;&nbsp; 2000 | 2283218 |
| Conroe Independent School District GO, 5.00%, <br> 02/15/43 (PSF)<br>| &nbsp;&nbsp; 6000 | 6571341 |
| County of Hays TX, 4.50%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 300 | 302451 |
| County of Montgomery Texas GO, 5.00%, 03/01/37 | &nbsp;&nbsp; 730 | 731553 |
| Crowley Independent School District GO, 5.00%, <br> 02/01/40 (PSF)<br>| &nbsp;&nbsp; 1640 | 1858110 |
| Dallas Fort Worth International Airport RB, 5.00%, <br> 11/01/32<br>| &nbsp;&nbsp; 1000 | 1127986 |
| Dallas Fort Worth International Airport RB AMT |  |  |
| 5.25%, 11/01/41 | &nbsp;&nbsp; 375 | 415910 |
| 5.25%, 11/01/43 | &nbsp;&nbsp; 2450 | 2654359 |
| Denton Independent School District GO, 5.00%, <br> 08/15/43 (PSF)<br>| &nbsp;&nbsp; 415 | 447726 |
| Harris County Industrial Development Corp. RB, <br> 4.05%, 11/01/50<br>| &nbsp;&nbsp; 475 | 490656 |
| Houston Independent School District GOL, 5.00%, <br> 02/15/26 (PSF)<br>| &nbsp;&nbsp; 805 | 805802 |
| Leander Independent School District, 5.00%, 08/15/39 <br> (PSF)<br>| &nbsp;&nbsp; 560 | 641907 |
| Lewisville Independent School District, 5.00%, <br> 08/15/42 (PSF)<br>| &nbsp;&nbsp; 880 | 958964 |
| Lower Colorado River Authority |  |  |
| 5.00%, 05/15/40 (BAM) | &nbsp;&nbsp; 750 | 845777 |
| 5.00%, 05/15/45 | &nbsp;&nbsp; 475 | 530567 |
| Matagorda County Navigation District No. 1 |  |  |
| 2.60%, 11/01/29 | &nbsp;&nbsp; 590 | 575041 |
| 4.00%, 06/01/30 | &nbsp;&nbsp; 3400 | 3401836 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Mission Economic Development Corp. RB AMT, <br> 4.00%, 06/01/54<br>| &nbsp;&nbsp; $2005 | $2011910 |
| New Hope Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| 4.00%, 08/15/34 | &nbsp;&nbsp; 750 | 760336 |
| 5.25%, 08/15/41 | &nbsp;&nbsp; 160 | 180648 |
| New Hope Higher Education Finance Corp. RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 232854 |
| Newark Higher Education Finance Corp. RB, 5.00%, <br> 08/15/37<br>| &nbsp;&nbsp; 1000 | 993176 |
| North Texas Tollway Authority RB, 0.00%, 01/01/38 <br> (AG)<br>| &nbsp;&nbsp; 2685 | 1753069 |
| San Antonio Water System RB, 5.00%, 05/15/42 | &nbsp;&nbsp; 1250 | 1387602 |
| Spring Independent School District GO, 5.00%, <br> 08/15/40 (PSF)<br>| &nbsp;&nbsp; 635 | 714953 |
| State of Texas GO |  |  |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 2000 | 2273365 |
| 5.00%, 10/01/42 | &nbsp;&nbsp; 2000 | 2231930 |
| Tarrant County Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| 5.00%, 10/01/33 | &nbsp;&nbsp; 1000 | 1105689 |
| 5.00%, 11/15/39 | &nbsp;&nbsp; 2000 | 2246246 |
| 5.00%, 12/01/43 | &nbsp;&nbsp; 2280 | 2445422 |
| 5.00%, 11/15/51 | &nbsp;&nbsp; 1650 | 1864801 |
| 5.00%, 11/15/51 | &nbsp;&nbsp; 2335 | 2687605 |
| 5.00%, 11/15/64 | &nbsp;&nbsp; 725 | 814171 |
| Terrell Independent School District TX, 5.00%, <br> 08/01/41 (PSF)<br>| &nbsp;&nbsp; 1000 | 1113795 |
| Texas Department of Housing & Community Affairs <br> RB, 6.00%, 01/01/57 (GNMA COLL)<br>| &nbsp;&nbsp; 1075 | 1227702 |
| Texas Municipal Gas Acquisition & Supply Corp. I RB, <br> 3.37%, 12/15/26<sup>(b)</sup><br>| &nbsp;&nbsp; 1170 | 1170121 |
| Texas Municipal Gas Acquisition & Supply Corp. II RB |  |  |
| 3.32%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 110 | 110196 |
| 3.54%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 2006380 |
| Texas Municipal Gas Acquisition & Supply Corp. V <br> RB, 5.00%, 01/01/55<br>| &nbsp;&nbsp; 455 | 492291 |
| Texas Transportation Finance Corp. RB, 5.00%, <br> 10/01/43<br>| &nbsp;&nbsp; 1000 | 1090753 |
|  |  | 72364215 |
| **Utah — 0.9%** | **Utah — 0.9%** | **Utah — 0.9%** |
| City of Salt Lake City Airport Revenue RB AMT, <br> 5.00%, 07/01/36<br>| &nbsp;&nbsp; 1000 | 1134966 |
| City of Salt Lake City UT Airport Revenue RB, 5.00%, <br> 07/01/35<br>| &nbsp;&nbsp; 1355 | 1553337 |
| Downtown Revitalization Public Infrastructure District <br> RB, 5.00%, 06/01/35 (AG)<br>| &nbsp;&nbsp; 475 | 553178 |
|  |  | 3241481 |
| **Virginia — 0.1%** | **Virginia — 0.1%** | **Virginia — 0.1%** |
| Virginia Housing Development Authority RB, 2.05%, <br> 12/01/33<br>| &nbsp;&nbsp; 270 | 238574 |
| **Washington — 2.3%** | **Washington — 2.3%** | **Washington — 2.3%** |
| Energy Northwest RB, 5.00%, 07/01/40 | &nbsp;&nbsp; 400 | 455859 |
| Port of Seattle Washington RB AMT |  |  |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 435 | 462747 |
| 5.25%, 10/01/41 | &nbsp;&nbsp; 1000 | 1124645 |
| Seattle Housing Authority RB, 5.00%, 12/01/29 | &nbsp;&nbsp; 500 | 529517 |
| State of Washington GO |  |  |
| 5.00%, 08/01/31 | &nbsp;&nbsp; 500 | 506700 |
| 5.00%, 02/01/41 | &nbsp;&nbsp; 1565 | 1740592 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Vancouver Housing Authority RB |  |  |
| 5.00%, 08/01/32 | &nbsp;&nbsp; $100 | $107625 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 130 | 139741 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 500 | 521351 |
| Washington Economic Development Finance Authority <br> RB, 5.88%, 12/01/45<br>| &nbsp;&nbsp; 1000 | 1008362 |
| Washington Health Care Facilities Authority RB |  |  |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 100 | 108043 |
| 5.00%, 08/01/49 | &nbsp;&nbsp; 1175 | 1176244 |
|  |  | 7881426 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Hospital Finance Authority RB, 5.00%, <br> 06/01/36<br>| &nbsp;&nbsp; 550 | 560097 |
| **Wisconsin — 0.8%** | **Wisconsin — 0.8%** | **Wisconsin — 0.8%** |
| City of Milwaukee Sewerage System Revenue RB, <br> 4.00%, 06/01/31<br>| &nbsp;&nbsp; 145 | 145104 |
| Public Finance Authority RB, 5.00%, 03/01/34 | &nbsp;&nbsp; 780 | 781198 |
| Wisconsin Health & Educational Facilities <br> Authority RB<br>|  |  |
| 4.20%, 08/15/28 | &nbsp;&nbsp; 80 | 80016 |
| 5.00%, 11/15/35 | &nbsp;&nbsp; 650 | 652938 |
| Wisconsin Housing & Economic Development <br> Authority Home Ownership Revenue RB, 5.75%, <br> 09/01/56 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp; 1000 | 1114074 |
|  |  | 2773330 |
| **Total Municipal Debt Obligations — 97.0%** <br>**(Cost: $325,878,126)** | **Total Municipal Debt Obligations — 97.0%** <br>**(Cost: $325,878,126)** | 331989829 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Warrants** | **Warrants** | **Warrants** |
| **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** |
| Brightline West<sup>(d)</sup> | &nbsp;&nbsp; 2792 | 5584 |
| **Total Warrants — 0.0%** <br>**(Cost $0)** | **Total Warrants — 0.0%** <br>**(Cost $0)** | 5584 |
| **Total Long-Term Investments — 97.0%** <br>**(Cost: $325,878,126)** | **Total Long-Term Investments — 97.0%** <br>**(Cost: $325,878,126)** | 331995413 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 8.0%** | **Money Market Funds — 8.0%** | **Money Market Funds — 8.0%** |
| BlackRock Liquidity Funds: MuniCash, 2.03%<sup>(e)(f)</sup> | &nbsp;&nbsp; 27294540 | $27297269 |
| **Total Short-Term Securities — 8.0%** <br>**(Cost: $27,297,269)** | **Total Short-Term Securities — 8.0%** <br>**(Cost: $27,297,269)** | 27297269 |
| **Total Investments — 105.0%** <br>**(Cost: $353,175,395)** | **Total Investments — 105.0%** <br>**(Cost: $353,175,395)** | 359292682 |
| **Liabilities in Excess of Other Assets — (5.0)%** | **Liabilities in Excess of Other Assets — (5.0)%** | (17243305)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $342049377 |

---

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

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

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

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

<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.

**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* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $5797475<br> $21499794 <br><sup>(a)</sup><br>| $— | $— | $— | $27297269 | 27294540 | $140669 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Intermediate Muni Income 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  |  |  |  |  |
| Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $331989829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $331989829 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5584 | &nbsp;&nbsp; 5584 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 27297269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27297269 |
|  | &nbsp;&nbsp; $27297269 | &nbsp;&nbsp; $331989829 | &nbsp;&nbsp; $5584 | &nbsp;&nbsp; $359292682 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 99.4%** | **California — 99.4%** | **California — 99.4%** |
| Amador Water Agency Financing Corp. COP, 5.00%, <br> 06/01/26<br>| &nbsp;&nbsp; $500 | $500982 |
| Anaheim Redevelopment Successor Agency, 5.00%, <br> 02/01/29<br>| &nbsp;&nbsp; 425 | 447778 |
| Bay Area Toll Authority |  |  |
| VRDN, 1.40%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2000000 |
| VRDN, 2.70%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 2600 | 2600000 |
| VRDN, 2.85%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 10975 | 10975000 |
| California Community Choice Financing Authority Clean <br> Energy Project RB, VRDN, 2.28%, 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 775 | 775000 |
| California Community Choice Financing Authority RB |  |  |
| 4.00%, 12/01/27 | &nbsp;&nbsp; 3230 | 3288522 |
| 4.00%, 08/01/28 | &nbsp;&nbsp; 3450 | 3514494 |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 410 | 423603 |
| 5.00%, 10/01/28 | &nbsp;&nbsp; 770 | 811201 |
| 5.00%, 11/01/28 | &nbsp;&nbsp; 150 | 158515 |
| 5.00%, 12/01/28 | &nbsp;&nbsp; 800 | 838530 |
| 5.00%, 03/01/29 | &nbsp;&nbsp; 1000 | 1057696 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 8540 | 9005964 |
| 5.00%, 09/01/29 | &nbsp;&nbsp; 2000 | 2144838 |
| 5.00%, 11/01/29 | &nbsp;&nbsp; 1235 | 1327615 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 2450 | 2635675 |
| 5.25%, 04/01/30 | &nbsp;&nbsp; 3525 | 3787272 |
| 5.50%, 11/01/28 | &nbsp;&nbsp; 3145 | 3322388 |
| 5.50%, 11/01/30 | &nbsp;&nbsp; 2040 | 2218950 |
| California County Tobacco Securitization Agency RB, <br> 5.00%, 06/01/28<br>| &nbsp;&nbsp; 430 | 451551 |
| California Educational Facilities RB, VRDN, 2.30%, <br> 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4275 | 4275000 |
| California Health Facilities Financing Authority RB |  |  |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 260 | 260117 |
| 5.00%, 03/01/26 | &nbsp;&nbsp; 1400 | 1401405 |
| VRDN, 2.65%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 2100 | 2100000 |
| California Housing Finance Agency RB |  |  |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 1385 | 1384281 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 1000 | 1008853 |
| 3.50%, 02/01/30 (FHA 542(C)) | &nbsp;&nbsp; 460 | 471340 |
| VRDN, 1.35%, 02/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2100 | 2100000 |
| California Infrastructure & Economic Development Bank <br> RB, VRDN, 2.28%, 02/07/26<sup>(a)</sup><br>| &nbsp;&nbsp; 125 | 125000 |
| California Municipal Finance Authority RB |  |  |
| 2.50%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 900 | 900000 |
| 2.75%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 430 | 430000 |
| 2.93%, 06/01/29 | &nbsp;&nbsp; 2000 | 2013510 |
| 3.00%, 07/01/29 (HUD SECT 8) | &nbsp;&nbsp; 1500 | 1510340 |
| 3.30%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1004757 |
| 5.00%, 07/01/28 | &nbsp;&nbsp; 150 | 158972 |
| California Municipal Finance Authority RB AMT |  |  |
| 3.25%, 07/15/26 | &nbsp;&nbsp; 2300 | 2300328 |
| 3.38%, 09/01/28 | &nbsp;&nbsp; 1000 | 999774 |
| 3.45%, 04/01/26 | &nbsp;&nbsp; 1500 | 1500518 |
| 3.45%, 12/01/26 | &nbsp;&nbsp; 1000 | 1001532 |
| 3.45%, 10/02/28 | &nbsp;&nbsp; 1500 | 1510254 |
| 3.85%, 06/01/26 | &nbsp;&nbsp; 2000 | 2000309 |
| California Pollution Control Financing Authority RB, <br> 3.63%, 07/01/27<br>| &nbsp;&nbsp; 360 | 360112 |
| California Pollution Control Financing Authority RB AMT |  |  |
| 3.80%, 02/17/26<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 2000032 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 500 | 509687 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Public Finance Authority RB, VRDN, 2.70%, <br> 02/03/26<sup>(a)</sup><br>| &nbsp;&nbsp; $3700 | $3700000 |
| California Public Finance Authority VRDN, 2.70%, <br> 02/03/26<sup>(a)</sup><br>| &nbsp;&nbsp; 4600 | 4600000 |
| California State Public Works Board RB |  |  |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 500 | 501032 |
| Series C, 5.00%, 11/01/28 | &nbsp;&nbsp; 1000 | 1021307 |
| Series F, 5.00%, 05/01/28 | &nbsp;&nbsp; 200 | 200878 |
| California State University, 2.23%, 03/06/26 | &nbsp;&nbsp; 2000 | 1999996 |
| California Statewide Communities Development <br> Authority, 4.00%, 09/02/28<br>| &nbsp;&nbsp; 785 | 800494 |
| California Statewide Communities Development <br> Authority RB<br>|  |  |
| 5.00%, 11/01/29 | &nbsp;&nbsp; 1500 | 1648395 |
| VRDN, 2.85%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 880 | 880000 |
| VRDN, 1.73%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 1700 | 1700000 |
| Central Valley Energy Authority RB, VRDN, 2.30%, <br> 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 500000 |
| Chino Valley Unified School District GO, VRDN, 2.29%, <br> 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 500 | 500000 |
| City of Long Beach Harbor Revenue RB AMT, 5.00%, <br> 05/15/29<br>| &nbsp;&nbsp; 400 | 412328 |
| City of Los Angeles CA, 5.00%, 06/25/26 | &nbsp;&nbsp; 2000 | 2022920 |
| City of Los Angeles Department of Airports, 2.38%, <br> 05/05/26<br>| &nbsp;&nbsp; 2000 | 2001273 |
| City of Los Angeles Department of Airports RB, 5.00%, <br> 05/15/29<br>| &nbsp;&nbsp; 845 | 909663 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| 5.00%, 05/15/26 | &nbsp;&nbsp; 780 | 785675 |
| 5.00%, 05/15/27 | &nbsp;&nbsp; 1760 | 1813862 |
| 5.00%, 05/15/28 | &nbsp;&nbsp; 1000 | 1053528 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 575 | 618813 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 890 | 895415 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 200 | 207939 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 770 | 809046 |
| City of Modesto Water Revenue COP, VRDN, 1.80%, <br> 02/07/26 (AGM)<sup>(a)</sup><br>| &nbsp;&nbsp; 9465 | 9465000 |
| Compton Community Redevelopment Successor Agency, <br> 5.00%, 08/01/26 (AGM)<br>| &nbsp;&nbsp; 415 | 420700 |
| County of Sacramento Airport System Revenue RB AMT, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp; 700 | 766596 |
| County of Sacramento CA Airport System Revenue RB, <br> 5.00%, 07/01/29<br>| &nbsp;&nbsp; 2360 | 2481055 |
| East County Advanced Water Purification Joint Powers <br> Authority RB, 5.00%, 09/01/26<br>| &nbsp;&nbsp; 125 | 126183 |
| East Side Union High School District GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp; 100 | 110432 |
| El Rancho Unified School District GO |  |  |
| 5.00%, 08/01/28 (BAM) | &nbsp;&nbsp; 125 | 133715 |
| 5.50%, 08/01/27 (BAM) | &nbsp;&nbsp; 110 | 115590 |
| Fullerton Redevelopment Successor Agency, 4.00%, <br> 09/01/26 (BAM)<br>| &nbsp;&nbsp; 375 | 378421 |
| Jefferson Union High School District GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp; 100 | 110539 |
| Jurupa Public Financing Authority, 4.00%, 09/01/29 <br> (BAM)<br>| &nbsp;&nbsp; 1000 | 1065082 |
| Jurupa Unified School District, 5.00%, 08/01/27 | &nbsp;&nbsp; 1000 | 1044237 |
| Lake Elsinore Facilities Financing Authority Successor <br> Agency, 5.00%, 09/01/29 (AG)<br>| &nbsp;&nbsp; 500 | 547326 |
| Long Beach Unified School District GO, 0.00%, <br> 08/01/27<sup>(c)</sup><br>| &nbsp;&nbsp; 500 | 474521 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Los Angeles County Capital Asset Leasing Corp., 2.53%, <br> 03/03/26<br>| &nbsp;&nbsp; $500 | $500105 |
| Los Angeles County Metropolitan Transportation <br> Authority, 2.45%, 02/03/26<br>| &nbsp;&nbsp; 1500 | 1500073 |
| Los Angeles Housing Authority RB, 3.00%, 07/01/29 | &nbsp;&nbsp; 1500 | 1510340 |
| Metropolitan Water District of Southern California |  |  |
| VRDN, 1.35%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3000000 |
| VRDN, 1.50%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 5900 | 5900000 |
| Modesto Irrigation District, 5.00%, 10/01/28 | &nbsp;&nbsp; 920 | 921045 |
| Mount Diablo Unified School District California GO, <br> 5.00%, 08/01/29<br>| &nbsp;&nbsp; 550 | 608557 |
| Mount Diablo Unified School District/CA COP, 5.00%, <br> 09/01/26 (AG)<br>| &nbsp;&nbsp; 620 | 629202 |
| M-S-R Energy Authority RB, 6.13%, 11/01/29 | &nbsp;&nbsp; 515 | 546838 |
| Municipal Improvement Corp. of Los Angeles, 2.55%, <br> 02/02/26<br>| &nbsp;&nbsp; 1000 | 1000032 |
| Municipal Improvement Corp. of Los Angeles RB, 5.00%, <br> 11/01/29<br>| &nbsp;&nbsp; 330 | 364111 |
| Municipal Water District of Orange County Water <br> Facilities Corp. COP, VRDN, 1.51%, 02/07/26<sup>(a)</sup><br>| &nbsp;&nbsp; 7545 | 7545000 |
| Norman Y Mineta San Jose International Airport SJC RB <br> AMT, 5.00%, 03/01/26<br>| &nbsp;&nbsp; 900 | 901718 |
| Northern California Energy Authority RB |  |  |
| 5.00%, 08/01/26 | &nbsp;&nbsp; 375 | 379021 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 4185 | 4498277 |
| Northern California Transmission Agency RB, 5.00%, <br> 05/01/27<br>| &nbsp;&nbsp; 285 | 287116 |
| Ontario Public Financing Authority RB, 5.00%, 11/01/29 | &nbsp;&nbsp; 190 | 211097 |
| Pasadena California GO, VRDN, 3.20%, 02/03/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 5000 | 5000000 |
| Peralta Community College District GO, 5.00%, 08/01/27 | &nbsp;&nbsp; 500 | 523178 |
| Pittsburg California Public Facilities Financing Authority <br> RB, VRDN, 2.31%, 02/07/26 (AG)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3000 | 3000000 |
| Port of Los Angeles RB AMT, 5.00%, 08/01/29 | &nbsp;&nbsp; 400 | 432388 |
| Port of Oakland RB, 5.00%, 11/01/29 | &nbsp;&nbsp; 590 | 612610 |
| Port of Oakland RB AMT |  |  |
| 5.00%, 05/01/27 | &nbsp;&nbsp; 400 | 411327 |
| 5.00%, 05/01/28 | &nbsp;&nbsp; 1155 | 1210700 |
| 5.00%, 11/01/28 | &nbsp;&nbsp; 1100 | 1141962 |
| Poway Redevelopment Successor Agency, 5.00%, <br> 12/15/28<br>| &nbsp;&nbsp; 565 | 566286 |
| Poway Unified School District Public Financing Authority, <br> 5.00%, 09/01/28<br>| &nbsp;&nbsp; 500 | 506426 |
| Public Facilities Financing Authority Of The City Of San <br> Diego/Lease Revenue RB, VRDN, 2.31%, <br> 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2000 | 2000000 |
| Riverside County Housing Authority RB, VRDN, 1.83%, <br> 02/06/26<sup>(a)</sup><br>| &nbsp;&nbsp; 445 | 445000 |
| Sacramento County Housing Authority RB, VRDN, <br> 1.80%, 02/07/26 (FANNIE MAE)<sup>(a)</sup><br>| &nbsp;&nbsp; 285 | 285000 |
| San Diego California Unified School District GO, VRDN, <br> 2.31%, 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2010 | 2010000 |
| San Diego County Regional Airport Authority RB, 5.00%, <br> 07/01/30<br>| &nbsp;&nbsp; 1835 | 2016796 |
| San Diego County Regional Airport Authority RB AMT |  |  |
| 5.00%, 07/01/26 | &nbsp;&nbsp; 405 | 408326 |
| 5.00%, 07/01/29 | &nbsp;&nbsp; 300 | 323502 |
| 5.00%, 07/01/30 | &nbsp;&nbsp; 1785 | 1920495 |
| San Diego County Water Authority, 2.35%, 06/03/26 | &nbsp;&nbsp; 4000 | 3999980 |
| San Diego Public Facilities Financing Authority RB |  |  |
| VRDN, 2.28%, 02/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1875 | 1875000 |
| VRDN, 2.30%, 02/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 800 | 800000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| VRDN, 2.36%, 02/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; $4600 | $4600000 |
| San Francisco California City and Country RB, VRDN, <br> 2.28%, 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1690 | 1690000 |
| San Francisco City & County Airport Comm-San <br> Francisco International Airport RB<br>|  |  |
| 5.00%, 05/01/30 | &nbsp;&nbsp; 1360 | 1488580 |
| VRDN, 1.40%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 2100 | 2100000 |
| San Francisco City & County Airport Comm-San <br> Francisco International Airport RB AMT<br>|  |  |
| 2.26%, 03/12/26 | &nbsp;&nbsp; 2000 | 2000106 |
| 5.00%, 05/01/28 | &nbsp;&nbsp; 1145 | 1204236 |
| 5.00%, 05/01/29 | &nbsp;&nbsp; 2765 | 2968846 |
| 5.00%, 05/01/30 | &nbsp;&nbsp; 800 | 875635 |
| San Francisco City & County Public Utilities Commission <br> Power Revenue<br>|  |  |
| 2.32%, 03/04/26 | &nbsp;&nbsp; 2273 | 2273198 |
| 2.63%, 02/10/26 | &nbsp;&nbsp; 400 | 400040 |
| San Francisco City & County Redevelopment Successor <br> Agency, 5.00%, 08/01/28 (AGC)<br>| &nbsp;&nbsp; 520 | 554056 |
| San Joaquin Valley Clean Energy Authority RB, 5.00%, <br> 07/01/29<br>| &nbsp;&nbsp; 840 | 891417 |
| San Mateo California Union High School District GO, <br> VRDN, 2.90%, 02/03/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 254 | 254000 |
| San Mateo Union High School District GO, Series C, <br> 0.00%, 09/01/27 (NPFGC)<sup>(c)</sup><br>| &nbsp;&nbsp; 400 | 386639 |
| San Rafael City High School District GO, 4.00%, <br> 08/01/28<br>| &nbsp;&nbsp; 300 | 300000 |
| Santa Clara Valley Transportation Authority RB, VRDN, <br> 0.95%, 02/07/26<sup>(a)</sup><br>| &nbsp;&nbsp; 385 | 385000 |
| Sequoia Union High School District GO, 4.00%, 07/01/28 | &nbsp;&nbsp; 440 | 444074 |
| Southern California Public Power Authority RB |  |  |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 150 | 151605 |
| 5.00%, 07/01/29 | &nbsp;&nbsp; 200 | 219896 |
| 5.00%, 09/01/30 | &nbsp;&nbsp; 4800 | 5119895 |
| VRDN, 1.65%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 805 | 805000 |
| State of California Department of Water Resources |  |  |
| 2.33%, 03/11/26 | &nbsp;&nbsp; 2600 | 2599854 |
| 2.33%, 03/16/26 | &nbsp;&nbsp; 600 | 599998 |
| 2.35%, 03/10/26 | &nbsp;&nbsp; 250 | 250012 |
| 2.35%, 03/11/26 | &nbsp;&nbsp; 1500 | 1499996 |
| State of California GO |  |  |
| 2.71%, 03/05/26 | &nbsp;&nbsp; 2000 | 2000636 |
| 5.00%, 09/01/26 | &nbsp;&nbsp; 800 | 814232 |
| 5.00%, 09/01/28 | &nbsp;&nbsp; 750 | 762681 |
| 5.00%, 03/01/29 | &nbsp;&nbsp; 850 | 925202 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 800 | 833808 |
| 5.00%, 11/01/29 | &nbsp;&nbsp; 500 | 524562 |
| VRDN, 0.95%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 3100 | 3100000 |
| VRDN, 1.38%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 5000000 |
| VRDN, 1.45%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1200000 |
| Temecula Valley Unified School District Financing <br> Authority, 5.00%, 09/01/26<br>| &nbsp;&nbsp; 500 | 508080 |
| University of California RB |  |  |
| 2.35%, 06/04/26 | &nbsp;&nbsp; 1500 | 1500000 |
| 2.65%, 02/18/26 | &nbsp;&nbsp; 1000 | 1000120 |
| 2.70%, 02/04/26 | &nbsp;&nbsp; 1500 | 1500089 |
| 2.70%, 02/05/26 | &nbsp;&nbsp; 1000 | 1000046 |
| 5.00%, 05/15/26 | &nbsp;&nbsp; 400 | 403517 |
| Series AL 4, VRDN, 2.85%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 3700 | 3700000 |
| Series AL-1, VRDN, 2.80%, 02/03/26<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3500000 |
| VRDN, 1.65%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1600000 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| VRDN, 1.99%, 02/07/26<sup>(a)</sup> | &nbsp;&nbsp; $2200 | $2200000 |
| University Of California RB, VRDN, 2.30%, 02/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1325 | 1325000 |
| Ventura California Unified School District GO, VRDN, <br> 3.15%, 02/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 160 | 160000 |
| Western Municipal Water District Facilities Authority RB, <br> VRDN, 1.32%, 02/07/26<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 1000000 |
| Yucaipa Valley Water District Financing Authority RB, <br> 5.00%, 06/01/26<br>| &nbsp;&nbsp; 400 | 400851 |
|  |  | 259246071 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $258,187,433)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $258,187,433)** | 259246071 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Liquidity Funds: MuniCash, 2.03%<sup>(d)(e)</sup> | &nbsp;&nbsp; 426063 | 426105 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $426,105)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $426,105)** | 426105 |
| **Total Investments — 99.6%** <br>**(Cost: $258,613,538)** | **Total Investments — 99.6%** <br>**(Cost: $258,613,538)** | 259672176 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 984846 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $260657022 |

---

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the 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* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $57012<br> $369093 <br><sup>(a)</sup><br>| $— | $— | $— | $426105 | 426063 | $6916 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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  |  |  |  |  |
| Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $259246071 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $259246071 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short-Term California Muni 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; $426105 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $426105 |
|  | &nbsp;&nbsp; $426105 | &nbsp;&nbsp; $259246071 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $259672176 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 7.7%** | **Alabama — 7.7%** | **Alabama — 7.7%** |
| Baldwin County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $2500 | $2554798 |
| Black Belt Energy Gas District |  |  |
| 5.00%, 05/01/32 | &nbsp;&nbsp; 4970 | 5204265 |
| 5.25%, 05/01/55 | &nbsp;&nbsp; 2500 | 2696995 |
| 5.25%, 05/01/56 | &nbsp;&nbsp; 4500 | 4679756 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 2000 | 2203821 |
| Energy Southeast A Cooperative District RB, 5.25%, <br> 07/01/54<br>| &nbsp;&nbsp; 600 | 650975 |
| Hoover Industrial Development Board RB AMT, <br> 5.75%, 10/01/49<br>| &nbsp;&nbsp; 3250 | 3280455 |
| Southeast Alabama Gas Supply District.(The), 5.00%, <br> 08/01/54<br>| &nbsp;&nbsp; 1000 | 1072182 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| 5.00%, 10/01/30 | &nbsp;&nbsp; 2500 | 2714267 |
| 5.00%, 11/01/35 | &nbsp;&nbsp; 4000 | 4315649 |
| 5.00%, 01/01/56 | &nbsp;&nbsp; 6000 | 6246334 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 100 | 106922 |
| Stadium Trace Village Improvement District.(The), <br> 3.63%, 03/01/36<br>| &nbsp;&nbsp; 1180 | 1099621 |
| Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 175 | 176056 |
|  |  | 37002096 |
| **Arizona — 1.7%** | **Arizona — 1.7%** | **Arizona — 1.7%** |
| Arizona Industrial Development Authority RB |  |  |
| 4.50%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 590 | 590744 |
| 5.25%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 155 | 155886 |
| Glendale Industrial Development Authority RB, 4.00%, <br> 05/15/28<br>| &nbsp;&nbsp; 380 | 378276 |
| Industrial Development Authority of the County of <br> Pima.(The), 5.00%, 06/15/49<sup>(a)</sup><br>| &nbsp;&nbsp; 1235 | 1106684 |
| Maricopa County Industrial Development Authority, <br> 4.00%, 10/15/47<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 170045 |
| Maricopa County Industrial Development Authority <br> RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 3750 | 3997098 |
| Sierra Vista Industrial Development Authority RB |  |  |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1026064 |
| 5.75%, 06/15/53<sup>(a)</sup> | &nbsp;&nbsp; 160 | 157719 |
| 6.38%, 06/15/64<sup>(a)</sup> | &nbsp;&nbsp; 500 | 512561 |
|  |  | 8095077 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** | **Arkansas — 0.2%** |
| Arkansas Development Finance Authority RB AMT, <br> 6.88%, 07/01/48<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 1075439 |
| **California — 7.3%** | **California — 7.3%** | **California — 7.3%** |
| California Community Choice Financing Authority RB, <br> 5.00%, 01/01/55<br>| &nbsp;&nbsp; 4150 | 4379383 |
| California County Tobacco Securitization Agency RB |  |  |
| 5.00%, 06/01/47 | &nbsp;&nbsp; 1370 | 1293859 |
| 5.00%, 06/01/49 | &nbsp;&nbsp; 525 | 521111 |
| California Enterprise Development Authority RB |  |  |
| 5.00%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp; 600 | 557424 |
| 7.00%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3001767 |
| California Infrastructure & Economic Development <br> Bank RB, 12.00%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp; 7465 | 5598750 |
| California Municipal Finance Authority RB |  |  |
| 5.00%, 12/31/38 | &nbsp;&nbsp; 4935 | 5036581 |
| 5.00%, 11/15/39 | &nbsp;&nbsp; 1000 | 1034099 |
| 5.50%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp; 800 | 801320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| 5.88%, 05/01/59<sup>(a)</sup> | &nbsp;&nbsp; $200 | $201841 |
| 6.10%, 12/01/37 | &nbsp;&nbsp; 1100 | 1113450 |
| California Municipal Finance Authority RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp; 7200 | 7262090 |
| California Pollution Control Financing Authority RB, <br> 5.00%, 07/01/39<sup>(a)</sup><br>| &nbsp;&nbsp; 500 | 516271 |
| California Statewide Communities Development <br> Authority RB<br>|  |  |
| 5.00%, 12/01/41<sup>(a)</sup> | &nbsp;&nbsp; 500 | 501453 |
| 5.00%, 12/01/46<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1000417 |
| California Statewide Financing Authority RB, 0.00%, <br> 06/01/55<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4250 | 253573 |
| CSCDA Community Improvement Authority RB |  |  |
| 4.00%, 07/01/56<sup>(a)</sup> | &nbsp;&nbsp; 250 | 205918 |
| 4.00%, 07/01/58<sup>(a)</sup> | &nbsp;&nbsp; 100 | 62060 |
| Inland Empire Tobacco Securitization Corp. RB, <br> 0.00%, 06/01/36<sup>(c)</sup><br>| &nbsp;&nbsp; 1205 | 596108 |
| Tobacco Securitization Authority of Southern California <br> RB, 5.00%, 06/01/48<br>| &nbsp;&nbsp; 1000 | 1000742 |
|  |  | 34938217 |
| **Colorado — 3.8%** | **Colorado — 3.8%** | **Colorado — 3.8%** |
| City & County of Denver Colorado RB AMT, 5.00%, <br> 10/01/32<br>| &nbsp;&nbsp; 9595 | 9607402 |
| Colorado Educational & Cultural Facilities <br> Authority RB<br>|  |  |
| 4.00%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 100 | 97578 |
| 4.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 125 | 122549 |
| Colorado Health Facilities Authority RB |  |  |
| 5.00%, 05/15/49 | &nbsp;&nbsp; 100 | 76228 |
| 5.25%, 11/01/39 | &nbsp;&nbsp; 65 | 71869 |
| Elbert County Independence Water & Sanitation <br> District RB, 5.13%, 12/01/33<br>| &nbsp;&nbsp; 1500 | 1566792 |
| Four Corners Business Improvement District GOL, <br> 6.00%, 12/01/52<br>| &nbsp;&nbsp; 1500 | 1510207 |
| Granary Metropolitan District No 9 Special <br> Assessment District No 1, 5.45%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 760 | 764243 |
| Independence Metropolitan District No. 3 GOL, <br> 7.13%, 12/15/54<br>| &nbsp;&nbsp; 500 | 498485 |
| Loretto Heights Community Authority RB, 4.88%, <br> 12/01/51<br>| &nbsp;&nbsp; 500 | 393539 |
| Redtail Ridge Metropolitan District GOL, 0.00%, <br> 12/01/32<sup>(c)</sup><br>| &nbsp;&nbsp; 2193 | 1395734 |
| Riverpark Metropolitan District/Arapahoe County GOL, <br> 6.38%, 12/01/54<br>| &nbsp;&nbsp; 1000 | 1019134 |
| Wildgrass Metropolitan District GO, 4.00%, 12/01/34 <br> (BAM)<br>| &nbsp;&nbsp; 1000 | 1000082 |
|  |  | 18123842 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| Connecticut State Health & Educational Facilities <br> Authority RB, 5.38%, 07/01/54<br>| &nbsp;&nbsp; 205 | 196813 |
| Mohegan Tribal Finance Authority, 7.00%, 02/01/45<sup>(a)</sup> | &nbsp;&nbsp; 455 | 458836 |
| Stamford Housing Authority RB |  |  |
| 4.25%, 10/01/30 | &nbsp;&nbsp; 1500 | 1521227 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 800 | 849283 |
|  |  | 3026159 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| Affordable Housing Opportunities Trust RB, 6.88%, <br> 05/01/39<sup>(a)</sup><br>| &nbsp;&nbsp; 118 | 120759 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |
| Delaware State Economic Development Authority RB, <br> 4.00%, 10/01/45<br>| &nbsp;&nbsp; $800 | $814478 |
|  |  | 935237 |
| **District of Columbia — 0.2%** | **District of Columbia — 0.2%** | **District of Columbia — 0.2%** |
| District of Columbia, 5.50%, 02/28/37 | &nbsp;&nbsp; 90 | 104400 |
| District of Columbia Tobacco Settlement Financing <br> Corp. RB, Series C, 0.00%, 06/15/55<sup>(c)</sup><br>| &nbsp;&nbsp; 6100 | 614455 |
|  |  | 718855 |
| **Florida — 17.5%** | **Florida — 17.5%** | **Florida — 17.5%** |
| Alachua County Housing Finance Authority RB, <br> 4.90%, 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 1850 | 1869497 |
| Arbor Park Phase 1 Community Development District, <br> 5.75%, 05/01/35<br>| &nbsp;&nbsp; 2000 | 2135201 |
| Ave Maria Stewardship Community District, 4.38%, <br> 05/01/35<br>| &nbsp;&nbsp; 565 | 571386 |
| Babcock Ranch Community Independent <br> Special District<br>|  |  |
| 4.25%, 05/01/32 | &nbsp;&nbsp; 100 | 101780 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 1000 | 1019670 |
| Berry Bay II Community Development District, 4.45%, <br> 05/01/31<br>| &nbsp;&nbsp; 215 | 218541 |
| Boggy Creek Improvement District, 5.13%, 05/01/43 | &nbsp;&nbsp; 460 | 460077 |
| Bradbury Community Development District, 4.38%, <br> 05/01/30<br>| &nbsp;&nbsp; 1620 | 1640712 |
| Brevard County Health Facilities Authority, 4.00%, <br> 11/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 150 | 145220 |
| Buckhead Trails Community Development District |  |  |
| 4.70%, 05/01/31 | &nbsp;&nbsp; 625 | 635598 |
| 5.60%, 05/01/44 | &nbsp;&nbsp; 145 | 147116 |
| Buckhead Trails II Community Development District, <br> 4.13%, 05/01/33<br>| &nbsp;&nbsp; 300 | 299937 |
| Cabot Citrus Farms Community Development District, <br> 5.25%, 03/01/29<br>| &nbsp;&nbsp; 500 | 506915 |
| Capital Trust Agency, Inc. RB |  |  |
| 4.88%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp; 100 | 79154 |
| 5.38%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 230 | 212175 |
| Capital Trust Authority RB, 5.00%, 07/01/36<sup>(a)</sup> | &nbsp;&nbsp; 855 | 881243 |
| Center Lake Ranch West Community Development <br> District, 4.25%, 05/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 400 | 404162 |
| City of Pompano Beach Florida RB, 5.00%, 09/01/39 | &nbsp;&nbsp; 1590 | 1590987 |
| Coastal Ridge Community Development District, <br> 4.40%, 05/01/30<br>| &nbsp;&nbsp; 2250 | 2285586 |
| Connerton East Community Development District, <br> 4.25%, 06/15/35<br>| &nbsp;&nbsp; 350 | 353521 |
| County of Lake Florida RB, 5.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; 1350 | 1308869 |
| County of Miami-Dade Aviation Revenue RB AMT, <br> 5.00%, 10/01/40<br>| &nbsp;&nbsp; 3500 | 3553780 |
| Crossings Community Development District |  |  |
| 4.75%, 05/01/31 | &nbsp;&nbsp; 260 | 265181 |
| 5.35%, 05/01/44 | &nbsp;&nbsp; 975 | 988704 |
| Curiosity Creek Community Development District |  |  |
| 4.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402338 |
| 4.50%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 750 | 757263 |
| 4.65%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; 300 | 305164 |
| Cypress Creek Reserve Community Development <br> District, 4.20%, 05/01/30<br>| &nbsp;&nbsp; 750 | 761557 |
| Cypress Reserve Community Development District, <br> 4.00%, 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 300 | 298650 |
| Darby Community Development District, 5.88%, <br> 05/01/35<br>| &nbsp;&nbsp; 105 | 111778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Escambia County Health Facilities Authority RB, <br> 5.00%, 08/15/40<br>| &nbsp;&nbsp; $1000 | $1025001 |
| Firethorn Community Development District, 4.35%, <br> 05/01/35<br>| &nbsp;&nbsp; 890 | 899223 |
| Florida Development Finance Corp. RB |  |  |
| 6.00%, 06/15/50 | &nbsp;&nbsp; 400 | 392853 |
| Series A, 5.13%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 500 | 417676 |
| Florida Development Finance Corp. RB AMT |  |  |
| 4.38%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 2880 | 2907875 |
| 10.00%, 07/15/59<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 2900 | 1044000 |
| Florida Housing Finance Corp. RB, 5.00%, 06/01/57 | &nbsp;&nbsp; 1960 | 1965477 |
| Florida Local Government Finance Commission RB, <br> 4.45%, 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 1015341 |
| Gas Worx Community Development District, 4.63%, <br> 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 345 | 354163 |
| Greater Orlando Aviation Authority RB |  |  |
| 5.25%, 11/01/34 | &nbsp;&nbsp; 1250 | 1346275 |
| 5.25%, 11/01/35 | &nbsp;&nbsp; 1000 | 1074164 |
| Greenbriar Community Development District, 4.80%, <br> 05/01/32<br>| &nbsp;&nbsp; 405 | 415333 |
| Hammock Oaks Community Development District |  |  |
| 4.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; 670 | 688186 |
| 5.85%, 05/01/44 | &nbsp;&nbsp; 90 | 92074 |
| Harbor Reserve Community Development District, <br> 4.25%, 05/01/30<br>| &nbsp;&nbsp; 940 | 945748 |
| Harvest Hills South Community Development District, <br> 4.50%, 05/01/35<br>| &nbsp;&nbsp; 375 | 379103 |
| Hickory Tree Community Development District, 5.15%, <br> 05/01/44<br>| &nbsp;&nbsp; 1000 | 1004309 |
| Hillcrest Preserve Community Development District, <br> 5.00%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 988464 |
| Hyde Park Community Development District No. 1, <br> 5.25%, 05/01/34<br>| &nbsp;&nbsp; 1600 | 1663624 |
| Ibis Landing Community Development District, 4.13%, <br> 06/15/30<br>| &nbsp;&nbsp; 200 | 202891 |
| KD52 Community Development District No. 1, 4.25%, <br> 05/01/30<br>| &nbsp;&nbsp; 2360 | 2349427 |
| Kings Creek I Community Development District |  |  |
| 4.50%, 05/01/30 | &nbsp;&nbsp; 300 | 305196 |
| 5.00%, 05/01/36 | &nbsp;&nbsp; 455 | 477777 |
| Kingston One Community Development District, <br> 4.25%, 05/01/30<br>| &nbsp;&nbsp; 1000 | 1016300 |
| Lakes of Sarasota Community Development District, <br> 5.25%, 05/01/34<br>| &nbsp;&nbsp; 2325 | 2415839 |
| Lakes of Sarasota Community Development District 2 |  |  |
| 5.20%, 05/01/35 | &nbsp;&nbsp; 3040 | 3172733 |
| 5.85%, 05/01/35 | &nbsp;&nbsp; 3175 | 3316721 |
| Lee County Industrial Development Authority Florida <br> RB, 4.75%, 11/15/29<br>| &nbsp;&nbsp; 250 | 251948 |
| Lowery Hills Community Development District, 4.55%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 440 | 449095 |
| LTC Ranch West Residential Community <br> Development District, 4.75%, 05/01/31<br>| &nbsp;&nbsp; 295 | 300164 |
| Madeira Community Development District, 5.00%, <br> 05/01/39<br>| &nbsp;&nbsp; 575 | 624492 |
| Magnolia Island Community Development District, <br> 5.55%, 05/01/45<br>| &nbsp;&nbsp; 750 | 755307 |
| Malabar Springs Community Development District, <br> 4.50%, 05/01/31<br>| &nbsp;&nbsp; 440 | 446873 |
| Mckendree Pointe Community Development District, <br> 4.50%, 05/01/30<br>| &nbsp;&nbsp; 400 | 402644 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| New York City Transitional Finance Authority Building <br> Aid Revenue, 4.25%, 06/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; $200 | $202269 |
| Newfield Community Development District |  |  |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 765 | 779807 |
| 5.00%, 05/01/35 | &nbsp;&nbsp; 795 | 853760 |
| Normandy Community Development District |  |  |
| 4.63%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2015 | 2045552 |
| 5.30%, 05/01/44<sup>(a)</sup> | &nbsp;&nbsp; 1490 | 1474894 |
| North-1 Pasco Community Development District, <br> 5.75%, 05/01/44<br>| &nbsp;&nbsp; 60 | 61831 |
| Palmetto Ridge Community Development District, <br> 4.50%, 05/01/36<br>| &nbsp;&nbsp; 710 | 711129 |
| Parrish Lakes II Community Development District, <br> 4.25%, 05/01/31<br>| &nbsp;&nbsp; 1165 | 1181936 |
| Parrish Plantation Community Development District, <br> 5.63%, 05/01/44<br>| &nbsp;&nbsp; 250 | 257585 |
| Pinery Community Development District, 4.50%, <br> 05/01/36<br>| &nbsp;&nbsp; 500 | 500450 |
| Ranches at Lake Mcleod Community <br> Development District<br>|  |  |
| 4.25%, 06/15/30 | &nbsp;&nbsp; 260 | 264516 |
| 4.55%, 06/15/35 | &nbsp;&nbsp; 370 | 384901 |
| Reflection Bay Community Development District, <br> 4.50%, 05/01/30<br>| &nbsp;&nbsp; 325 | 330861 |
| Rustic Oaks Community Development District, 3.20%, <br> 05/01/32<br>| &nbsp;&nbsp; 1000 | 965274 |
| Solaeris Community Development District, 4.63%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 1085 | 1106009 |
| Sugarloaf Community Development District, 4.00%, <br> 12/15/33<br>| &nbsp;&nbsp; 545 | 544347 |
| Sunrise Community Development District |  |  |
| 4.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 750 | 753190 |
| 4.50%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 880 | 884673 |
| Three Rivers Community Development District, <br> 4.13%, 05/01/31<br>| &nbsp;&nbsp; 1965 | 1968832 |
| Tradition Community Development District No. 9, <br> 4.35%, 05/01/32<br>| &nbsp;&nbsp; 535 | 555738 |
| Two Lakes Community Development District, 5.00%, <br> 05/01/44<br>| &nbsp;&nbsp; 1000 | 1021939 |
| Village Community Development District No. 12, <br> 4.00%, 05/01/33<br>| &nbsp;&nbsp; 375 | 378625 |
| Village Community Development District No. 14, <br> 5.38%, 05/01/42<br>| &nbsp;&nbsp; 95 | 98574 |
| Village Community Development District No. 16, <br> 4.00%, 05/01/35<br>| &nbsp;&nbsp; 2605 | 2650241 |
| Vivid Shores Community Development District, 4.25%, <br> 05/01/35<br>| &nbsp;&nbsp; 500 | 505837 |
| West Villages Improvement District |  |  |
| 4.50%, 05/01/31 | &nbsp;&nbsp; 505 | 513983 |
| 4.75%, 05/01/32 | &nbsp;&nbsp; 1500 | 1516901 |
| 4.75%, 05/01/39 | &nbsp;&nbsp; 1745 | 1757718 |
|  |  | 83689430 |
| **Georgia — 0.7%** | **Georgia — 0.7%** | **Georgia — 0.7%** |
| Atlanta Development Authority.(The) |  |  |
| 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 180 | 185178 |
| 5.50%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp; 280 | 290140 |
| City of Atlanta Water & Wastewater Revenue RB, <br> 5.00%, 11/01/40<br>| &nbsp;&nbsp; 1400 | 1404000 |
| Development Authority of Cobb County.(The), 5.70%, <br> 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp; 275 | 280311 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Main Street Natural Gas, Inc. RB, 5.00%, 12/01/52 | &nbsp;&nbsp; $1000 | $1048397 |
|  |  | 3208026 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| Idaho Housing & Finance Association RB, 5.00%, <br> 12/01/38<sup>(a)</sup><br>| &nbsp;&nbsp; 625 | 626673 |
| **Illinois — 4.0%** | **Illinois — 4.0%** | **Illinois — 4.0%** |
| Chicago Board of Education GO |  |  |
| 5.00%, 12/01/36 | &nbsp;&nbsp; 3000 | 3006061 |
| 5.00%, 12/01/46 | &nbsp;&nbsp; 1000 | 953435 |
| 5.00%, 12/01/46 | &nbsp;&nbsp; 475 | 452882 |
| 5.00%, 12/01/46 | &nbsp;&nbsp; 500 | 476718 |
| 5.00%, 12/01/47 | &nbsp;&nbsp; 500 | 469749 |
| 6.00%, 12/01/38 | &nbsp;&nbsp; 5000 | 5476083 |
| City of Marion IL Sales Tax Revenue RB, 6.38%, <br> 06/01/45<br>| &nbsp;&nbsp; 330 | 330101 |
| County of Cook Illinois RB, 6.50%, 01/01/45 | &nbsp;&nbsp; 750 | 761554 |
| Illinois Finance Authority RB |  |  |
| 5.00%, 11/01/36 | &nbsp;&nbsp; 1250 | 1367768 |
| 5.25%, 10/01/39<sup>(a)</sup> | &nbsp;&nbsp; 500 | 536131 |
| Illinois State Toll Highway Authority RB |  |  |
| 5.00%, 01/01/37 | &nbsp;&nbsp; 250 | 250392 |
| 5.00%, 01/01/38 | &nbsp;&nbsp; 5000 | 5007128 |
| Metropolitan Pier & Exposition Authority, 4.00%, <br> 06/15/50<br>| &nbsp;&nbsp; 175 | 150263 |
|  |  | 19238265 |
| **Indiana — 0.3%** | **Indiana — 0.3%** | **Indiana — 0.3%** |
| City of Valparaiso Indiana RB AMT, 4.50%, <br> 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 103686 |
| Indiana Finance Authority RB |  |  |
| Class A,4.13%, 12/01/26 | &nbsp;&nbsp; 640 | 642036 |
| 5.00%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 545 | 551827 |
|  |  | 1297549 |
| **Kentucky — 0.4%** | **Kentucky — 0.4%** | **Kentucky — 0.4%** |
| City of Henderson Kentucky RB AMT, 4.70%, <br> 01/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 650 | 611513 |
| Kentucky Economic Development Finance Authority, <br> 5.25%, 06/01/41<br>| &nbsp;&nbsp; 1000 | 1011267 |
| Kentucky Public Energy Authority, 4.00%, 02/01/50 | &nbsp;&nbsp; 500 | 507802 |
|  |  | 2130582 |
| **Louisiana — 2.8%** | **Louisiana — 2.8%** | **Louisiana — 2.8%** |
| Juban Crossing Community Development District, <br> 6.25%, 06/01/34<br>| &nbsp;&nbsp; 3000 | 3156691 |
| Louisiana Public Facilities Authority |  |  |
| 4.38%, 05/01/53<sup>(a)</sup> | &nbsp;&nbsp; 3300 | 3301145 |
| 5.00%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp; 1285 | 1285253 |
| 5.00%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; 665 | 644855 |
| 6.50%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp; 100 | 90100 |
| Parish of St. James Louisiana RB, 3.70%, 08/01/41 | &nbsp;&nbsp; 5000 | 5103519 |
|  |  | 13581563 |
| **Maine — 0.3%** | **Maine — 0.3%** | **Maine — 0.3%** |
| Finance Authority of Maine RB |  |  |
| 5.00%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1070631 |
| 9.50%, 06/01/32 | &nbsp;&nbsp; 25 | 21246 |
| Finance Authority of Maine RB AMT |  |  |
| 4.63%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp; 175 | 180997 |
| 8.50%, 06/01/32 | &nbsp;&nbsp; 25 | 21248 |
| 8.50%, 06/01/35<sup>(b)(d)</sup> | &nbsp;&nbsp; 135 | 69282 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Maine (continued)** | **Maine (continued)** | **Maine (continued)** |
| Maine Health & Higher Educational Facilities Authority, <br> 4.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp; $260 | $229303 |
|  |  | 1592707 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| City of Baltimore Maryland RB |  |  |
| 4.00%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 400 | 402897 |
| 4.50%, 06/01/33 | &nbsp;&nbsp; 100 | 102755 |
| Maryland Health & Higher Educational Facilities <br> Authority, 5.50%, 01/01/46<br>| &nbsp;&nbsp; 245 | 246961 |
|  |  | 752613 |
| **Michigan — 1.1%** | **Michigan — 1.1%** | **Michigan — 1.1%** |
| City of Detroit Michigan GOL, Series B-1, 4.00%, <br> 04/01/44<br>| &nbsp;&nbsp; 348 | 273579 |
| Flint International Academy RB, 5.75%, 10/01/37 | &nbsp;&nbsp; 2485 | 2485531 |
| Kalamazoo Economic Development Corp. RB, 5.00%, <br> 08/15/36<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 1033425 |
| Michigan Strategic Fund |  |  |
| 4.00%, 10/01/61 | &nbsp;&nbsp; 550 | 549628 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 970 | 1009542 |
|  |  | 5351705 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| City of Forest Lake Minnesota RB, 5.00%, 07/01/56 | &nbsp;&nbsp; 260 | 215150 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| Kansas City Industrial Development Authority, 5.00%, <br> 06/01/46<sup>(a)</sup><br>| &nbsp;&nbsp; 115 | 114278 |
| **Montana — 1.1%** | **Montana — 1.1%** | **Montana — 1.1%** |
| City of Forsyth MT RB, 4.00%, 03/01/31 | &nbsp;&nbsp; 5000 | 5001045 |
| **Nevada — 0.3%** | **Nevada — 0.3%** | **Nevada — 0.3%** |
| Sparks Tourism Improvement District No. 1 RB, <br> 3.88%, 06/15/28<br>| &nbsp;&nbsp; 1250 | 1256424 |
| **New Hampshire — 2.3%** | **New Hampshire — 2.3%** | **New Hampshire — 2.3%** |
| New Hampshire Business Finance Authority |  |  |
| 0.00%, 04/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp; 255 | 170756 |
| 0.00%, 12/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp; 2500 | 1510139 |
| 0.00%, 12/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp; 2585 | 1619927 |
| 3.63%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp; 250 | 207470 |
| 5.25%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1579 | 1578871 |
| 5.38%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 566 | 566490 |
| 5.38%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp; 947 | 946666 |
| 5.75%, 04/28/42 | &nbsp;&nbsp; 470 | 495024 |
| 5.88%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1429 | 1429405 |
| 5.95%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1489 | 1490571 |
| Class A, AMT, 4.00%, 10/01/33 <br> (SIFMA Municipal Swap Index)<br>| &nbsp;&nbsp; 910 | 912609 |
|  |  | 10927928 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| Camden County Improvement Authority.(The), 6.00%, <br> 06/15/62<br>| &nbsp;&nbsp; 75 | 77256 |
| New Jersey Economic Development Authority, 6.38%, <br> 01/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 835 | 870635 |
|  |  | 947891 |
| **New York — 7.6%** | **New York — 7.6%** | **New York — 7.6%** |
| Build NYC Resource Corp. RB |  |  |
| 5.00%, 07/01/32 | &nbsp;&nbsp; 245 | 245835 |
| 5.13%, 07/01/33 | &nbsp;&nbsp; 175 | 183904 |
| 5.25%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; 500 | 503766 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Erie Tobacco Asset Securitization Corp. RB, 5.00%, <br> 06/01/38<br>| &nbsp;&nbsp; $2000 | $1849816 |
| New York Energy Finance Development Corp. RB, <br> 5.00%, 07/01/56<br>| &nbsp;&nbsp; 5000 | 5328602 |
| New York Liberty Development Corp. RB |  |  |
| 5.00%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp; 500 | 500009 |
| 5.38%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 550 | 550028 |
| New York State Environmental Facilities Corp. <br> RB AMT<br>|  |  |
| 4.25%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1015498 |
| 5.13%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp; 250 | 262530 |
| New York Transportation Development Corp. RB |  |  |
| 5.00%, 01/01/34 | &nbsp;&nbsp; 4500 | 4640177 |
| 5.00%, 12/01/38 | &nbsp;&nbsp; 500 | 534747 |
| New York Transportation Development Corp. RB AMT |  |  |
| 3.00%, 08/01/31 | &nbsp;&nbsp; 1000 | 955125 |
| 5.00%, 01/01/30 | &nbsp;&nbsp; 250 | 258907 |
| 5.00%, 10/01/40 | &nbsp;&nbsp; 2310 | 2377970 |
| 5.00%, 07/01/46 | &nbsp;&nbsp; 7000 | 6999646 |
| 5.25%, 08/01/31 | &nbsp;&nbsp; 9150 | 9514088 |
| Suffolk Regional Off-Track Betting Corp. RB |  |  |
| 5.00%, 12/01/34 | &nbsp;&nbsp; 100 | 103691 |
| 5.75%, 12/01/44 | &nbsp;&nbsp; 200 | 205162 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 200 | 203928 |
|  |  | 36233429 |
| **North Carolina — 0.8%** | **North Carolina — 0.8%** | **North Carolina — 0.8%** |
| North Carolina Medical Care Commission RB |  |  |
| 4.00%, 11/01/31 | &nbsp;&nbsp; 3000 | 3010177 |
| 5.00%, 09/01/34 | &nbsp;&nbsp; 900 | 963392 |
|  |  | 3973569 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency RB, 4.70%, <br> 07/01/49<br>| &nbsp;&nbsp; 750 | 752578 |
| **Ohio — 0.8%** | **Ohio — 0.8%** | **Ohio — 0.8%** |
| Cleveland-Cuyahoga County Port Authority RB, <br> 5.25%, 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp; 745 | 783508 |
| Hickory Chase Community Authority RB, 5.00%, <br> 12/01/40<sup>(a)</sup><br>| &nbsp;&nbsp; 315 | 321617 |
| Ohio Air Quality Development Authority RB AMT, <br> 4.50%, 01/15/48<sup>(a)</sup><br>| &nbsp;&nbsp; 2400 | 2242173 |
| Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 240 | 245710 |
|  |  | 3593008 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |
| Oklahoma Development Finance Authority RB, <br> Series A-2, 7.25%, 09/01/51<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 246817 |
| Tulsa County Industrial Authority RB |  |  |
| 5.00%, 11/15/32 | &nbsp;&nbsp; 335 | 341627 |
| 5.00%, 11/15/38 | &nbsp;&nbsp; 500 | 500189 |
| 5.25%, 11/15/45 | &nbsp;&nbsp; 75 | 75091 |
| Tulsa Municipal Airport Trust Trustees Oklahoma RB <br> AMT, 6.25%, 12/01/35<br>| &nbsp;&nbsp; 680 | 789435 |
|  |  | 1953159 |
| **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3500974 |
| **Pennsylvania — 4.9%** | **Pennsylvania — 4.9%** | **Pennsylvania — 4.9%** |
| Allegheny Community Broadband, Inc. RB, 7.50%, <br> 09/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 255 | 260541 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Allentown Neighborhood Improvement Zone <br> Development Authority RB<br>|  |  |
| 5.00%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; $370 | $381292 |
| 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1017956 |
| 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2055464 |
| 5.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1140 | 1238256 |
| Beaver County Industrial Development Authority RB, <br> 3.75%, 10/01/47<br>| &nbsp;&nbsp; 295 | 246204 |
| Berks County Industrial Development Authority RB, <br> 5.00%, 05/15/37<br>| &nbsp;&nbsp; 2500 | 2530958 |
| Berks County Municipal Authority.(The), 5.00%, <br> 10/01/39<br>| &nbsp;&nbsp; 390 | 374097 |
| City of Philadelphia Water & Wastewater Revenue <br> RB, Series A, 5.00%, 10/01/42<br>| &nbsp;&nbsp; 6475 | 6613876 |
| Doylestown Hospital Authority RB |  |  |
| 5.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 100 | 106614 |
| 5.38%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp; 100 | 110632 |
| Hospitals & Higher Education Facilities Authority of <br> Philadelphia.(The), 5.00%, 07/01/33<br>| &nbsp;&nbsp; 4870 | 4946122 |
| Lancaster County Hospital Authority, 5.25%, 07/01/41 | &nbsp;&nbsp; 100 | 100132 |
| Pennsylvania Economic Development Financing <br> Authority RB<br>|  |  |
| 5.25%, 12/01/37 | &nbsp;&nbsp; 230 | 231161 |
| 5.25%, 12/01/38 | &nbsp;&nbsp; 130 | 130651 |
| Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| 4.00%, 06/01/41 (SIFMA Municipal Swap Index) | &nbsp;&nbsp; 915 | 915985 |
| 5.25%, 06/30/53 | &nbsp;&nbsp; 100 | 101011 |
| 5.75%, 06/30/48 | &nbsp;&nbsp; 860 | 902085 |
| Pennsylvania Higher Education Assistance Agency <br> RB AMT<br>|  |  |
| 5.00%, 06/01/31 | &nbsp;&nbsp; 1000 | 1075003 |
| 5.00%, 06/01/51 | &nbsp;&nbsp; 100 | 95693 |
|  |  | 23433733 |
| **Puerto Rico — 3.6%** | **Puerto Rico — 3.6%** | **Puerto Rico — 3.6%** |
| Children's Trust Fund RB, Series A, 0.00%, <br> 05/15/57<sup>(c)</sup><br>| &nbsp;&nbsp; 1180 | 55951 |
| Commonwealth of Puerto Rico GO |  |  |
| 0.00%, 07/01/33<sup>(c)</sup> | &nbsp;&nbsp; 515 | 376925 |
| 5.75%, 07/01/31 | &nbsp;&nbsp; 2546 | 2810267 |
| Commonwealth of Puerto Rico Notes |  |  |
| 0.00%, 11/01/43<sup>(b)(d)</sup> | &nbsp;&nbsp; 771 | 505286 |
| 1.00%, 11/01/51<sup>(b)(d)</sup> | &nbsp;&nbsp; 13602 | 8229112 |
| Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority RB, 5.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp; 1500 | 1554588 |
| Puerto Rico Electric Power Authority RB |  |  |
| 0.00%, 07/01/21 | &nbsp;&nbsp; 192 | 128160 |
| 4.80%, 07/01/29 | &nbsp;&nbsp; 1420 | 946075 |
| 5.00%, 07/01/24 | &nbsp;&nbsp; 1697 | 1132747 |
| 5.00%, 07/01/27<sup>(b)(d)</sup> | &nbsp;&nbsp; 251 | 167229 |
| 5.00%, 07/01/28 | &nbsp;&nbsp; 430 | 286487 |
| 5.25%, 07/01/25<sup>(b)(d)</sup> | &nbsp;&nbsp; 254 | 169545 |
| 5.25%, 07/01/27<sup>(b)(d)</sup> | &nbsp;&nbsp; 708 | 471705 |
| 5.25%, 07/01/49<sup>(b)(d)</sup> | &nbsp;&nbsp; 553 | 369127 |
|  |  | 17203204 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |
| Rhode Island Commerce Corp. RB, 5.00%, 07/01/37 | &nbsp;&nbsp; 1110 | 1113678 |
| Tobacco Settlement Financing Corp. RB, 5.00%, <br> 06/01/50<br>| &nbsp;&nbsp; 60 | 59222 |
|  |  | 1172900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| City of Goose Creek South Carolina, 5.00%, <br> 10/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; $405 | $424589 |
| City of Hardeeville South Carolina, 4.00%, 05/01/52<sup>(a)</sup> | &nbsp;&nbsp; 100 | 75317 |
| Patriots Energy Group Financing Agency RB, 5.25%, <br> 10/01/54<br>| &nbsp;&nbsp; 160 | 172093 |
| South Carolina Jobs-Economic Development <br> Authority RB<br>|  |  |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 1000 | 1054648 |
| 5.00%, 04/01/36 | &nbsp;&nbsp; 1270 | 1395532 |
| 7.50%, 08/15/62<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22331 |
|  |  | 3144510 |
| **Tennessee — 0.2%** | **Tennessee — 0.2%** | **Tennessee — 0.2%** |
| Metropolitan Government Nashville & Davidson <br> County Health & Educational Facilities Board, <br> 5.00%, 10/01/37<br>| &nbsp;&nbsp; 345 | 349942 |
| Metropolitan Government Nashville & Davidson <br> County Industrial Development Board, 0.00%, <br> 06/01/43<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 95 | 41228 |
| Tennergy Corp. Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp; 500 | 534929 |
|  |  | 926099 |
| **Texas — 9.1%** | **Texas — 9.1%** | **Texas — 9.1%** |
| Angelina & Neches River Authority RB AMT, Series A, <br> Class A,7.50%, 12/01/45<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 100 | 2000 |
| Arlington Higher Education Finance Corp. RB |  |  |
| 5.75%, 08/15/62 | &nbsp;&nbsp; 250 | 130000 |
| 7.88%, 11/01/62<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 25 | 15000 |
| Bexar County Health Facilities Development Corp. <br> RB, 5.00%, 07/15/26<br>| &nbsp;&nbsp; 110 | 110556 |
| City of Anna TX, 4.25%, 09/15/35 | &nbsp;&nbsp; 810 | 817034 |
| City of Buda Texas |  |  |
| 5.00%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102561 |
| 5.75%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp; 640 | 652920 |
| City of Celina Texas |  |  |
| 4.35%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 205 | 207275 |
| 4.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1435 | 1451572 |
| 4.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2037199 |
| 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 333 | 340961 |
| City of Corpus Christi Texas |  |  |
| 5.38%, 09/15/31 | &nbsp;&nbsp; 100 | 104185 |
| 6.13%, 09/15/44 | &nbsp;&nbsp; 100 | 100382 |
| 6.50%, 09/15/54 | &nbsp;&nbsp; 103 | 102655 |
| City of Crandall TX, 4.25%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 918 | 922855 |
| City of Ennis Texas, 4.13%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 650 | 652338 |
| City of Friendswood Texas, 7.00%, 09/15/54 | &nbsp;&nbsp; 303 | 303640 |
| City of Houston Airport System Revenue RB AMT |  |  |
| 5.50%, 07/15/35 | &nbsp;&nbsp; 2000 | 2202445 |
| 5.50%, 07/15/38 | &nbsp;&nbsp; 200 | 216690 |
| City of Lavon TX, 5.00%, 09/15/35 | &nbsp;&nbsp; 600 | 604991 |
| City of Lowry Crossing Texas, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203147 |
| City of Marble Falls Texas, 6.38%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp; 500 | 491198 |
| City of Oak Point Texas, 4.70%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202506 |
| City of Pilot Point Texas, 6.13%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp; 240 | 248246 |
| City of Princeton Texas |  |  |
| 4.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 300 | 303846 |
| 4.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50485 |
| 5.00%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49822 |
| 5.13%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp; 75 | 73810 |
| City of Princeton TX, 4.13%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 728 | 733080 |
| City of Seagoville Texas, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 532 | 539261 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Clifton Higher Education Finance Corp. RB, 5.00%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp; $200 | $200352 |
| Club Municipal Management District No. 1, 4.38%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 1500 | 1526612 |
| County of Denton Texas |  |  |
| 4.63%, 12/31/31<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1865120 |
| 4.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp; 650 | 658458 |
| 5.00%, 12/31/35<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1045727 |
| 5.25%, 12/31/44<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1000328 |
| County of Hays TX, 4.50%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 700 | 705718 |
| Mesquite Housing Finance Corp.(The), 4.53%, <br> 02/01/44 (FNMA)<br>| &nbsp;&nbsp; 1000 | 1000911 |
| Mission Economic Development Corp. RB AMT, <br> 4.63%, 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; 3700 | 3713593 |
| New Hope Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| 5.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 850040 |
| 5.00%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 923559 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 750 | 799234 |
| New Hope Higher Education Finance Corp. RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 232854 |
| Newark Higher Education Finance Corp. RB, 5.00%, <br> 08/15/37<br>| &nbsp;&nbsp; 3835 | 3808829 |
| Port of Beaumont Industrial Development Authority <br> RB, 4.10%, 01/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2300 | 2100537 |
| Port of Beaumont Navigation District RB, 10.00%, <br> 07/01/26<sup>(a)</sup><br>| &nbsp;&nbsp; 6000 | 6017395 |
| Port of Beaumont Navigation District RB AMT |  |  |
| 4.00%, 01/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1810 | 1401136 |
| 5.25%, 01/01/54<sup>(a)</sup> | &nbsp;&nbsp; 600 | 576380 |
| Town of Trophy Club Public Improvement District No. <br> 1, 5.00%, 09/01/30<br>| &nbsp;&nbsp; 1000 | 1063469 |
|  |  | 43462912 |
| **Utah — 1.5%** | **Utah — 1.5%** | **Utah — 1.5%** |
| Mida Mountain Village Public Infrastructure District |  |  |
| 5.00%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 500 | 391014 |
| 5.50%, 06/15/39<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 2325199 |
| Utah Charter School Finance Authority RB |  |  |
| 3.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 915 | 853186 |
| 5.00%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1442236 |
| 5.00%, 10/15/44 (UT CSCE) | &nbsp;&nbsp; 500 | 499996 |
| 5.25%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 730 | 754136 |
| 5.25%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; 790 | 782033 |
| Utah Infrastructure Agency RB |  |  |
| 5.50%, 10/15/44 | &nbsp;&nbsp; 55 | 57450 |
| 5.50%, 10/15/48 | &nbsp;&nbsp; 50 | 51157 |
|  |  | 7156407 |
| **Vermont — 3.6%** | **Vermont — 3.6%** | **Vermont — 3.6%** |
| East Central Vermont Telecommunications District RB, <br> 4.50%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 83053 |
| University of Vermont & State Agricultural College RB, <br> 5.00%, 10/01/40<br>| &nbsp;&nbsp; 12000 | 12008552 |
| Vermont Economic Development Authority RB AMT, <br> 5.00%, 06/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 5000 | 5056217 |
|  |  | 17147822 |
| **Virginia — 0.3%** | **Virginia — 0.3%** | **Virginia — 0.3%** |
| Tobacco Settlement Financing Corp. RB, Series B1, <br> 5.00%, 06/01/47<br>| &nbsp;&nbsp; 1550 | 1297685 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Virginia Beach Development Authority RB, 5.38%, <br> 09/01/29<br>| &nbsp;&nbsp; $100 | $101155 |
|  |  | 1398840 |
| **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** |
| County of King Sewer Revenue RB, 4.00%, 07/01/39 | &nbsp;&nbsp; 500 | 500069 |
| Washington Economic Development Finance Authority <br> RB, 5.88%, 12/01/45<br>| &nbsp;&nbsp; 1200 | 1210035 |
| Washington State Housing Finance Commission RB |  |  |
| 3.38%, 04/20/37 | &nbsp;&nbsp; 978 | 934170 |
| 3.95%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 295 | 295093 |
| 4.75%, 01/01/34<sup>(a)</sup> | &nbsp;&nbsp; 945 | 953160 |
| 4.88%, 01/01/36 | &nbsp;&nbsp; 1000 | 1014479 |
| 5.50%, 01/01/44<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 995639 |
|  |  | 5902645 |
| **Wisconsin — 4.3%** | **Wisconsin — 4.3%** | **Wisconsin — 4.3%** |
| Public Finance Authority RB |  |  |
| 0.00%, 12/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp; 1299 | 850485 |
| 0.00%, 12/15/37<sup>(a)(c)</sup> | &nbsp;&nbsp; 1438 | 742154 |
| 0.00%, 12/15/38<sup>(a)(c)</sup> | &nbsp;&nbsp; 365 | 169994 |
| 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 285 | 289619 |
| 5.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 294 | 294338 |
| 5.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 315 | 318860 |
| 5.00%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4870 | 5160245 |
| 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 800 | 837149 |
| 5.00%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 4083658 |
| 5.00%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp; 25 | 21044 |
| 5.25%, 12/01/51<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 65 | 41930 |
| 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1911 | 1917286 |
| 5.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 496 | 496309 |
| 5.75%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1503489 |
| 7.50%, 07/01/59<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1113461 |
| 7.75%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp; 310 | 318080 |
| 12.00%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp; 105 | 125260 |
| Series A, 5.00%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 500 | 393479 |
| Public Finance Authority RB AMT, 5.50%, 07/01/44 | &nbsp;&nbsp; 1750 | 1820740 |
|  |  | 20497580 |
| **Total Municipal Debt Obligations — 93.1%** <br>**(Cost: $445,049,460)** | **Total Municipal Debt Obligations — 93.1%** <br>**(Cost: $445,049,460)** | 445300120 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Timberhp by Go Lab, Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp; 15027 | 34412 |
| **Total Common Stocks — 0.0%** <br>**(Cost $26)** | **Total Common Stocks — 0.0%** <br>**(Cost $26)** | 34412 |
| **Warrants** | **Warrants** | **Warrants** |
| **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** |
| Brightline West<sup>(e)</sup> | &nbsp;&nbsp; 62176 | 124352 |
| **Total Warrants — 0.0%** <br>**(Cost $0)** | **Total Warrants — 0.0%** <br>**(Cost $0)** | 124352 |
| **Total Long-Term Investments — 93.1%** <br>**(Cost: $445,049,486)** | **Total Long-Term Investments — 93.1%** <br>**(Cost: $445,049,486)** | 445458884 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.0%** | **Money Market Funds — 6.0%** | **Money Market Funds — 6.0%** |
| BlackRock Liquidity Funds: MuniCash, 2.03%<sup>(f)(g)</sup> | &nbsp;&nbsp; 28453409 | $28456254 |
| **Total Short-Term Securities — 6.0%** <br>**(Cost: $28,456,166)** | **Total Short-Term Securities — 6.0%** <br>**(Cost: $28,456,166)** | 28456254 |
| **Total Investments — 99.1%** <br>**(Cost: $473,505,652)** | **Total Investments — 99.1%** <br>**(Cost: $473,505,652)** | 473915138 |
| **Other Assets Less Liabilities — 0.9%** | **Other Assets Less Liabilities — 0.9%** | 4466923 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $478382061 |

---

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

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

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

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

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

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

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

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

<sup>(g)</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>| &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* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $45910228 | $—<br> $(17453973 )<sup>(a)</sup><br>| $— | $(1)<br>| $28456254 | 28453409 | $406392 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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  |  |  |  |  |
| Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $445300120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $445300120 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34412 | &nbsp;&nbsp; 34412 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124352 | &nbsp;&nbsp; 124352 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 28456254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28456254 |
|  | &nbsp;&nbsp; $28456254 | &nbsp;&nbsp; $445300120 | &nbsp;&nbsp; $158764 | &nbsp;&nbsp; $473915138 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares Total Return Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 610 Funding 2 CLO Ltd., 1.00%, 01/20/39<sup>(a)</sup> | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; $250000 |
| A10 Issuer LLC, 5.22%, 05/15/42, (1-mo. CME <br> Term SOFR + 1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100102 |
| ACREC LLC |  |  |
| 4.99%, 08/18/42, (1-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99628 |
| 5.25%, 01/18/43, (1-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD765 | &nbsp;&nbsp; 766761 |
| ACRES Commercial Realty Issuer LLC, 1.00%, <br> 08/18/44, (1-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD785 | &nbsp;&nbsp; 785326 |
| ACRES LLC, 5.29%, 08/18/40, (1-mo. CME <br> Term SOFR +1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD385 | &nbsp;&nbsp; 385757 |
| Affirm Asset Securitization Trust |  |  |
| 5.19%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD292 | &nbsp;&nbsp; 292698 |
| 4.45%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD102 | &nbsp;&nbsp; 101760 |
| Affirm Master Trust |  |  |
| 4.99%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD133 | &nbsp;&nbsp; 134338 |
| 4.45%, 10/16/34<sup>(a)</sup> | &nbsp;&nbsp; USD430 | &nbsp;&nbsp; 430730 |
| 4.37%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD202 | &nbsp;&nbsp; 201968 |
| 4.57%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99991 |
| AGL CLO 21 Ltd., 5.03%, 10/21/37, (3-mo. <br> CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 502394 |
| AGL Core CLO 2 Ltd., 5.13%, 07/20/37, (3-mo. <br> CME Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250972 |
| AIMCO CLO, 5.19%, 10/17/37, (3-mo. CME <br> Term SOFR +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251123 |
| AIMCO CLO 11 Ltd., 5.01%, 07/17/37, (3-mo. <br> CME Term SOFR +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251012 |
| Anchorage Capital CLO 15 Ltd., 5.08%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251285 |
| Anchorage Capital CLO 17 Ltd., 4.90%, <br> 02/15/38, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250866 |
| Anchorage Capital CLO 20 Ltd., 5.62%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD355 | &nbsp;&nbsp; 355349 |
| Anchorage Capital CLO 30 Ltd., 4.97%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500546 |
| Apidos CLO LIV, 7.57%, 10/20/38, (3-mo. CME <br> Term SOFR +3.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250763 |
| Apidos CLO XXXIX Ltd., 4.90%, <br> 10/21/38, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 501760 |
| Arbor Realty Commercial Real Estate <br> Notes LLC, 5.03%, 01/20/43, (1-mo. CME <br> Term SOFR +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD175 | &nbsp;&nbsp; 174900 |
| AREIT, 5.23%, 07/25/43, (1-mo. CME Term <br> SOFR + 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD334 | &nbsp;&nbsp; 334122 |
| AREIT Ltd. |  |  |
| 5.37%, 05/17/41, (1-mo. CME Term SOFR <br> +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD86 | &nbsp;&nbsp; 86006 |
| 5.06%, 12/17/29, (1-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD323 | &nbsp;&nbsp; 322550 |
| Ares Direct Lending CLO 6 LLC, 5.20%, <br> 10/16/37, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD340 | &nbsp;&nbsp; 339976 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| ARES LX CLO Ltd., 4.85%, 07/18/34, (3-mo. <br> CME Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; $500721 |
| Ares LXIII CLO Ltd., 4.98%, 10/15/38, (3-mo. <br> CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251277 |
| Ares XLI Clo Ltd., 5.38%, 04/15/34, (3-mo. <br> CME Term SOFR +1.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 300856 |
| ARES XLIV CLO Ltd., 6.42%, 04/15/34, (3-mo. <br> CME Term SOFR +2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250965 |
| Argent Securities Trust, 4.37%, <br> 03/25/36, (1-mo. CME Term SOFR <br> +0.69%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD257 | &nbsp;&nbsp; 144497 |
| Arini U.S. CLO IV Ltd., 4.93%, 01/15/39, (3-mo. <br> CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500000 |
| Atlas Senior Loan Fund XXII Ltd., 5.65%, <br> 01/20/36, (3-mo. CME Term SOFR + <br> 1.980%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250274 |
| Bain Capital Credit CLO, 5.12%, <br> 10/17/32, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250370 |
| Bain Capital Credit Clo Ltd., 6.47%, <br> 10/21/34, (3-mo. CME Term SOFR + <br> 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 501220 |
| Ballyrock CLO 14 Ltd., 5.05%, 07/20/37, (3-mo. <br> CME Term SOFR +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250941 |
| Ballyrock CLO 20 Ltd. |  |  |
| 1.00%, 10/15/36, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD280 | &nbsp;&nbsp; 280000 |
| 1.00%, 10/15/36, (3-mo. CME Term SOFR + <br> 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD280 | &nbsp;&nbsp; 280000 |
| Ballyrock Clo 32 Ltd., 4.88%, 01/25/39, (3-mo. <br> CME Term SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD340 | &nbsp;&nbsp; 340848 |
| Battalion CLO X Ltd., 4.81%, 01/24/35, (3-mo. <br> CME Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 249766 |
| BBAM U.S. CLO I Ltd., 4.87%, <br> 03/30/38, (3-mo. CME Term SOFR <br> +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250702 |
| BBAM U.S. CLO VI Ltd., 5.06%, <br> 01/27/39, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251149 |
| BDS LLC, 5.25%, 09/19/39, (1-mo. CME Term <br> SOFR +1.58%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD138 | &nbsp;&nbsp; 138181 |
| Bear Stearns Asset Backed Securities I Trust |  |  |
| 4.17%, 06/25/47, (1-mo. CME Term SOFR <br> +0.49%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD92 | &nbsp;&nbsp; 85339 |
| 4.41%, 10/25/36, (1-mo. CME Term SOFR <br> +0.73%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD70 | &nbsp;&nbsp; 63449 |
| Bear Stearns Structured Products Trust |  |  |
| 5.79%, 03/25/37, (1-mo. CME Term SOFR <br> +2.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 36981 |
| 5.79%, 03/25/37, (1-mo. CME Term SOFR <br> +2.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 89485 |
| Benefit Street Partners CLO IX Ltd., 5.62%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251209 |
| Benefit Street Partners CLO XXV Ltd., 4.67%, <br> 01/15/35, (3-mo. CME Term SOFR + <br> 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250137 |
| Benefit Street Partners CLO XXVII Ltd., 5.04%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251130 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Bethpage Park CLO Ltd., 6.88%, <br> 10/15/36, (3-mo. CME Term SOFR + <br> 3.212%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; $249194 |
| Birch Grove CLO 4 Ltd., 5.15%, <br> 07/15/37, (3-mo. CME Term SOFR <br> +1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100365 |
| Birch Grove CLO 6 Ltd., 5.05%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251369 |
| Birch Grove CLO 7 Ltd., 4.93%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250857 |
| BlueMountain CLO Ltd. |  |  |
| 4.86%, 10/25/30, (3-mo. CME Term SOFR <br> +1.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 54611 |
| 5.05%, 11/15/30, (3-mo. CME Term SOFR <br> +1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 49670 |
| BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(c)</sup><br>| &nbsp;&nbsp; USD115 | &nbsp;&nbsp; 115635 |
| Bridge Street CLO III Ltd., 5.09%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250979 |
| Bridge Street CLO VI Ltd., 5.07%, <br> 01/15/39, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251079 |
| Buckhorn Park CLO Ltd., 5.27%, <br> 07/18/34, (3-mo. CME Term SOFR <br> +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250930 |
| BXMT Ltd., 5.31%, 10/18/42, (1-mo. CME Term <br> SOFR +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD273 | &nbsp;&nbsp; 273337 |
| Canyon Capital CLO Ltd., 4.68%, <br> 10/15/34, (3-mo. CME Term SOFR + <br> 1.010%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500642 |
| Carlyle U.S. CLO Ltd., 5.06%, 04/15/35, (3-mo. <br> CME Term SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250162 |
| Cerberus Loan Funding XLIV LLC, 6.02%, <br> 01/15/36, (3-mo. CME Term SOFR + <br> 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250987 |
| CIFC Funding Ltd. |  |  |
| 5.12%, 07/16/37, (3-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251016 |
| 4.97%, 01/15/40, (3-mo. CME Term SOFR <br> +1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251090 |
| 5.42%, 10/24/37, (3-mo. CME Term SOFR <br> +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251796 |
| 6.37%, 10/18/38, (3-mo. CME Term SOFR <br> +2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251703 |
| 4.92%, 10/17/38, (3-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD310 | &nbsp;&nbsp; 311452 |
| 5.22%, 10/15/38, (3-mo. CME Term SOFR <br> +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251655 |
| 4.64%, 04/19/35, (3-mo. CME Term SOFR + <br> 0.970%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250298 |
| CIT Mortgage Loan Trust, 5.54%, <br> 10/25/37, (1-mo. CME Term SOFR <br> +1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD425 | &nbsp;&nbsp; 425911 |
| Citigroup Mortgage Loan Trust, Inc., 7.54%, <br> 07/25/37, (1-mo. CME Term SOFR <br> +3.86%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD134 | &nbsp;&nbsp; 124596 |
| Clover CLO LLC, 4.74%, 01/25/35, (3-mo. CME <br> Term SOFR +1.07%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250152 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| College Avenue Student Loans LLC |  |  |
| 5.33%, 05/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD67 | &nbsp;&nbsp; $67391 |
| 2.32%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp; USD161 | &nbsp;&nbsp; 147037 |
| Compass Datacenters Issuer II LLC, 4.93%, <br> 11/25/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 79641 |
| Compass Datacenters Issuer III LLC, 5.29%, <br> 07/25/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD124 | &nbsp;&nbsp; 124441 |
| Consolidated Communications LLC/Fidium <br> Fiber Finance Holdco LLC<br>|  |  |
| 5.77%, 12/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202630 |
| 5.52%, 12/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD330 | &nbsp;&nbsp; 334144 |
| CQS U.S. CLO Ltd., 5.12%, 07/20/36, (3-mo. <br> CME Term SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250786 |
| Creeksource Dunes Creek CLO Ltd. |  |  |
| 5.08%, 01/15/38, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250937 |
| 5.42%, 01/15/38, (3-mo. CME Term SOFR <br> +1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250723 |
| CWABS Asset-Backed Certificates Trust |  |  |
| 6.30%, 12/25/35<sup>(b)</sup> | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 45990 |
| 4.21%, 04/25/46, (1-mo. CME Term SOFR <br> +0.53%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD284 | &nbsp;&nbsp; 234700 |
| DB Master Finance LLC, 4.89%, 08/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD108 | &nbsp;&nbsp; 107767 |
| Deephaven Residential Mortgage Trust, 5.22%, <br> 10/25/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 95362 |
| Diameter Capital CLO 10 Ltd., 4.98%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 502359 |
| Diameter Capital CLO 12 Ltd., 5.16%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250941 |
| Diameter Capital CLO 3 Ltd., 5.00%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251034 |
| Diameter Capital CLO 4 Ltd., 4.90%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD760 | &nbsp;&nbsp; 762052 |
| Diameter Capital CLO 8 Ltd., 5.07%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 351310 |
| Dwight Issuer LLC, 5.34%, 06/18/42, (1-mo. <br> CME Term SOFR +1.66%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100005 |
| ELFI Graduate Loan Program LLC, 5.56%, <br> 08/25/49<sup>(a)</sup><br>| &nbsp;&nbsp; USD139 | &nbsp;&nbsp; 141459 |
| Elmwood CLO 26 Ltd., 7.27%, 04/18/37, (3-mo. <br> CME Term SOFR + 3.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251512 |
| Elmwood CLO I Ltd., 5.19%, 04/20/37, (3-mo. <br> CME Term SOFR +1.52%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200456 |
| FIGRE Trust, 4.98%, 01/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD193 | &nbsp;&nbsp; 192995 |
| First Franklin Mortgage Loan Trust, 4.39%, <br> 01/25/36, (1-mo. CME Term SOFR <br> +0.71%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD331 | &nbsp;&nbsp; 303776 |
| First NLC Trust, 3.97%, 08/25/37, (1-mo. CME <br> Term SOFR +0.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 20756 |
| FirstKey Homes Trust |  |  |
| 3.50%, 07/17/38<sup>(a)</sup> | &nbsp;&nbsp; USD184 | &nbsp;&nbsp; 182174 |
| 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp; USD170 | &nbsp;&nbsp; 168049 |
| FNA 8 LLC, 5.62%, 03/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 76034 |
| Foundation Finance Trust |  |  |
| 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD166 | &nbsp;&nbsp; 166136 |
| 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD183 | &nbsp;&nbsp; 185061 |
| 4.56%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; USD229 | &nbsp;&nbsp; 229613 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.26%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; USD151 | &nbsp;&nbsp; $152870 |
| FS Rialto Issuer LLC |  |  |
| 5.31%, 10/19/39, (1-mo. CME Term SOFR <br> +1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100398 |
| 1.00%, 01/19/44, (1-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD481 | &nbsp;&nbsp; 481199 |
| Galaxy XXII CLO Ltd. |  |  |
| 4.91%, 04/16/34, (3-mo. CME Term SOFR + <br> 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD234 | &nbsp;&nbsp; 233607 |
| 1.00%, 04/16/34, (3-mo. CME Term SOFR + <br> 1.020%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250000 |
| Generate CLO 20 Ltd., 5.37%, 01/25/38, (3-mo. <br> CME Term SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251023 |
| Generate CLO 4 Ltd., 5.10%, 07/20/37, (3-mo. <br> CME Term SOFR +1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250844 |
| Goldentree Loan Management U.S. Clo 26 <br> Ltd., 5.32%, 07/20/38, (3-mo. CME Term <br> SOFR +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251866 |
| Goldman Home Improvement Trust Issuer Trust |  |  |
| 6.80%, 10/25/52<sup>(a)</sup> | &nbsp;&nbsp; USD312 | &nbsp;&nbsp; 320459 |
| 4.50%, 06/25/52<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14017 |
| Golub Capital Partners CLO 19B-R3 Ltd., <br> 5.04%, 10/20/36, (3-mo. CME Term SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD950 | &nbsp;&nbsp; 951887 |
| Golub Capital Partners Clo 44M Ltd., 5.24%, <br> 10/21/38, (3-mo. CME Term SOFR <br> +1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500500 |
| Golub Capital Partners CLO 53B Ltd., 4.65%, <br> 07/20/34, (3-mo. CME Term SOFR + <br> 0.980%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200100 |
| Golub Capital Partners CLO 77 B Ltd., 4.92%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250795 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 83391 |
| 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD79 | &nbsp;&nbsp; 80478 |
| 5.32%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 92429 |
| 5.98%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD159 | &nbsp;&nbsp; 161963 |
| 5.00%, 10/20/49<sup>(a)</sup> | &nbsp;&nbsp; USD496 | &nbsp;&nbsp; 496502 |
| Great Lakes CLO IX Ltd., 5.22%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250042 |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD170 | &nbsp;&nbsp; 172654 |
| 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 39728 |
| 4.52%, 12/27/60<sup>(a)</sup> | &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96365 |
| 5.07%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 303207 |
| GreenSky Home Improvement Trust |  |  |
| 5.67%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 52479 |
| 5.87%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 140197 |
| GS Mortgage-Backed Securities Trust |  |  |
| 4.90%, 05/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD445 | &nbsp;&nbsp; 444559 |
| 5.27%, 05/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD182 | &nbsp;&nbsp; 181995 |
| GSAMP Trust, 4.24%, 06/25/36, (1-mo. CME <br> Term SOFR +0.56%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 43873 |
| Huntington Bank Auto Credit-Linked Notes, <br> 4.90%, 09/20/33, (30-day Avg SOFR + <br> 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD213 | &nbsp;&nbsp; 213932 |
| Ivy Hill Middle Market Credit Fund XVIII Ltd., <br> 5.25%, 01/22/37, (3-mo. CME Term SOFR + <br> 1.580%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250066 |
| Jersey Mike's Funding, 5.61%, 08/16/55<sup>(a)</sup> | &nbsp;&nbsp; USD160 | &nbsp;&nbsp; 162560 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Jersey Mike's Funding LLC, 5.48%, 02/15/56<sup>(a)</sup> | &nbsp;&nbsp; USD479 | &nbsp;&nbsp; $479000 |
| JP Morgan Mortgage Acquisition Trust, 4.39%, <br> 11/25/36<sup>(c)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 206475 |
| JP Morgan Mortgage Trust, 4.96%, 06/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD1,000 | &nbsp;&nbsp; 999984 |
| KKR CLO 58 Ltd., 5.58%, 10/15/38, (3-mo. <br> CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD735 | &nbsp;&nbsp; 736567 |
| LCM 34 Ltd., 5.37%, 10/20/34, (3-mo. CME <br> Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 501811 |
| Lendmark Funding Trust |  |  |
| 2.00%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD622 | &nbsp;&nbsp; 601046 |
| 5.25%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; USD147 | &nbsp;&nbsp; 147968 |
| 5.33%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101464 |
| 4.51%, 05/21/35<sup>(a)</sup> | &nbsp;&nbsp; USD132 | &nbsp;&nbsp; 131825 |
| 2.37%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD179 | &nbsp;&nbsp; 168987 |
| LMRE SFR1 Trust, 4.50%, 12/17/42<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97634 |
| LoanCore, 5.06%, 08/17/42, (1-mo. CME Term <br> SOFR +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD116 | &nbsp;&nbsp; 116018 |
| LoanCore Issuer LLC, 5.13%, 08/18/42, (1-mo. <br> CME Term SOFR +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD140 | &nbsp;&nbsp; 140168 |
| Long Beach Mortgage Loan Trust, 4.15%, <br> 03/25/46, (1-mo. CME Term SOFR <br> +0.47%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD323 | &nbsp;&nbsp; 285266 |
| Madison Park Funding LXXI Ltd., 4.81%, <br> 04/23/38, (3-mo. CME Term SOFR <br> +1.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250462 |
| Madison Park Funding XXXV Ltd., 5.83%, <br> 04/20/32, (3-mo. CME Term SOFR + <br> 2.162%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500000 |
| Mariner Finance issuance Trust, 4.91%, <br> 11/20/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101305 |
| Mariner Finance Issuance Trust |  |  |
| 2.10%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp; USD283 | &nbsp;&nbsp; 275819 |
| 4.98%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD195 | &nbsp;&nbsp; 197673 |
| 5.69%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101490 |
| 4.59%, 11/22/38<sup>(a)</sup> | &nbsp;&nbsp; USD102 | &nbsp;&nbsp; 102221 |
| MF1 LLC, 5.03%, 02/18/41, (1-mo. CME Term <br> SOFR + 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD251 | &nbsp;&nbsp; 251000 |
| MFA Trust, 6.33%, 09/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 84454 |
| MidOcean Credit CLO XII Ltd., 5.01%, <br> 07/18/38, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251123 |
| Milford Park CLO Ltd., 4.83%, 01/20/38, (3-mo. <br> CME Term SOFR +1.16%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250666 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 3.86%, 10/25/36, (1-mo. CME Term SOFR <br> +0.18%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD184 | &nbsp;&nbsp; 80017 |
| 4.02%, 11/25/36, (1-mo. CME Term SOFR <br> +0.34%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD683 | &nbsp;&nbsp; 403264 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| 6.51%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 2251 |
| 6.36%, 01/25/47<sup>(c)</sup> | &nbsp;&nbsp; USD78 | &nbsp;&nbsp; 27028 |
| Navient Private Education Loan Trust |  |  |
| 3.16%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 91235 |
| 2.46%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp; USD79 | &nbsp;&nbsp; 76612 |
| Navient Private Education Refi Loan Trust |  |  |
| 3.13%, 02/15/68<sup>(a)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 34972 |
| 5.39%, 11/15/68, (1-mo. CME Term SOFR <br> +1.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 93715 |
| 5.66%, 10/15/72<sup>(a)</sup> | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 63700 |
| 3.90%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD129 | &nbsp;&nbsp; 125722 |
| 4.00%, 12/15/59<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 53949 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Series 2020-IA, Class A1B, 4.79%, <br> 04/15/69, (1-mo. CME Term SOFR + <br> 1.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD228 | &nbsp;&nbsp; $226275 |
| Navient Refinance Loan Trust |  |  |
| 4.72%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 120294 |
| 4.80%, 10/15/55<sup>(a)</sup> | &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 94650 |
| Nelnet Student Loan Trust |  |  |
| 4.82%, 04/20/62, (1-mo. CME Term SOFR <br> +1.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD381 | &nbsp;&nbsp; 381184 |
| 2.90%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 180952 |
| 5.95%, 11/25/53, (30-day Avg SOFR + <br> 2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD374 | &nbsp;&nbsp; 379260 |
| 4.81%, 03/15/57, (30-day Avg SOFR + <br> 1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD236 | &nbsp;&nbsp; 235548 |
| 5.06%, 05/17/55, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD229 | &nbsp;&nbsp; 230311 |
| 6.04%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99437 |
| 4.98%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp; USD115 | &nbsp;&nbsp; 115069 |
| 5.38%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100026 |
| 5.05%, 06/22/65, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD121 | &nbsp;&nbsp; 121493 |
| 5.82%, 06/22/65<sup>(a)</sup> | &nbsp;&nbsp; USD129 | &nbsp;&nbsp; 126785 |
| Neuberger Berman Loan Advisers CLO 36R <br> Ltd., 4.94%, 07/20/39, (3-mo. CME Term <br> SOFR +1.27%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 502481 |
| New Port Corners Community Development <br> District, 5.62%, 10/20/38, (3-mo. CME Term <br> SOFR +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251403 |
| NYACK Park CLO Ltd., 5.52%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 504295 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 122043 |
| Ocean Trails Clo X, 5.37%, 10/15/34, (3-mo. <br> CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 499648 |
| OCP CLO Ltd. |  |  |
| 5.01%, 11/26/37, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD900 | &nbsp;&nbsp; 904052 |
| 5.00%, 01/21/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251035 |
| 5.37%, 10/16/37, (3-mo. CME Term SOFR <br> +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251797 |
| Octagon Investment Partners 41 Ltd., 4.76%, <br> 10/15/33, (3-mo. CME Term SOFR + <br> 1.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250275 |
| Octagon Investment Partners 47 Ltd., 4.72%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD75 | &nbsp;&nbsp; 74871 |
| OHA Credit Funding 2 Ltd., 5.22%, <br> 01/21/38, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 503035 |
| OHA Credit Funding 22 Ltd., 5.00%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250650 |
| OHA Credit Funding 6 Ltd., 5.00%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251131 |
| OHA Credit Funding 7 Ltd., 4.95%, <br> 07/19/38, (3-mo. CME Term SOFR <br> +1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251260 |
| OHA Loan Funding Ltd., 5.13%, <br> 07/20/37, (3-mo. CME Term SOFR <br> +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250980 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| OHS Issuer LLC, 5.98%, 02/25/61<sup>(a)</sup> | &nbsp;&nbsp; USD260 | &nbsp;&nbsp; $257360 |
| Onemain Financial Issuance Trust, 6.03%, <br> 05/14/41<sup>(a)</sup><br>| &nbsp;&nbsp; USD148 | &nbsp;&nbsp; 155725 |
| OneMain Financial Issuance Trust |  |  |
| 4.47%, 06/16/36, (30-day Avg SOFR + <br> 0.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250269 |
| 3.66%, 10/14/36<sup>(a)</sup> | &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 121455 |
| 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103023 |
| 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104819 |
| Option One Mortgage Loan Trust, 5.86%, <br> 01/25/37<sup>(c)</sup><br>| &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 27530 |
| Orchard Park CLO Ltd., 5.03%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251193 |
| Owl Rock CLO VII LLC, 5.07%, <br> 04/20/38, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 249957 |
| Palmer Square CLO Ltd., 4.99%, <br> 07/15/38, (3-mo. CME Term SOFR <br> +1.32%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251334 |
| Palmer Square Loan Funding Ltd., 4.66%, <br> 01/15/34, (3-mo. CME Term SOFR + <br> 0.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250180 |
| Park Blue CLO Ltd. |  |  |
| 4.89%, 04/25/38, (3-mo. CME Term SOFR <br> +1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250830 |
| 5.43%, 10/20/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251123 |
| 4.95%, 01/20/39, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250962 |
| 5.26%, 10/25/38, (3-mo. CME Term SOFR + <br> 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 150587 |
| Pavillion Consumer PLC, 5.33%, <br> 01/25/36, (1-day SONIA + 1.60%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; GBP103 | &nbsp;&nbsp; 140888 |
| PFP Ltd., 5.25%, 08/18/43, (1-mo. CME Term <br> SOFR + 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD765 | &nbsp;&nbsp; 765953 |
| Planet Fitness Master Issuer LLC, 5.65%, <br> 12/06/55<sup>(a)</sup><br>| &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 110842 |
| Point Au Roche Park CLO Ltd., 1.00%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500000 |
| Point Broadband Funding LLC |  |  |
| 5.34%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 252153 |
| 5.73%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD153 | &nbsp;&nbsp; 154477 |
| Post CLO Ltd., 5.37%, 10/20/38, (3-mo. CME <br> Term SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251999 |
| Progress Residential Trust, 4.10%, 02/17/43<sup>(a)</sup> | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 367312 |
| QTS Issuer ABS II LLC |  |  |
| 5.04%, 10/05/55<sup>(a)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 105501 |
| 6.73%, 01/05/56<sup>(a)</sup> | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 49509 |
| 5.85%, 01/05/56<sup>(a)</sup> | &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 81070 |
| Quest Trust, 7.01%, 06/25/34, (1-mo. CME <br> Term SOFR +3.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD252 | &nbsp;&nbsp; 231923 |
| RAD CLO 21 Ltd., 4.74%, 01/25/37, (3-mo. <br> CME Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,010 | &nbsp;&nbsp; 1010589 |
| RAMP Series Trust, 4.35%, 02/25/37, (1-mo. <br> CME Term SOFR +0.67%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 23974 |
| RCKT Mortgage Trust, 8.01%, 04/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp; USD138 | &nbsp;&nbsp; 141499 |
| Regatta 35 Funding Ltd., 4.96%, <br> 10/15/38, (3-mo. CME Term SOFR <br> +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 351825 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Regatta IX Funding Ltd., 5.67%, <br> 04/17/37, (3-mo. CME Term SOFR + <br> 2.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; $251313 |
| Regatta XVI Funding Ltd., 5.57%, <br> 01/15/33, (3-mo. CME Term SOFR + <br> 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD665 | &nbsp;&nbsp; 666125 |
| Regatta XXV Funding Ltd., 5.01%, <br> 07/15/38, (3-mo. CME Term SOFR <br> +1.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 502787 |
| Regatta XXVII Funding Ltd., 5.20%, <br> 04/26/37, (3-mo. CME Term SOFR <br> +1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 350830 |
| Regional Management Issuance Trust |  |  |
| 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97149 |
| 5.11%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD459 | &nbsp;&nbsp; 462211 |
| 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101105 |
| 4.59%, 11/16/37<sup>(a)</sup> | &nbsp;&nbsp; USD147 | &nbsp;&nbsp; 146708 |
| Republic Finance Issuance Trust |  |  |
| 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp; USD115 | &nbsp;&nbsp; 116162 |
| 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; 116051 |
| 4.59%, 11/20/34<sup>(a)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 123276 |
| Retained Vantage Data Centers Issuer LLC, <br> 5.09%, 08/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 94902 |
| Riserva Clo Ltd., 4.72%, 01/18/34, (3-mo. CME <br> Term SOFR + 1.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250161 |
| Rockford Tower CLO Ltd. |  |  |
| 5.25%, 05/20/31, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD44 | &nbsp;&nbsp; 43895 |
| 5.54%, 08/20/32, (3-mo. CME Term SOFR <br> +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD625 | &nbsp;&nbsp; 625128 |
| 5.58%, 07/20/34, (3-mo. CME Term SOFR + <br> 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250125 |
| RR 20 Ltd., 6.27%, 07/15/37, (3-mo. CME Term <br> SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 501111 |
| RR 32 Ltd., 5.03%, 10/15/39, (3-mo. CME Term <br> SOFR +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251186 |
| RR 36 Ltd., 4.96%, 01/15/40, (3-mo. CME Term <br> SOFR +1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD900 | &nbsp;&nbsp; 903833 |
| RR 41 Ltd., 5.21%, 10/15/40, (3-mo. CME Term <br> SOFR +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251114 |
| RR 8 Ltd., 4.90%, 01/15/39, (3-mo. CME Term <br> SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250875 |
| Sagard-Halseypoint Clo 10 Ltd., 5.02%, <br> 10/20/38, (3-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251105 |
| Sagard-Halseypoint CLO 8 Ltd., 5.06%, <br> 01/30/38, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250923 |
| Sagard-Halseypoint Clo 9 Ltd. |  |  |
| 5.57%, 04/20/38, (3-mo. CME Term SOFR <br> +1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 401498 |
| 4.96%, 04/20/38, (3-mo. CME Term SOFR + <br> 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD290 | &nbsp;&nbsp; 291015 |
| Sandstone Peak II Ltd., 5.08%, <br> 07/20/38, (3-mo. CME Term SOFR <br> +1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251489 |
| Saxon Asset Securities Trust |  |  |
| 4.08%, 01/25/47, (1-mo. CME Term SOFR <br> +0.4%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD212 | &nbsp;&nbsp; 205842 |
| 2.80%, 08/25/35<sup>(c)</sup> | &nbsp;&nbsp; USD167 | &nbsp;&nbsp; 130238 |
| Sculptor CLO Ltd., 4.92%, 01/30/39<sup>(a)</sup> | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251163 |
| Sesac Finance LLC, 5.50%, 07/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 90235 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Shackleton CLO Ltd., 5.48%, 07/15/30, (3-mo. <br> CME Term SOFR +1.81%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD128 | &nbsp;&nbsp; $128272 |
| Signal Peak CLO 11 Ltd., 5.12%, <br> 07/18/37, (3-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD930 | &nbsp;&nbsp; 933302 |
| Silver Point Clo 3 Ltd., 5.01%, 01/18/39, (3-mo. <br> CME Term SOFR + 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251028 |
| Silver Point CLO 5 Ltd., 5.07%, <br> 10/20/37, (3-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250935 |
| Silver Point CLO 7 Ltd., 5.03%, <br> 01/15/38, (3-mo. CME Term SOFR <br> +1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 501965 |
| Silver Point CLO 8 Ltd., 4.88%, <br> 04/15/38, (3-mo. CME Term SOFR <br> +1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250811 |
| SLM Private Education Loan Trust, 8.54%, <br> 10/15/41, (1-mo. CME Term SOFR <br> +4.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 53970 |
| SMB Private Education Loan Trust |  |  |
| 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 107824 |
| 5.51%, 10/16/56, (30-day Avg SOFR + <br> 1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 111912 |
| 4.54%, 10/15/35, (1-mo. CME Term SOFR <br> +0.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15922 |
| 4.59%, 02/15/36, (1-mo. CME Term SOFR <br> +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 36459 |
| 4.39%, 03/17/53, (1-mo. CME Term SOFR <br> +0.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 83663 |
| 1.29%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp; USD103 | &nbsp;&nbsp; 98257 |
| SoFi Consumer Loan Program Trust |  |  |
| 4.80%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp; USD104 | &nbsp;&nbsp; 104739 |
| 4.74%, 12/26/35<sup>(a)</sup> | &nbsp;&nbsp; USD260 | &nbsp;&nbsp; 260529 |
| Sofi Professional Loan Program LLC |  |  |
| 3.09%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 60015 |
| 4.11%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 126022 |
| 3.05%, 11/16/48<sup>(a)</sup> | &nbsp;&nbsp; USD227 | &nbsp;&nbsp; 206051 |
| SoFi Professional Loan Program Trust |  |  |
| 2.37%, 11/16/48<sup>(a)</sup> | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 56686 |
| 1.95%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 66472 |
| Soundview Home Loan Trust |  |  |
| 4.81%, 11/25/35, (1-mo. CME Term SOFR <br> +1.13%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 39132 |
| 4.31%, 01/25/37, (1-mo. CME Term SOFR <br> +0.64%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD149 | &nbsp;&nbsp; 154076 |
| STAR Trust, 6.13%, 02/17/42, (1-mo. CME <br> Term SOFR +2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 350250 |
| Stream Innovations Issuer Trust, 5.05%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 93491 |
| Structured Asset Securities Corp. Mortgage <br> Loan Trust, 4.11%, 01/25/37, (1-mo. CME <br> Term SOFR +0.43%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 30052 |
| Subway Funding LLC, 6.27%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30223 |
| Summit Issuer LLC, 5.21%, 11/20/55<sup>(a)</sup> | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 91712 |
| Sycamore Tree CLO Ltd. |  |  |
| 5.06%, 01/20/38, (3-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD310 | &nbsp;&nbsp; 311396 |
| 6.67%, 08/28/38<sup>(a)</sup> | &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 505744 |
| Symphony CLO XXIX Ltd., 5.32%, <br> 10/15/35, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251335 |
| Taco Bell Funding LLC, 4.82%, 08/25/55<sup>(a)</sup> | &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 129343 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| TCW CLO Ltd., 5.82%, 07/17/37, (3-mo. CME <br> Term SOFR + 2.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD450 | &nbsp;&nbsp; $451775 |
| Terwin Mortgage Trust, 4.81%, <br> 06/25/36, (1-mo. CME Term SOFR <br> +1.13%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 23309 |
| Towd Point Mortgage Trust, 5.30%, 12/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD337 | &nbsp;&nbsp; 336744 |
| Trestles CLO Ltd., 5.13%, 07/25/37, (3-mo. <br> CME Term SOFR +1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250960 |
| TRESTLES CLO Ltd., 5.42%, 07/25/37, (3-mo. <br> CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 503886 |
| Trestles CLO VI Ltd., 4.85%, 04/25/38, (3-mo. <br> CME Term SOFR +1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250660 |
| Trinitas CLO XVIII Ltd., 4.89%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500547 |
| Trinitas CLO XXXII Ltd., 5.00%, <br> 07/23/38, (3-mo. CME Term SOFR <br> +1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 125515 |
| Trinitas CLO XXXV Ltd., 1.00%, <br> 01/22/39, (3-mo. CME Term SOFR + <br> 2.500%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250000 |
| UPG HI Issuer Trust, 5.00%, 09/25/47<sup>(a)</sup> | &nbsp;&nbsp; USD238 | &nbsp;&nbsp; 238919 |
| Upgrade Master Pass-Thru Trust Series |  |  |
| 4.55%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 84112 |
| 5.25%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100163 |
| UPX HIL Issuer Trust, 5.16%, 01/25/47<sup>(a)</sup> | &nbsp;&nbsp; USD240 | &nbsp;&nbsp; 241787 |
| Valley Stream Park CLO Ltd., 4.86%, <br> 01/20/37, (3-mo. CME Term SOFR + <br> 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250250 |
| Vantage Data Centers Jersey Borrower <br> Spv Ltd.<br>|  |  |
| 6.17%, 05/28/39<sup>(d)</sup> | &nbsp;&nbsp; GBP176 | &nbsp;&nbsp; 246119 |
| 6.34%, 05/28/39<sup>(d)</sup> | &nbsp;&nbsp; GBP119 | &nbsp;&nbsp; 163056 |
| Voya CLO Ltd. |  |  |
| 4.90%, 04/25/31, (3-mo. CME Term SOFR <br> +1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18295 |
| 6.92%, 10/15/37, (3-mo. CME Term SOFR + <br> 3.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 303150 |
| Washington Mutural Asset-Backed Certificates <br> WMABS Series Trust<br>|  |  |
| 3.73%, 11/25/36, (1-mo. CME Term SOFR <br> +0.23%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 3834 |
| 3.73%, 11/25/36, (1-mo. CME Term SOFR <br> +0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD109 | &nbsp;&nbsp; 34215 |
| Wellesley Park CLO Ltd., 5.11%, <br> 01/24/39, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250838 |
| Whetstone Park CLO Ltd., 6.83%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 3.162%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 248437 |
| Whitebox Clo I Ltd., 4.85%, 01/24/37, (3-mo. <br> CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250549 |
| **Total Asset-Backed Securities — 14.2%** <br>**(Cost: $75,967,088)** | **Total Asset-Backed Securities — 14.2%** <br>**(Cost: $75,967,088)** | &nbsp;&nbsp; 76442177 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.0%** | **Asset-Backed Securities — 0.0%** | **Asset-Backed Securities — 0.0%** |
| FIGRE Trust, 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 102723 |
| **Mortgage Securities — 0.1%** | **Mortgage Securities — 0.1%** | **Mortgage Securities — 0.1%** |
| Castle Hill Ingots Ltd. , 6.34%, 02/10/43<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100180 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage Securities (continued)** | **Mortgage Securities (continued)** | **Mortgage Securities (continued)** |
| PENN Commercial Mortgage Trust 2025-P11, <br> 5.34%, 08/10/42<sup>(a)</sup><br>| &nbsp;&nbsp; USD258 | &nbsp;&nbsp; $265335 |
| PRPM 2025-NQM3 Trust |  |  |
| 5.61%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD102 | &nbsp;&nbsp; 103225 |
| 6.92%, 05/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 151221 |
|  |  | &nbsp;&nbsp; 619961 |
| **Mortgage-Backed Securities — 15.8%** | **Mortgage-Backed Securities — 15.8%** | **Mortgage-Backed Securities — 15.8%** |
| 1301 Trust |  |  |
| 5.06%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20315 |
| 7.24%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39533 |
| 8.10%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD371 | &nbsp;&nbsp; 380419 |
| 1345T |  |  |
| 5.28%, 06/15/42, (1-mo. CME Term SOFR <br> +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD462 | &nbsp;&nbsp; 463732 |
| 8.18%, 06/15/42, (1-mo. CME Term SOFR <br> +4.5%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40301 |
| 2023-MIC Trust (The), 8.44%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10798 |
| 245 Park Avenue Trust, 3.66%, 06/05/37<sup>(a)(b)</sup> | &nbsp;&nbsp; USD145 | &nbsp;&nbsp; 139629 |
| A&D Mortgage Trust |  |  |
| 4.91%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp; USD321 | &nbsp;&nbsp; 321822 |
| 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 80909 |
| 6.52%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101314 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; 115262 |
| ALA Trust |  |  |
| 5.42%, 06/15/40, (1-mo. CME Term SOFR <br> +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD658 | &nbsp;&nbsp; 663346 |
| 6.77%, 06/15/40, (1-mo. CME Term SOFR <br> +3.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD437 | &nbsp;&nbsp; 440276 |
| Alternative Loan Trust |  |  |
| 4.07%, 04/25/47, (1-mo. CME Term SOFR <br> +0.39%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 114227 |
| 4.20%, 11/25/35, (1-mo. CME Term SOFR <br> +0.46%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 11284 |
| 4.25%, 11/25/36, (1-mo. CME Term SOFR <br> +0.57%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 91271 |
| 4.25%, 05/20/46, (1-mo. CME Term SOFR <br> +0.57%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD190 | &nbsp;&nbsp; 173915 |
| 4.29%, 07/25/46, (1-mo. CME Term SOFR <br> +0.61%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD175 | &nbsp;&nbsp; 162241 |
| 4.45%, 11/20/35, (1-mo. CME Term SOFR <br> +0.77%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 2358 |
| 5.50%, 07/25/35 | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 4469 |
| 5.75%, 05/25/36 | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 32938 |
| 5.81%, 07/25/35, (1-mo. CME Term SOFR <br> +2.14%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 37302 |
| 6.41%, 02/25/35, (1-mo. CME Term SOFR <br> +2.74%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD285 | &nbsp;&nbsp; 274351 |
| American Home Mortgage Investment Trust, <br> 5.44%, 05/25/36, (1-mo. CME Term SOFR <br> +1.74%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD483 | &nbsp;&nbsp; 38613 |
| Angel Oak Mortgage Trust |  |  |
| 4.75%, 09/26/67<sup>(a)(c)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 73014 |
| 5.21%, 08/25/68<sup>(a)(c)</sup> | &nbsp;&nbsp; USD155 | &nbsp;&nbsp; 155335 |
| 5.35%, 10/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40128 |
| 5.41%, 07/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100703 |
| 5.64%, 02/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 173683 |
| 5.69%, 01/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD297 | &nbsp;&nbsp; 300387 |
| Arbor Multifamily Mortgage Securities Trust, <br> 3.28%, 02/15/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD170 | &nbsp;&nbsp; 159965 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| ARES Commercial Mortgage Trust |  |  |
| 4.95%, 02/15/43, (1-mo. CME Term SOFR + <br> 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD750 | &nbsp;&nbsp; $751016 |
| 5.37%, 07/15/41, (1-mo. CME Term SOFR <br> +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD293 | &nbsp;&nbsp; 293549 |
| ARES1 2024-IND2, 5.12%, 10/15/34, (1-mo. <br> CME Term SOFR +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 80075 |
| Atrium Hotel Portfolio Trust |  |  |
| 5.33%, 08/15/42, (1-mo. CME Term SOFR <br> +1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 73210 |
| 5.59%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 306448 |
| 9.18%, 08/15/42, (1-mo. CME Term SOFR <br> +5.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD78 | &nbsp;&nbsp; 77852 |
| 9.52%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10317 |
| 10.43%, 08/15/42, (1-mo. CME Term SOFR <br> +6.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 31941 |
| BAHA Trust |  |  |
| 6.17%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 217889 |
| 7.07%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10482 |
| 7.77%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; 119753 |
| BAMLL Trust |  |  |
| 5.53%, 02/15/42, (1-mo. CME Term SOFR <br> +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD86 | &nbsp;&nbsp; 86074 |
| 6.03%, 08/15/39, (1-mo. CME Term SOFR <br> +2.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD275 | &nbsp;&nbsp; 275444 |
| 8.93%, 02/15/42, (1-mo. CME Term SOFR <br> +5.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51048 |
| Banc of America Alternative Loan Trust |  |  |
| 5.50%, 10/25/33 | &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 81196 |
| 6.50%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 1753 |
| Banc of America Funding Corp., 2.86%, <br> 03/27/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 68486 |
| Banc of America Funding Trust, 5.75%, <br> 01/25/37<br>| &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 7804 |
| Bank 2021, 2.90%, 06/15/64<sup>(b)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 11049 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK33.88%, <br> 02/15/50<sup>(b)</sup><br>| &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 88522 |
| Barclays Mortgage Loan Trust |  |  |
| 5.66%, 01/25/65<sup>(a)(c)</sup> | &nbsp;&nbsp; USD211 | &nbsp;&nbsp; 213538 |
| 7.60%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 306850 |
| BAY Mortgage Trust, 5.48%, 05/15/35, (1-mo. <br> CME Term SOFR +1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD161 | &nbsp;&nbsp; 161047 |
| BBCMS Mortgage Trust |  |  |
| 4.44%, 09/15/55 | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17750 |
| 4.50%, 07/15/58<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 15152 |
| 5.30%, 12/15/58 | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10312 |
| 5.42%, 02/15/57 | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 49032 |
| 5.53%, 11/15/57 | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13639 |
| 5.59%, 07/15/58<sup>(b)</sup> | &nbsp;&nbsp; USD89 | &nbsp;&nbsp; 93805 |
| 5.83%, 05/15/57 | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 28369 |
| 5.84%, 07/15/58<sup>(b)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 28073 |
| Series 2018-TALL, Class A, 4.60%, <br> 03/15/37, (1-mo. CME Term SOFR <br> +0.92%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95505 |
| BCAP LLC Trust, 4.06%, 05/26/46, (12-mo. <br> MTA + 0.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 82580 |
| Bear Stearns Asset Backed Securities I Trust |  |  |
| 4.14%, 03/25/36, (1-mo. CME Term SOFR <br> +0.46%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 3392 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.35%, 04/25/36, (1-mo. CME Term SOFR <br> +0.67%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD117 | &nbsp;&nbsp; $116639 |
| Bear Stearns Mortgage Funding Trust, 4.13%, <br> 03/25/37, (1-mo. CME Term SOFR <br> +0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 65538 |
| Benchmark Mortgage Trust, Series 2020-B21, <br> Class A5, 1.98%, 12/17/53<br>| &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 49675 |
| BFLD Commercial Mortgage Trust |  |  |
| 4.67%, 10/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100362 |
| 5.17%, 11/15/41, (1-mo. CME Term SOFR <br> +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20044 |
| 5.18%, 11/15/42, (1-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD349 | &nbsp;&nbsp; 350200 |
| 7.32%, 11/15/41, (1-mo. CME Term SOFR <br> +3.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13089 |
| BFLD Mortgage Trust |  |  |
| 5.17%, 07/15/39, (1-mo. CME Term SOFR <br> +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD371 | &nbsp;&nbsp; 371031 |
| 5.57%, 07/15/41, (1-mo. CME Term SOFR <br> +1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16070 |
| BFLD Trust, 5.23%, 06/15/42, (1-mo. CME <br> Term SOFR +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD218 | &nbsp;&nbsp; 218136 |
| BHMS Commercial Mortgage Trust, 5.53%, <br> 08/15/42, (1-mo. CME Term SOFR <br> +1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD315 | &nbsp;&nbsp; 316969 |
| BMP Trust |  |  |
| 6.07%, 06/15/41, (1-mo. CME Term SOFR <br> +2.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD285 | &nbsp;&nbsp; 285891 |
| 7.07%, 06/15/41, (1-mo. CME Term SOFR <br> +3.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11055 |
| BOCA Commercial Mortgage Trust, 5.28%, <br> 12/15/42, (1-mo. CME Term SOFR + <br> 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD180 | &nbsp;&nbsp; 181125 |
| BPR Commercial Mortgage Trust, 5.11%, <br> 11/05/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 110795 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103656 |
| BRAVO Residential Funding Trust |  |  |
| 5.46%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD181 | &nbsp;&nbsp; 182275 |
| 5.68%, 11/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 124575 |
| 7.97%, 09/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100997 |
| BRCK Trust |  |  |
| 4.96%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 105406 |
| 7.51%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD168 | &nbsp;&nbsp; 172379 |
| 8.40%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103345 |
| BRES Commercial Mortgage Trust, 5.17%, <br> 11/15/42, (1-mo. CME Term SOFR <br> +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 137555 |
| BSTN Commercial Mortgage Trust, 6.44%, <br> 06/15/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104196 |
| BWAY Mortgage Trust, 6.52%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18560 |
| BX Commercial Mortgage Trust |  |  |
| 2.84%, 03/09/44<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93296 |
| 4.18%, 11/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp; CAD8 | &nbsp;&nbsp; 5646 |
| 5.06%, 08/15/42, (1-mo. CME Term SOFR <br> +1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD103 | &nbsp;&nbsp; 102665 |
| 5.07%, 03/15/41, (1-mo. CME Term SOFR <br> +1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD221 | &nbsp;&nbsp; 221419 |
| 5.08%, 11/15/42, (1-mo. CME Term SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD256 | &nbsp;&nbsp; 256890 |
| 5.12%, 02/15/39, (1-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD694 | &nbsp;&nbsp; 694604 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.12%, 02/15/39, (1-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD328 | &nbsp;&nbsp; $328028 |
| 5.12%, 04/15/40, (1-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD263 | &nbsp;&nbsp; 263419 |
| 5.17%, 10/15/41, (1-mo. CME Term SOFR <br> +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96038 |
| 5.22%, 05/15/34, (1-mo. CME Term SOFR <br> +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD197 | &nbsp;&nbsp; 197525 |
| 5.32%, 12/15/39, (1-mo. CME Term SOFR <br> +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD226 | &nbsp;&nbsp; 226986 |
| 5.32%, 05/15/41, (1-mo. CME Term SOFR <br> +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250341 |
| 5.37%, 08/15/41, (1-mo. CME Term SOFR <br> +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD390 | &nbsp;&nbsp; 391117 |
| 5.44%, 12/09/40, (1-mo. CME Term SOFR <br> +1.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD224 | &nbsp;&nbsp; 224012 |
| 6.37%, 03/15/41, (1-mo. CME Term SOFR <br> +2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 71512 |
| 6.56%, 10/15/41, (1-mo. CME Term SOFR <br> +2.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51128 |
| 6.82%, 06/15/27, (1-mo. CME Term SOFR <br> +3.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100124 |
| 7.08%, 11/15/42, (1-mo. CME Term SOFR + <br> 3.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96393 |
| 7.18%, 08/15/42, (1-mo. CME Term SOFR + <br> 3.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD192 | &nbsp;&nbsp; 191206 |
| 7.60%, 10/15/41, (1-mo. CME Term SOFR <br> +3.93%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD176 | &nbsp;&nbsp; 176880 |
| 7.87%, 02/15/39, (1-mo. CME Term SOFR <br> +4.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 93360 |
| BX Trust |  |  |
| 4.60%, 02/15/36, (1-mo. CME Term SOFR <br> +0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199875 |
| 5.03%, 10/15/42, (1-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD88 | &nbsp;&nbsp; 88299 |
| 5.03%, 12/13/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD230 | &nbsp;&nbsp; 233906 |
| 5.12%, 04/15/41, (1-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD721 | &nbsp;&nbsp; 722112 |
| 5.12%, 03/15/42, (1-mo. CME Term SOFR <br> +1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD281 | &nbsp;&nbsp; 281351 |
| 5.17%, 06/15/41, (1-mo. CME Term SOFR <br> +1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD349 | &nbsp;&nbsp; 349436 |
| 5.18%, 06/15/40, (1-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250740 |
| 5.22%, 06/15/37, (1-mo. CME Term SOFR <br> +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD173 | &nbsp;&nbsp; 173185 |
| 5.38%, 12/15/44, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 351638 |
| 5.77%, 03/15/41, (1-mo. CME Term SOFR <br> +2.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9997 |
| 5.82%, 06/15/41, (1-mo. CME Term SOFR <br> +2.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100000 |
| 6.32%, 06/15/37, (1-mo. CME Term SOFR <br> +2.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD304 | &nbsp;&nbsp; 304202 |
| 6.37%, 04/15/41, (1-mo. CME Term SOFR <br> +2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD72 | &nbsp;&nbsp; 72783 |
| 6.57%, 06/15/41, (1-mo. CME Term SOFR <br> +2.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20000 |
| 6.62%, 03/15/30, (1-mo. CME Term SOFR <br> +2.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD95 | &nbsp;&nbsp; 94149 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.98%, 06/15/35, (1-mo. CME Term SOFR <br> +3.3%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD137 | &nbsp;&nbsp; $137036 |
| 7.37%, 04/15/41, (1-mo. CME Term SOFR <br> +3.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD72 | &nbsp;&nbsp; 72346 |
| 7.62%, 06/15/41, (1-mo. CME Term SOFR <br> +3.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30034 |
| 8.12%, 03/15/41, (1-mo. CME Term SOFR <br> +4.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34120 |
| 9.07%, 03/15/41, (1-mo. CME Term SOFR <br> +5.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16100 |
| CFK Trust, 2.79%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93247 |
| CFMT LLC, 4.00%, 10/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 106085 |
| Chase Mortgage Finance Trust |  |  |
| 5.58%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 98008 |
| 6.00%, 07/25/37 | &nbsp;&nbsp; USD121 | &nbsp;&nbsp; 50916 |
| CHI Commercial Mortgage Trust |  |  |
| 5.10%, 12/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100952 |
| 6.63%, 12/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101322 |
| CHL Mortgage Pass-Through Trust |  |  |
| 6.00%, 12/25/36 | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 3219 |
| 6.00%, 02/25/37 | &nbsp;&nbsp; USD798 | &nbsp;&nbsp; 278816 |
| CIM Trust |  |  |
| 5.66%, 10/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD109 | &nbsp;&nbsp; 110597 |
| 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 152238 |
| 6.77%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD115 | &nbsp;&nbsp; 115082 |
| 7.04%, 04/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100578 |
| CIP Commercial Mortgage Trust |  |  |
| 5.08%, 10/15/37, (1-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD332 | &nbsp;&nbsp; 332415 |
| 7.43%, 10/15/37, (1-mo. CME Term SOFR <br> +3.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 123307 |
| COLT Mortgage Loan Trust |  |  |
| 1.73%, 11/26/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 73681 |
| 4.22%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 85006 |
| 4.98%, 01/26/71<sup>(a)(b)</sup> | &nbsp;&nbsp; USD584 | &nbsp;&nbsp; 587403 |
| 5.05%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD151 | &nbsp;&nbsp; 152147 |
| 5.47%, 06/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96804 |
| 5.48%, 08/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 95272 |
| 6.46%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp; USD212 | &nbsp;&nbsp; 211344 |
| 7.10%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101615 |
| 7.81%, 09/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD193 | &nbsp;&nbsp; 194839 |
| 7.92%, 07/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD262 | &nbsp;&nbsp; 264295 |
| Commission Mortgage Trust |  |  |
| 5.50%, 08/10/40<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24003 |
| 5.52%, 06/15/41, (1-mo. CME Term SOFR <br> +1.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 40987 |
| 5.55%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17054 |
| 6.27%, 06/15/41, (1-mo. CME Term SOFR <br> +2.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10993 |
| 8.20%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 19944 |
| 9.16%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15956 |
| CONE Trust |  |  |
| 5.32%, 08/15/41, (1-mo. CME Term SOFR + <br> 1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30000 |
| 7.57%, 08/15/41, (1-mo. CME Term SOFR <br> +3.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 44967 |
| Countrywide Alternative Loan Trust, 6.00%, <br> 05/25/36<br>| &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 33452 |
| Cross 2025-CES1 Mortgage Trust, 5.00%, <br> 11/25/70<sup>(a)</sup><br>| &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 144038 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Cross Mortgage Trust |  |  |
| 4.97%, 01/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp; USD242 | &nbsp;&nbsp; $242159 |
| 5.60%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 91043 |
| 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD574 | &nbsp;&nbsp; 581462 |
| 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 354795 |
| CSMC Trust |  |  |
| 4.95%, 11/15/38, (1-mo. CME Term SOFR <br> +1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 79459 |
| 6.45%, 04/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD454 | &nbsp;&nbsp; 459697 |
| 9.44%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD75 | &nbsp;&nbsp; 74805 |
| CSTL Commercial Mortgage Trust |  |  |
| 4.76%, 11/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40284 |
| 5.63%, 11/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100264 |
| DBC Mortgage Trust |  |  |
| 5.03%, 11/15/42, (1-mo. CME Term SOFR <br> +1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,637 | &nbsp;&nbsp; 1640069 |
| 5.73%, 11/15/42, (1-mo. CME Term SOFR + <br> 2.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100125 |
| DBGS, 5.56%, 08/15/34, (1-mo. CME Term <br> SOFR +1.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250000 |
| DC Trust, 5.73%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10132 |
| Deephaven Residential Mortgage Trust |  |  |
| 4.80%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD564 | &nbsp;&nbsp; 563769 |
| 5.09%, 11/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD140 | &nbsp;&nbsp; 141266 |
| 5.74%, 07/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD70 | &nbsp;&nbsp; 70418 |
| 6.57%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 172145 |
| Deutsche Alt-A Securities Mortgage Loan Trust <br> Series, 4.25%, 08/25/47, (1-mo. CME Term <br> SOFR + 0.51%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD982 | &nbsp;&nbsp; 963860 |
| DGWD Trust, 5.28%, 08/15/35, (1-mo. CME <br> Term SOFR +1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD905 | &nbsp;&nbsp; 908720 |
| DK Trust |  |  |
| 5.18%, 03/15/34, (1-mo. CME Term SOFR <br> +1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20050 |
| 5.27%, 08/15/37, (1-mo. CME Term SOFR + <br> 1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD544 | &nbsp;&nbsp; 545020 |
| 6.57%, 08/15/37, (1-mo. CME Term SOFR <br> +2.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15047 |
| 7.68%, 03/15/34, (1-mo. CME Term SOFR + <br> 4.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 58285 |
| Durst Commercial Mortgage Trust |  |  |
| 5.32%, 08/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 122594 |
| 7.02%, 08/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102997 |
| EFMT |  |  |
| 4.77%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD805 | &nbsp;&nbsp; 804698 |
| 4.96%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD234 | &nbsp;&nbsp; 233763 |
| 5.00%, 12/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD445 | &nbsp;&nbsp; 447028 |
| 5.03%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD97 | &nbsp;&nbsp; 97755 |
| 5.44%, 07/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD368 | &nbsp;&nbsp; 372771 |
| 5.49%, 08/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD181 | &nbsp;&nbsp; 183391 |
| 5.63%, 03/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD162 | &nbsp;&nbsp; 163631 |
| 5.71%, 11/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 107172 |
| 6.54%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99999 |
| 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD350 | &nbsp;&nbsp; 356272 |
| Ellington Financial Mortgage Trust, 1.40%, <br> 09/25/66<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,205 | &nbsp;&nbsp; 1014503 |
| ELM Trust |  |  |
| 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11049 |
| 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11062 |
| 8.05%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29096 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 72499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Extended Stay America Trust, 4.98%, 10/15/42, <br> (1-mo. CME Term SOFR + 1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $100437 |
| Fannie Mae REMICS |  |  |
| 4.75%, 01/25/54, (30-day Avg SOFR + <br> 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD154 | &nbsp;&nbsp; 154909 |
| 4.80%, 08/25/53, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 150905 |
| 4.80%, 09/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD112 | &nbsp;&nbsp; 112571 |
| 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 138780 |
| 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD389 | &nbsp;&nbsp; 393593 |
| 5.05%, 03/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD59 | &nbsp;&nbsp; 59210 |
| 5.10%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD158 | &nbsp;&nbsp; 160025 |
| 5.10%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 94876 |
| 5.10%, 08/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD70 | &nbsp;&nbsp; 70883 |
| 5.15%, 02/25/55, (30-day Avg SOFR + <br> 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 174323 |
| 5.30%, 05/25/55, (30-day Avg SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD233 | &nbsp;&nbsp; 236015 |
| Fashion Show Mall LLC, 5.27%, 10/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19720 |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.00%, 12/25/54, (30-day Avg SOFR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD3,300 | &nbsp;&nbsp; 3333214 |
| 5.05%, 10/25/54, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101449 |
| 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD67 | &nbsp;&nbsp; 67967 |
| 5.05%, 09/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 91856 |
| 5.10%, 02/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 80943 |
| 5.10%, 11/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD667 | &nbsp;&nbsp; 674803 |
| 5.10%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD630 | &nbsp;&nbsp; 636765 |
| 5.10%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD77 | &nbsp;&nbsp; 78089 |
| 5.10%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD802 | &nbsp;&nbsp; 810648 |
| 5.10%, 03/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD951 | &nbsp;&nbsp; 960337 |
| 5.20%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 107808 |
| 5.30%, 02/25/55, (30-day Avg SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 108988 |
| Federal Home Loan Mortgage Corp. Multiclass <br> Certificates, 4.30%, 11/25/32<sup>(b)</sup><br>| &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 7834 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 4.80%, 11/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD162 | &nbsp;&nbsp; 162665 |
| 5.05%, 01/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD395 | &nbsp;&nbsp; 399429 |
| 5.05%, 08/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD163 | &nbsp;&nbsp; 165439 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.20%, 12/25/54, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD130 | &nbsp;&nbsp; $132160 |
| Federal National Mortgage Association <br> REMICS, 5.00%, 03/25/55, (30-day Avg <br> SOFR + 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD79 | &nbsp;&nbsp; 79768 |
| First Horizon Alternative Mortgage <br> Securities Trust<br>|  |  |
| 4.77%, 02/25/36<sup>(b)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 6373 |
| 4.79%, 01/25/37<sup>(b)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 82647 |
| Fontainebleau Miami Beach Mortgage Trust, <br> 5.13%, 12/15/39, (1-mo. CME Term SOFR <br> +1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD385 | &nbsp;&nbsp; 385962 |
| FREMF Mortgage Trust, 4.23%, 08/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD95 | &nbsp;&nbsp; 93445 |
| Gaea Mortgage Loan Trust, 6.75%, <br> 02/25/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 134925 |
| GCAT Trust |  |  |
| 0.00%, 06/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 91026 |
| 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD151 | &nbsp;&nbsp; 141451 |
| 3.91%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD180 | &nbsp;&nbsp; 138431 |
| 4.25%, 05/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD286 | &nbsp;&nbsp; 276650 |
| GGP Trust, 4.67%, 03/05/43<sup>(a)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51000 |
| Government National Mortgage Association |  |  |
| 2.25%, 04/16/65 | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 7644 |
| 3.25%, 09/16/63<sup>(b)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 4283 |
| 4.75%, 09/16/54 | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 19787 |
| 4.75%, 08/16/56 | &nbsp;&nbsp; USD57 | &nbsp;&nbsp; 56395 |
| 4.75%, 07/16/66 | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 58643 |
| 4.95%, 01/20/55, (30-day Avg SOFR + <br> 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD67 | &nbsp;&nbsp; 67118 |
| 5.00%, 10/16/56 | &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 60987 |
| 5.00%, 06/16/58 | &nbsp;&nbsp; USD139 | &nbsp;&nbsp; 139118 |
| 5.00%, 05/16/65 | &nbsp;&nbsp; USD133 | &nbsp;&nbsp; 133284 |
| GS Mortgage Securities Corp. Trust |  |  |
| 5.77%, 03/15/28, (1-mo. CME Term SOFR <br> +2.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100500 |
| 6.33%, 11/25/41, (1-mo. CME Term SOFR + <br> 2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD681 | &nbsp;&nbsp; 682708 |
| 7.43%, 09/10/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10036 |
| 7.72%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 42892 |
| GS Mortgage-Backed Securities Trust |  |  |
| 4.87%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD283 | &nbsp;&nbsp; 282687 |
| 6.63%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD279 | &nbsp;&nbsp; 279408 |
| 7.61%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD531 | &nbsp;&nbsp; 529949 |
| GSMPS Mortgage Loan Trust, 4.19%, <br> 06/25/34, (1-mo. CME Term SOFR <br> +0.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD281 | &nbsp;&nbsp; 254211 |
| GWT Trust, 5.37%, 05/15/41, (1-mo. CME Term <br> SOFR +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 61248 |
| HarborView Mortgage Loan Trust, 4.43%, <br> 03/19/35, (1-mo. CME Term SOFR + <br> 0.75%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 7170 |
| Harvest Commercial Capital Loan Trust, 6.16%, <br> 10/25/56<br>| &nbsp;&nbsp; USD419 | &nbsp;&nbsp; 428165 |
| HIH Trust |  |  |
| 5.52%, 10/15/41, (1-mo. CME Term SOFR <br> +1.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9777 |
| 6.52%, 10/15/41, (1-mo. CME Term SOFR <br> +2.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD98 | &nbsp;&nbsp; 97835 |
| 7.32%, 10/15/41, (1-mo. CME Term SOFR <br> +3.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| HILT Commercial Mortgage Trust, 5.22%, <br> 05/15/37, (1-mo. CME Term SOFR <br> +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $100187 |
| HLTN Commercial Mortgage Trust, 5.32%, <br> 06/15/41, (1-mo. CME Term SOFR <br> +1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD263 | &nbsp;&nbsp; 263493 |
| HOMES Trust |  |  |
| 5.03%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 111980 |
| 5.43%, 02/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD86 | &nbsp;&nbsp; 86959 |
| 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202859 |
| 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101665 |
| HONO Mortgage Trust, 4.95%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 125861 |
| HTL Commercial Mortgage Trust, 8.20%, <br> 05/10/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102296 |
| Hudson Yards Mortgage Trust, 2.84%, <br> 08/10/38<sup>(a)</sup><br>| &nbsp;&nbsp; USD175 | &nbsp;&nbsp; 173426 |
| ILPT Commercial Mortgage Trust, 5.29%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD224 | &nbsp;&nbsp; 229060 |
| Impac Secured Assets Trust, 4.13%, 11/25/36, <br> (1-mo. CME Term SOFR +0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 22896 |
| IndyMac INDX Mortgage Loan Trust, 4.67%, <br> 01/25/36<sup>(b)</sup><br>| &nbsp;&nbsp; USD128 | &nbsp;&nbsp; 127231 |
| INT Commercial Mortgage Trust, 5.04%, <br> 11/05/37<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101058 |
| INV Mortgage Trust, 5.42%, 11/15/41, (1-mo. <br> CME Term SOFR + 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD168 | &nbsp;&nbsp; 166635 |
| J.P. Morgan Chase Commercial Mortgage <br> Securities Trust, 5.80%, 10/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 132458 |
| JP Morgan Alternative Loan Trust, 4.89%, <br> 03/25/36<sup>(b)</sup><br>| &nbsp;&nbsp; USD204 | &nbsp;&nbsp; 151870 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| 2.85%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 128805 |
| 5.17%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD720 | &nbsp;&nbsp; 726251 |
| 5.37%, 03/15/40, (1-mo. CME Term SOFR <br> +1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 23941 |
| 6.48%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10022 |
| 7.25%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 39049 |
| 8.22%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34001 |
| JP Morgan Mortgage Trust |  |  |
| 4.88%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD340 | &nbsp;&nbsp; 341568 |
| 4.93%, 06/25/66<sup>(a)</sup> | &nbsp;&nbsp; USD899 | &nbsp;&nbsp; 898974 |
| 5.02%, 05/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD267 | &nbsp;&nbsp; 267714 |
| 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD253 | &nbsp;&nbsp; 257038 |
| 7.25%, 12/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; 84875 |
| JP Morgan Resecuritization Trust, 0.00% <br> 05/27/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD297 | &nbsp;&nbsp; 49889 |
| JW Commercial Mortgage Trust |  |  |
| 5.30%, 06/15/39, (1-mo. CME Term SOFR <br> +1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD113 | &nbsp;&nbsp; 113282 |
| 6.87%, 06/15/39, (1-mo. CME Term SOFR <br> +3.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 110275 |
| JW Trust, 5.27%, 11/15/39, (1-mo. CME Term <br> SOFR +1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200500 |
| KSL Commercial Mortgage Trust |  |  |
| 5.22%, 12/15/39, (1-mo. CME Term SOFR <br> +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD316 | &nbsp;&nbsp; 315545 |
| 5.64%, 06/15/42 | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14068 |
| 8.45%, 06/05/42 | &nbsp;&nbsp; USD160 | &nbsp;&nbsp; 160538 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| LBA Trust |  |  |
| 5.12%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD14 | &nbsp;&nbsp; $14222 |
| 6.32%, 10/15/41, (1-mo. CME Term SOFR <br> +2.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16375 |
| LEX Mortgage Trust, 4.87%, 10/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD289 | &nbsp;&nbsp; 290805 |
| LQR Trust |  |  |
| 5.28%, 01/15/43, (1-mo. CME Term SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD29 | &nbsp;&nbsp; 28987 |
| 7.63%, 01/15/43, (1-mo. CME Term SOFR + <br> 3.95%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD88 | &nbsp;&nbsp; 87999 |
| MAC Trust, 5.38%, 10/15/40, (1-mo. CME Term <br> SOFR +1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD785 | &nbsp;&nbsp; 787932 |
| MAD Commercial Mortgage Trust, 4.91%, <br> 10/15/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100604 |
| MAIN Trust |  |  |
| 5.37%, 01/15/41, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500000 |
| 5.67%, 01/15/41, (1-mo. CME Term SOFR + <br> 2.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 500000 |
| 6.12%, 01/15/41, (1-mo. CME Term SOFR + <br> 2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 110000 |
| 6.82%, 01/15/41, (1-mo. CME Term SOFR + <br> 3.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250000 |
| 8.00%, 01/15/41, (1-mo. CME Term SOFR + <br> 4.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250000 |
| 8.92%, 01/15/41, (1-mo. CME Term SOFR + <br> 5.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 250000 |
| MASTR Reperforming Loan Trust, 7.00%, <br> 08/25/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD226 | &nbsp;&nbsp; 153965 |
| MCR Mortgage Trust |  |  |
| 0.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 530 |
| 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25309 |
| 6.79%, 02/15/37, (1-mo. CME Term SOFR <br> +3.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 80594 |
| 7.40%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30338 |
| 8.73%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16205 |
| MFA Trust |  |  |
| 5.26%, 08/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD158 | &nbsp;&nbsp; 159263 |
| 7.09%, 02/25/29<sup>(a)(c)</sup> | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 120316 |
| Morgan Stanley Capital I Trust |  |  |
| 3.90%, 09/24/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; 81878 |
| 4.06%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp; USD281 | &nbsp;&nbsp; 273780 |
| 5.23%, 11/15/34, (1-mo. CME Term SOFR <br> +1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 98500 |
| 5.24%, 12/15/38, (1-mo. CME Term SOFR <br> +1.56%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9550 |
| Morgan Stanley Resecuritization Trust, 3.97%, <br> 04/26/47, (1-mo. CME Term SOFR <br> +0.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 77087 |
| Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| 4.93%, 01/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD757 | &nbsp;&nbsp; 756978 |
| 5.44%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD491 | &nbsp;&nbsp; 496062 |
| 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 82553 |
| 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101529 |
| 7.11%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 203355 |
| MTN Commercial Mortgage Trust, 5.09%, <br> 03/15/39, (1-mo. CME Term SOFR <br> +1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| NCMF Trust |  |  |
| 4.88%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD70 | &nbsp;&nbsp; $70373 |
| 7.53%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD236 | &nbsp;&nbsp; 239774 |
| 8.44%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 127078 |
| New Residential Mortgage Loan Trust |  |  |
| 4.82%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD275 | &nbsp;&nbsp; 274687 |
| 5.01%, 10/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD995 | &nbsp;&nbsp; 998210 |
| 5.11%, 08/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD94 | &nbsp;&nbsp; 94523 |
| 5.35%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 91286 |
| 5.64%, 01/25/65<sup>(a)(c)</sup> | &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 127043 |
| 7.02%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 104205 |
| 7.03%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 109126 |
| NRTH Commercial Mortgage Trust, 5.07%, <br> 10/15/40, (1-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD900 | &nbsp;&nbsp; 902812 |
| NRZT, 5.09%, 10/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 127770 |
| NYC Commercial Mortgage Trust |  |  |
| 4.67%, 11/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100489 |
| 4.89%, 02/15/42, (1-mo. CME Term SOFR + <br> 1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD160 | &nbsp;&nbsp; 160100 |
| 5.42%, 10/15/40, (1-mo. CME Term SOFR + <br> 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD1,353 | &nbsp;&nbsp; 1363499 |
| 7.39%, 07/13/42<sup>(a)(b)</sup> | &nbsp;&nbsp; USD53 | &nbsp;&nbsp; 54358 |
| NYC Trust, 4.79%, 01/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD280 | &nbsp;&nbsp; 281015 |
| NYCT Trust 2024-3ELV, 6.52%, 08/15/29, <br> (1-mo. CME Term SOFR +2.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 110137 |
| NYMT Loan Trust |  |  |
| 4.77%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD421 | &nbsp;&nbsp; 420996 |
| 4.95%, 02/25/61<sup>(a)</sup> | &nbsp;&nbsp; USD166 | &nbsp;&nbsp; 165995 |
| 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; 83543 |
| 6.47%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199998 |
| OBX Trust, 5.65%, 12/01/64<sup>(a)(c)</sup> | &nbsp;&nbsp; USD80 | &nbsp;&nbsp; 81108 |
| One New York Plaza Trust, 4.75%, 01/15/36, <br> (1-mo. CME Term SOFR +1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 38800 |
| PGA Trust, 5.57%, 06/15/39, (1-mo. CME Term <br> SOFR +1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 107033 |
| PRKCM Trust, 4.10%, 04/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD102 | &nbsp;&nbsp; 101745 |
| PRM5 Trust, 5.81%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp; USD69 | &nbsp;&nbsp; 69202 |
| PRPM Trust |  |  |
| 4.99%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD811 | &nbsp;&nbsp; 813031 |
| 5.18%, 10/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD103 | &nbsp;&nbsp; 103781 |
| 5.21%, 01/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD750 | &nbsp;&nbsp; 751805 |
| 5.50%, 01/25/56<sup>(a)</sup> | &nbsp;&nbsp; USD709 | &nbsp;&nbsp; 680263 |
| 5.80%, 11/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp; USD167 | &nbsp;&nbsp; 168453 |
| 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 175041 |
| Rain City Mortgage Trust, 6.53%, 09/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101310 |
| RALI Series Trust, 4.15%, 12/25/36, (1-mo. <br> CME Term SOFR +0.47%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD174 | &nbsp;&nbsp; 156545 |
| Residential Mortgage Loan Trust, 6.04%, <br> 05/25/59<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99386 |
| RFMSI Series Trust, 5.73%, 10/25/37<sup>(b)</sup> | &nbsp;&nbsp; USD53 | &nbsp;&nbsp; 31954 |
| RFMSI Trust, 5.43%, 11/25/36<sup>(b)</sup> | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 5581 |
| SAIF Securitization Trust, 5.97%, 07/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 60117 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| 7.50%, 02/25/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD126 | &nbsp;&nbsp; 126027 |
| 7.76%, 04/25/30<sup>(a)(c)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100624 |
| Santander Mortgage Asset Receivable Trust |  |  |
| 4.95%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 150392 |
| 5.14%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96990 |
| 7.23%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 212479 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| SCG Commercial Mortgage Trust, 4.93%, <br> 08/15/42, (1-mo. CME Term SOFR <br> +1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD120 | &nbsp;&nbsp; $120300 |
| SCG Mortgage Trust, 5.42%, 04/15/41, (1-mo. <br> CME Term SOFR +1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD242 | &nbsp;&nbsp; 242000 |
| SDAL Trust, 6.12%, 04/15/42, (1-mo. CME <br> Term SOFR +2.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100571 |
| SELF Commercial Mortgage Trust |  |  |
| 5.22%, 11/15/34, (1-mo. CME Term SOFR <br> +1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 12563 |
| 7.87%, 11/15/34, (1-mo. CME Term SOFR <br> +4.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD70 | &nbsp;&nbsp; 70175 |
| SG Residential Mortgage Trust |  |  |
| 5.10%, 12/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD1,588 | &nbsp;&nbsp; 1595385 |
| 5.23%, 12/25/65<sup>(a)</sup> | &nbsp;&nbsp; USD850 | &nbsp;&nbsp; 856232 |
| Shops at Crystals Trust, 3.73%, 07/05/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD206 | &nbsp;&nbsp; 205110 |
| SHR Trust, 5.63%, 10/15/41, (1-mo. CME Term <br> SOFR +1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100437 |
| SLG Commercial Mortgage Trust, 4.93%, <br> 02/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD284 | &nbsp;&nbsp; 285037 |
| SLG Office Trust, 2.59%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; USD425 | &nbsp;&nbsp; 381186 |
| Spruce Hill Mortgage Loan Trust, 5.00%, <br> 06/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD77 | &nbsp;&nbsp; 76042 |
| SV Vanir Logistics Finance Sarl, 0.00% <br> 07/23/37, (3-mo. EURIBOR + 1.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118594 |
| Toorak Mortgage Trust, 6.33%, 10/25/31<sup>(a)(c)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100742 |
| TRK Trust, 4.10%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 115151 |
| UBS Commercial Mortgage Trust, Series <br> 2018-C15, Class B, 4.92%, 12/15/51<sup>(b)</sup><br>| &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 69156 |
| University Trust, 5.33%, 11/15/42, (1-mo. CME <br> Term SOFR + 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD393 | &nbsp;&nbsp; 393489 |
| VCC Trust, 8.16%, 05/25/55<sup>(a)(c)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 72672 |
| VEGAS |  |  |
| 6.22%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 71841 |
| 6.22%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40905 |
| Velocity Commercial Capital Loan Trust |  |  |
| 2.61%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 114436 |
| 5.67%, 04/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD321 | &nbsp;&nbsp; 324680 |
| 5.74%, 04/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp; USD632 | &nbsp;&nbsp; 576676 |
| 5.87%, 06/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 253147 |
| 6.55%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 61709 |
| 6.70%, 12/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 99231 |
| 9.67%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 100615 |
| Verus Securitization Trust |  |  |
| 2.82%, 11/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 68612 |
| 4.83%, 10/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp; USD252 | &nbsp;&nbsp; 252438 |
| 4.94%, 10/25/67<sup>(a)</sup> | &nbsp;&nbsp; USD761 | &nbsp;&nbsp; 760978 |
| 5.02%, 01/25/71<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100391 |
| 5.11%, 12/25/70<sup>(a)</sup> | &nbsp;&nbsp; USD1,012 | &nbsp;&nbsp; 1019064 |
| 5.42%, 07/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD592 | &nbsp;&nbsp; 598533 |
| 5.43%, 06/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101486 |
| 6.40%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99901 |
| 6.50%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100931 |
| 6.56%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD129 | &nbsp;&nbsp; 129496 |
| 7.06%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101631 |
| 7.71%, 03/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200192 |
| 8.07%, 12/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101505 |
| Visio Trust, 6.00%, 08/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99586 |
| Vista Point Securitization Trust, 5.16%, <br> 04/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97314 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| WaMu Mortgage Pass-Through Certificates <br> Series Trust, 4.47%, 06/25/47, (12-mo. MTA <br> + 0.80%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD102 | &nbsp;&nbsp; $86535 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Series Trust<br>|  |  |
| 4.13%, 12/25/36, (1-mo. CME Term SOFR <br> +0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD207 | &nbsp;&nbsp; 173804 |
| 4.39%, 12/25/46, (12-mo. MTA + 0.72%)<sup>(b)</sup> | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 97042 |
| WCORE Commercial Mortgage Trust, 5.17%, <br> 11/15/41, (1-mo. CME Term SOFR + <br> 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD800 | &nbsp;&nbsp; 801250 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 0.09%, 07/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp; USD153 | &nbsp;&nbsp; 1274 |
| 3.75%, 03/15/59 | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 149696 |
| 6.22%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD219 | &nbsp;&nbsp; 225092 |
| 6.43%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12084 |
| 7.08%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17088 |
| WEST Trust, 5.28%, 04/10/35<sup>(a)(b)</sup> | &nbsp;&nbsp; USD108 | &nbsp;&nbsp; 109614 |
| WHARF Commercial Mortgage Trust, 7.98%, <br> 07/15/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101881 |
|  |  | &nbsp;&nbsp; 84551118 |
| **Total Collateralized Mortgage Obligations — 15.9%** <br>**(Cost: $84,772,053)** | **Total Collateralized Mortgage Obligations — 15.9%** <br>**(Cost: $84,772,053)** | &nbsp;&nbsp; 85273802 |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Health Care - Services — 0.1%** | **Health Care - Services — 0.1%** | **Health Care - Services — 0.1%** |
| Clariane SE, 0.88%, 03/06/27<sup>(d)</sup> | &nbsp;&nbsp; EUR157 | &nbsp;&nbsp; 176184 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| AMC Networks, Inc., 4.25%, 02/15/29 | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 8325 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Solaris Energy Infrastructure, Inc., 0.25%, <br> 10/01/31<br>| &nbsp;&nbsp; USD87 | &nbsp;&nbsp; 107053 |
| **Total Convertible Bonds — 0.1%** <br>**(Cost: $292,505)** | **Total Convertible Bonds — 0.1%** <br>**(Cost: $292,505)** | &nbsp;&nbsp; 291562 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 105729 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 4.25%, 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24402 |
| Summer BC Holdco B Sarl, 6.31%, 02/15/30, <br> (3-mo. EURIBOR + 4.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 111347 |
| WPP Finance 2013, 3.63%, 06/09/31<sup>(d)</sup> | &nbsp;&nbsp; EUR390 | &nbsp;&nbsp; 457442 |
|  |  | &nbsp;&nbsp; 698920 |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| Boeing Co.(The) |  |  |
| 2.25%, 06/15/26 | &nbsp;&nbsp; USD178 | &nbsp;&nbsp; 176753 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; USD176 | &nbsp;&nbsp; 128895 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; USD177 | &nbsp;&nbsp; 174815 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; USD146 | &nbsp;&nbsp; 166712 |
| Bombardier, Inc., 7.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16987 |
| Czechoslovak Group A/S, 5.25%, 01/10/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123721 |
| Embraer Netherlands Finance BV, 5.98%, <br> 02/11/35<br>| &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15881 |
| L3Harris Technologies, Inc., 4.85%, 04/27/35 | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 19946 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Lockheed Martin Corp. |  |  |
| 3.80%, 03/01/45 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $80555 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; USD237 | &nbsp;&nbsp; 240032 |
| Northrop Grumman Corp. |  |  |
| 4.03%, 10/15/47 | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 28288 |
| 4.60%, 02/01/29 | &nbsp;&nbsp; USD195 | &nbsp;&nbsp; 198229 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; USD103 | &nbsp;&nbsp; 90712 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 104003 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 67518 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 90554 |
| Spirit AeroSystems, Inc., 4.60%, 06/15/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100647 |
| TransDigm, Inc. |  |  |
| 4.63%, 01/15/29 | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22861 |
| 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25849 |
| 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 152524 |
|  |  | &nbsp;&nbsp; 2025482 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group, Inc. |  |  |
| 3.40%, 02/04/41 | &nbsp;&nbsp; USD254 | &nbsp;&nbsp; 195680 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 15879 |
| 5.25%, 08/06/35 | &nbsp;&nbsp; USD75 | &nbsp;&nbsp; 75696 |
| 6.20%, 02/14/59 | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 12974 |
| BAT Capital Corp. |  |  |
| 4.54%, 08/15/47 | &nbsp;&nbsp; USD252 | &nbsp;&nbsp; 209290 |
| 4.63%, 03/22/33 | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 118901 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; USD196 | &nbsp;&nbsp; 165881 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; USD144 | &nbsp;&nbsp; 136387 |
| 6.25%, 08/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103021 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 142571 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; USD69 | &nbsp;&nbsp; 78062 |
| Philip Morris International, Inc. |  |  |
| 5.50%, 09/07/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104983 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; USD192 | &nbsp;&nbsp; 203157 |
| Reynolds American, Inc. |  |  |
| 5.85%, 08/15/45 | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 38396 |
| 7.00%, 08/04/41 | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10818 |
|  |  | &nbsp;&nbsp; 1611696 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Air France-KLM, Series ., 5.75%, (5-year <br> EURIBOR ICE Swap + 3.58%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121478 |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 8091 |
| American Airlines 2025-1 Class B Pass <br> Through Trust, Series B, 5.65%, 05/11/36<br>| &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 9053 |
| American Airlines, Inc., 7.25%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101807 |
| American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23239 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55, <br> (5-year EURIBOR ICE Swap + 2.86%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 122309 |
| JetBlue Airways Corp., 9.88%, 09/20/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100437 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 21980 |
|  |  | &nbsp;&nbsp; 508394 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Beach Acquisition Bidco LLC, 5.25%, <br> 07/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121368 |
| VF Corp., 0.63%, 02/25/32 | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 189432 |
|  |  | &nbsp;&nbsp; 310800 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| American Honda Finance Corp., 4.55%, <br> 03/03/28<br>| &nbsp;&nbsp; USD136 | &nbsp;&nbsp; 137510 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Ford Motor Co., 4.75%, 01/15/43 | &nbsp;&nbsp; USD247 | &nbsp;&nbsp; $198126 |
| Ford Motor Credit Co. LLC |  |  |
| 4.97%, 04/06/29 | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251339 |
| 5.92%, 03/20/28 | &nbsp;&nbsp; USD402 | &nbsp;&nbsp; 412119 |
| General Motors Co. |  |  |
| 5.95%, 04/01/49 | &nbsp;&nbsp; USD216 | &nbsp;&nbsp; 210419 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102014 |
| General Motors Financial Co., Inc. |  |  |
| 2.40%, 04/10/28 | &nbsp;&nbsp; USD133 | &nbsp;&nbsp; 128338 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 90945 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104273 |
| 5.90%, 01/07/35 | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26035 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; USD43 | &nbsp;&nbsp; 45127 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 107815 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 5.63%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31106 |
| 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103688 |
| Nissan Motor Co. Ltd., 6.38%, 07/17/33<sup>(d)</sup> | &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 368080 |
| PACCAR Financial Corp., Series R, 4.00%, <br> 11/07/28<br>| &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 301676 |
| RCI Banque SA, 6.13%, , (5-year EURIBOR <br> ICE Swap + 3.83%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 243092 |
| Toyota Motor Credit Corp. |  |  |
| 1.65%, 01/10/31 | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 8856 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; USD224 | &nbsp;&nbsp; 227118 |
| Volkswagen International Finance NV |  |  |
| 4.38%, (9-year EUR Swap + 3.36%)<sup>(b)(d)(f)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118056 |
| Series ., 5.99%, (8-year EURIBOR ICE <br> Swap + 3.12%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 125499 |
|  |  | &nbsp;&nbsp; 3341231 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Adient Global Holdings Ltd., 7.50%, <br> 02/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51917 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 25367 |
| 7.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102873 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.75%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 120431 |
| 6.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52306 |
| 6.75%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103503 |
| Goodyear Tire & Rubber Co. (The), 5.00%, <br> 07/15/29<br>| &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11752 |
| IHO Verwaltungs GmbH, 8.00%, 11/15/32, (8 % <br> Cash)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 213144 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123616 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25149 |
| ZF Europe Finance BV |  |  |
| 6.13%, 03/13/29<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123676 |
| 7.00%, 06/12/30<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 252696 |
|  |  | &nbsp;&nbsp; 1206430 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| AIB Group PLC, 6.00%, (5-year EURIBOR ICE <br> Swap + 3.70%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 245435 |
| Banco Santander SA, 4.25%, 04/11/27 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 400822 |
| Bank of America Corp. |  |  |
| 2.48%, 09/21/36, (5-year CMT + 1.20%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 87762 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93224 |
| 2.57%, 10/20/32, (1-day SOFR + 1.21%)<sup>(b)</sup> | &nbsp;&nbsp; USD136 | &nbsp;&nbsp; 122703 |
| 2.83%, 10/24/51, (1-day SOFR + 1.88%)<sup>(b)</sup> | &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 38694 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD106 | &nbsp;&nbsp; $101079 |
| 2.97%, 02/04/33, (1-day SOFR + 1.33%)<sup>(b)</sup> | &nbsp;&nbsp; USD339 | &nbsp;&nbsp; 310038 |
| 3.31%, 04/22/42, (1-day SOFR + 1.58%)<sup>(b)</sup> | &nbsp;&nbsp; USD342 | &nbsp;&nbsp; 267720 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR <br> +1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD103 | &nbsp;&nbsp; 101878 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR <br> +1.63%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD192 | &nbsp;&nbsp; 190842 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.41%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD254 | &nbsp;&nbsp; 202927 |
| 4.38%, 04/27/28, (1-day SOFR + 1.58%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100458 |
| 4.57%, 04/27/33, (1-day SOFR + 1.83%)<sup>(b)</sup> | &nbsp;&nbsp; USD164 | &nbsp;&nbsp; 163242 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 62502 |
| 5.46%, 05/09/36, (1-day SOFR + <br> 1.64%)<sup>(b)(h)</sup><br>| &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 78620 |
| 5.47%, 01/23/35, (1-day SOFR + 1.65%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103688 |
| 5.74%, 02/12/36, (1-day SOFR + 1.70%)<sup>(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 206793 |
| Bank of New York Mellon Corp.(The) |  |  |
| 3.99%, 06/13/28, (1-day SOFR + 1.15%)<sup>(b)</sup> | &nbsp;&nbsp; USD112 | &nbsp;&nbsp; 112122 |
| 5.06%, 07/22/32, (1-day SOFR + 1.23%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103400 |
| Bank of Nova Scotia (The), 4.81%, 02/02/34, <br> (1-day SOFR + 1.04%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD147 | &nbsp;&nbsp; 147158 |
| Barclays PLC |  |  |
| 2.67%, 03/10/32, (1-year CMT + 1.20%)<sup>(b)</sup> | &nbsp;&nbsp; USD574 | &nbsp;&nbsp; 522719 |
| 5.75%, 08/09/33, (1-year CMT + 3.00%)<sup>(b)</sup> | &nbsp;&nbsp; USD239 | &nbsp;&nbsp; 250646 |
| BNP Paribas SA |  |  |
| 3.74%, 04/20/34, (3-mo. EURIBOR + <br> 1.05%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR500 | &nbsp;&nbsp; 595912 |
| 4.92%, 01/15/34, (1-day SOFR + <br> 1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 248737 |
| Citigroup, Inc. |  |  |
| 0.00%, 12/11/30<sup>(b)(e)</sup> | &nbsp;&nbsp; USD375 | &nbsp;&nbsp; 373909 |
| 2.67%, 01/29/31, (1-day SOFR + 1.15%)<sup>(b)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10305 |
| 2.98%, 11/05/30, (1-day SOFR + 1.42%)<sup>(b)</sup> | &nbsp;&nbsp; USD206 | &nbsp;&nbsp; 196330 |
| 3.06%, 01/25/33, (1-day SOFR + 1.35%)<sup>(b)</sup> | &nbsp;&nbsp; USD392 | &nbsp;&nbsp; 358931 |
| 4.11%, 04/29/36, (3-mo. EURIBOR + <br> 1.58%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 242679 |
| 4.54%, 09/19/30, (1-day SOFR + 1.34%)<sup>(b)</sup> | &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 56463 |
| 4.64%, 05/07/28, (1-day SOFR + 1.14%)<sup>(b)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 50384 |
| 4.79%, 03/04/29, (1-day SOFR + 0.87%)<sup>(b)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 54781 |
| 4.95%, 05/07/31, (1-day SOFR + 1.46%)<sup>(b)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25512 |
| 5.17%, 09/11/36, (1-day SOFR + 1.49%)<sup>(b)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16068 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 635807 |
| Citizens Financial Group, Inc., 5.30%, <br> 01/29/36, (5-year CMT + 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23109 |
| Deutsche Bank AG, Series ., 7.13%, , (5-year <br> EURIBOR ICE Swap + 4.60%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 253492 |
| Deutsche Bank AG/New York NY |  |  |
| 3.04%, 05/28/32, (1-day SOFR + 1.72%)<sup>(b)</sup> | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 137671 |
| 5.37%, 01/10/29, (1-day SOFR + 1.21%)<sup>(b)</sup> | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 153179 |
| Fifth Third Bancorp, 5.14%, 01/29/37, (1-day <br> SOFR + 1.24%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 51643 |
| First Citizens BancShares, Inc./NC, 6.25%, <br> 03/12/40, (5-year CMT + 1.97%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 49842 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 11024 |
| Goldman Sachs Group, Inc.(The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.82%)<sup>(b)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 29554 |
| 1.99%, 01/27/32, (1-day SOFR + 1.09%)<sup>(b)</sup> | &nbsp;&nbsp; USD372 | &nbsp;&nbsp; 330175 |
| 2.62%, 04/22/32, (1-day SOFR + 1.28%)<sup>(b)</sup> | &nbsp;&nbsp; USD45 | &nbsp;&nbsp; 40984 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR <br> +1.56%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD262 | &nbsp;&nbsp; 262621 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.48%, 08/23/28, (1-day SOFR + 1.73%)<sup>(b)</sup> | &nbsp;&nbsp; USD327 | &nbsp;&nbsp; $329041 |
| 4.52%, 01/21/32, (1-day SOFR + 0.96%)<sup>(b)</sup> | &nbsp;&nbsp; USD512 | &nbsp;&nbsp; 511807 |
| 4.94%, 04/23/28, (1-day SOFR + 1.32%)<sup>(b)</sup> | &nbsp;&nbsp; USD419 | &nbsp;&nbsp; 423522 |
| 5.05%, 07/23/30, (1-day SOFR + 1.21%)<sup>(b)</sup> | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 119827 |
| 5.07%, 01/21/37, (1-day SOFR + 1.19%)<sup>(b)</sup> | &nbsp;&nbsp; USD170 | &nbsp;&nbsp; 169271 |
| 5.33%, 07/23/35, (1-day SOFR + 1.55%)<sup>(b)</sup> | &nbsp;&nbsp; USD88 | &nbsp;&nbsp; 89920 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29, (1-day SOFR + 1.29%)<sup>(b)</sup> | &nbsp;&nbsp; USD470 | &nbsp;&nbsp; 447843 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; USD468 | &nbsp;&nbsp; 513155 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.11%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD93 | &nbsp;&nbsp; 82711 |
| 2.07%, 06/01/29, (1-day SOFR + 1.02%)<sup>(b)</sup> | &nbsp;&nbsp; USD463 | &nbsp;&nbsp; 442765 |
| 4.51%, 10/22/28, (1-day SOFR + 0.86%)<sup>(b)</sup> | &nbsp;&nbsp; USD625 | &nbsp;&nbsp; 630778 |
| 5.00%, 07/22/30, (1-day SOFR + 1.13%)<sup>(b)</sup> | &nbsp;&nbsp; USD566 | &nbsp;&nbsp; 580952 |
| 5.14%, 01/24/31, (1-day SOFR + 1.01%)<sup>(b)</sup> | &nbsp;&nbsp; USD718 | &nbsp;&nbsp; 740827 |
| 5.29%, 07/22/35, (1-day SOFR + 1.46%)<sup>(b)</sup> | &nbsp;&nbsp; USD353 | &nbsp;&nbsp; 362367 |
| KeyBank N.A., 5.00%, 01/26/33 | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 251485 |
| KeyCorp, 5.31%, 01/28/37, (1-day SOFR + <br> 1.36%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38043 |
| Lloyds Banking Group PLC, 5.09%, 11/26/28, <br> (1-year CMT + 0.85%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD223 | &nbsp;&nbsp; 227044 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.08%, 04/19/28, (1-year CMT + 1.30%)<sup>(b)</sup> | &nbsp;&nbsp; USD216 | &nbsp;&nbsp; 216233 |
| 5.47%, 09/13/33, (1-year CMT + 2.13%)<sup>(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208915 |
| Morgan Stanley |  |  |
| 2.94%, 01/21/33, (1-day SOFR + 1.29%)<sup>(b)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 96615 |
| 3.75%, 11/07/36, (3-mo. EURIBOR + <br> 1.12%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR120 | &nbsp;&nbsp; 140970 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR <br> +1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD239 | &nbsp;&nbsp; 237686 |
| 4.10%, 05/22/36, (3-mo. EURIBOR + <br> 1.55%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121466 |
| 5.19%, 04/17/31, (1-day SOFR + 1.51%)<sup>(b)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16470 |
| 5.23%, 01/15/31, (1-day SOFR + 1.11%)<sup>(b)</sup> | &nbsp;&nbsp; USD677 | &nbsp;&nbsp; 696982 |
| 5.25%, 04/21/34, (1-day SOFR + 1.87%)<sup>(b)</sup> | &nbsp;&nbsp; USD786 | &nbsp;&nbsp; 806440 |
| 5.66%, 04/18/30, (1-day SOFR + 1.26%)<sup>(b)</sup> | &nbsp;&nbsp; USD261 | &nbsp;&nbsp; 271786 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 12620 |
| Series I, 4.13%, 10/18/29, (1-day SOFR + <br> 0.91%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD260 | &nbsp;&nbsp; 259802 |
| PNC Financial Services Group, Inc.(The) |  |  |
| 5.42%, 01/25/41, (5-year CMT + 1.17%)<sup>(b)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 89916 |
| 5.49%, 05/14/30, (1-day SOFR + 1.20%)<sup>(b)</sup> | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 40578 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.14%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 88277 |
| Royal Bank of Canada |  |  |
| 4.24%, 08/03/27 | &nbsp;&nbsp; USD235 | &nbsp;&nbsp; 236562 |
| 4.70%, 08/06/31, (1-day SOFR + 1.06%)<sup>(b)</sup> | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 62794 |
| State Street Corp., 4.54%, 04/24/28, (1-day <br> SOFR + 0.95%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD244 | &nbsp;&nbsp; 245981 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.24%, 04/15/30 | &nbsp;&nbsp; USD365 | &nbsp;&nbsp; 377672 |
| 5.57%, 01/15/47, (1-day SOFR + 1.36%)<sup>(b)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199830 |
| Texas Capital Bancshares, Inc., 4.00%, <br> 05/06/31, (5-year CMT + 3.15%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 31772 |
| Toronto-Dominion Bank (The), 4.86%, <br> 01/31/28<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101712 |
| Truist Financial Corp. |  |  |
| 4.60%, 01/27/32, (1-day SOFR + 0.96%)<sup>(b)</sup> | &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 101257 |
| 5.44%, 01/24/30, (1-day SOFR + 1.62%)<sup>(b)</sup> | &nbsp;&nbsp; USD169 | &nbsp;&nbsp; 174903 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; USD171 | &nbsp;&nbsp; $151395 |
| 4.48%, 01/26/32, (1-day SOFR + 0.86%)<sup>(b)</sup> | &nbsp;&nbsp; USD147 | &nbsp;&nbsp; 147321 |
| 4.55%, 07/22/28, (1-day SOFR + 1.66%)<sup>(b)</sup> | &nbsp;&nbsp; USD119 | &nbsp;&nbsp; 119962 |
| United Overseas Bank Ltd., 3.00%, <sup>(b)(d)(f)</sup> | &nbsp;&nbsp; SGD250 | &nbsp;&nbsp; 196182 |
| Wells Fargo & Co. |  |  |
| 3.07%, 04/30/41, (1-day SOFR + 2.53%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 77170 |
| 3.35%, 03/02/33, (1-day SOFR + 1.50%)<sup>(b)</sup> | &nbsp;&nbsp; USD77 | &nbsp;&nbsp; 71797 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR <br> +1.57%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD231 | &nbsp;&nbsp; 229751 |
| 3.90%, 07/22/32, (3-mo. EURIBOR + <br> 1.22%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 244063 |
| 4.08%, 09/15/29, (1-day SOFR + 0.88%)<sup>(b)</sup> | &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 100912 |
| 4.61%, 04/25/53, (1-day SOFR + 2.13%)<sup>(b)</sup> | &nbsp;&nbsp; USD44 | &nbsp;&nbsp; 37705 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 87742 |
| 4.89%, 09/15/36, (1-day SOFR + 1.34%)<sup>(b)</sup> | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 141436 |
| 5.24%, 01/24/31, (1-day SOFR + 1.11%)<sup>(b)</sup> | &nbsp;&nbsp; USD167 | &nbsp;&nbsp; 172538 |
| 5.39%, 04/24/34, (1-day SOFR + 2.02%)<sup>(b)</sup> | &nbsp;&nbsp; USD248 | &nbsp;&nbsp; 256482 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; USD142 | &nbsp;&nbsp; 149446 |
|  |  | &nbsp;&nbsp; 21206083 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; USD164 | &nbsp;&nbsp; 161731 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; USD599 | &nbsp;&nbsp; 552735 |
| Anheuser-Busch InBev Finance, Inc., 4.90%, <br> 02/01/46<br>| &nbsp;&nbsp; USD84 | &nbsp;&nbsp; 77543 |
| Anheuser-Busch InBev Worldwide, Inc., 5.55%, <br> 01/23/49<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99595 |
| Coca-Cola Co.(The) |  |  |
| 2.50%, 06/01/40 | &nbsp;&nbsp; USD600 | &nbsp;&nbsp; 445630 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 233554 |
| Constellation Brands, Inc., 3.60%, 02/15/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99229 |
| Heineken NV, 3.51%, 05/03/34<sup>(d)</sup> | &nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 130036 |
| Keurig Dr Pepper, Inc., 4.35%, 05/15/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100436 |
| PepsiCo, Inc. |  |  |
| 3.45%, 10/06/46 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 75793 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; USD227 | &nbsp;&nbsp; 226535 |
| 4.05%, 07/28/55 | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 112252 |
|  |  | &nbsp;&nbsp; 2315069 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen, Inc. |  |  |
| 4.05%, 08/18/29 | &nbsp;&nbsp; USD241 | &nbsp;&nbsp; 240924 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 133628 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 28259 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; USD416 | &nbsp;&nbsp; 356544 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100747 |
| Biocon Biologics Global PLC, 6.67%, <br> 10/09/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202600 |
| Gilead Sciences, Inc. |  |  |
| 4.15%, 03/01/47 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 82779 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; USD270 | &nbsp;&nbsp; 276026 |
|  |  | &nbsp;&nbsp; 1421507 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Builders FirstSource, Inc., 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16938 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| 6.38%, 12/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 246168 |
| 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51754 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Standard Building Solutions, Inc., 6.50%, <br> 08/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $103114 |
| Standard Industries, Inc./New York, 4.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11937 |
|  |  | &nbsp;&nbsp; 481765 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Liquide Finance SA, 3.00%, 05/05/33<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 116680 |
| Brenntag Finance BV, 3.38%, 10/02/31<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 235564 |
| Celanese U.S. Holdings LLC |  |  |
| 7.05%, 11/15/30 | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52898 |
| 7.38%, 07/15/32 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104329 |
| Chemours Co.(The) |  |  |
| 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93249 |
| 5.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22809 |
| Dow Chemical Co. (The), 9.40%, 05/15/39 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 128949 |
| Ecolab, Inc., 4.30%, 06/15/28 | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31309 |
| FMC Corp., 8.45%, 11/01/55, (5-year CMT + <br> 4.37%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 80203 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 240544 |
| LYB International Finance III LLC, 4.20%, <br> 05/01/50<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 71067 |
| Methanex Corp., 5.13%, 10/15/27 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100284 |
| NOVA Chemicals Corp., 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24378 |
| Nutrien Ltd., 4.90%, 03/27/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101797 |
| Olin Corp., 5.00%, 02/01/30<sup>(h)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 26327 |
| Orbia Advance Corp. SAB de CV, 6.80%, <br> 05/13/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 201842 |
|  |  | &nbsp;&nbsp; 1632229 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| Albion Financing 1 Sarl/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 122462 |
| Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 25258 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 124012 |
| APCOA Group GmbH, 6.00%, 04/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 120323 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| 4.75%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11749 |
| 8.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102873 |
| BCP V Modular Services Finance II PLC, <br> 6.50%, 07/10/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 223738 |
| Block, Inc., 3.50%, 06/01/31 | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 280551 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 122310 |
| Brink's Co. (The), 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10999 |
| DP World Ltd./United Arab Emirates, 6.85%, <br> 07/02/37<sup>(d)</sup><br>| &nbsp;&nbsp; USD180 | &nbsp;&nbsp; 201084 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117608 |
| EquipmentShare.com, Inc., 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52252 |
| Garda World Security Corp., 8.25%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51093 |
| GEO Group, Inc. (The), 8.63%, 04/15/29 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104573 |
| Global Payments, Inc., 5.55%, 11/15/35 | &nbsp;&nbsp; USD803 | &nbsp;&nbsp; 796268 |
| Herc Holdings, Inc., 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51745 |
| ION Platform Finance SARL |  |  |
| 6.50%, 09/30/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 108986 |
| 6.88%, 09/30/32<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 106861 |
| Kapla Holding SAS, 5.00%, 04/30/31<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 240373 |
| Loxam SAS |  |  |
| 4.25%, 02/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119231 |
| 6.38%, 05/31/29<sup>(d)</sup> | &nbsp;&nbsp; EUR90 | &nbsp;&nbsp; 110290 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Motability Operations Group PLC, 4.13%, <br> 02/04/38<sup>(d)</sup><br>| &nbsp;&nbsp; EUR160 | &nbsp;&nbsp; $190017 |
| Pachelbel Bidco SpA, 7.13%, 05/17/31<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 249441 |
| S&P Global, Inc., 4.75%, 08/01/28 | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 119230 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub, Inc., 5.50%, 05/15/33<sup>(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 241397 |
| Triton Container International Ltd. / TAL <br> International Container Corp., 5.15%, <br> 02/15/33<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99585 |
| United Rentals North America, Inc., 3.75%, <br> 01/15/32<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93447 |
| Worldline SA/France, 0.88%, 06/30/27<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 108846 |
|  |  | &nbsp;&nbsp; 4306602 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Almaviva-The Italian Innovation Co. SpA, <br> 5.00%, 10/30/30<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117515 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52691 |
| Apple, Inc. |  |  |
| 2.55%, 08/20/60 | &nbsp;&nbsp; USD700 | &nbsp;&nbsp; 384647 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 74059 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 77570 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; USD628 | &nbsp;&nbsp; 536694 |
| Atos SE, Series ., 10.53%, 12/18/29<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; EUR187 | &nbsp;&nbsp; 252156 |
| Dell International LLC/EMC Corp. |  |  |
| 5.10%, 02/15/36<sup>(h)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 25547 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; USD136 | &nbsp;&nbsp; 139745 |
| Gartner, Inc. |  |  |
| 3.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD365 | &nbsp;&nbsp; 352428 |
| 3.75%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD131 | &nbsp;&nbsp; 124188 |
| 4.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD470 | &nbsp;&nbsp; 468842 |
| Hewlett Packard Enterprise Co., 4.40%, <br> 09/25/27<br>| &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 73378 |
| International Business Machines Corp. |  |  |
| 3.43%, 02/09/52 | &nbsp;&nbsp; USD135 | &nbsp;&nbsp; 92572 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; USD171 | &nbsp;&nbsp; 150977 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; USD149 | &nbsp;&nbsp; 154114 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 79560 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 107172 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16780 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118814 |
|  |  | &nbsp;&nbsp; 3399449 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Estee Lauder Companies, Inc. (The), 4.38%, <br> 05/15/28<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100888 |
| Kenvue, Inc., 5.05%, 03/22/28 | &nbsp;&nbsp; USD191 | &nbsp;&nbsp; 195195 |
| Opal Bidco SAS, 5.50%, 03/31/32<sup>(d)</sup> | &nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 182630 |
| Perrigo Finance Unlimited Co., 5.38%, <br> 09/30/32<br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118508 |
| Procter & Gamble Co. (The), 4.05%, 05/01/30 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 201130 |
|  |  | &nbsp;&nbsp; 798351 |
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 4.88%, 04/01/28<br>| &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 152413 |
| American Express Co. |  |  |
| 5.04%, 07/26/28, (1-day SOFR + 0.93%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101568 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.28%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD190 | &nbsp;&nbsp; 195430 |
| AT&T Reign II Multi-Property Lease-Backed <br> Pass-Through Trust, 6.09%, 12/15/44<sup>(a)</sup><br>| &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 125148 |
| Brookfield Finance, Inc., 3.90%, 01/25/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Capital One Financial Corp. |  |  |
| 3.80%, 01/31/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $99513 |
| 5.70%, 02/01/30, (1-day SOFR + 1.91%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103833 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.37%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 36233 |
| Charles Schwab Corp. (The), 6.20%, 11/17/29, <br> (1-day SOFR + 1.88%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 528211 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100098 |
| Encore Capital Group, Inc., 4.25%, 06/01/28<sup>(d)</sup> | &nbsp;&nbsp; GBP100 | &nbsp;&nbsp; 131604 |
| Flourishing Trade & Investment Ltd., 11.04%, <br> 04/02/30<sup>(e)</sup><br>| &nbsp;&nbsp; USD217 | &nbsp;&nbsp; 225775 |
| Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104608 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(d)</sup> | &nbsp;&nbsp; EUR31 | &nbsp;&nbsp; 36080 |
| GS Finance Corp., 5.95%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; USD1,260 | &nbsp;&nbsp; 1260000 |
| Intercontinental Exchange, Inc., 3.10%, <br> 09/15/27<br>| &nbsp;&nbsp; USD161 | &nbsp;&nbsp; 159150 |
| Jane Street Group/JSG Finance, Inc., 7.13%, <br> 04/30/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52571 |
| Mastercard, Inc., 2.95%, 06/01/29 | &nbsp;&nbsp; USD631 | &nbsp;&nbsp; 611932 |
| Muthoot Finance Ltd., 5.75%, 08/04/30<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199750 |
| PennyMac Financial Services, Inc., 7.13%, <br> 11/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51620 |
| Rocket Cos. Inc, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102862 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 27619 |
| 4.00%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 45911 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; USD287 | &nbsp;&nbsp; 256311 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; USD141 | &nbsp;&nbsp; 140317 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; USD235 | &nbsp;&nbsp; 238555 |
| 5.45%, 03/06/31, (1-day SOFR + 1.68%)<sup>(b)</sup> | &nbsp;&nbsp; USD338 | &nbsp;&nbsp; 344543 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.13%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD283 | &nbsp;&nbsp; 293113 |
| United Wholesale Mortgage LLC, 5.50%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 26676 |
| UWM Holdings LLC, 6.25%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 13911 |
| Visa, Inc., 3.65%, 09/15/47 | &nbsp;&nbsp; USD76 | &nbsp;&nbsp; 59015 |
|  |  | &nbsp;&nbsp; 5924221 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| AEP Texas, Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; USD48 | &nbsp;&nbsp; 32550 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24744 |
| Series E, 6.65%, 02/15/33 | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 15269 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 16899 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 26719 |
| AEP Transmission Co. LLC |  |  |
| 3.15%, 09/15/49 | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 31650 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 18333 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 4545 |
| 5.38%, 06/15/35 | &nbsp;&nbsp; USD72 | &nbsp;&nbsp; 74040 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 12295 |
| AES Corp. (The), 6.95%, 07/15/55, (5-year <br> CMT + 2.89%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97758 |
| Alabama Power Co. |  |  |
| 3.85%, 12/01/42 | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 7381 |
| 5.50%, 03/15/41 | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 14920 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12865 |
| Atlantic City Electric Co., 2.30%, 03/15/31 | &nbsp;&nbsp; USD174 | &nbsp;&nbsp; 157994 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Baltimore Gas & Electric Co. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; $3191 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 13053 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 239864 |
| Clean Renewable Power Mauritius Pte. Ltd., <br> 4.25%, 03/25/27<sup>(d)</sup><br>| &nbsp;&nbsp; USD308 | &nbsp;&nbsp; 301763 |
| Consolidated Edison Co. of New York, Inc., <br> 4.50%, 05/15/58<br>| &nbsp;&nbsp; USD237 | &nbsp;&nbsp; 193149 |
| Constellation Energy Generation LLC, 4.63%, <br> 02/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23001 |
| Continuum Green Energy India Pvt / <br> Co-Issuers, 7.50%, 06/26/33<sup>(d)</sup><br>| &nbsp;&nbsp; USD188 | &nbsp;&nbsp; 196335 |
| ContourGlobal Power Holdings SA |  |  |
| 4.38%, 07/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117833 |
| 5.00%, 02/28/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121680 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200000 |
| Dominion Energy, Inc., Series B, 7.00%, <br> 06/01/54, (5-year CMT + 2.51%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 64882 |
| DTE Energy Co., Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; USD138 | &nbsp;&nbsp; 134433 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49 | &nbsp;&nbsp; USD64 | &nbsp;&nbsp; 43937 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 28969 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; 20559 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 55646 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; USD39 | &nbsp;&nbsp; 37748 |
| Duke Energy Corp. |  |  |
| 3.50%, 06/15/51 | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 8305 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 19994 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; USD349 | &nbsp;&nbsp; 344852 |
| Duke Energy Ohio, Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; USD99 | &nbsp;&nbsp; 90743 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 48576 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 48786 |
| Duke Energy Progress LLC |  |  |
| 2.50%, 08/15/50 | &nbsp;&nbsp; USD178 | &nbsp;&nbsp; 103959 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 6960 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; USD258 | &nbsp;&nbsp; 261390 |
| EDP SA 4.38%, 12/02/55<sup>(b)(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 237666 |
| EDP Servicios Financieros Espana SA, 3.25%, <br> 02/04/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR190 | &nbsp;&nbsp; 225264 |
| Electricite de France SA, 3.38%, (5-year EUR <br> Swap + 3.97%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 229448 |
| Enel SpA, 4.13%, , (5-year EURIBOR ICE <br> Swap + 1.65%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118683 |
| Entergy Louisiana LLC, 4.95%, 01/15/45 | &nbsp;&nbsp; USD206 | &nbsp;&nbsp; 188963 |
| Eversource Energy |  |  |
| 5.45%, 03/01/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102646 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 88498 |
| Exelon Corp., 5.15%, 03/15/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102274 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; USD114 | &nbsp;&nbsp; 106595 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; USD180 | &nbsp;&nbsp; 179590 |
| Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; USD563 | &nbsp;&nbsp; 390320 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; USD153 | &nbsp;&nbsp; 135362 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; USD135 | &nbsp;&nbsp; 115181 |
| 4.55%, 04/01/49<sup>(d)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 30715 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; USD307 | &nbsp;&nbsp; 306254 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; USD260 | &nbsp;&nbsp; 259949 |
| 5.45%, 07/15/44<sup>(a)</sup> | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 44381 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51 | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; $53013 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; USD109 | &nbsp;&nbsp; 109746 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102495 |
| Georgia Power Co. |  |  |
| 4.70%, 05/15/32 | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24322 |
| 4.85%, 03/15/31 | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11278 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28584 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 11956 |
| India Clean Energy Holdings, 4.50%, <br> 04/18/27<sup>(d)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 196840 |
| MidAmerican Energy Co. |  |  |
| 3.15%, 04/15/50 | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 24297 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 6009 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 131769 |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD145 | &nbsp;&nbsp; 143976 |
| MVM Energetika Zrt, 6.50%, 03/13/31<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 211187 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.00%, 05/15/56, (5-year EURIBOR ICE <br> Swap + 1.58%)<sup>(b)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 236637 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101782 |
| 6.50%, 08/15/55, (5-year CMT + 1.98%)<sup>(b)</sup> | &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 85155 |
| 6.70%, 09/01/54, (5-year CMT + 2.36%)<sup>(b)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103247 |
| NRG Energy, Inc. |  |  |
| 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 22421 |
| 4.45%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD349 | &nbsp;&nbsp; 347420 |
| 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99623 |
| 7.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD326 | &nbsp;&nbsp; 358764 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; USD21 | &nbsp;&nbsp; 16152 |
| Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; USD57 | &nbsp;&nbsp; 53347 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 43840 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 40925 |
| Oncor Electric Delivery Co. LLC, 2.70%, <br> 11/15/51<br>| &nbsp;&nbsp; USD176 | &nbsp;&nbsp; 104685 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 08/01/40 | &nbsp;&nbsp; USD218 | &nbsp;&nbsp; 165506 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; USD209 | &nbsp;&nbsp; 141387 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; USD336 | &nbsp;&nbsp; 255030 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; USD197 | &nbsp;&nbsp; 148159 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 51466 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 6704 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 43363 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 94128 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; USD52 | &nbsp;&nbsp; 45464 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; USD157 | &nbsp;&nbsp; 150956 |
| 6.10%, 10/15/55 | &nbsp;&nbsp; USD329 | &nbsp;&nbsp; 323997 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; USD72 | &nbsp;&nbsp; 76348 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 170753 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; USD82 | &nbsp;&nbsp; 88361 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; USD465 | &nbsp;&nbsp; 495535 |
| PacifiCorp |  |  |
| 5.80%, 01/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 94181 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; USD175 | &nbsp;&nbsp; 183748 |
| PG&E Corp. |  |  |
| 5.25%, 07/01/30 | &nbsp;&nbsp; USD603 | &nbsp;&nbsp; 599346 |
| 7.38%, 03/15/55, (5-year CMT + 3.88%)<sup>(b)</sup> | &nbsp;&nbsp; USD511 | &nbsp;&nbsp; 527377 |
| Pinnacle West Capital Corp., 5.15%, 05/15/30 | &nbsp;&nbsp; USD224 | &nbsp;&nbsp; 230718 |
| RTE Reseau de Transport d'Electricite SADIR, <br> 3.88%, 11/24/37<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118828 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| San Diego Gas & Electric Co., 4.95%, <br> 08/15/28<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $102488 |
| San Miguel Global Power Holdings Corp., <br> 8.38%, , (5-year CMT + 7.12%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202250 |
| Southern California Edison Co. |  |  |
| 4.00%, 04/01/47 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 75495 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35440 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100707 |
| Southern Co.(The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; USD91 | &nbsp;&nbsp; 85012 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 60180 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; USD65 | &nbsp;&nbsp; 68867 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT <br> + 2.07%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52147 |
| Star Energy Geothermal Wayang Windu Ltd., <br> 6.75%, 04/24/33<sup>(d)</sup><br>| &nbsp;&nbsp; USD128 | &nbsp;&nbsp; 130993 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 105511 |
| Union Electric Co., 5.30%, 08/01/37 | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 146075 |
| Virginia Electric & Power Co. |  |  |
| 6.35%, 11/30/37 | &nbsp;&nbsp; USD140 | &nbsp;&nbsp; 153135 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; USD89 | &nbsp;&nbsp; 118702 |
| Series A, 3.50%, 03/15/27 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99621 |
| Series D, 5.60%, 09/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97291 |
| Vistra Operations Co. LLC |  |  |
| 4.60%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 54825 |
| 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16013 |
| 5.05%, 12/30/26<sup>(a)</sup> | &nbsp;&nbsp; USD788 | &nbsp;&nbsp; 795086 |
| 5.35%, 01/31/36<sup>(a)</sup> | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 36801 |
| 5.70%, 12/30/34<sup>(a)</sup> | &nbsp;&nbsp; USD85 | &nbsp;&nbsp; 87141 |
| 6.00%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD136 | &nbsp;&nbsp; 142575 |
| 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 105812 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 49628 |
| Xcel Energy, Inc., 1.75%, 03/15/27 | &nbsp;&nbsp; USD196 | &nbsp;&nbsp; 191212 |
| XPLR Infrastructure Operating Partners LP, <br> 8.38%, 01/15/31<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 105042 |
|  |  | &nbsp;&nbsp; 16038233 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings, Inc., 4.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17289 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Amphenol Corp., 2.80%, 02/15/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95026 |
| Honeywell International, Inc., 5.70%, 03/15/37 | &nbsp;&nbsp; USD184 | &nbsp;&nbsp; 195129 |
| Sensata Technologies, Inc., 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24446 |
|  |  | &nbsp;&nbsp; 314601 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199600 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Cellnex Finance Co. SA, 3.88%, 01/19/36<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117200 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(d)</sup> | &nbsp;&nbsp; GBP200 | &nbsp;&nbsp; 279072 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(d)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208476 |
|  |  | &nbsp;&nbsp; 604748 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Allwyn Entertainment Financing UK PLC, <br> 4.13%, 02/15/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 233951 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10564 |
| 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103262 |
| Churchill Downs, Inc., 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24728 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Light & Wonder International, Inc., 7.50%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $104645 |
| Live Nation Entertainment, Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24651 |
| 4.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11996 |
| Midwest Gaming Borrower LLC/Midwest <br> Gaming Finance Corp., 4.88%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10806 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 105036 |
| Six Flags Entertainment Corp., 7.25%, <br> 05/15/31<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 98687 |
| Six Flags Entertainment Corp/Canada's <br> Wonderland Co/Millennium Operations LLC, <br> 8.63%, 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12245 |
| SJM International Ltd., 6.50%, 01/15/31<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 198300 |
| Tabcorp Finance Pty Ltd., 5.99%, 05/28/31<sup>(d)</sup> | &nbsp;&nbsp; AUD250 | &nbsp;&nbsp; 172521 |
| Warnermedia Holdings, Inc., 3.76%, 03/15/27 | &nbsp;&nbsp; USD1,913 | &nbsp;&nbsp; 1898863 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp., 5.13%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16047 |
|  |  | &nbsp;&nbsp; 3026302 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Biffa Group Holdings Ltd., 5.25%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118551 |
| GFL Environmental, Inc., 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 49210 |
| Luna 2 5SARL, 5.50%, 07/01/32<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 120831 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 27106 |
| Waste Management, Inc., 4.50%, 03/15/28 | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30422 |
|  |  | &nbsp;&nbsp; 346120 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Albertsons Co, Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 47988 |
| 6.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101602 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 112179 |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119571 |
| Kraft Heinz Foods Co., 6.88%, 01/26/39 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 111610 |
| Kroger Co. (The), 5.50%, 09/15/54 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95413 |
| Mondelez International, Inc., 4.25%, 05/06/28 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 201024 |
| Picard Groupe SAS, 6.38%, 07/01/29<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123220 |
| Pilgrim's Pride Corp., 4.25%, 04/15/31 | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17546 |
| Post Holdings, Inc., 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 103510 |
|  |  | &nbsp;&nbsp; 1033663 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| Aramark International Finance Sarl, 4.38%, <br> 04/15/33<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117819 |
| Elior Group SA, 5.63%, 03/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 245712 |
|  |  | &nbsp;&nbsp; 363531 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance <br> Corp., 9.38%, 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6204 |
| EP Infrastructure AS |  |  |
| 4.13%, 02/27/33<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118343 |
| 4.38%, 01/29/34<sup>(d)</sup> | &nbsp;&nbsp; EUR125 | &nbsp;&nbsp; 148704 |
| NiSource, Inc., 1.70%, 02/15/31 | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 48377 |
|  |  | &nbsp;&nbsp; 321628 |
| **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** |
| Abbott Laboratories, 4.90%, 11/30/46 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93227 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19808 |
| GE HealthCare Technologies, Inc., 5.86%, <br> 03/15/30<br>| &nbsp;&nbsp; USD165 | &nbsp;&nbsp; 174171 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD27 | &nbsp;&nbsp; $26398 |
| 5.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 50086 |
| Solventum Corp., 5.90%, 04/30/54 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100484 |
| Stryker Corp., 3.65%, 03/07/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99558 |
| Thermo Fisher Scientific, Inc., 2.60%, 10/01/29 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95248 |
|  |  | &nbsp;&nbsp; 658980 |
| **Health Care - Services — 0.8%** | **Health Care - Services — 0.8%** | **Health Care - Services — 0.8%** |
| Centene Corp. |  |  |
| 2.50%, 03/01/31 | &nbsp;&nbsp; USD402 | &nbsp;&nbsp; 347643 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 36780 |
| Charles River Laboratories International, Inc., <br> 3.75%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 5787 |
| CHS/Community Health Systems, Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 89705 |
| 10.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 96888 |
| Cigna Group(The) |  |  |
| 2.40%, 03/15/30 | &nbsp;&nbsp; USD134 | &nbsp;&nbsp; 124702 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95270 |
| 6.00%, 01/15/56 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101891 |
| DaVita, Inc., 6.88%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103004 |
| Elevance Health, Inc. |  |  |
| 4.95%, 11/01/31 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101985 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; USD181 | &nbsp;&nbsp; 185921 |
| 5.70%, 09/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97419 |
| Encompass Health Corp., 4.75%, 02/01/30 | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24885 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 126398 |
| Gruppo San Donato SpA, 6.50%, 10/31/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 120174 |
| HCA, Inc. |  |  |
| 4.60%, 11/15/32 | &nbsp;&nbsp; USD315 | &nbsp;&nbsp; 312059 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; USD155 | &nbsp;&nbsp; 161147 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; USD83 | &nbsp;&nbsp; 82395 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; USD121 | &nbsp;&nbsp; 123164 |
| Humana, Inc., 5.50%, 03/15/53 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 88916 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103895 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 54529 |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 240525 |
| Molina Healthcare, Inc., 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15716 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 6793 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 106603 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; USD104 | &nbsp;&nbsp; 102203 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; USD116 | &nbsp;&nbsp; 115676 |
| UnitedHealth Group, Inc. |  |  |
| 3.88%, 08/15/59 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 71409 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 178428 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102261 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; USD237 | &nbsp;&nbsp; 239384 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97374 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 105815 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 120578 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 128868 |
|  |  | &nbsp;&nbsp; 4216190 |
| **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
| Progroup AG, 5.38%, 04/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 242344 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co.<br>|  |  |
| 4.63%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD3 | &nbsp;&nbsp; 2873 |
| 4.63%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9462 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| 6.88%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; $7062 |
| Beazer Homes USA, Inc., 7.25%, 10/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18218 |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC<br>|  |  |
| 4.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11203 |
| 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 5810 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10992 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 14630 |
| 8.75%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13548 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 14647 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10516 |
| Taylor Morrison Communities, Inc., 5.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15286 |
|  |  | &nbsp;&nbsp; 134247 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands, Inc. |  |  |
| 6.63%, 09/15/29 | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25027 |
| 6.63%, 05/15/32<sup>(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97933 |
| Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32 | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 23568 |
|  |  | &nbsp;&nbsp; 146528 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51838 |
| 7.38%, 10/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103522 |
| American International Group, Inc., 4.38%, <br> 06/30/50<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 83470 |
| Aon Corp./Aon Global Holdings PLC, 5.35%, <br> 02/28/33<br>| &nbsp;&nbsp; USD87 | &nbsp;&nbsp; 90304 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121788 |
| Arthur J Gallagher & Co., 5.55%, 02/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95652 |
| Berkshire Hathaway Finance Corp., 3.85%, <br> 03/15/52<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 76331 |
| BNP Paribas Cardif SA, 6.00%, (5-year <br> EURIBOR ICE Swap + 3.37%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 240349 |
| Chubb Corp. (The), 6.00%, 05/11/37 | &nbsp;&nbsp; USD116 | &nbsp;&nbsp; 125820 |
| Equitable Holdings, Inc., 6.70%, 03/28/55, <br> (5-year CMT + 2.39%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52506 |
| Global Atlantic Fin Co., 7.25%, 03/01/56, <br> (5-year CMT + 3.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100820 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104335 |
| Marsh & McLennan Companies, Inc. |  |  |
| 4.38%, 03/15/29 | &nbsp;&nbsp; USD59 | &nbsp;&nbsp; 59581 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; USD370 | &nbsp;&nbsp; 399649 |
| MetLife, Inc., 10.75%, 08/01/69 | &nbsp;&nbsp; USD64 | &nbsp;&nbsp; 85323 |
| Panther Escrow Issuer LLC, 7.13%, <br> 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102993 |
| Prudential Financial, Inc., 6.50%, 03/15/54, <br> (5-year CMT + 2.40%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 116862 |
|  |  | &nbsp;&nbsp; 2011143 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
| Alphabet, Inc. |  |  |
| 4.10%, 11/15/30 | &nbsp;&nbsp; USD610 | &nbsp;&nbsp; 610491 |
| 5.35%, 11/15/45 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 98656 |
| 5.45%, 11/15/55 | &nbsp;&nbsp; USD98 | &nbsp;&nbsp; 95579 |
| 5.70%, 11/15/75 | &nbsp;&nbsp; USD344 | &nbsp;&nbsp; 337737 |
| Amazon.com, Inc. |  |  |
| 2.88%, 05/12/41 | &nbsp;&nbsp; USD269 | &nbsp;&nbsp; 202839 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; USD213 | &nbsp;&nbsp; 210844 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 3.95%, 04/13/52 | &nbsp;&nbsp; USD243 | &nbsp;&nbsp; $189450 |
| 4.10%, 11/20/30 | &nbsp;&nbsp; USD108 | &nbsp;&nbsp; 108010 |
| 4.65%, 11/20/35 | &nbsp;&nbsp; USD446 | &nbsp;&nbsp; 441618 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; USD126 | &nbsp;&nbsp; 129357 |
| 5.45%, 11/20/55 | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 292160 |
| 5.55%, 11/20/65 | &nbsp;&nbsp; USD201 | &nbsp;&nbsp; 195017 |
| AppLovin Corp. |  |  |
| 5.38%, 12/01/31 | &nbsp;&nbsp; USD561 | &nbsp;&nbsp; 579848 |
| 5.95%, 12/01/54 | &nbsp;&nbsp; USD276 | &nbsp;&nbsp; 272968 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | &nbsp;&nbsp; USD845 | &nbsp;&nbsp; 879828 |
| Cogent Communications Group LLC/Cogent <br> Finance, Inc., 6.50%, 07/01/32<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 91826 |
| ION Platform Finance U.S., Inc./ION Platform <br> Finance Sarl, 9.50%, 05/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 96434 |
| Match Group Holdings II LLC, 4.63%, <br> 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 25752 |
| Meta Platforms, Inc. |  |  |
| 4.65%, 08/15/62 | &nbsp;&nbsp; USD221 | &nbsp;&nbsp; 176266 |
| 4.88%, 11/15/35 | &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 125621 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101854 |
| 5.50%, 11/15/45 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 96163 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 114755 |
| 5.63%, 11/15/55 | &nbsp;&nbsp; USD179 | &nbsp;&nbsp; 170315 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (5-year EUR Swap + 4.74%)<sup>(b)(d)(f)</sup> | &nbsp;&nbsp; EUR400 | &nbsp;&nbsp; 465894 |
| 9.75%, 04/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 224071 |
|  |  | &nbsp;&nbsp; 6333353 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Cleveland-Cliffs, Inc. |  |  |
| 7.00%, 03/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51312 |
| 7.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 24271 |
| Mineral Resources Ltd. |  |  |
| 8.00%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD116 | &nbsp;&nbsp; 118624 |
| 8.50%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD104 | &nbsp;&nbsp; 107810 |
| 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 24159 |
| Samarco Mineracao SA |  |  |
| 9.50%, 06/30/31, (4 % Cash and 5.50 % <br> PIK)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 12616 |
| 9.50%, 06/30/31, (4 % Cash and 5.50 % <br> PIK)<sup>(d)(g)</sup><br>| &nbsp;&nbsp; USD203 | &nbsp;&nbsp; 204351 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp; USD8 | &nbsp;&nbsp; 8220 |
|  |  | &nbsp;&nbsp; 551363 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp., 5.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11297 |
| Deuce Finco PLC, 7.00%, 11/20/31<sup>(d)</sup> | &nbsp;&nbsp; GBP100 | &nbsp;&nbsp; 138860 |
| Dometic Group AB, 5.00%, 09/11/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119858 |
| NCL Corp. Ltd., 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102481 |
| Viking Cruises Ltd., 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24097 |
|  |  | &nbsp;&nbsp; 396593 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22405 |
| Essendi SA |  |  |
| 5.38%, 05/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 122330 |
| 5.63%, 05/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121938 |
| Fortune Star BVI Ltd., 5.88%, 11/20/30<sup>(d)</sup> | &nbsp;&nbsp; EUR255 | &nbsp;&nbsp; 299241 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)(h)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 4556 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.63%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 23144 |
| 4.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 23864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc, 4.88%, 07/01/31<sup>(a)</sup><br>| &nbsp;&nbsp; USD18 | &nbsp;&nbsp; $16789 |
| Marriott International, Inc., 5.50%, 04/15/37 | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34700 |
| Melco Resorts Finance Ltd., 5.75%, <br> 07/21/28<sup>(d)</sup><br>| &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 399548 |
| MGM Resorts International, 4.75%, 10/15/28<sup>(h)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15970 |
| Station Casinos LLC, 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24886 |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 193570 |
| Wynn Macau Ltd. |  |  |
| 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199638 |
| 5.63%, 08/26/28<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199638 |
|  |  | &nbsp;&nbsp; 1702217 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Caterpillar Financial Services Corp., 4.40%, <br> 03/03/28<br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202467 |
| Columbus McKinnon Corp/NY, 7.13%, <br> 02/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD4 | &nbsp;&nbsp; 4021 |
| Deere & Co., 5.38%, 10/16/29 | &nbsp;&nbsp; USD494 | &nbsp;&nbsp; 518693 |
| John Deere Capital Corp., 2.80%, 09/08/27 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 197241 |
|  |  | &nbsp;&nbsp; 922422 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co., 2.88%, 10/15/27 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 196487 |
| Entegris, Inc., 4.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11910 |
| Maxam Prill Sarl, 6.00%, 07/15/30<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 246107 |
| Textron, Inc., 3.38%, 03/01/28 | &nbsp;&nbsp; USD46 | &nbsp;&nbsp; 45393 |
|  |  | &nbsp;&nbsp; 499897 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| AMC Networks, Inc. |  |  |
| 4.25%, 02/15/29<sup>(h)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 20098 |
| 10.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 31281 |
| 10.50%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 107819 |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |
| 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 32044 |
| 4.25%, 01/15/34<sup>(a)(h)</sup> | &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 145287 |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93984 |
| 4.50%, 05/01/32<sup>(h)</sup> | &nbsp;&nbsp; USD68 | &nbsp;&nbsp; 61022 |
| 4.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1827 |
| 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100041 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.90%, 06/01/52 | &nbsp;&nbsp; USD33 | &nbsp;&nbsp; 21548 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; USD148 | &nbsp;&nbsp; 90338 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; USD316 | &nbsp;&nbsp; 208442 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 76537 |
| 5.25%, 04/01/53<sup>(h)</sup> | &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 101434 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; USD56 | &nbsp;&nbsp; 45978 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; USD49 | &nbsp;&nbsp; 42156 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 116903 |
| Comcast Corp. |  |  |
| 2.99%, 11/01/63 | &nbsp;&nbsp; USD63 | &nbsp;&nbsp; 34097 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; USD216 | &nbsp;&nbsp; 212867 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 150094 |
| 4.95%, 05/15/32 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102256 |
| 5.30%, 05/15/35<sup>(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101961 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; USD171 | &nbsp;&nbsp; 153410 |
| 6.05%, 05/15/55<sup>(h)</sup> | &nbsp;&nbsp; USD326 | &nbsp;&nbsp; 322933 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14175 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.<br>|  |  |
| 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; $13063 |
| 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103009 |
| Discovery Communications LLC |  |  |
| 3.95%, 03/20/28 | &nbsp;&nbsp; USD803 | &nbsp;&nbsp; 788948 |
| 6.35%, 06/01/40 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 82531 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103095 |
| Gray Television, Inc., 10.50%, 07/15/29<sup>(a)(h)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26853 |
| Nexstar Media, Inc., 4.75%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 25843 |
| Paramount Global |  |  |
| 3.70%, 10/04/26 | &nbsp;&nbsp; USD66 | &nbsp;&nbsp; 64973 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 49982 |
| 6.25%, 02/28/57, (3-mo. SOFR US + <br> 4.16%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 90875 |
| Sirius XM Radio LLC, 3.88%, 09/01/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 91335 |
| Sunrise FinCo I BV, 4.63%, 05/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119917 |
| TWDC Enterprises 18 Corp., 4.38%, 08/16/41 | &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 90479 |
| Univision Communications, Inc., 9.38%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 107666 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6149 |
| Virgin Media O2 Vendor Financing Notes VII <br> DAC, 7.50%, 07/15/33<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118045 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 180592 |
| 5.25%, 01/15/33<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115036 |
| Walt Disney Co.(The) |  |  |
| 2.75%, 09/01/49 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 63382 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; 62517 |
| Ziggo Bond Co. BV |  |  |
| 3.38%, 02/28/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 104926 |
| 6.13%, 11/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 110872 |
|  |  | &nbsp;&nbsp; 4908620 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Fortescue Treasury Pty Ltd., 4.50%, <br> 09/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15999 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/31<sup>(a)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 13587 |
| 2.85%, 04/27/31<sup>(a)</sup> | &nbsp;&nbsp; USD121 | &nbsp;&nbsp; 112057 |
| 4.88%, 03/12/29<sup>(a)</sup> | &nbsp;&nbsp; USD146 | &nbsp;&nbsp; 148640 |
| Rio Tinto Finance USA PLC, 4.50%, 03/14/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101228 |
| Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(d)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 213750 |
|  |  | &nbsp;&nbsp; 605261 |
| **Mortgage-Backed Securities — 0.0%** | **Mortgage-Backed Securities — 0.0%** | **Mortgage-Backed Securities — 0.0%** |
| Resurgent Trade & Investment Ltd., 9.52%, <br> 12/01/27<sup>(e)</sup><br>| &nbsp;&nbsp; USD225 | &nbsp;&nbsp; 225563 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp. |  |  |
| 10.25%, 10/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 20611 |
| 13.50%, 04/15/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 77843 |
|  |  | &nbsp;&nbsp; 98454 |
| **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** |
| Antero Resources Corp. |  |  |
| 5.38%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD1,157 | &nbsp;&nbsp; 1173446 |
| 7.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20303 |
| APA Corp., Series ., 5.25%, 02/01/42 | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 4136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| BP Capital Markets America, Inc. |  |  |
| 4.89%, 09/11/33 | &nbsp;&nbsp; USD187 | &nbsp;&nbsp; $189471 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20617 |
| California Resources Corp. |  |  |
| 7.00%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14122 |
| 8.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10518 |
| Chevron USA, Inc., 2.34%, 08/12/50 | &nbsp;&nbsp; USD62 | &nbsp;&nbsp; 36223 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 30969 |
| 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15439 |
| 8.63%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD4 | &nbsp;&nbsp; 4231 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; USD72 | &nbsp;&nbsp; 75328 |
| Comstock Resources, Inc. 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40168 |
| ConocoPhillips Co., 5.05%, 09/15/33 | &nbsp;&nbsp; USD163 | &nbsp;&nbsp; 167221 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD54 | &nbsp;&nbsp; 52260 |
| 9.75%, 10/15/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26588 |
| CVR Energy, Inc., 7.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 18960 |
| Diamondback Energy, Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; USD877 | &nbsp;&nbsp; 821720 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; USD421 | &nbsp;&nbsp; 418591 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; USD486 | &nbsp;&nbsp; 472071 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30415 |
| Ecopetrol SA, 8.88%, 01/13/33 | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6433 |
| Energean PLC, 5.63%, 05/12/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119054 |
| EQT Corp. |  |  |
| 3.13%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 30902 |
| 3.63%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD493 | &nbsp;&nbsp; 466143 |
| 3.90%, 10/01/27 | &nbsp;&nbsp; USD446 | &nbsp;&nbsp; 444305 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; USD534 | &nbsp;&nbsp; 536323 |
| 4.75%, 01/15/31 | &nbsp;&nbsp; USD2,630 | &nbsp;&nbsp; 2641871 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; USD198 | &nbsp;&nbsp; 201490 |
| 5.50%, 07/15/28 | &nbsp;&nbsp; USD278 | &nbsp;&nbsp; 284764 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; USD75 | &nbsp;&nbsp; 77364 |
| 6.38%, 04/01/29 | &nbsp;&nbsp; USD183 | &nbsp;&nbsp; 189373 |
| 6.50%, 07/01/27 | &nbsp;&nbsp; USD108 | &nbsp;&nbsp; 110290 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; USD864 | &nbsp;&nbsp; 938202 |
| 7.50%, 06/01/30 | &nbsp;&nbsp; USD493 | &nbsp;&nbsp; 542609 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; USD475 | &nbsp;&nbsp; 470653 |
| 5.38%, 02/01/29 | &nbsp;&nbsp; USD382 | &nbsp;&nbsp; 382230 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; USD765 | &nbsp;&nbsp; 778611 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; USD816 | &nbsp;&nbsp; 843798 |
| 5.88%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38002 |
| 6.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD143 | &nbsp;&nbsp; 143762 |
| Exxon Mobil Corp. |  |  |
| 3.00%, 08/16/39 | &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 47945 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; USD81 | &nbsp;&nbsp; 58110 |
| Granite Ridge Resources, Inc., 8.88%, <br> 11/05/29<sup>(a)(e)</sup><br>| &nbsp;&nbsp; USD122 | &nbsp;&nbsp; 120432 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15452 |
| 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 96373 |
| Ithaca Energy North Sea PLC, 5.50%, <br> 10/01/31<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119831 |
| Matador Resources Co., 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 50912 |
| Medco Cypress Tree Pte Ltd., 8.63%, <br> 05/19/30<sup>(d)</sup><br>| &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 263850 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200596 |
| Northern Oil & Gas, Inc. |  |  |
| 7.88%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11106 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; $25843 |
| Occidental Petroleum Corp., 7.95%, 06/15/39 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 235182 |
| Permian Resources Operating LLC |  |  |
| 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104830 |
| 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40364 |
| Petroleos de Venezuela SA |  |  |
| 6.00%, 11/15/26<sup>(d)(i)(j)</sup> | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 4856 |
| 9.75%, 05/17/35<sup>(d)(i)(j)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 6480 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/31 | &nbsp;&nbsp; USD58 | &nbsp;&nbsp; 56515 |
| 6.38%, 01/23/45<sup>(h)</sup> | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 30928 |
| 6.70%, 02/16/32 | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9982 |
| 6.84%, 01/23/30 | &nbsp;&nbsp; USD47 | &nbsp;&nbsp; 48034 |
| 7.50%, 03/20/26 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 200250 |
| Phillips 66 Co., Series B, 6.20%, 03/15/56, <br> (5-year CMT + 2.17%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100543 |
| Raizen Fuels Finance SA, 6.25%, 07/08/32<sup>(a)</sup> | &nbsp;&nbsp; USD203 | &nbsp;&nbsp; 170774 |
| SM Energy Co. |  |  |
| 6.63%, 01/15/27 | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15015 |
| 6.75%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101138 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102582 |
| 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51992 |
| 7.88%, , (5-year CMT + 4.23%)<sup>(a)(b)(f)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14420 |
| TotalEnergies Capital International SA, 3.39%, <br> 06/29/60<br>| &nbsp;&nbsp; USD167 | &nbsp;&nbsp; 108874 |
| Transocean International Ltd., 8.25%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13245 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 4955 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104491 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | &nbsp;&nbsp; USD443 | &nbsp;&nbsp; 448569 |
| 5.70%, 08/01/35 | &nbsp;&nbsp; USD313 | &nbsp;&nbsp; 318653 |
| Wintershall Dea Finance 2 BV, 6.12%, (5-year <br> EURIBOR ICE Swap + 3.94%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123108 |
| YPF SA, 9.50%, 01/17/31<sup>(a)(h)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15875 |
|  |  | &nbsp;&nbsp; 16331081 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp., 6.25%, 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11027 |
| Deepocean Ltd., 6.00%, 04/08/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 122905 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 247636 |
| USA Compression Partners LP/USA <br> Compression Finance Corp., 6.25%, <br> 10/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 5065 |
|  |  | &nbsp;&nbsp; 386633 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Ardagh Group SA, 9.50%, 12/01/30<sup>(d)</sup> | &nbsp;&nbsp; USD65 | &nbsp;&nbsp; 70237 |
| Ball Corp., 2.88%, 08/15/30 | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 5524 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 50441 |
| 8.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 7005 |
| Mauser Packaging Solut, 9.25%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 36397 |
| Mauser Packaging Solut SR, 7.88%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35656 |
| Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24426 |
|  |  | &nbsp;&nbsp; 229686 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| AbbVie, Inc. |  |  |
| 4.55%, 03/15/35 | &nbsp;&nbsp; USD59 | &nbsp;&nbsp; $58028 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 180531 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; USD187 | &nbsp;&nbsp; 193208 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 96988 |
| Astrazeneca Finance LLC, 4.90%, 03/03/30 | &nbsp;&nbsp; USD413 | &nbsp;&nbsp; 425574 |
| Bayer AG |  |  |
| 5.38%, 03/25/82, (5-year EUR Swap + <br> 4.46%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123527 |
| 7.00%, 09/25/83, (5-year EUR Swap + <br> 3.90%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 398546 |
| Becton Dickinson & Co., 5.08%, 06/07/29 | &nbsp;&nbsp; USD53 | &nbsp;&nbsp; 54503 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35%, 11/13/40 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 70749 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; USD142 | &nbsp;&nbsp; 122341 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; USD250 | &nbsp;&nbsp; 271765 |
| CVS Health Corp. |  |  |
| 4.78%, 03/25/38 | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 66641 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102175 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 26948 |
| 5.30%, 12/05/43<sup>(h)</sup> | &nbsp;&nbsp; USD51 | &nbsp;&nbsp; 47302 |
| 5.55%, 06/01/31 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104558 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; USD172 | &nbsp;&nbsp; 173711 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 241158 |
| Eli Lilly & Co. |  |  |
| 2.50%, 09/15/60 | &nbsp;&nbsp; USD79 | &nbsp;&nbsp; 42824 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; USD189 | &nbsp;&nbsp; 190970 |
| Grifols SA, 7.13%, 05/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123923 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119934 |
| Johnson & Johnson |  |  |
| 2.10%, 09/01/40 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 70362 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; USD145 | &nbsp;&nbsp; 126941 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102924 |
| McKesson Corp., 3.95%, 02/16/28 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 199889 |
| Merck & Co., Inc. |  |  |
| 3.70%, 02/10/45 | &nbsp;&nbsp; USD120 | &nbsp;&nbsp; 95085 |
| 4.30%, 05/17/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100864 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; USD368 | &nbsp;&nbsp; 416715 |
| Nidda Healthcare Holding GmbH, 5.28%, <br> 10/15/32, (3-mo. EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 238272 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer BV, 2.88%, 04/30/28<sup>(d)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 233109 |
| Pfizer, Inc. |  |  |
| 2.70%, 05/28/50 | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 16276 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; USD323 | &nbsp;&nbsp; 384213 |
| Rossini SARL, 6.75%, 12/31/29<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123691 |
| Teva Pharmaceutical Finance Netherlands III <br> BV, 3.15%, 10/01/26<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99262 |
| Wyeth LLC, 6.50%, 02/01/34 | &nbsp;&nbsp; USD369 | &nbsp;&nbsp; 413284 |
|  |  | &nbsp;&nbsp; 5856791 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp., 5.38%, <br> 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6010 |
| Cameron LNG LLC |  |  |
| 3.30%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 87727 |
| 3.40%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; USD226 | &nbsp;&nbsp; 197363 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; USD220 | &nbsp;&nbsp; 188374 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; USD262 | &nbsp;&nbsp; 256343 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; USD112 | &nbsp;&nbsp; 113066 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; USD261 | &nbsp;&nbsp; $240874 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; USD203 | &nbsp;&nbsp; 197663 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; USD161 | &nbsp;&nbsp; 167821 |
| Cheniere Energy, Inc., 5.65%, 04/15/34 | &nbsp;&nbsp; USD658 | &nbsp;&nbsp; 682206 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16806 |
| Enbridge Energy Partners LP, Series B, 7.50%, <br> 04/15/38<br>| &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 124572 |
| Energy Transfer LP |  |  |
| 6.00%, 06/15/48 | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 102367 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99415 |
| 6.20%, 04/01/55 | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 33618 |
| 7.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD137 | &nbsp;&nbsp; 142193 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; USD618 | &nbsp;&nbsp; 717032 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95017 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; USD182 | &nbsp;&nbsp; 161393 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; USD286 | &nbsp;&nbsp; 298979 |
| Genesis Energy LP/Genesis Energy Finance <br> Corp., 8.00%, 05/15/33<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104366 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26351 |
| Hess Midstream Operations LP, 4.25%, <br> 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 48840 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 134230 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; USD111 | &nbsp;&nbsp; 121905 |
| MPLX LP, 4.50%, 04/15/38 | &nbsp;&nbsp; USD414 | &nbsp;&nbsp; 377164 |
| NuStar Logistics LP, 6.38%, 10/01/30 | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52388 |
| ONEOK, Inc. |  |  |
| 5.20%, 07/15/48 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 179918 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; USD179 | &nbsp;&nbsp; 166750 |
| 6.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 5364 |
| Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 5981 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.50%, 05/15/30 | &nbsp;&nbsp; USD560 | &nbsp;&nbsp; 562894 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; USD529 | &nbsp;&nbsp; 532201 |
| 5.90%, 09/15/37 | &nbsp;&nbsp; USD126 | &nbsp;&nbsp; 132884 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25917 |
| Targa Resources Corp., 4.20%, 02/01/33 | &nbsp;&nbsp; USD92 | &nbsp;&nbsp; 88011 |
| Venture Global Calcasieu Pass LLC, 3.88%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16150 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23545 |
| 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26593 |
| 9.00%, (5-year CMT + 5.44%)<sup>(a)(b)(f)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 13196 |
| 9.88%, 02/01/32<sup>(a)(h)</sup> | &nbsp;&nbsp; USD105 | &nbsp;&nbsp; 111016 |
| Venture Global Plaquemines LNG LLC, 6.50%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103563 |
| Western Midstream Operating LP, 5.30%, <br> 03/01/48<br>| &nbsp;&nbsp; USD369 | &nbsp;&nbsp; 321551 |
| Williams Companies, Inc.(The) |  |  |
| 5.65%, 03/15/33 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104568 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; USD155 | &nbsp;&nbsp; 157082 |
|  |  | &nbsp;&nbsp; 7371267 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| Adler Financing Sarl, Series 1L, 8.25%, <br> 12/31/28, (8.25 % Cash)<sup>(g)</sup><br>| &nbsp;&nbsp; EUR159 | &nbsp;&nbsp; 208848 |
| Alstria Office AG, 5.50%, 03/20/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121880 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| Aroundtown Finance Sarl, 5.25%, , (5-year <br> EURIBOR ICE Swap + 3.43%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; $234356 |
| Citycon Treasury BV, 1.63%, 03/12/28<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 223822 |
| Five Point Operating Co. LP, 8.00%, <br> 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; USD3 | &nbsp;&nbsp; 3118 |
| GLP Pte Ltd. |  |  |
| 4.50%, (5-year CMT + 3.74%)<sup>(b)(d)(f)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 147680 |
| 9.75%, 05/20/28<sup>(d)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 205200 |
| Grand City Properties SA, 1.50%, (5-year EUR <br> Swap + 2.18%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 235726 |
| Heimstaden Bostad AB, 6.25%, (5-year <br> EURIBOR ICE Swap + 4.18%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 125654 |
| Howard Hughes Corp. (The), 5.38%, <br> 08/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 39991 |
| New Immo Holding SA, 4.95%, 11/14/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 120302 |
| Vivion Investments Sarl, 5.63%, 06/08/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 116771 |
| Vivion Investments SARL, 6.50%, 02/28/29, <br> (6.5 % Cash)<sup>(d)(g)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118938 |
|  |  | &nbsp;&nbsp; 1902286 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
| Alexandria Real Estate Equities, Inc., 5.15%, <br> 04/15/53<br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 89347 |
| American Tower Corp. |  |  |
| 0.95%, 10/05/30 | &nbsp;&nbsp; EUR119 | &nbsp;&nbsp; 128385 |
| 4.70%, 12/15/32 | &nbsp;&nbsp; USD290 | &nbsp;&nbsp; 290259 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; USD540 | &nbsp;&nbsp; 553271 |
| Crown Castle, Inc. |  |  |
| 2.50%, 07/15/31 | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 16123 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; USD41 | &nbsp;&nbsp; 41700 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; USD202 | &nbsp;&nbsp; 205150 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; USD206 | &nbsp;&nbsp; 212768 |
| Equinix, Inc. |  |  |
| 2.50%, 05/15/31 | &nbsp;&nbsp; USD542 | &nbsp;&nbsp; 491184 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; USD264 | &nbsp;&nbsp; 254042 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; USD7 | &nbsp;&nbsp; 6343 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 72196 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; USD31 | &nbsp;&nbsp; 30780 |
| 5.40%, 06/15/35 | &nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38795 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; USD391 | &nbsp;&nbsp; 406861 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; USD219 | &nbsp;&nbsp; 198255 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 19128 |
| 5.25%, 02/15/33 | &nbsp;&nbsp; USD75 | &nbsp;&nbsp; 75139 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; USD163 | &nbsp;&nbsp; 166113 |
| Iron Mountain, Inc. |  |  |
| 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 111807 |
| 4.75%, 01/15/34<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 231312 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp., 4.25%, 02/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99453 |
| MPT Operating Partnership LP/MPT Finance <br> Corp., 7.00%, 02/15/32<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 123912 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 4.88%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 14674 |
| Prologis LP |  |  |
| 4.88%, 06/15/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 102263 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; USD103 | &nbsp;&nbsp; 105310 |
| Public Storage Operating Co., 3.09%, 09/15/27 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 198005 |
| Realty Income Corp., 3.95%, 08/15/27 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100054 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 4.50%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; $98552 |
| SBA Communications Corp., 3.88%, 02/15/27 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99259 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27<sup>(a)(k)</sup> | &nbsp;&nbsp; USD22 | &nbsp;&nbsp; 19916 |
| 4.95%, 10/01/29<sup>(h)</sup> | &nbsp;&nbsp; USD19 | &nbsp;&nbsp; 16759 |
| 5.50%, 12/15/27 | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 19843 |
| 8.38%, 06/15/29 | &nbsp;&nbsp; USD71 | &nbsp;&nbsp; 71851 |
| 8.88%, 06/15/32 | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 39703 |
| Simon Property Group LP, 1.75%, 02/01/28 | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 288169 |
| Starwood Property Trust, Inc., 7.25%, <br> 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26365 |
| Store Capital LLC |  |  |
| 4.63%, 03/15/29 | &nbsp;&nbsp; USD337 | &nbsp;&nbsp; 336225 |
| 5.40%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10184 |
| Trust 2401, 7.70%, 01/23/32<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 219570 |
| VICI Properties LP |  |  |
| 3.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD569 | &nbsp;&nbsp; 559519 |
| 4.13%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD134 | &nbsp;&nbsp; 130045 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; USD42 | &nbsp;&nbsp; 42510 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; USD290 | &nbsp;&nbsp; 293308 |
| XHR LP, 4.88%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1972 |
|  |  | &nbsp;&nbsp; 6656379 |
| **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** |
| Asbury Automotive Group, Inc., 5.00%, <br> 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; USD101 | &nbsp;&nbsp; 98152 |
| Bath & Body Works, Inc., 6.63%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD117 | &nbsp;&nbsp; 119820 |
| Boots Group Finco LP, 7.38%, 08/31/32<sup>(d)</sup> | &nbsp;&nbsp; GBP100 | &nbsp;&nbsp; 141598 |
| Bubbles Holdco SPA, 6.50%, 09/30/31<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 243422 |
| Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc.<br>|  |  |
| 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24093 |
| 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 47706 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | &nbsp;&nbsp; GBP200 | &nbsp;&nbsp; 286197 |
| Costco Wholesale Corp., 1.60%, 04/20/30 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 181426 |
| Duomo Bidco SpA, 5.31%, 01/15/32, (3-mo. <br> EURIBOR + 3.25%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118847 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., 6.75%, <br> 01/15/30<sup>(a)(h)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 94567 |
| FirstCash, Inc., 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17079 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 116741 |
| Home Depot, Inc.(The) |  |  |
| 2.95%, 06/15/29 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 193969 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93530 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 107918 |
| Lowe's Companies, Inc. |  |  |
| 2.63%, 04/01/31 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 91961 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; USD181 | &nbsp;&nbsp; 137969 |
| 5.63%, 04/15/53<sup>(h)</sup> | &nbsp;&nbsp; USD32 | &nbsp;&nbsp; 31159 |
| Lowe's Cos., Inc., 4.50%, 10/15/32 | &nbsp;&nbsp; USD187 | &nbsp;&nbsp; 186175 |
| McDonald's Corp. |  |  |
| 3.63%, 05/01/43 | &nbsp;&nbsp; USD615 | &nbsp;&nbsp; 485300 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; USD118 | &nbsp;&nbsp; 120046 |
| Nordstrom, Inc., 4.25%, 08/01/31 | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 23121 |
| Park River Holdings, Inc., 8.75%, 12/31/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99325 |
| Starbucks Corp., 4.90%, 02/15/31<sup>(h)</sup> | &nbsp;&nbsp; USD126 | &nbsp;&nbsp; 129573 |
| Target Corp., 5.25%, 02/15/36 | &nbsp;&nbsp; USD123 | &nbsp;&nbsp; 125977 |
| Walmart, Inc. |  |  |
| 4.35%, 04/28/30 | &nbsp;&nbsp; USD135 | &nbsp;&nbsp; 137173 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; USD118 | &nbsp;&nbsp; 120815 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Yum! Brands, Inc., 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD29 | &nbsp;&nbsp; $28929 |
|  |  | &nbsp;&nbsp; 3602588 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| Broadcom, Inc. |  |  |
| 2.45%, 02/15/31 | &nbsp;&nbsp; USD418 | &nbsp;&nbsp; 382536 |
| 3.47%, 04/15/34 | &nbsp;&nbsp; USD256 | &nbsp;&nbsp; 232737 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; USD256 | &nbsp;&nbsp; 255596 |
| 4.90%, 02/15/38 | &nbsp;&nbsp; USD115 | &nbsp;&nbsp; 112560 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; USD211 | &nbsp;&nbsp; 218746 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; USD238 | &nbsp;&nbsp; 246445 |
| Foundry JV Holdco LLC, 5.90%, 01/25/33<sup>(a)</sup> | &nbsp;&nbsp; USD305 | &nbsp;&nbsp; 319899 |
| Intel Corp. |  |  |
| 4.10%, 05/19/46 | &nbsp;&nbsp; USD665 | &nbsp;&nbsp; 514328 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; USD228 | &nbsp;&nbsp; 187120 |
| 5.15%, 02/21/34<sup>(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 101265 |
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 | &nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41345 |
| Texas Instruments, Inc., 4.50%, 05/23/30 | &nbsp;&nbsp; USD30 | &nbsp;&nbsp; 30473 |
|  |  | &nbsp;&nbsp; 2643050 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp; USD59 | &nbsp;&nbsp; 58632 |
| 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; USD107 | &nbsp;&nbsp; 108046 |
| CoreWeave, Inc. |  |  |
| 9.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 97226 |
| 9.25%, 06/01/30<sup>(a)(h)</sup> | &nbsp;&nbsp; USD20 | &nbsp;&nbsp; 19688 |
| Fiserv, Inc., 4.20%, 10/01/28 | &nbsp;&nbsp; USD285 | &nbsp;&nbsp; 284858 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 236265 |
| Microsoft Corp. |  |  |
| 2.68%, 06/01/60<sup>(h)</sup> | &nbsp;&nbsp; USD361 | &nbsp;&nbsp; 205060 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; USD263 | &nbsp;&nbsp; 171312 |
| 5.30%, 02/08/41 | &nbsp;&nbsp; USD235 | &nbsp;&nbsp; 241421 |
| MSCI, Inc., 5.25%, 09/01/35 | &nbsp;&nbsp; USD315 | &nbsp;&nbsp; 316089 |
| Open Text Corp., 3.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24200 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31 | &nbsp;&nbsp; USD201 | &nbsp;&nbsp; 180573 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 161035 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; USD500 | &nbsp;&nbsp; 342554 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; USD124 | &nbsp;&nbsp; 79589 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; USD122 | &nbsp;&nbsp; 96694 |
| 5.95%, 09/26/55 | &nbsp;&nbsp; USD700 | &nbsp;&nbsp; 617241 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 13129 |
| 6.10%, 09/26/65 | &nbsp;&nbsp; USD320 | &nbsp;&nbsp; 278794 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; USD139 | &nbsp;&nbsp; 121273 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 392389 |
| Synopsys, Inc., 4.65%, 04/01/28 | &nbsp;&nbsp; USD221 | &nbsp;&nbsp; 223831 |
|  |  | &nbsp;&nbsp; 4269899 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103874 |
| AT&T, Inc. |  |  |
| 3.50%, 09/15/53 | &nbsp;&nbsp; USD171 | &nbsp;&nbsp; 114219 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; USD565 | &nbsp;&nbsp; 372811 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; USD145 | &nbsp;&nbsp; 99816 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; USD61 | &nbsp;&nbsp; 41779 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 10678 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 103690 |
| 6.05%, 08/15/56 | &nbsp;&nbsp; USD268 | &nbsp;&nbsp; 268225 |
| Cas Capital No. 2 Ltd., 6.25%, , (5-year CMT + <br> 2.53%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202075 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6182 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Cisco Systems, Inc. |  |  |
| 4.55%, 02/24/28 | &nbsp;&nbsp; USD178 | &nbsp;&nbsp; $180831 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; USD219 | &nbsp;&nbsp; 235578 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 110004 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; USD65 | &nbsp;&nbsp; 65612 |
| 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100351 |
| 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52275 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51525 |
| 7.00%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24859 |
| Motorola Solutions, Inc. |  |  |
| 5.40%, 04/15/34 | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16475 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; USD73 | &nbsp;&nbsp; 76769 |
| Rogers Communications, Inc., 7.00%, <br> 04/15/55, (5-year CMT + 2.65%)<sup>(b)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 103727 |
| SoftBank Group Corp. |  |  |
| Series ., 5.88%, 07/10/31<sup>(d)</sup> | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 122016 |
| Series ., 6.38%, 07/10/33<sup>(d)</sup> | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 244250 |
| Telecom Argentina SA |  |  |
| 8.50%, 01/20/36<sup>(a)(h)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26146 |
| 9.25%, 05/28/33<sup>(a)</sup> | &nbsp;&nbsp; USD4 | &nbsp;&nbsp; 4223 |
| Telefonica Emisiones SA |  |  |
| 4.38%, , (5-year EURIBOR ICE Swap + <br> 1.84%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118710 |
| 4.67%, 03/06/38 | &nbsp;&nbsp; USD150 | &nbsp;&nbsp; 136753 |
| 4.88%, , (8-year EURIBOR ICE Swap + <br> 2.13%)<sup>(b)(d)(f)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118151 |
| T-Mobile USA, Inc. |  |  |
| 2.70%, 03/15/32 | &nbsp;&nbsp; USD122 | &nbsp;&nbsp; 109704 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; USD314 | &nbsp;&nbsp; 207544 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; USD163 | &nbsp;&nbsp; 160207 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34936 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; USD163 | &nbsp;&nbsp; 159793 |
| Uniti Group LP/Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99783 |
| Verizon Communications, Inc. |  |  |
| 4.00%, 03/22/50 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 75965 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; USD303 | &nbsp;&nbsp; 297588 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; USD125 | &nbsp;&nbsp; 122678 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; USD300 | &nbsp;&nbsp; 284195 |
| 5.40%, 07/02/37 | &nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12107 |
| 5.50%, 02/23/54<sup>(h)</sup> | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 95716 |
| 5.88%, 11/30/55 | &nbsp;&nbsp; USD364 | &nbsp;&nbsp; 359309 |
| 6.00%, 11/30/65 | &nbsp;&nbsp; USD231 | &nbsp;&nbsp; 228510 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; USD104 | &nbsp;&nbsp; 119264 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; USD50 | &nbsp;&nbsp; 50027 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 180939 |
| 5.63%, 04/15/32<sup>(d)</sup> | &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 350908 |
| Vodafone Group PLC, 5.25%, 05/30/48 | &nbsp;&nbsp; USD127 | &nbsp;&nbsp; 118006 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; USD5 | &nbsp;&nbsp; 5162 |
| WOM Mobile SA, 11.00%, 04/01/31, (11 % <br> Cash)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16392 |
| Zayo Group Holdings, Inc., 9.25%, 03/09/30, <br> (9.25 % Cash)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; USD3 | &nbsp;&nbsp; 2929 |
|  |  | &nbsp;&nbsp; 6203266 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Burlington Northern Santa Fe LLC |  |  |
| 4.45%, 03/15/43 | &nbsp;&nbsp; USD110 | &nbsp;&nbsp; 97656 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 98478 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 6.20%, 08/15/36 | &nbsp;&nbsp; USD55 | &nbsp;&nbsp; $60969 |
| Canadian Pacific Railway Co. |  |  |
| 4.00%, 06/01/28 | &nbsp;&nbsp; USD256 | &nbsp;&nbsp; 256215 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15957 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 93552 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 99933 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> | &nbsp;&nbsp; GBP200 | &nbsp;&nbsp; 291809 |
| FedEx Corp., 2.40%, 05/15/31 | &nbsp;&nbsp; USD144 | &nbsp;&nbsp; 131342 |
| Norfolk Southern Corp., 7.80%, 05/15/27 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 104945 |
| Union Pacific Corp. |  |  |
| 3.84%, 03/20/60 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 72502 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100209 |
| 4.50%, 01/20/33 | &nbsp;&nbsp; USD106 | &nbsp;&nbsp; 106857 |
| United Parcel Service, Inc. |  |  |
| 5.95%, 05/14/55 | &nbsp;&nbsp; USD90 | &nbsp;&nbsp; 92961 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; USD130 | &nbsp;&nbsp; 143470 |
|  |  | &nbsp;&nbsp; 1766855 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| FTAI Aviation Investors LLC, 5.50%, <br> 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; USD100 | &nbsp;&nbsp; 100096 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| American Water Capital Corp., 2.95%, <br> 09/01/27<br>| &nbsp;&nbsp; USD60 | &nbsp;&nbsp; 59236 |
| Severn Trent Utilities Finance PLC, 4.25%, <br> 01/29/40<sup>(d)</sup><br>| &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 118274 |
|  |  | &nbsp;&nbsp; 177510 |
| **Total Corporate Bonds & Notes — 28.8%** <br>**(Cost: $153,558,786)** | **Total Corporate Bonds & Notes — 28.8%** <br>**(Cost: $153,558,786)** | &nbsp;&nbsp; 154604506 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |
| Argentina Republic Government <br> International Bonds<br>|  |  |
| 1.00%, 07/09/29<sup>(h)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1853 |
| 2.50%, 07/09/41<sup>(b)(c)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 13050 |
| 4.75%, 07/09/35<sup>(c)(h)</sup> | &nbsp;&nbsp; USD36 | &nbsp;&nbsp; 27936 |
|  |  | &nbsp;&nbsp; 42839 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |
| Barbados Government International Bonds, <br> 8.00%, 06/26/35<sup>(a)</sup><br>| &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13923 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Brazil Letras do Tesouro Nacional |  |  |
| 0.00%, 04/01/26<sup>(k)</sup> | &nbsp;&nbsp; BRL2,078 | &nbsp;&nbsp; 386019 |
| 0.00%, 07/01/26<sup>(k)</sup> | &nbsp;&nbsp; BRL453 | &nbsp;&nbsp; 81515 |
| Brazil Notas do Tesouro Nacional, Series F, <br> 10.00%, 01/01/27<br>| &nbsp;&nbsp; BRL1,542 | &nbsp;&nbsp; 285243 |
| Brazil Notas do Tesouro Nacional Serie B, <br> 6.00%, 08/15/30<br>| &nbsp;&nbsp; BRL311 | &nbsp;&nbsp; 263186 |
|  |  | &nbsp;&nbsp; 1015963 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| China Government Bonds, 2.11%, 08/25/34 | &nbsp;&nbsp; CNY540 | &nbsp;&nbsp; 79723 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Colombian TES |  |  |
| 12.50%, 02/27/30 | &nbsp;&nbsp; COP272,600 | &nbsp;&nbsp; 72076 |
| Series B, 5.75%, 11/03/27 | &nbsp;&nbsp; COP1,045,500 | &nbsp;&nbsp; 255184 |
| Series B, 7.25%, 10/26/50 | &nbsp;&nbsp; COP202,000 | &nbsp;&nbsp; 33792 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Colombia (continued)** | **Colombia (continued)** | **Colombia (continued)** |
| Series B, 7.75%, 09/18/30 | &nbsp;&nbsp; COP1,206,300 | &nbsp;&nbsp; $270171 |
|  |  | &nbsp;&nbsp; 631223 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Czech Republic Government Bonds |  |  |
| 2.75%, 07/23/29 | &nbsp;&nbsp; CZK7,240 | &nbsp;&nbsp; 343543 |
| 4.20%, 12/04/36<sup>(d)</sup> | &nbsp;&nbsp; CZK430 | &nbsp;&nbsp; 20500 |
| 4.50%, 11/11/32 | &nbsp;&nbsp; CZK2,360 | &nbsp;&nbsp; 117775 |
|  |  | &nbsp;&nbsp; 481818 |
| **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** |
| Dominican Republic International Bonds, <br> 10.50%, 03/15/37<sup>(a)</sup><br>| &nbsp;&nbsp; DOP8,000 | &nbsp;&nbsp; 137981 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Ecuador Government International Bonds |  |  |
| 2.50%, 07/31/35<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 8235 |
| 5.50%, 07/31/40<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD18 | &nbsp;&nbsp; 14868 |
|  |  | &nbsp;&nbsp; 23103 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Egypt Government Bonds |  |  |
| 23.38%, 08/26/28 | &nbsp;&nbsp; EGP1,256 | &nbsp;&nbsp; 27035 |
| 23.44%, 07/01/28 | &nbsp;&nbsp; EGP351 | &nbsp;&nbsp; 7566 |
| 24.44%, 08/05/28 | &nbsp;&nbsp; EGP400 | &nbsp;&nbsp; 8749 |
| 24.46%, 10/01/27 | &nbsp;&nbsp; EGP1,743 | &nbsp;&nbsp; 37602 |
| Egypt Treasury Bills |  |  |
| 0.00%, 05/05/26<sup>(k)</sup> | &nbsp;&nbsp; EGP3,450 | &nbsp;&nbsp; 69127 |
| 0.00%, 06/23/26<sup>(k)</sup> | &nbsp;&nbsp; EGP4,300 | &nbsp;&nbsp; 83721 |
|  |  | &nbsp;&nbsp; 233800 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Ghana Government International Bonds |  |  |
| 5.00%, 07/03/35<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; USD14 | &nbsp;&nbsp; 12740 |
| 6.00%, 07/03/35<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD9 | &nbsp;&nbsp; 8190 |
|  |  | &nbsp;&nbsp; 20930 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Hungary Government Bonds, 7.00%, 10/24/35 | &nbsp;&nbsp; HUF25,450 | &nbsp;&nbsp; 81363 |
| Hungary Government International Bonds, <br> 4.00%, 07/25/29<sup>(d)</sup><br>| &nbsp;&nbsp; EUR11 | &nbsp;&nbsp; 13406 |
|  |  | &nbsp;&nbsp; 94769 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Indonesia Government International Bonds |  |  |
| 2.85%, 02/14/30 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 378400 |
| 3.05%, 03/12/51 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 258000 |
| Indonesia Treasury Bonds |  |  |
| 6.63%, 05/15/33 | &nbsp;&nbsp; IDR195,000 | &nbsp;&nbsp; 11830 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; IDR225,000 | &nbsp;&nbsp; 13780 |
| 7.00%, 05/15/27 | &nbsp;&nbsp; IDR2,412,000 | &nbsp;&nbsp; 147414 |
| 7.00%, 02/15/33 | &nbsp;&nbsp; IDR291,000 | &nbsp;&nbsp; 17971 |
| 8.25%, 06/15/32 | &nbsp;&nbsp; IDR38,000 | &nbsp;&nbsp; 2511 |
|  |  | &nbsp;&nbsp; 829906 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Japan Government Thirty Year Bonds |  |  |
| 2.30%, 12/20/54 | &nbsp;&nbsp; JPY26,800 | &nbsp;&nbsp; 133136 |
| 3.20%, 09/20/55 | &nbsp;&nbsp; JPY14,400 | &nbsp;&nbsp; 86614 |
|  |  | &nbsp;&nbsp; 219750 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bonds |  |  |
| 6.25%, 11/04/24<sup>(d)(i)(j)</sup> | &nbsp;&nbsp; USD26 | &nbsp;&nbsp; 7516 |
| 6.65%, 11/03/28<sup>(d)(i)(j)</sup> | &nbsp;&nbsp; USD28 | &nbsp;&nbsp; 8098 |
| 6.85%, 03/23/27<sup>(d)(i)(j)</sup> | &nbsp;&nbsp; USD37 | &nbsp;&nbsp; 10701 |
|  |  | &nbsp;&nbsp; 26315 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| Mexican Bonos |  |  |
| 7.00%, 09/03/26 | &nbsp;&nbsp; MXN5,224 | &nbsp;&nbsp; $298860 |
| 7.50%, 05/26/33 | &nbsp;&nbsp; MXN6,884 | &nbsp;&nbsp; 370917 |
| 8.00%, 02/21/36 | &nbsp;&nbsp; MXN1,966 | &nbsp;&nbsp; 105874 |
| 8.50%, 03/01/29 | &nbsp;&nbsp; MXN2,341 | &nbsp;&nbsp; 161936 |
| Series M 20, 8.50%, 05/31/29 | &nbsp;&nbsp; MXN73 | &nbsp;&nbsp; 4263 |
| Mexico Government International Bonds |  |  |
| 2.66%, 05/24/31 | &nbsp;&nbsp; USD820 | &nbsp;&nbsp; 729800 |
| 3.50%, 02/12/34 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 344800 |
| 4.50%, 01/31/50 | &nbsp;&nbsp; USD600 | &nbsp;&nbsp; 453600 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 191802 |
| 5.38%, 05/16/40 | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117883 |
| 6.35%, 02/09/35 | &nbsp;&nbsp; USD241 | &nbsp;&nbsp; 250640 |
| 6.88%, 05/13/37 | &nbsp;&nbsp; USD224 | &nbsp;&nbsp; 237664 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; USD200 | &nbsp;&nbsp; 214800 |
|  |  | &nbsp;&nbsp; 3482839 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bonds |  |  |
| 3.88%, 03/17/28 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 394100 |
| 4.50%, 04/01/56 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 295550 |
|  |  | &nbsp;&nbsp; 689650 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government International Bonds |  |  |
| 3.55%, 03/10/51 | &nbsp;&nbsp; USD436 | &nbsp;&nbsp; 303238 |
| 7.60%, 08/12/39<sup>(a)</sup> | &nbsp;&nbsp; PEN0 | &nbsp;&nbsp; 28077 |
| 7.60%, 08/12/39<sup>(d)</sup> | &nbsp;&nbsp; PEN219 | &nbsp;&nbsp; 71500 |
|  |  | &nbsp;&nbsp; 402815 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Philippine Government Bonds, 6.00%, <br> 08/20/30<br>| &nbsp;&nbsp; PHP10,700 | &nbsp;&nbsp; 184472 |
| Philippines Government Bonds |  |  |
| 6.25%, 02/28/29 | &nbsp;&nbsp; PHP4,225 | &nbsp;&nbsp; 73542 |
| 6.38%, 07/27/30 | &nbsp;&nbsp; PHP6,270 | &nbsp;&nbsp; 109699 |
| 6.38%, 04/28/35 | &nbsp;&nbsp; PHP13,810 | &nbsp;&nbsp; 241388 |
| Philippines Government International Bonds |  |  |
| 3.00%, 02/01/28 | &nbsp;&nbsp; USD600 | &nbsp;&nbsp; 588937 |
| 3.20%, 07/06/46 | &nbsp;&nbsp; USD400 | &nbsp;&nbsp; 283152 |
|  |  | &nbsp;&nbsp; 1481190 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government Bonds |  |  |
| 2.00%, 08/25/36 | &nbsp;&nbsp; PLN150 | &nbsp;&nbsp; 38938 |
| 4.75%, 07/25/29 | &nbsp;&nbsp; PLN342 | &nbsp;&nbsp; 98634 |
| 5.00%, 01/25/30 | &nbsp;&nbsp; PLN190 | &nbsp;&nbsp; 54997 |
| 5.00%, 10/25/34 | &nbsp;&nbsp; PLN392 | &nbsp;&nbsp; 110565 |
| 5.00%, 10/25/35 | &nbsp;&nbsp; PLN561 | &nbsp;&nbsp; 156851 |
| 5.75%, 04/25/29 | &nbsp;&nbsp; PLN609 | &nbsp;&nbsp; 180842 |
|  |  | &nbsp;&nbsp; 640827 |
| **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** |
| Romanian Government International Bonds |  |  |
| 5.25%, 05/30/32<sup>(d)</sup> | &nbsp;&nbsp; EUR13 | &nbsp;&nbsp; 16079 |
| 5.38%, 06/07/33<sup>(a)</sup> | &nbsp;&nbsp; EUR3 | &nbsp;&nbsp; 3663 |
| 6.13%, 10/07/37<sup>(a)</sup> | &nbsp;&nbsp; EUR3 | &nbsp;&nbsp; 3694 |
| 6.50%, 10/07/45<sup>(a)</sup> | &nbsp;&nbsp; EUR3 | &nbsp;&nbsp; 3706 |
|  |  | &nbsp;&nbsp; 27142 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Republic of South Africa Government Bonds |  |  |
| 7.00%, 02/28/31 | &nbsp;&nbsp; ZAR9,102 | &nbsp;&nbsp; 553319 |
| 8.00%, 01/31/30 | &nbsp;&nbsp; ZAR6,574 | &nbsp;&nbsp; 417993 |
| 8.50%, 01/31/37 | &nbsp;&nbsp; ZAR5,480 | &nbsp;&nbsp; 341673 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Republic of South Africa Government <br> International Bonds, 7.10%, 11/19/36<sup>(d)</sup><br>| &nbsp;&nbsp; USD200 | &nbsp;&nbsp; $212195 |
|  |  | &nbsp;&nbsp; 1525180 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Sri Lanka Government International Bonds |  |  |
| 4.00%, 04/15/28<sup>(d)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 2137 |
| 9.25%, 06/15/35<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD10 | &nbsp;&nbsp; 8168 |
|  |  | &nbsp;&nbsp; 10305 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Thailand Government Bonds |  |  |
| 2.41%, 03/17/35 | &nbsp;&nbsp; THB3,399 | &nbsp;&nbsp; 112263 |
| 2.50%, 11/17/29 | &nbsp;&nbsp; THB11,314 | &nbsp;&nbsp; 374038 |
| 4.00%, 06/17/55 | &nbsp;&nbsp; THB79 | &nbsp;&nbsp; 3048 |
|  |  | &nbsp;&nbsp; 489349 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkiye Government Bonds |  |  |
| 26.20%, 10/05/33 | &nbsp;&nbsp; TRY620 | &nbsp;&nbsp; 13444 |
| 30.00%, 09/12/29 | &nbsp;&nbsp; TRY789 | &nbsp;&nbsp; 17910 |
| 31.08%, 11/08/28 | &nbsp;&nbsp; TRY825 | &nbsp;&nbsp; 18979 |
|  |  | &nbsp;&nbsp; 50333 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government International Bonds |  |  |
| 3.00%, 02/01/30<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; USD1 | &nbsp;&nbsp; 631 |
| 6.00%, 02/01/29<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD11 | &nbsp;&nbsp; 8536 |
| 6.00%, 02/01/29<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 10088 |
| 6.00%, 02/01/36<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD13 | &nbsp;&nbsp; 7891 |
| 6.00%, 02/01/36<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1214 |
| 7.75%, 02/01/35<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1128 |
| 7.75%, 02/01/36<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; USD23 | &nbsp;&nbsp; 12845 |
|  |  | &nbsp;&nbsp; 42333 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Uruguay Government International Bonds |  |  |
| 4.38%, 10/27/27 | &nbsp;&nbsp; USD124 | &nbsp;&nbsp; 124677 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; USD338 | &nbsp;&nbsp; 316068 |
| 8.00%, 10/29/35 | &nbsp;&nbsp; UYU1,699 | &nbsp;&nbsp; 45894 |
| 9.75%, 07/20/33 | &nbsp;&nbsp; UYU694 | &nbsp;&nbsp; 20296 |
|  |  | &nbsp;&nbsp; 506935 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |
| Venezuela Government International Bonds |  |  |
| 9.25%, 09/15/27<sup>(i)(j)</sup> | &nbsp;&nbsp; USD15 | &nbsp;&nbsp; 6434 |
| 11.95%, 08/05/31<sup>(d)(i)(j)</sup> | &nbsp;&nbsp; USD35 | &nbsp;&nbsp; 15295 |
|  |  | &nbsp;&nbsp; 21729 |
| **Total Foreign Government Obligations — 2.5%** <br>**(Cost: $12,882,337)** | **Total Foreign Government Obligations — 2.5%** <br>**(Cost: $12,882,337)** | &nbsp;&nbsp; 13222670 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| Bay Area Toll Authority RB BAB, Series S-1, <br> 7.04%, 04/01/50<br>| &nbsp;&nbsp; $210 | &nbsp;&nbsp; 238766 |
| Los Angeles Community College District, <br> Series E, 6.60%, 08/01/42<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 64914 |
| State of California GO, 4.60%, 04/01/38 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 457536 |
| State of California GO BAB, 7.55%, 04/01/39 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 186342 |
| University of California RB, Series AD, 4.86%, <br> 05/15/12<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 51371 |
|  |  | &nbsp;&nbsp; 998929 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| Municipal Electric Authority of Georgia RB BAB, <br> Project J, Series 2010-A, 6.64%, 04/01/57<br>| &nbsp;&nbsp; $150 | &nbsp;&nbsp; $162006 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 419762 |
| **Louisiana — 0.1%** | **Louisiana — 0.1%** | **Louisiana — 0.1%** |
| Louisiana Local Government Environmental <br> Facilities & Community Development <br> Authority RB, 4.15%, 02/01/33<br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 239479 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| New Jersey Turnpike Authority RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp; 193 | &nbsp;&nbsp; 229077 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| Metropolitan Transportation Authority RB BAB, <br> Series 2010-A, 6.67%, 11/15/39<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 167795 |
| New York City Municipal Water Finance <br> Authority RB, 5.88%, 06/15/44<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20226 |
| New York City Municipal Water Finance <br> Authority RB BAB, 6.01%, 06/15/42<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10297 |
| Port Authority of New York & New Jersey RB |  |  |
| Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27905 |
| Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 98044 |
|  |  | &nbsp;&nbsp; 324267 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| American Municipal Power, Inc. RB, Series B, <br> 8.08%, 02/15/50<br>| &nbsp;&nbsp; 185 | &nbsp;&nbsp; 231603 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
| City of San Antonio Electric & Gas Systems <br> Revenue RB BAB, 5.81%, 02/01/41<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51258 |
| State of Texas GO BAB, 5.52%, 04/01/39<sup>(h)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 162857 |
|  |  | &nbsp;&nbsp; 214115 |
| **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $2,832,809)** | **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $2,832,809)** | &nbsp;&nbsp; 2819238 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 61.8%** | **Mortgage-Backed Securities — 61.8%** | **Mortgage-Backed Securities — 61.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.50%, 07/01/41 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 853372 |
| 1.50%, 01/01/42 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 658523 |
| 1.50%, 06/01/51 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7937 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 519529 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 1959250 |
| 3.50%, 01/01/40 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 143286 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 1418136 |
| 3.50%, 08/01/52 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36667 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 212853 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 569833 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 216723 |
| 4.50%, 07/01/47 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 125398 |
| 5.00%, 05/01/53 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 126287 |
| 5.00%, 08/01/53 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 83219 |
| 5.00%, 10/01/53 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 132442 |
| 5.00%, 11/01/55 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 123977 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 152556 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 204105 |
| 5.50%, 10/01/53 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58464 |
| 6.00%, 04/01/53 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12290 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 10/01/53 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $275101 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 28453 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 211131 |
| 6.00%, 11/01/54 | &nbsp;&nbsp; 2936 | &nbsp;&nbsp; 3021972 |
| 6.00%, 06/01/55 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 54181 |
| 6.00%, 09/01/55 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 45483 |
| 6.00%, 11/01/55 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 69271 |
| 6.50%, 02/01/53 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33399 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32432 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 122603 |
| 6.50%, 09/01/55 | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1688349 |
| Federal National Mortgage Association |  |  |
| 1.50%, 01/01/37 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 428808 |
| 1.50%, 02/01/41 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 562951 |
| 1.50%, 09/01/41 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 37004 |
| 1.50%, 11/01/41<sup>(b)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 48841 |
| 1.50%, 11/01/41 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 60526 |
| 1.50%, 01/01/42<sup>(b)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 79331 |
| 1.50%, 01/01/51 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 48131 |
| 1.50%, 02/01/51 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 41175 |
| 1.50%, 05/01/51<sup>(b)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 438891 |
| 1.50%, 06/01/51 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 20789 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 207811 |
| 2.00%, 04/01/37<sup>(b)</sup> | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 1869054 |
| 2.00%, 03/01/41 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 50371 |
| 2.00%, 01/01/42 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 124220 |
| 2.00%, 02/01/42 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 223896 |
| 2.00%, 04/01/42 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 343492 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 122265 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 275505 |
| 2.00%, 02/01/52<sup>(b)</sup> | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 375125 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 5267691 |
| 2.00%, 06/01/52<sup>(b)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 560453 |
| 2.50%, 05/01/35 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 54049 |
| 2.50%, 07/01/37<sup>(b)</sup> | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 853703 |
| 2.50%, 02/17/41<sup>(l)</sup> | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1239722 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 68946 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 149825 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 727457 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 340972 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 545069 |
| 2.50%, 02/12/56<sup>(l)</sup> | &nbsp;&nbsp; 9433 | &nbsp;&nbsp; 8005797 |
| 3.00%, 11/01/34<sup>(b)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16732 |
| 3.00%, 02/17/41<sup>(l)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 659699 |
| 3.00%, 02/01/50 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 521524 |
| 3.00%, 11/01/50 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 178383 |
| 3.00%, 12/01/51 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 213478 |
| 3.50%, 02/15/40<sup>(l)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 224884 |
| 3.50%, 02/01/47<sup>(b)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 35675 |
| 3.50%, 01/01/50<sup>(b)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 193000 |
| 4.00%, 12/01/40 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 146740 |
| 4.00%, 02/17/41<sup>(l)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 229802 |
| 4.00%, 03/01/50<sup>(b)</sup> | &nbsp;&nbsp; 2219 | &nbsp;&nbsp; 2167434 |
| 4.00%, 11/01/50<sup>(b)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73215 |
| 4.00%, 04/01/53<sup>(b)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12098 |
| 4.50%, 09/01/49<sup>(b)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51486 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 1419247 |
| 4.50%, 03/01/53 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15524 |
| 5.00%, 07/01/47<sup>(b)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37863 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 698089 |
| 5.00%, 11/01/55<sup>(b)</sup> | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2038493 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 05/01/53<sup>(b)</sup> | &nbsp;&nbsp; $134 | &nbsp;&nbsp; $136437 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 253317 |
| 5.50%, 07/01/53<sup>(b)</sup> | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 314911 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 188632 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 230013 |
| 5.50%, 01/01/55<sup>(b)</sup> | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 394450 |
| 5.50%, 09/01/55<sup>(b)</sup> | &nbsp;&nbsp; 2969 | &nbsp;&nbsp; 3031306 |
| 5.81%, 06/01/31 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20784 |
| 6.00%, 05/01/53 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 84168 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 212201 |
| 6.00%, 08/01/54<sup>(b)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 63514 |
| 6.00%, 11/01/54 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 59109 |
| 6.00%, 07/01/55 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 208384 |
| 6.00%, 09/01/55 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37670 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 124161 |
| Government National Mortgage Association |  |  |
| 2.00%, 08/20/51 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 208187 |
| 2.00%, 01/20/52 | &nbsp;&nbsp; 1552 | &nbsp;&nbsp; 1291553 |
| 2.00%, 04/20/52 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 582959 |
| 2.00%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 3427 | &nbsp;&nbsp; 2849436 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 614527 |
| 2.50%, 09/20/51 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 95276 |
| 2.50%, 10/20/51 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1281059 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 152536 |
| 2.50%, 04/20/52 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 184661 |
| 2.50%, 05/20/52 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 103620 |
| 2.50%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 2861318 |
| 3.00%, 06/20/50 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 51444 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 118743 |
| 3.00%, 04/20/52 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 57961 |
| 3.00%, 05/20/52 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 905589 |
| 3.00%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; 2558 | &nbsp;&nbsp; 2309233 |
| 3.50%, 03/20/44 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 103642 |
| 3.50%, 03/20/47 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 32338 |
| 3.50%, 06/20/47 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5317 |
| 3.50%, 07/20/47 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11619 |
| 3.50%, 12/20/47 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7069 |
| 3.50%, 03/20/48 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 11936 |
| 3.50%, 07/20/48 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8884 |
| 3.50%, 04/20/52 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 906831 |
| 3.50%, 05/20/52 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 403270 |
| 3.50%, 06/20/52 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 229093 |
| 3.50%, 07/20/52 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 413128 |
| 3.50%, 10/20/52 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 345485 |
| 3.50%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 499192 |
| 4.00%, 07/20/43 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23972 |
| 4.00%, 02/20/48 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 65649 |
| 4.00%, 08/20/52 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 750446 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 120968 |
| 4.00%, 05/20/53 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39220 |
| 4.00%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 1816269 |
| 4.50%, 01/20/41 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23526 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 54671 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 727773 |
| 4.50%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; 2502 | &nbsp;&nbsp; 2442875 |
| 5.00%, 11/20/52 | &nbsp;&nbsp; 957 | &nbsp;&nbsp; 963533 |
| 5.00%, 09/20/54 | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 740059 |
| 5.00%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; 2790 | &nbsp;&nbsp; 2789336 |
| 5.50%, 09/20/53 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 231895 |
| 5.50%, 01/20/54 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26227 |
| 5.50%, 02/20/54 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 710691 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; $4056 | &nbsp;&nbsp; $4100303 |
| 6.00%, 12/20/53 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 971054 |
| 6.00%, 02/19/56<sup>(l)</sup> | &nbsp;&nbsp; 2386 | &nbsp;&nbsp; 2440573 |
| 6.00%, 03/19/56<sup>(l)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1834701 |
| 6.50%, 02/15/55<sup>(l)</sup> | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 1041285 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 02/17/41<sup>(l)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 568495 |
| 1.50%, 03/01/51<sup>(b)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 27101 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17091 |
| 1.50%, 04/01/52 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 305409 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 144130 |
| 2.00%, 05/01/36<sup>(b)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 104942 |
| 2.00%, 07/01/36<sup>(b)</sup> | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 163064 |
| 2.00%, 03/01/37 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 110843 |
| 2.00%, 02/17/41<sup>(l)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 460868 |
| 2.00%, 10/01/41 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 301921 |
| 2.00%, 12/01/41<sup>(b)</sup> | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 739504 |
| 2.00%, 02/01/42 | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 516177 |
| 2.00%, 04/01/42 | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 769298 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 424119 |
| 2.00%, 11/01/50<sup>(b)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 370544 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 623599 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 651388 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 511606 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 1717640 |
| 2.00%, 02/01/52<sup>(b)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 246844 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 123555 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 1768 | &nbsp;&nbsp; 1439015 |
| 2.00%, 04/01/52<sup>(b)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 463139 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 858178 |
| 2.00%, 08/01/52 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 61908 |
| 2.00%, 02/12/56<sup>(l)</sup> | &nbsp;&nbsp; 6769 | &nbsp;&nbsp; 5489909 |
| 2.50%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 64365 |
| 2.50%, 02/01/36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28898 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28354 |
| 2.50%, 05/01/51 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 56804 |
| 2.50%, 06/01/51<sup>(b)</sup> | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 506141 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 498744 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 4855 | &nbsp;&nbsp; 4153422 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 668830 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 79209 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 519459 |
| 2.50%, 03/01/52<sup>(b)</sup> | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 473829 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1050273 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 782867 |
| 2.50%, 06/01/52 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 118635 |
| 2.50%, 07/01/53<sup>(b)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 101591 |
| 3.00%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14224 |
| 3.00%, 02/01/37 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 423792 |
| 3.00%, 06/01/37 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24408 |
| 3.00%, 07/01/37 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24595 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 225218 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 280330 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 191726 |
| 3.00%, 12/01/50<sup>(b)</sup> | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 283922 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 55255 |
| 3.00%, 12/01/51 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 236556 |
| 3.00%, 01/01/52<sup>(b)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 234856 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; 998658 |
| 3.00%, 05/01/52<sup>(b)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 145550 |
| 3.00%, 07/01/52<sup>(b)</sup> | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 488455 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 02/12/56<sup>(l)</sup> | &nbsp;&nbsp; $13479 | &nbsp;&nbsp; $11944916 |
| 3.50%, 01/01/34<sup>(b)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17566 |
| 3.50%, 04/01/37 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10498 |
| 3.50%, 06/01/37 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4819 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 99498 |
| 3.50%, 05/01/47<sup>(b)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8622 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56041 |
| 3.50%, 09/01/49<sup>(b)</sup> | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 653854 |
| 3.50%, 03/01/50 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 109599 |
| 3.50%, 03/01/50<sup>(b)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 319524 |
| 3.50%, 02/01/51<sup>(b)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 30820 |
| 3.50%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 51565 | &nbsp;&nbsp; 47689233 |
| 3.50%, 03/12/56<sup>(l)</sup> | &nbsp;&nbsp; 44395 | &nbsp;&nbsp; 41011364 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 153493 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 82052 |
| 4.00%, 03/01/50 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 296539 |
| 4.00%, 03/01/50<sup>(b)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 151054 |
| 4.00%, 08/01/51 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 343706 |
| 4.00%, 02/12/56<sup>(l)</sup> | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 381017 |
| 4.50%, 02/15/40<sup>(l)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1185990 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 107898 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 136693 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 107464 |
| 4.50%, 10/01/50<sup>(b)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 107802 |
| 4.50%, 09/01/53<sup>(b)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 212056 |
| 4.50%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 8579 | &nbsp;&nbsp; 8404132 |
| 4.50%, 03/12/56<sup>(l)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 195697 |
| 5.00%, 06/01/50<sup>(b)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55305 |
| 5.00%, 07/01/53 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 222244 |
| 5.00%, 11/01/53<sup>(b)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73823 |
| 5.00%, 11/01/53 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 689406 |
| 5.00%, 03/01/54<sup>(b)</sup> | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 91445 |
| 5.00%, 02/12/56<sup>(l)</sup> | &nbsp;&nbsp; 19348 | &nbsp;&nbsp; 19342670 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 119935 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 62353 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 62019 |
| 5.50%, 07/01/53 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 219174 |
| 5.50%, 08/01/53<sup>(b)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8371 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 287222 |
| 5.50%, 09/01/53 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 489865 |
| 5.50%, 11/01/53 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27856 |
| 5.50%, 03/01/54<sup>(b)</sup> | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 114209 |
| 5.50%, 08/01/54<sup>(b)</sup> | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 456168 |
| 5.50%, 01/01/55 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 459216 |
| 5.50%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 54450 | &nbsp;&nbsp; 55207391 |
| 6.00%, 11/01/52 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 80410 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53883 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 112536 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23851 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 77235 |
| 6.00%, 09/01/53<sup>(b)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 114103 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 90649 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 212427 |
| 6.00%, 01/01/54<sup>(b)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 57673 |
| 6.00%, 03/01/54 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 198105 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 166231 |
| 6.00%, 05/01/54 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 124894 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 248589 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82144 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 78310 |
| 6.00%, 04/01/55 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 81847 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 05/01/55 | &nbsp;&nbsp; $168 | &nbsp;&nbsp; $173143 |
| 6.00%, 08/01/55 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1040954 |
| 6.00%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 12713 | &nbsp;&nbsp; 13017851 |
| 6.50%, 11/01/52 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24247 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14339 |
| 6.50%, 01/01/53 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 57904 |
| 6.50%, 05/01/53 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 159391 |
| 6.50%, 08/01/53 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 224801 |
| 6.50%, 09/01/53 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 74103 |
| 6.50%, 06/01/54 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 81229 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 135083 |
| 6.50%, 08/01/55 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 240758 |
| 6.50%, 09/01/55 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 584476 |
| 6.50%, 02/15/56<sup>(l)</sup> | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 3355172 |
|  |  | &nbsp;&nbsp; 331988657 |
| **U.S. Government Obligations — 17.8%** | **U.S. Government Obligations — 17.8%** | **U.S. Government Obligations — 17.8%** |
| U.S. Treasury Inflation Indexed Note, 1.63%, <br> 04/15/30<br>| &nbsp;&nbsp; 6062 | &nbsp;&nbsp; 6153017 |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 09/30/27 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 430761 |
| 0.50%, 02/28/26 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 277154 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 791365 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 628598 |
| 0.63%, 07/31/26 | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 872494 |
| 0.75%, 05/31/26 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 303095 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 322433 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 716457 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 244973 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 463939 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 164039 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 238711 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 740931 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1079963 |
| 1.50%, 02/15/30 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 216650 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 0 <br><sup>(m)</sup><br>| &nbsp;&nbsp; 165 |
| 2.00%, 11/15/26 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 615320 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 199440 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 200346 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 578603 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 909075 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 981670 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 629825 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 502054 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42284 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 785089 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 855712 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1034845 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1221191 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 997 |
| 3.50%, 09/30/27 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14992 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 760660 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 1659 | &nbsp;&nbsp; 1661569 |
| 3.63%, 12/31/30 | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 497047 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 955790 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 297048 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 148596 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42169 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29119 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 723873 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 913 | &nbsp;&nbsp; 912822 |
| 3.75%, 11/30/32 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 77729 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.88%, 05/31/27 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $70304 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 919391 |
| 3.88%, 07/15/28 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7049 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 627681 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2010 |
| 3.88%, 12/31/32 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89198 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2938 |
| 3.88%, 02/15/43<sup>(n)</sup> | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; 1597605 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 474434 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 16367 | &nbsp;&nbsp; 16501213 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 620501 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 2849 | &nbsp;&nbsp; 2877824 |
| 4.00%, 05/31/30 | &nbsp;&nbsp; 12677 | &nbsp;&nbsp; 12802284 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58084 |
| 4.00%, 07/31/32 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17015 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 911588 |
| 4.00%, 11/15/35 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38202 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 0 <br><sup>(m)</sup><br>| &nbsp;&nbsp; 259 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; 1474732 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 2415 | &nbsp;&nbsp; 2437735 |
| 4.13%, 10/31/27 | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 601797 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10112 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17165 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18172 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 826 | &nbsp;&nbsp; 755064 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21126 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 476062 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28367 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1020 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 670389 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 304397 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45098 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41038 |
| 4.38%, 07/31/26 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30105 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 790364 |
| 4.38%, 02/15/38 | &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 3258887 |
| 4.50%, 03/31/26 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 600666 |
| 4.50%, 07/15/26 | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 987159 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 1644 | &nbsp;&nbsp; 1662238 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8095 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 270488 |
| 4.63%, 02/28/26 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29017 |
| 4.63%, 03/15/26 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 498416 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4057 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 457673 |
| 4.63%, 02/15/35<sup>(n)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15472 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 112206 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 143695 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 6171 | &nbsp;&nbsp; 6145930 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 6150 | &nbsp;&nbsp; 6007541 |
| 4.75%, 05/15/55<sup>(n)</sup> | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 445811 |
| 4.88%, 04/30/26 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 536455 |
| 4.88%, 05/31/26 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28100 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 900974 |
|  |  | &nbsp;&nbsp; 95775813 |
| **Total U.S. Government & Agency Obligations — 79.6%** <br>**(Cost: $426,423,965)** | **Total U.S. Government & Agency Obligations — 79.6%** <br>**(Cost: $426,423,965)** | &nbsp;&nbsp; 427764470 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.00%), <br> 7.67%, 11/19/29<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $13873 |
| **Total Floating Rate Loan Interests — 0.0%** <br>**(Cost: $15,052)** | **Total Floating Rate Loan Interests — 0.0%** <br>**(Cost: $15,052)** | &nbsp;&nbsp; 13873 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Citigroup, Inc. | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 8678 |
| Comerica, Inc. | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 6118 |
| Eagle Bancorp., Inc. | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 4737 |
| First Citizens BancShares, Inc./NC, Class A | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 55878 |
| First Horizon Corp. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 30172 |
| Flagstar Bank NA | &nbsp;&nbsp; 8043 | &nbsp;&nbsp; 106329 |
|  |  | &nbsp;&nbsp; 211912 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Wealthfront Corp., NVS<sup>(h)(j)</sup> | &nbsp;&nbsp; 1619 | &nbsp;&nbsp; 14053 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Lumen Technologies, Inc.<sup>(j)</sup> | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 19228 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 20475 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Walt Disney Co.(The) | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 16694 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Caesars Entertainment, Inc.<sup>(j)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 15525 |
| Genius Sports Ltd.<sup>(j)</sup> | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; 23699 |
| Six Flags Entertainment Corp.<sup>(j)</sup> | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 19253 |
|  |  | &nbsp;&nbsp; 58477 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Century Communities, Inc. | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 23995 |
| M/I Homes, Inc.<sup>(j)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 12835 |
| Meritage Homes Corp. | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 21270 |
| Tri Pointe Homes, Inc.<sup>(j)</sup> | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 22278 |
|  |  | &nbsp;&nbsp; 80378 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| AMC Networks, Inc., Class A<sup>(j)</sup> | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 8689 |
| EchoStar Corp., Class A<sup>(h)(j)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 49251 |
|  |  | &nbsp;&nbsp; 57940 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc. | &nbsp;&nbsp; 3372 | &nbsp;&nbsp; 14095 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| QXO, Inc.<sup>(j)</sup> | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 23156 |
| **Total Common Stocks — 0.1%** <br>**(Cost $483,106)** | **Total Common Stocks — 0.1%** <br>**(Cost $483,106)** | &nbsp;&nbsp; 516408 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 1.9%** | **Exchange Traded Funds — 1.9%** | **Exchange Traded Funds — 1.9%** |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(h)(o)</sup><br>| &nbsp;&nbsp; 122438 | &nbsp;&nbsp; $9932171 |
| **Total Investment Companies — 1.9%** <br>**(Cost $9,857,741)** | **Total Investment Companies — 1.9%** <br>**(Cost $9,857,741)** | &nbsp;&nbsp; 9932171 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(h)(p)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 18680 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | &nbsp;&nbsp; 18680 |
| **Total Long-Term Investments — 143.6%** <br>**(Cost: $767,097,942)** | **Total Long-Term Investments — 143.6%** <br>**(Cost: $767,097,942)** | &nbsp;&nbsp; 770899557 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.9%** | **Money Market Funds — 5.9%** | **Money Market Funds — 5.9%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 3.82%<sup>(o)(q)</sup><br>| &nbsp;&nbsp; 16622909 | &nbsp;&nbsp; 16631220 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(o)(q)(r)</sup><br>| &nbsp;&nbsp; 15119967 | &nbsp;&nbsp; 15119967 |
| **Total Short-Term Securities — 5.9%** <br>**(Cost: $31,751,187)** | **Total Short-Term Securities — 5.9%** <br>**(Cost: $31,751,187)** | &nbsp;&nbsp; 31751187 |
| **Options Purchased — 0.0%** <br>**(Cost: $79,082)** | **Options Purchased — 0.0%** <br>**(Cost: $79,082)** | &nbsp;&nbsp; 18963 |
| **Total Investments Before TBA Sales Commitments and** <br> **Options Written — 149.5%** <br>**(Cost: $798,928,211)** | **Total Investments Before TBA Sales Commitments and** <br> **Options Written — 149.5%** <br>**(Cost: $798,928,211)** | &nbsp;&nbsp; 802669707 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> |
| **Mortgage-Backed Securities — (29.1)%** | **Mortgage-Backed Securities — (29.1)%** | **Mortgage-Backed Securities — (29.1)%** |
| Government National Mortgage Association |  |  |
| 2.00%, 02/15/56 | &nbsp;&nbsp; (770)<br>| &nbsp;&nbsp; (640229)<br>|
| 2.50%, 02/19/56 | &nbsp;&nbsp; (896)<br>| &nbsp;&nbsp; (775951)<br>|
| 3.00%, 02/19/56 | &nbsp;&nbsp; (117)<br>| &nbsp;&nbsp; (105622)<br>|
| 3.50%, 02/19/56 | &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; (325162)<br>|
| 4.00%, 02/15/56 | &nbsp;&nbsp; (854)<br>| &nbsp;&nbsp; (807441)<br>|
| 4.50%, 02/19/56 | &nbsp;&nbsp; (745)<br>| &nbsp;&nbsp; (727395)<br>|
| 5.00%, 02/19/56 | &nbsp;&nbsp; (789)<br>| &nbsp;&nbsp; (788812)<br>|
| 5.50%, 02/19/56 | &nbsp;&nbsp; (1018)<br>| &nbsp;&nbsp; (1029119)<br>|
| 6.00%, 02/19/56 | &nbsp;&nbsp; (2824)<br>| &nbsp;&nbsp; (2888590)<br>|
| 6.50%, 02/15/55 | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; (27919)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 02/17/41 | &nbsp;&nbsp; (475)<br>| &nbsp;&nbsp; (428627)<br>|
| 2.00%, 02/17/41 | &nbsp;&nbsp; (368)<br>| &nbsp;&nbsp; (339879)<br>|
| 2.00%, 02/12/56 | &nbsp;&nbsp; (2699)<br>| &nbsp;&nbsp; (2188989)<br>|
| 2.50%, 02/17/41 | &nbsp;&nbsp; (918)<br>| &nbsp;&nbsp; (866767)<br>|
| 2.50%, 02/12/56 | &nbsp;&nbsp; (4353)<br>| &nbsp;&nbsp; (3694272)<br>|
| 3.00%, 02/17/41 | &nbsp;&nbsp; (449)<br>| &nbsp;&nbsp; (431157)<br>|
| 3.00%, 02/12/56 | &nbsp;&nbsp; (704)<br>| &nbsp;&nbsp; (623876)<br>|
| 3.50%, 02/15/40 | &nbsp;&nbsp; (151)<br>| &nbsp;&nbsp; (146368)<br>|
| 3.50%, 02/15/56 | &nbsp;&nbsp; (50749)<br>| &nbsp;&nbsp; (46934570)<br>|
| 4.00%, 02/17/41 | &nbsp;&nbsp; (151)<br>| &nbsp;&nbsp; (148928)<br>|
| 4.00%, 02/12/56 | &nbsp;&nbsp; (2282)<br>| &nbsp;&nbsp; (2179152)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 02/15/40 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; $(20017)<br>|
| 4.50%, 02/15/56 | &nbsp;&nbsp; (6948)<br>| &nbsp;&nbsp; (6806377)<br>|
| 5.00%, 02/12/56 | &nbsp;&nbsp; (40482)<br>| &nbsp;&nbsp; (40470847)<br>|
| 5.00%, 03/15/56 | &nbsp;&nbsp; (14200)<br>| &nbsp;&nbsp; (14176119)<br>|
| 5.50%, 02/15/56 | &nbsp;&nbsp; (12836)<br>| &nbsp;&nbsp; (13014555)<br>|
| 6.00%, 02/15/56 | &nbsp;&nbsp; (5994)<br>| &nbsp;&nbsp; (6137250)<br>|
| 6.50%, 03/15/55 | &nbsp;&nbsp; (3000)<br>| &nbsp;&nbsp; (3107227)<br>|
| 6.50%, 02/15/56 | &nbsp;&nbsp; (6188)<br>| &nbsp;&nbsp; (6407964)<br>|
| **Total TBA Sales Commitments — (29.1)%** <br>**(Proceeds: $(156263854))** | **Total TBA Sales Commitments — (29.1)%** <br>**(Proceeds: $(156263854))** | &nbsp;&nbsp; (156239181)<br>|
| **Options Written — (0.2%)** <br>**(Premiums Received: $(997866))** | **Options Written — (0.2%)** <br>**(Premiums Received: $(997866))** | &nbsp;&nbsp; (893873)<br>|
| **Total Investments, Net of TBA Sales Commitments and** <br> **Options Written — 120.2%** <br>**(Cost: $641,666,491)** | **Total Investments, Net of TBA Sales Commitments and** <br> **Options Written — 120.2%** <br>**(Cost: $641,666,491)** | &nbsp;&nbsp; 645536653 |
| **Liabilities in Excess of Other Assets — (20.2)%** | **Liabilities in Excess of Other Assets — (20.2)%** | &nbsp;&nbsp; (108472927)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $537063726 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>(l)</sup> Represents or includes a TBA transaction.

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

<sup>(n)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. 

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

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

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

<sup>(r)</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>| $4402822 | $12228268 <br><sup>(a)</sup><br>| $— | $130 | $— | $16631220 | 16622909 | $327098 | $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2623387 | 12496580 <br><sup>(a)</sup><br>|  |  |  | 15119967 | 15119967 | 12305 <br><sup>(b)</sup><br>|  |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<br>| 837560 | 10823558 | &nbsp;&nbsp; (1811373)<br>| 9386 | 73040 | 9932171 | 122438 | 75469 |  |
|  |  |  |  | $9516 | $73040 | $41683358 |  | $414872 | $— |

---

&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 |  |  |  |  |
| 10-Year Australian Treasury Bonds | 29 | 03/16/26 | &nbsp;&nbsp; $2204 | $(9074) |
| 3-Year Australian Treasury Bonds | 74 | 03/16/26 | &nbsp;&nbsp; 5399 | (13786) |
| 10-Year U.S. Treasury Note | 11 | 03/20/26 | &nbsp;&nbsp; 1229 | 114 |
| 10-Year U.S. Ultra Long Treasury Note | 69 | 03/20/26 | &nbsp;&nbsp; 7870 | (1827) |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long U.S. Treasury Bond | 89 | 03/20/26 | &nbsp;&nbsp; $10218 | $(52126) |
| Ultra U.S. Treasury Bond | 127 | 03/20/26 | &nbsp;&nbsp; 14863 | (107349) |
| 2-Year U.S. Treasury Note | 223 | 03/31/26 | &nbsp;&nbsp; 46489 | (30962) |
| 5-Year U.S. Treasury Note | 385 | 03/31/26 | &nbsp;&nbsp; 41929 | (44678) |
| 30-day Federal Funds | 1 | 07/31/26 | &nbsp;&nbsp; 402 | (272) |
| 3-mo. SOFR | 3 | 09/15/26 | &nbsp;&nbsp; 724 | (529) |
| 3-mo. SOFR | 310 | 03/16/27 | &nbsp;&nbsp; 75036 | (20693) |
| 3-mo. SOFR | 29 | 03/14/28 | &nbsp;&nbsp; 7010 | (732) |
| 3-mo. SOFR | 29 | 03/20/29 | &nbsp;&nbsp; 6993 | (1812) |
|  |  |  |  | (283726) |
| Short Contracts |  |  |  |  |
| Euro BOBL | 11 | 03/06/26 | &nbsp;&nbsp; 1520 | (2667) |
| Euro Bund | 4 | 03/06/26 | &nbsp;&nbsp; 608 | 251 |
| Euro BUXL | 2 | 03/06/26 | &nbsp;&nbsp; 260 | 2250 |
| E-Mini Russell 2000 Index | 3 | 03/20/26 | &nbsp;&nbsp; 394 | (7710) |
|  |  |  |  | (7876) |
|  |  |  |  | $(291602) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 554860 | USD | 99411 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6021 |
| BRL | 239520 | USD | 44622 | BNP Paribas SA | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 |
| BRL | 2066642 | USD | 367488 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25204 |
| BRL | 872680 | USD | 161500 | Goldman Sachs & Co. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4322 |
| USD | 106090 | BRL | 554860 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658 |
| USD | 45796 | BRL | 239520 | BNP Paribas SA | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| USD | 1556085 | BRL | 8120410 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13087 |
| USD | 166857 | BRL | 872680 | Goldman Sachs & Co. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| COP | 456962442 | USD | 123207 | Citibank N.A. | 02/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| CLP | 245138605 | USD | 273068 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7405 |
| COP | 606452579 | USD | 160399 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2949 |
| CZK | 8865625 | USD | 426183 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5680 |
| HUF | 49644783 | USD | 149392 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4629 |
| IDR | 9870164772 | USD | 586365 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| JPY | 12961529 | USD | 83000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| KRW | 188186297 | USD | 129263 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
| MXN | 12089751 | USD | 671632 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18849 |
| MYR | 2729145 | USD | 673444 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19362 |
| PHP | 1470122 | USD | 24808 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| PLN | 2062539 | USD | 571566 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8896 |
| USD | 82367 | EUR | 69000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| USD | 112000 | MXN | 1951902 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 |
| USD | 112000 | MXN | 1937600 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| USD | 84465 | PEN | 284343 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| USD | 112000 | SGD | 141796 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| USD | 4000 | ZAR | 63603 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| ZAR | 5462745 | USD | 331941 | BNP Paribas SA | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5678 |
| ZAR | 2207984 | USD | 134197 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| MXN | 171356 | USD | 9459 | Goldman Sachs & Co. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 48120 | IDR | 803887221 | Morgan Stanley & Co. LLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $210 |
| USD | 46652 | PEN | 157040 | Citibank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| USD | 598057 | BRL | 3128017 | Citibank N.A. | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7436 |
| BRL | 1140772 | USD | 212000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637 |
| BRL | 5191178 | USD | 934001 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42725 |
| EUR | 530000 | USD | 627544 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966 |
| JPY | 156444075 | USD | 1012067 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2545 |
| MXN | 2791275 | USD | 159000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| MXN | 12907572 | USD | 700501 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35222 |
| USD | 8363 | AUD | 12000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 16756 | EUR | 14000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| USD | 85733 | EUR | 72000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| USD | 59085 | JPY | 9083000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| ZAR | 2587725 | USD | 159000 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687 |
| ZAR | 12012356 | USD | 700501 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40774 |
| IDR | 4119430000 | USD | 245000 | JPMorgan Chase Bank N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
| EGP | 2710033 | USD | 55138 | Citibank N.A. | 04/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| IDR | 1435880156 | USD | 84285 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| IDR | 956762234 | USD | 56736 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| IDR | 547676121 | USD | 32185 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| USD | 42247 | CNH | 292652 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 38971 | CNH | 269714 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| USD | 119837 | COP | 450955791 | Goldman Sachs & Co. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| USD | 191603 | MXN | 3371590 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| USD | 108724 | PEN | 365468 | Morgan Stanley & Co. LLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| USD | 89219 | THB | 2766236 | Goldman Sachs & Co. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| USD | 411228 | THB | 12737544 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4112 |
| USD | 6056 | TRY | 280254 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| BRL | 167107 | USD | 30275 | BNP Paribas SA | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628 |
| USD | 40867 | COP | 154518773 | Citibank N.A. | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| USD | 38766 | COP | 147213444 | JPMorgan Chase Bank N.A. | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 |
| NGN | 54702619 | USD | 36621 | Citibank N.A. | 07/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 |
| MXN | 680500 | USD | 37044 | Goldman Sachs & Co. | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170 |
| MXN | 3471899 | USD | 184375 | Morgan Stanley & Co. International PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10593 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290747 |
| BRL | 827179 | USD | 158157 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(981)<br>|
| BRL | 61543 | USD | 11767 | BNP Paribas SA | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| BRL | 8609564 | USD | 1649850 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13906)<br>|
| BRL | 277643 | USD | 53086 | Morgan Stanley & Co. LLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (329)<br>|
| USD | 152878 | BRL | 827179 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4298)<br>|
| USD | 11590 | BRL | 61543 | BNP Paribas SA | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104)<br>|
| USD | 455734 | BRL | 2555796 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29905)<br>|
| USD | 51028 | BRL | 277643 | Morgan Stanley & Co. International PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1728)<br>|
| USD | 18472 | TRY | 835236 | Goldman Sachs & Co. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (720)<br>|
| BRL | 374594 | USD | 72000 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1181)<br>|
| CLP | 23508900 | USD | 27000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| CNH | 3927469 | USD | 564953 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| COP | 164359436 | GBP | 32690 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (460)<br>|
| COP | 400248000 | USD | 108000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193)<br>|
| EUR | 21462 | HUF | 8344665 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| HUF | 30948432 | USD | 97000 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (984)<br>|
| INR | 68849479 | USD | 762914 | BNP Paribas SA | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13155)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| KRW | 38755910 | USD | 27000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(266)<br>|
| KRW | 41630167 | USD | 29000 | Goldman Sachs & Co. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283)<br>|
| PEN | 282088 | USD | 84465 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (785)<br>|
| THB | 17110506 | USD | 548491 | UBS AG | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3898)<br>|
| USD | 48521 | AUD | 72298 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1821)<br>|
| USD | 32860 | COP | 124240374 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (604)<br>|
| USD | 209066 | EUR | 178696 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2971)<br>|
| USD | 33720 | JPY | 5306650 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (634)<br>|
| USD | 97000 | MYR | 382423 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>|
| USD | 24808 | PHP | 1465161 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| USD | 86796 | SGD | 111248 | UBS AG | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (791)<br>|
| USD | 19090 | TRY | 849457 | Barclays Bank PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114)<br>|
| USD | 81000 | ZAR | 1336767 | Morgan Stanley & Co. International PLC | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1617)<br>|
| ZAR | 1242226 | USD | 77000 | Citibank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (226)<br>|
| ZAR | 63477 | USD | 4000 | JPMorgan Chase Bank N.A. | 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77)<br>|
| PEN | 182380 | USD | 54328 | Barclays Bank PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (227)<br>|
| USD | 154465 | COP | 600119612 | Citibank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7147)<br>|
| USD | 357910 | CZK | 7439977 | Goldman Sachs & Co. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4511)<br>|
| USD | 39987 | EUR | 34177 | BNP Paribas SA | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (569)<br>|
| USD | 116202 | EUR | 99354 | Morgan Stanley & Co. International PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1695)<br>|
| USD | 137331 | MXN | 2487804 | Morgan Stanley & Co. International PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4742)<br>|
| USD | 52916 | PEN | 178470 | Barclays Bank PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| USD | 106550 | PLN | 386482 | Goldman Sachs & Co. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2218)<br>|
| USD | 348420 | ZAR | 5951716 | Goldman Sachs & Co. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19392)<br>|
| BRL | 2943932 | USD | 562861 | Citibank N.A. | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6998)<br>|
| BRL | 140670 | USD | 27000 | Goldman Sachs & Co. | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (439)<br>|
| USD | 54645 | BRL | 308266 | Barclays Bank PLC | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3560)<br>|
| BRL | 1381340 | USD | 264000 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4099)<br>|
| COP | 908109000 | USD | 246000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2434)<br>|
| JPY | 13733505 | USD | 89276 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208)<br>|
| MXN | 4712048 | USD | 274000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5417)<br>|
| USD | 21248 | AUD | 32000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1033)<br>|
| USD | 166326 | AUD | 250000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7743)<br>|
| USD | 8122196 | EUR | 6874000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42416)<br>|
| USD | 271551 | EUR | 232000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4007)<br>|
| USD | 11486520 | EUR | 9794000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146331)<br>|
| USD | 854728 | EUR | 725000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6393)<br>|
| USD | 1416858 | GBP | 1058000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30778)<br>|
| USD | 554409 | GBP | 416000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14794)<br>|
| USD | 294862 | JPY | 45617000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (986)<br>|
| USD | 791038 | JPY | 122489000 | Goldman Sachs & Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3360)<br>|
| USD | 142823 | JPY | 22484000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2997)<br>|
| USD | 57643 | JPY | 9075000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1212)<br>|
| USD | 71222 | MXN | 1294000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2535)<br>|
| USD | 52088 | PHP | 3105720 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (548)<br>|
| USD | 390853 | SGD | 501000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4161)<br>|
| ZAR | 3873637 | USD | 246000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6960)<br>|
| USD | 233060 | MXN | 4152399 | Morgan Stanley & Co. International PLC | 03/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3510)<br>|
| USD | 104216 | BRL | 582070 | Citibank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4917)<br>|
| USD | 188202 | BRL | 1052000 | Goldman Sachs & Co. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9038)<br>|
| ARS | 25243845 | USD | 16279 | Citibank N.A. | 04/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1409)<br>|
| PEN | 273567 | USD | 81350 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300)<br>|
| TRY | 1125919 | USD | 24330 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 189413 | COP | 713850728 | Morgan Stanley & Co. LLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(243)<br>|
| USD | 115723 | CZK | 2391965 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (882)<br>|
| USD | 78851 | HUF | 25876188 | UBS AG | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1120)<br>|
| USD | 224950 | IDR | 3812769430 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1822)<br>|
| USD | 100423 | IDR | 1704266158 | Goldman Sachs & Co. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (942)<br>|
| USD | 623009 | MXN | 10975978 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191)<br>|
| USD | 282507 | PHP | 16734041 | Barclays Bank PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (681)<br>|
| USD | 274036 | PHP | 16292565 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1681)<br>|
| USD | 502209 | PLN | 1798230 | BNP Paribas SA | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3872)<br>|
| USD | 28003 | PLN | 100917 | Morgan Stanley & Co. International PLC | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398)<br>|
| USD | 6649 | UYU | 255654 | Citibank N.A. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| USD | 14898 | UYU | 571255 | Goldman Sachs & Co. | 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| USD | 625320 | ZAR | 10188920 | Goldman Sachs & Co. | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1571)<br>|
| USD | 295737 | ZAR | 4845678 | Morgan Stanley & Co. International PLC | 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2401)<br>|
| PEN | 374517 | USD | 112000 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1058)<br>|
| USD | 74045 | BRL | 412611 | Citibank N.A. | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2258)<br>|
| USD | 20509 | COP | 79050291 | Barclays Bank PLC | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139)<br>|
| USD | 7740 | COP | 29812902 | BNP Paribas SA | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
| USD | 62940 | COP | 244508218 | Citibank N.A. | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (924)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462285)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(171538)<br>|

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| U.S. Long Bond Future | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 117.00 | USD | 115 | &nbsp;&nbsp; $344 |

---

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| EUR Currency | Citibank N.A. | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; USD | 1.20 | EUR | 67 | $304 |
| USD Currency | UBS AG | &nbsp;&nbsp; 04/27/26 | &nbsp;&nbsp; BRL | 5.45 | USD | 143 | 2476 |
|  |  |  |  |  |  |  | $2780 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | Expiration | Credit | Exercise | Notional | Notional |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating* | *Price* | *Amount (000)* | *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Buy Protection 5-Year <br> Credit Default Swap, <br> 12/20/30<br>| 5.00% | ITRAXX.XO.44.V1 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 02/18/26 |  | EUR 262.50 | EUR | 225 | $465 |
| Buy Protection 5-Year <br> Credit Default Swap, <br> 12/20/30<br>| 5.00% | ITRAXX.XO.44.V1 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 03/18/26 |  | EUR 262.50 | EUR | 233 | 1266 |
|  |  |  |  |  |  |  |  |  |  | $1731 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/07/36 | 1-day SOFR | Annual | 3.57% | Annual | Citibank N.A. | 02/05/26 | 3.57 | USD | 482 | $— |
| 30-Year Interest Rate Swap, 02/07/56 | 1-day SOFR | Annual | 3.77% | Annual | Citibank N.A. | 02/05/26 | 3.77 | USD | 321 |  |
| 30-Year Interest Rate Swap, 05/02/56 | 1-day SOFR | Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55 | USD | 2396 | 2346 |
| 30-Year Interest Rate Swap, 05/02/56 | 1-day SOFR | Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55 | USD | 2000 | 1958 |
| 1-Year Interest Rate Swap, 06/10/27 | 1-day SOFR | Annual | 3.00% | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 3.00 | USD | 19870 | 9804 |
|  |  |  |  |  |  |  |  |  |  | $14108 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 82.00 | USD | 982 | &nbsp;&nbsp; $(289)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; USD | 81.00 | USD | 1476 | &nbsp;&nbsp; (6989)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; (7278)<br>|
| Put |  |  |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 78.00 | USD | 982 | &nbsp;&nbsp; (623)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $**(7901**)<br>|

---

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| EUR Currency | Citibank N.A. | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; USD | 1.22 | EUR | 133 | $(208)<br>|
| EUR Currency | Bank of America N.A. | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp; USD | 1.22 | EUR | 976 | (1886)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp; CAD | 1.37 | USD | 1169 | (4109)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; BRL | 5.70 | USD | 1146 | (3299)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; ZAR | 17.00 | USD | 1133 | (5348)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; CLP | 920.00 | USD | 802 | (2683)<br>|
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; MXN | 18.50 | USD | 1146 | (2666)<br>|
| USD Currency | UBS AG | &nbsp;&nbsp; 04/27/26 | &nbsp;&nbsp; BRL | 5.70 | USD | 214 | (1629)<br>|
|  |  |  |  |  |  |  | (21828)<br>|
| Put |  |  |  |  |  |  |  |
| EUR Currency | Bank of America N.A. | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp; USD | 1.18 | EUR | 976 | (6476)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp; CAD | 1.34 | USD | 1169 | (2101)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/04/26 | &nbsp;&nbsp; BRL | 5.29 | USD | 1844 | (24186)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; BRL | 5.25 | USD | 1272 | (12478)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; ZAR | 16.35 | USD | 954 | (20391)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; MXN | 17.65 | USD | 954 | (14905)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; BRL | 5.30 | USD | 1146 | (17552)<br>|
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; ZAR | 16.00 | USD | 1133 | (11959)<br>|
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; MXN | 17.40 | USD | 1146 | (9708)<br>|
|  |  |  |  |  |  |  | (119756)<br>|
|  |  |  |  |  |  |  | $(141584)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | Expiration | Credit | Exercise | Notional | Notional |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating* | *Price* | *Amount (000)* | *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Sold Protection 5-Year <br> Credit Default Swap, <br> 12/20/30<br>| ITRAXX.XO.44.V1 | 5.00% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 02/18/26 | N/A | EUR 287.50 | EUR | 169 | $(164) |
| Sold Protection 5-Year <br> Credit Default Swap, <br> 12/20/30<br>| ITRAXX.XO.44.V1 | 5.00% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 03/18/26 | N/A | EUR 287.50 | EUR | 350 | (1104) |
|  |  |  |  |  |  |  |  |  |  | $(1268) |

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/19/36 | 3.60% | Annual | 1-day SOFR | Annual | Bank of America N.A. | 02/17/26 | 3.60 | USD | 1115 | $(182)<br>|
| 30-Year Interest Rate Swap, 04/23/56 | 4.30% | Annual | 1-day SONIA | Annual | Goldman Sachs Inter-<br> national<br>| 04/23/26 | 4.30 | GBP | 332 | (2904)<br>|
| 30-Year Interest Rate Swap, 05/02/56 | 3.25% | Annual | 1-day SOFR | Annual | Bank of America N.A. | 04/30/26 | 3.25 | USD | 2396 | (583)<br>|
| 30-Year Interest Rate Swap, 05/02/56 | 3.25% | Annual | 1-day SOFR | Annual | Bank of America N.A. | 04/30/26 | 3.25 | USD | 2000 | (487)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | 2.50% | Annual | 1-day SOFR | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 2.50 | USD | 19870 | (2374)<br>|
| 10-Year Interest Rate Swap, 12/18/36 | 3.20% | Annual | 1-day SOFR | Annual | Citibank N.A. | 12/16/26 | 3.20 | USD | 839 | (3351)<br>|
| 10-Year Interest Rate Swap, 11/10/37 | 3.87% | Annual | 1-day SOFR | Annual | Bank of America N.A. | 11/08/27 | 3.87 | USD | 1770 | (40664)<br>|
| 10-Year Interest Rate Swap, 11/28/37 | 3.86% | Annual | 1-day SOFR | Annual | Bank of America N.A. | 11/26/27 | 3.86 | USD | 615 | (13869)<br>|
| 10-Year Interest Rate Swap, 12/18/37 | 4.03% | Annual | 1-day SOFR | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03 | USD | 2180 | (63003)<br>|
| 10-Year Interest Rate Swap, 02/02/38 | 4.10% | Annual | 1-day SOFR | Annual | Morgan Stanley & Co. <br> International PLC<br>| 01/31/28 | 4.10 | USD | 2789 | (89447)<br>|
|  |  |  |  |  |  |  |  |  |  | (216864)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/04/36 | 1-day SOFR | Annual | 3.96% | Annual | Bank of America N.A. | 02/02/26 | 3.96 | USD | 988 | (52)<br>|
| 30-Year Interest Rate Swap, 02/04/56 | 1-day SOFR | Annual | 4.30% | Annual | Goldman Sachs Inter-<br> national<br>| 02/02/26 | 4.30 | USD | 437 | (93)<br>|
| 10-Year Interest Rate Swap, 02/19/36 | 1-day SOFR | Annual | 4.00% | Annual | Bank of America N.A. | 02/17/26 | 4.00 | USD | 1115 | (952)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | 1-day SOFR | Annual | 4.00% | Annual | Citibank N.A. | 04/23/26 | 4.00 | USD | 2087 | (12677)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | 1-day SOFR | Annual | 4.00% | Annual | Goldman Sachs Inter-<br> national<br>| 04/23/26 | 4.00 | USD | 700 | (4252)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | 1-day SOFR | Annual | 4.00% | Annual | Bank of America N.A. | 04/23/26 | 4.00 | USD | 1000 | (6075)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | 1-day SOFR | Annual | 3.50% | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 3.50 | USD | 19870 | (9489)<br>|
| 2-Year Interest Rate Swap, 10/23/28 | 1-day SOFR | Annual | 3.85% | Annual | Goldman Sachs Inter-<br> national<br>| 10/21/26 | 3.85 | USD | 20619 | (20877)<br>|
| 10-Year Interest Rate Swap, 12/18/36 | 1-day SOFR | Annual | 4.60% | Annual | Citibank N.A. | 12/16/26 | 4.60 | USD | 839 | (5075)<br>|
| 2-Year Interest Rate Swap, 09/22/29 | 1-day SOFR | Annual | 4.30% | Annual | Goldman Sachs Inter-<br> national<br>| 09/20/27 | 4.30 | USD | 11936 | (25400)<br>|
| 2-Year Interest Rate Swap, 09/22/29 | 1-day SOFR | Annual | 4.30% | Annual | Bank of America N.A. | 09/20/27 | 4.30 | USD | 10000 | (21280)<br>|
| 2-Year Interest Rate Swap, 10/06/29 | 1-day SOFR | Annual | 4.05% | Annual | Goldman Sachs Inter-<br> national<br>| 10/04/27 | 4.05 | USD | 15959 | (51562)<br>|
| 2-Year Interest Rate Swap, 10/06/29 | 1-day SOFR | Annual | 4.05% | Annual | Goldman Sachs Inter-<br> national<br>| 10/04/27 | 4.05 | USD | 3000 | (9693)<br>|
| 2-Year Interest Rate Swap, 10/06/29 | 1-day SOFR | Annual | 4.05% | Annual | Bank of America N.A. | 10/04/27 | 4.05 | USD | 10000 | (32309)<br>|
| 10-Year Interest Rate Swap, 11/10/37 | 1-day SOFR | Annual | 3.87% | Annual | Bank of America N.A. | 11/08/27 | 3.87 | USD | 1770 | (70129)<br>|
| 10-Year Interest Rate Swap, 11/28/37 | 1-day SOFR | Annual | 3.86% | Annual | Bank of America N.A. | 11/26/27 | 3.86 | USD | 615 | (25281)<br>|
| 2-Year Interest Rate Swap, 12/10/29 | 1-day SOFR | Annual | 4.00% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/08/27 | 4.00 | USD | 8366 | (33963)<br>|
| 10-Year Interest Rate Swap, 12/18/37 | 1-day SOFR | Annual | 4.03% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03 | USD | 2180 | (75215)<br>|
| 2-Year Interest Rate Swap, 12/18/29 | 1-day SOFR | Annual | 4.50% | Annual | Bank of America N.A. | 12/16/27 | 4.50 | USD | 13533 | (28870)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| 10-Year Interest Rate Swap, 02/02/38 | 1-day SOFR | Annual | 4.10% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 01/31/28 | 4.10 | USD | 2789 | $(93012)<br>|
|  |  |  |  |  |  |  |  |  |  | (526256)<br>|
|  |  |  |  |  |  |  |  |  |  | $(743120)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Federative Republic of Brazil | 1.00<br> %<br>| Quarterly | 12/20/30 | USD | 143 | $(1995) | $2538 | $(4533) |
| iTraxx.XO.44.V1 | 5.00 | Quarterly | 12/20/30 | USD | 1849 | 238541 | 208711 | 29830 |
| Republic of Colombia | 1.00 | Quarterly | 12/20/30 | USD | 16 | (740) | 573 | (1313) |
| United Mexican States | 1.00 | Quarterly | 12/20/30 | USD | 71 | 281 | (123) | 404 |
|  |  |  |  |  |  | $236087 | $211699 | $24388 |

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.43% | Quarterly | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| Quarterly | &nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; $1038 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $1035 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2131 |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; (221)<br>| &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; (410)<br>|
| 2.63% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 09/09/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1567 | &nbsp;&nbsp;&nbsp; (7404)<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (7422)<br>|
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 11/26/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 4945 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 4932 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp; 12/10/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp; 2048 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 2035 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $2545 | &nbsp;&nbsp;&nbsp; $244 | &nbsp;&nbsp;&nbsp; $2301 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.59% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 38657 | &nbsp;&nbsp; $(2673)<br>| &nbsp;&nbsp; $69 | &nbsp;&nbsp; $(2742)<br>|
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.59% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 77241 | &nbsp;&nbsp; (5181)<br>| &nbsp;&nbsp; 138 | &nbsp;&nbsp; (5319)<br>|
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.60% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 195968 | &nbsp;&nbsp; (9893)<br>| &nbsp;&nbsp; 350 | &nbsp;&nbsp; (10243)<br>|
| 1-day FEDL, <br> 3.64%<br>| At Termination | 3.62% | At Termination | N/A | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 44807 | &nbsp;&nbsp; (1550)<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; (1630)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.79% | At Termination | &nbsp;&nbsp; 1-day SOFR, <br> 3.68%<br>| At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3452 | &nbsp;&nbsp; $234 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $232 |
| 1-day SOFR, <br> 3.68%<br>| At Termination | 3.79% | At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; (3177)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (3178)<br>|
| 1-day SOFR, <br> 3.68%<br>| At Termination | 3.79% | At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2313 | &nbsp;&nbsp; (6462)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (6463)<br>|
| 3.81% | At Termination | &nbsp;&nbsp; 1-day SOFR, <br> 3.68%<br>| At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2649 | &nbsp;&nbsp; 6753 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 6196 |
| 1-day SOFR, <br> 3.68%<br>| At Termination | 3.91% | At Termination | N/A | &nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2649 | &nbsp;&nbsp; (4107)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (4108)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 6.98% | Monthly | N/A | &nbsp;&nbsp; 11/05/26 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 |
| 4.00% | Semi annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Annual | N/A | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 319 | &nbsp;&nbsp; (226)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; (193)<br>|
| 6.66% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 4266 | &nbsp;&nbsp; (322)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (323)<br>|
| 6.72% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 3173 | &nbsp;&nbsp; (358)<br>| &nbsp;&nbsp; (97)<br>| &nbsp;&nbsp; (261)<br>|
| 13.70% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 212 | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (42)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.71% | At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1487 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 82 |
| 13.77% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 389 | &nbsp;&nbsp; (68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (68)<br>|
| 13.86% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 84 | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17)<br>|
| 13.88% | At Termination | &nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 707 | &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (173)<br>|
| 1.00% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 3/12/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 244490 | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 831 |
| 1.02% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 3/12/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 554284 | &nbsp;&nbsp; 1153 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1141 |
| 1.03% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 3/12/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 658313 | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; (193)<br>| &nbsp;&nbsp; 1224 |
| 0.68% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.72%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 244724 | &nbsp;&nbsp; 6735 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6729 |
| 0.69% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 247585 | &nbsp;&nbsp; 6782 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6776 |
| 0.80% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 2597 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2594 |
| 0.85% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 4/21/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 4253 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 3610 |
| 0.70% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 5/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 195427 | &nbsp;&nbsp; 5557 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5553 |
| 0.79% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 5/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2857 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 0.79% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 5/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; $6210 | &nbsp;&nbsp; $669 | &nbsp;&nbsp; $5541 |
| 0.86% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 7/3/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 07/02/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 6277 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6270 |
| Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 1.01% | At Termination | 9/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 09/11/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 193480 | &nbsp;&nbsp; (3759)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (3765)<br>|
| 1.13% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 11/24/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 11/24/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 621720 | &nbsp;&nbsp; 10853 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10841 |
| 1.25% | At Termination | &nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| At Termination | 12/8/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 12/08/27 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 18979 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 18924 |
| 1-day SOFR, <br> 3.68%<br>| At Termination | 3.23% | At Termination | 12/11/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 12/11/27 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10230 | &nbsp;&nbsp; (1308)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; (1342)<br>|
| 3.88% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 630 | &nbsp;&nbsp; (882)<br>| &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; (809)<br>|
| 3.95% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 358 | &nbsp;&nbsp; (636)<br>| &nbsp;&nbsp; (86)<br>| &nbsp;&nbsp; (550)<br>|
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.25% | Annual | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 45011 | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 683 |
| 6.55% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 1096 | &nbsp;&nbsp; (235)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (235)<br>|
| 3.49% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 5.76% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 6236 | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (32)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.54% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 899 | &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (54)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.54% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 580 | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (47)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.56% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 |
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 2.69% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 373003 | &nbsp;&nbsp; (3847)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (3848)<br>|
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 3.07% | Quarterly | N/A | &nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 204962 | &nbsp;&nbsp; (570)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (570)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 12.90% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 331 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.02% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.09% | At Termination | N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 3051 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3049 |
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.56% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/29 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 200 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.31% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 99 | &nbsp;&nbsp; (441)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; (466)<br>|
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.43% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
| 6-mo. EURIBOR, <br> 2.16%<br>| Semi-Annual | 2.50% | Annual | N/A | &nbsp;&nbsp; 02/03/30 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 219 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.28% | Monthly | N/A | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; $(1258)<br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(1259)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.32% | Monthly | N/A | &nbsp;&nbsp; 11/05/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 428 | &nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (195)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.52% | Monthly | N/A | &nbsp;&nbsp; 12/04/30 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (11)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.58% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 727 | &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (231)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.58% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 505 | &nbsp;&nbsp; (163)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (164)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.62% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; (99)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (101)<br>|
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 2.94% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 46920 | &nbsp;&nbsp; (639)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (639)<br>|
| 3-mo. KRW CDC, <br> 2.73%<br>| Quarterly | 2.95% | Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 111701 | &nbsp;&nbsp; (1484)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1485)<br>|
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.89% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 5894 | &nbsp;&nbsp; 3771 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3768 |
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.91% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 3884 | &nbsp;&nbsp; 2661 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2659 |
| 4.00% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (24)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (21)<br>|
| 4.05% | Annual | &nbsp;&nbsp; 6-mo. WIBOR, <br> 3.79%<br>| Semi-Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 284 | &nbsp;&nbsp; (873)<br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; (847)<br>|
| 1-day MIBOR, <br> 5.53%<br>| Semi annual | 5.71% | Semi annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 6751 | &nbsp;&nbsp; (1293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1293)<br>|
| 1-day MIBOR, <br> 5.53%<br>| Semi annual | 5.93% | Semi annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 9841 | &nbsp;&nbsp; (904)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (906)<br>|
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 6.29% | Annual | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 6630 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 248 |
| 6.86% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 3229 | &nbsp;&nbsp; (2395)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; (2398)<br>|
| 6.87% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | N/A | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 1533 | &nbsp;&nbsp; (1158)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1159)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.24% | At Termination | N/A | &nbsp;&nbsp; 01/02/31 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 417 |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 7.53% | Monthly | N/A | &nbsp;&nbsp; 01/03/31 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 644 | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7)<br>|
| China Fixing Repo <br> Rates 7-day, <br> 1.64%<br>| Quarterly | 1.64% | Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CNY | &nbsp;&nbsp; 159 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 6-mo. PRIBOR, <br> 3.44%<br>| Semi-Annual | 3.74% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 274 |
| 6-mo. BUBOR, <br> 6.32%<br>| Semi-Annual | 5.98% | Annual | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6.69% | Quarterly | &nbsp;&nbsp; 3-mo. JIBAR, <br> 6.71%<br>| Quarterly | 3/18/2026<sup>(a)</sup> <br>| &nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp; ZAR | &nbsp;&nbsp; 573 | &nbsp;&nbsp; (112)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (113)<br>|
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 8.27% | Monthly | N/A | &nbsp;&nbsp; 12/05/35 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 911 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day <br> TIIEFONDEO, <br> 7.20%<br>| Monthly | 8.00% | Monthly | N/A | &nbsp;&nbsp; 12/28/35 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 129 | &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.93% | Annual | N/A | &nbsp;&nbsp; 10/08/45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 965 | &nbsp;&nbsp; (36114)<br>| &nbsp;&nbsp; (6936)<br>| &nbsp;&nbsp; (29178)<br>|
| Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| Annual | 2.52% | Annual | N/A | &nbsp;&nbsp; 10/06/55 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 136200 | &nbsp;&nbsp; (72907)<br>| &nbsp;&nbsp; (166)<br>| &nbsp;&nbsp; (72741)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 3.97% | Annual | N/A | &nbsp;&nbsp; 10/08/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; (42799)<br>| &nbsp;&nbsp; 2197 | &nbsp;&nbsp; (44996)<br>|
| Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| Annual | 2.65% | Annual | N/A | &nbsp;&nbsp; 11/26/55 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 30870 | &nbsp;&nbsp; (11853)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (11860)<br>|
| 1-day SONIA, <br> 3.72%<br>| Annual | 4.45% | Annual | N/A | &nbsp;&nbsp; 12/04/55 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 222 | &nbsp;&nbsp; (6979)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (6986)<br>|
| 1-day SONIA, <br> 3.72%<br>| Annual | 4.47% | Annual | N/A | &nbsp;&nbsp; 12/04/55 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (3000)<br>| &nbsp;&nbsp; (263)<br>| &nbsp;&nbsp; (2737)<br>|
| Tokyo Overnight <br> Average Rate, <br> 0.73%<br>| Annual | 2.82% | Annual | N/A | &nbsp;&nbsp; 12/07/55 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 93930 | &nbsp;&nbsp; (14968)<br>| &nbsp;&nbsp; 6053 | &nbsp;&nbsp; (21021)<br>|
| 1-day SOFR, <br> 3.68%<br>| Annual | 4.09% | Annual | N/A | &nbsp;&nbsp; 12/12/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; (300497)<br>| &nbsp;&nbsp; 452 | &nbsp;&nbsp; (300949)<br>|
| 4.09% | Annual | &nbsp;&nbsp; 1-day SOFR, <br> 3.68%<br>| Annual | N/A | &nbsp;&nbsp; 12/12/55 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 302959 | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 299983 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(148849)<br>| &nbsp;&nbsp; $6538 | &nbsp;&nbsp; $(155387)<br>|

---

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

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

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Republic of Argentina | 5.00 |  | Barclays Bank PLC | 12/20/27 | USD | 3 | $(68) | $64 | $(132) |

---

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 4.44% | Semi annual | 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | Bank of America <br> N.A.<br>| N/A | 12/17/27 | CLP | $120887 | $(196)<br>| $— | $(196)<br>|
| 4.44% | Semi annual | 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | Goldman Sachs <br> International<br>| N/A | 12/17/27 | CLP | 121730 | (197)<br>|  | (197)<br>|
| 4.52% | Semi annual | 1-day CLP <br> Interbank Rate, <br> 26,136.90%<br>| Semi annual | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/27 | CLP | 51170 | (180)<br>|  | (180)<br>|
| 1-day COOIS, <br> 8.74%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/27 | COP | 112895 | (887)<br>|  | (887)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/27 | COP | 122345 | (961)<br>|  | (961)<br>|
| 1-day COOIS, <br> 8.75%<br>| At Termination | 9.37% | At Termination | Goldman Sachs <br> International<br>| N/A | 12/17/27 | COP | 112068 | (847)<br>|  | (847)<br>|

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.37% | Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/27 | COP | $121450 | $(918)<br>| $— | $(918)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/27 | COP | 222496 | (1498)<br>|  | (1498)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/27 | COP | 241122 | (1623)<br>|  | (1623)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.83% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/27 | COP | 235838 | (1260)<br>|  | (1260)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 10.78% | Quarterly | Goldman Sachs <br> International<br>| 3/18/2026 <br><sup>(a)</sup><br>| 03/18/28 | COP | 132533 | (265)<br>|  | (265)<br>|
| 9.36% | Quarterly | 1-day COOIS, <br> 8.74%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/29 | COP | 67933 | 917 |  | 917 |
| 9.36% | At Termination | 1-day COOIS, <br> 8.74%<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 12/17/29 | COP | 62620 | 845 |  | 845 |
| 9.42% | Quarterly | 1-day COOIS, <br> 8.74%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/29 | COP | 67734 | 879 |  | 879 |
| 9.42% | Quarterly | 1-day COOIS, <br> 8.74%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 12/17/29 | COP | 62436 | 810 |  | 810 |
| 9.54% | Quarterly | 1-day COOIS, <br> 8.74%<br>| Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/29 | COP | 122442 | 1460 |  | 1460 |
| 9.54% | Quarterly | 1-day COOIS, <br> 8.74%<br>| Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/29 | COP | 132832 | 1584 |  | 1584 |
| 9.87% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/17/29 | COP | 130161 | 1182 |  | 1182 |
| 9.99% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| 1/20/2028 <br><sup>(a)</sup><br>| 01/20/30 | COP | 519337 | 1710 |  | 1710 |
| 10.60% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| 3/18/2026 <br><sup>(a)</sup><br>| 03/18/30 | COP | 73251 | 265 |  | 265 |
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 10.23% | Quarterly | Goldman Sachs <br> International<br>| N/A | 01/20/33 | COP | 149650 | (1188)<br>|  | (1188)<br>|
|  |  |  |  |  |  |  |  |  | $(368)<br>| $— | $(368)<br>|

---

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| 1-day SOFR minus <br> 0.40%, 3.68%<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 94 | $(64829)<br>| $— | $(64829)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps | &nbsp;&nbsp; $226480 | &nbsp;&nbsp;&nbsp; $(7999)<br>| &nbsp;&nbsp;&nbsp; $432766 | &nbsp;&nbsp;&nbsp; $(561464)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9652 | &nbsp;&nbsp;&nbsp; (74981)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (997866)<br>| &nbsp;&nbsp;&nbsp; 158408 | &nbsp;&nbsp;&nbsp; (54415)<br>| &nbsp;&nbsp;&nbsp; (893873)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2615 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290747 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290747 |
| Options Purchased |  |  |  |  |  |  |  |
| Investments at value — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2780 | &nbsp;&nbsp; $14452 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18963 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $392399 | &nbsp;&nbsp; $10133 | &nbsp;&nbsp; $432766 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9652 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9716 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32029 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $293527 | &nbsp;&nbsp; $419118 | &nbsp;&nbsp; $10133 | &nbsp;&nbsp; $754807 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7710 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $286507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $294217 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462285 |
| Options written |  |  |  |  |  |  |  |
| Options written at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1268 | &nbsp;&nbsp; $7901 | &nbsp;&nbsp; $141584 | &nbsp;&nbsp; $743120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $893873 |
| Swaps — centrally cleared |  |  |  |  |  |  |  |
| Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $547786 | &nbsp;&nbsp; $7832 | &nbsp;&nbsp; $561464 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $64829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10020 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74981 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7246 | &nbsp;&nbsp; $80440 | &nbsp;&nbsp; $603869 | &nbsp;&nbsp; $1587433 | &nbsp;&nbsp; $7832 | &nbsp;&nbsp; $2286820 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the 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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

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; $(60234)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(681196)<br>| &nbsp;&nbsp; $10210 | &nbsp;&nbsp; $(741430)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6122)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6122)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (579)<br>| &nbsp;&nbsp; 2153 | &nbsp;&nbsp; — | &nbsp;&nbsp; (188872)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (187298)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 5152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 186136 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 602601 | &nbsp;&nbsp; (4624)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 219025 | &nbsp;&nbsp; (28897)<br>| &nbsp;&nbsp; 788105 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $602661 | &nbsp;&nbsp; $(57553)<br>| &nbsp;&nbsp; $(6122)<br>| &nbsp;&nbsp; $(470698)<br>| &nbsp;&nbsp; $(18687)<br>| &nbsp;&nbsp; $39391 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(185483)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(164693)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (359539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (359539)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (333)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (278)<br>| &nbsp;&nbsp; 62789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62178 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 7271 | &nbsp;&nbsp; (38108)<br>| &nbsp;&nbsp; 56197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25499 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (311929)<br>| &nbsp;&nbsp; (65756)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (348806)<br>| &nbsp;&nbsp; (24983)<br>| &nbsp;&nbsp; (751474)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(312123)<br>| &nbsp;&nbsp; $(37695)<br>| &nbsp;&nbsp; $(397925)<br>| &nbsp;&nbsp; $(415303)<br>| &nbsp;&nbsp; $(24983)<br>| &nbsp;&nbsp; $(1188029)<br>|

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $138395071 |
| Average notional value of contracts — short | &nbsp;&nbsp; $6282794 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $25139567 |
| Average amounts sold — in USD | &nbsp;&nbsp; $15128131 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; $1562 |
| Average value of option contracts written | &nbsp;&nbsp; $76199 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; $14004137 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 101868634 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; $116500 |
| Average notional value — sell protection | &nbsp;&nbsp; $7055027 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; $43262706 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $203705439 |
| Inflation swaps: |  |
| Average notional value – pays fixed rate | &nbsp;&nbsp; $13119003 |
| Average notional value – receives fixed rate | &nbsp;&nbsp; $7296205 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; $8589958 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $71127 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 290747 | &nbsp;&nbsp;&nbsp; 462285 |
| Options | &nbsp;&nbsp; 18963 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 893873 |
| Swaps - centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15917 |
| Swaps - OTC<sup>(b)</sup> | &nbsp;&nbsp; 9716 | &nbsp;&nbsp;&nbsp; 74981 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 319426 | &nbsp;&nbsp;&nbsp; 1518183 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return Active ETF**

**Derivative Financial Instruments - Offsetting as of Period End (continued)**

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (344)<br>| &nbsp;&nbsp;&nbsp; (94945)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $319082 | &nbsp;&nbsp;&nbsp; $1423238 |

---

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

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $4991 | &nbsp;&nbsp; $(4991)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 35123 | &nbsp;&nbsp; (25735)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9388 |
| BNP Paribas SA | &nbsp;&nbsp; 8596 | &nbsp;&nbsp; (8596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 94748 | &nbsp;&nbsp; (94748)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 93152 | &nbsp;&nbsp; (48293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44859 |
| Goldman Sachs International | &nbsp;&nbsp; 15230 | &nbsp;&nbsp; (15230)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 972 | &nbsp;&nbsp; (972)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 58596 | &nbsp;&nbsp; (58596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 657 | &nbsp;&nbsp; (572)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 85 |
| UBS AG | &nbsp;&nbsp; 7017 | &nbsp;&nbsp; (7017)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $319082 | &nbsp;&nbsp; $(264750)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54332 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $368850 | &nbsp;&nbsp; $(4991)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $363859 |
| Barclays Bank PLC | &nbsp;&nbsp; 25735 | &nbsp;&nbsp; (25735)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 64077 | &nbsp;&nbsp; (8596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55481 |
| Citibank N.A. | &nbsp;&nbsp; 104285 | &nbsp;&nbsp; (94748)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9537 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 48293 | &nbsp;&nbsp; (48293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 131907 | &nbsp;&nbsp; (15230)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116677 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; (972)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1581 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 639178 | &nbsp;&nbsp; (58596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 580582 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 572 | &nbsp;&nbsp; (572)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 37788 | &nbsp;&nbsp; (7017)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30771 |
|  | &nbsp;&nbsp; $1423238 | &nbsp;&nbsp; $(264750)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1158488 |

---

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

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

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

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

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

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares Total Return 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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76192177 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $76442177 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 85273802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85273802 |
| Convertible Bonds | &nbsp;&nbsp; 176184 | &nbsp;&nbsp; 115378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291562 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 153779259 | &nbsp;&nbsp; 825247 | &nbsp;&nbsp; 154604506 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 13873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13873 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13222670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13222670 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2819238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2819238 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 427764470 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427764470 |
| Common Stocks | &nbsp;&nbsp; 516408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 516408 |
| Investment Companies | &nbsp;&nbsp; 9932171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9932171 |
| Preferred Stocks | &nbsp;&nbsp; 18680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18680 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 31751187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31751187 |
| Options Purchased  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 14108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14452 |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1731 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2780 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2780 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (156239181)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156239181)<br>|
|  | &nbsp;&nbsp; $42394974 | &nbsp;&nbsp; $602960305 | &nbsp;&nbsp; $1075247 | &nbsp;&nbsp; $646430526 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30234 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 290747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 290747 |
| Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 10133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10133 |
| Interest Rate Contracts | &nbsp;&nbsp; 2615 | &nbsp;&nbsp; 402051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 404666 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (7246)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7246)<br>|
| Equity Contracts | &nbsp;&nbsp; (15611)<br>| &nbsp;&nbsp; (64829)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (80440)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (603869)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (603869)<br>|
| Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (7832)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7832)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (286507)<br>| &nbsp;&nbsp; (1300926)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1587433)<br>|
|  | &nbsp;&nbsp; $(299503)<br>| &nbsp;&nbsp; $(1251537)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1551040)<br>|

---

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

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

*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>AAA CLO Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>BBB-B CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Flexible Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Floating Rate <br> Loan Active <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1458692265 | $73030963 | $19660581733 | $51745266 |
| Investments, at value—affiliated<sup>(c)</sup> | 23290000 | 1690000 | 1526084645 | 10844417 |
| Cash |  | 8853 | 9264835 |  |
| Cash pledged: |  |  |  |  |
| Collateral — options written |  |  | 280390000 |  |
| Collateral — OTC derivatives |  |  | 21760000 |  |
| Collateral — TBA commitments |  |  | 1732000 |  |
| Futures contracts |  |  | 41802000 |  |
| Centrally cleared swaps |  |  | 33714000 | 41000 |
| Foreign currency, at value<sup>(d)</sup> |  |  | 79764244 |  |
| Receivables: |  |  |  |  |
| Investments sold | 23102038 |  | 71805086 | 575621 |
| Securities lending income—affiliated |  |  | 312099 | 28 |
| Swaps |  |  | 1138813 |  |
| TBA sales commitments |  |  | 1533040495 |  |
| Loans |  |  | 816498 | 117855 |
| Capital shares sold |  |  | 91758258 |  |
| Dividends—affiliated | 43102 | 4802 | 867169 | 21155 |
| Interest—unaffiliated | 4333009 | 180476 | 170836920 | 180787 |
| Swap premiums paid |  |  | 242663 |  |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  | 25202842 |  |
| OTC swaps |  |  | 3269972 | 53103 |
| Total assets | 1509460414 | 74915094 | 23554384272 | 63579232 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 2099813 |  |  | 333826 |
| Cash received: |  |  |  |  |
| Collateral — OTC derivatives |  |  | 5280000 | 580000 |
| Collateral — TBA commitments |  |  | 14603880 |  |
| Collateral on securities loaned, at value |  |  | 843928350 | 321322 |
| Options written, at value<sup>(e)</sup> |  |  | 13047479 |  |
| TBA sales commitments, at value<sup>(f)</sup> |  |  | 1530925409 |  |
| Payables: |  |  |  |  |
| Investments purchased | 50347659 |  | 4582859096 | 2968860 |
| Deferred foreign capital gain tax |  |  | 9864 |  |
| Foreign taxes |  |  | 7169 |  |
| Investment advisory fees | 237066 | 28385 | 5245535 | 27046 |
| Variation margin on futures contracts |  |  | 1827575 |  |
| Variation margin on centrally cleared swaps |  |  | 104488 | 226 |
| Swap premiums received |  |  | 2243072 | 31996 |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  | 60712408 |  |
| OTC derivatives |  |  | 1294525 |  |
| Unfunded floating rate loan interests |  |  |  | 340 |
| Total liabilities | 52684538 | 28385 | 7062088850 | 4263616 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $1456775876 | $74886709 | $16492295422 | $59315616 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $1449480595 | $75172491 | $16383542899 | $59995921 |
| Accumulated earnings (loss) | 7295281 | (285782) | 108752523 | (680305) |
| NET ASSETS | $1456775876 | $74886709 | $16492295422 | $59315616 |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares<br> AAA CLO Active <br> ETF <br>| &nbsp;&nbsp; iShares<br> BBB-B CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares<br> Flexible Income <br> Active ETF <br>| &nbsp;&nbsp; iShares<br> Floating Rate <br> Loan Active <br> ETF <br>|
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 28000000 | 1500000 | 311150000 | 1150000 |
| Net asset value | $52.03 | $49.92 | $53.00 | $51.58 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1456511573 | $73514502 | $19319972882 | $52460275 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $820253197 | $305988 |
| <sup>(c)</sup> Investments, at cost—affiliated | $23290000 | $1690000 | $1525043145 | $10793947 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $79935833 | $— |
| <sup>(e)</sup> Premiums received | $— | $— | $13396326 | $— |
| <sup>(f)</sup> Proceeds from TBA sales commitments | $— | $— | $1533040495 | $— |

---

*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>Intermediate <br> Muni Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Short-Term <br> California <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Short <br> Duration <br> High Yield <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Total Return <br> Active ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $331995413 | $259246071 | $445458884 | $760986349 |
| Investments, at value—affiliated<sup>(c)</sup> | 27297269 | 426105 | 28456254 | 41683358 |
| Cash | 2429168 |  |  | 629718 |
| Cash pledged: |  |  |  |  |
| Futures contracts |  |  |  | 2496000 |
| Centrally cleared swaps |  |  |  | 773978 |
| Foreign currency, at value<sup>(d)</sup> |  |  |  | 755480 |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 5239805 |
| Options written |  |  |  | 181257 |
| Securities lending income—affiliated |  |  |  | 4517 |
| TBA sales commitments |  |  |  | 156263854 |
| Capital shares sold |  |  |  | 2545241 |
| Dividends—affiliated | 23169 | 75368 | 29294 | 67842 |
| Interest—unaffiliated | 3019769 | 1977743 | 4866033 | 4235516 |
| Swap premiums paid |  |  |  | 64 |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  | 290747 |
| OTC swaps |  |  |  | 9652 |
| Total assets | 364764788 | 261725287 | 478810465 | 976163378 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  | 398603 | 81 |  |
| Cash received as collateral for TBA commitments |  |  |  | 120000 |
| Collateral on securities loaned, at value |  |  |  | 15019967 |
| Options written, at value<sup>(e)</sup> |  |  |  | 893873 |
| TBA sales commitments, at value<sup>(f)</sup> |  |  |  | 156239181 |
| Payables: |  |  |  |  |
| Investments purchased | 22645256 | 629133 | 300000 | 265930344 |
| Swaps |  |  |  | 7786 |
| Foreign taxes |  |  |  | 65 |
| Investment advisory fees | 70155 | 40529 | 128323 | 162075 |
| Interest on short sales |  |  |  | 102051 |
| Variation margin on futures contracts |  |  |  | 71127 |
| Variation margin on centrally cleared swaps |  |  |  | 15917 |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  | 462285 |
| OTC derivatives |  |  |  | 74981 |
| Total liabilities | 22715411 | 1068265 | 428404 | 439099652 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $342049377 | $260657022 | $478382061 | $537063726 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $336593764 | $259265558 | $483434511 | $532552280 |
| Accumulated earnings (loss) | 5455613 | 1391464 | (5052450) | 4511446 |
| NET ASSETS | $342049377 | $260657022 | $478382061 | $537063726 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 14100000 | 5150000 | 21400000 | 10550000 |
| Net asset value | $24.26 | $50.61 | $22.35 | $50.91 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |

---

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares<br> Intermediate <br> Muni Income <br> Active ETF <br>| &nbsp;&nbsp; iShares<br> Short-Term <br> California <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares<br> Short <br> Duration <br> High Yield <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares<br> Total Return <br> Active ETF <br>|
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $325878126 | $258187433 | $445049486 | $757319283 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $— | $14625995 |
| <sup>(c)</sup> Investments, at cost—affiliated | $27297269 | $426105 | $28456166 | $41608928 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $— | $757447 |
| <sup>(e)</sup> Premiums received | $— | $— | $— | $997866 |
| <sup>(f)</sup> Proceeds from TBA sales commitments | $— | $— | $— | $156263854 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>AAA CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>BBB-B CLO <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Flexible <br> Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Floating Rate <br> Loan Active <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18448 | &nbsp;&nbsp;&nbsp; $— |
| Dividends—affiliated | &nbsp;&nbsp; 279342 | &nbsp;&nbsp;&nbsp; 26851 | &nbsp;&nbsp;&nbsp; 13033809 | &nbsp;&nbsp;&nbsp; 181195 |
| Interest—unaffiliated | &nbsp;&nbsp; 36038446 | &nbsp;&nbsp;&nbsp; 2553736 | &nbsp;&nbsp;&nbsp; 362928627 | &nbsp;&nbsp;&nbsp; 1889169 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1084706 | &nbsp;&nbsp;&nbsp; 1246 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 882374 | &nbsp;&nbsp;&nbsp; 14296 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (662357)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 36317788 | &nbsp;&nbsp;&nbsp; 2580587 | &nbsp;&nbsp;&nbsp; 377285607 | &nbsp;&nbsp;&nbsp; 2085906 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1331100 | &nbsp;&nbsp;&nbsp; 160670 | &nbsp;&nbsp;&nbsp; 34047584 | &nbsp;&nbsp;&nbsp; 180423 |
| Commitment costs | &nbsp;&nbsp; 2038 | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 21079 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4645)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1334405 | &nbsp;&nbsp;&nbsp; 160779 | &nbsp;&nbsp;&nbsp; 34064018 | &nbsp;&nbsp;&nbsp; 180423 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (6329)<br>| &nbsp;&nbsp;&nbsp; (610)<br>| &nbsp;&nbsp;&nbsp; (7380694)<br>| &nbsp;&nbsp;&nbsp; (20059)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 1328076 | &nbsp;&nbsp;&nbsp; 160169 | &nbsp;&nbsp;&nbsp; 26683324 | &nbsp;&nbsp;&nbsp; 160364 |
| Net investment income | &nbsp;&nbsp; 34989712 | &nbsp;&nbsp;&nbsp; 2420418 | &nbsp;&nbsp;&nbsp; 350602283 | &nbsp;&nbsp;&nbsp; 1925542 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 47271 | &nbsp;&nbsp;&nbsp; (63136)<br>| &nbsp;&nbsp;&nbsp; 63248434 | &nbsp;&nbsp;&nbsp; (68518)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5184385 | &nbsp;&nbsp;&nbsp; 38112 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24807611)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6498805 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7778619 | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated | &nbsp;&nbsp; (48989)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15009582 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (722737)<br>| &nbsp;&nbsp;&nbsp; 8233 |
|  | &nbsp;&nbsp; (1718)<br>| &nbsp;&nbsp;&nbsp; (63136)<br>| &nbsp;&nbsp;&nbsp; 72189477 | &nbsp;&nbsp;&nbsp; (22173)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1352593 | &nbsp;&nbsp;&nbsp; 96265 | &nbsp;&nbsp;&nbsp; 182843594 | &nbsp;&nbsp;&nbsp; (635640)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3697155)<br>| &nbsp;&nbsp;&nbsp; (28534)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (103337201)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1016534 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8330342)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1064332)<br>| &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2033838 | &nbsp;&nbsp;&nbsp; 3811 |
| Unfunded floating rate loan interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13460)<br>| &nbsp;&nbsp;&nbsp; (306)<br>|
|  | &nbsp;&nbsp; 1352593 | &nbsp;&nbsp;&nbsp; 96265 | &nbsp;&nbsp;&nbsp; 69451476 | &nbsp;&nbsp;&nbsp; (660669)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1350875 | &nbsp;&nbsp;&nbsp; 33129 | &nbsp;&nbsp;&nbsp; 141640953 | &nbsp;&nbsp;&nbsp; (682842)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $36340587 | &nbsp;&nbsp;&nbsp; $2453547 | &nbsp;&nbsp;&nbsp; $492243236 | &nbsp;&nbsp;&nbsp; $1242700 |

---

*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>Intermediate <br> Muni Income <br> Active ETF <br>| &nbsp;&nbsp; iShares <br>Short-Term <br> California <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Short <br> Duration <br> High Yield <br> Muni Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Total Return <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $981 |
| Dividends—affiliated | &nbsp;&nbsp; 140669 | &nbsp;&nbsp;&nbsp; 6916 | &nbsp;&nbsp;&nbsp; 406392 | &nbsp;&nbsp;&nbsp; 404569 |
| Interest—unaffiliated | &nbsp;&nbsp; 3718471 | &nbsp;&nbsp;&nbsp; 2502841 | &nbsp;&nbsp;&nbsp; 9528673 | &nbsp;&nbsp;&nbsp; 8323800 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10303 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 62 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2928)<br>|
| Total investment income | &nbsp;&nbsp; 3859140 | &nbsp;&nbsp;&nbsp; 2509757 | &nbsp;&nbsp;&nbsp; 9935065 | &nbsp;&nbsp;&nbsp; 8736787 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 404690 | &nbsp;&nbsp;&nbsp; 228599 | &nbsp;&nbsp;&nbsp; 822659 | &nbsp;&nbsp;&nbsp; 696347 |
| Commitment costs | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp; 578 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 405002 | &nbsp;&nbsp;&nbsp; 228992 | &nbsp;&nbsp;&nbsp; 823291 | &nbsp;&nbsp;&nbsp; 696931 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (114252)<br>| &nbsp;&nbsp;&nbsp; (46494)<br>| &nbsp;&nbsp;&nbsp; (140298)<br>| &nbsp;&nbsp;&nbsp; (51463)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 290750 | &nbsp;&nbsp;&nbsp; 182498 | &nbsp;&nbsp;&nbsp; 682993 | &nbsp;&nbsp;&nbsp; 645468 |
| Net investment income | &nbsp;&nbsp; 3568390 | &nbsp;&nbsp;&nbsp; 2327259 | &nbsp;&nbsp;&nbsp; 9252072 | &nbsp;&nbsp;&nbsp; 8091319 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 392361 | &nbsp;&nbsp;&nbsp; (2926)<br>| &nbsp;&nbsp;&nbsp; (7386)<br>| &nbsp;&nbsp;&nbsp; 1620509 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9516 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6122)<br>|
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (66113)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (741430)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 186136 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 788105 |
|  | &nbsp;&nbsp; 392361 | &nbsp;&nbsp;&nbsp; (2926)<br>| &nbsp;&nbsp;&nbsp; (7386)<br>| &nbsp;&nbsp;&nbsp; 1790601 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 6031483 | &nbsp;&nbsp;&nbsp; 651543 | &nbsp;&nbsp;&nbsp; 6841606 | &nbsp;&nbsp;&nbsp; 3368011 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; 73040 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (359539)<br>|
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4949)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (164693)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25499 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (751474)<br>|
|  | &nbsp;&nbsp; 6031483 | &nbsp;&nbsp;&nbsp; 651543 | &nbsp;&nbsp;&nbsp; 6841605 | &nbsp;&nbsp;&nbsp; 2185895 |
| Net realized and unrealized gain | &nbsp;&nbsp; 6423844 | &nbsp;&nbsp;&nbsp; 648617 | &nbsp;&nbsp;&nbsp; 6834219 | &nbsp;&nbsp;&nbsp; 3976496 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $9992234 | &nbsp;&nbsp;&nbsp; $2975876 | &nbsp;&nbsp;&nbsp; $16086291 | &nbsp;&nbsp;&nbsp; $12067815 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>AAA CLO Active ETF  | iShares <br>AAA CLO Active ETF  | iShares <br>BBB-B CLO Active ETF  | iShares <br>BBB-B CLO 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; Period From <br>01/29/25<sup>(a)</sup> <br>to 07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $34989712 | &nbsp;&nbsp;&nbsp; $39784753 | &nbsp;&nbsp;&nbsp; $2420418 | &nbsp;&nbsp;&nbsp; $2217233 |
| Net realized loss | &nbsp;&nbsp; (1718)<br>| &nbsp;&nbsp;&nbsp; (426972)<br>| &nbsp;&nbsp;&nbsp; (63136)<br>| &nbsp;&nbsp;&nbsp; (143431)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1352593 | &nbsp;&nbsp;&nbsp; 398758 | &nbsp;&nbsp;&nbsp; 96265 | &nbsp;&nbsp;&nbsp; (579804)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 36340587 | &nbsp;&nbsp;&nbsp; 39756539 | &nbsp;&nbsp;&nbsp; 2453547 | &nbsp;&nbsp;&nbsp; 1493998 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (33939663 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (37420342)<br>| &nbsp;&nbsp;&nbsp; (2401052 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1832275)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 430782047 | &nbsp;&nbsp;&nbsp; 621685651 | &nbsp;&nbsp;&nbsp; 9984361 | &nbsp;&nbsp;&nbsp; 65188130 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 433182971 | &nbsp;&nbsp;&nbsp; 624021848 | &nbsp;&nbsp;&nbsp; 10036856 | &nbsp;&nbsp;&nbsp; 64849853 |
| Beginning of period | &nbsp;&nbsp; 1023592905 | &nbsp;&nbsp;&nbsp; 399571057 | &nbsp;&nbsp;&nbsp; 64849853 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $1456775876 | &nbsp;&nbsp;&nbsp; $1023592905 | &nbsp;&nbsp;&nbsp; $74886709 | &nbsp;&nbsp;&nbsp; $64849853 |

---

&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.*

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>Flexible Income Active ETF  | iShares <br>Flexible Income Active ETF  | iShares <br>Floating Rate Loan Active ETF  | iShares <br>Floating Rate Loan 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; $350602283 | &nbsp;&nbsp;&nbsp; $408422118 | &nbsp;&nbsp;&nbsp; $1925542 | &nbsp;&nbsp;&nbsp; $4139704 |
| Net realized gain (loss) | &nbsp;&nbsp; 72189477 | &nbsp;&nbsp;&nbsp; (185560705)<br>| &nbsp;&nbsp;&nbsp; (22173)<br>| &nbsp;&nbsp;&nbsp; (471919)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 69451476 | &nbsp;&nbsp;&nbsp; 218089274 | &nbsp;&nbsp;&nbsp; (660669)<br>| &nbsp;&nbsp;&nbsp; (74484)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 492243236 | &nbsp;&nbsp;&nbsp; 440950687 | &nbsp;&nbsp;&nbsp; 1242700 | &nbsp;&nbsp;&nbsp; 3593301 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (427417594 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (443863977)<br>| &nbsp;&nbsp;&nbsp; (1942610 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4192674)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 5699063946 | &nbsp;&nbsp;&nbsp; 7108306780 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10803601 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 5763889588 | &nbsp;&nbsp;&nbsp; 7105393490 | &nbsp;&nbsp;&nbsp; (699910)<br>| &nbsp;&nbsp;&nbsp; 10204228 |
| Beginning of period | &nbsp;&nbsp; 10728405834 | &nbsp;&nbsp;&nbsp; 3623012344 | &nbsp;&nbsp;&nbsp; 60015526 | &nbsp;&nbsp;&nbsp; 49811298 |
| End of period | &nbsp;&nbsp; $16492295422 | &nbsp;&nbsp;&nbsp; $10728405834 | &nbsp;&nbsp;&nbsp; $59315616 | &nbsp;&nbsp;&nbsp; $60015526 |

---

&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>Intermediate Muni Income Active ETF  | iShares <br>Intermediate Muni Income Active ETF  | iShares <br>Short-Term California Muni Active ETF  | iShares <br>Short-Term California Muni 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; $3568390 | &nbsp;&nbsp;&nbsp; $1961542 | &nbsp;&nbsp;&nbsp; $2327259 | &nbsp;&nbsp;&nbsp; $1817170 |
| Net realized gain (loss) | &nbsp;&nbsp; 392361 | &nbsp;&nbsp;&nbsp; (797686)<br>| &nbsp;&nbsp;&nbsp; (2926)<br>| &nbsp;&nbsp;&nbsp; 265 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6031483 | &nbsp;&nbsp;&nbsp; (52568)<br>| &nbsp;&nbsp;&nbsp; 651543 | &nbsp;&nbsp;&nbsp; 332749 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 9992234 | &nbsp;&nbsp;&nbsp; 1111288 | &nbsp;&nbsp;&nbsp; 2975876 | &nbsp;&nbsp;&nbsp; 2150184 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3163314 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1701151)<br>| &nbsp;&nbsp;&nbsp; (2268281 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1620423)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 218489384 | &nbsp;&nbsp;&nbsp; 95995601 | &nbsp;&nbsp;&nbsp; 128812812 | &nbsp;&nbsp;&nbsp; 97939289 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 225318304 | &nbsp;&nbsp;&nbsp; 95405738 | &nbsp;&nbsp;&nbsp; 129520407 | &nbsp;&nbsp;&nbsp; 98469050 |
| Beginning of period | &nbsp;&nbsp; 116731073 | &nbsp;&nbsp;&nbsp; 21325335 | &nbsp;&nbsp;&nbsp; 131136615 | &nbsp;&nbsp;&nbsp; 32667565 |
| End of period | &nbsp;&nbsp; $342049377 | &nbsp;&nbsp;&nbsp; $116731073 | &nbsp;&nbsp;&nbsp; $260657022 | &nbsp;&nbsp;&nbsp; $131136615 |

---

&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>Short Duration High Yield Muni Active <br> ETF  | iShares <br>Short Duration High Yield Muni Active <br> ETF  | iShares <br>Total Return Active ETF  | iShares <br>Total Return 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; $9252072 | &nbsp;&nbsp;&nbsp; $12322770 | &nbsp;&nbsp;&nbsp; $8091319 | &nbsp;&nbsp;&nbsp; $7672714 |
| Net realized gain (loss) | &nbsp;&nbsp; (7386)<br>| &nbsp;&nbsp;&nbsp; (3723604)<br>| &nbsp;&nbsp;&nbsp; 1790601 | &nbsp;&nbsp;&nbsp; (1078506)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6841605 | &nbsp;&nbsp;&nbsp; (9706656)<br>| &nbsp;&nbsp;&nbsp; 2185895 | &nbsp;&nbsp;&nbsp; 21306 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 16086291 | &nbsp;&nbsp;&nbsp; (1107490)<br>| &nbsp;&nbsp;&nbsp; 12067815 | &nbsp;&nbsp;&nbsp; 6615514 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (9156123 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (11609745)<br>| &nbsp;&nbsp;&nbsp; (7724002 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8073402)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 104719329 | &nbsp;&nbsp;&nbsp; 231573107 | &nbsp;&nbsp;&nbsp; 274849901 | &nbsp;&nbsp;&nbsp; 167418285 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 111649497 | &nbsp;&nbsp;&nbsp; 218855872 | &nbsp;&nbsp;&nbsp; 279193714 | &nbsp;&nbsp;&nbsp; 165960397 |
| Beginning of period | &nbsp;&nbsp; 366732564 | &nbsp;&nbsp;&nbsp; 147876692 | &nbsp;&nbsp;&nbsp; 257870012 | &nbsp;&nbsp;&nbsp; 91909615 |
| End of period | &nbsp;&nbsp; $478382061 | &nbsp;&nbsp;&nbsp; $366732564 | &nbsp;&nbsp;&nbsp; $537063726 | &nbsp;&nbsp;&nbsp; $257870012 |

---

&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 AAA CLO Active ETF  | iShares AAA CLO Active ETF  | iShares AAA CLO Active ETF  | iShares AAA CLO 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>01/10/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.96 | &nbsp;&nbsp;&nbsp; $51.89 | &nbsp;&nbsp;&nbsp; $50.96 | &nbsp;&nbsp;&nbsp; $50.01 |
| Net investment income<sup>(b)</sup> | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net increase from investment operations | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.36 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $52.03 | &nbsp;&nbsp;&nbsp; $51.96 | &nbsp;&nbsp;&nbsp; $51.89 | &nbsp;&nbsp;&nbsp; $50.96 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 2.78 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.73 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(i)</sup><br>|
| Net investment income | 5.26 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.20 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1456776 | &nbsp;&nbsp;&nbsp; $1023593 | &nbsp;&nbsp;&nbsp; $399571 | &nbsp;&nbsp;&nbsp; $40768 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 33<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>(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 BBB-B CLO Active ETF  | iShares BBB-B CLO Active ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>01/29/25<sup>(a)</sup> <br>to 07/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $49.88 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.04 | &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Net increase from investment operations | 1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.70 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.50)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.92 | &nbsp;&nbsp;&nbsp; $49.88 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 3.54 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.45 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.45 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(i)</sup><br>|
| Net investment income | 6.78 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $74887 | &nbsp;&nbsp;&nbsp; $64850 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 30<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.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Flexible Income Active ETF  | iShares Flexible Income Active ETF  | iShares Flexible Income Active ETF  | iShares Flexible Income 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; $52.65 | &nbsp;&nbsp;&nbsp; $52.70 | &nbsp;&nbsp;&nbsp; $50.81 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net increase from investment operations | 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.55 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $53.00 | &nbsp;&nbsp;&nbsp; $52.65 | &nbsp;&nbsp;&nbsp; $52.70 | &nbsp;&nbsp;&nbsp; $50.81 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 3.93 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.39 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(i)</sup><br>|
| Net investment income | 5.15 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $16492295 | &nbsp;&nbsp;&nbsp; $10728406 | &nbsp;&nbsp;&nbsp; $3623012 | &nbsp;&nbsp;&nbsp; $129574 |
| Portfolio turnover rate<sup>(j)(k)</sup> | &nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 291<br> %<br>| &nbsp;&nbsp;&nbsp; 200<br> %<br>| &nbsp;&nbsp;&nbsp; 54<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> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: |
|  | 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>|
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>| &nbsp;&nbsp;&nbsp; 128<br> %<br>| &nbsp;&nbsp;&nbsp; — |
| <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 Floating Rate Loan Active ETF  | iShares Floating Rate Loan Active ETF  | iShares Floating Rate Loan Active ETF  | iShares Floating Rate Loan 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>10/04/22<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $52.19 | &nbsp;&nbsp;&nbsp; $52.43 | &nbsp;&nbsp;&nbsp; $52.01 | &nbsp;&nbsp;&nbsp; $50.37 |
| Net investment income<sup>(b)</sup> | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Net increase from investment operations | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.69 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp; (3.08)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp; (3.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $51.58 | &nbsp;&nbsp;&nbsp; $52.19 | &nbsp;&nbsp;&nbsp; $52.43 | &nbsp;&nbsp;&nbsp; $52.01 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 2.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.62 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.60 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.53 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %<sup>(i)</sup><br>|
| Net investment income | 6.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.25 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $59316 | &nbsp;&nbsp;&nbsp; $60016 | &nbsp;&nbsp;&nbsp; $49811 | &nbsp;&nbsp;&nbsp; $20803 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 22<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 Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income Active ETF  | iShares Intermediate Muni Income 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>03/16/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.35 | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.90 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net increase (decrease) from investment operations | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.42 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp;&nbsp; $23.35 | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $25.74 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.75 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp; (5.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.29 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(i)</sup><br>|
| Net investment income | 3.53 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $342049 | &nbsp;&nbsp;&nbsp; $116731 | &nbsp;&nbsp;&nbsp; $21325 | &nbsp;&nbsp;&nbsp; $25915 | &nbsp;&nbsp;&nbsp; $33628 | &nbsp;&nbsp;&nbsp; $25735 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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> 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.*

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 Short-Term California Muni Active ETF  | iShares Short-Term California Muni Active ETF  | iShares Short-Term California Muni Active ETF  | iShares Short-Term California Muni 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>07/11/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.44 | &nbsp;&nbsp;&nbsp; $50.26 | &nbsp;&nbsp;&nbsp; $50.06 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net increase from investment operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.67 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.61 | &nbsp;&nbsp;&nbsp; $50.44 | &nbsp;&nbsp;&nbsp; $50.26 | &nbsp;&nbsp;&nbsp; $50.06 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 1.69 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.25 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(i)</sup><br>|
| Net investment income | 2.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $260657 | &nbsp;&nbsp;&nbsp; $131137 | &nbsp;&nbsp;&nbsp; $32668 | &nbsp;&nbsp;&nbsp; $17520 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 68<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 Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni Active ETF  | iShares Short Duration High Yield Muni 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>03/16/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $22.75 | &nbsp;&nbsp;&nbsp; $21.64 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $26.80 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.39 | &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Net increase (decrease) from investment operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $22.35 | &nbsp;&nbsp;&nbsp; $21.96 | &nbsp;&nbsp;&nbsp; $22.75 | &nbsp;&nbsp;&nbsp; $21.64 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $26.80 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.10<br> %<br>| &nbsp;&nbsp;&nbsp; (0.71)%<br>| &nbsp;&nbsp;&nbsp; (11.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.33 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32 %<sup>(i)</sup><br>|
| Net investment income | 4.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $478382 | &nbsp;&nbsp;&nbsp; $366733 | &nbsp;&nbsp;&nbsp; $147877 | &nbsp;&nbsp;&nbsp; $60586 | &nbsp;&nbsp;&nbsp; $27291 | &nbsp;&nbsp;&nbsp; $26803 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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> 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.*

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 Total Return Active ETF  | iShares Total Return Active ETF  | iShares Total Return 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>12/12/23<sup>(a)</sup> <br>to 07/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.07 | &nbsp;&nbsp;&nbsp; $51.06 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.90 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net increase from investment operations | 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (1.19 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| From net realized gain | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $50.91 | &nbsp;&nbsp;&nbsp; $50.07 | &nbsp;&nbsp;&nbsp; $51.06 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |
| Based on net asset value | 4.19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.84 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.37 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(i)</sup><br>|
| Net investment income | 4.65 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.90 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $537064 | &nbsp;&nbsp;&nbsp; $257870 | &nbsp;&nbsp;&nbsp; $91910 |
| Portfolio turnover rate<sup>(j)(k)</sup> | &nbsp;&nbsp; 411<br> %<br>| &nbsp;&nbsp;&nbsp; 647<br> %<br>| &nbsp;&nbsp;&nbsp; 379<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> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>12/12/23<sup>(a)</sup> <br>to 07/31/24<br>|
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 241<br> %<br>| &nbsp;&nbsp;&nbsp; 395<br> %<br>| &nbsp;&nbsp;&nbsp; 281<br> %<br>|
| <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.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | &nbsp;&nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| iShares AAA CLO Active ETF | AAA CLO Active | Diversified<sup>(a)</sup> <br>|
| iShares BBB-B CLO Active ETF | BBB-B CLO Active | Non-diversified |
| iShares Flexible Income Active ETF | Flexible Income Active | Non-diversified |
| iShares Floating Rate Loan Active ETF | Floating Rate Loan Active | Diversified<sup>(a)</sup> <br>|
| iShares Intermediate Muni Income Active ETF | Intermediate Muni Income Active | Non-diversified |
| iShares Short-Term California Muni Active ETF | Short-Term California Muni Active | Non-diversified |
| iShares Short Duration High Yield Muni Active ETF | Short Duration High Yield Muni Active | Non-diversified |
| iShares Total Return Active ETF | Total Return Active | Diversified |

---

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

<sup>(a)</sup> The Fund's classification changed from non-diversified to diversified during the reporting period.

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

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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.

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

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

**Foreign Taxes:** The 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.

The 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.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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.

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

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

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

Notes to Financial Statements

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded options (except ETF options, equity index options or those that are customized) are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option.

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.

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

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

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

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

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

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of 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.

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Notes to Financial Statements

------

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

**Short Positions:** From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that are expected to be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the Statements of Assets and Liabilities and is equal to the current fair value of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Statements of Operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the Statements of Operations. Details of the short positions, if any, are included in the Schedules of Investments.

**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* |
| Flexible Income Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $225557955 | &nbsp;&nbsp;&nbsp; $(225557955) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital Inc. | &nbsp;&nbsp; 16189841 | &nbsp;&nbsp;&nbsp; (16189841) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 1621155 | &nbsp;&nbsp;&nbsp; (1621155) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas Prime Brokerage International Ltd. | &nbsp;&nbsp; 109650958 | &nbsp;&nbsp;&nbsp; (109650958) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 8273448 | &nbsp;&nbsp;&nbsp; (8273448) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 10999127 | &nbsp;&nbsp;&nbsp; (10999127) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 56038043 | &nbsp;&nbsp;&nbsp; (56038043) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC. | &nbsp;&nbsp; 105682223 | &nbsp;&nbsp;&nbsp; (105682223) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 70823428 | &nbsp;&nbsp;&nbsp; (70823428) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 3676438 | &nbsp;&nbsp;&nbsp; (3676438) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 2695768 | &nbsp;&nbsp;&nbsp; (2695768) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 29610543 | &nbsp;&nbsp;&nbsp; (29610543) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank Financial Inc. | &nbsp;&nbsp; 1537711 | &nbsp;&nbsp;&nbsp; (1537711) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 35901374 | &nbsp;&nbsp;&nbsp; (35901374) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 12378647 | &nbsp;&nbsp;&nbsp; (12378647) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 34022886 | &nbsp;&nbsp;&nbsp; (34022886) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 45070354 | &nbsp;&nbsp;&nbsp; (45070354) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1389719 | &nbsp;&nbsp;&nbsp; (1389719) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 2146473 | &nbsp;&nbsp;&nbsp; (2146473) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 46987106 | &nbsp;&nbsp;&nbsp; (46987106) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $820253197 | &nbsp;&nbsp;&nbsp; $(820253197) | &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* |
| Floating Rate Loan Active |  |  |  |  |
| BNP Paribas Prime Brokerage International Ltd. | &nbsp;&nbsp; $40279 | &nbsp;&nbsp;&nbsp; $(40279) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 212692 | &nbsp;&nbsp;&nbsp; (212692) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 53017 | &nbsp;&nbsp;&nbsp; (53017) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $305988 | &nbsp;&nbsp;&nbsp; $(305988) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Total Return Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $519940 | &nbsp;&nbsp;&nbsp; $(519940) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas Prime Brokerage International Ltd. | &nbsp;&nbsp; 670371 | &nbsp;&nbsp;&nbsp; (670371) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 363821 | &nbsp;&nbsp;&nbsp; (363821) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 92692 | &nbsp;&nbsp;&nbsp; (92692) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 12241639 | &nbsp;&nbsp;&nbsp; (12241639) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 321705 | &nbsp;&nbsp;&nbsp; (321705) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank Financial Inc. | &nbsp;&nbsp; 66483 | &nbsp;&nbsp;&nbsp; (66483) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 105379 | &nbsp;&nbsp;&nbsp; (105379) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 23582 | &nbsp;&nbsp;&nbsp; (23582) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 4302 | &nbsp;&nbsp;&nbsp; (4302) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 44382 | &nbsp;&nbsp;&nbsp; (44382) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 171699 | &nbsp;&nbsp;&nbsp; (171699) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $14625995 | &nbsp;&nbsp;&nbsp; $(14625995) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

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

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

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

Notes to Financial Statements

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Floating Rate Loan Active | Chicago U.S. Midco III LP | &nbsp;&nbsp;&nbsp; $23111 | &nbsp;&nbsp;&nbsp; $23111 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(72) |
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;&nbsp; 20034 | &nbsp;&nbsp;&nbsp; 19834 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  | CP Iris HoldCo I, Inc. | &nbsp;&nbsp;&nbsp; 11632 | &nbsp;&nbsp;&nbsp; 11632 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(87) |
|  | Kaman Corp. | &nbsp;&nbsp;&nbsp; 5114 | &nbsp;&nbsp;&nbsp; 5108 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;&nbsp; 15618 | &nbsp;&nbsp;&nbsp; 15618 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;&nbsp; 14430 | &nbsp;&nbsp;&nbsp; 14430 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;&nbsp; 6284 | &nbsp;&nbsp;&nbsp; 6277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(62) |
|  | Springs Windows Fashion LLC | &nbsp;&nbsp;&nbsp; 10948 | &nbsp;&nbsp;&nbsp; 10948 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(87) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(340) |

---

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

**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.

**Options:** The Funds may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that it holds the

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swaptions – The Fund may purchase and write options on swaps ("swaptions") primarily to preserve a return or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency options – The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

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

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

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

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

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

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

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

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Notes to Financial Statements

------

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

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

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

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

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

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

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the 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).

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* |
| AAA CLO Active | 0.20% |
| BBB-B CLO Active | 0.45 |
| Flexible Income Active | 0.50 |
| Floating Rate Loan Active | 0.60 |
| Intermediate Muni Income Active | 0.40 |
| Short-Term California Muni Active | 0.25 |
| Short Duration High Yield Muni Active | 0.40 |

---

For its investment advisory services to the iShares Total Return 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:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $1 billion | 0.40% |
| Over $1 billion, up to and including $3 billion | 0.38 |
| Over $3 billion, up to and including $5 billion | 0.36 |
| Over $5 billion, up to and including $10 billion | 0.35 |
| Over $10 billion | 0.34 |

---

**Expense Waivers**: For the iShares Flexible Income Active ETF and iShares Intermediate Muni Income Active ETF, BFA has contractually agreed to waive 0.10% of the management fee through June 30, 2027. For the iShares Floating Rate Loan Active ETF and iShares Short-Term California Muni Active ETF, BFA has contractually agreed to waive 0.05% of the management fee through June 30, 2027. For the iShares Short Duration High Yield Muni Active ETF, BFA has contractually agreed to waive 0.05%

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

of the management fee through June 30, 2027. For the iShares Total Return Active ETF, BFA has contractually agreed to waive 0.02% of the management fee through June 30, 2027. Each 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.

BFA may also from time to time voluntarily waive and/or reimburse 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 these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| Flexible Income Active | &nbsp;&nbsp; $6809517 |
| Floating Rate Loan Active | &nbsp;&nbsp; 15035 |
| Intermediate Muni Income Active | &nbsp;&nbsp; 101173 |
| Short-Term California Muni Active | &nbsp;&nbsp; 45719 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 102832 |
| Total Return Active | &nbsp;&nbsp; 34817 |

---

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.

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 these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| AAA CLO Active | &nbsp;&nbsp; $6329 |
| BBB-B CLO Active | &nbsp;&nbsp; 610 |
| Flexible Income Active | &nbsp;&nbsp; 571177 |
| Floating Rate Loan Active | &nbsp;&nbsp; 5024 |
| Intermediate Muni Income Active | &nbsp;&nbsp; 13079 |
| Short-Term California Muni Active | &nbsp;&nbsp; 775 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 37466 |
| Total Return Active | &nbsp;&nbsp; 16646 |

---

**Sub-Adviser:** BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together, the "Sub-Advisers"), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to iShares Flexible Income Active ETF and iShares Total Return Active 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.

**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

Notes to Financial Statements

------

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

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

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

The share of securities lending income earned by 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* |
| Flexible Income Active | &nbsp;&nbsp; $204852 |
| Floating Rate Loan Active | &nbsp;&nbsp; 415 |
| Total Return Active | &nbsp;&nbsp; 2013 |

---

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

**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>|
| Short-Term California Muni Active | &nbsp;&nbsp; $4362395 | &nbsp;&nbsp;&nbsp; $4716755 | &nbsp;&nbsp;&nbsp; $— |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *Fund Name* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| AAA CLO Active | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $579110797 | &nbsp;&nbsp;&nbsp; $658828770 |
| BBB-B CLO Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18589302 | &nbsp;&nbsp;&nbsp; 8774720 |
| Flexible Income Active | &nbsp;&nbsp; 18389006243 | &nbsp;&nbsp;&nbsp; 16972227014 | &nbsp;&nbsp;&nbsp; 12122298450 | &nbsp;&nbsp;&nbsp; 7066911250 |
| Floating Rate Loan Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11775491 | &nbsp;&nbsp;&nbsp; 12822531 |
| Intermediate Muni Income Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 232552988 | &nbsp;&nbsp;&nbsp; 37439730 |
| Short-Term California Muni Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 134316672 | &nbsp;&nbsp;&nbsp; 51325315 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 132699538 | &nbsp;&nbsp;&nbsp; 22186572 |
| Total Return Active | &nbsp;&nbsp; 1646746431 | &nbsp;&nbsp;&nbsp; 1548447344 | &nbsp;&nbsp;&nbsp; 274714336 | &nbsp;&nbsp;&nbsp; 103293208 |

---

For the six months ended January 31, 2026, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| Flexible Income Active | &nbsp;&nbsp; $9561655489 | &nbsp;&nbsp;&nbsp; $9567011980 |
| Total Return Active | &nbsp;&nbsp; 680964523 | &nbsp;&nbsp;&nbsp; 681186479 |

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2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

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>|
| AAA CLO Active | &nbsp;&nbsp; $550180341 | &nbsp;&nbsp;&nbsp; $50316200 |
| Flexible Income Active | &nbsp;&nbsp; 837633481 | &nbsp;&nbsp;&nbsp; — |

---

***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.

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>|
| AAA CLO Active | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(447831)<br>|
| BBB-B CLO Active | &nbsp;&nbsp; (141191)<br>| &nbsp;&nbsp;&nbsp; — |
| Flexible Income Active | &nbsp;&nbsp; (23350427)<br>| &nbsp;&nbsp;&nbsp; — |
| Floating Rate Loan Active | &nbsp;&nbsp; (349962)<br>| &nbsp;&nbsp;&nbsp; — |
| Intermediate Muni Income Active | &nbsp;&nbsp; (1720982)<br>| &nbsp;&nbsp;&nbsp; — |
| Short-Term California Muni Active | &nbsp;&nbsp; (320)<br>| &nbsp;&nbsp;&nbsp; — |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; (6762668)<br>| &nbsp;&nbsp;&nbsp; — |
| Total Return Active | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1064354)<br>|

---

&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>|
| AAA CLO Active | &nbsp;&nbsp; $1479852927 | &nbsp;&nbsp;&nbsp; $2770826 | &nbsp;&nbsp;&nbsp; $(641488) | &nbsp;&nbsp;&nbsp; $2129338 |
| BBB-B CLO Active | &nbsp;&nbsp; 75206742 | &nbsp;&nbsp;&nbsp; 121705 | &nbsp;&nbsp;&nbsp; (607484) | &nbsp;&nbsp;&nbsp; (485779) |
| Flexible Income Active | &nbsp;&nbsp; 20869119537 | &nbsp;&nbsp;&nbsp; 436622314 | &nbsp;&nbsp;&nbsp; (155159766) | &nbsp;&nbsp;&nbsp; 281462548 |
| Floating Rate Loan Active | &nbsp;&nbsp; 63268675 | &nbsp;&nbsp;&nbsp; 530497 | &nbsp;&nbsp;&nbsp; (1145821) | &nbsp;&nbsp;&nbsp; (615324) |
| Intermediate Muni Income Active | &nbsp;&nbsp; 353338548 | &nbsp;&nbsp;&nbsp; 6272711 | &nbsp;&nbsp;&nbsp; (318577) | &nbsp;&nbsp;&nbsp; 5954134 |
| Short-Term California Muni Active | &nbsp;&nbsp; 258717373 | &nbsp;&nbsp;&nbsp; 993894 | &nbsp;&nbsp;&nbsp; (39091) | &nbsp;&nbsp;&nbsp; 954803 |
| Short Duration High Yield Muni Active | &nbsp;&nbsp; 473567787 | &nbsp;&nbsp;&nbsp; 6152142 | &nbsp;&nbsp;&nbsp; (5804791) | &nbsp;&nbsp;&nbsp; 347351 |
| Total Return Active | &nbsp;&nbsp; 799385981 | &nbsp;&nbsp;&nbsp; 6055559 | &nbsp;&nbsp;&nbsp; (3300334) | &nbsp;&nbsp;&nbsp; 2755225 |

---

***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. With respect to Floating Rate Loan, of the aggregate $2.40 billion commitment amount, $650 million is specifically designated to the Fund and another participating Fund. The remaining $1.75 billion commitment is available to all Participating Funds, but Floating Rate Loan can borrow up to an additional $350 million in the aggregate of the remaining aggregate commitment, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan

Notes to Financial Statements

------

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

is made plus 0.10% and (y) 0.80% per annum . The agreement expires in April 2026 unless extended or renewed. Floating Rate Loan paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the 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.

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**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 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 and centrally cleared swaps, 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 and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could 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 states or U.S. territories are presented in the Schedule of Investments.

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

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

The risks of investing in CLOs depend largely on the type of the collateral securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt tranches, such as those in which certain Funds invest, could experience losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO securities as an asset class. While certain Funds invest principally in CLO tranches that are rated BBB-B, such ratings do not constitute a guarantee of credit quality and may be downgraded. To the extent certain Funds invest in CLO tranches rated below BBB-B, the risks of investing in CLOs will be greater.

CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of securities. Some unrated CLO securities may not have an active trading market or may be difficult to value. As a result, proceeds from the sale of CLO securities may not be readily available to make additional investments or to meet certain Funds' redemption obligations. During periods of limited liquidity and higher price volatility, certain Funds' ability to acquire or dispose of CLO securities at a price and time such Funds deem advantageous may be impaired.

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

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by 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.

Notes to Financial Statements

------

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

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* |
| AAA CLO Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11200000 | &nbsp;&nbsp;&nbsp; $580904361 | &nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; $673475754 |
| Shares redeemed | &nbsp;&nbsp; (2900000)<br>| &nbsp;&nbsp;&nbsp; (150122314)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (51790103)<br>|
|  | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp; $430782047 | &nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; $621685651 |

---

&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* |
| BBB-B CLO Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $9984361 | &nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $65188130 |

---

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

<sup>(a)</sup> The Fund commenced operations on January 29, 2025.

&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* |
| Flexible Income Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 107400000 | &nbsp;&nbsp;&nbsp; $5699063946 | &nbsp;&nbsp;&nbsp; 137600000 | &nbsp;&nbsp;&nbsp; $7241758979 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2600000)<br>| &nbsp;&nbsp;&nbsp; (133452199)<br>|
|  | &nbsp;&nbsp; 107400000 | &nbsp;&nbsp;&nbsp; $5699063946 | &nbsp;&nbsp;&nbsp; 135000000 | &nbsp;&nbsp;&nbsp; $7108306780 |
| Floating Rate Loan Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $18379762 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (7576161)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $10803601 |
| Intermediate Muni Income Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp; $228071156 | &nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; $98367257 |
| Shares redeemed | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (9581772)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2371656)<br>|
|  | &nbsp;&nbsp; 9100000 | &nbsp;&nbsp;&nbsp; $218489384 | &nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp; $95995601 |
| Short-Term California Muni Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; $131339891 | &nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; $102951802 |
| Shares redeemed | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (2527079)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (5012513)<br>|
|  | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp; $128812812 | &nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; $97939289 |
| Short Duration High Yield Muni Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; $111383356 | &nbsp;&nbsp;&nbsp; 10600000 | &nbsp;&nbsp;&nbsp; $240437321 |
| Shares redeemed | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (6664027)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (8864214)<br>|
|  | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; $104719329 | &nbsp;&nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp; $231573107 |
| Total Return Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; $274849901 | &nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp; $167418285 |

---

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

2026 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

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:

<u> *Fund Name* </u> <u> *Shares* </u> <br> BBB-B CLO Active 1,000,000

***12. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

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** | **Distributor** |
| BlackRock Fund Advisors <br>San Francisco, CA 94105<br>| BlackRock Investments, LLC<sup>(a)</sup> <br>New York, NY 10001<br>|
|  | BlackRock Investments, LLC<sup>(b)</sup> <br>Princeton, NJ 08540<br>|
| **Sub-Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom<br>| PricewaterhouseCoopers LLP <br>Philadelphia, Pennsylvania 19103<br>|
|  | **Legal Counsel** |
| BlackRock (Singapore) Limited <br>079912 Singapore<br>| Willkie Farr & Gallagher LLP <br>New York, NY 10019<br>|
| **Administrator, Custodian and Transfer Agent** | **Address of the Trust** |
| State Street Bank and Trust Company <br>Boston, MA, 02114<br>| 100 Bellevue Parkway <br>Wilmington, DE 19809<br>|
|  | <sup>(a)</sup> For BCLO, BINC, CALI and BRTR. |
|  | <sup>(b)</sup> For CLOA, BRLN, SHYM and INMU. |

---

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**  |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| COP | Certificates of Participation |
| CPI | Consumer Price Index |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FHA | Federal Housing Administration |
| GO | General Obligation |
| GOL | General Obligation Limited |
| GTD | Guaranteed |
| JIBAR | Johannesburg Interbank Agreed Rate |
| JSC | Joint Stock Company |
| MT | Mandatory Tender |
| NPFGC | National Public Finance Guarantee Corp. |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| PILOT | Payment in Lieu of Taxes |
| PJSC | Public Joint Stock Company |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SAW | State Aid Withholding |
| SIFMA | Securities Industry and Financial Markets Associations |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| STRIPS | Separate Trading of Registered Interest & Principal of <br>Securities<br>|
| TBA | To-Be-Announced |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| ARS | Argentine Peso |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peru Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

Glossary of Terms Used in this Report

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Want to know more?

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

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

![](g59022imgac3a0bb82.gif)

![](g59022imgf17c3d9b3.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 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 Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

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

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

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

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

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

---

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Item 16 – Controls and Procedures

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

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – 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](d59022dex99cert.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](d59022dex99906cert.htm)

------

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

BlackRock ETF Trust II

---

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

---

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.

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

---

Date: March 23, 2026

---

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

---

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 II, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 23, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

------

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

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

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

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

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

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

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

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

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

Date: March 23, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

## Exhibit 99.906

Exhibit 99.906CERT

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

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

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

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

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