# EDGAR Filing Document

**Accession Number:** 0001761055
**File Stem:** 0001193125-25-230003
**Filing Date:** 2025-10
**Character Count:** 555872
**Document Hash:** 8812862252f1001744b26610f45f4b02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-230003.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-230003

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23402
- **FILM NUMBER:** 251373548

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

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

## Series and Classes Contracts Data

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

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

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

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

### BlackRock U.S. Carbon Transition Readiness ETF (Series ID: S000071281)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-23402

Name of Fund:

---

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

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

7/31/2025

Date of reporting period:

7/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### BlackRock U.S. Carbon Transition Readiness ETF

### LCTU \| NYSE Arca

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

------

This annual shareholder report contains important information about BlackRock U.S. Carbon Transition Readiness ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| BlackRock U.S. Carbon Transition Readiness ETF | $16 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 15.97%. 

* For the same period, the Russell 1000<sup>®</sup> Index returned 16.54%. 

What contributed to performance?

The Fund's holdings in the information technology sector made the largest contribution to absolute performance, led by positions in the semiconductors & semiconductor equipment and software industries. NVIDIA Corp. and Microsoft Corp. were the leading contributors in information technology. Positions in the financials sector also contributed to returns, with the best results occurring in the financial services industry. The Fund further benefited from strong absolute returns in the communication services, consumer discretionary, and industrials sectors.

What detracted from performance?

Healthcare was the only sector that meaningfully detracted from absolute performance. Holdings in UnitedHealth Group, Inc., Elevance Health, Inc., and Merck & Co., Inc. all finished the annual period with negative returns. Positions in the real estate sector also lost ground as a group, but the impact on the Fund was relatively minor due to the category's small weighting.

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

#### Fund performance
Cumulative performance: April 6, 2021 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193423.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 15.97% | 11.30% |
| Russell 1000<sup>®</sup> Index | 16.54 | 11.63 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1306347423 |
| Number of Portfolio Holdings | &nbsp;&nbsp;305 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1798640 |
| Portfolio Turnover Rate | &nbsp;&nbsp;40% |

---

The inception date of the Fund was April 6, 2021.

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 32.3% |
| Financials | 14.3% |
| Consumer Discretionary | 10.7% |
| Communication Services | 9.5% |
| Industrials | 9.5% |
| Health Care | 8.5% |
| Consumer Staples | 4.9% |
| Energy | 2.9% |
| Utilities | 2.6% |
| Real Estate | 2.5% |
| Materials | 2.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 7.3% |
| Microsoft Corp. | 5.7% |
| Apple Inc. | 5.5% |
| Amazon.com Inc. | 3.4% |
| Meta Platforms Inc., Class A | 3.0% |
| Broadcom Inc. | 2.3% |
| Alphabet Inc., Class A | 1.8% |
| Mastercard Inc., Class A | 1.7% |
| Berkshire Hathaway Inc., Class B | 1.6% |
| Tesla Inc. | 1.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On February 20, 2025, the Fund's Board approved a proposal to change the name of BlackRock U.S. Carbon Transition Readiness ETF to iShares U.S. Carbon Transition Readiness Aware Active ETF. In connection with the Fund's name change, the Fund will also amend its investment strategy and investment process. These changes are expected to become effective on or about November 21, 2025.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

BlackRock U.S. Carbon Transition Readiness ETF

Annual Shareholder Report — July 31, 2025

LCTU-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### BlackRock World ex U.S. Carbon Transition Readiness ETF

### LCTD \| NYSE Arca

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

------

This annual shareholder report contains important information about BlackRock World ex U.S. Carbon Transition Readiness ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| BlackRock World ex U.S. Carbon Transition Readiness ETF | $23 | 0.22% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 12.14%. 

* For the same period, the MSCI World ex USA Index (Net) returned 13.70%. 

What contributed to performance?

The Fund's holdings in the financials sector made the largest contribution to absolute performance, led by positions in the diversified banks industry. HSBC Holdings PLC and Intesa Sanpaolo SpA were the leading contributors in financials. Positions in the industrials sector also contributed to returns. The best results occurred in the capital goods industry, led by aerospace & defense companies that gained ground as shifts in U.S. foreign policy boosted the outlook for defense spending in Europe. The Fund further benefited from strong absolute returns in the communication services and utilities sectors. Iberdrola SA, which rose on the strength of increased infrastructure spending fueled by sustained AI-driven energy demand, was a key contributor in the latter.

What detracted from performance?

Healthcare was the only sector that meaningfully detracted from absolute performance. The pharmaceutical, biotechnology, and life sciences subsector was particularly weak, with a loss for Novo Nordisk having the largest adverse impact. Positions in the consumer discretionary sector also posted a very small loss as a group, with the French luxury goods producer LVMH Moët Hennessy Louis Vuitton SE representing a notable detractor.

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

#### Fund performance
Cumulative performance: April 6, 2021 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193470.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 12.14% | 5.20% |
| MSCI World ex USA Index (Net) | 13.70 | 6.72 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$231428518 |
| Number of Portfolio Holdings | &nbsp;&nbsp;353 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$487465 |
| Portfolio Turnover Rate | &nbsp;&nbsp;39% |

---

The inception date of the Fund was April 6, 2021.

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.8% |
| Industrials | 18.8% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.4% |
| Materials | 5.9% |
| Communication Services | 4.7% |
| Energy | 4.7% |
| Utilities | 3.2% |
| Real Estate | 1.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| HSBC Holdings PLC | 1.8% |
| SAP SE | 1.5% |
| AstraZeneca PLC | 1.5% |
| Hitachi Ltd. | 1.4% |
| Siemens AG | 1.3% |
| Schneider Electric SE | 1.3% |
| Iberdrola SA | 1.3% |
| Canadian Imperial Bank of Commerce | 1.3% |
| Royal Bank of Canada | 1.2% |
| Nestle SA | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On February 20, 2025, the Fund's Board approved a proposal to change the name of BlackRock World ex U.S. Carbon Transition Readiness ETF to iShares World ex U.S. Carbon Transition Readiness Aware Active ETF. In connection with the Fund's name change, the Fund will also amend its investment strategy and investment process. These changes are expected to become effective on or about November 21, 2025.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

BlackRock World ex U.S. Carbon Transition Readiness ETF

Annual Shareholder Report — July 31, 2025

LCTD-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### iShares FinTech Active ETF

### BPAY \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares FinTech Active ETF (the "Fund") (formerly known as BlackRock Future Financial and Technology ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares FinTech Active ETF | $83 | 0.70% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 36.15%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87%. 

What contributed to performance?

Circle Internet Group, Inc., a leading blockchain infrastructure company, was the top contributor. Circle is best known for issuing USD Coin, the world's second-largest regulated stablecoin that underpins a wide range of digital payments and decentralized finance applications. The shares surged after their June initial public offering thanks to growing institutional confidence in stablecoins as mainstream financial infrastructure, as well as Circle's strong regulatory positioning and strategic partnerships. The passage of the GENIUS Act in the U.S. Senate, which provided crucial regulatory clarity for stablecoin issuers, was a further tailwind. Sezzle, Inc., a United States-based financial technology company that specializes in "buy now, pay later" solutions and digital payment services that allow consumers to make purchases and pay in instalments, was another top contributor. The company reported triple-digit revenue growth, raised guidance, and expanded its merchant partnerships and product offerings. Robinhood Markets, Inc., a U.S.-based brokerage and fintech platform, also contributed. The stock benefited from the rollout of new platform features, robust monthly operating metrics, and increased trading volumes in equities, options, and cryptocurrencies.

What detracted from performance?

Worldline SA, a France-based payments technology company, detracted from results. Worldline's shares fell following reports of alleged customer fraud cover-ups and regulatory compliance failures, which severely damaged investor confidence. Dun & Bradstreet Holdings, Inc., which was hurt by disappointing earnings results, falling profit margins, and reduced guidance for the full year, also detracted. The Fund sold the position. Kaspi.kz, a Kazakhstan-based payments and e-commerce platform, was another notable detractor. The stock came under pressure from lowered earnings growth expectations amid rising interest rates in Kazakhstan, a government mandate that impacted e-commerce, and investor caution regarding a $300 million fintech investment in Turkey.

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

#### Fund performance
Cumulative performance: August 16, 2022 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193363.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 36.15% | 10.67% |
| MSCI All Country World Index (Net) | 15.87 | 14.16 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10562929 |
| Number of Portfolio Holdings | &nbsp;&nbsp;43 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$43545 |
| Portfolio Turnover Rate | &nbsp;&nbsp;84% |

---

The inception date of the Fund was August 16, 2022.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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

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

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financial Services | 43.3% |
| Capital Markets | 18.8% |
| Software | 13.5% |
| Consumer Finance | 10.8% |
| Banks | 8.2% |
| Entertainment | 3.3% |
| Insurance | 2.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Robinhood Markets Inc., Class A | 5.0% |
| Block Inc. | 4.9% |
| Charles Schwab Corp. (The) | 4.5% |
| Accelerant Holdings, Class A | 4.0% |
| Circle Internet Group Inc. | 4.0% |
| Coinbase Global Inc., Class A | 3.9% |
| PayPal Holdings Inc. | 3.7% |
| Etoro Group Ltd. | 3.5% |
| Sezzle Inc. | 3.5% |
| Pagaya Technologies Ltd., Class A | 3.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Future Financial and Technology ETF to iShares FinTech Active ETF. This change became effective on October 10, 2024.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares FinTech Active ETF

Annual Shareholder Report — July 31, 2025

BPAY-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### iShares Health Innovation Active ETF

### BMED \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Health Innovation Active ETF (the "Fund") (formerly known as BlackRock Future Health ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Health Innovation Active ETF | $83 | 0.85% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned (4.96)%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87%, the STOXX Global Breakthrough Healthcare Index (Net) returned (2.26)%, and the MSCI ACWI SMID Growth Health Care Index (Net) returned 3.39%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to returns. The medical device company rose on the strength of a year-over-year revenue increase in the second quarter of 2025. In addition, it produced robust organic growth in its cardiovascular segment behind high demand for key products. Gilead Sciences, Inc. also contributed to returns. Shares of the pharmaceutical stock rose due to strong earnings beats and increased guidance for 2025. Gilead experienced robust growth in key HIV and oncology franchises, with products such as Biktarvy and Trodelvy showing significant sales increases. In addition, investors anticipated the upcoming launch of a highly effective twice-yearly HIV prevention treatment. Rhythm Pharmaceuticals, Inc. further contributed to returns. The company reported positive clinical trial results for its drug Bivamelagon, which targets acquired hypothalamic obesity, and it benefited from investor optimism fueled by favorable FDA designations.

What detracted from performance?

Sarepta Therapeutics, Inc. was the largest detractor. The pharmaceutical stock sold off due to patient fatalities from acute liver failure linked to its Duchenne muscular dystrophy drug Elevidys, leading to shipment suspensions and paused clinical trials. Bio-Techne Corp. also detracted from returns. The shares fell as a result of a very large impairment charge related to the divestment of its Exosome Diagnostics business, as well as a decline in its diagnostics and spatial biology division sales. Danaher Corp. further detracted. The company suffered continued earnings weakness, challenges in growth markets (including a mid-single digit decline in China), and weak demand in its diagnostics segment.

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

#### Fund performance
Cumulative performance: September 29, 2020 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193483.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (4.96)% | (0.32)% |
| MSCI All Country World Index (Net) | 15.87 | 12.73 |
| STOXX Global Breakthrough Healthcare Index (Net) | (2.26) | (1.78) |
| MSCI ACWI SMID Growth Health Care Index (Net) | 3.39 | (0.62) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3958706 |
| Number of Portfolio Holdings | &nbsp;&nbsp;114 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$29883 |
| Portfolio Turnover Rate | &nbsp;&nbsp;109% |

---

The inception date of the Fund was September 29, 2020.

Effective November 1, 2024, the Fund has changed the benchmark against which it measures its performance from the MSCI ACWI SMID Growth Health Care Index (Net) to the STOXX Global Breakthrough Healthcare Index (Net), which Fund management believes is more representative of the sectors in which the Fund invests.

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

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

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Biotechnology | 32.1% |
| Health Care Equipment & Supplies | 24.5% |
| Life Sciences Tools & Services | 22.0% |
| Pharmaceuticals | 14.8% |
| Health Care Providers & Services | 6.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Abbott Laboratories | 3.9% |
| Medtronic PLC | 3.7% |
| Edwards Lifesciences Corp. | 3.3% |
| Lonza Group AG | 3.2% |
| UCB SA | 3.1% |
| Johnson & Johnson | 3.1% |
| Boston Scientific Corp. | 2.9% |
| Insulet Corp. | 2.4% |
| Labcorp Holdings Inc. | 2.0% |
| Agilent Technologies Inc. | 2.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Future Health ETF to iShares Health Innovation Active ETF. This change became effective on October 10, 2024.

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., STOXX Ltd. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares Health Innovation Active ETF

Annual Shareholder Report — July 31, 2025

BMED-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### iShares International Country Rotation Active ETF

### CORO \| NASDAQ

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

------

This annual shareholder report contains important information about iShares International Country Rotation Active ETF (the "Fund") for the period of December 3, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Country Rotation Active ETF | $3(a) | 0.04%(b) |

---

---

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

---

How did the Fund perform during the period?

* For the reporting period ended July 31, 2025, the Fund returned 14.64%. 

* For the same period, the MSCI ACWI ex-US Index (Net) returned 13.79%. 

What contributed to performance?

China, Germany, and the United Kingdom made the largest contributions to absolute returns in the time from the Fund's inception through July 31, 2025.

China's strong performance was driven by the aggressive fiscal stimulus and monetary easing by the nation's government. Additionally, a de-escalation in the U.S.-China trade talks supported the rally in Chinese equities later in the period. Germany was also a top performer, as many of its largest, multinational companies were positioned to capitalize on the stronger growth outside of the Eurozone. SAP SE, Allianz SE, and Siemens AG, in particular, benefited from strong earnings and sector-specific tailwinds. The United Kingdom was another top contributor to returns, aided by the Bank of England's interest rate cuts and a weaker British Pound, which helped boost earnings for global companies.

What detracted from performance?

India, Denmark, and the United States were the primary detractors.

India was pressured by large outflows from foreign investors, valuation concerns, and disappointing earnings from technology and financial services companies. The negative returns for Denmark were primarily driven by Novo Nordisk A/S, a multinational pharmaceutical company that struggled due to competitive pressures, disappointing trial results, and lowered financial guidance. The weakness in the United States was largely driven by underperformance in the first three months of 2025, which was brought about by uncertainty regarding the Trump Administration's trade policies.

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

#### Fund performance
Cumulative performance: December 3, 2024 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193243.jpg)

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

#### Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10063375 |
| Number of Portfolio Holdings | &nbsp;&nbsp;33 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1903 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

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

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

Pofolio composition

---

| | |
|:---|:---|
| *Asset Class* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| International Equity | 100.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| iShares MSCI Japan ETF | 13.9% |
| iShares MSCI Canada ETF | 12.8% |
| iShares MSCI China ETF | 8.9% |
| iShares MSCI United Kingdom ETF | 6.0% |
| iShares MSCI Germany ETF | 5.9% |
| iShares MSCI Spain ETF | 5.3% |
| iShares MSCI India ETF | 4.8% |
| iShares MSCI France ETF | 4.6% |
| iShares MSCI Australia ETF | 4.3% |
| iShares MSCI South Korea ETF | 4.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares International Country Rotation Active ETF

Annual Shareholder Report — July 31, 2025

CORO-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### iShares Large Cap Core Active ETF

### BLCR \| NASDAQ

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

------

This annual shareholder report contains important information about iShares Large Cap Core Active ETF (the "Fund") (formerly known as BlackRock Large Cap Core ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Large Cap Core Active ETF | $40 | 0.36% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 19.91%. 

* For the same period, the Russell 1000<sup>®</sup> Index returned 16.54%. 

What contributed to performance?

The allocation to information technology led positive contributions, most notably holdings within the semiconductors & semiconductor equipment industry. This was followed by the allocation to financials, highlighted by holdings of financial services stocks, and the allocation to communication services sector, specifically exposure to the interactive media & services industry.

What detracted from performance?

The allocation to the healthcare sector weighed most heavily on return, specifically holdings in the life sciences tools & services industry. This was followed by the allocation to consumer staples, specifically holdings in the distribution & retail industry, and the allocation to energy, most notably holdings in the oil, gas, & consumable fuels industry.

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

#### Fund performance
Cumulative performance: October 24, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193303.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 19.91% | 25.89% |
| Russell 1000<sup>®</sup> Index | 16.54 | 27.20 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9726164 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$28168 |
| Portfolio Turnover Rate | &nbsp;&nbsp;94% |

---

The inception date of the Fund was October 24, 2023.

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

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

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Software | 15.2% |
| Semiconductors & Semiconductor Equipment | 12.8% |
| Interactive Media & Services | 8.8% |
| Financial Services | 7.7% |
| Broadline Retail | 7.5% |
| Health Care Providers & Services | 6.9% |
| Capital Markets | 6.8% |
| Entertainment | 3.7% |
| Building Products | 3.5% |
| Communications Equipment | 3.3% |
| Other<sup>\*</sup> | 23.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Microsoft Corp. | 8.7% |
| Amazon.com Inc. | 7.5% |
| Nvidia Corp. | 7.2% |
| Meta Platforms Inc., Class A | 6.7% |
| Visa Inc., Class A | 4.4% |
| Broadcom Inc. | 4.0% |
| Cardinal Health Inc. | 3.7% |
| S&P Global Inc. | 3.5% |
| Johnson Controls International PLC | 3.5% |
| Intercontinental Exchange Inc. | 3.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest industries are presented. Additional industries are found in Other.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Large Cap Core ETf to iShares Large Cap Core Active ETF. This change became effective on October 10, 2024.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares Large Cap Core Active ETF

Annual Shareholder Report — July 31, 2025

BLCR-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

### iShares Large Cap Value Active ETF

### BLCV \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Large Cap Value Active ETF (the "Fund") (formerly known as BlackRock Large Cap Value ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Large Cap Value Active ETF | $32 | 0.30% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 10.60%. 

* For the same period, the Russell 1000<sup>®</sup> Index returned 16.54%, and the Russell 1000<sup>®</sup> Value Index returned 8.79%. 

What contributed to performance?

The largest contributors to performance over the period were the financials, industrials and information technology sectors. In financials, bank holdings provided a tailwind, most notably exposure to a large U.S bank. In industrials, aerospace & defense holdings were most additive, led by exposure to a leading global aerospace company. Finally, in information technology, exposure to the communications equipment industry led contributions, highlighted by a position in a worldwide communications technology company.

What detracted from performance?

The largest detractors from performance over the period were the energy, materials and communication services sectors. In energy, exposure to the oil, gas & consumable fuels industry detracted, in particular exposure to an energy production company. In materials, holdings within the chemicals industry were a headwind to return, most notably a position in global supplier of paints. Finally, in communication services, exposure to the media industry weighed on return, in particular exposure to a major cable company.

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

#### Fund performance
Cumulative performance: May 19, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193350.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 10.60% | 17.89% |
| Russell 1000<sup>®</sup> Index | 16.54 | 22.43 |
| Russell 1000<sup>®</sup> Value Index | 8.79 | 14.71 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$53015636 |
| Number of Portfolio Holdings | &nbsp;&nbsp;66 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65706 |
| Portfolio Turnover Rate | &nbsp;&nbsp;61% |

---

The inception date of the Fund was May 19, 2023.

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

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

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Banks | 10.8% |
| Health Care Equipment & Supplies | 7.0% |
| Health Care Providers & Services | 6.6% |
| Aerospace & Defense | 5.6% |
| Professional Services | 5.0% |
| Chemicals | 4.9% |
| Electric Utilities | 4.4% |
| Capital Markets | 4.3% |
| Oil, Gas & Consumable Fuels | 3.6% |
| Food Products | 3.4% |
| Other<sup>\*</sup> | 44.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Wells Fargo & Co. | 3.5% |
| Amazon.com Inc. | 3.2% |
| SS&C Technologies Holdings Inc. | 3.1% |
| Microsoft Corp. | 3.0% |
| Citigroup Inc. | 3.0% |
| Intercontinental Exchange Inc. | 2.6% |
| L3Harris Technologies Inc. | 2.6% |
| First Citizens BancShares Inc./NC, Class A | 2.5% |
| Becton Dickinson & Co. | 2.5% |
| Medtronic PLC | 2.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest industries are presented. Additional industries are found in Other.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Large Cap Value ETF to iShares Large Cap Value Active ETF. This change became effective on October 10, 2024.

On September 17, 2024, the Fund's Board approved a contractual waiver on management fees for the Fund pursuant to which the management fee would be limited to 0.00% from October 1, 2024 to March 31, 2025. Therefore, effective October 1, 2024 through March 31, 2025, BlackRock Fund Advisors, the Fund's investment adviser, waived management fees for the Fund pursuant to which the management fee was limited to 0.00%.

The net expense ratio decreased from the prior fiscal year end primarily due to the implementation of a waiver on the Fund's investment advisory fee.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares Large Cap Value Active ETF

Annual Shareholder Report — July 31, 2025

BLCV-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

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

### DYNF \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares U.S. Equity Factor Rotation Active ETF (the "Fund") (formerly known as BlackRock U.S. Equity Factor Rotation ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Equity Factor Rotation Active ETF | $27 | 0.25% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 19.87%. 

* For the same period, the MSCI USA Index returned 16.96%. 

What contributed to performance?

Over the 12-month period, the Fund's top contributors reflected strength in U.S. mega-cap technology and sectors such as Financials, aligning with market leadership driven by AI-related tailwinds and periods of risk-on sentiment. NVIDIA, Microsoft Corp, Meta Platforms Inc and Broadcom were among the strongest contributors as U.S. mega-cap tech stocks regained dominance. JPMorgan Chase & Co also added positively as Financials benefited from curve steepening and a resilient earnings backdrop. The Fund's overweight positioning in these names also proved beneficial.

What detracted from performance?

On the downside, Lennar Corp. was the largest detractor from absolute returns, reflecting housing sector volatility and macro-driven rate sensitivity. UnitedHealth and Procter & Gamble struggled to keep pace in the risk-on rally, with investors rotating out of traditional defensives as inflation eased and growth sentiment returned. Exxon Mobil Corp and Apple Inc also detracted modestly, despite broader strength in cyclicals, due to a combination muted earnings momentum, sector-specific challenges, and less alignment with dominant market themes.

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

#### Fund performance
Cumulative performance: March 19, 2019 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193530.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 19.87% | 17.92% | 15.77% |
| MSCI USA Index | 16.96 | 15.67 | 15.36 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$21476421485 |
| Number of Portfolio Holdings | &nbsp;&nbsp;118 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$35832876 |
| Portfolio Turnover Rate | &nbsp;&nbsp;64% |

---

The inception date of the Fund was March 19, 2019.

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 34.6% |
| Financials | 18.4% |
| Communication Services | 13.8% |
| Consumer Discretionary | 9.7% |
| Industrials | 7.0% |
| Health Care | 5.5% |
| Consumer Staples | 3.7% |
| Real Estate | 2.6% |
| Utilities | 2.5% |
| Energy | 1.8% |
| Materials | 0.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 8.8% |
| Microsoft Corp. | 8.5% |
| Apple Inc. | 6.8% |
| Amazon.com Inc. | 4.8% |
| JPMorgan Chase & Co. | 4.2% |
| Meta Platforms Inc., Class A | 4.2% |
| Cisco Systems Inc. | 3.0% |
| Alphabet Inc., Class A | 2.8% |
| Berkshire Hathaway Inc., Class B | 2.7% |
| Parker-Hannifin Corp. | 2.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock U.S. Equity Factor Rotation ETF to iShares U.S. Equity Factor Rotation Active ETF. This change became effective on October 10, 2024.

Prior to November 26, 2024, the Fund's investment adviser agreed to a voluntary expense limitation of 0.20% of the Fund's average daily net assets. Effective November 26, 2024, the investment adviser terminated its voluntary expense limitation.

The net expense ratio increased from the prior fiscal year end primarily due to the elimination of a voluntary expense limitation.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares U.S. Equity Factor Rotation Active ETF

Annual Shareholder Report — July 31, 2025

DYNF-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

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

### INRO \| NASDAQ

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

------

This annual shareholder report contains important information about iShares U.S. Industry Rotation Active ETF (the "Fund") (formerly known as BlackRock U.S. Industry Rotation ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Industry Rotation Active ETF | $45 | 0.42% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 15.37%. 

* For the same period, the MSCI USA Index returned 16.96%. 

What contributed to performance?

Positions in the semiconductor, interactive media & services, and software industries made the largest contributions to the Fund's absolute return.

Nvidia Corp. and Broadcom, Inc. led performance in the semiconductor industry. Semis rallied behind strong chip demand from mega-cap tech companies' investments in artificial intelligence (AI) infrastructure. Meta Platforms, Inc., which benefited from rising advertising growth, was the leading contributor in the interactive media & services industry. In software, Microsoft Corp.—which benefited from the investments in AI and the integration of AI in its product suite—was the most notable contributor.

What detracted from performance?

Thermo Fisher Scientific Corp., a life sciences and clinical research company, was the main detractor in the life sciences tools & services industry. Biotechnology companies generally reined in product spending in 2024, pressuring the company's revenues. UnitedHealth Group, Inc., which fell due to its exposure to government-funded healthcare programs that could be vulnerable to policy shifts and budgetary constraints, was the largest detractor in healthcare providers & services. In pharmaceuticals, Eli Lilly & Co.—which was hurt by disappointing clinical trial results and high discontinuation rates of key drugs due to adverse side effects—was the primary detractor.

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

#### Fund performance
Cumulative performance: March 26, 2024 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193290.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 15.37% | 14.66% |
| MSCI USA Index | 16.96 | 17.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$29217016 |
| Number of Portfolio Holdings | &nbsp;&nbsp;463 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$85166 |
| Portfolio Turnover Rate | &nbsp;&nbsp;227% |

---

The inception date of the Fund was March 26, 2024.

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 35.1% |
| Financials | 14.5% |
| Communication Services | 14.1% |
| Consumer Discretionary | 9.6% |
| Industrials | 7.7% |
| Real Estate | 5.9% |
| Health Care | 5.1% |
| Energy | 3.3% |
| Utilities | 3.0% |
| Materials | 1.0% |
| Consumer Staples | 0.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 8.3% |
| Microsoft Corp. | 7.0% |
| Apple Inc. | 6.4% |
| Meta Platforms Inc., Class A | 4.0% |
| Amazon.com Inc. | 3.9% |
| Alphabet Inc., Class A | 2.6% |
| Broadcom Inc. | 2.5% |
| Alphabet Inc., Class C | 2.3% |
| T-Mobile U.S. Inc. | 1.7% |
| JPMorgan Chase & Co. | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock U.S. Industry Rotation ETF to iShares U.S. Industry Rotation Active ETF. This change became effective on October 10, 2024.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares U.S. Industry Rotation Active ETF

Annual Shareholder Report — July 31, 2025

INRO-07/25-AR

![TSR - BLK BlackRock Logo](g934758images_5225.jpg)

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

### THRO \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares U.S. Thematic Rotation Active ETF (the "Fund") (formerly known as BlackRock Future U.S. Themes ETF) for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 474-2737.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Thematic Rotation Active ETF | $62 | 0.57% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 17.06%. 

* For the same period, the S&P 500<sup>®</sup> Index returned 16.33%. 

What contributed to performance?

Positive contributions to performance were led by holdings within the information technology, consumer staples and healthcare sectors. In terms of individual stocks, consistent with the Fund's thematic exposure to artificial intelligence-driven spending, the largest contributor was NVIDIA Corp. as the chipmaker benefited from strong demand which supported consistently above-expectations earnings reports. In a similar vein, shares of Microsoft Corp. rallied on investor enthusiasm around artificial intelligence and digital infrastructure. Social media company Meta Platforms Inc. and chipmaker Broadcom Inc. were also viewed as leading beneficiaries of artificial intelligence spending. Within consumer staples, consistent with the Fund's thematic exposure to budget-focused consumers, Walmart Inc. added meaningfully as the company delivered consistent results amid changing consumer dynamics.

What detracted from performance?

On the downside, the largest detractors were Apple Inc., UnitedHealth Group Inc., Marsh & McLennan Inc., Eli Lilly and Fiserv Inc. Among mega cap-technology stocks, Apple was a laggard with exposure to tariff risks and the market's perception of the firm's relatively weak artificial intelligence capabilities. Within healthcare, despite the Fund's underweight exposure, UnitedHealth was a leading detractor as health insurers remained under pressure and sentiment surrounding the firm remained weak. Shares of Eli Lilly pulled back on elevated competitive pressure after 2024's euphoric expectations for GLP-1 weight loss drugs. Sentiment around insurance brokerage Marsh & McLennan and digital payments company Fiserv suffered from a pullback in demand for professional services and global fintech offerings amid a volatile geopolitical and macroeconomic backdrop.

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

#### Fund performance
Cumulative performance: December 14, 2021 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g934758chartimages_6193410.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 17.06% | 11.64% |
| S&P 500<sup>®</sup> Index | 16.33 | 10.67 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5100165408 |
| Number of Portfolio Holdings | &nbsp;&nbsp;279 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$5838865 |
| Portfolio Turnover Rate | &nbsp;&nbsp;45% |

---

The inception date of the Fund was December 14, 2021.

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

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

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Semiconductors & Semiconductor Equipment | 14.5% |
| Software | 13.7% |
| Interactive Media & Services | 8.0% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Health Care Equipment & Supplies | 5.2% |
| Broadline Retail | 4.7% |
| Electronic Equipment, Instruments & Components | 3.4% |
| Specialty Retail | 3.3% |
| Machinery | 2.8% |
| Insurance | 2.8% |
| Other<sup>\*</sup> | 34.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Nvidia Corp. | 9.2% |
| Apple Inc. | 6.2% |
| Microsoft Corp. | 5.5% |
| Amazon.com Inc. | 4.2% |
| Meta Platforms Inc., Class A | 4.0% |
| Broadcom Inc. | 2.6% |
| Alphabet Inc., Class A | 2.2% |
| Boston Scientific Corp. | 2.1% |
| Amphenol Corp., Class A | 1.9% |
| Alphabet Inc., Class C | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest industries are presented. Additional industries are found in Other.</sup>

#### Material Fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 474-2737.

On July 30, 2024, the Fund's Board approved a proposal to change the name of the Fund from BlackRock Future U.S. Themes ETF to iShares U.S. Thematic Rotation Active ETF and the ticker from BTHM to THRO. These changes became effective on October 10, 2024.

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

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

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

![TSR - BLK BlackRock Logo Footer](g934758images_5224.jpg)

iShares U.S. Thematic Rotation Active ETF

Annual Shareholder Report — July 31, 2025

THRO-07/25-AR

------

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

---

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

---

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

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

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

Item 4 – Principal Accountant Fees and Services

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; BlackRock U.S. Carbon Transition Readiness ETF | $16362 | $16362 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; BlackRock World ex U.S. Carbon Transition Readiness ETF | $13433 | $13433 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares FinTech Active ETF | $16362 | $16362 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Health Innovation Active ETF | $13433 | $13433 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares International Country Rotation Active ETF | $14746 | $0 | $0 | $0 | $10185 | N/A | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Large Cap Core Active ETF | $13433 | $12000 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares Large Cap Value Active ETF | $13433 | $13433 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; iShares U.S. Equity Factor Rotation Active ETF<br>| $13433 | $13433 | $0 | $0 | $10185 | $9700 | $0 | $0 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; iShares U.S. Industry Rotation Active ETF | $13433 | $12000 | $0 | $10185 | $9700 | $0 |
| &nbsp;&nbsp;&nbsp; iShares U.S. Thematic Rotation Active ETF | $13433 | $0 | $0 | $10185 | $0 | $0 |

---

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

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

---

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

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

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

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

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

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current<br>Fiscal Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u> <u>Year<br>End</u>** |
| &nbsp;&nbsp;&nbsp; BlackRock U.S. Carbon Transition Readiness ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; BlackRock World ex U.S. Carbon Transition Readiness<br> ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares FinTech Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Health Innovation Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares International Country Rotation Active ETF | $10185 | N/A |
| &nbsp;&nbsp;&nbsp; iShares Large Cap Core Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares Large Cap Value Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares U.S. Equity Factor Rotation Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares U.S. Industry Rotation Active ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp; iShares U.S. Thematic Rotation Active ETF | $10185 | $0 |

---

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

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

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

Item 5 – Audit Committee of Listed Registrant

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

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Item 6 – Investments

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

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

------

July 31, 2025

![](g934758img82891eb21.jpg)

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust** |
| • BlackRock U.S. Carbon Transition Readiness ETF \| LCTU \| NYSE Arca |
| • BlackRock World ex U.S. Carbon Transition Readiness ETF \| LCTD \| NYSE Arca |
| • iShares FinTech Active ETF \| BPAY \| NYSE Arca |
| • iShares Health Innovation Active ETF \| BMED \| NYSE Arca |
| • iShares International Country Rotation Active ETF \| CORO \| NASDAQ |
| • iShares Large Cap Core Active ETF \| BLCR \| NASDAQ |
| • iShares Large Cap Value Active ETF \| BLCV \| NYSE Arca |
| • iShares U.S. Equity Factor Rotation Active ETF \| DYNF \| NYSE Arca |
| • iShares U.S. Industry Rotation Active ETF \| INRO \| NASDAQ |
| • iShares U.S. Thematic Rotation Active ETF \| THRO \| NYSE Arca |

---

&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 |
| [Schedules of Investments](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_SOIs-Footer-BLKReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_FS-Footer-BLKReport-1159_1)  | &nbsp;&nbsp; 42 |
| [Statements of Operations](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_FS-Footer-BLKReport-1159_4)  | &nbsp;&nbsp; 45 |
| [Statements of Changes in Net Assets](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_FS-Footer-BLKReport-1159_7)  | &nbsp;&nbsp; 48 |
| [Financial Highlights](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_FS-Footer-BLKReport-1159_12)  | &nbsp;&nbsp; 53 |
| [Notes to Financial Statements](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_NTFS-Footer-BLKReport_1)  | &nbsp;&nbsp; 63 |
| [Report of Independent Registered Public Accounting Firm](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_opinion-Footer-BLKReport_1)  | &nbsp;&nbsp; 79 |
| [Important Tax Information](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_Tax-annual-Footer-BLKReport_1)  | &nbsp;&nbsp; 80 |
| [Additional Information](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_ADI-Footer-BLKReport-581_1)  | &nbsp;&nbsp; 81 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_15C-Footer-BLKReport-1159_1)  | &nbsp;&nbsp; 82 |
| [Glossary of Terms Used in these Financial Statements](#xx_31dec2bf-e928-4007-b59e-d0ae8779a2dc_Abbreviations-Footer-BLKReport-581_1)  | &nbsp;&nbsp; 87 |

---

------

Schedule of Investments

July 31, 2025

**BlackRock U.S. Carbon Transition Readiness ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| ATI Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10995 | $845955 |
| General Electric Co. | &nbsp;&nbsp; 51058 | 13840803 |
| Hexcel Corp. | &nbsp;&nbsp; 17838 | 1068675 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 5958 | 1637377 |
| Rocket Lab Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8909 | 409101 |
| RTX Corp. | &nbsp;&nbsp; 52482 | 8269589 |
| Spirit AeroSystems Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44954 | 1771188 |
|  |  | 27842688 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 53026 | 6114958 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 20319 | 2361881 |
|  |  | 8476839 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| BorgWarner Inc. | &nbsp;&nbsp; 4761 | 175205 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| Lucid Group Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 206857 | 508868 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 56602 | 728468 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66132 | 20386512 |
|  |  | 21623848 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 67395 | 3185762 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 17695 | 844405 |
| Fifth Third Bancorp | &nbsp;&nbsp; 11410 | 474314 |
| FNB Corp. | &nbsp;&nbsp; 139213 | 2132743 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 67216 | 19912068 |
| KeyCorp | &nbsp;&nbsp; 496717 | 8901169 |
| Pinnacle Financial Partners Inc. | &nbsp;&nbsp; 4 | 351 |
| Popular Inc. | &nbsp;&nbsp; 1128 | 129246 |
| Truist Financial Corp. | &nbsp;&nbsp; 16537 | 722832 |
| U.S. Bancorp | &nbsp;&nbsp; 108633 | 4884140 |
| Wells Fargo & Co. | &nbsp;&nbsp; 58882 | 4747656 |
|  |  | 45934686 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Brown-Forman Corp., Class B  | &nbsp;&nbsp; 10 | 288 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 127949 | 8686457 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 53481 | 1746155 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15240 | 895350 |
| PepsiCo Inc. | &nbsp;&nbsp; 32566 | 4491503 |
|  |  | 15819753 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie Inc. | &nbsp;&nbsp; 36541 | 6906980 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5817 | 2281660 |
| Amgen Inc. | &nbsp;&nbsp; 14111 | 4164156 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16166 | 2069248 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 68059 | 7642345 |
| Natera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12234 | 1635196 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 1162 | 633825 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7331 | 3349314 |
|  |  | 28682724 |
| **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 189157 | 44283545 |
| eBay Inc. | &nbsp;&nbsp; 64898 | 5954392 |
| Etsy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53452 | 3114648 |
|  |  | 53352585 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Fortune Brands Innovations Inc. | &nbsp;&nbsp; 6 | 327 |
| Johnson Controls International PLC | &nbsp;&nbsp; 4121 | 432705 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Trane Technologies PLC | &nbsp;&nbsp; 13934 | $6104207 |
|  |  | 6537239 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 3123 | 1618307 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 22445 | 4164221 |
| Carlyle Group Inc. (The) | &nbsp;&nbsp; 16608 | 1007441 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 631 | 238367 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 21969 | 15896549 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 4422 | 289906 |
| KKR & Co. Inc. | &nbsp;&nbsp; 24744 | 3626976 |
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 5484 | 2170183 |
| MarketAxess Holdings Inc. | &nbsp;&nbsp; 2 | 411 |
| Moody's Corp. | &nbsp;&nbsp; 1485 | 765859 |
| Nasdaq Inc. | &nbsp;&nbsp; 94734 | 9115305 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18472 | 1903540 |
| S&P Global Inc. | &nbsp;&nbsp; 15594 | 8593853 |
| XP Inc., Class A | &nbsp;&nbsp; 29141 | 470336 |
|  |  | 49861254 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Albemarle Corp. | &nbsp;&nbsp; 20041 | 1359782 |
| Ecolab Inc. | &nbsp;&nbsp; 52466 | 13733500 |
| FMC Corp. | &nbsp;&nbsp; 28975 | 1131184 |
| PPG Industries Inc. | &nbsp;&nbsp; 17394 | 1835067 |
|  |  | 18059533 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Clean Harbors Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10437 | 2461149 |
| Veralto Corp. | &nbsp;&nbsp; 29698 | 3113242 |
| Waste Management Inc. | &nbsp;&nbsp; 10020 | 2296183 |
|  |  | 7870574 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| Cisco Systems Inc. | &nbsp;&nbsp; 211227 | 14380334 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 1240 | 544335 |
|  |  | 14924669 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| AECOM | &nbsp;&nbsp; 50748 | 5721329 |
| MasTec Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1917 | 362716 |
| Quanta Services Inc. | &nbsp;&nbsp; 2551 | 1036038 |
|  |  | 7120083 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| CRH PLC | &nbsp;&nbsp; 66887 | 6384364 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| Capital One Financial Corp. | &nbsp;&nbsp; 38613 | 8301795 |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| Costco Wholesale Corp. | &nbsp;&nbsp; 9946 | 9345659 |
| Dollar General Corp. | &nbsp;&nbsp; 1362 | 142874 |
| Sprouts Farmers Market Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1299 | 196851 |
| Sysco Corp. | &nbsp;&nbsp; 43460 | 3459416 |
| Target Corp. | &nbsp;&nbsp; 31966 | 3212583 |
| Walgreens Boots Alliance Inc. | &nbsp;&nbsp; 39841 | 463749 |
| Walmart Inc. | &nbsp;&nbsp; 59035 | 5784249 |
|  |  | 22605381 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Avery Dennison Corp. | &nbsp;&nbsp; 12307 | 2064745 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Frontier Communications Parent Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12 | 441 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 19190 | 192284 |
| Verizon Communications Inc. | &nbsp;&nbsp; 81844 | 3499649 |
|  |  | 3692374 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock U.S. Carbon Transition Readiness ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| Constellation Energy Corp. | &nbsp;&nbsp; 5462 | $1899902 |
| Edison International | &nbsp;&nbsp; 23639 | 1232065 |
| Eversource Energy | &nbsp;&nbsp; 107895 | 7131859 |
| NextEra Energy Inc. | &nbsp;&nbsp; 44542 | 3165155 |
| NRG Energy Inc. | &nbsp;&nbsp; 5980 | 999856 |
| PG&E Corp. | &nbsp;&nbsp; 126492 | 1773418 |
|  |  | 16202255 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 23521 | 9048999 |
| GE Vernova Inc. | &nbsp;&nbsp; 6642 | 4385647 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 13219 | 5783048 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 410 | 144201 |
|  |  | 19361895 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7163 | 357219 |
| Jabil Inc. | &nbsp;&nbsp; 3937 | 878620 |
| Trimble Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18833 | 1579900 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1901 | 644477 |
|  |  | 3460216 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 190223 | 8569546 |
| TechnipFMC PLC | &nbsp;&nbsp; 96705 | 3517161 |
|  |  | 12086707 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Liberty Media Corp-Liberty Live, Class A<sup>(a)</sup> | &nbsp;&nbsp; 4843 | 396157 |
| Liberty Media Corp-Liberty Live, Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 5274 | 444229 |
| Live Nation Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23322 | 3444659 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12737 | 14767278 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6350 | 874967 |
| Roku Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5392 | 507711 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 2128 | 1333277 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 28637 | 3410953 |
|  |  | 25179231 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| Affirm Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2565 | 175856 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 14217 | 2066015 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 44213 | 20863231 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37100 | 2866346 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 39224 | 22219219 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20357 | 1399747 |
| Toast Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14643 | 715164 |
| Visa Inc., Class A | &nbsp;&nbsp; 16528 | 5709928 |
|  |  | 56015506 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Bunge Global SA | &nbsp;&nbsp; 9852 | 785795 |
| Ingredion Inc. | &nbsp;&nbsp; 2 | 263 |
| McCormick & Co. Inc./MD, NVS | &nbsp;&nbsp; 64058 | 4524417 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 71471 | 4623459 |
|  |  | 9933934 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 18528 | 2668958 |
| Lyft Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9527 | 133950 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 72396 | 6352749 |
|  |  | 9155657 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| Abbott Laboratories | &nbsp;&nbsp; 56849 | 7173775 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 19222 | 3426322 |
| Dentsply Sirona Inc. | &nbsp;&nbsp; 95625 | 1368394 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 30500 | 2418955 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29983 | 2003464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3664 | $1056698 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7571 | 3642332 |
| Masimo Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1456 | 223918 |
| Medtronic PLC | &nbsp;&nbsp; 20188 | 1821765 |
|  |  | 23135623 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| Cencora Inc. | &nbsp;&nbsp; 7998 | 2288068 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11931 | 311041 |
| Cigna Group (The) | &nbsp;&nbsp; 4713 | 1260162 |
| CVS Health Corp. | &nbsp;&nbsp; 38096 | 2365762 |
| DaVita Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7439 | 1044212 |
| Elevance Health Inc. | &nbsp;&nbsp; 10028 | 2838726 |
| Humana Inc. | &nbsp;&nbsp; 15330 | 3830507 |
| McKesson Corp. | &nbsp;&nbsp; 1888 | 1309404 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 12162 | 3035149 |
|  |  | 18283031 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 43267 | 732943 |
| Ventas Inc. | &nbsp;&nbsp; 12496 | 839481 |
| Welltower Inc. | &nbsp;&nbsp; 1352 | 223175 |
|  |  | 1795599 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16180 | 4598356 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Booking Holdings Inc. | &nbsp;&nbsp; 1262 | 6946124 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 25826 | 768840 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5733 | 245831 |
| DoorDash Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2705 | 676926 |
| Expedia Group Inc. | &nbsp;&nbsp; 9936 | 1790666 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 1747 | 528048 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 29118 | 1525783 |
| McDonald's Corp. | &nbsp;&nbsp; 5892 | 1768012 |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp; 45917 | 1673675 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 17287 | 5495019 |
| Starbucks Corp. | &nbsp;&nbsp; 31799 | 2835199 |
| Wendy's Co. (The) | &nbsp;&nbsp; 67973 | 669534 |
| Yum! Brands Inc. | &nbsp;&nbsp; 50701 | 7308549 |
|  |  | 32232206 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 24115 | 2261264 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 133390 | 11184751 |
|  |  | 13446015 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| Honeywell International Inc. | &nbsp;&nbsp; 15435 | 3431972 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| Prologis Inc. | &nbsp;&nbsp; 57093 | 6096391 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 13524 | 2748753 |
| American Financial Group Inc./OH | &nbsp;&nbsp; 3636 | 454136 |
| American International Group Inc. | &nbsp;&nbsp; 2376 | 184449 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 36323 | 3125957 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 20665 | 5936021 |
| Assured Guaranty Ltd. | &nbsp;&nbsp; 18191 | 1538595 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 12967 | 1912762 |
| Everest Group Ltd. | &nbsp;&nbsp; 352 | 118202 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 5840 | 329551 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 28994 | 3606564 |
| Kemper Corp. | &nbsp;&nbsp; 26002 | 1601463 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 10938 | 851305 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock U.S. Carbon Transition Readiness ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Reinsurance Group of America Inc. | &nbsp;&nbsp; 3618 | $696284 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 7968 | 2073592 |
| W R Berkley Corp. | &nbsp;&nbsp; 11833 | 814229 |
|  |  | 25991863 |
| **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 121722 | 23358452 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 101212 | 19519746 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 50714 | 39224236 |
| Reddit Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 916 | 147101 |
|  |  | 82249535 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 32752 | 8748059 |
| DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 272 |
| Globant SA<sup>(a)</sup> | &nbsp;&nbsp; 5820 | 490393 |
| International Business Machines Corp. | &nbsp;&nbsp; 21758 | 5508038 |
| MongoDB Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 604 | 143686 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16138 | 1578296 |
| Twilio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3819 | 492651 |
|  |  | 16961395 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| YETI Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12 | 441 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Agilent Technologies Inc. | &nbsp;&nbsp; 22795 | 2617094 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24266 | 2492361 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11271 | 3254614 |
|  |  | 8364069 |
| **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
| Caterpillar Inc. | &nbsp;&nbsp; 9787 | 4286902 |
| Cummins Inc. | &nbsp;&nbsp; 14673 | 5394088 |
| Deere & Co. | &nbsp;&nbsp; 4018 | 2106919 |
| Flowserve Corp. | &nbsp;&nbsp; 5420 | 303737 |
| IDEX Corp. | &nbsp;&nbsp; 2 | 327 |
| Oshkosh Corp. | &nbsp;&nbsp; 18278 | 2312715 |
| PACCAR Inc. | &nbsp;&nbsp; 12591 | 1243487 |
| Stanley Black & Decker Inc. | &nbsp;&nbsp; 2443 | 165269 |
| Xylem Inc./New York | &nbsp;&nbsp; 9639 | 1393992 |
|  |  | 17207436 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Interpublic Group of Companies Inc. (The) | &nbsp;&nbsp; 136562 | 3359425 |
| Paramount Global, Class B, NVS | &nbsp;&nbsp; 42 | 528 |
|  |  | 3359953 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 7986 | 369352 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 4723 | 1177869 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 6592 | 265262 |
| Newmont Corp. | &nbsp;&nbsp; 21096 | 1310062 |
|  |  | 3122545 |
| **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** |
| AGNC Investment Corp. | &nbsp;&nbsp; 22 | 207 |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| CMS Energy Corp. | &nbsp;&nbsp; 5130 | 378594 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 22946 | 2374911 |
| NiSource Inc. | &nbsp;&nbsp; 29271 | 1242554 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 107928 | 9690855 |
| Sempra | &nbsp;&nbsp; 43849 | 3581586 |
|  |  | 17268500 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| BXP Inc. | &nbsp;&nbsp; 24434 | 1598717 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 19080 | 703289 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| Vornado Realty Trust | &nbsp;&nbsp; 7110 | $273166 |
|  |  | 2575172 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| Antero Midstream Corp. | &nbsp;&nbsp; 12013 | 220439 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 6268 | 1478496 |
| Chevron Corp. | &nbsp;&nbsp; 29612 | 4490364 |
| ConocoPhillips | &nbsp;&nbsp; 17931 | 1709541 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 57591 | 6429459 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 16509 | 2809667 |
| ONEOK Inc. | &nbsp;&nbsp; 73537 | 6038123 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 334 | 323355 |
| Valero Energy Corp. | &nbsp;&nbsp; 12918 | 1773771 |
|  |  | 25273215 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 98582 | 1132707 |
| United Airlines Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4183 | 369401 |
|  |  | 1502108 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 16442 | 1534696 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 17105 | 740818 |
| Eli Lilly & Co. | &nbsp;&nbsp; 20800 | 15393456 |
| Johnson & Johnson | &nbsp;&nbsp; 5471 | 901292 |
| Merck & Co. Inc. | &nbsp;&nbsp; 58427 | 4564317 |
| Pfizer Inc. | &nbsp;&nbsp; 232754 | 5420841 |
|  |  | 27020724 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 8460 | 2618370 |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 37456 | 5313883 |
| KBR Inc. | &nbsp;&nbsp; 7448 | 348119 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 2267 | 361927 |
| Parsons Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11077 | 821913 |
|  |  | 9464212 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| CBRE Group Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28537 | 4444352 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Federal Realty Investment Trust | &nbsp;&nbsp; 2049 | 188836 |
| Regency Centers Corp. | &nbsp;&nbsp; 14500 | 1035300 |
| Simon Property Group Inc. | &nbsp;&nbsp; 2786 | 456319 |
|  |  | 1680455 |
| **Semiconductors & Semiconductor Equipment — 12.2%** | **Semiconductors & Semiconductor Equipment — 12.2%** | **Semiconductors & Semiconductor Equipment — 12.2%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 46575 | 8211638 |
| Analog Devices Inc. | &nbsp;&nbsp; 19955 | 4482492 |
| Applied Materials Inc. | &nbsp;&nbsp; 27405 | 4934544 |
| Broadcom Inc. | &nbsp;&nbsp; 99940 | 29352378 |
| Enphase Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18753 | 606847 |
| Intel Corp. | &nbsp;&nbsp; 88048 | 1743351 |
| KLA Corp. | &nbsp;&nbsp; 2333 | 2050777 |
| Lam Research Corp. | &nbsp;&nbsp; 64988 | 6163462 |
| Marvell Technology Inc. | &nbsp;&nbsp; 16755 | 1346599 |
| Micron Technology Inc. | &nbsp;&nbsp; 10738 | 1171945 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 597 | 424610 |
| Nvidia Corp. | &nbsp;&nbsp; 535756 | 95294920 |
| Qualcomm Inc. | &nbsp;&nbsp; 23165 | 3399696 |
| Universal Display Corp. | &nbsp;&nbsp; 3943 | 569369 |
|  |  | 159752628 |
| **Software — 11.6%** | **Software — 11.6%** | **Software — 11.6%** |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13452 | 4811646 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2540 | 992378 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock U.S. Carbon Transition Readiness ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7166 | $1374295 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45383 | 13756041 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8515 | 3104314 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5042 | 2291942 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24155 | 1827084 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14939 | 1492406 |
| Gen Digital Inc. | &nbsp;&nbsp; 111900 | 3299931 |
| Guidewire Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2501 | 565776 |
| HubSpot Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1079 | 560702 |
| Intuit Inc. | &nbsp;&nbsp; 7775 | 6104386 |
| Microsoft Corp. | &nbsp;&nbsp; 139507 | 74426984 |
| MicroStrategy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2528 | 1015902 |
| Oracle Corp. | &nbsp;&nbsp; 29911 | 7590514 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44850 | 7101998 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23061 | 4003390 |
| Salesforce Inc. | &nbsp;&nbsp; 20406 | 5271482 |
| Samsara Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3936 | 149686 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5931 | 5593645 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2588 | 1639420 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5857 | 1343479 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22407 | 1659238 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5617 | 1603991 |
|  |  | 151580630 |
| **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** |
| American Tower Corp. | &nbsp;&nbsp; 3227 | 672474 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 393781 | 12837261 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 92684 | 2321734 |
|  |  | 15831469 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Best Buy Co. Inc. | &nbsp;&nbsp; 24151 | 1571264 |
| Burlington Stores Inc.<sup>(a)</sup> | &nbsp;&nbsp; 902 | 246210 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 552 | 215374 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 18945 | 425315 |
| Gap Inc. (The) | &nbsp;&nbsp; 10470 | 203746 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 18415 | 6767697 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 74864 | 9322814 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2082 | 1072251 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 8661 | 1620040 |
|  |  | 21444711 |
| **Technology Hardware, Storage & Peripherals — 5.6%** | **Technology Hardware, Storage & Peripherals — 5.6%** | **Technology Hardware, Storage & Peripherals — 5.6%** |
| Apple Inc. | &nbsp;&nbsp; 341848 | 70957389 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 57673 | $1193255 |
| HP Inc. | &nbsp;&nbsp; 19720 | 489056 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9626 | 567645 |
|  |  | 73207345 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10671 | 1132940 |
| Lululemon Athletica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 475 | 95252 |
| Nike Inc., Class B | &nbsp;&nbsp; 36797 | 2748368 |
| PVH Corp. | &nbsp;&nbsp; 5428 | 398524 |
| Ralph Lauren Corp., Class A | &nbsp;&nbsp; 6047 | 1806541 |
| Tapestry Inc. | &nbsp;&nbsp; 37381 | 4038269 |
|  |  | 10219894 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| WW Grainger Inc. | &nbsp;&nbsp; 5648 | 5871322 |
| **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 39492 | 9415288 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $979,825,757)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $979,825,757)** | 1299089098 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 3273391 | 3274700 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 6480000 | 6480000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $9,754,561)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $9,754,561)** | 9754700 |
| **Total Investments — 100.2%** <br>**(Cost: $989,580,318)** | **Total Investments — 100.2%** <br>**(Cost: $989,580,318)** | 1308843798 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (2496375)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1306347423 |

---

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock U.S. Carbon Transition Readiness ETF**

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $3783917 | $—<br> $(505705 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(2831)<br>| $(681)<br>| $3274700 | 3273391 | $24882 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 13320000 | —<br> (6840000 )<sup>(a)</sup><br>|  |  | 6480000 | 6480000 | 449702 |  |
|  |  |  | $(2831) | $(681) | $9754700 |  | $474584 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P 500 E-Mini Index | 19 | 09/19/25 | &nbsp;&nbsp; $6056 | $233831 |

---

**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; $233831 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233831 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1236195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1236195 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $126171 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $126171 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9194606 |

---

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock U.S. Carbon Transition Readiness ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1299089098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1299089098 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9754700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9754700 |
|  | &nbsp;&nbsp; $1308843798 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1308843798 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $233831 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233831 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**BlackRock World ex U.S. Carbon Transition Readiness ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.1%** | **Australia — 6.1%** | **Australia — 6.1%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 9345 | $183382 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 3384 | 151525 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 23072 | 349778 |
| Brambles Ltd. | &nbsp;&nbsp; 120271 | 1840079 |
| Cochlear Ltd. | &nbsp;&nbsp; 1631 | 332973 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 22404 | 2543515 |
| Goodman Group | &nbsp;&nbsp; 1542 | 34477 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 2459 | 64542 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 13022 | 1803357 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 16140 | 400541 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 49257 | 730689 |
| REA Group Ltd. | &nbsp;&nbsp; 2637 | 401697 |
| Santos Ltd. | &nbsp;&nbsp; 91232 | 459069 |
| Stockland | &nbsp;&nbsp; 91582 | 324684 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 34309 | 459904 |
| Transurban Group | &nbsp;&nbsp; 239282 | 2117603 |
| Westpac Banking Corp. | &nbsp;&nbsp; 87708 | 1893627 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 2588 | 52247 |
|  |  | 14143689 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp; 2860 | 261530 |
| OMV AG | &nbsp;&nbsp; 906 | 46141 |
| Verbund AG | &nbsp;&nbsp; 4429 | 329781 |
|  |  | 637452 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 3120 | 179377 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 537 | 360665 |
| UCB SA | &nbsp;&nbsp; 5278 | 1134004 |
|  |  | 1674046 |
| **Canada — 12.1%** | **Canada — 12.1%** | **Canada — 12.1%** |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 13022 | 676663 |
| Bank of Montreal | &nbsp;&nbsp; 3367 | 371643 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 16087 | 895025 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 3994 | 246281 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 1834 | 122845 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 15777 | 576949 |
| Cameco Corp. | &nbsp;&nbsp; 8670 | 650938 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 40428 | 2889423 |
| Canadian National Railway Co. | &nbsp;&nbsp; 5315 | 496287 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3029 | 605560 |
| CGI Inc. | &nbsp;&nbsp; 3102 | 299051 |
| Dollarama Inc. | &nbsp;&nbsp; 2031 | 277592 |
| Enbridge Inc. | &nbsp;&nbsp; 24643 | 1116013 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 10086 | 1606656 |
| George Weston Ltd. | &nbsp;&nbsp; 267 | 50735 |
| GFL Environmental Inc. | &nbsp;&nbsp; 1904 | 95887 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 6357 | 622257 |
| Intact Financial Corp. | &nbsp;&nbsp; 2684 | 554776 |
| Keyera Corp. | &nbsp;&nbsp; 9501 | 298278 |
| Lundin Gold Inc. | &nbsp;&nbsp; 2063 | 95482 |
| Manulife Financial Corp. | &nbsp;&nbsp; 39366 | 1217971 |
| National Bank of Canada | &nbsp;&nbsp; 10512 | 1093457 |
| Pan American Silver Corp. | &nbsp;&nbsp; 33592 | 907440 |
| Power Corp. of Canada | &nbsp;&nbsp; 6682 | 269286 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 5063 | 343550 |
| Royal Bank of Canada | &nbsp;&nbsp; 22078 | 2832887 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9645 | 1178965 |
| Stantec Inc. | &nbsp;&nbsp; 7753 | 847481 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 2645 | 85768 |
| TELUS Corp. | &nbsp;&nbsp; 89110 | 1435432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 12335 | $898418 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 17522 | 1602474 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 19422 | 146618 |
| WSP Global Inc. | &nbsp;&nbsp; 12842 | 2644214 |
|  |  | 28052302 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 1379 | 171916 |
| Danske Bank A/S | &nbsp;&nbsp; 2185 | 86682 |
| DSV A/S | &nbsp;&nbsp; 2077 | 465424 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 1379 | 296895 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 27144 | 1262412 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 9989 | 646264 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 1624 | 76542 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 2100 | 92023 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 9708 | 177250 |
|  |  | 3275408 |
| **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** |
| Fortum OYJ | &nbsp;&nbsp; 1327 | 24345 |
| Kone OYJ, Class B | &nbsp;&nbsp; 894 | 54899 |
| Neste OYJ | &nbsp;&nbsp; 11412 | 180111 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 25283 | 271379 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 37573 | 1038082 |
|  |  | 1568816 |
| **France — 11.3%** | **France — 11.3%** | **France — 11.3%** |
| Air Liquide SA | &nbsp;&nbsp; 164 | 32265 |
| Airbus SE | &nbsp;&nbsp; 12161 | 2445031 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 7083 | 523437 |
| Arkema SA | &nbsp;&nbsp; 897 | 60997 |
| BioMerieux | &nbsp;&nbsp; 3501 | 500938 |
| Capgemini SE | &nbsp;&nbsp; 3358 | 499927 |
| Carrefour SA | &nbsp;&nbsp; 23258 | 333310 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 2214 | 253984 |
| Covivio SA/France | &nbsp;&nbsp; 1733 | 112197 |
| Credit Agricole SA | &nbsp;&nbsp; 119424 | 2197941 |
| Dassault Systemes SE | &nbsp;&nbsp; 31109 | 1021969 |
| Engie SA | &nbsp;&nbsp; 58154 | 1307198 |
| Eurazeo SE | &nbsp;&nbsp; 2810 | 164890 |
| Gecina SA | &nbsp;&nbsp; 406 | 39899 |
| Getlink SE | &nbsp;&nbsp; 3766 | 68300 |
| Hermes International SCA | &nbsp;&nbsp; 559 | 1367028 |
| Ipsen SA | &nbsp;&nbsp; 1818 | 214219 |
| Kering SA | &nbsp;&nbsp; 878 | 215589 |
| Klepierre SA | &nbsp;&nbsp; 14542 | 555096 |
| Legrand SA | &nbsp;&nbsp; 6078 | 897761 |
| L'Oreal SA | &nbsp;&nbsp; 3940 | 1743383 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 3654 | 1961510 |
| Pernod Ricard SA | &nbsp;&nbsp; 935 | 96089 |
| Renault SA | &nbsp;&nbsp; 4522 | 167317 |
| Rexel SA | &nbsp;&nbsp; 7754 | 234360 |
| Safran SA | &nbsp;&nbsp; 3153 | 1039705 |
| Sanofi SA | &nbsp;&nbsp; 22400 | 2010862 |
| Schneider Electric SE | &nbsp;&nbsp; 11519 | 2981039 |
| Societe Generale SA | &nbsp;&nbsp; 571 | 36446 |
| Sodexo SA | &nbsp;&nbsp; 3293 | 195846 |
| STMicroelectronics NV | &nbsp;&nbsp; 16582 | 421414 |
| Thales SA | &nbsp;&nbsp; 487 | 131000 |
| TotalEnergies SE | &nbsp;&nbsp; 33331 | 1982043 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 1444 | 139980 |
| Vinci SA | &nbsp;&nbsp; 487 | 67649 |
|  |  | 26020619 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock World ex U.S. Carbon Transition Readiness ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany — 8.6%** | **Germany — 8.6%** | **Germany — 8.6%** |
| adidas AG | &nbsp;&nbsp; 1358 | $259553 |
| Allianz SE, Registered | &nbsp;&nbsp; 7044 | 2783631 |
| BASF SE | &nbsp;&nbsp; 4338 | 212602 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 10393 | 988908 |
| Commerzbank AG | &nbsp;&nbsp; 30415 | 1109108 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 29403 | 968432 |
| Evonik Industries AG | &nbsp;&nbsp; 11662 | 231585 |
| GEA Group AG | &nbsp;&nbsp; 19721 | 1416564 |
| Hannover Rueck SE | &nbsp;&nbsp; 235 | 71286 |
| Knorr-Bremse AG | &nbsp;&nbsp; 1880 | 187634 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 23603 | 1336408 |
| MTU Aero Engines AG | &nbsp;&nbsp; 223 | 96193 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 449 | 293947 |
| Rheinmetall AG | &nbsp;&nbsp; 455 | 900671 |
| SAP SE | &nbsp;&nbsp; 12304 | 3518397 |
| Siemens AG, Registered | &nbsp;&nbsp; 11749 | 2992507 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 10793 | 1249599 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 12215 | 657932 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 2071 | 274505 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 9358 | 272861 |
|  |  | 19822323 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| AIA Group Ltd. | &nbsp;&nbsp; 223600 | 2084884 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 8000 | 52072 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 437 | 67158 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 89000 | 434023 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 23000 | 335034 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 61000 | 54446 |
| Link REIT | &nbsp;&nbsp; 13900 | 77447 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 163500 | 588153 |
| Sands China Ltd. | &nbsp;&nbsp; 269200 | 651671 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 53500 | 635445 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 10500 | 94913 |
|  |  | 5075246 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 50147 | 395592 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 16897 | 226588 |
| Kingspan Group PLC | &nbsp;&nbsp; 4179 | 346823 |
|  |  | 969003 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 13925 | 261137 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 12914 | 238893 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 299 | 55674 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1562 | 642716 |
| ICL Group Ltd. | &nbsp;&nbsp; 9520 | 59309 |
| Monday.com Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 535 | 140325 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 12867 | 198795 |
|  |  | 1596849 |
| **Italy — 1.6%** | **Italy — 1.6%** | **Italy — 1.6%** |
| Eni SpA | &nbsp;&nbsp; 45031 | 768559 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 344696 | 2076883 |
| Leonardo SpA | &nbsp;&nbsp; 4382 | 236203 |
| Moncler SpA | &nbsp;&nbsp; 3438 | 183357 |
| Snam SpA | &nbsp;&nbsp; 42738 | 247678 |
| Stellantis NV | &nbsp;&nbsp; 6909 | 60973 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 227981 | 104765 |
|  |  | 3678418 |
| **Japan — 18.5%** | **Japan — 18.5%** | **Japan — 18.5%** |
| Advantest Corp. | &nbsp;&nbsp; 15400 | 1024086 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 7100 | 226794 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 20200 | $534420 |
| ANA Holdings Inc. | &nbsp;&nbsp; 2800 | 51919 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 22200 | 281631 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 59500 | 413986 |
| Asics Corp. | &nbsp;&nbsp; 32600 | 766403 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 102300 | 1060710 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 12100 | 391277 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 11000 | 527306 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 13600 | 344300 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 68800 | 544358 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 32300 | 792381 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 44300 | 1464598 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 6700 | 46644 |
| Denso Corp. | &nbsp;&nbsp; 74200 | 1006702 |
| Dentsu Group Inc. | &nbsp;&nbsp; 6300 | 124240 |
| Disco Corp. | &nbsp;&nbsp; 1600 | 472842 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 84100 | 1744421 |
| Fujikura Ltd. | &nbsp;&nbsp; 1100 | 74671 |
| Fujitsu Ltd. | &nbsp;&nbsp; 26300 | 572917 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 8800 | 229342 |
| Hitachi Ltd. | &nbsp;&nbsp; 102300 | 3130446 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 60900 | 630492 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 18300 | 117644 |
| IHI Corp. | &nbsp;&nbsp; 2200 | 244985 |
| Inpex Corp. | &nbsp;&nbsp; 5500 | 78313 |
| JFE Holdings Inc. | &nbsp;&nbsp; 5400 | 62495 |
| Kao Corp. | &nbsp;&nbsp; 38900 | 1750362 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 23200 | 327744 |
| KDDI Corp. | &nbsp;&nbsp; 8700 | 142781 |
| Komatsu Ltd. | &nbsp;&nbsp; 13200 | 425276 |
| Kubota Corp. | &nbsp;&nbsp; 88200 | 989097 |
| Kyocera Corp. | &nbsp;&nbsp; 2500 | 29511 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 4300 | 73399 |
| LY Corp. | &nbsp;&nbsp; 68500 | 250379 |
| Makita Corp. | &nbsp;&nbsp; 900 | 27862 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 6300 | 141701 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 33100 | 619712 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 34500 | 823736 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 79000 | 1088839 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 28600 | 582200 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 5900 | 198313 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 1400 | 24930 |
| NEC Corp. | &nbsp;&nbsp; 11000 | 315875 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 5300 | 442968 |
| Nippon Steel Corp. | &nbsp;&nbsp; 11200 | 215690 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 111700 | 737923 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 28000 | 1107972 |
| Olympus Corp. | &nbsp;&nbsp; 61500 | 734743 |
| Omron Corp. | &nbsp;&nbsp; 6300 | 162381 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 79100 | 884557 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 700 | 33327 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16800 | 85003 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 23200 | 282183 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 15900 | 139419 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2800 | 218428 |
| Secom Co. Ltd. | &nbsp;&nbsp; 16000 | 574611 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 27200 | 471787 |
| Sekisui House Ltd. | &nbsp;&nbsp; 2700 | 56637 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 19900 | 220779 |
| Shimadzu Corp. | &nbsp;&nbsp; 6300 | 139461 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 5600 | 93656 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 21400 | 347868 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock World ex U.S. Carbon Transition Readiness ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| SoftBank Corp. | &nbsp;&nbsp; 186000 | $268739 |
| SoftBank Group Corp. | &nbsp;&nbsp; 2000 | 152718 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 8000 | 235896 |
| Sony Group Corp. | &nbsp;&nbsp; 48200 | 1159369 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 16000 | 397035 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 31800 | 699450 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 69200 | 1745681 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 2500 | 65537 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 18300 | 201073 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5500 | 151084 |
| Terumo Corp. | &nbsp;&nbsp; 41000 | 695248 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 8400 | 337284 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 6000 | 953872 |
| Toray Industries Inc. | &nbsp;&nbsp; 190400 | 1302308 |
| Toyota Motor Corp. | &nbsp;&nbsp; 53600 | 953415 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 6200 | 142094 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 2200 | 134153 |
| Unicharm Corp. | &nbsp;&nbsp; 9700 | 67096 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 8400 | 223894 |
| ZOZO Inc. | &nbsp;&nbsp; 112200 | 1110709 |
|  |  | 42718088 |
| **Netherlands — 3.6%** | **Netherlands — 3.6%** | **Netherlands — 3.6%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 296 | 507685 |
| Akzo Nobel NV | &nbsp;&nbsp; 4575 | 287316 |
| ASML Holding NV | &nbsp;&nbsp; 3981 | 2759123 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1659 | 224150 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 1824 | 176782 |
| ING Groep NV | &nbsp;&nbsp; 15703 | 365965 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 3840 | 55153 |
| JDE Peet's NV | &nbsp;&nbsp; 2859 | 84784 |
| Koninklijke KPN NV | &nbsp;&nbsp; 177346 | 792293 |
| Koninklijke Philips NV | &nbsp;&nbsp; 41591 | 1086163 |
| Prosus NV | &nbsp;&nbsp; 21399 | 1222434 |
| Universal Music Group NV | &nbsp;&nbsp; 7638 | 219721 |
| Wolters Kluwer NV | &nbsp;&nbsp; 4166 | 648892 |
|  |  | 8430461 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Meridian Energy Ltd. | &nbsp;&nbsp; 79783 | 267901 |
| **Norway — 1.2%** | **Norway — 1.2%** | **Norway — 1.2%** |
| Aker BP ASA | &nbsp;&nbsp; 16890 | 406316 |
| Mowi ASA | &nbsp;&nbsp; 1542 | 28724 |
| Norsk Hydro ASA | &nbsp;&nbsp; 28884 | 171195 |
| Orkla ASA | &nbsp;&nbsp; 187328 | 1969946 |
| Salmar ASA | &nbsp;&nbsp; 2084 | 84661 |
|  |  | 2660842 |
| **Portugal — 1.1%** | **Portugal — 1.1%** | **Portugal — 1.1%** |
| EDP SA | &nbsp;&nbsp; 282181 | 1219688 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 50958 | 973055 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 15431 | 376171 |
|  |  | 2568914 |
| **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 32870 | 1206476 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 74600 | 42081 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 56681 | 277170 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 2547 | 398987 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 7400 | 22053 |
|  |  | 1946767 |
| **Spain — 3.0%** | **Spain — 3.0%** | **Spain — 3.0%** |
| Acciona SA | &nbsp;&nbsp; 219 | 42003 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 1970 | 53048 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Amadeus IT Group SA | &nbsp;&nbsp; 2736 | $219684 |
| Banco Santander SA | &nbsp;&nbsp; 119223 | 1024219 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 26858 | 947806 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 13154 | 195996 |
| Iberdrola SA | &nbsp;&nbsp; 168514 | 2961855 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 30401 | 1452165 |
| Telefonica SA | &nbsp;&nbsp; 8791 | 45369 |
|  |  | 6942145 |
| **Sweden — 2.9%** | **Sweden — 2.9%** | **Sweden — 2.9%** |
| AddTech AB, Class B | &nbsp;&nbsp; 5149 | 173100 |
| Alfa Laval AB | &nbsp;&nbsp; 15430 | 670396 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 10912 | 166172 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 27901 | 854028 |
| Epiroc AB, Class A | &nbsp;&nbsp; 3865 | 78665 |
| EQT AB | &nbsp;&nbsp; 48223 | 1611810 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 907 | 80688 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 21987 | 561310 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 79127 | 365124 |
| Saab AB, Class B | &nbsp;&nbsp; 669 | 36390 |
| SKF AB, Class B | &nbsp;&nbsp; 4457 | 103814 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 6215 | 170891 |
| Tele2 AB, Class B | &nbsp;&nbsp; 38515 | 595254 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 119535 | 868252 |
| Telia Co. AB | &nbsp;&nbsp; 94536 | 333874 |
|  |  | 6669768 |
| **Switzerland — 7.5%** | **Switzerland — 7.5%** | **Switzerland — 7.5%** |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 85 | 103513 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 12 | 176527 |
| Geberit AG, Registered | &nbsp;&nbsp; 1304 | 998992 |
| Givaudan SA, Registered | &nbsp;&nbsp; 235 | 982381 |
| Holcim AG | &nbsp;&nbsp; 459 | 36605 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 2364 | 481970 |
| Logitech International SA, Registered | &nbsp;&nbsp; 1678 | 155596 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 400 | 278788 |
| Nestle SA, Registered | &nbsp;&nbsp; 32258 | 2818609 |
| Novartis AG, Registered | &nbsp;&nbsp; 8926 | 1016556 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 6650 | 2075286 |
| SGS SA | &nbsp;&nbsp; 1964 | 199569 |
| SIG Group AG | &nbsp;&nbsp; 35182 | 569201 |
| Sika AG, Registered | &nbsp;&nbsp; 4413 | 1041378 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 3739 | 1017785 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 1472 | 260334 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 1417 | 1467725 |
| Swisscom AG, Registered | &nbsp;&nbsp; 1336 | 928299 |
| Temenos AG, Registered | &nbsp;&nbsp; 5810 | 519673 |
| UBS Group AG, Registered | &nbsp;&nbsp; 31407 | 1167210 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 1622 | 1106376 |
|  |  | 17402373 |
| **United Kingdom — 13.3%** | **United Kingdom — 13.3%** | **United Kingdom — 13.3%** |
| 3i Group PLC | &nbsp;&nbsp; 20819 | 1137594 |
| Admiral Group PLC | &nbsp;&nbsp; 25933 | 1168968 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 21320 | 599904 |
| Antofagasta PLC | &nbsp;&nbsp; 4448 | 109695 |
| AstraZeneca PLC | &nbsp;&nbsp; 23009 | 3356821 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 84531 | 933204 |
| Aviva PLC | &nbsp;&nbsp; 40471 | 345784 |
| BAE Systems PLC | &nbsp;&nbsp; 15567 | 371438 |
| Barclays PLC | &nbsp;&nbsp; 176943 | 864901 |
| BP PLC | &nbsp;&nbsp; 242483 | 1299777 |
| BT Group PLC | &nbsp;&nbsp; 174001 | 475203 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock World ex U.S. Carbon Transition Readiness ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Centrica PLC | &nbsp;&nbsp; 65496 | $142372 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 6135 | 318849 |
| Compass Group PLC | &nbsp;&nbsp; 3569 | 125413 |
| Diageo PLC | &nbsp;&nbsp; 69727 | 1690011 |
| Experian PLC | &nbsp;&nbsp; 1893 | 99743 |
| GSK PLC | &nbsp;&nbsp; 80325 | 1477497 |
| Haleon PLC | &nbsp;&nbsp; 12926 | 60632 |
| HSBC Holdings PLC | &nbsp;&nbsp; 334544 | 4075740 |
| Informa PLC | &nbsp;&nbsp; 51183 | 585280 |
| J Sainsbury PLC | &nbsp;&nbsp; 217104 | 868110 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 1312425 | 1345823 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 9382 | 1143619 |
| Mondi PLC | &nbsp;&nbsp; 12786 | 172844 |
| National Grid PLC | &nbsp;&nbsp; 2901 | 40765 |
| NatWest Group PLC | &nbsp;&nbsp; 107102 | 743457 |
| Pearson PLC | &nbsp;&nbsp; 4612 | 65218 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 12634 | 946865 |
| RELX PLC | &nbsp;&nbsp; 30558 | 1587826 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 58272 | 827053 |
| Schroders PLC | &nbsp;&nbsp; 46630 | 239685 |
| Shell PLC | &nbsp;&nbsp; 59035 | 2121311 |
| Tesco PLC | &nbsp;&nbsp; 145912 | 819795 |
| Vodafone Group PLC | &nbsp;&nbsp; 207974 | 225485 |
| Whitbread PLC | &nbsp;&nbsp; 10779 | 433001 |
| WPP PLC | &nbsp;&nbsp; 7221 | 39097 |
|  |  | 30858780 |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 1417 | 887807 |
| **Total Common Stocks — 98.5%** <br>**(Cost: $206,136,110)** | **Total Common Stocks — 98.5%** <br>**(Cost: $206,136,110)** | 227868017 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1464 | 127991 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 8029 | $839558 |
|  |  | 967549 |
| **Total Preferred Stocks — 0.4%** <br>**(Cost: $943,334)** | **Total Preferred Stocks — 0.4%** <br>**(Cost: $943,334)** | 967549 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $207,079,444)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $207,079,444)** | 228835566 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 81856 | 81889 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1380000 | 1380000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $1,461,889)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $1,461,889)** | 1461889 |
| **Total Investments — 99.5%** <br>**(Cost: $208,541,333)** | **Total Investments — 99.5%** <br>**(Cost: $208,541,333)** | 230297455 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 1131063 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $231428518 |

---

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

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $166549 | $—<br> $(84573 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(70)<br>| $(17)<br>| $81889 | 81856 | $800 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1730000 | —<br> (350000 )<sup>(a)</sup><br>|  |  | 1380000 | 1380000 | 77104 |  |
|  |  |  | $(70) | $(17) | $1461889 |  | $77904 | $— |

---

&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. 

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock World ex U.S. Carbon Transition Readiness ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 18 | 09/19/25 | &nbsp;&nbsp; $2352 | $(36306) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36306 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36306 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $392318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $392318 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(102954)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(102954)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3001060 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $31250278 | &nbsp;&nbsp; $196617739 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227868017 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 967549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 967549 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1461889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1461889 |
|  | &nbsp;&nbsp; $32712167 | &nbsp;&nbsp; $197585288 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $230297455 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock World ex U.S. Carbon Transition Readiness ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(36306)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36306)<br>|

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**iShares FinTech Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 8.0%** | **Banks — 8.0%** | **Banks — 8.0%** |
| Inter & Co. Inc. | &nbsp;&nbsp; 23891 | $156542 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 28469 | 347891 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4100 | 190985 |
| TBC Bank Group PLC | &nbsp;&nbsp; 2331 | 148995 |
|  |  | 844413 |
| **Capital Markets — 18.4%** | **Capital Markets — 18.4%** | **Capital Markets — 18.4%** |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 4748 | 464022 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1058 | 399670 |
| Etoro Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6069 | 363898 |
| Galaxy Digital Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6992 | 198315 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4979 | 513086 |
|  |  | 1938991 |
| **Consumer Finance — 10.5%** | **Consumer Finance — 10.5%** | **Consumer Finance — 10.5%** |
| American Express Co. | &nbsp;&nbsp; 690 | 206524 |
| Capital One Financial Corp. | &nbsp;&nbsp; 1552 | 333680 |
| Kaspi.KZ JSC | &nbsp;&nbsp; 2613 | 206166 |
| LendingClub Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13399 | 208890 |
| Synchrony Financial | &nbsp;&nbsp; 2178 | 151741 |
|  |  | 1107001 |
| **Entertainment — 3.2%** | **Entertainment — 3.2%** | **Entertainment — 3.2%** |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 2188 | 342750 |
| **Financial Services — 42.2%** | **Financial Services — 42.2%** | **Financial Services — 42.2%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 114 | 195527 |
| Affirm Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2669 | 182987 |
| Block Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6531 | 504585 |
| Cab Payments Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 110106 | 67035 |
| Chime Financial Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5761 | 198236 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 371 | 119852 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 2601 | 206545 |
| Fiserv Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1552 | 215635 |
| Global Payments Inc. | &nbsp;&nbsp; 4359 | 348502 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 370 | 209594 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 42457 | 242439 |
| Payoneer Global Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22874 | 150282 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5574 | 383268 |
| Priority Technology Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20819 | 142610 |
| Sezzle Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 2346 | 363255 |
| Shift4 Payments Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 2053 | 211459 |
| Visa Inc., Class A | &nbsp;&nbsp; 586 | 202446 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| WEX Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1130 | $191738 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 14041 | 187573 |
| Worldline SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 35308 | 128626 |
|  |  | 4452194 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| HCI Group Inc. | &nbsp;&nbsp; 993 | 139060 |
| Selectquote Inc.<sup>(a)</sup> | &nbsp;&nbsp; 43164 | 75968 |
|  |  | 215028 |
| **Software — 13.1%** | **Software — 13.1%** | **Software — 13.1%** |
| Accelerant Holdings, Class A<sup>(a)</sup> | &nbsp;&nbsp; 14877 | 409712 |
| Circle Internet Group Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2216 | 406680 |
| Pagaya Technologies Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 12056 | 362283 |
| Temenos AG, Registered | &nbsp;&nbsp; 2298 | 205544 |
|  |  | 1384219 |
| **Total Long-Term Investments — 97.4%** <br>**(Cost: $8,463,292)** | **Total Long-Term Investments — 97.4%** <br>**(Cost: $8,463,292)** | 10284596 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 20.0%** | **Money Market Funds — 20.0%** | **Money Market Funds — 20.0%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1848649 | 1849389 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 270000 | 270000 |
| **Total Short-Term Securities — 20.0%** <br>**(Cost: $2,119,373)** | **Total Short-Term Securities — 20.0%** <br>**(Cost: $2,119,373)** | 2119389 |
| **Total Investments — 117.4%** <br>**(Cost: $10,582,665)** | **Total Investments — 117.4%** <br>**(Cost: $10,582,665)** | 12403985 |
| **Liabilities in Excess of Other Assets — (17.4)%** | **Liabilities in Excess of Other Assets — (17.4)%** | (1841056)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $10562929 |

---

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

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $359305<br> $1490086 <br><sup>(a)</sup><br>| $— | $14 | $(16)<br>| $1849389 | 1848649 | $6809 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 230000<br> 40000 <br><sup>(a)</sup><br>|  |  |  | 270000 | 270000 | 8247 |  |
|  |  |  | $14 | $(16) | $2119389 |  | $15056 | $— |

---

&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. 

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares FinTech Active ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $8984907 | &nbsp;&nbsp; $1299689 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10284596 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2119389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2119389 |
|  | &nbsp;&nbsp; $11104296 | &nbsp;&nbsp; $1299689 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12403985 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**iShares Health Innovation Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Biotechnology — 31.5%** | **Biotechnology — 31.5%** | **Biotechnology — 31.5%** |
| 4D Molecular Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 236 | $1062 |
| AbbVie Inc. | &nbsp;&nbsp; 355 | 67102 |
| Akeso Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | 19499 |
| Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp; 696 | 18437 |
| Allogene Therapeutics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1572 | 1934 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 92 | 36086 |
| Amgen Inc. | &nbsp;&nbsp; 244 | 72004 |
| Arcellx Inc.<sup>(a)</sup> | &nbsp;&nbsp; 281 | 20061 |
| Arcus Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 362 | 3305 |
| Argenx SE, ADR<sup>(a)</sup> | &nbsp;&nbsp; 36 | 24132 |
| Arrowhead Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 169 | 2670 |
| Ascendis Pharma A/S, ADR<sup>(a)</sup> | &nbsp;&nbsp; 112 | 19432 |
| Autolus Therapeutics PLC , ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 1628 | 3907 |
| Beam Therapeutics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 406 | 8002 |
| BeOne Medicines Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 81 | 24392 |
| Bicycle Therapeutics PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp; 196 | 1670 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 385 | 49280 |
| Biohaven Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 165 | 2492 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 170 | 9835 |
| BioNTech SE, ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 62 | 6665 |
| Bridgebio Pharma Inc.<sup>(a)</sup> | &nbsp;&nbsp; 736 | 34791 |
| Denali Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 728 | 10068 |
| Disc Medicine Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105 | 6275 |
| Dyne Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 440 | 4334 |
| Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1429 | 67092 |
| Exelixis Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1645 | 59582 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 291 | 62652 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 543 | 60973 |
| Halozyme Therapeutics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 340 | 20390 |
| Insmed Inc.<sup>(a)</sup> | &nbsp;&nbsp; 444 | 47632 |
| Ionis Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 806 | 34642 |
| Kiniksa Pharmaceuticals International PLC, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 345 | 10440 |
| Merus NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 213 | 14109 |
| Moderna Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1793 | 53001 |
| MoonLake Immunotherapeutics, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 113 | 5700 |
| Natera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 448 | 59880 |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 505 | 64756 |
| Nuvalent Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 281 | 22016 |
| ORIC Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 522 | 5204 |
| Protagonist Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 373 | 20090 |
| PTC Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 568 | 29599 |
| REGENXBIO Inc.<sup>(a)</sup> | &nbsp;&nbsp; 408 | 3472 |
| Revolution Medicines Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 254 | 9467 |
| Rhythm Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 753 | 64178 |
| Roivant Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2104 | 23901 |
| Stoke Therapeutics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1172 | 15060 |
| Summit Therapeutics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 120 | 3164 |
| TScan Therapeutics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2234 | 3887 |
| Twist Bioscience Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 285 | 9567 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13 | 3571 |
| Vigil Neuroscience Inc.<sup>(a)</sup> | &nbsp;&nbsp; 484 | 3896 |
| Viking Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 93 | 3029 |
| Vir Biotechnology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 453 | 2297 |
| Voyager Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 780 | 2488 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 250 | 12934 |
|  |  | 1246104 |
| **Health Care Equipment & Supplies — 23.9%** | **Health Care Equipment & Supplies — 23.9%** | **Health Care Equipment & Supplies — 23.9%** |
| Abbott Laboratories | &nbsp;&nbsp; 1213 | 153068 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 92 | 16399 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 110691 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Contra Abiomed Inc.<sup>(d)</sup> | &nbsp;&nbsp; 246 | $554 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 779 | 62920 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1608 | 127530 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 738 | 49313 |
| Inspire Medical Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53 | 6601 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 326 | 94018 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 138 | 66390 |
| Lantheus Holdings Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 245 | 17442 |
| Medtronic PLC | &nbsp;&nbsp; 1596 | 144023 |
| Novocure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1072 | 12403 |
| Nyxoah SA, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 606 | 4521 |
| Penumbra Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 104 | 26236 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 84 | 22865 |
| Stryker Corp. | &nbsp;&nbsp; 86 | 33775 |
|  |  | 948749 |
| **Health Care Providers & Services — 6.4%** | **Health Care Providers & Services — 6.4%** | **Health Care Providers & Services — 6.4%** |
| Cencora Inc. | &nbsp;&nbsp; 126 | 36046 |
| Guardant Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1196 | 49012 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 302 | 78544 |
| McKesson Corp. | &nbsp;&nbsp; 53 | 36758 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 320 | 53571 |
|  |  | 253931 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Contra Frequency Therapeutics Inc., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 420 |  |
| **Life Sciences Tools & Services — 20.2%** | **Life Sciences Tools & Services — 20.2%** | **Life Sciences Tools & Services — 20.2%** |
| Agilent Technologies Inc. | &nbsp;&nbsp; 673 | 77267 |
| Bio-Rad Laboratories Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 125 | 30244 |
| Bio-Techne Corp. | &nbsp;&nbsp; 914 | 50023 |
| Bruker Corp. | &nbsp;&nbsp; 240 | 9223 |
| Charles River Laboratories International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 330 | 55981 |
| Danaher Corp. | &nbsp;&nbsp; 197 | 38841 |
| ICON PLC<sup>(a)</sup> | &nbsp;&nbsp; 90 | 15227 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 630 | 64707 |
| IQVIA Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 376 | 69883 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 176 | 122667 |
| QIAGEN NV | &nbsp;&nbsp; 882 | 43518 |
| Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 520 | 60876 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 19101 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 157 | 73426 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 181 | 43306 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6000 | 24396 |
|  |  | 798686 |
| **Pharmaceuticals — 14.5%** | **Pharmaceuticals — 14.5%** | **Pharmaceuticals — 14.5%** |
| Arvinas Inc.<sup>(a)</sup> | &nbsp;&nbsp; 520 | 3869 |
| Axsome Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 225 | 22810 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 879 | 38069 |
| Contra Blueprint Medic, NVS<sup>(d)</sup> | &nbsp;&nbsp; 110 | 51 |
| Contra Mirati Therapeutics Inc., NVS<sup>(d)</sup> | &nbsp;&nbsp; 334 | 251 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 500 | 12266 |
| Edgewise Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 469 | 6688 |
| Galderma Group AG | &nbsp;&nbsp; 159 | 24505 |
| Harmony Biosciences Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 290 | 10202 |
| Johnson & Johnson | &nbsp;&nbsp; 736 | 121249 |
| Novartis AG, Registered | &nbsp;&nbsp; 580 | 66054 |
| Nuvation Bio Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1535 | 3623 |
| Pfizer Inc. | &nbsp;&nbsp; 2054 | 47838 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 238 | 74273 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 1150 | 17767 |
| UCB SA | &nbsp;&nbsp; 568 | 122038 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Health Innovation Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 373 | $3021 |
|  |  | 574574 |
| **Total Common Stocks — 96.5%** <br>**(Cost: $3,744,665)** | **Total Common Stocks — 96.5%** <br>**(Cost: $3,744,665)** | 3822044 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 258 | 54942 |
| **Total Preferred Stocks — 1.4%** <br>**(Cost: $77,029)** | **Total Preferred Stocks — 1.4%** <br>**(Cost: $77,029)** | 54942 |
| **Total Long-Term Investments — 97.9%** <br>**(Cost: $3,821,694)** | **Total Long-Term Investments — 97.9%** <br>**(Cost: $3,821,694)** | 3876986 |
| **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 Agency Shares, <br> 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 183764 | 183837 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 50000 | 50000 |
| **Total Short-Term Securities — 5.9%** <br>**(Cost: $233,805)** | **Total Short-Term Securities — 5.9%** <br>**(Cost: $233,805)** | 233837 |
| **Total Investments — 103.8%** <br>**(Cost: $4,055,499)** | **Total Investments — 103.8%** <br>**(Cost: $4,055,499)** | 4110823 |
| **Liabilities in Excess of Other Assets — (3.8)%** | **Liabilities in Excess of Other Assets — (3.8)%** | (152117)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3958706 |

---

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

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

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $286285 | $—<br> $(102437 )<sup>(a)</sup><br>| $35 | $(46)<br>| $183837 | 183764 | $1089 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 270000 | —<br> (220000 )<sup>(a)</sup><br>|  |  | 50000 | 50000 | 6634 |  |
|  |  |  | $35 | $(46) | $233837 |  | $7723 | $— |

---

&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. 

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Health Innovation Active ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $3237938 | &nbsp;&nbsp; $583250 | &nbsp;&nbsp; $856 | &nbsp;&nbsp; $3822044 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 54942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54942 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 233837 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 233837 |
|  | &nbsp;&nbsp; $3471775 | &nbsp;&nbsp; $638192 | &nbsp;&nbsp; $856 | &nbsp;&nbsp; $4110823 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares International Country Rotation Active ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| ASML Holding NV, ADR<sup>(a)</sup> | &nbsp;&nbsp; 79 | $54883 |
| **Taiwan — 1.5%** | **Taiwan — 1.5%** | **Taiwan — 1.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 603 | 145697 |
| **Total Common Stocks — 2.0%** <br>**(Cost: $164,529)** | **Total Common Stocks — 2.0%** <br>**(Cost: $164,529)** | 200580 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **International Equity — 97.8%** | **International Equity — 97.8%** | **International Equity — 97.8%** |
| iShares MSCI Australia ETF<sup>(b)</sup> | &nbsp;&nbsp; 16410 | 426988 |
| iShares MSCI Belgium ETF<sup>(b)</sup> | &nbsp;&nbsp; 16766 | 365834 |
| iShares MSCI Brazil ETF<sup>(b)</sup> | &nbsp;&nbsp; 5065 | 134476 |
| iShares MSCI Canada ETF<sup>(b)</sup> | &nbsp;&nbsp; 27714 | 1279833 |
| iShares MSCI Chile ETF<sup>(b)</sup> | &nbsp;&nbsp; 1269 | 37854 |
| iShares MSCI China ETF<sup>(b)(c)</sup> | &nbsp;&nbsp; 15626 | 897401 |
| iShares MSCI France ETF<sup>(b)</sup> | &nbsp;&nbsp; 11097 | 465408 |
| iShares MSCI Germany ETF<sup>(b)</sup> | &nbsp;&nbsp; 14316 | 589103 |
| iShares MSCI Hong Kong ETF<sup>(b)</sup> | &nbsp;&nbsp; 7769 | 160818 |
| iShares MSCI India ETF<sup>(b)</sup> | &nbsp;&nbsp; 9180 | 483235 |
| iShares MSCI Israel ETF<sup>(b)</sup> | &nbsp;&nbsp; 702 | 64458 |
| iShares MSCI Italy ETF<sup>(b)</sup> | &nbsp;&nbsp; 6663 | 321490 |
| iShares MSCI Japan ETF<sup>(b)</sup> | &nbsp;&nbsp; 19011 | 1399590 |
| iShares MSCI Mexico ETF<sup>(b)</sup> | &nbsp;&nbsp; 1238 | 74453 |
| iShares MSCI Netherlands ETF<sup>(b)</sup> | &nbsp;&nbsp; 6172 | 316377 |
| iShares MSCI Philippines ETF<sup>(b)</sup> | &nbsp;&nbsp; 1170 | 29741 |
| iShares MSCI Qatar ETF<sup>(b)</sup> | &nbsp;&nbsp; 5504 | 108181 |
| iShares MSCI Saudi Arabia ETF<sup>(b)</sup> | &nbsp;&nbsp; 2246 | 84360 |
| iShares MSCI Singapore ETF<sup>(b)</sup> | &nbsp;&nbsp; 12922 | 342045 |
| iShares MSCI South Africa ETF<sup>(b)</sup> | &nbsp;&nbsp; 1993 | 105729 |
| iShares MSCI South Korea ETF<sup>(b)</sup> | &nbsp;&nbsp; 5809 | 422953 |
| iShares MSCI Spain ETF<sup>(b)</sup> | &nbsp;&nbsp; 11959 | 534806 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **International Equity (continued)** | **International Equity (continued)** | **International Equity (continued)** |
| iShares MSCI Switzerland ETF<sup>(b)</sup> | &nbsp;&nbsp; 6559 | $345790 |
| iShares MSCI Taiwan ETF<sup>(b)</sup> | &nbsp;&nbsp; 3578 | 208812 |
| iShares MSCI Thailand ETF<sup>(b)</sup> | &nbsp;&nbsp; 699 | 39438 |
| iShares MSCI United Kingdom ETF<sup>(b)</sup> | &nbsp;&nbsp; 15128 | 602246 |
|  |  | 9841419 |
| **Total Investment Companies — 97.8%** <br>**(Cost: $9,183,153)** | **Total Investment Companies — 97.8%** <br>**(Cost: $9,183,153)** | 9841419 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $9,347,682)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $9,347,682)** | 10041999 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(b)(d)(e)</sup><br>| &nbsp;&nbsp; 136221 | 136275 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 20000 | 20000 |
| **Total Short-Term Securities — 1.5%** <br>**(Cost: $156,275)** | **Total Short-Term Securities — 1.5%** <br>**(Cost: $156,275)** | 156275 |
| **Total Investments — 101.3%** <br>**(Cost: $9,503,957)** | **Total Investments — 101.3%** <br>**(Cost: $9,503,957)** | 10198274 |
| **Liabilities in Excess of Other Assets — (1.3)%** | **Liabilities in Excess of Other Assets — (1.3)%** | (134899)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $10063375 |

---

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/03/24*<sup>(a)</sup> <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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | &nbsp;&nbsp; $136457 <br><sup>(b)</sup><br>| $— | $(182)<br>| $— | $136275 | 136221 | $1157 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares |  | &nbsp;&nbsp; 20000 <br><sup>(b)</sup><br>|  |  |  | 20000 | 20000 | 511 |  |
| iShares Core S&P 500 ETF<sup>(d)</sup> |  | 161554 | &nbsp;&nbsp; (150498)<br>| (11056)<br>|  |  |  | 561 |  |
| iShares MSCI Australia ETF |  | 566870 | &nbsp;&nbsp; (136552)<br>| (8049)<br>| 4719 | 426988 | 16410 | 8916 |  |
| iShares MSCI Austria ETF<sup>(d)</sup> |  | 56375 | &nbsp;&nbsp; (63749)<br>| 7374 |  |  |  | 826 |  |
| iShares MSCI Belgium ETF |  | 386553 | &nbsp;&nbsp; (24105)<br>| (221)<br>| 3607 | 365834 | 16766 | 3113 |  |
| iShares MSCI Brazil ETF |  | 193737 | &nbsp;&nbsp; (62672)<br>| (1678)<br>| 5089 | 134476 | 5065 | 6977 |  |
| iShares MSCI Canada ETF |  | 1246100 | &nbsp;&nbsp; (20383)<br>| (773)<br>| 54889 | 1279833 | 27714 | 12177 |  |
| iShares MSCI Chile ETF |  | 46103 | &nbsp;&nbsp; (7652)<br>| 60 | (657)<br>| 37854 | 1269 | 512 |  |
| iShares MSCI China ETF |  | 862509 | &nbsp;&nbsp; (80659)<br>| 4473 | 111078 | 897401 | 15626 | 16000 |  |
| iShares MSCI Denmark ETF<sup>(d)</sup> |  | 155588 | &nbsp;&nbsp; (150125)<br>| (5463)<br>|  |  |  | 426 |  |
| iShares MSCI Finland ETF<sup>(d)</sup> |  | 34296 | &nbsp;&nbsp; (38700)<br>| 4404 |  |  |  | 322 |  |
| iShares MSCI France ETF |  | 587419 | &nbsp;&nbsp; (179603)<br>| 4315 | 53277 | 465408 | 11097 | 12796 |  |
| iShares MSCI Germany ETF |  | 690669 | &nbsp;&nbsp; (186762)<br>| 4508 | 80688 | 589103 | 14316 | 10167 |  |
| iShares MSCI Hong Kong ETF |  | 188091 | &nbsp;&nbsp; (40183)<br>| 1160 | 11750 | 160818 | 7769 | 2159 |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares International Country Rotation Active ETF** 

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/03/24*<sup>(a)</sup><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> *07/31/25*<br>| *Shares*<br> *Held at*<br> *07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| iShares MSCI India ETF | $— | $628556 | &nbsp;&nbsp; $(123521)<br>| $(9502)<br>| $(12298)<br>| $483235 | 9180 | $2341 | $— |
| iShares MSCI Indonesia ETF<sup>(d)</sup> |  | 39618 | &nbsp;&nbsp; (37510)<br>| (2108)<br>|  |  |  | 304 |  |
| iShares MSCI Israel ETF |  | 126068 | &nbsp;&nbsp; (74728)<br>| 2774 | 10344 | 64458 | 702 | 757 |  |
| iShares MSCI Italy ETF |  | 324648 | &nbsp;&nbsp; (32458)<br>| (41)<br>| 29341 | 321490 | 6663 | 6464 |  |
| iShares MSCI Japan ETF |  | 1537199 | &nbsp;&nbsp; (170253)<br>| (4112)<br>| 36756 | 1399590 | 19011 | 22168 |  |
| iShares MSCI Malaysia ETF<sup>(d)</sup> |  | 53760 | &nbsp;&nbsp; (53113)<br>| (647)<br>|  |  |  | 1116 |  |
| iShares MSCI Mexico ETF |  | 121745 | &nbsp;&nbsp; (56207)<br>| (476)<br>| 9391 | 74453 | 1238 | 2893 |  |
| iShares MSCI Netherlands ETF |  | 434162 | &nbsp;&nbsp; (132881)<br>| 2270 | 12826 | 316377 | 6172 | 5786 |  |
| iShares MSCI New Zealand ETF<sup>(d)</sup> |  | 31505 | &nbsp;&nbsp; (30082)<br>| (1423)<br>|  |  |  | 268 |  |
| iShares MSCI Norway ETF<sup>(d)</sup> |  | 54172 | &nbsp;&nbsp; (56569)<br>| 2397 |  |  |  | 846 |  |
| iShares MSCI Peru and Global Exposure ETF<sup>(d)</sup> |  | 43414 | &nbsp;&nbsp; (43988)<br>| 574 |  |  |  | 491 |  |
| iShares MSCI Philippines ETF |  | 89888 | &nbsp;&nbsp; (59485)<br>| 1007 | (1669)<br>| 29741 | 1170 | 280 |  |
| iShares MSCI Poland ETF<sup>(d)</sup> |  | 33293 | &nbsp;&nbsp; (39344)<br>| 6051 |  |  |  | 1017 |  |
| iShares MSCI Qatar ETF |  | 103506 |  |  | 4675 | 108181 | 5504 |  |  |
| iShares MSCI Saudi Arabia ETF |  | 87415 |  |  | (3055)<br>| 84360 | 2246 |  |  |
| iShares MSCI Singapore ETF |  | 353808 | &nbsp;&nbsp; (29209)<br>| (954)<br>| 18400 | 342045 | 12922 | 6557 |  |
| iShares MSCI South Africa ETF |  | 184120 | &nbsp;&nbsp; (84048)<br>| (948)<br>| 6605 | 105729 | 1993 | 5919 |  |
| iShares MSCI South Korea ETF |  | 430462 | &nbsp;&nbsp; (76365)<br>| (3334)<br>| 72190 | 422953 | 5809 | 3127 |  |
| iShares MSCI Spain ETF |  | 513522 | &nbsp;&nbsp; (33128)<br>| (1695)<br>| 56107 | 534806 | 11959 | 7761 |  |
| iShares MSCI Sweden ETF<sup>(d)</sup> |  | 174580 | &nbsp;&nbsp; (196040)<br>| 21460 |  |  |  |  |  |
| iShares MSCI Switzerland ETF |  | 521567 | &nbsp;&nbsp; (208366)<br>| 10465 | 22124 | 345790 | 6559 | 5654 |  |
| iShares MSCI Taiwan ETF |  | 513928 | &nbsp;&nbsp; (304661)<br>| (13551)<br>| 13096 | 208812 | 3578 | 8021 | 3356 |
| iShares MSCI Thailand ETF |  | 76671 | &nbsp;&nbsp; (35612)<br>| (3931)<br>| 2310 | 39438 | 699 | 1382 |  |
| iShares MSCI Turkey ETF<sup>(d)</sup> |  | 63506 | &nbsp;&nbsp; (57518)<br>| (5988)<br>|  |  |  | 142 |  |
| iShares MSCI United Kingdom ETF |  | 848741 | &nbsp;&nbsp; (314861)<br>| 11683 | 56683 | 602246 | 15128 | 20879 |  |
|  |  |  |  | $8843 | $658266 | $9997694 |  | $180793 | $3356 |

---

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

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

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

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

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

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

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 272990 | GBP | 201000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7426 |
| GBP | 18000 | USD | 24163 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>|
| GBP | 183000 | USD | 248023 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6241)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6622)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $804 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares International Country Rotation Active ETF** 

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7426 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6622 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $804 |

---

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

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $90729 |
| Average amounts sold — in USD | &nbsp;&nbsp; $90997 |

---

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:** |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $7426 | &nbsp;&nbsp;&nbsp; $6622 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 7426 | &nbsp;&nbsp;&nbsp; 6622 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $7426 | &nbsp;&nbsp;&nbsp; $6622 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $7426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7426 |

---

&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>|
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; $381 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $381 |
| UBS AG | &nbsp;&nbsp; 6241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6241 |
|  | &nbsp;&nbsp; $6622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6622 |

---

&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.

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares International Country Rotation Active ETF** 

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

<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  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $200580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $200580 |
| Investment Companies | &nbsp;&nbsp; 9841419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9841419 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 156275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 156275 |
|  | &nbsp;&nbsp; $10198274 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10198274 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7426 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (6622)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6622)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $804 |

---

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

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares Large Cap Core Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 1587 | $285295 |
| **Banks — 2.6%** | **Banks — 2.6%** | **Banks — 2.6%** |
| Wells Fargo & Co. | &nbsp;&nbsp; 3123 | 251808 |
| **Broadline Retail — 7.4%** | **Broadline Retail — 7.4%** | **Broadline Retail — 7.4%** |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3061 | 716611 |
| **Building Products — 3.4%** | **Building Products — 3.4%** | **Building Products — 3.4%** |
| Johnson Controls International PLC | &nbsp;&nbsp; 3139 | 329595 |
| **Capital Markets — 6.7%** | **Capital Markets — 6.7%** | **Capital Markets — 6.7%** |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 1731 | 319941 |
| S&P Global Inc. | &nbsp;&nbsp; 600 | 330660 |
|  |  | 650601 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 1023 | 294501 |
| **Communications Equipment — 3.2%** | **Communications Equipment — 3.2%** | **Communications Equipment — 3.2%** |
| Ciena Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3349 | 310921 |
| **Entertainment — 3.7%** | **Entertainment — 3.7%** | **Entertainment — 3.7%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 365 | 228687 |
| TKO Group Holdings Inc., Class A | &nbsp;&nbsp; 758 | 127352 |
|  |  | 356039 |
| **Financial Services — 7.6%** | **Financial Services — 7.6%** | **Financial Services — 7.6%** |
| Mr. Cooper Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2007 | 312530 |
| Visa Inc., Class A | &nbsp;&nbsp; 1222 | 422164 |
|  |  | 734694 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2485 | 260726 |
| **Health Care Providers & Services — 6.7%** | **Health Care Providers & Services — 6.7%** | **Health Care Providers & Services — 6.7%** |
| Cardinal Health Inc. | &nbsp;&nbsp; 2285 | 354678 |
| Cencora Inc. | &nbsp;&nbsp; 128 | 36618 |
| Elevance Health Inc. | &nbsp;&nbsp; 411 | 116346 |
| Humana Inc. | &nbsp;&nbsp; 586 | 146424 |
|  |  | 654066 |
| **Interactive Media & Services — 8.6%** | **Interactive Media & Services — 8.6%** | **Interactive Media & Services — 8.6%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 1054 | 202263 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 826 | 638861 |
|  |  | 841124 |
| **Leisure Products — 3.1%** | **Leisure Products — 3.1%** | **Leisure Products — 3.1%** |
| Hasbro Inc. | &nbsp;&nbsp; 4058 | 304999 |
| **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| Chevron Corp. | &nbsp;&nbsp; 1533 | 232464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 120 | $88808 |
| **Professional Services — 3.0%** | **Professional Services — 3.0%** | **Professional Services — 3.0%** |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 3379 | 288837 |
| **Semiconductors & Semiconductor Equipment — 12.5%** | **Semiconductors & Semiconductor Equipment — 12.5%** | **Semiconductors & Semiconductor Equipment — 12.5%** |
| Broadcom Inc. | &nbsp;&nbsp; 1292 | 379461 |
| Micron Technology Inc. | &nbsp;&nbsp; 1409 | 153778 |
| Nvidia Corp. | &nbsp;&nbsp; 3862 | 686934 |
|  |  | 1220173 |
| **Software — 14.9%** | **Software — 14.9%** | **Software — 14.9%** |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 710 | 277397 |
| Intuit Inc. | &nbsp;&nbsp; 176 | 138183 |
| Microsoft Corp. | &nbsp;&nbsp; 1559 | 831726 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 323 | 204611 |
|  |  | 1451917 |
| **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** |
| Apple Inc. | &nbsp;&nbsp; 645 | 133883 |
| Western Digital Corp. | &nbsp;&nbsp; 1718 | 135189 |
|  |  | 269072 |
| **Total Long-Term Investments — 98.1%** <br>**(Cost: $7,349,423)** | **Total Long-Term Investments — 98.1%** <br>**(Cost: $7,349,423)** | 9542251 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.0%** | **Money Market Funds — 3.0%** | **Money Market Funds — 3.0%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 113962 | 114008 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 180000 | 180000 |
| **Total Short-Term Securities — 3.0%** <br>**(Cost: $294,000)** | **Total Short-Term Securities — 3.0%** <br>**(Cost: $294,000)** | 294008 |
| **Total Investments — 101.1%** <br>**(Cost: $7,643,423)** | **Total Investments — 101.1%** <br>**(Cost: $7,643,423)** | 9836259 |
| **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (110095)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9726164 |

---

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Large Cap Core Active ETF**

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $33750<br> $80329 <br><sup>(a)</sup><br>| $— | $(79)<br>| $8 | $114008 | 113962 | $215 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 70000<br> 110000 <br><sup>(a)</sup><br>|  |  |  | 180000 | 180000 | 4520 |  |
|  |  |  | $(79) | $8 | $294008 |  | $4735 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $9542251 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9542251 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 294008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 294008 |
|  | &nbsp;&nbsp; $9836259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9836259 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

**iShares Large Cap Value Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 5.4%** | **Aerospace & Defense — 5.4%** | **Aerospace & Defense — 5.4%** |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 4431 | $982973 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 4792 | 1316937 |
| RTX Corp. | &nbsp;&nbsp; 3719 | 586003 |
|  |  | 2885913 |
| **Automobile Components — 1.8%** | **Automobile Components — 1.8%** | **Automobile Components — 1.8%** |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 13674 | 938583 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| General Motors Co. | &nbsp;&nbsp; 16641 | 887631 |
| **Banks — 10.5%** | **Banks — 10.5%** | **Banks — 10.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 9025 | 426612 |
| Citigroup Inc. | &nbsp;&nbsp; 16457 | 1542021 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 660 | 1316541 |
| Flagstar Financial Inc. | &nbsp;&nbsp; 41347 | 466808 |
| Wells Fargo & Co. | &nbsp;&nbsp; 22493 | 1813610 |
|  |  | 5565592 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 28705 | 937218 |
| **Broadline Retail — 3.2%** | **Broadline Retail — 3.2%** | **Broadline Retail — 3.2%** |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7147 | 1673184 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| Fortune Brands Innovations Inc. | &nbsp;&nbsp; 14988 | 817446 |
| Johnson Controls International PLC | &nbsp;&nbsp; 4292 | 450660 |
|  |  | 1268106 |
| **Capital Markets — 4.2%** | **Capital Markets — 4.2%** | **Capital Markets — 4.2%** |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 8724 | 852596 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 7355 | 1359425 |
|  |  | 2212021 |
| **Chemicals — 4.8%** | **Chemicals — 4.8%** | **Chemicals — 4.8%** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 2144 | 617215 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14954 | 423497 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 5191 | 368717 |
| PPG Industries Inc. | &nbsp;&nbsp; 10654 | 1123997 |
|  |  | 2533426 |
| **Communications Equipment — 2.3%** | **Communications Equipment — 2.3%** | **Communications Equipment — 2.3%** |
| Cisco Systems Inc. | &nbsp;&nbsp; 17929 | 1220606 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
| Dollar General Corp. | &nbsp;&nbsp; 7083 | 743007 |
| Dollar Tree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5517 | 626455 |
|  |  | 1369462 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| Verizon Communications Inc. | &nbsp;&nbsp; 11181 | 478100 |
| **Electric Utilities — 4.3%** | **Electric Utilities — 4.3%** | **Electric Utilities — 4.3%** |
| Edison International | &nbsp;&nbsp; 5159 | 268887 |
| Evergy Inc. | &nbsp;&nbsp; 11585 | 820218 |
| Exelon Corp. | &nbsp;&nbsp; 20844 | 936729 |
| PG&E Corp. | &nbsp;&nbsp; 18449 | 258655 |
|  |  | 2284489 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Electronic Arts Inc. | &nbsp;&nbsp; 6748 | 1029003 |
| **Financial Services — 2.8%** | **Financial Services — 2.8%** | **Financial Services — 2.8%** |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 15928 | 1264843 |
| UWM Holdings Corp. | &nbsp;&nbsp; 58007 | 233188 |
|  |  | 1498031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products — 3.3%** | **Food Products — 3.3%** | **Food Products — 3.3%** |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 34752 | $954290 |
| Lamb Weston Holdings Inc. | &nbsp;&nbsp; 13893 | 792873 |
|  |  | 1747163 |
| **Health Care Equipment & Supplies — 6.8%** | **Health Care Equipment & Supplies — 6.8%** | **Health Care Equipment & Supplies — 6.8%** |
| Baxter International Inc. | &nbsp;&nbsp; 46921 | 1021001 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 7325 | 1305681 |
| Medtronic PLC | &nbsp;&nbsp; 14416 | 1300900 |
|  |  | 3627582 |
| **Health Care Providers & Services — 6.4%** | **Health Care Providers & Services — 6.4%** | **Health Care Providers & Services — 6.4%** |
| Cardinal Health Inc. | &nbsp;&nbsp; 7020 | 1089644 |
| CVS Health Corp. | &nbsp;&nbsp; 12057 | 748740 |
| Elevance Health Inc. | &nbsp;&nbsp; 3032 | 858299 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 2752 | 715740 |
|  |  | 3412423 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Healthcare Realty Trust Inc., Class A | &nbsp;&nbsp; 16188 | 248648 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| Rexford Industrial Realty Inc. | &nbsp;&nbsp; 7289 | 266267 |
| **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
| American International Group Inc. | &nbsp;&nbsp; 4852 | 376661 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 11335 | 639634 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 1303 | 411500 |
|  |  | 1427795 |
| **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 4077 | 786290 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 549 | 424619 |
|  |  | 1210909 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 7167 | 514304 |
| **Leisure Products — 1.1%** | **Leisure Products — 1.1%** | **Leisure Products — 1.1%** |
| Hasbro Inc. | &nbsp;&nbsp; 7858 | 590607 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Fortive Corp. | &nbsp;&nbsp; 8359 | 400647 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 35476 | 1178868 |
| **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** |
| Chevron Corp. | &nbsp;&nbsp; 3721 | 564252 |
| Enterprise Products Partners LP | &nbsp;&nbsp; 29227 | 905745 |
| Kosmos Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 186938 | 401917 |
|  |  | 1871914 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 11205 | 485289 |
| **Professional Services — 4.9%** | **Professional Services — 4.9%** | **Professional Services — 4.9%** |
| Leidos Holdings Inc. | &nbsp;&nbsp; 6297 | 1005316 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 18685 | 1597194 |
|  |  | 2602510 |
| **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** |
| Amkor Technology Inc. | &nbsp;&nbsp; 12342 | 278436 |
| Nvidia Corp. | &nbsp;&nbsp; 1554 | 276410 |
| STMicroelectronics NV, ADR | &nbsp;&nbsp; 15042 | 382518 |
|  |  | 937364 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| Microsoft Corp. | &nbsp;&nbsp; 2942 | 1569557 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| Crown Castle Inc. | &nbsp;&nbsp; 7980 | 838618 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares Large Cap Value Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** |
| HP Inc. | &nbsp;&nbsp; 26505 | $657324 |
| Western Digital Corp. | &nbsp;&nbsp; 10816 | 851111 |
|  |  | 1508435 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| British American Tobacco PLC, ADR, NVS | &nbsp;&nbsp; 10236 | 549468 |
| **Total Long-Term Investments — 97.6%** <br>**(Cost: $48,086,144)** | **Total Long-Term Investments — 97.6%** <br>**(Cost: $48,086,144)** | 51769733 |
| **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> 4.30%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 1210000 | 1210000 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $1,210,000)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $1,210,000)** | 1210000 |
| **Total Investments — 99.9%** <br>**(Cost: $49,296,144)** | **Total Investments — 99.9%** <br>**(Cost: $49,296,144)** | 52979733 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 35903 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $53015636 |

---

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

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

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $— | $— | &nbsp;&nbsp; $(116 )<sup>(b)</sup><br>| $116 | $— | $— |  | $229 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 10000 | 1200000 <br><sup>(b)</sup><br>|  |  |  | 1210000 | 1210000 | 12053 |  |
|  |  |  |  | $116 | $— | $1210000 |  | $12282 | $— |

---

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $51769733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51769733 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares Large Cap Value Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $1210000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1210000 |
|  | &nbsp;&nbsp; $52979733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52979733 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Communication Services — 13.7%** | **Communication Services — 13.7%** | **Communication Services — 13.7%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 3089051 | $592788887 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 1897101 | 365874899 |
| AT&T Inc. | &nbsp;&nbsp; 9646055 | 264398367 |
| Comcast Corp., Class A | &nbsp;&nbsp; 7440565 | 247249975 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 83560 | 4659306 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 1152362 | 891282865 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 360467 | 417925440 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 836 | 199311 |
| Verizon Communications Inc. | &nbsp;&nbsp; 3020926 | 129174796 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 208410 | 24823715 |
|  |  | 2938377561 |
| **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4340166 | 1016076262 |
| Booking Holdings Inc. | &nbsp;&nbsp; 61401 | 337954788 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7408 | 2890380 |
| Coupang Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45 | 1324 |
| General Motors Co. | &nbsp;&nbsp; 416310 | 22205976 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 274929 | 73702966 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 443849 | 163118946 |
| Lennar Corp., Class A | &nbsp;&nbsp; 114663 | 12862895 |
| Macy's Inc. | &nbsp;&nbsp; 90 | 1137 |
| McDonald's Corp. | &nbsp;&nbsp; 152 | 45611 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 167506 | 53245132 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1233079 | 380121263 |
|  |  | 2062226680 |
| **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** |
| Altria Group Inc. | &nbsp;&nbsp; 4 | 248 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 1140 | 77395 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 454298 | 426876573 |
| Philip Morris International Inc. | &nbsp;&nbsp; 2288 | 375346 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 703660 | 105879720 |
| Walmart Inc. | &nbsp;&nbsp; 2632520 | 257934309 |
|  |  | 791143591 |
| **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** |
| Chevron Corp. | &nbsp;&nbsp; 444 | 67328 |
| ConocoPhillips | &nbsp;&nbsp; 99444 | 9480991 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 3390576 | 378523904 |
| Valero Energy Corp. | &nbsp;&nbsp; 44 | 6042 |
|  |  | 388078265 |
| **Financials — 18.2%** | **Financials — 18.2%** | **Financials — 18.2%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 155149 | 31534034 |
| American Express Co. | &nbsp;&nbsp; 8 | 2395 |
| Bank of America Corp. | &nbsp;&nbsp; 7603416 | 359413474 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 1225225 | 578159173 |
| Capital One Financial Corp. | &nbsp;&nbsp; 2179953 | 468689895 |
| Citigroup Inc. | &nbsp;&nbsp; 3302123 | 309408925 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 169713 | 122802630 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 2810277 | 349570356 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 334255 | 5491810 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 3011863 | 892234295 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 239995 | 135949968 |
| MetLife Inc. | &nbsp;&nbsp; 44 | 3342 |
| Morgan Stanley | &nbsp;&nbsp; 24 | 3419 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 315 | 3849 |
| Progressive Corp. (The) | &nbsp;&nbsp; 658096 | 159285556 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 1081328 | 281404799 |
| Visa Inc., Class A | &nbsp;&nbsp; 559620 | 193331921 |
| Wells Fargo & Co. | &nbsp;&nbsp; 305551 | 24636577 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Willis Towers Watson PLC | &nbsp;&nbsp; 187 | $59056 |
|  |  | 3911985474 |
| **Health Care — 5.5%** | **Health Care — 5.5%** | **Health Care — 5.5%** |
| AbbVie Inc. | &nbsp;&nbsp; 121378 | 22942870 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1734455 | 181979019 |
| Contra Abiomed Inc.<sup>(c)</sup> | &nbsp;&nbsp; 53 | 119 |
| Eli Lilly & Co. | &nbsp;&nbsp; 85096 | 62976997 |
| Exelixis Inc.<sup>(a)</sup> | &nbsp;&nbsp; 121302 | 4393558 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 748542 | 84053781 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 276357 | 132952589 |
| Johnson & Johnson | &nbsp;&nbsp; 2037161 | 335601903 |
| Medtronic PLC | &nbsp;&nbsp; 396259 | 35758412 |
| Merck & Co. Inc. | &nbsp;&nbsp; 1496 | 116868 |
| Pfizer Inc. | &nbsp;&nbsp; 6337800 | 147607362 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 249952 | 116897551 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 160369 | 40021688 |
|  |  | 1165302717 |
| **Industrials — 6.9%** | **Industrials — 6.9%** | **Industrials — 6.9%** |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 151124 | 46772878 |
| Caterpillar Inc. | &nbsp;&nbsp; 350317 | 153445852 |
| Dover Corp. | &nbsp;&nbsp; 264 | 47821 |
| Eaton Corp. PLC | &nbsp;&nbsp; 506918 | 195021493 |
| GE Vernova Inc. | &nbsp;&nbsp; 91175 | 60201941 |
| General Electric Co. | &nbsp;&nbsp; 457594 | 124044582 |
| Honeywell International Inc. | &nbsp;&nbsp; 58768 | 13067065 |
| PACCAR Inc. | &nbsp;&nbsp; 44 | 4345 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 685370 | 501622303 |
| RTX Corp. | &nbsp;&nbsp; 956393 | 150698845 |
| Trane Technologies PLC | &nbsp;&nbsp; 408049 | 178758106 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 304027 | 26678369 |
| Union Pacific Corp. | &nbsp;&nbsp; 167018 | 37072986 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp; 8 | 689 |
| Waste Management Inc. | &nbsp;&nbsp; 8 | 1833 |
|  |  | 1487439108 |
| **Information Technology — 34.3%** | **Information Technology — 34.3%** | **Information Technology — 34.3%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 577982 | 101904006 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 710172 | 75640420 |
| Apple Inc. | &nbsp;&nbsp; 6965175 | 1445761375 |
| Applied Materials Inc. | &nbsp;&nbsp; 941459 | 169519108 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44484 | 17379899 |
| Broadcom Inc. | &nbsp;&nbsp; 1633981 | 479900220 |
| Cisco Systems Inc. | &nbsp;&nbsp; 9474568 | 645028589 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 44 | 5838 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 98124 | 9802588 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 287 | 5938 |
| International Business Machines Corp. | &nbsp;&nbsp; 704 | 178218 |
| Intuit Inc. | &nbsp;&nbsp; 8 | 6281 |
| Microsoft Corp. | &nbsp;&nbsp; 3398563 | 1813133360 |
| MicroStrategy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 74626 | 29989204 |
| Nutanix Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 90 | 6765 |
| Nvidia Corp. | &nbsp;&nbsp; 10529300 | 1872846591 |
| Oracle Corp. | &nbsp;&nbsp; 182878 | 46408950 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 846599 | 134058952 |
| Qualcomm Inc. | &nbsp;&nbsp; 2772 | 406819 |
| Salesforce Inc. | &nbsp;&nbsp; 1489334 | 384739652 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 150723 | 142149876 |
| Snowflake Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20 | 4470 |
|  |  | 7368877119 |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| CRH PLC | &nbsp;&nbsp; 231112 | 22059641 |
| Dow Inc. | &nbsp;&nbsp; 1304 | 30370 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Newmont Corp. | &nbsp;&nbsp; 1016841 | $63145826 |
|  |  | 85235837 |
| **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 368 | 28126 |
| Millrose Properties Inc., Class A | &nbsp;&nbsp; 4 | 120 |
| Prologis Inc. | &nbsp;&nbsp; 2225700 | 237660246 |
| Realty Income Corp. | &nbsp;&nbsp; 3600489 | 202095448 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 105309 | 3433073 |
| Welltower Inc. | &nbsp;&nbsp; 721604 | 119115172 |
|  |  | 562332185 |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| Duke Energy Corp. | &nbsp;&nbsp; 3070620 | 373510217 |
| Exelon Corp. | &nbsp;&nbsp; 1260848 | 56662509 |
| NextEra Energy Inc. | &nbsp;&nbsp; 1521873 | 108144295 |
| NRG Energy Inc. | &nbsp;&nbsp; 5098 | 852386 |
| Southern Co. (The) | &nbsp;&nbsp; 1052 | 99393 |
| Vistra Corp. | &nbsp;&nbsp; 349 | 72780 |
|  |  | 539341580 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $18,157,550,913)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $18,157,550,913)** | 21300340117 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 573790 | 574019 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 170520000 | $170520000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $171,094,019)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $171,094,019)** | 171094019 |
| **Total Investments — 100.0%** <br>**(Cost: $18,328,644,932)** | **Total Investments — 100.0%** <br>**(Cost: $18,328,644,932)** | 21471434136 |
| **Other Assets Less Liabilities — .00%** | **Other Assets Less Liabilities — .00%** | 4987349 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $21476421485 |

---

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

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $32360<br> $537775 <br><sup>(a)</sup><br>| $— | $3887 | $(3)<br>| $574019 | 573790 | $84271 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 100940000<br> 69580000 <br><sup>(a)</sup><br>|  |  |  | 170520000 | 170520000 | 3112677 |  |
|  |  |  | $3887 | $(3) | $171094019 |  | $3196948 | $— |

---

&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. 

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $21300339998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $21300340117 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 171094019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171094019 |
|  | &nbsp;&nbsp; $21471434017 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $21471434136 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

July 31, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Communication Services — 14.0%** | **Communication Services — 14.0%** | **Communication Services — 14.0%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 4018 | $771054 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 3408 | 657267 |
| AT&T Inc. | &nbsp;&nbsp; 3094 | 84806 |
| Charter Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 52 | 14007 |
| Comcast Corp., Class A | &nbsp;&nbsp; 2178 | 72375 |
| Electronic Arts Inc. | &nbsp;&nbsp; 181 | 27601 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 123 | 6858 |
| Fox Corp., Class B | &nbsp;&nbsp; 78 | 3989 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 150 | 15052 |
| Live Nation Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 114 | 16838 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 1509 | 1167121 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 309 | 358255 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 252 | 7389 |
| Omnicom Group Inc. | &nbsp;&nbsp; 111 | 7997 |
| Pinterest Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 391 | 15093 |
| Reddit Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 49 | 7869 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 389 | 53600 |
| Snap Inc., Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 646 | 6092 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 2074 | 494462 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 130 | 28955 |
| Trade Desk Inc. (The), Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 258 | 22436 |
| Verizon Communications Inc. | &nbsp;&nbsp; 1822 | 77909 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 1313 | 156391 |
| Warner Bros Discovery Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1676 | 22073 |
|  |  | 4095489 |
| **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 249 | 32970 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4904 | 1148075 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 358 | 24573 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7 | 26379 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 91 | 5920 |
| Booking Holdings Inc. | &nbsp;&nbsp; 19 | 104577 |
| Burlington Stores Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 6278 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 614 | 18279 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53 | 20679 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 792 | 33961 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 69 | 13915 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 20 | 4230 |
| Domino's Pizza Inc. | &nbsp;&nbsp; 19 | 8801 |
| DoorDash Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 211 | 52803 |
| DraftKings Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 258 | 11620 |
| eBay Inc. | &nbsp;&nbsp; 228 | 20919 |
| Expedia Group Inc. | &nbsp;&nbsp; 71 | 12796 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 103 | 31133 |
| Ford Motor Co. | &nbsp;&nbsp; 1922 | 21277 |
| General Motors Co. | &nbsp;&nbsp; 495 | 26403 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 138 | 36995 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 409 | 150312 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 28 | 3947 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 211 | 11056 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 231 | 51645 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 136 | 35881 |
| McDonald's Corp. | &nbsp;&nbsp; 414 | 124229 |
| MercadoLibre Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 54600 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 351 | 34510 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 382 | 4916 |
| Ross Stores Inc. | &nbsp;&nbsp; 133 | 18160 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 147 | 46727 |
| Starbucks Corp. | &nbsp;&nbsp; 669 | 59648 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1421 | $438052 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 457 | 56910 |
| Tractor Supply Co. | &nbsp;&nbsp; 233 | 13269 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 10300 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 55 | 10288 |
| Yum! Brands Inc. | &nbsp;&nbsp; 161 | 23208 |
|  |  | 2810241 |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |
| Altria Group Inc. | &nbsp;&nbsp; 52 | 3221 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 48 | 4501 |
| Clorox Co. (The) | &nbsp;&nbsp; 25 | 3139 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 141 | 11823 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 50 | 46982 |
| Dollar General Corp. | &nbsp;&nbsp; 23 | 2413 |
| Dollar Tree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25 | 2839 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 62 | 7726 |
| Kroger Co. (The) | &nbsp;&nbsp; 66 | 4627 |
| Philip Morris International Inc. | &nbsp;&nbsp; 45 | 7382 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 394 | 59285 |
| Sysco Corp. | &nbsp;&nbsp; 47 | 3741 |
| Target Corp. | &nbsp;&nbsp; 50 | 5025 |
| Walmart Inc. | &nbsp;&nbsp; 496 | 48598 |
|  |  | 211302 |
| **Energy — 3.3%** | **Energy — 3.3%** | **Energy — 3.3%** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 460 | 20723 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 129 | 30429 |
| Chevron Corp. | &nbsp;&nbsp; 1158 | 175599 |
| ConocoPhillips | &nbsp;&nbsp; 750 | 71505 |
| Coterra Energy Inc. | &nbsp;&nbsp; 411 | 10024 |
| Devon Energy Corp. | &nbsp;&nbsp; 351 | 11660 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 108 | 16055 |
| EOG Resources Inc. | &nbsp;&nbsp; 331 | 39727 |
| EQT Corp. | &nbsp;&nbsp; 309 | 16609 |
| Expand Energy Corp. | &nbsp;&nbsp; 123 | 12888 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 2541 | 283677 |
| Halliburton Co. | &nbsp;&nbsp; 360 | 8064 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 1157 | 32465 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 183 | 31145 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 409 | 17971 |
| ONEOK Inc. | &nbsp;&nbsp; 358 | 29395 |
| Phillips 66 | &nbsp;&nbsp; 241 | 29783 |
| Schlumberger NV | &nbsp;&nbsp; 642 | 21700 |
| Targa Resources Corp. | &nbsp;&nbsp; 120 | 19969 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 12 | 11618 |
| Valero Energy Corp. | &nbsp;&nbsp; 186 | 25540 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 706 | 42325 |
|  |  | 958871 |
| **Financials — 14.5%** | **Financials — 14.5%** | **Financials — 14.5%** |
| Aflac Inc. | &nbsp;&nbsp; 501 | 49779 |
| Allstate Corp. (The) | &nbsp;&nbsp; 232 | 47154 |
| American Express Co. | &nbsp;&nbsp; 35 | 10476 |
| American Financial Group Inc./OH | &nbsp;&nbsp; 63 | 7869 |
| American International Group Inc. | &nbsp;&nbsp; 523 | 40600 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 58 | 30055 |
| Aon PLC, Class A | &nbsp;&nbsp; 104 | 36994 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 213 | 30953 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 316 | 27195 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 130 | 24119 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 221 | 63482 |
| Bank of America Corp. | &nbsp;&nbsp; 4280 | 202316 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 435 | 44131 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 693 | $327013 |
| Blackstone Inc. | &nbsp;&nbsp; 429 | 74200 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 288 | 22251 |
| Brown & Brown Inc. | &nbsp;&nbsp; 260 | 23756 |
| Capital One Financial Corp. | &nbsp;&nbsp; 30 | 6450 |
| Carlyle Group Inc. (The) | &nbsp;&nbsp; 163 | 9888 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 51 | 12293 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 997 | 97437 |
| Chubb Ltd. | &nbsp;&nbsp; 330 | 87793 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 141 | 20799 |
| Citigroup Inc. | &nbsp;&nbsp; 1034 | 96886 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 268 | 12789 |
| CME Group Inc. | &nbsp;&nbsp; 213 | 59274 |
| Coinbase Global Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 113 | 42687 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32 | 10338 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 20 | 7125 |
| Everest Group Ltd. | &nbsp;&nbsp; 40 | 13432 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 27 | 10878 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 130 | 7336 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 277 | 21997 |
| Fifth Third Bancorp | &nbsp;&nbsp; 408 | 16960 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 5 | 9974 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 289 | 40154 |
| Global Payments Inc. | &nbsp;&nbsp; 116 | 9274 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 183 | 132417 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 160 | 19902 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 850 | 13965 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 229 | 15013 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 342 | 63212 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 40 | 6793 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 1661 | 492055 |
| KeyCorp | &nbsp;&nbsp; 600 | 10752 |
| KKR & Co. Inc. | &nbsp;&nbsp; 357 | 52329 |
| Loews Corp. | &nbsp;&nbsp; 179 | 16207 |
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 48 | 18995 |
| M&T Bank Corp. | &nbsp;&nbsp; 94 | 17738 |
| Markel Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11 | 22091 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 428 | 85258 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 419 | 237351 |
| MetLife Inc. | &nbsp;&nbsp; 582 | 44203 |
| Moody's Corp. | &nbsp;&nbsp; 107 | 55183 |
| Morgan Stanley | &nbsp;&nbsp; 720 | 102571 |
| MSCI Inc., Class A | &nbsp;&nbsp; 50 | 28068 |
| Nasdaq Inc. | &nbsp;&nbsp; 324 | 31175 |
| Northern Trust Corp. | &nbsp;&nbsp; 138 | 17940 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 484 | 33280 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 244 | 46426 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 115 | 8950 |
| Progressive Corp. (The) | &nbsp;&nbsp; 490 | 118600 |
| Prudential Financial Inc. | &nbsp;&nbsp; 189 | 19577 |
| Raymond James Financial Inc. | &nbsp;&nbsp; 131 | 21894 |
| Regions Financial Corp. | &nbsp;&nbsp; 571 | 14463 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 414 | 42663 |
| S&P Global Inc. | &nbsp;&nbsp; 189 | 104158 |
| State Street Corp. | &nbsp;&nbsp; 204 | 22797 |
| Synchrony Financial | &nbsp;&nbsp; 47 | 3274 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 113 | 11464 |
| Toast Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 216 | 10549 |
| Tradeweb Markets Inc., Class A | &nbsp;&nbsp; 77 | 10668 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 194 | 50486 |
| Truist Financial Corp. | &nbsp;&nbsp; 851 | 37197 |
| U.S. Bancorp | &nbsp;&nbsp; 928 | 41723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Visa Inc., Class A | &nbsp;&nbsp; 890 | $307468 |
| W R Berkley Corp. | &nbsp;&nbsp; 272 | 18716 |
| Wells Fargo & Co. | &nbsp;&nbsp; 1939 | 156341 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 53 | 16738 |
|  |  | 4236757 |
| **Health Care — 5.1%** | **Health Care — 5.1%** | **Health Care — 5.1%** |
| Abbott Laboratories | &nbsp;&nbsp; 575 | 72559 |
| AbbVie Inc. | &nbsp;&nbsp; 258 | 48767 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 45 | 5166 |
| Align Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21 | 2709 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19 | 7453 |
| Amgen Inc. | &nbsp;&nbsp; 80 | 23608 |
| Avantor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 131 | 1761 |
| Baxter International Inc. | &nbsp;&nbsp; 165 | 3590 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 96 | 17112 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 2560 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45 | 2603 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 492 | 51621 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 835 | 36164 |
| Cardinal Health Inc. | &nbsp;&nbsp; 58 | 9003 |
| Cencora Inc. | &nbsp;&nbsp; 44 | 12588 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 117 | 3050 |
| Cigna Group (The) | &nbsp;&nbsp; 68 | 18182 |
| Cooper Companies Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 3888 |
| CVS Health Corp. | &nbsp;&nbsp; 308 | 19127 |
| Danaher Corp. | &nbsp;&nbsp; 103 | 20307 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 129 | 10419 |
| Edwards Lifesciences Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 192 | 15227 |
| Elevance Health Inc. | &nbsp;&nbsp; 55 | 15569 |
| Eli Lilly & Co. | &nbsp;&nbsp; 332 | 245703 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 151 | 10769 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 183 | 20549 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 44 | 15576 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65 | 4343 |
| Humana Inc. | &nbsp;&nbsp; 31 | 7746 |
| IDEXX Laboratories Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 13358 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29 | 2979 |
| Incyte Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 41 | 3070 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 5768 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 117 | 56288 |
| IQVIA Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 5204 |
| Johnson & Johnson | &nbsp;&nbsp; 995 | 163916 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 20 | 5202 |
| McKesson Corp. | &nbsp;&nbsp; 31 | 21500 |
| Medtronic PLC | &nbsp;&nbsp; 432 | 38984 |
| Merck & Co. Inc. | &nbsp;&nbsp; 1039 | 81167 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3 | 3701 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12 | 1894 |
| Natera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 2673 |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 2949 |
| Pfizer Inc. | &nbsp;&nbsp; 2331 | 54289 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 26 | 4353 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 15 | 8182 |
| ResMed Inc. | &nbsp;&nbsp; 47 | 12781 |
| Revvity Inc.<sup>(b)</sup> | &nbsp;&nbsp; 22 | 1934 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 145 | 5336 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 39 | 2783 |
| STERIS PLC | &nbsp;&nbsp; 28 | 6342 |
| Stryker Corp. | &nbsp;&nbsp; 114 | 44771 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 60 | 28061 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5 | 1373 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 229 | 57149 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 11 | $1831 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 283 | 80429 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 39 | 17818 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10 | 2888 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 12 | 2871 |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 54 | 4949 |
| Zoetis Inc. | &nbsp;&nbsp; 181 | 26388 |
|  |  | 1480900 |
| **Industrials — 7.7%** | **Industrials — 7.7%** | **Industrials — 7.7%** |
| 3M Co. | &nbsp;&nbsp; 153 | 22831 |
| AECOM | &nbsp;&nbsp; 289 | 32582 |
| Allegion PLC | &nbsp;&nbsp; 29 | 4812 |
| AMETEK Inc. | &nbsp;&nbsp; 64 | 11830 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 380 | 117610 |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19 | 14354 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 207 | 45921 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 116 | 12450 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 124 | 30691 |
| Builders FirstSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 51 | 6484 |
| Carlisle Companies Inc. | &nbsp;&nbsp; 19 | 6739 |
| Carrier Global Corp. | &nbsp;&nbsp; 356 | 24429 |
| Caterpillar Inc. | &nbsp;&nbsp; 192 | 84100 |
| Cintas Corp. | &nbsp;&nbsp; 105 | 23368 |
| CNH Industrial NV | &nbsp;&nbsp; 356 | 4614 |
| Copart Inc.<sup>(a)</sup> | &nbsp;&nbsp; 260 | 11786 |
| CSX Corp. | &nbsp;&nbsp; 2081 | 73959 |
| Cummins Inc. | &nbsp;&nbsp; 54 | 19851 |
| Deere & Co. | &nbsp;&nbsp; 102 | 53486 |
| Dover Corp. | &nbsp;&nbsp; 55 | 9963 |
| Eaton Corp. PLC | &nbsp;&nbsp; 110 | 42319 |
| EMCOR Group Inc. | &nbsp;&nbsp; 99 | 62122 |
| Emerson Electric Co. | &nbsp;&nbsp; 158 | 22991 |
| Equifax Inc. | &nbsp;&nbsp; 118 | 28347 |
| Fortive Corp. | &nbsp;&nbsp; 132 | 6327 |
| GE Vernova Inc. | &nbsp;&nbsp; 76 | 50182 |
| General Dynamics Corp. | &nbsp;&nbsp; 64 | 19943 |
| General Electric Co. | &nbsp;&nbsp; 294 | 79698 |
| Graco Inc. | &nbsp;&nbsp; 79 | 6634 |
| HEICO Corp. | &nbsp;&nbsp; 10 | 3268 |
| HEICO Corp., Class A | &nbsp;&nbsp; 16 | 4129 |
| Honeywell International Inc. | &nbsp;&nbsp; 182 | 40468 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 104 | 18696 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 15 | 6562 |
| IDEX Corp. | &nbsp;&nbsp; 38 | 6213 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 117 | 29948 |
| Ingersoll Rand Inc. | &nbsp;&nbsp; 164 | 13879 |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 120 | 17024 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 91 | 13109 |
| Johnson Controls International PLC | &nbsp;&nbsp; 302 | 31710 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 52 | 14291 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 113 | 18040 |
| Lennox International Inc. | &nbsp;&nbsp; 13 | 7917 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 57 | 23996 |
| Masco Corp. | &nbsp;&nbsp; 71 | 4837 |
| Nordson Corp. | &nbsp;&nbsp; 25 | 5355 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 252 | 70056 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 38 | 21911 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 212 | 31641 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 160 | 13710 |
| Owens Corning | &nbsp;&nbsp; 26 | 3625 |
| PACCAR Inc. | &nbsp;&nbsp; 212 | 20937 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 52 | 38059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Paychex Inc. | &nbsp;&nbsp; 298 | $43010 |
| Paycom Software Inc. | &nbsp;&nbsp; 47 | 10882 |
| Pentair PLC | &nbsp;&nbsp; 79 | 8074 |
| Quanta Services Inc.<sup>(b)</sup> | &nbsp;&nbsp; 322 | 130774 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 63 | 14531 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 31 | 10903 |
| Rollins Inc. | &nbsp;&nbsp; 91 | 5212 |
| RTX Corp. | &nbsp;&nbsp; 369 | 58143 |
| Snap-on Inc. | &nbsp;&nbsp; 20 | 6424 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 231 | 19746 |
| Textron Inc. | &nbsp;&nbsp; 42 | 3266 |
| Trane Technologies PLC | &nbsp;&nbsp; 102 | 44684 |
| TransDigm Group Inc. | &nbsp;&nbsp; 15 | 24127 |
| TransUnion | &nbsp;&nbsp; 182 | 17325 |
| Uber Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2096 | 183924 |
| U-Haul Holding Co. | &nbsp;&nbsp; 93 | 4836 |
| Union Pacific Corp. | &nbsp;&nbsp; 672 | 149164 |
| Veralto Corp. | &nbsp;&nbsp; 72 | 7548 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 129 | 35954 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 101 | 14706 |
| Waste Connections Inc. | &nbsp;&nbsp; 75 | 14000 |
| Waste Management Inc. | &nbsp;&nbsp; 113 | 25895 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 69 | 13251 |
| Xylem Inc./New York | &nbsp;&nbsp; 97 | 14028 |
|  |  | 2250211 |
| **Information Technology — 35.1%** | **Information Technology — 35.1%** | **Information Technology — 35.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 335 | 89479 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 229 | 81911 |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 894 | 157621 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 76 | 5800 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 353 | 37598 |
| Analog Devices Inc. | &nbsp;&nbsp; 272 | 61099 |
| Apple Inc. | &nbsp;&nbsp; 8950 | 1857752 |
| Applied Materials Inc. | &nbsp;&nbsp; 446 | 80307 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 125 | 48838 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 519 | 63951 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 88 | 16877 |
| Autodesk Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 114 | 34555 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 91 | 5276 |
| Broadcom Inc. | &nbsp;&nbsp; 2479 | 728082 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 147 | 53592 |
| CDW Corp. | &nbsp;&nbsp; 40 | 6975 |
| Cisco Systems Inc. | &nbsp;&nbsp; 1945 | 132416 |
| Cloudflare Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 166 | 34475 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 260 | 18658 |
| Corning Inc. | &nbsp;&nbsp; 248 | 15684 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 134 | 60912 |
| Datadog Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 156 | 21837 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 186 | 24680 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 97 | 7337 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 151 | 7944 |
| Entegris Inc. | &nbsp;&nbsp; 69 | 5414 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32 | 10029 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13 | 18677 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55 | 9610 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 350 | 34965 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40 | 13546 |
| Gen Digital Inc. | &nbsp;&nbsp; 307 | 9053 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 74 | 11957 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 736 | 15228 |
| HP Inc. | &nbsp;&nbsp; 530 | 13144 |
| HubSpot Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25 | 12991 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Intel Corp. | &nbsp;&nbsp; 2393 | $47381 |
| International Business Machines Corp. | &nbsp;&nbsp; 498 | 126069 |
| Intuit Inc. | &nbsp;&nbsp; 150 | 117770 |
| Jabil Inc. | &nbsp;&nbsp; 32 | 7141 |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52 | 8523 |
| KLA Corp. | &nbsp;&nbsp; 74 | 65048 |
| Lam Research Corp. | &nbsp;&nbsp; 706 | 66957 |
| Marvell Technology Inc.<sup>(b)</sup> | &nbsp;&nbsp; 477 | 38337 |
| Microchip Technology Inc. | &nbsp;&nbsp; 298 | 20142 |
| Micron Technology Inc. | &nbsp;&nbsp; 613 | 66903 |
| Microsoft Corp. | &nbsp;&nbsp; 3801 | 2027834 |
| MicroStrategy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 133 | 53447 |
| MongoDB Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44 | 10467 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 26 | 18492 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 81 | 35557 |
| NetApp Inc. | &nbsp;&nbsp; 121 | 12600 |
| Nutanix Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 132 | 9922 |
| Nvidia Corp. | &nbsp;&nbsp; 13535 | 2407471 |
| NXP Semiconductors NV | &nbsp;&nbsp; 138 | 29500 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 89 | 8704 |
| ON Semiconductor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 232 | 13076 |
| Oracle Corp. | &nbsp;&nbsp; 907 | 230169 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1153 | 182578 |
| Palo Alto Networks Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 356 | 61802 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 62 | 13318 |
| Pure Storage Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 185 | 11011 |
| Qualcomm Inc. | &nbsp;&nbsp; 608 | 89230 |
| Ralliant Corp.<sup>(a)</sup> | &nbsp;&nbsp; 57 | 2606 |
| Roper Technologies Inc. | &nbsp;&nbsp; 55 | 30272 |
| Salesforce Inc. | &nbsp;&nbsp; 519 | 134073 |
| Samsara Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 137 | 5210 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 123 | 19312 |
| ServiceNow Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 111 | 104686 |
| Snowflake Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 172 | 38442 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 300 | 17691 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 98 | 62080 |
| TE Connectivity PLC | &nbsp;&nbsp; 88 | 18106 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15 | 8265 |
| Teradyne Inc. | &nbsp;&nbsp; 92 | 9884 |
| Texas Instruments Inc. | &nbsp;&nbsp; 501 | 90711 |
| Trimble Inc.<sup>(a)</sup> | &nbsp;&nbsp; 74 | 6208 |
| Twilio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 78 | 10062 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 13445 |
| VeriSign Inc. | &nbsp;&nbsp; 44 | 11830 |
| Western Digital Corp. | &nbsp;&nbsp; 201 | 15817 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 114 | 26149 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15 | 5085 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 129 | 9553 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52 | 14849 |
|  |  | 10242055 |
| **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 487 | 60563 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 2152 | 52294 |
| Kinross Gold Corp. | &nbsp;&nbsp; 3709 | 59344 |
| Newmont Corp. | &nbsp;&nbsp; 986 | 61230 |
| Pan American Silver Corp. | &nbsp;&nbsp; 1981 | 53527 |
|  |  | 286958 |
| **Real Estate — 5.9%** | **Real Estate — 5.9%** | **Real Estate — 5.9%** |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 284 | 21706 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 594 | 20606 |
| American Tower Corp. | &nbsp;&nbsp; 13 | 2709 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 261 | $48619 |
| Camden Property Trust | &nbsp;&nbsp; 193 | 21076 |
| CBRE Group Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1896 | 295283 |
| CoStar Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2668 | 253967 |
| Crown Castle Inc. | &nbsp;&nbsp; 21 | 2207 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 8 | 1412 |
| Equinix Inc. | &nbsp;&nbsp; 2 | 1570 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 327 | 19594 |
| Equity Residential | &nbsp;&nbsp; 630 | 39816 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 117 | 30441 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 1353 | 22920 |
| Invitation Homes Inc. | &nbsp;&nbsp; 1061 | 32520 |
| Kimco Realty Corp. | &nbsp;&nbsp; 1950 | 41398 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 217 | 30907 |
| Prologis Inc. | &nbsp;&nbsp; 1461 | 156006 |
| Realty Income Corp. | &nbsp;&nbsp; 2392 | 134263 |
| Regency Centers Corp. | &nbsp;&nbsp; 483 | 34486 |
| Simon Property Group Inc. | &nbsp;&nbsp; 872 | 142825 |
| Sun Communities Inc. | &nbsp;&nbsp; 237 | 29395 |
| UDR Inc. | &nbsp;&nbsp; 559 | 21963 |
| Ventas Inc. | &nbsp;&nbsp; 755 | 50721 |
| Welltower Inc. | &nbsp;&nbsp; 1112 | 183558 |
| Zillow Group Inc., Class C <sup>(a)</sup> | &nbsp;&nbsp; 1028 | 81777 |
|  |  | 1721745 |
| **Utilities — 2.9%** | **Utilities — 2.9%** | **Utilities — 2.9%** |
| Alliant Energy Corp. | &nbsp;&nbsp; 175 | 11377 |
| Ameren Corp. | &nbsp;&nbsp; 64 | 6472 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 386 | 43672 |
| CenterPoint Energy Inc. | &nbsp;&nbsp; 166 | 6444 |
| CMS Energy Corp. | &nbsp;&nbsp; 74 | 5461 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 87 | 9005 |
| Constellation Energy Corp. | &nbsp;&nbsp; 226 | 78612 |
| Dominion Energy Inc. | &nbsp;&nbsp; 230 | 13444 |
| DTE Energy Co. | &nbsp;&nbsp; 51 | 7059 |
| Duke Energy Corp. | &nbsp;&nbsp; 560 | 68118 |
| Edison International | &nbsp;&nbsp; 276 | 14385 |
| Entergy Corp. | &nbsp;&nbsp; 303 | 27400 |
| Evergy Inc. | &nbsp;&nbsp; 150 | 10620 |
| Eversource Energy | &nbsp;&nbsp; 257 | 16988 |
| Exelon Corp. | &nbsp;&nbsp; 714 | 32087 |
| FirstEnergy Corp. | &nbsp;&nbsp; 376 | 16059 |
| NextEra Energy Inc. | &nbsp;&nbsp; 1485 | 105524 |
| NiSource Inc. | &nbsp;&nbsp; 129 | 5476 |
| NRG Energy Inc. | &nbsp;&nbsp; 145 | 24244 |
| PG&E Corp. | &nbsp;&nbsp; 1521 | 21324 |
| PPL Corp. | &nbsp;&nbsp; 469 | 16739 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 128 | 11493 |
| Sempra | &nbsp;&nbsp; 161 | 13151 |
| Southern Co. (The) | &nbsp;&nbsp; 801 | 75679 |
| Vistra Corp. | &nbsp;&nbsp; 873 | 182055 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 81 | 8835 |
| Xcel Energy Inc. | &nbsp;&nbsp; 407 | 29890 |
|  |  | 861613 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $25,546,556)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $25,546,556)** | 29156142 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.5%** | **Money Market Funds — 3.5%** | **Money Market Funds — 3.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 968546 | 968934 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 60000 | $60000 |
| **Total Short-Term Securities — 3.5%** <br>**(Cost: $1,028,933)** | **Total Short-Term Securities — 3.5%** <br>**(Cost: $1,028,933)** | 1028934 |
| **Total Investments — 103.3%** <br>**(Cost: $26,575,489)** | **Total Investments — 103.3%** <br>**(Cost: $26,575,489)** | 30185076 |
| **Liabilities in Excess of Other Assets — (3.3)%** | **Liabilities in Excess of Other Assets — (3.3)%** | (968060)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $29217016 |

---

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

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $611<br> $968406 <br><sup>(a)</sup><br>| $— | $(84)<br>| $1 | $968934 | 968546 | $210 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 40000<br> 20000 <br><sup>(a)</sup><br>|  |  |  | 60000 | 60000 | 2830 |  |
|  |  |  | $(84) | $1 | $1028934 |  | $3040 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $29156142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29156142 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1028934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1028934 |
|  | &nbsp;&nbsp; $30185076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30185076 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12886 | $9735244 |
| General Electric Co. | &nbsp;&nbsp; 144306 | 39118471 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 7 | 4036 |
|  |  | 48857751 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 77963 | 9062419 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Modine Manufacturing Co.<sup>(a)</sup> | &nbsp;&nbsp; 27863 | 3749245 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 96210 | 29658657 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Bank of America Corp. | &nbsp;&nbsp; 82610 | 3904975 |
| Citigroup Inc. | &nbsp;&nbsp; 119 | 11150 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 35 | 10368 |
| Wells Fargo & Co. | &nbsp;&nbsp; 116021 | 9354773 |
| Western Alliance Bancorp. | &nbsp;&nbsp; 14149 | 1097397 |
|  |  | 14378663 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 14025 | 1567294 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| AbbVie Inc. | &nbsp;&nbsp; 71924 | 13595075 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 192353 | 21599318 |
| Halozyme Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 80569 | 4831723 |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12136 | 1556199 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8216 | 2256935 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2772 | 1266444 |
|  |  | 45105694 |
| **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 905572 | 212003461 |
| Dillard's Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 47124 | 22003609 |
|  |  | 234007070 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Armstrong World Industries Inc. | &nbsp;&nbsp; 35193 | 6622267 |
| Johnson Controls International PLC | &nbsp;&nbsp; 63917 | 6711285 |
| Lennox International Inc. | &nbsp;&nbsp; 32738 | 19937442 |
| Trane Technologies PLC | &nbsp;&nbsp; 56861 | 24909667 |
|  |  | 58180661 |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 7146 | 1499731 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 2744 | 1421913 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 15806 | 1544721 |
| CME Group Inc. | &nbsp;&nbsp; 6669 | 1855849 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 14 | 10130 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 14116 | 2609060 |
| S&P Global Inc. | &nbsp;&nbsp; 7058 | 3889664 |
|  |  | 12831068 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Ecolab Inc. | &nbsp;&nbsp; 21176 | 5543030 |
| Linde PLC | &nbsp;&nbsp; 57111 | 26285909 |
|  |  | 31828939 |
| **Commercial Services & Supplies — 2.1%** | **Commercial Services & Supplies — 2.1%** | **Commercial Services & Supplies — 2.1%** |
| Cintas Corp. | &nbsp;&nbsp; 20435 | 4547809 |
| Clean Harbors Inc.<sup>(a)</sup> | &nbsp;&nbsp; 84693 | 19971456 |
| Copart Inc.<sup>(a)</sup> | &nbsp;&nbsp; 225777 | 10234472 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 134104 | 30931088 |
| Veralto Corp. | &nbsp;&nbsp; 70576 | 7398482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Waste Connections Inc. | &nbsp;&nbsp; 169396 | $31621151 |
| Waste Management Inc. | &nbsp;&nbsp; 21171 | 4851546 |
|  |  | 109556004 |
| **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21558 | 2656377 |
| Cisco Systems Inc. | &nbsp;&nbsp; 989085 | 67336907 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63516 | 19907185 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 49414 | 21691757 |
|  |  | 111592226 |
| **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** |
| AECOM | &nbsp;&nbsp; 42345 | 4773975 |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 21179 | 14895191 |
| Dycom Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77642 | 20870946 |
| EMCOR Group Inc. | &nbsp;&nbsp; 70778 | 44412487 |
| Fluor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 169392 | 9616384 |
| MasTec Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 98801 | 18694137 |
|  |  | 113263120 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| CRH PLC | &nbsp;&nbsp; 15032 | 1434804 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| American Express Co. | &nbsp;&nbsp; 5366 | 1606097 |
| Capital One Financial Corp. | &nbsp;&nbsp; 18998 | 4084570 |
| Synchrony Financial | &nbsp;&nbsp; 23013 | 1603316 |
|  |  | 7293983 |
| **Consumer Staples Distribution & Retail — 2.7%** | **Consumer Staples Distribution & Retail — 2.7%** | **Consumer Staples Distribution & Retail — 2.7%** |
| Costco Wholesale Corp. | &nbsp;&nbsp; 78155 | 73437564 |
| Kroger Co. (The) | &nbsp;&nbsp; 204690 | 14348769 |
| Sprouts Farmers Market Inc.<sup>(a)</sup> | &nbsp;&nbsp; 101671 | 15407223 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 56459 | 4704729 |
| Walmart Inc. | &nbsp;&nbsp; 278588 | 27296052 |
|  |  | 135194337 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| AptarGroup Inc. | &nbsp;&nbsp; 119627 | 18798187 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| LKQ Corp. | &nbsp;&nbsp; 151625 | 4468389 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| H&R Block Inc. | &nbsp;&nbsp; 70053 | 3806680 |
| Stride Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13764 | 1764958 |
|  |  | 5571638 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| AT&T Inc. | &nbsp;&nbsp; 46654 | 1278786 |
| Verizon Communications Inc. | &nbsp;&nbsp; 241946 | 10345611 |
|  |  | 11624397 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Acuity Inc. | &nbsp;&nbsp; 7055 | 2196574 |
| Eaton Corp. PLC | &nbsp;&nbsp; 18798 | 7231967 |
| Emerson Electric Co. | &nbsp;&nbsp; 10080 | 1466741 |
| GE Vernova Inc. | &nbsp;&nbsp; 3898 | 2573810 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 14396 | 6297962 |
|  |  | 19767054 |
| **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
| Amphenol Corp., Class A | &nbsp;&nbsp; 913532 | 97300293 |
| Arrow Electronics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14438 | 1674808 |
| Badger Meter Inc. | &nbsp;&nbsp; 112926 | 21315912 |
| Crane NXT Co. | &nbsp;&nbsp; 21179 | 1256762 |
| Jabil Inc. | &nbsp;&nbsp; 133965 | 29896969 |
| TD SYNNEX Corp. | &nbsp;&nbsp; 119979 | 17323768 |
|  |  | 168768512 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 162332 | $7313057 |
| Noble Corp. PLC | &nbsp;&nbsp; 176452 | 4730678 |
| TechnipFMC PLC | &nbsp;&nbsp; 176423 | 6416504 |
| Tidewater Inc.<sup>(a)</sup> | &nbsp;&nbsp; 70583 | 3529856 |
|  |  | 21990095 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| Electronic Arts Inc. | &nbsp;&nbsp; 63515 | 9685402 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53270 | 61761238 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 15383 | 9638065 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 59369 | 7071442 |
|  |  | 88156147 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 95643 | 45132019 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 2163 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5035 | 1626557 |
| Essent Group Ltd. | &nbsp;&nbsp; 20932 | 1171983 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 150158 | 20862953 |
| Global Payments Inc. | &nbsp;&nbsp; 29356 | 2347012 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 49410 | 8390559 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32133 | 2209465 |
| Visa Inc., Class A | &nbsp;&nbsp; 42354 | 14632036 |
|  |  | 96374747 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 780667 | 36995809 |
| WK Kellogg Co. | &nbsp;&nbsp; 35293 | 813504 |
|  |  | 37809313 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 276101 | 24227863 |
| **Health Care Equipment & Supplies — 5.1%** | **Health Care Equipment & Supplies — 5.1%** | **Health Care Equipment & Supplies — 5.1%** |
| Abbott Laboratories | &nbsp;&nbsp; 27656 | 3489911 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 985420 | 103390266 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 222686 | 17661227 |
| Globus Medical Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 211745 | 11144139 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 122157 | 58768511 |
| Merit Medical Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 49396 | 4191744 |
| Penumbra Inc.<sup>(a)</sup> | &nbsp;&nbsp; 58733 | 14816574 |
| Stryker Corp. | &nbsp;&nbsp; 115475 | 45350497 |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 14 | 1283 |
|  |  | 258814152 |
| **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** |
| Amedisys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22950 | 2262870 |
| Cardinal Health Inc. | &nbsp;&nbsp; 99861 | 15500424 |
| Cencora Inc. | &nbsp;&nbsp; 58856 | 16837525 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 35187 | 917325 |
| Cigna Group (The) | &nbsp;&nbsp; 5864 | 1567916 |
| Elevance Health Inc. | &nbsp;&nbsp; 2988 | 845843 |
| Encompass Health Corp. | &nbsp;&nbsp; 84703 | 9326647 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 23894 | 8458237 |
| HealthEquity Inc.<sup>(a)</sup> | &nbsp;&nbsp; 91516 | 8877052 |
| McKesson Corp. | &nbsp;&nbsp; 31207 | 21643303 |
| Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp; 84685 | 13657997 |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 7599 | 1264854 |
|  |  | 101159993 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16336 | 2163050 |
| Booking Holdings Inc. | &nbsp;&nbsp; 740 | 4073004 |
| Expedia Group Inc. | &nbsp;&nbsp; 28230 | 5087611 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 63529 | 17030854 |
| Light & Wonder Inc.<sup>(a)</sup> | &nbsp;&nbsp; 169196 | 16296959 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 35297 | $9312407 |
|  |  | 53963885 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| Champion Homes Inc.<sup>(a)</sup> | &nbsp;&nbsp; 98807 | 6017346 |
| Garmin Ltd. | &nbsp;&nbsp; 42462 | 9288987 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 155269 | 9204347 |
|  |  | 24510680 |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 172344 | 14451044 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 99208 | 14927828 |
|  |  | 29378872 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Vistra Corp. | &nbsp;&nbsp; 14 | 2920 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 29839 | 6064777 |
| American International Group Inc. | &nbsp;&nbsp; 19757 | 1533736 |
| Aon PLC, Class A | &nbsp;&nbsp; 27293 | 9708393 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 22581 | 1943321 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 18948 | 5442813 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; 143344 | 13451401 |
| Brown & Brown Inc. | &nbsp;&nbsp; 42341 | 3868697 |
| Chubb Ltd. | &nbsp;&nbsp; 35287 | 9387753 |
| Globe Life Inc. | &nbsp;&nbsp; 25382 | 3565409 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 26681 | 3318850 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 247329 | 49267937 |
| MetLife Inc. | &nbsp;&nbsp; 140676 | 10684342 |
| Primerica Inc. | &nbsp;&nbsp; 8319 | 2209776 |
| Progressive Corp. (The) | &nbsp;&nbsp; 37302 | 9028576 |
| RLI Corp. | &nbsp;&nbsp; 162338 | 10712685 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 5827 | 1516418 |
|  |  | 141704884 |
| **Interactive Media & Services — 7.8%** | **Interactive Media & Services — 7.8%** | **Interactive Media & Services — 7.8%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 585712 | 112398133 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 436726 | 84226976 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 257474 | 199140690 |
| Pinterest Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 106233 | 4100594 |
|  |  | 399866393 |
| **IT Services — 1.6%** | **IT Services — 1.6%** | **IT Services — 1.6%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 84691 | 22620966 |
| Amdocs Ltd. | &nbsp;&nbsp; 52736 | 4501545 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 101864 | 7309761 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21176 | 7171252 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 169393 | 27370521 |
| International Business Machines Corp. | &nbsp;&nbsp; 25042 | 6339382 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28173 | 2755319 |
| Twilio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14072 | 1815288 |
| VeriSign Inc. | &nbsp;&nbsp; 11381 | 3060010 |
|  |  | 82944044 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Mattel Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66369 | 1128937 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Charles River Laboratories International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17775 | 3015351 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| Allison Transmission Holdings Inc. | &nbsp;&nbsp; 66916 | 6027124 |
| Cummins Inc. | &nbsp;&nbsp; 10135 | 3725829 |
| Donaldson Co. Inc. | &nbsp;&nbsp; 176493 | 12702201 |
| Graco Inc. | &nbsp;&nbsp; 416136 | 34947101 |
| ITT Inc. | &nbsp;&nbsp; 176752 | 30040770 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Lincoln Electric Holdings Inc. | &nbsp;&nbsp; 56684 | $13802554 |
| Mueller Industries Inc. | &nbsp;&nbsp; 212851 | 18171090 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 35297 | 3024600 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 2174 | 1591151 |
| Pentair PLC | &nbsp;&nbsp; 59687 | 6100011 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 51516 | 9893648 |
| Xylem Inc./New York | &nbsp;&nbsp; 18928 | 2737367 |
|  |  | 142763446 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 272756 | 9063682 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 112935 | 6297255 |
| Omnicom Group Inc. | &nbsp;&nbsp; 28978 | 2087865 |
|  |  | 17448802 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Carpenter Technology Corp. | &nbsp;&nbsp; 14110 | 3518893 |
| Newmont Corp. | &nbsp;&nbsp; 25276 | 1569640 |
| Royal Gold Inc. | &nbsp;&nbsp; 8948 | 1354906 |
|  |  | 6443439 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
| CMS Energy Corp. | &nbsp;&nbsp; 21 | 1550 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 11813 | 1288562 |
|  |  | 1290112 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 42345 | 1479111 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 11569 | 2728896 |
| Chevron Corp. | &nbsp;&nbsp; 108938 | 16519358 |
| ConocoPhillips | &nbsp;&nbsp; 112988 | 10772276 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 13865 | 2061171 |
| DT Midstream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 289374 | 29727391 |
| EOG Resources Inc. | &nbsp;&nbsp; 91966 | 11037759 |
| EQT Corp. | &nbsp;&nbsp; 63163 | 3395011 |
| Expand Energy Corp. | &nbsp;&nbsp; 10207 | 1069490 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 36646 | 4091159 |
| Hess Midstream LP, Class A | &nbsp;&nbsp; 282332 | 12289912 |
| Ovintiv Inc. | &nbsp;&nbsp; 57407 | 2364020 |
| SM Energy Co. | &nbsp;&nbsp; 218793 | 6036499 |
| Targa Resources Corp. | &nbsp;&nbsp; 202694 | 33730309 |
|  |  | 137302362 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp; 15194 | 1373690 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Alaska Air Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 56 | 2966 |
| Southwest Airlines Co. | &nbsp;&nbsp; 49 | 1515 |
|  |  | 4481 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 301889 | 13074813 |
| Corcept Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28336 | 1903329 |
| Eli Lilly & Co. | &nbsp;&nbsp; 59177 | 43795122 |
| Johnson & Johnson | &nbsp;&nbsp; 153134 | 25227295 |
| Merck & Co. Inc. | &nbsp;&nbsp; 260844 | 20377133 |
| Pfizer Inc. | &nbsp;&nbsp; 129174 | 3008463 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 99467 | 3660386 |
|  |  | 111046541 |
| **Professional Services — 1.8%** | **Professional Services — 1.8%** | **Professional Services — 1.8%** |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 71386 | 22093967 |
| CACI International Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13790 | 6351260 |
| Dayforce Inc.<sup>(a)</sup> | &nbsp;&nbsp; 71927 | 4148030 |
| ExlService Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 84693 | 3678217 |
| Paychex Inc. | &nbsp;&nbsp; 23826 | 3438807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Paycom Software Inc. | &nbsp;&nbsp; 15027 | $3479352 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 458382 | 39182493 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 28238 | 7870213 |
|  |  | 90242339 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77642 | 13689061 |
| Analog Devices Inc. | &nbsp;&nbsp; 28239 | 6343327 |
| Applied Materials Inc. | &nbsp;&nbsp; 150141 | 27034389 |
| Broadcom Inc. | &nbsp;&nbsp; 446762 | 131213999 |
| Cirrus Logic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105868 | 10661966 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26288 | 4593302 |
| KLA Corp. | &nbsp;&nbsp; 14529 | 12771427 |
| Lam Research Corp. | &nbsp;&nbsp; 49411 | 4686139 |
| Micron Technology Inc. | &nbsp;&nbsp; 65499 | 7148561 |
| Nvidia Corp. | &nbsp;&nbsp; 2581875 | 459238106 |
| Onto Innovation Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28 | 2653 |
| Qualcomm Inc. | &nbsp;&nbsp; 139133 | 20419159 |
| Texas Instruments Inc. | &nbsp;&nbsp; 155650 | 28181989 |
|  |  | 725984078 |
| **Software — 13.4%** | **Software — 13.4%** | **Software — 13.4%** |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48640 | 17398042 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4546 | 1776122 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 34149 | 10350903 |
| BILL Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29804 | 1277101 |
| Box Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 755200 | 24241920 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42472 | 15484017 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 437978 | 81551504 |
| CommVault Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 169391 | 32175821 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6674 | 3033800 |
| Dropbox Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 127712 | 3469935 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44305 | 4426070 |
| Guidewire Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45984 | 10402501 |
| Intuit Inc. | &nbsp;&nbsp; 32564 | 25566973 |
| Manhattan Associates Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7059 | 1550580 |
| Microsoft Corp. | &nbsp;&nbsp; 511352 | 272806292 |
| Oracle Corp. | &nbsp;&nbsp; 108942 | 27646211 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 190740 | 30203679 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55147 | 9573519 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 127050 | 27291611 |
| Q2 Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 49405 | 4011686 |
| RingCentral Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 57122 | 1456040 |
| Salesforce Inc. | &nbsp;&nbsp; 86978 | 22469027 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17318 | 16332952 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28494 | 18050094 |
| Tenable Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 148224 | 4640893 |
| Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp; 105873 | 2215922 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16877 | 3871246 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 47528 | 3519448 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26836 | 7663288 |
|  |  | 684457197 |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 63 | 6049 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4 | 15073 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 13507 | 2856866 |
| Gap Inc. (The) | &nbsp;&nbsp; 35 | 681 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 173908 | 38880612 |
| Murphy USA Inc. | &nbsp;&nbsp; 14120 | 5118218 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105885 | 10410613 |
| Penske Automotive Group Inc. | &nbsp;&nbsp; 7029 | 1176725 |
| Ross Stores Inc. | &nbsp;&nbsp; 240580 | 32848793 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 555403 | 69164336 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 35682 | $6674318 |
|  |  | 167152284 |
| **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** | **Technology Hardware, Storage & Peripherals — 6.7%** |
| Apple Inc. | &nbsp;&nbsp; 1496321 | 310591350 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 36254 | 4810543 |
| HP Inc. | &nbsp;&nbsp; 44943 | 1114586 |
| NetApp Inc. | &nbsp;&nbsp; 120733 | 12571927 |
| Pure Storage Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 155520 | 9256551 |
| Western Digital Corp. | &nbsp;&nbsp; 35805 | 2817496 |
|  |  | 341162453 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 21 | 2230 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** |
| Altria Group Inc. | &nbsp;&nbsp; 32069 | 1986354 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Core & Main Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 76908 | 4894425 |
| WW Grainger Inc. | &nbsp;&nbsp; 14117 | 14675186 |
|  |  | 19569611 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 32 | 7629 |
| **Total Long-Term Investments — 98.2%** <br>**(Cost: $4,714,497,381)** | **Total Long-Term Investments — 98.2%** <br>**(Cost: $4,714,497,381)** | 5009845436 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 10729881 | $10734173 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 90450000 | 90450000 |
| **Total Short-Term Securities — 2.0%** <br>**(Cost: $101,184,173)** | **Total Short-Term Securities — 2.0%** <br>**(Cost: $101,184,173)** | 101184173 |
| **Total Investments — 100.2%** <br>**(Cost: $4,815,681,554)** | **Total Investments — 100.2%** <br>**(Cost: $4,815,681,554)** | 5111029609 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (10864201)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5100165408 |

---

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $76229<br> $10658920 <br><sup>(a)</sup><br>| $— | $(973)<br>| $(3)<br>| $10734173 | 10729881 | $11358 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 50000<br> 90400000 <br><sup>(a)</sup><br>|  |  |  | 90450000 | 90450000 | 772558 |  |
|  |  |  | $(973) | $(3) | $101184173 |  | $783916 | $— |

---

&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 |  |  |  |  |
| Micro E-Mini S&P 500 Index | 2 | 09/19/25 | &nbsp;&nbsp; $64 | $3411 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3411 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2856 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2871 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2871 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $59418 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5009845436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5009845436 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 101184173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101184173 |
|  | &nbsp;&nbsp; $5111029609 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5111029609 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3411 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; BlackRock <br>U.S. Carbon <br> Transition <br> Readiness ETF <br>| &nbsp;&nbsp; BlackRock <br>World ex <br> U.S. Carbon <br> Transition <br> Readiness ETF <br>| &nbsp;&nbsp; iShares <br>FinTech Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Health <br> Innovation <br> Active ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1299089098 | $228835566 | $10284596 | $3876986 |
| Investments, at value—affiliated<sup>(c)</sup> | 9754700 | 1461889 | 2119389 | 233837 |
| Cash | 25754 | 975 | 6799 | 1456 |
| Cash pledged for futures contracts | 409000 | 80000 |  |  |
| Foreign currency, at value<sup>(d)</sup> |  | 93570 |  |  |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 28614 |
| Securities lending income—affiliated | 3447 | 83 | 2361 | 57 |
| Dividends—unaffiliated | 496879 | 208983 | 751 | 3271 |
| Dividends—affiliated | 21529 | 6392 | 1495 | 166 |
| Tax reclaims |  | 935681 | 2859 | 1135 |
| Other assets |  |  | 211 |  |
| Total assets | 1309800407 | 231623139 | 12418461 | 4145522 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 3275225 | 81889 | 1849303 | 183934 |
| Payables: |  |  |  |  |
| Investment advisory fees | 156894 | 39569 | 6229 | 2882 |
| Professional fees |  | 47700 |  |  |
| Variation margin on futures contracts | 20865 | 25463 |  |  |
| Total liabilities | 3452984 | 194621 | 1855532 | 186816 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $1306347423 | $231428518 | $10562929 | $3958706 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $1051741385 | $282732866 | $8505155 | $4915408 |
| Accumulated earnings (loss) | 254606038 | (51304348) | 2057774 | (956702) |
| NET ASSETS | $1306347423 | $231428518 | $10562929 | $3958706 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 18975000 | 4650000 | 320000 | 160000 |
| Net asset value | $68.85 | $49.77 | $33.01 | $24.74 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $979825757 | $207079444 | $8463292 | $3821694 |
| <sup>(b)</sup> Securities loaned, at value | $3163993 | $75802 | $1785858 | $175316 |
| <sup>(c)</sup> Investments, at cost—affiliated | $9754561 | $1461889 | $2119373 | $233805 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $95295 | $— | $— |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>International <br> Country <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Large Cap <br> Core Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Large Cap <br> Value Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Equity <br> Factor Rotation <br> Active ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $200580 | $9542251 | $51769733 | $21300340117 |
| Investments, at value—affiliated<sup>(c)</sup> | 9997694 | 294008 | 1210000 | 171094019 |
| Cash | 279 | 4361 | 4517 | 10652 |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated | 164 | 16 | 12 | 232 |
| Capital shares sold |  |  |  | 869348 |
| Dividends—unaffiliated | 208 | 1831 | 47685 | 8618888 |
| Dividends—affiliated | 175 | 597 | 2984 | 420743 |
| Tax reclaims | 95 | 35 |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 7426 |  |  |  |
| Total assets | 10206621 | 9843099 | 53034931 | 21481353999 |
| **LIABILITIES** |  |  |  |  |
| Foreign bank overdraft |  | 52 |  |  |
| Collateral on securities loaned, at value | 136275 | 114000 |  | 574019 |
| Payables: |  |  |  |  |
| Investment advisory fees | 349 | 2883 | 19295 | 4358495 |
| Unrealized depreciation on forward foreign currency exchange contracts | 6622 |  |  |  |
| Total liabilities | 143246 | 116935 | 19295 | 4932514 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $10063375 | $9726164 | $53015636 | $21476421485 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $9353027 | $7749723 | $49768844 | $18891018833 |
| Accumulated earnings | 710348 | 1976441 | 3246792 | 2585402652 |
| NET ASSETS | $10063375 | $9726164 | $53015636 | $21476421485 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 360000 | 260000 | 1530000 | 383475000 |
| Net asset value | $27.95 | $37.41 | $34.65 | $56.00 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $164529 | $7349423 | $48086144 | $18157550913 |
| <sup>(b)</sup> Securities loaned, at value | $132089 | $111408 | $— | $571888 |
| <sup>(c)</sup> Investments, at cost—affiliated | $9339428 | $294000 | $1210000 | $171094019 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>U.S. Industry <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Thematic <br> Rotation Active <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $29156142 | $5009845436 |
| Investments, at value—affiliated<sup>(c)</sup> | 1028934 | 101184173 |
| Cash | 533 | 2882 |
| Cash pledged for futures contracts |  | 5000 |
| Receivables: |  |  |
| Securities lending income—affiliated | 40 | 3040 |
| Capital shares sold |  | 133799 |
| Dividends—unaffiliated | 10350 | 1761227 |
| Dividends—affiliated | 99 | 317248 |
| Total assets | 30196098 | 5113252805 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 969013 | 10735136 |
| Payables: |  |  |
| Investment advisory fees | 10069 | 2352044 |
| Variation margin on futures contracts |  | 217 |
| Total liabilities | 979082 | 13087397 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $29217016 | $5100165408 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $26483627 | $4811174648 |
| Accumulated earnings | 2733389 | 288990760 |
| NET ASSETS | $29217016 | $5100165408 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 980000 | 141160000 |
| Net asset value | $29.81 | $36.13 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $25546556 | $4714497381 |
| <sup>(b)</sup> Securities loaned, at value | $940019 | $10419983 |
| <sup>(c)</sup> Investments, at cost—affiliated | $1028933 | $101184173 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>U.S. Carbon <br> Transition <br> Readiness ETF <br>| &nbsp;&nbsp; BlackRock <br>World ex <br> U.S. Carbon <br> Transition <br> Readiness ETF <br>| &nbsp;&nbsp; iShares <br>FinTech Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Health <br> Innovation <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $16111463 | &nbsp;&nbsp;&nbsp; $7982629 | &nbsp;&nbsp;&nbsp; $61145 | &nbsp;&nbsp;&nbsp; $24610 |
| Dividends—affiliated | &nbsp;&nbsp; 449702 | &nbsp;&nbsp;&nbsp; 77104 | &nbsp;&nbsp;&nbsp; 8247 | &nbsp;&nbsp;&nbsp; 6634 |
| Interest—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6718 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 188 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 24882 | &nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 6809 | &nbsp;&nbsp;&nbsp; 1089 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5368 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (697589)<br>| &nbsp;&nbsp;&nbsp; (3628)<br>| &nbsp;&nbsp;&nbsp; (936)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 410991 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 16586047 | &nbsp;&nbsp;&nbsp; 7786021 | &nbsp;&nbsp;&nbsp; 72959 | &nbsp;&nbsp;&nbsp; 31585 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 3662133 | &nbsp;&nbsp;&nbsp; 855772 | &nbsp;&nbsp;&nbsp; 43710 | &nbsp;&nbsp;&nbsp; 30013 |
| Commitment costs | &nbsp;&nbsp; 4298 | &nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 12 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46148 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Excise tax | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 3666431 | &nbsp;&nbsp;&nbsp; 902750 | &nbsp;&nbsp;&nbsp; 43844 | &nbsp;&nbsp;&nbsp; 30025 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (1863493)<br>| &nbsp;&nbsp;&nbsp; (368307)<br>| &nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp; (130)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 1802938 | &nbsp;&nbsp;&nbsp; 534443 | &nbsp;&nbsp;&nbsp; 43679 | &nbsp;&nbsp;&nbsp; 29895 |
| Net investment income | &nbsp;&nbsp; 14783109 | &nbsp;&nbsp;&nbsp; 7251578 | &nbsp;&nbsp;&nbsp; 29280 | &nbsp;&nbsp;&nbsp; 1690 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 9586273 | &nbsp;&nbsp;&nbsp; (479057)<br>| &nbsp;&nbsp;&nbsp; 957411 | &nbsp;&nbsp;&nbsp; (112396)<br>|
| Investments—affiliated | &nbsp;&nbsp; (2831)<br>| &nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 35 |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131793 | &nbsp;&nbsp;&nbsp; (5507)<br>| &nbsp;&nbsp;&nbsp; (332)<br>|
| Futures contracts | &nbsp;&nbsp; 1236195 | &nbsp;&nbsp;&nbsp; 392318 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 42619001 | &nbsp;&nbsp;&nbsp; 10919049 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201557 |
|  | &nbsp;&nbsp; 53438638 | &nbsp;&nbsp;&nbsp; 10964033 | &nbsp;&nbsp;&nbsp; 951918 | &nbsp;&nbsp;&nbsp; 88864 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 115221299 | &nbsp;&nbsp;&nbsp; 7663301 | &nbsp;&nbsp;&nbsp; 1233416 | &nbsp;&nbsp;&nbsp; (256024)<br>|
| Investments—affiliated | &nbsp;&nbsp; (681)<br>| &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (46)<br>|
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25884 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 255 |
| Futures contracts | &nbsp;&nbsp; 126171 | &nbsp;&nbsp;&nbsp; (102954)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 115346789 | &nbsp;&nbsp;&nbsp; 7586214 | &nbsp;&nbsp;&nbsp; 1233506 | &nbsp;&nbsp;&nbsp; (255815)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 168785427 | &nbsp;&nbsp;&nbsp; 18550247 | &nbsp;&nbsp;&nbsp; 2185424 | &nbsp;&nbsp;&nbsp; (166951)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $183568536 | &nbsp;&nbsp;&nbsp; $25801825 | &nbsp;&nbsp;&nbsp; $2214704 | &nbsp;&nbsp;&nbsp; $(165261)<br>|
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>International <br> Country <br> Rotation Active <br> ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; iShares <br>Large Cap <br> Core Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>Large Cap <br> Value Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Equity <br> Factor Rotation <br> Active ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $1907 | &nbsp;&nbsp;&nbsp; $65846 | &nbsp;&nbsp;&nbsp; $467563 | &nbsp;&nbsp;&nbsp; $182487350 |
| Dividends—affiliated | &nbsp;&nbsp; 179636 | &nbsp;&nbsp;&nbsp; 4520 | &nbsp;&nbsp;&nbsp; 12053 | &nbsp;&nbsp;&nbsp; 3112677 |
| Interest—unaffiliated | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 28962 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 84271 |
| Foreign taxes withheld | &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp; (853)<br>| &nbsp;&nbsp;&nbsp; (767)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 182490 | &nbsp;&nbsp;&nbsp; 69906 | &nbsp;&nbsp;&nbsp; 479330 | &nbsp;&nbsp;&nbsp; 185713260 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 24235 | &nbsp;&nbsp;&nbsp; 29828 | &nbsp;&nbsp;&nbsp; 120041 | &nbsp;&nbsp;&nbsp; 38441828 |
| Commitment costs | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 50334 |
| Total expenses | &nbsp;&nbsp; 24248 | &nbsp;&nbsp;&nbsp; 29855 | &nbsp;&nbsp;&nbsp; 120116 | &nbsp;&nbsp;&nbsp; 38492162 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (22332)<br>| &nbsp;&nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp;&nbsp; (54335)<br>| &nbsp;&nbsp;&nbsp; (2608952)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 1916 | &nbsp;&nbsp;&nbsp; 28195 | &nbsp;&nbsp;&nbsp; 65781 | &nbsp;&nbsp;&nbsp; 35883210 |
| Net investment income | &nbsp;&nbsp; 180574 | &nbsp;&nbsp;&nbsp; 41711 | &nbsp;&nbsp;&nbsp; 413549 | &nbsp;&nbsp;&nbsp; 149830050 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1209)<br>| &nbsp;&nbsp;&nbsp; (220602)<br>| &nbsp;&nbsp;&nbsp; (532636)<br>| &nbsp;&nbsp;&nbsp; (492247921)<br>|
| Investments—affiliated | &nbsp;&nbsp; 8843 | &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 3887 |
| Capital gain distributions from underlying funds—affiliated | &nbsp;&nbsp; 3356 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 862324 | &nbsp;&nbsp;&nbsp; 517420 | &nbsp;&nbsp;&nbsp; 824456134 |
|  | &nbsp;&nbsp; 10990 | &nbsp;&nbsp;&nbsp; 641653 | &nbsp;&nbsp;&nbsp; (15125)<br>| &nbsp;&nbsp;&nbsp; 332212100 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 36051 | &nbsp;&nbsp;&nbsp; 888248 | &nbsp;&nbsp;&nbsp; 2703762 | &nbsp;&nbsp;&nbsp; 2345207059 |
| Investments—affiliated | &nbsp;&nbsp; 658266 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 695121 | &nbsp;&nbsp;&nbsp; 888257 | &nbsp;&nbsp;&nbsp; 2703762 | &nbsp;&nbsp;&nbsp; 2345207056 |
| Net realized and unrealized gain | &nbsp;&nbsp; 706111 | &nbsp;&nbsp;&nbsp; 1529910 | &nbsp;&nbsp;&nbsp; 2688637 | &nbsp;&nbsp;&nbsp; 2677419156 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $886685 | &nbsp;&nbsp;&nbsp; $1571621 | &nbsp;&nbsp;&nbsp; $3102186 | &nbsp;&nbsp;&nbsp; $2827249206 |
| <sup>(a)</sup> For the period from December 03, 2024 (commencement of operations) to July 31, 2025. | <sup>(a)</sup> For the period from December 03, 2024 (commencement of operations) to July 31, 2025. | <sup>(a)</sup> For the period from December 03, 2024 (commencement of operations) to July 31, 2025. | <sup>(a)</sup> For the period from December 03, 2024 (commencement of operations) to July 31, 2025. | <sup>(a)</sup> For the period from December 03, 2024 (commencement of operations) to July 31, 2025. |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>U.S. Industry <br> Rotation Active <br> ETF <br>| &nbsp;&nbsp; iShares <br>U.S. Thematic <br> Rotation Active <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $254388 | &nbsp;&nbsp;&nbsp; $7463441 |
| Dividends—affiliated | &nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp; 772558 |
| Interest—unaffiliated | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 5515 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 11358 |
| Foreign taxes withheld | &nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp; (1046)<br>|
| Total investment income | &nbsp;&nbsp; 257445 | &nbsp;&nbsp;&nbsp; 8251826 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 85222 | &nbsp;&nbsp;&nbsp; 5854889 |
| Commitment costs | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 4125 |
| Total expenses | &nbsp;&nbsp; 85291 | &nbsp;&nbsp;&nbsp; 5859014 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (16024)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 85235 | &nbsp;&nbsp;&nbsp; 5842990 |
| Net investment income | &nbsp;&nbsp; 172210 | &nbsp;&nbsp;&nbsp; 2408836 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (740326)<br>| &nbsp;&nbsp;&nbsp; (7464607)<br>|
| Investments—affiliated | &nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (973)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; 19 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2856 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 674014 | &nbsp;&nbsp;&nbsp; 4663793 |
|  | &nbsp;&nbsp; (66405)<br>| &nbsp;&nbsp;&nbsp; (2798912)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 3206098 | &nbsp;&nbsp;&nbsp; 293911839 |
| Investments—affiliated | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (3)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2871 |
|  | &nbsp;&nbsp; 3206099 | &nbsp;&nbsp;&nbsp; 293914707 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3139694 | &nbsp;&nbsp;&nbsp; 291115795 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3311904 | &nbsp;&nbsp;&nbsp; $293524631 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>U.S. Carbon Transition Readiness ETF  | BlackRock <br>U.S. Carbon Transition Readiness ETF  | BlackRock <br>World ex U.S. Carbon Transition <br> Readiness ETF  | BlackRock <br>World ex U.S. Carbon Transition <br> Readiness ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $14783109 | &nbsp;&nbsp;&nbsp; $19638789 | &nbsp;&nbsp;&nbsp; $7251578 | &nbsp;&nbsp;&nbsp; $10604742 |
| Net realized gain | &nbsp;&nbsp; 53438638 | &nbsp;&nbsp;&nbsp; 181262017 | &nbsp;&nbsp;&nbsp; 10964033 | &nbsp;&nbsp;&nbsp; 12590119 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 115346789 | &nbsp;&nbsp;&nbsp; 47562945 | &nbsp;&nbsp;&nbsp; 7586214 | &nbsp;&nbsp;&nbsp; (229552)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 183568536 | &nbsp;&nbsp;&nbsp; 248463751 | &nbsp;&nbsp;&nbsp; 25801825 | &nbsp;&nbsp;&nbsp; 22965309 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (15535961)<br>| &nbsp;&nbsp;&nbsp; (20232185)<br>| &nbsp;&nbsp;&nbsp; (8710326)<br>| &nbsp;&nbsp;&nbsp; (12173850)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (104556892)<br>| &nbsp;&nbsp;&nbsp; (669338537)<br>| &nbsp;&nbsp;&nbsp; (78919297)<br>| &nbsp;&nbsp;&nbsp; (293796874)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 63475683 | &nbsp;&nbsp;&nbsp; (441106971)<br>| &nbsp;&nbsp;&nbsp; (61827798)<br>| &nbsp;&nbsp;&nbsp; (283005415)<br>|
| Beginning of year | &nbsp;&nbsp; 1242871740 | &nbsp;&nbsp;&nbsp; 1683978711 | &nbsp;&nbsp;&nbsp; 293256316 | &nbsp;&nbsp;&nbsp; 576261731 |
| End of year | &nbsp;&nbsp; $1306347423 | &nbsp;&nbsp;&nbsp; $1242871740 | &nbsp;&nbsp;&nbsp; $231428518 | &nbsp;&nbsp;&nbsp; $293256316 |

---

&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.

*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>FinTech Active ETF  | iShares <br>FinTech Active ETF  | iShares <br>Health Innovation Active ETF  | iShares <br>Health Innovation Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $29280 | &nbsp;&nbsp;&nbsp; $37212 | &nbsp;&nbsp;&nbsp; $1690 | &nbsp;&nbsp;&nbsp; $(4667)<br>|
| Net realized gain | &nbsp;&nbsp; 951918 | &nbsp;&nbsp;&nbsp; 80267 | &nbsp;&nbsp;&nbsp; 88864 | &nbsp;&nbsp;&nbsp; 176596 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1233506 | &nbsp;&nbsp;&nbsp; 287559 | &nbsp;&nbsp;&nbsp; (255815)<br>| &nbsp;&nbsp;&nbsp; (31984)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 2214704 | &nbsp;&nbsp;&nbsp; 405038 | &nbsp;&nbsp;&nbsp; (165261)<br>| &nbsp;&nbsp;&nbsp; 139945 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (32052)<br>| &nbsp;&nbsp;&nbsp; (50103)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1153)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 3506878 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40963)<br>| &nbsp;&nbsp;&nbsp; (1909142)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 5689530 | &nbsp;&nbsp;&nbsp; 354935 | &nbsp;&nbsp;&nbsp; (206224)<br>| &nbsp;&nbsp;&nbsp; (1770350)<br>|
| Beginning of year | &nbsp;&nbsp; 4873399 | &nbsp;&nbsp;&nbsp; 4518464 | &nbsp;&nbsp;&nbsp; 4164930 | &nbsp;&nbsp;&nbsp; 5935280 |
| End of year | &nbsp;&nbsp; $10562929 | &nbsp;&nbsp;&nbsp; $4873399 | &nbsp;&nbsp;&nbsp; $3958706 | &nbsp;&nbsp;&nbsp; $4164930 |

---

&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.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>International <br> Country <br> Rotation Active <br> ETF <br>| iShares <br>Large Cap Core Active ETF  | iShares <br>Large Cap Core Active ETF  |
|  | Period From <br>12/03/24<sup>(a)</sup> <br>to 07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>10/24/23<sup>(a)</sup> <br>to 07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $180574 | &nbsp;&nbsp;&nbsp; $41711 | &nbsp;&nbsp;&nbsp; $38350 |
| Net realized gain | &nbsp;&nbsp; 10990 | &nbsp;&nbsp;&nbsp; 641653 | &nbsp;&nbsp;&nbsp; 94041 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 695121 | &nbsp;&nbsp;&nbsp; 888257 | &nbsp;&nbsp;&nbsp; 1304580 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 886685 | &nbsp;&nbsp;&nbsp; 1571621 | &nbsp;&nbsp;&nbsp; 1436971 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (176337)<br>| &nbsp;&nbsp;&nbsp; (47420)<br>| &nbsp;&nbsp;&nbsp; (32858)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 9353027 | &nbsp;&nbsp;&nbsp; 983222 | &nbsp;&nbsp;&nbsp; 5814628 |
| *NET ASSETS* |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 10063375 | &nbsp;&nbsp;&nbsp; 2507423 | &nbsp;&nbsp;&nbsp; 7218741 |
| Beginning of period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7218741 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $10063375 | &nbsp;&nbsp;&nbsp; $9726164 | &nbsp;&nbsp;&nbsp; $7218741 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Large Cap Value Active ETF  | iShares <br>Large Cap Value Active ETF  | iShares <br>U.S. Equity Factor Rotation Active ETF  | iShares <br>U.S. Equity Factor Rotation Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $413549 | &nbsp;&nbsp;&nbsp; $127109 | &nbsp;&nbsp;&nbsp; $149830050 | &nbsp;&nbsp;&nbsp; $27307158 |
| Net realized gain (loss) | &nbsp;&nbsp; (15125)<br>| &nbsp;&nbsp;&nbsp; 686909 | &nbsp;&nbsp;&nbsp; 332212100 | &nbsp;&nbsp;&nbsp; 78561323 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2703762 | &nbsp;&nbsp;&nbsp; 437892 | &nbsp;&nbsp;&nbsp; 2345207056 | &nbsp;&nbsp;&nbsp; 793780772 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3102186 | &nbsp;&nbsp;&nbsp; 1251910 | &nbsp;&nbsp;&nbsp; 2827249206 | &nbsp;&nbsp;&nbsp; 899649253 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (317720)<br>| &nbsp;&nbsp;&nbsp; (124837)<br>| &nbsp;&nbsp;&nbsp; (173851322)<br>| &nbsp;&nbsp;&nbsp; (19432993)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 42912722 | &nbsp;&nbsp;&nbsp; (318240)<br>| &nbsp;&nbsp;&nbsp; 8684001013 | &nbsp;&nbsp;&nbsp; 9226052475 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 45697188 | &nbsp;&nbsp;&nbsp; 808833 | &nbsp;&nbsp;&nbsp; 11337398897 | &nbsp;&nbsp;&nbsp; 10106268735 |
| Beginning of year | &nbsp;&nbsp; 7318448 | &nbsp;&nbsp;&nbsp; 6509615 | &nbsp;&nbsp;&nbsp; 10139022588 | &nbsp;&nbsp;&nbsp; 32753853 |
| End of year | &nbsp;&nbsp; $53015636 | &nbsp;&nbsp;&nbsp; $7318448 | &nbsp;&nbsp;&nbsp; $21476421485 | &nbsp;&nbsp;&nbsp; $10139022588 |

---

&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.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>U.S. Industry Rotation Active ETF  | iShares <br>U.S. Industry Rotation Active ETF  | iShares <br>U.S. Thematic Rotation Active ETF  | iShares <br>U.S. Thematic Rotation Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>03/26/24<sup>(a)</sup> <br>to 07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $172210 | &nbsp;&nbsp;&nbsp; $10454 | &nbsp;&nbsp;&nbsp; $2408836 | &nbsp;&nbsp;&nbsp; $23408 |
| Net realized gain (loss) | &nbsp;&nbsp; (66405)<br>| &nbsp;&nbsp;&nbsp; (203568)<br>| &nbsp;&nbsp;&nbsp; (2798912)<br>| &nbsp;&nbsp;&nbsp; 487907 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3206099 | &nbsp;&nbsp;&nbsp; 403488 | &nbsp;&nbsp;&nbsp; 293914707 | &nbsp;&nbsp;&nbsp; 887296 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3311904 | &nbsp;&nbsp;&nbsp; 210374 | &nbsp;&nbsp;&nbsp; 293524631 | &nbsp;&nbsp;&nbsp; 1398611 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (153907)<br>| &nbsp;&nbsp;&nbsp; (7538)<br>| &nbsp;&nbsp;&nbsp; (1229475)<br>| &nbsp;&nbsp;&nbsp; (20946)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 16687430 | &nbsp;&nbsp;&nbsp; 9168753 | &nbsp;&nbsp;&nbsp; 4800412100 | &nbsp;&nbsp;&nbsp; 1142729 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 19845427 | &nbsp;&nbsp;&nbsp; 9371589 | &nbsp;&nbsp;&nbsp; 5092707256 | &nbsp;&nbsp;&nbsp; 2520394 |
| Beginning of period | &nbsp;&nbsp; 9371589 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7458152 | &nbsp;&nbsp;&nbsp; 4937758 |
| End of period | &nbsp;&nbsp; $29217016 | &nbsp;&nbsp;&nbsp; $9371589 | &nbsp;&nbsp;&nbsp; $5100165408 | &nbsp;&nbsp;&nbsp; $7458152 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

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

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock World ex U.S. Carbon Transition Readiness ETF  | BlackRock World ex U.S. Carbon Transition Readiness ETF  | BlackRock World ex U.S. Carbon Transition Readiness ETF  | BlackRock World ex U.S. Carbon Transition Readiness ETF  | BlackRock World ex U.S. Carbon Transition Readiness ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>04/06/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $46.00 | &nbsp;&nbsp;&nbsp; $43.41 | &nbsp;&nbsp;&nbsp; $39.85 | &nbsp;&nbsp;&nbsp; $48.06 | &nbsp;&nbsp;&nbsp; $46.16 |
| Net investment income<sup>(b)</sup> | 1.39 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 4.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp; (7.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Net increase (decrease) from investment operations | 5.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| **Distributions**<sup>(e)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.77 | &nbsp;&nbsp;&nbsp; $46.00 | &nbsp;&nbsp;&nbsp; $43.41 | &nbsp;&nbsp;&nbsp; $39.85 | &nbsp;&nbsp;&nbsp; $48.06 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.14 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br> %<br>| &nbsp;&nbsp;&nbsp; (14.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.77 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(i)</sup><br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.35<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.97 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $231429 | &nbsp;&nbsp;&nbsp; $293256 | &nbsp;&nbsp;&nbsp; $576262 | &nbsp;&nbsp;&nbsp; $442315 | &nbsp;&nbsp;&nbsp; $605599 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.07. <br> • Total return by 0.16%. <br> • Ratio of net investment income to average net assets by 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.07. <br> • Total return by 0.16%. <br> • Ratio of net investment income to average net assets by 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.07. <br> • Total return by 0.16%. <br> • Ratio of net investment income to average net assets by 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.07. <br> • Total return by 0.16%. <br> • Ratio of net investment income to average net assets by 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.07. <br> • Total return by 0.16%. <br> • Ratio of net investment income to average net assets by 0.14%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.07. <br> • Total return by 0.16%. <br> • Ratio of net investment income to average net assets by 0.14%. |
| <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares FinTech Active ETF  | iShares FinTech Active ETF  | iShares FinTech Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>08/16/22<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.37 | &nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp; $24.99 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp; (2.46)<br>|
| Net increase (decrease) from investment operations | 8.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; (2.28)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $33.01 | &nbsp;&nbsp;&nbsp; $24.37 | &nbsp;&nbsp;&nbsp; $22.59 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 36.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.06<br> %<br>| &nbsp;&nbsp;&nbsp; (9.09 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(h)</sup><br>|
| Net investment income | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10563 | &nbsp;&nbsp;&nbsp; $4873 | &nbsp;&nbsp;&nbsp; $4518 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

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

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

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

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

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

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Large Cap Value Active ETF  | iShares Large Cap Value Active ETF  | iShares Large Cap Value Active ETF  |
|  | 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; $31.82 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $24.95 |
| Net investment income<sup>(b)</sup> | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain<sup>(c)</sup> | 2.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Net increase from investment operations | 3.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $34.65 | &nbsp;&nbsp;&nbsp; $31.82 | &nbsp;&nbsp;&nbsp; $27.12 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 10.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.70 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(h)</sup><br>|
| Net investment income | 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $53016 | &nbsp;&nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $6510 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  | iShares U.S. Equity Factor Rotation Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $47.26 | &nbsp;&nbsp;&nbsp; $37.43 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $37.03 | &nbsp;&nbsp;&nbsp; $27.27 |
| Net investment income<sup>(a)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 8.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 |
| Net increase (decrease) from investment operations | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.23 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $56.00 | &nbsp;&nbsp;&nbsp; $47.26 | &nbsp;&nbsp;&nbsp; $37.43 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $37.03 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.47<br> %<br>| &nbsp;&nbsp;&nbsp; (9.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.87<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses after fees waived | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $21476421 | &nbsp;&nbsp;&nbsp; $10139023 | &nbsp;&nbsp;&nbsp; $32754 | &nbsp;&nbsp;&nbsp; $73470 | &nbsp;&nbsp;&nbsp; $96288 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp;&nbsp; 146<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

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

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  | iShares U.S. Thematic Rotation Active ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Period From <br>12/14/21<sup>(a)</sup> <br>to 07/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp; $24.78 |
| Net investment income<sup>(b)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp; (3.06)<br>|
| Net increase (decrease) from investment operations | 5.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (2.97)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| From net realized gain | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $36.13 | &nbsp;&nbsp;&nbsp; $31.08 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $21.74 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |
| Based on net asset value | 17.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.56<br> %<br>| &nbsp;&nbsp;&nbsp; (11.99 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |
| Total expenses | 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(h)</sup><br>|
| Net investment income | 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5100165 | &nbsp;&nbsp;&nbsp; $7458 | &nbsp;&nbsp;&nbsp; $4938 | &nbsp;&nbsp;&nbsp; $4349 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

BlackRock ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | &nbsp;&nbsp;&nbsp; *Diversification* <br>*Classification*<br>|
| BlackRock U.S. Carbon Transition Readiness ETF | U.S. Carbon Transition Readiness | Diversified |
| BlackRock World ex U.S. Carbon Transition Readiness ETF | World ex U.S. Carbon Transition Readiness | Diversified |
| iShares FinTech Active ETF<sup>(a)</sup> | FinTech Active | Non-diversified |
| iShares Health Innovation Active ETF<sup>(b)</sup> | Health Innovation Active | Diversified |
| iShares International Country Rotation Active ETF <sup>(c)</sup> | International Country Rotation Active | Non-diversified |
| iShares Large Cap Core Active ETF<sup>(d)</sup> | Large Cap Core Active | Non-diversified |
| iShares Large Cap Value Active ETF<sup>(e)</sup> | Large Cap Value Active | Non-diversified |
| iShares U.S. Equity Factor Rotation Active ETF<sup>(f)</sup> | U.S. Equity Factor Rotation Active | Diversified |
| iShares U.S. Industry Rotation Active ETF<sup>(g)</sup> | U.S. Industry Rotation Active | Non-diversified |
| iShares U.S. Thematic Rotation Active ETF<sup>(h)</sup> | U.S. Thematic Rotation Active | Non-diversified |

---

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

<sup>(a)</sup> Formerly known as the BlackRock Future Financial and Technology ETF.

<sup>(b)</sup> Formerly known as the BlackRock Future Health ETF.

<sup>(c)</sup> The Fund commenced operations on December 03, 2024.

<sup>(d)</sup> Formerly known as the BlackRock Large Cap Core ETF.

<sup>(e)</sup> Formerly known as the BlackRock Large Cap Value ETF.

<sup>(f)</sup> Formerly known as the BlackRock U.S. Equity Factor Rotation ETF.

<sup>(g)</sup> Formerly known as the BlackRock U.S. Industry Rotation ETF.

<sup>(h)</sup> Formerly known as the BlackRock Future U.S. Themes ETF.

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of open-end equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

On February 20, 2025, the Board of Trustees of the Trust (the "Board") approved a change in the name of each Fund as described below and certain changes to each Fund's investment strategy and investment process. The changes are expected to become effective on or about November 21, 2025.

BlackRock U.S. Carbon Transition Readiness ETF will be renamed iShares U.S. Carbon Transition Readiness Aware Active ETF. In connection with the Fund's name change, the Fund will amend its strategy disclosure to state that the Fund seeks to maintain a Low Carbon Economy Transition Readiness score that is at least 10% better than that of the Russell 1000® Index.

BlackRock World ex U.S. Carbon Transition Readiness ETF will be renamed iShares World ex U.S. Carbon Transition Readiness Aware Active ETF. In connection with the Fund's name change, the Fund will amend its strategy disclosure to state that the Fund seeks to maintain a Low Carbon Economy Transition Readiness score that is at least 10% better than that of the MSCI World ex USA Index.

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

**Foreign Taxes:** 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 July 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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.

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

&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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

&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 entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

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

**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 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* |
| U.S. Carbon Transition Readiness |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $150748 | &nbsp;&nbsp;&nbsp; $(150748) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 15240 | &nbsp;&nbsp;&nbsp; (15240) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 895891 | &nbsp;&nbsp;&nbsp; (895891) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 290396 | &nbsp;&nbsp;&nbsp; (290396) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1344374 | &nbsp;&nbsp;&nbsp; (1344374) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 47394 | &nbsp;&nbsp;&nbsp; (47394) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 419950 | &nbsp;&nbsp;&nbsp; (419950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3163993 | &nbsp;&nbsp;&nbsp; $(3163993) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| World ex U.S. Carbon Transition Readiness |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $75802 | &nbsp;&nbsp;&nbsp; $(75802) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| FinTech Active |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $402460 | &nbsp;&nbsp;&nbsp; $(402460) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 494464 | &nbsp;&nbsp;&nbsp; (494464) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 355774 | &nbsp;&nbsp;&nbsp; (355774) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 324750 | &nbsp;&nbsp;&nbsp; (324750) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 208410 | &nbsp;&nbsp;&nbsp; (208410) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1785858 | &nbsp;&nbsp;&nbsp; $(1785858) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (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* |
| Health Innovation Active |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $8785 | &nbsp;&nbsp;&nbsp; $(8785) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 37051 | &nbsp;&nbsp;&nbsp; (37051) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 14238 | &nbsp;&nbsp;&nbsp; (14238) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 49431 | &nbsp;&nbsp;&nbsp; (49431) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 10542 | &nbsp;&nbsp;&nbsp; (10542) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 10678 | &nbsp;&nbsp;&nbsp; (10678) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 8285 | &nbsp;&nbsp;&nbsp; (8285) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 7884 | &nbsp;&nbsp;&nbsp; (7884) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 17991 | &nbsp;&nbsp;&nbsp; (17991) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 9078 | &nbsp;&nbsp;&nbsp; (9078) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp; (1353) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $175316 | &nbsp;&nbsp;&nbsp; $(175316) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Country Rotation Active |  |  |  |  |
| Wells Fargo Securities LLC | &nbsp;&nbsp; $132089 | &nbsp;&nbsp;&nbsp; $(132089) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Large Cap Core Active |  |  |  |  |
| TD Prime Services LLC | &nbsp;&nbsp; $111408 | &nbsp;&nbsp;&nbsp; $(111408) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Equity Factor Rotation Active |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $561398 | &nbsp;&nbsp;&nbsp; $(561398) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 10490 | &nbsp;&nbsp;&nbsp; (10490) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $571888 | &nbsp;&nbsp;&nbsp; $(571888) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Industry Rotation Active |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $43485 | &nbsp;&nbsp;&nbsp; $(43485) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 232401 | &nbsp;&nbsp;&nbsp; (232401) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC BANK PLC | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;(123) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 6788 | &nbsp;&nbsp;&nbsp; (6788) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 58389 | &nbsp;&nbsp;&nbsp; (58389) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 94575 | &nbsp;&nbsp;&nbsp; (94575) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 500397 | &nbsp;&nbsp;&nbsp; (500397) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 3861 | &nbsp;&nbsp;&nbsp; (3861) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $940019 | &nbsp;&nbsp;&nbsp; $(940019) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| U.S. Thematic Rotation Active |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $5143674 | &nbsp;&nbsp;&nbsp; $(5143674) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 5276309 | &nbsp;&nbsp;&nbsp; (5276309) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10419983 | &nbsp;&nbsp;&nbsp; $(10419983) | &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.

***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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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.

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

---

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

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

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

---

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

---

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

---

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

---

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

---

For its investment advisory services to the iShares International Country Rotation Active ETF, BFA is entitled to an annual investment advisory fee of 0.55%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

---

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

---

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

---

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

---

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

---

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

---

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

---

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

---

**Expense Waivers**: BFA has contractually agreed to waive 0.15% of its management fee payable for each of the BlackRock U.S. Carbon Transition Readiness and BlackRock World ex U.S. Carbon Transition Readiness ETFs, through June 30, 2026. For the iShares Large Cap Core Active ETF, BFA has contractually agreed to waive 0.02% of its management fee payable through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

For the iShares Large Cap Value Active ETF, BFA has contractually agreed to limit the Fund's total annual fund operating expenses after fee waiver to 0.46% as a percentage of the Fund's average daily net assets through June 30, 2026. The contractual waiver may be terminated prior to June 30, 2026 only upon written agreement of the Trust and BFA. BFA may also from time to time voluntarily waive and/or reimburse other fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time. BFA had contractually agreed to waive its management fees pursuant to which the management fee will be limited to 0.00% from October 1, 2024 to March 31, 2025. 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. The waiver was discontinued as of March 31, 2025.

For the iShares U.S. Equity Factor Rotation Active ETF, BFA had voluntarily agreed to waive its management fee payable by the iShares U.S. Equity Factor Rotation Active ETF to limit the annual management fee paid by the Fund to 0.20%. 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. The waiver was discontinued as of November 27, 2024.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $1854714 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 366759 |
| Large Cap Core Active | &nbsp;&nbsp; 1570 |
| Large Cap Value Active | &nbsp;&nbsp; 54062 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 2546247 |

---

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, 2026. 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, 2026. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

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

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $8779 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 1548 |
| FinTech Active | &nbsp;&nbsp; 165 |
| Health Innovation Active | &nbsp;&nbsp; 130 |
| International Country Rotation Active | &nbsp;&nbsp; 22332 |
| Large Cap Core Active | &nbsp;&nbsp; 90 |
| Large Cap Value Active | &nbsp;&nbsp; 273 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 62705 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 56 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 16024 |

---

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**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 (the "SEC") 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 the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

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

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

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the Multi-Asset Complex in a calendar year exceeded a specified threshold: each Group 1 Fund (other than iShares FinTech Active ETF), pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, iShares FinTech Active ETF retained 82% of securities lending income (which excluded collateral investment fees) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 85% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 year ended July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $7846 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 248 |
| FinTech Active | &nbsp;&nbsp; 1755 |
| Health Innovation Active | &nbsp;&nbsp; 350 |
| International Country Rotation Active | &nbsp;&nbsp; 296 |
| Large Cap Core Active | &nbsp;&nbsp; 78 |
| Large Cap Value Active | &nbsp;&nbsp; 97 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 35843 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 85 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 4606 |

---

**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 year ended July 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $158337601 | &nbsp;&nbsp;&nbsp; $108040870 | &nbsp;&nbsp;&nbsp; $(1615818) |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 20522937 | &nbsp;&nbsp;&nbsp; 14534397 | &nbsp;&nbsp;&nbsp; (59637) |

---

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $503060618 | &nbsp;&nbsp;&nbsp; $496465186 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 93574430 | &nbsp;&nbsp;&nbsp; 95984253 |
| FinTech Active | &nbsp;&nbsp; 5669291 | &nbsp;&nbsp;&nbsp; 5225554 |
| Health Innovation Active | &nbsp;&nbsp; 3884226 | &nbsp;&nbsp;&nbsp; 3763230 |
| International Country Rotation Active | &nbsp;&nbsp; 8534210 | &nbsp;&nbsp;&nbsp; 3520622 |
| Large Cap Core Active | &nbsp;&nbsp; 7351020 | &nbsp;&nbsp;&nbsp; 7901565 |
| Large Cap Value Active | &nbsp;&nbsp; 15648877 | &nbsp;&nbsp;&nbsp; 13417486 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 9567087312 | &nbsp;&nbsp;&nbsp; 9389149973 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 46361977 | &nbsp;&nbsp;&nbsp; 45788279 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 539421472 | &nbsp;&nbsp;&nbsp; 537532813 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $44061462 | &nbsp;&nbsp;&nbsp; $146933059 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 9780809 | &nbsp;&nbsp;&nbsp; 86728195 |
| FinTech Active | &nbsp;&nbsp; 3009588 | &nbsp;&nbsp;&nbsp; — |
| Health Innovation Active | &nbsp;&nbsp; 912932 | &nbsp;&nbsp;&nbsp; 967137 |
| International Country Rotation Active | &nbsp;&nbsp; 4326278 | &nbsp;&nbsp;&nbsp; — |
| Large Cap Core Active | &nbsp;&nbsp; 4960716 | &nbsp;&nbsp;&nbsp; 3542617 |
| Large Cap Value Active | &nbsp;&nbsp; 41822605 | &nbsp;&nbsp;&nbsp; 2269378 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 12721506287 | &nbsp;&nbsp;&nbsp; 4297839877 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 19941849 | &nbsp;&nbsp;&nbsp; 3809057 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 4743686628 | &nbsp;&nbsp;&nbsp; 34241918 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2025, permanent differences attributable to nondeductible expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $42111066 | &nbsp;&nbsp;&nbsp; $(42111066) |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 10404976 | &nbsp;&nbsp;&nbsp; (10404976) |
| FinTech Active | (112) | &nbsp;&nbsp;&nbsp; 112 |
| Health Innovation Active | &nbsp;&nbsp; 181362 | &nbsp;&nbsp;&nbsp; (181362) |
| Large Cap Core Active | &nbsp;&nbsp; 862357 | &nbsp;&nbsp;&nbsp; (862357) |
| Large Cap Value Active | &nbsp;&nbsp; 517305 | &nbsp;&nbsp;&nbsp; (517305) |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 824419534 | &nbsp;&nbsp;&nbsp; (824419534) |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 627444 | &nbsp;&nbsp;&nbsp; (627444) |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 4663793 | &nbsp;&nbsp;&nbsp; (4663793) |

---

The tax character of distributions paid paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| U.S. Carbon Transition Readiness |  |  |
| Ordinary income | &nbsp;&nbsp; $15535961 | &nbsp;&nbsp;&nbsp; $20232185 |
| World ex U.S. Carbon Transition Readiness |  |  |
| Ordinary income | &nbsp;&nbsp; $8710326 | &nbsp;&nbsp;&nbsp; $12173850 |
| FinTech Active |  |  |
| Ordinary income | &nbsp;&nbsp; $32052 | &nbsp;&nbsp;&nbsp; $50103 |
| Health Innovation Active |  |  |
| Ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1153 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Period Ended* <br>*07/31/25*<br>|
| International Country Rotation Active |  |
| Ordinary income | &nbsp;&nbsp; $176337 |

---

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*07/31/24*<br>|
| Large Cap Core Active |  |  |
| Ordinary income | &nbsp;&nbsp; $47420 | &nbsp;&nbsp;&nbsp; $32858 |

---

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Large Cap Value Active |  |  |
| Ordinary income | &nbsp;&nbsp; $317720 | &nbsp;&nbsp;&nbsp; $124837 |
| U.S. Equity Factor Rotation Active |  |  |
| Ordinary income | &nbsp;&nbsp; $173851322 | &nbsp;&nbsp;&nbsp; $19432993 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*07/31/24*<br>|
| U.S. Industry Rotation Active |  |  |
| Ordinary income | &nbsp;&nbsp; $153907 | &nbsp;&nbsp;&nbsp; $7538 |

---

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| U.S. Thematic Rotation Active |  |  |
| Ordinary income | &nbsp;&nbsp; $1168644 | &nbsp;&nbsp;&nbsp; $20946 |
| Long-term capital gains | &nbsp;&nbsp; 60831 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1229475 | &nbsp;&nbsp;&nbsp; $20946 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital Losses*<sup>(c)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| U.S. Carbon <br> Transition <br> Readiness<br>| &nbsp;&nbsp; $1563806 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(63105668) | &nbsp;&nbsp;&nbsp; $316147900 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $254606038 |
| World ex <br> U.S. Carbon <br> Transition <br> Readiness<br>| &nbsp;&nbsp; 962366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (73242753) | &nbsp;&nbsp;&nbsp; 20976039 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51304348) |
| FinTech Active | &nbsp;&nbsp; 235789 | &nbsp;&nbsp;&nbsp; 339003 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1482982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2057774 |
| Health <br> Innovation <br> Active<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (999433) | &nbsp;&nbsp;&nbsp; 43178 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(447) | &nbsp;&nbsp;&nbsp; (956702) |
| International <br> Country <br> Rotation <br> Active<br>| &nbsp;&nbsp; 29761 | &nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 678504 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 710348 |
| Large Cap Core <br> Active<br>| &nbsp;&nbsp; 3795 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (197750) | &nbsp;&nbsp;&nbsp; 2170396 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1976441 |
| Large Cap Value <br> Active<br>| &nbsp;&nbsp; 54308 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (509863) | &nbsp;&nbsp;&nbsp; 3702347 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3246792 |
| U.S. Equity <br> Factor <br> Rotation <br> Active<br>| &nbsp;&nbsp; 17579788 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (545935679) | &nbsp;&nbsp;&nbsp; 3113758543 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2585402652 |
| U.S. Industry <br> Rotation <br> Active<br>| &nbsp;&nbsp; 21733 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (497572) | &nbsp;&nbsp;&nbsp; 3209228 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2733389 |
| U.S. Thematic <br> Rotation <br> Active<br>| &nbsp;&nbsp; 1309673 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 295227262 | &nbsp;&nbsp;&nbsp; (7546175) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 288990760 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and undistributed capital gains from underlying REIT investments. 

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

For the year ended July 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized*  |
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $13053420 |
| FinTech Active | &nbsp;&nbsp; 655038 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 79487 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $992690952 | &nbsp;&nbsp;&nbsp; $359471217 | &nbsp;&nbsp;&nbsp; $(43318371) | &nbsp;&nbsp;&nbsp; $316152846 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 209372444 | &nbsp;&nbsp;&nbsp; 36208692 | &nbsp;&nbsp;&nbsp; (15283681) | &nbsp;&nbsp;&nbsp; 20925011 |
| FinTech Active | &nbsp;&nbsp; 10921135 | &nbsp;&nbsp;&nbsp; 2131009 | &nbsp;&nbsp;&nbsp; (648159) | &nbsp;&nbsp;&nbsp; 1482850 |
| Health Innovation Active | &nbsp;&nbsp; 4067705 | &nbsp;&nbsp;&nbsp; 382829 | &nbsp;&nbsp;&nbsp; (339711) | &nbsp;&nbsp;&nbsp; 43118 |
| International Country Rotation Active | &nbsp;&nbsp; 9519770 | &nbsp;&nbsp;&nbsp; 719413 | &nbsp;&nbsp;&nbsp; (40909) | &nbsp;&nbsp;&nbsp; 678504 |
| Large Cap Core Active | &nbsp;&nbsp; 7665864 | &nbsp;&nbsp;&nbsp; 2258558 | &nbsp;&nbsp;&nbsp; (88163) | &nbsp;&nbsp;&nbsp; 2170395 |
| Large Cap Value Active | &nbsp;&nbsp; 49263691 | &nbsp;&nbsp;&nbsp; 5015396 | &nbsp;&nbsp;&nbsp; (1299354) | &nbsp;&nbsp;&nbsp; 3716042 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 18357675593 | &nbsp;&nbsp;&nbsp; 3321746846 | &nbsp;&nbsp;&nbsp; (207988303) | &nbsp;&nbsp;&nbsp; 3113758543 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 26975848 | &nbsp;&nbsp;&nbsp; 4031361 | &nbsp;&nbsp;&nbsp; (822133) | &nbsp;&nbsp;&nbsp; 3209228 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 4815802347 | &nbsp;&nbsp;&nbsp; 427852142 | &nbsp;&nbsp;&nbsp; (132624880) | &nbsp;&nbsp;&nbsp; 295227262 |

---

***9. LINE OF CREDIT***

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month Overnight Bank Fund Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2025, the Funds did not borrow under the credit agreement.

***10. PRINCIPAL RISKS***

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

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

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

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

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| U.S. Carbon Transition Readiness |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $44914873 | &nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; $217761426 |
| Shares redeemed | &nbsp;&nbsp; (2400000)<br>| &nbsp;&nbsp;&nbsp; (149471765)<br>| &nbsp;&nbsp;&nbsp; (17025000)<br>| &nbsp;&nbsp;&nbsp; (887099963)<br>|
|  | &nbsp;&nbsp; (1700000)<br>| &nbsp;&nbsp;&nbsp; $(104556892)<br>| &nbsp;&nbsp;&nbsp; (12625000)<br>| &nbsp;&nbsp;&nbsp; $(669338537)<br>|
| World ex U.S. Carbon Transition Readiness |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; $10248513 | &nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; $26335156 |
| Shares redeemed | &nbsp;&nbsp; (1950000)<br>| &nbsp;&nbsp;&nbsp; (89167810)<br>| &nbsp;&nbsp;&nbsp; (7575000)<br>| &nbsp;&nbsp;&nbsp; (320132030)<br>|
|  | &nbsp;&nbsp; (1725000)<br>| &nbsp;&nbsp;&nbsp; $(78919297)<br>| &nbsp;&nbsp;&nbsp; (6900000)<br>| &nbsp;&nbsp;&nbsp; $(293796874)<br>|
| FinTech Active |  |  |  |  |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 | Year Ended<br> 07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| Shares sold | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; $3506878 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Health Innovation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; $985214 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp;&nbsp; (1026177)<br>| &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (1909142)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(40963)<br>| &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; $(1909142)<br>|

---

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Period Ended <br>07/31/24<sup>(b)</sup>  | Period Ended <br>07/31/24<sup>(b)</sup>  |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| Large Cap Core Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; $5256625 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $6419747 |
| Shares redeemed | &nbsp;&nbsp; (130000)<br>| &nbsp;&nbsp;&nbsp; (4273403)<br>| &nbsp;&nbsp;&nbsp; (20000)<br>| &nbsp;&nbsp;&nbsp; (605119)<br>|
|  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; $983222 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; $5814628 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| Large Cap Value Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; $45551071 | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; $3691610 |
| Shares redeemed | &nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (2638349)<br>| &nbsp;&nbsp;&nbsp; (140000)<br>| &nbsp;&nbsp;&nbsp; (4009850)<br>|
|  | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $42912722 | &nbsp;&nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp;&nbsp; $(318240)<br>|
| U.S. Equity Factor Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 254500000 | &nbsp;&nbsp;&nbsp; $13022575573 | &nbsp;&nbsp;&nbsp; 236000000 | &nbsp;&nbsp;&nbsp; $10213323645 |
| Shares redeemed | &nbsp;&nbsp; (85550000)<br>| &nbsp;&nbsp;&nbsp; (4338574560)<br>| &nbsp;&nbsp;&nbsp; (22350000)<br>| &nbsp;&nbsp;&nbsp; (987271170)<br>|
|  | &nbsp;&nbsp; 168950000 | &nbsp;&nbsp;&nbsp; $8684001013 | &nbsp;&nbsp;&nbsp; 213650000 | &nbsp;&nbsp;&nbsp; $9226052475 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Period Ended <br>07/31/24<sup>(c)</sup>  | Period Ended <br>07/31/24<sup>(c)</sup>  |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| U.S. Industry Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; $20597383 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; $9168753 |
| Shares redeemed | &nbsp;&nbsp; (140000)<br>| &nbsp;&nbsp;&nbsp; (3909953)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; $16687430 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; $9168753 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *Fund Name* | *Shares* | *Amount* | *Shares* | *Amount* |
| U.S. Thematic Rotation Active |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 142000000 | &nbsp;&nbsp;&nbsp; $4835373396 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; $1142729 |
| Shares redeemed | &nbsp;&nbsp; (1080000)<br>| &nbsp;&nbsp;&nbsp; (34961296)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 140920000 | &nbsp;&nbsp;&nbsp; $4800412100 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; $1142729 |

---

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

<sup>(a)</sup> The Fund commenced operations on December 03, 2024. <br> <sup>(b)</sup> The Fund commenced operations on October 24, 2023. <br> <sup>(c)</sup> The Fund commenced operations on March 26, 2024.

2025 BlackRock Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

---

| | |
|:---|:---|
| *BlackRock ETF* | *Shares* |
| FinTech Active | &nbsp;&nbsp; 160,000 |
| International Country Rotation Active | &nbsp;&nbsp; 200,000 |
| Large Cap Core Active | &nbsp;&nbsp; 185,000 |
| Large Cap Value Active | &nbsp;&nbsp; 110,000 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 200,000 |

---

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

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

***13. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

BlackRock ETF Trust and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting BlackRock ETF Trust, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| BlackRock U.S. Carbon Transition Readiness ETF<sup>(1)</sup> <br>|
| BlackRock World ex U.S. Carbon Transition Readiness ETF<sup>(1)</sup> <br>|
| iShares FinTech Active ETF<sup>(1)</sup> <br>|
| iShares Health Innovation Active ETF<sup>(1)</sup> <br>|
| iShares International Country Rotation Active ETF <sup>(2)</sup> <br>|
| iShares Large Cap Core Active ETF<sup>(3)</sup> <br>|
| iShares Large Cap Value Active ETF<sup>(1)</sup> <br>|
| iShares U.S. Equity Factor Rotation Active ETF<sup>(1)</sup> <br>|
| iShares U.S. Industry Rotation Active ETF<sup>(4)</sup> <br>|
| iShares U.S. Thematic Rotation Active ETF<sup>(1)</sup> <br>|

---

(1) Statement of operations for the year ended July 31, 2025 and statement of changes in net assets for each of the two years in the period ended July 31, 2025

(2) Statement of operations and statement of changes in net assets for the period December 3, 2024 (commencement of operations) through July 31, 2025

(3) Statement of operations for the year ended July 31, 2025 and statement of changes in net assets for the year ended July 31, 2025 and for the period October 24, 2023 (commencement of operations) through July 31, 2024

(4) Statement of operations for the year ended July 31, 2025 and statement of changes in net assets for the year ended July 31, 2025 and for the period March 26, 2024 (commencement of operations) through July 31, 2024

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2025

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

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

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend* <br>*Income*<br>|
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $14783942 |
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; 7589289 |
| FinTech Active | &nbsp;&nbsp; 60675 |
| Health Innovation Active | &nbsp;&nbsp; 23985 |
| International Country Rotation Active | &nbsp;&nbsp; 149540 |
| Large Cap Core Active | &nbsp;&nbsp; 62372 |
| Large Cap Value Active | &nbsp;&nbsp; 407428 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 200785978 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 198287 |
| U.S. Thematic Rotation Active | &nbsp;&nbsp; 6930294 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| U.S. Thematic Rotation Active | &nbsp;&nbsp; $60831 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| World ex U.S. Carbon Transition Readiness | &nbsp;&nbsp; $8010227 | &nbsp;&nbsp;&nbsp;&nbsp; $262584 |
| International Country Rotation Active | &nbsp;&nbsp; 182503 | &nbsp;&nbsp;&nbsp;&nbsp; 20995 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received* <br>*Deduction*<br>|
| U.S. Carbon Transition Readiness | 95.93<br> %<br>|
| FinTech Active | 9.07<br> %<br>|
| Large Cap Core Active | 100.00<br> %<br>|
| Large Cap Value Active | 98.51<br> %<br>|
| U.S. Equity Factor Rotation Active | 100.00<br> %<br>|
| U.S. Industry Rotation Active | 100.00<br> %<br>|
| U.S. Thematic Rotation Active | 100.00<br> %<br>|

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business* <br>*Income*<br>|
| U.S. Carbon Transition Readiness | &nbsp;&nbsp; $813086 |
| Large Cap Core Active | &nbsp;&nbsp; 614 |
| Large Cap Value Active | &nbsp;&nbsp; 9419 |
| U.S. Equity Factor Rotation Active | &nbsp;&nbsp; 2020362 |
| U.S. Industry Rotation Active | &nbsp;&nbsp; 10540 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Short-Term* <br>*Capital Gains*<br>|
| Large Cap Core Active | &nbsp;&nbsp; $4002 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

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

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

**Fund and Service Providers** 

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock Fund Advisors <br>San Francisco, CA 94105<br>| PricewaterhouseCoopers LLP <br>Philadelphia, Pennsylvania 19103<br>|
| **Sub-Adviser** | **Legal Counsel** |
| BlackRock International Limited<sup>(a)</sup> <br>Edinburgh, EH3 8BL <br>United Kingdom<br>| Sidley Austin LLP <br>New York, NY 10019<br>|
| **Administrator, Custodian and Transfer Agent** | **Address of the Trust** |
| State Street Bank and Trust Company <br>Boston, MA, 02114<br>| 100 Bellevue Parkway <br>Wilmington, DE 19809<br>|
| **Distributor** |  |
| BlackRock Investments, LLC <br>New York, NY 10001<br>|  |
| <sup>(a)</sup> For LCTU, LCTD, BPAY and CORO. |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares U.S. Equity Factor Rotation Active ETF ("U.S. Equity Factor Rotation Active ETF"), BlackRock U.S. Carbon Transition Readiness ETF ("U.S. Carbon Transition Readiness ETF"), BlackRock World ex U.S. Carbon Transition Readiness ETF ("World ex U.S. Carbon Transition Readiness ETF"), iShares FinTech Active ETF ("FinTech Active ETF"), iShares Health Innovation Active ETF ("Health Innovation Active ETF"), iShares Large Cap Core Active ETF ("Large Cap Core Active ETF"), iShares Large Cap Value Active ETF ("Large Cap Value Active ETF"), iShares U.S. Industry Rotation Active ETF ("U.S. Industry Rotation Active ETF") and iShares U.S. Thematic Rotation Active ETF ("U.S. Thematic Rotation Active ETF" and, together with U.S. Equity Factor Rotation Active ETF, U.S. Carbon Transition Readiness ETF, World ex U.S. Carbon Transition Readiness ETF, FinTech Active ETF, Health Innovation Active ETF, Large Cap Core Active ETF, Large Cap Value Active ETF and U.S. Industry Rotation Active ETF, the "Funds"), and BlackRock Fund Advisors (the "Manager"), each Fund's investment advisor.

The Board also considered the approval to continue (i) the sub-advisory agreement between the Manager and BlackRock International Limited (the "Sub-Advisor") with respect to U.S. Carbon Transition Readiness ETF (the "U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement"); (ii) the sub-advisory agreement between the Manager and the Sub-Advisor with respect to World ex U.S. Carbon Transition Readiness ETF (the "World ex U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement"); and (iii) the sub-advisory agreement between the Manager and the Sub-Advisor with respect to FinTech Active ETF (the "FinTech Active ETF Sub-Advisory Agreement" and, together with the U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement and the World ex U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement, the "Sub-Advisory Agreements"). The Manager and the Sub-Advisor are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the "Agreements."

***The Approval Process*** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

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

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

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

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

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

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

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

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

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

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

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

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The

2025 BlackRock Annual Financial Statements and Additional Information

------

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

Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-, three- and five-year periods reported, U.S. Equity Factor Rotation Active ETF ranked in the first quartile against its Performance Peers.

The Board noted that for each of the one-year, three-year and since-inception periods reported, U.S. Thematic Rotation Active ETF ranked in the first quartile against its Performance Peers.

The Board noted that for the since-inception period reported, U.S. Industry Rotation Active ETF ranked in the second quartile against its Performance Peers.

The Board noted that for the one-year, three-year and since-inception periods reported U.S. Carbon Transition Readiness ETF ranked in the second, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

The Board noted that for the one-year and since-inception periods reported, Large Cap Value Active ETF ranked in the third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

The Board noted that for each of the one-year, three-year and since-inception periods reported, World ex U.S. Carbon Transition Readiness ETF ranked in the third quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

The Board noted that for the one-year, three-year and since-inception periods reported, Health Innovation Active ETF ranked in the third, third and fourth quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

The Board noted that for each of the one-year and since-inception periods reported, FinTech Active ETF ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods. The Board was informed that, among other things, underperformance was driven by being classified in the Morningstar Financials category which predominantly consists of financials funds with large allocation to traditional U.S. banks. These banks are typically not applicable to the fintech theme and performed exceptionally well during the period. The Board and BlackRock discussed BlackRock's strategy for improving the Fund's investment performance. Discussions covered topics such as performance attribution, the Fund's investment personnel, and the resources appropriate to support the Fund's investment processes.

The Board noted that for each of the one-year and since-inception periods reported, Large Cap Core Active ETF ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods. The Board was informed that, among other things, the Fund underperformed peers due to stock selection in the health care and consumer sectors primarily weighing on results. In health care, companies struggled following COVID due to inventory destocking and general funding environment weakness. In the consumer sectors, relative underperformance was concentrated among a few stocks in the dollar store retailing and autos segments. The Board and BlackRock discussed BlackRock's strategy for improving the Fund's investment performance. Discussions covered topics such as performance attribution, the Fund's investment personnel, and the resources appropriate to support the Fund's investment processes.

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

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

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

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

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

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

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

The Board noted that each of U.S. Carbon Transition Readiness ETF's and World ex U.S. Carbon Transition Readiness ETF's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. Additionally, the Board noted that BlackRock and the Board have contractually agreed to waive a portion of the advisory fee payable by each Fund.

The Board noted that U.S. Equity Factor Rotation Active ETF's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board noted that Large Cap Core Active ETF's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Fund's Expense Peers. Additionally, the Board noted that BlackRock and the Board have contractually agreed to waive a portion of the advisory fee payable by the Fund.

The Board noted that each of U.S. Industry Rotation Active ETF's and U.S. Thematic Rotation Active ETF's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Fund's Expense Peers.

The Board noted that FinTech Active ETF's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Fund's Expense Peers.

The Board noted that Large Cap Value Active ETF's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets.

The Board noted that Health Innovation Active ETF's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile relative to the Fund's Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that BlackRock believes are generally similar to the Fund. The Board noted that the Fund's actual management fee rate and total expense ratio each ranked in the second quartile relative to the supplemental peer group.

The Board also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the pertinent Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels.

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

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

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

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

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

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of (i) the Advisory Agreement between the Manager and the Trust, on behalf of each Fund; (ii) the U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to U.S. Carbon Transition Readiness ETF; (iii) the World ex U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to World ex U.S. Carbon Transition Readiness ETF; and (iv) the FinTech Active ETF Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to Future Financial and Technology ETF, each for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| GBP | British Pound |
| USD | United States Dollar |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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.**

![](g934758img9398fb902.gif)

![](g934758img5338c09a3.gif)

------

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

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

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

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

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

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

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

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

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

------

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

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

[(a)(3) Section 302 Certifications are attached](d934758dex99cert.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;[(b) Section 906 Certifications are attached](d934758dex99906cert.htm)

------

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

BlackRock ETF Trust

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust |
|  Date: September 23, 2025 | Date: September 23, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust |
|  Date: September 23, 2025 | Date: September 23, 2025 |
|  By: | <u>/s/ Trent Walker</u>  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock ETF Trust |
|  Date: September 23, 2025 | Date: September 23, 2025 |

---

## Ex-99.Cert

**EX-99. CERT** 

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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: September 23, 2025

---

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

---

------

**EX-99. CERT** 

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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: September 23, 2025

---

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

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

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

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

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

Date: September 23, 2025

---

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

---

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

Date: September 23, 2025

---

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

---

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