UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-23511
Name of Fund:
BlackRock ETF Trust II
iShares AAA CLO Active ETF
iShares BBB-B CLO Active ETF
iShares Flexible Income Active ETF
iShares Floating Rate Loan Active ETF
iShares Intermediate Muni Income Active ETF
iShares Short Duration High Yield Muni Active ETF
iShares Short-Term California Muni Active ETF
iShares Total Return Active ETF
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust II, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
7/31/2025
Date of reporting period:
7/31/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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iShares AAA CLO Active ETF
CLOA | NASDAQ
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares AAA CLO Active ETF (the “Fund”) (formerly known as BlackRock AAA CLO 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares AAA CLO Active ETF $21 0.20%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 6.09%.
  • For the same period, the Bloomberg U.S. Universal Index returned 4.00%, and the J.P. Morgan Collateralized Loan Obligation AAA Index returned 5.97%.
What contributed to performance?
The largest contributor to the Fund’s absolute return was portfolio yield as the Secured Overnight Financing Rate which serves as the base rate for CLOs benefited from the U.S. Federal Reserve holding short term policy rates steady over the time frame. In addition, discount margins on the floating rate securities held generally tightened over the period, despite some volatility in April of 2025, resulting in a modest contribution from price appreciation. Modest allocations to CLOs rated AA and A also proved additive.
What detracted from performance?
There were no material detractors from performance.
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: January 10, 2023 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 6.09 % 7.50 %
Bloomberg U.S. Universal Index 4.00 4.06
J.P. Morgan Collateralized Loan Obligation AAA Index 5.97 7.32
Key Fund statistics
Net Assets $1,023,592,905
Number of Portfolio Holdings 316
Net Investment Advisory Fees $1,356,604
Portfolio Turnover Rate 89%
The inception date of the Fund was January 10, 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)
Maturity allocation
Maturity Percent of Total
Investments(a)
1-5 Years 0.3 %
5-10 Years 19.3 %
10-15 Years 80.4 %
Ten largest holdings
Security Percent of Total
Investments(a)
OHA Credit Funding 3 Ltd., 5.65%, 01/20/38 1.4 %
AGL CLO 37 Ltd., 5.57%, 04/22/38 1.0 %
Elmwood CLO 40 Ltd., 5.52%, 03/22/38 1.0 %
ARES Loan Funding VIII Ltd., 5.57%, 01/24/38 1.0 %
Sculptor CLO XXXV Ltd., 5.56%, 04/27/38 1.0 %
OHA Credit Funding 2 Ltd., 5.57%, 01/21/38 0.8 %
OHA Credit Funding 4 Ltd., 5.62%, 01/22/38 0.8 %
Generate CLO 15 Ltd., 5.90%, 07/20/37 0.8 %
ARES XXXIX CLO Ltd., 5.75%, 07/18/37 0.8 %
OCP CLO Ltd., 5.70%, 07/20/37 0.8 %
​(a)
Excludes money market funds.
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 AAA CLO ETF to iShares AAA CLO 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 Bloomberg Index Services Limited, JPMorgan Securities, LLC 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.
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iShares AAA CLO Active ETF
Annual Shareholder Report — July 31, 2025
CLOA-07/25-AR
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iShares BBB-B CLO Active ETF
BCLO | NASDAQ
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares BBB-B CLO Active ETF (the “Fund”) for the period of January 29, 2025 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares BBB-B CLO Active ETF $23(a) 0.45%(b)
​(a)
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
​(b)
Annualized.
How did the Fund perform during the period?
  • For the period beginning with the Fund’s January 29, 2025 inception and ended July 31, 2025, the Fund returned 2.84%.
  • For the same period, the Bloomberg U.S. Universal Index returned 3.32%, and the J.P. Morgan CLO High Quality Mezzanine Index returned 3.27%.
What contributed to performance?
The largest contributor to the Fund’s absolute return was portfolio yield as the Secured Overnight Financing Rate which serves as the base rate for CLOs benefited from the U.S. Federal Reserve holding short term policy rates steady over the time frame. In addition, the average discount margin on the floating rate securities held contributed positively to the contribution to return from portfolio yield.
What detracted from performance?
The widening of spreads and accompanying downward pressure on prices for CLOs rated BBB and BB during the elevated market volatility in April of 2025 weighed on returns for the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 29, 2025 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
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 $64,849,853
Number of Portfolio Holdings 41
Net Investment Advisory Fees $134,857
Portfolio Turnover Rate 30%
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)
Maturity allocation
Maturity Percent of Total
Investments(a)
5-10 Years 4.7 %
10-15 Years 95.3 %
Ten largest holdings
Security Percent of Total
Investments(a)
OHA Credit Partners XIV Ltd., 7.18%, 07/21/37 6.3 %
GoldenTree Loan Management U.S. CLO 10 Ltd., 7.43%, 10/20/37 4.8 %
Apidos CLO L, 7.13%, 01/20/38 4.6 %
Birch Grove CLO 11 Ltd., 7.43%, 01/22/38 4.0 %
Barings CLO Ltd., 8.82%, 10/15/36 3.6 %
Madison Park Funding XXXVII Ltd., 8.07%, 04/15/37 3.2 %
Elmwood CLO V Ltd., 8.58%, 10/20/37 3.2 %
Whitebox CLO I Ltd., 8.57%, 07/24/36 3.2 %
Palmer Square CLO Ltd., 6.97%, 01/15/38 3.2 %
Ballyrock CLO 28 Ltd., 7.13%, 01/20/38 3.2 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, JPMorgan Securities, LLC 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.
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iShares BBB-B CLO Active ETF
Annual Shareholder Report — July 31, 2025
BCLO-07/25-AR
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iShares Flexible Income Active ETF
BINC | NYSE Arca
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Flexible Income Active ETF (the “Fund”) (formerly known as BlackRock Flexible Income 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Flexible Income Active ETF $39 0.38%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 6.50%.
  • For the same period, the Bloomberg U.S. Universal Index returned 4.00%.
What contributed to performance?
For the 12-month period, positive contributions to the Fund’s performance were led by exposures to U.S. high yield and European high yield corporate bonds. The allocation to securitized assets including commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities and non-agency residential mortgage-backed securities also proved additive. Positioning with respect to duration and corresponding interest rate sensitivity in emerging markets as well as in European and other developed international markets also contributed to return. Other contributors included exposures to emerging market hard currencies, agency mortgage-backed securities and European investment grade corporate bonds.
The Fund utilized derivatives to help manage interest rate and credit exposures, as well as to hedge foreign currency exposures. The use of derivatives contributed modestly to the Fund’s performance during the period.
What detracted from performance?
The Fund’s positioning with respect to duration and corresponding interest rate sensitivity in the U.S. market weighed most heavily on return over the 12-month period. Exposure to U.S. investment grade corporate bonds also detracted from performance.
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
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 6.50 % 8.11 %
Bloomberg U.S. Universal Index 4.00 4.63
Key Fund statistics
Net Assets $10,728,405,834
Number of Portfolio Holdings 3,774
Net Investment Advisory Fees $28,226,931
Portfolio Turnover Rate 291%
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)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds & Notes 39.8 %
Collateralized Mortgage Obligations 21.2 %
U.S. Government & Agency Obligations 15.5 %
Asset-Backed Securities 15.0 %
Foreign Government Obligations 8.0 %
Floating Rate Loan Interests 2.8 %
Investment Companies 1.6 %
Convertible Bonds 0.2 %
Municipal Debt Obligations 0.0 %(b)
Preferred Stocks 0.0 %(b)
Other^ (4.1 )%
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 30.6 %
AA/Aa 5.1 %
A 3.7 %
BBB/Baa 7.2 %
BB/Ba 19.7 %
B 14.4 %
CCC/Caa 1.4 %
CC/Ca 0.1 %
C 0.0 %(b)
D 0.0 %(b)
N/R 17.8 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​^
Ten largest investment types are presented. Additional asset types are found in Other.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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 Flexible Income ETF to iShares Flexible Income 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 Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Flexible Income Active ETF
Annual Shareholder Report — July 31, 2025
BINC-07/25-AR
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iShares Floating Rate Loan Active ETF
BRLN | Cboe BZX Exchange
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Floating Rate Loan Active ETF (the “Fund”) (formerly known as BlackRock Floating Rate Loan 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Floating Rate Loan Active ETF $55 0.53%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 7.04%.
  • For the same period, the Bloomberg U.S. Universal Index returned 4.00%, and the Morningstar LSTA Leveraged Loan Index returned 7.50%.
What contributed to performance?
The core allocation to bank loans was the primary contributor to the Fund’s absolute return. The overall bank loan market experienced strong performance over the period, returning 7.50%. Allocations to both high yield corporate bonds and bank loans via indexed products also contributed positively to performance, as both asset classes posted strong returns over the period. In terms of credit categories, issues rated BB and higher led positive contributions, followed by those rated B2 and B3. In sector terms, holdings within technology, diversified manufacturing, and property & casualty insurance proved most additive.
What detracted from performance?
While there were no material detractors from performance, holdings within the lodging and construction machinery sectors detracted very slightly.
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 4, 2022 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 7.04 % 9.39 %
Bloomberg U.S. Universal Index 4.00 4.69
Morningstar LSTA Leveraged Loan Index 7.50 9.92
Key Fund statistics
Net Assets $60,015,526
Number of Portfolio Holdings 448
Net Investment Advisory Fees $307,665
Portfolio Turnover Rate 38%
The inception date of the Fund was October 4, 2022.
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)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
A 0.0 %(b)
BBB/Baa 8.2 %
BB/Ba 29.1 %
B 55.3 %
CCC/Caa 2.8 %
N/R 4.6 %
Maturity allocation
Maturity Percent of Total
Investments(a)
0-1 Year 0.1 %
1-5 Years 44.4 %
5-10 Years 55.5 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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 Floating Rate Loan ETF to iShares Floating Rate Loan 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 Bloomberg Index Services Limited, Morningstar, Inc., 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.
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iShares Floating Rate Loan Active ETF
Annual Shareholder Report — July 31, 2025
BRLN-07/25-AR

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iShares Intermediate Muni Income Active ETF
INMU | NYSE Arca
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Intermediate Muni Income Active ETF (the “Fund”) (formerly known as BlackRock Intermediate Muni Income Bond 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Intermediate Muni Income Active ETF $29 0.29%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 2.01%.
  • For the same period, the Bloomberg Municipal Bond Index returned 0.00%, the Bloomberg Municipal Bond 3-10 Year Index returned 3.44%, and the Bloomberg Custom Blend Benchmark returned 1.98%.
What contributed to performance?
Income, which offset the impact of falling prices and widening yield spreads, was the key contributor to performance. At the sector level, transportation and corporate-backed issues made the largest contributions.
What detracted from performance?
Positions in longer-duration securities, which posted negative total returns, detracted from performance. (Duration is a measure of interest rate sensitivity.) The decision to add to the Fund’s weighting in the intermediate-term portion of the yield curve during the course of the period detracted from results.
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 16, 2021 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 2.01 % 1.13 %
Bloomberg Municipal Bond Index 0.00 (0.12 )
Bloomberg Municipal 3-10 Year Index 3.44 0.65
Bloomberg Custom Blend Benchmark 1.98 0.69
Key Fund statistics
Net Assets $116,731,073
Number of Portfolio Holdings 216
Net Investment Advisory Fees $151,879
Portfolio Turnover Rate 66%
The inception date of the Fund was March 16, 2021.
The Bloomberg Custom Blend Benchmark is comprised of the Bloomberg 1-15 Year Municipal Bond Index (90%) and the Bloomberg Municipal High Yield 1-15 Year Index (10%).
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)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 13.9 %
AA/Aa 37.2 %
A 34.9 %
BBB/Baa 9.2 %
BB/Ba 1.0 %
B 0.4 %
N/R 3.4 %
Ten largest holdings
Security Percent of Total
Investments(a)
Oklahoma Water Resources Board RB, 5.00%, 04/01/41 1.7 %
Indiana Finance Authority RB, 5.00%, 10/01/57 1.6 %
Commonwealth Financing Authority RB, 5.00%, 06/01/34 1.4 %
State of Washington GO, 5.00%, 02/01/41 1.4 %
Chicago O'Hare International Airport RB, 5.00%, 01/01/35 1.4 %
Commonwealth Financing Authority RB, 5.00%, 06/01/35 1.4 %
New Jersey Educational Facilities Authority RB, 5.00%, 07/01/35 1.4 %
Black Belt Energy Gas District RB, 5.25%, 02/01/53 1.1 %
Central Plains Energy Project RB, 5.00%, 05/01/53 1.1 %
New Jersey Transportation Trust Fund Authority RB, 5.00%, 06/15/35 1.1 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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 Intermediate Muni Income Bond ETF to iShares Intermediate Muni Income 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 Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Intermediate Muni Income Active ETF
Annual Shareholder Report — July 31, 2025
INMU-07/25-AR
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iShares Short Duration High Yield Muni Active ETF
SHYM | Cboe BZX Exchange
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Short Duration High Yield Muni Active ETF (the “Fund”) (formerly known as BlackRock High Yield Muni Income 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Short Duration High Yield Muni Active ETF $33 0.33%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 0.86%.
  • For the same period, the Bloomberg Municipal Bond Index returned 0.00%, the Bloomberg Municipal High Yield Bond Index returned (0.86)%, and the Bloomberg Custom Blend Benchmark returned (0.75)%.
What contributed to performance?
Income, which offset the impact of falling prices and widening yield spreads, was the key contributor to performance. At the sector level, holdings in short-term development district issues and prepaid gas bonds contributed.
What detracted from performance?
Holdings in longer-duration securities and those with maturities of 20 years and longer, which posted negative total returns, detracted from performance. (Duration is a measure of interest rate sensitivity.) In terms of sectors, transportation was the largest 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 16, 2021 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 0.86 % 1.14 %
Bloomberg Municipal Bond Index 0.00 (0.12 )
Bloomberg Custom Blend Muni Index N/A N/A
Bloomberg Municipal High Yield Bond Index (0.86 ) 1.05
Bloomberg Custom Blend Benchmark (0.75 ) 0.89
Key Fund statistics
Net Assets $366,732,564
Number of Portfolio Holdings 321
Net Investment Advisory Fees $895,878
Portfolio Turnover Rate 50%
The inception date of the Fund was March 16, 2021.
Effective July 1, 2025, the Fund has changed the benchmark against which it measures its performance from Bloomberg Municipal High Yield Bond Index and Bloomberg Custom Blend Benchmark to Bloomberg Custom Blend Muni Index. The Bloomberg Custom Blend Muni Index is relevant to the Fund because it has characteristics similar to the Fund's investment strategies. The Fund's returns shown prior to July 1, 2025 are the returns of the Fund when it followed different investment strategies under the name iShares High Yield Muni Income Active ETF.
The Bloomberg Custom Blend Muni Index is comprised of the Bloomberg Municipal High Yield (0-18 years) Index (60%), the Bloomberg Muni BBB (0-18 years) Index (20%) and 20% IG ex BBB (0-18 years) Index (20%). The Bloomberg Custom Blend Muni Index commenced on May 1, 2025.
The Bloomberg Custom Blend Benchmark is comprised of the Bloomberg Municipal High Yield Index (80%), the Bloomberg BBB Index (10%) and the Bloomberg Single A Index (10%).
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)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 0.1 %
AA/Aa 8.9 %
A 10.2 %
BBB/Baa 8.9 %
BB/Ba 14.9 %
B 7.5 %
CCC/Caa 0.2 %
N/R 49.3 %
Ten largest holdings
Security Percent of Total
Investments(a)
University of Vermont and State Agricultural College RB, 5.00%, 10/01/40 3.8 %
New York Transportation Development Corp RB AMT, 5.25%, 08/01/31 3.4 %
California Infrastructure & Economic Development Bank RB AMT, 9.50%, 01/01/65 2.9 %
California Municipal Finance Authority RB AMT, 4.00%, 07/15/29 2.2 %
City & County of Denver CO RB AMT, 5.00%, 10/01/32 2.2 %
New York Transportation Development Corp. RB AMT, 5.00%, 07/01/46 2.1 %
City of Philadelphia PA Water & Wastewater Revenue RB, Series A, 5.00%, 10/01/42 2.1 %
Southeast Energy Authority A Cooperative District RB, 5.00%, 01/01/56 1.9 %
Vermont Economic Development Authority RB AMT, 5.00%, 06/01/52 1.6 %
Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/37 1.6 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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 to change the name of the Fund from BlackRock High Yield Muni Income ETF to iShares High Yield Muni Income Active ETF. This change became effective on October 10, 2024. Additionally, on February 10, 2025, the Fund changed its ticker from HYMU to SHYM.
On September 13, 2024, the Fund’s Board approved to change the name of the Fund from iShares High Yield Muni Income Active ETF to iShares Short Duration High Yield Muni Active ETF. In connection with the Fund’s name change, the Fund made certain changes to its investment strategies, including (i) seeking a weighted average effective duration of less than 5 years and (ii) adding the ability to invest in derivatives, other investment companies, and tender option bonds. These changes became effective on July 1, 2025.
Effective July 1, 2025, BlackRock Fund Advisors LLC has contractually agreed to reduce the Fund’s investment advisory fee from 0.45% to 0.40% based on the Fund’s average daily net assets and to reduce the advisory fee waiver from 0.10% to 0.05%.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Short Duration High Yield Muni Active ETF
Annual Shareholder Report — July 31, 2025
SHYM-07/25-AR
TSR - BLK BlackRock Logo
iShares Short-Term California Muni Active ETF
CALI | NASDAQ
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Short-Term California Muni Active ETF (the “Fund”) (formerly known as BlackRock Short-Term California Muni Bond 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Short-Term California Muni Active ETF $20 0.20%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 3.26%.
  • For the same period, the Bloomberg Municipal Bond Index returned 0.00%, and the Bloomberg California Municipal 0-2 Year Index returned 3.24%.
What contributed to performance?
Holdings in longer-dated securities—those with maturities of up to five years—in the corporate, prepaid gas, and transportation sectors contributed to performance, as did select holdings in the school district, tax-backed state, and tax-backed local categories. A focus on variable rate demand notes (VRDNs) and tender option bond floaters (TOBs) as core holdings, which in the adviser’s view featured both attractive yields and price stability, also contributed. Select commercial paper purchases, which offered additional yield and short maturity profiles, further helped results in a volatile interest rate environment. In terms of credit tiers, holdings in AA and A rated bonds had the strongest influence on the Fund’s performance.
What detracted from performance?
At a time of positive return for the California municipal market, there were no meaningful detractors from absolute returns.
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: July 11, 2023 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 3.26 % 3.30 %
Bloomberg Municipal Bond Index 0.00 2.15
Bloomberg California Municipal 0-2 Year Index 3.24 3.26
Key Fund statistics
Net Assets $131,136,615
Number of Portfolio Holdings 138
Net Investment Advisory Fees $125,081
Portfolio Turnover Rate 113%
The inception date of the Fund was July 11, 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)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 4.2 %
AA/Aa 64.0 %
A 30.3 %
BBB/Baa 1.3 %
N/R 0.2 %
Ten largest holdings
Security Percent of Total
Investments(a)
City of Modesto California Water Revenue COP, 1.80%, 08/07/25 4.6 %
Metropolitan Water District of Southern California RB, 1.54%, 08/07/25 4.2 %
San Diego Public Facilities Financing Authority RB, 2.37%, 08/07/25 3.5 %
Anaheim Housing & Public Improvements Authority RB, 2.60%, 08/01/25 3.4 %
Orange County Water District COP, VRDN, 2.35%, 08/07/25 3.0 %
California Community Choice Financing Authority RB, 5.25%, 01/01/30 2.9 %
San Francisco City & County Airport Comm-San Francisco International Airport RB, 1.00%, 08/07/25 2.3 %
Tender Option Bond Trust Receipts/Certificates RB, 2.32%, 08/07/25 2.3 %
University of California RB, 2.25%, 08/01/25 2.2 %
California Housing Finance Agency RB, 1.00%, 08/07/25 1.8 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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 Short-Term California Muni Bond ETF to iShares Short-Term California Muni Active ETF. The Fund's ticker was changed from CALY to CALI. 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 Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Short-Term California Muni Active ETF
Annual Shareholder Report — July 31, 2025
CALI-07/25-AR
TSR - BLK BlackRock Logo
iShares Total Return Active ETF
BRTR | NASDAQ
Annual Shareholder Report — July 31, 2025
This annual shareholder report contains important information about iShares Total Return Active ETF (the “Fund”) (formerly known as BlackRock Total Return 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
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Total Return Active ETF $38 0.37%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 3.59%.
  • For the same period, the Bloomberg U.S. Aggregate Bond Index returned 3.38%.
What contributed to performance?
Over the 12-month period, economic growth generally surprised to the upside and credit sensitive sectors across fixed income performed well despite elevated interest rate volatility. Positive contributions to the Fund’s performance were led by the allocation to securitized assets including commercial mortgage-backed securities, non-agency mortgage-backed securities, collateralized loan obligations and asset-backed securities. The Fund’s allocation to and positioning within both investment grade corporate bonds and agency mortgage-backed securities also proved additive, along with an allocation to high yield corporate bonds.
What detracted from performance?
The Fund’s positioning with respect to duration and corresponding interest rate sensitivity was a modest detractor from performance over the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: December 12, 2023 through July 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 3.59 % 5.17 %
Bloomberg U.S. Aggregate Bond Index 3.38 4.69
Key Fund statistics
Net Assets $257,870,012
Number of Portfolio Holdings 1,681
Net Investment Advisory Fees $594,314
Portfolio Turnover Rate 647%
The inception date of the Fund was December 12, 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)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 63.2 %
AA/Aa 3.1 %
A 5.6 %
BBB/Baa 13.8 %
BB/Ba 3.8 %
B 0.9 %
CCC/Caa 0.8 %
CC/Ca 0.1 %
C 0.5 %
N/R 8.2 %
Maturity allocation
Maturity Percent of Total
Investments(a)
0-1 Year 2.0 %
1-5 Years 19.9 %
5-10 Years 21.2 %
10-15 Years 10.1 %
15-20 Years 4.9 %
More than 20 Years 41.9 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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 Total Return ETF to iShares Total Return 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 Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Total Return Active ETF
Annual Shareholder Report — July 31, 2025
BRTR-07/25-AR

(b) Not Applicable

 

Item 2 –

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

 

Item 3 –

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

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

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

 

Item 4 –

Principal Accountant Fees and Services

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

 

     (a) Audit Fees  

(b) Audit-Related

Fees1

   (c) Tax Fees2   (d) All Other Fees
Entity Name  

Current 
Fiscal

Year

End

  

Previous 

Fiscal

Year

End

  

Current 

Fiscal

Year

End

  

Previous 

Fiscal

Year

End

  

Current 

Fiscal

Year

End

  

Previous 

Fiscal

Year

End

  

Current 

Fiscal

Year

End

  

Previous 

Fiscal

Year

End

iShares AAA CLO Active ETF

   $13,989   $13,989   $0   $0   $10,185   $9,700   $0   $0

iShares BBB-B CLO Active ETF

   $12,625   $0   $0   $0   $8,148   N/A   $0   $0

iShares Flexible Income Active ETF

   $18,584   $16,564   $0   $0   $10,185   $9,700   $0   $0

iShares Floating Rate Loan Active ETF

   $18,584   $16,564   $0   $0   $10,185   $9,700   $0   $0

iShares Short Duration High Yield Muni Active ETF

   $13,989   $13,989   $0   $0   $10,185   $9,700   $0   $0

iShares Intermediate Muni Income Active ETF

   $13,989   $13,989   $0   $0   $10,185   $9,700   $0   $0

iShares Short-Term California Muni Active ETF

   $13,989   $13,989   $0   $0   $10,185   $9,700   $0   $0

iShares Total Return Active ETF

   $16,009   $12,500   $0   $0   $10,185   $9,700   $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     

(b) Audit-Related Fees1

      $0        $0  

(c) Tax Fees2

      $0        $0  

(d) All Other Fees3

      $0        $0  

1 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.

2 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.

3 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.

(f) Not Applicable

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

 

Entity Name  

Current Fiscal Year

End

  

Previous Fiscal

Year End

iShares AAA CLO Active ETF

   $10,185   $9,700

iShares BBB-B CLO Active ETF

   $8,148   N/A

iShares Flexible Income Active ETF

   $10,185   $9,700

iShares Floating Rate Loan Active ETF

   $10,185   $9,700

iShares Short Duration High Yield Muni Active ETF

   $10,185   $9,700

iShares Intermediate Muni Income Active ETF

   $10,185   $9,700

iShares Short-Term California Muni Active ETF

   $10,185   $9,700

iShares Total Return Active ETF

   $10,185   $9,700

(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.

(i) Not Applicable

(j) Not Applicable

 

Item 5 –

Audit Committee of Listed Registrant

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

Lorenzo A. Flores

J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

(b) Not Applicable

 

Item 6 –

Investments

(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.

(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

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

July 31, 2025
 
 
2025 Annual Financial Statements
and Additional Information
 
BlackRock ETF Trust II
• iShares AAA CLO Active ETF | CLOA | NASDAQ
• iShares BBB-B CLO Active ETF | BCLO | NASDAQ
• iShares Flexible Income Active ETF | BINC | NYSE Arca
• iShares Floating Rate Loan Active ETF | BRLN | Cboe BZX Exchange
• iShares Intermediate Muni Income Active ETF | INMU | NYSE Arca
• iShares Short-Term California Muni Active ETF | CALI | NASDAQ
• iShares Short Duration High Yield Muni Active ETF | SHYM | Cboe BZX Exchange
• iShares Total Return Active ETF | BRTR | NASDAQ
 
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents
 
 
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2
Schedule of Investments
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
1988 CLO 5 Ltd., 5.86%, 07/15/37, (3-mo. CME
Term SOFR + 1.540%)(a)(b)
$2,500
$2,511,250
37 Capital CLO 3 Ltd., 5.82%, 07/15/38, (3-mo.
CME Term SOFR + 1.500%)(a)(b)
1,000
1,005,265
522 Funding CLO Ltd.
5.65%, 04/15/35, (3-mo. CME Term SOFR +
1.330%)(a)(b)
1,750
1,752,885
6.17%, 04/15/35, (3-mo. CME Term SOFR +
1.850%)(a)(b)
2,500
2,502,840
720 East CLO IV Ltd., 5.92%, 04/15/37, (3-mo. CME
Term SOFR + 1.600%)(a)(b)
2,000
2,007,381
720 East CLO Ltd., 5.69%, 04/15/38, (3-mo. CME
Term SOFR + 1.370%)(a)(b)
5,485
5,505,409
AB BSL CLO 2 Ltd., 5.68%, 04/15/34, (3-mo. CME
Term SOFR + 1.362%)(a)(b)
4,700
4,708,305
AB BSL CLO 3 Ltd., 5.58%, 04/20/38, (3-mo. CME
Term SOFR + 1.250%)(a)(b)
5,000
5,007,507
AGL CLO 12 Ltd., 5.75%, 07/20/34, (3-mo. CME
Term SOFR + 1.422%)(a)(b)
5,102
5,110,061
AGL CLO 29 Ltd., 5.90%, 04/21/37, (3-mo. CME
Term SOFR + 1.570%)(a)(b)
1,925
1,933,494
AGL CLO 37 Ltd., 5.57%, 04/22/38, (3-mo. CME
Term SOFR + 1.240%)(a)(b)
10,500
10,516,393
AGL Clo 40 Ltd., 5.55%, 07/22/38, (3-mo. CME
Term SOFR + 1.240%)(a)(b)
2,000
2,004,136
AGL CLO 42 Ltd., 5.57%, 07/22/38, (3-mo. CME
Term SOFR + 1.300%)(a)(b)
2,000
2,004,050
AGL CLO 7 Ltd., 5.78%, 07/15/34, (3-mo. CME
Term SOFR + 1.462%)(a)(b)
1,310
1,313,633
AGL Core CLO 15 Ltd., 5.74%, 01/20/35, (3-mo.
CME Term SOFR + 1.412%)(a)(b)
4,000
4,010,000
AGL Core CLO 2 Ltd., 5.79%, 07/20/37, (3-mo. CME
Term SOFR + 1.460%)(a)(b)
1,000
1,004,117
AGL Core CLO 8 Ltd., 5.66%, 01/20/38, (3-mo. CME
Term SOFR + 1.330%)(a)(b)
1,000
1,003,120
AIMCO CLO, 5.59%, 10/17/37, (3-mo. CME Term
SOFR + 1.310%)(a)(b)
5,000
5,013,426
AIMCO CLO 11 Ltd., 5.62%, 07/17/37, (3-mo. CME
Term SOFR + 1.340%)(a)(b)
1,800
1,805,313
AIMCO CLO 14 Ltd., 5.58%, 04/20/34, (3-mo. CME
Term SOFR + 1.252%)(a)(b)
1,500
1,502,587
AIMCO CLO 18 Ltd., 6.52%, 10/16/36, (3-mo. CME
Term SOFR + 2.200%)(a)(b)
2,000
2,012,377
Allegany Park CLO Ltd., 5.63%, 01/20/35, (3-mo.
CME Term SOFR + 1.300%)(a)(b)
3,000
3,000,000
AMMC CLO 28 Ltd., 5.88%, 07/20/37, (3-mo. CME
Term SOFR + 1.550%)(a)(b)
2,390
2,400,845
AMMC CLO 31 Ltd., 5.64%, 02/20/38, (3-mo. CME
Term SOFR + 1.310%)(a)(b)
3,000
3,006,680
AMMC CLO 32 Ltd., 5.63%, 10/17/38, (3-mo. CME
Term SOFR + 1.360%)(a)(b)
3,000
3,000,000
Anchorage Capital CLO 15 Ltd., 5.62%,
07/20/38, (3-mo. CME Term SOFR +
1.410%)(a)(b)
5,000
5,020,782
Anchorage Capital CLO 17 Ltd., 5.55%,
02/15/38, (3-mo. CME Term SOFR +
1.230%)(a)(b)
2,000
2,002,148
Anchorage Capital CLO 24 Ltd., 5.75%,
07/15/37, (3-mo. CME Term SOFR +
1.430%)(a)(b)
3,000
3,010,066
Security
Par
(000
)
Value
Anchorage Capital CLO 25 Ltd., 5.72%,
04/20/35, (3-mo. CME Term SOFR +
1.390%)(a)(b)
$1,000
$1,001,827
Anchorage Capital CLO 6 Ltd., 5.72%,
07/22/38, (3-mo. CME Term SOFR +
1.370%)(a)(b)
2,000
1,997,238
Anchorage Capital CLO 7 Ltd., 5.87%,
04/28/37, (3-mo. CME Term SOFR +
1.560%)(a)(b)
2,000
2,008,644
Apidos CLO LII Ltd., 5.39%, 04/20/38, (3-mo. CME
Term SOFR + 1.130%)(a)(b)
4,750
4,745,380
Apidos CLO LIII, 5.65%, 07/20/38, (3-mo. CME
Term SOFR + 1.320%)(a)(b)
5,000
5,015,104
Apidos CLO XX, 6.13%, 07/16/31, (3-mo. CME Term
SOFR + 1.812%)(a)(b)
5,560
5,573,999
Apidos CLO XXXI, 5.68%, 04/15/31, (3-mo. CME
Term SOFR + 1.362%)(a)(b)
1,229
1,229,716
Apidos CLO XXXIV, 5.74%, 01/20/35, (3-mo. CME
Term SOFR + 1.412%)(a)(b)
4,750
4,761,756
Apidos CLO XXXIX Ltd., 5.63%, 04/21/35, (3-mo.
CME Term SOFR + 1.300%)(a)(b)
3,250
3,255,147
Apidos CLO XXXVII, 5.72%, 10/22/34, (3-mo. CME
Term SOFR + 1.392%)(a)(b)
3,250
3,256,026
ARES Loan Funding III Ltd., 5.59%,
07/25/36, (3-mo. CME Term SOFR +
1.270%)(a)(b)
1,250
1,254,379
Ares Loan Funding IV Ltd., 6.07%, 10/15/36, (3-mo.
CME Term SOFR + 1.750%)(a)(b)
2,290
2,295,278
ARES Loan Funding VIII Ltd., 5.57%,
01/24/38, (3-mo. CME Term SOFR +
1.250%)(a)(b)
10,000
10,019,923
Ares LVI CLO Ltd., 5.57%, 01/25/38, (3-mo. CME
Term SOFR + 1.250%)(a)(b)
2,000
2,003,978
ARES XLIII CLO Ltd., 5.67%, 01/15/38, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
3,020
3,031,469
ARES XXXIX CLO Ltd., 5.75%, 07/18/37, (3-mo.
CME Term SOFR + 1.420%)(a)(b)
8,000
8,026,554
Bain Capital Credit CLO Ltd.
6.12%, 07/24/36, (3-mo. CME Term SOFR +
1.800%)(a)(b)
1,700
1,700,000
5.66%, 01/21/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
1,000
1,002,952
5.72%, 07/25/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
4,355
4,368,745
5.57%, 07/19/34, (3-mo. CME Term SOFR +
1.240%)(a)(b)
1,000
1,002,011
Ballyrock CLO 14 Ltd.
6.03%, 07/20/37, (3-mo. CME Term SOFR +
1.700%)(a)(b)
1,000
1,002,989
5.71%, 07/20/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
3,345
3,356,671
Ballyrock CLO 19 Ltd., 5.66%, 04/20/35, (3-mo.
CME Term SOFR + 1.330%)(a)(b)
2,175
2,179,328
Ballyrock CLO 2 Ltd., 5.72%, 02/20/36, (3-mo. CME
Term SOFR + 1.400%)(a)(b)
2,840
2,845,932
Ballyrock CLO 26 Ltd., 5.83%, 07/25/37, (3-mo.
CME Term SOFR + 1.510%)(a)(b)
1,000
1,004,330
Ballyrock CLO Ltd., 6.14%, 10/20/31, (3-mo. CME
Term SOFR + 1.812%)(a)(b)
1,000
1,003,010
BBAM U.S. CLO I Ltd.
5.52%, 03/30/38, (3-mo. CME Term SOFR +
1.200%)(a)(b)
2,000
1,999,476
3
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
5.92%, 03/30/38, (3-mo. CME Term SOFR +
1.600%)(a)(b)
$1,000
$1,001,416
Beechwood Park CLO Ltd., 5.58%, 01/17/35, (3-mo.
CME Term SOFR + 1.300%)(a)(b)
3,000
3,004,240
Benefit Street Partners CLO XX Ltd., 5.75%,
07/15/34, (3-mo. CME Term SOFR +
1.432%)(a)(b)
2,360
2,365,900
Benefit Street Partners CLO XXI Ltd. Series 2020
21A, Class A1R, 5.75%, 10/15/34, (3-mo. CME
Term SOFR + 1.432%)(a)(b)
5,000
5,009,615
Benefit Street Partners CLO XXIX, 5.50%,
01/25/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
4,136
4,133,956
Benefit Street Partners CLO XXVI Ltd., 5.71%,
07/20/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
1,000
1,003,369
Benefit Street Partners CLO XXVII Ltd., 5.70%,
10/20/37, (3-mo. CME Term SOFR +
1.370%)(a)(b)
4,500
4,513,500
Benefit Street Partners CLO XXXIII Ltd., 6.07%,
01/25/36, (3-mo. CME Term SOFR +
1.750%)(a)(b)
2,000
2,007,184
Benefit Street Partners CLO XXXVII Ltd., 5.67%,
01/25/38, (3-mo. CME Term SOFR +
1.350%)(a)(b)
6,250
6,273,196
Benefit Street Partners CLO XXXVIII Ltd., 5.63%,
01/25/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
5,000
5,012,796
Birch Grove CLO 12 Ltd., 5.51%, 04/22/38, (3-mo.
CME Term SOFR + 1.170%)(a)(b)
1,500
1,498,920
Birch Grove CLO 2 Ltd., 5.73%, 10/19/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
3,000
3,010,775
Birch Grove CLO 3 Ltd., 5.59%, 01/19/38, (3-mo.
CME Term SOFR + 1.260%)(a)(b)
6,000
6,006,818
Birch Grove CLO 4 Ltd., 5.80%, 07/15/37, (3-mo.
CME Term SOFR + 1.480%)(a)(b)
5,820
5,843,421
Birch Grove CLO 5 Ltd., 5.74%, 10/20/37, (3-mo.
CME Term SOFR + 1.410%)(a)(b)
2,500
2,509,265
Birch Grove CLO 7 Ltd., 6.13%, 10/20/36, (3-mo.
CME Term SOFR + 1.800%)(a)(b)
2,870
2,877,353
Birch Grove CLO 8 Ltd., 5.96%, 04/20/37, (3-mo.
CME Term SOFR + 1.630%)(a)(b)
5,210
5,230,840
Birch Grove CLO 9 Ltd., 5.73%, 10/22/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
1,750
1,756,312
Birch Grove CLO Ltd., 5.87%, 07/17/37, (3-mo.
CME Term SOFR + 1.590%)(a)(b)
5,000
5,025,400
BlueMountain CLO XXX Ltd., 5.69%,
04/15/35, (3-mo. CME Term SOFR +
1.370%)(a)(b)
7,250
7,265,297
Brant Point CLO Ltd., 6.28%, 07/20/37, (3-mo. CME
Term SOFR + 1.950%)(a)(b)
1,700
1,703,060
Bridge Street CLO I Ltd., 5.88%, 07/20/37, (3-mo.
CME Term SOFR + 1.550%)(a)(b)
1,000
1,004,652
Bridge Street CLO Ltd., 5.55%, 04/20/38, (3-mo.
CME Term SOFR + 1.220%)(a)(b)
2,000
1,999,800
Bryant Park CLO Ltd., 1.00%, 07/20/38, (3-mo. CME
Term SOFR + 1.330%)(a)(b)
4,000
4,000,000
Bryant Park Funding Ltd.
5.94%, 04/15/37, (3-mo. CME Term SOFR +
1.620%)(a)(b)
1,920
1,927,216
6.38%, 10/18/36, (3-mo. CME Term SOFR +
2.050%)(a)(b)
3,000
3,017,136
Security
Par
(000
)
Value
5.90%, 05/15/37, (3-mo. CME Term SOFR +
1.570%)(a)(b)
$2,500
$2,510,179
5.72%, 10/15/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
1,350
1,354,479
5.65%, 01/18/38, (3-mo. CME Term SOFR +
1.340%)(a)(b)
2,000
2,006,755
Canyon Capital CLO Ltd., 5.50%, 04/15/38, (3-mo.
CME Term SOFR + 1.180%)(a)(b)
2,500
2,499,132
Canyon CLO Ltd., 5.75%, 10/15/34, (3-mo. CME
Term SOFR + 1.432%)(a)(b)
2,500
2,503,269
Carlyle U.S. CLO Ltd.
6.19%, 04/20/31, (3-mo. CME Term SOFR +
1.862%)(a)(b)
1,000
1,003,382
5.64%, 04/15/35, (3-mo. CME Term SOFR +
1.320%)(a)(b)
3,000
3,005,949
5.88%, 04/20/37, (3-mo. CME Term SOFR +
1.550%)(a)(b)
3,000
3,012,701
5.71%, 04/15/35, (3-mo. CME Term SOFR +
1.390%)(a)(b)
1,000
1,002,151
CarVal CLO IX-C Ltd.
6.01%, 04/20/37, (3-mo. CME Term SOFR +
1.680%)(a)(b)
3,750
3,769,875
6.43%, 04/20/37, (3-mo. CME Term SOFR +
2.100%)(a)(b)
1,000
1,006,633
CarVal CLO VC Ltd., 5.78%, 10/15/34, (3-mo. CME
Term SOFR + 1.462%)(a)(b)
945
947,442
Carval CLO VIII-C Ltd., 5.75%, 10/22/37, (3-mo.
CME Term SOFR + 1.420%)(a)(b)
1,500
1,505,743
Carval CLO X-C Ltd., 5.79%, 07/20/37, (3-mo. CME
Term SOFR + 1.460%)(a)(b)
1,750
1,756,798
CarVal CLO XI C Ltd., 5.72%, 10/20/37, (3-mo. CME
Term SOFR + 1.390%)(a)(b)
4,000
4,013,961
Cayuga Park CLO Ltd., 5.66%, 07/17/34, (3-mo.
CME Term SOFR + 1.382%)(a)(b)
4,740
4,750,257
Cedar Funding VI CLO Ltd., 5.64%,
04/20/34, (3-mo. CME Term SOFR +
1.312%)(a)(b)
3,000
3,001,640
Cedar Funding XIV CLO Ltd., 5.70%,
10/15/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
2,000
2,007,155
CIFC Funding Ltd.
5.76%, 10/20/34, (3-mo. CME Term SOFR +
1.432%)(a)(b)
750
751,885
5.66%, 04/20/34, (3-mo. CME Term SOFR +
1.332%)(a)(b)
3,540
3,544,604
5.72%, 07/15/36, (3-mo. CME Term SOFR +
1.402%)(a)(b)
1,200
1,201,637
5.68%, 07/23/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
3,000
3,007,645
5.73%, 07/15/36, (3-mo. CME Term SOFR +
1.412%)(a)(b)
3,000
3,004,620
5.59%, 01/18/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
2,330
2,336,954
5.43%, 04/23/38, (3-mo. CME Term SOFR +
1.150%)(a)(b)
1,500
1,498,515
5.68%, 10/24/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
5,000
5,015,322
5.81%, 07/21/37, (3-mo. CME Term SOFR +
1.480%)(a)(b)
1,500
1,506,488
5.66%, 04/27/31, (3-mo. CME Term SOFR +
1.350%)(a)(b)
1,000
1,000,035
Schedule of Investments
4
Schedule of Investments (continued)
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
5.77%, 04/18/37, (3-mo. CME Term SOFR +
1.500%)(a)(b)
$2,000
$2,006,998
5.49%, 01/17/38, (3-mo. CME Term SOFR +
1.220%)(a)(b)
5,000
5,007,042
Series 2020 3A, Class A1R, 5.72%,
10/20/34, (3-mo. CME Term SOFR +
1.392%)(a)(b)
1,560
1,562,894
Series 2021 6A, Class A, 5.72%, 10/15/34, (3-mo.
CME Term SOFR + 1.402%)(a)(b)
4,000
4,007,495
Series 2021 7A, Class A1, 5.71%,
01/23/35, (3-mo. CME Term SOFR +
1.392%)(a)(b)
3,000
3,005,958
Clover CLO LLC, 5.71%, 07/15/37, (3-mo. CME
Term SOFR + 1.390%)(a)(b)
2,000
2,005,938
Creeksource Dunes Creek CLO Ltd., 5.73%,
01/15/38, (3-mo. CME Term SOFR +
1.410%)(a)(b)
3,000
3,012,764
Crown Point CLO 9 Ltd., 5.77%, 07/14/34, (3-mo.
CME Term SOFR + 1.452%)(a)(b)
2,000
2,005,247
Diameter Capital CLO 1 Ltd., 5.71%,
10/15/37, (3-mo. CME Term SOFR +
1.390%)(a)(b)
4,200
4,217,538
Diameter Capital CLO 10 Ltd., 5.60%,
04/20/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
1,500
1,502,834
Diameter Capital CLO 2 Ltd., 5.71%,
10/15/37, (3-mo. CME Term SOFR +
1.390%)(a)(b)
7,300
7,330,486
Diameter Capital CLO 3 Ltd., 5.65%,
01/15/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
6,000
6,017,510
Diameter Capital CLO 7 Ltd.
5.81%, 07/20/37, (3-mo. CME Term SOFR +
1.480%)(a)(b)
4,000
4,016,800
6.18%, 07/20/37, (3-mo. CME Term SOFR +
1.850%)(a)(b)
1,300
1,304,550
Diameter Capital CLO 8 Ltd., 5.73%,
10/20/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
1,000
1,003,500
Diameter Capital CLO 9 Ltd., 5.50%,
04/20/38, (3-mo. CME Term SOFR +
1.170%)(a)(b)
5,000
4,998,261
Dryden 40 Senior Loan Fund, 5.48%,
08/15/31, (3-mo. CME Term SOFR +
1.150%)(a)(b)
791
790,977
Dryden 83 CLO Ltd., 5.86%, 04/18/37, (3-mo. CME
Term SOFR + 1.530%)(a)(b)
1,270
1,275,153
Eaton Vance CLO Ltd., 1.00%, 10/15/38, (3-mo.
CME Term SOFR + 1.340%)(a)(b)
5,000
5,002,087
Elmwood CLO 19 Ltd., 6.68%, 10/17/36, (3-mo.
CME Term SOFR + 2.400%)(a)(b)
1,000
1,001,730
Elmwood CLO 21 Ltd., 5.98%, 10/20/36, (3-mo.
CME Term SOFR + 1.650%)(a)(b)
4,000
4,008,422
Elmwood CLO 24 Ltd., 5.60%, 01/17/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
2,500
2,505,625
Elmwood CLO 29 Ltd., 5.85%, 04/20/37, (3-mo.
CME Term SOFR + 1.520%)(a)(b)
5,000
5,019,927
Elmwood CLO 31 Ltd., 5.63%, 07/17/37, (3-mo.
CME Term SOFR + 1.350%)(a)(b)
4,000
4,009,688
Elmwood CLO 40 Ltd., 5.52%, 03/22/38, (3-mo.
CME Term SOFR + 1.240%)(a)(b)
10,500
10,515,750
Security
Par
(000
)
Value
Elmwood CLO II Ltd., 5.68%, 10/20/37, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
$2,500
$2,507,679
Elmwood CLO VIII Ltd., 5.88%, 04/20/37, (3-mo.
CME Term SOFR + 1.550%)(a)(b)
4,000
4,016,902
Elmwood CLO XII Ltd., 5.68%, 10/15/37, (3-mo.
CME Term SOFR + 1.360%)(a)(b)
1,010
1,013,038
Flatiron CLO 25 Ltd., 5.63%, 10/17/37, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
3,650
3,660,645
Fort Washington CLO Ltd., 5.81%, 10/20/34, (3-mo.
CME Term SOFR + 1.482%)(a)(b)
7,250
7,257,921
Galaxy XXI CLO Ltd., 5.94%, 04/20/31, (3-mo. CME
Term SOFR + 1.612%)(a)(b)
2,200
2,203,300
Galaxy XXV CLO Ltd., 5.74%, 04/25/36, (3-mo.
CME Term SOFR + 1.420%)(a)(b)
1,000
1,002,188
Generate CLO 11 Ltd., 5.74%, 10/20/37, (3-mo.
CME Term SOFR + 1.410%)(a)(b)
2,000
2,007,400
Generate CLO 13 Ltd., 6.13%, 01/20/37, (3-mo.
CME Term SOFR + 1.800%)(a)(b)
4,000
4,015,282
Generate CLO 15 Ltd., 5.90%, 07/20/37, (3-mo.
CME Term SOFR + 1.570%)(a)(b)
8,180
8,218,749
Generate CLO 17 Ltd., 5.73%, 10/22/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
1,500
1,505,410
Generate CLO 8 Ltd., 5.71%, 01/20/38, (3-mo. CME
Term SOFR + 1.380%)(a)(b)
3,000
3,011,569
Generate CLO 9 Ltd., 5.68%, 01/20/38, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
3,000
3,010,500
GoldentTree Loan Management U.S. CLO 1 Ltd.,
5.83%, 04/20/37, (3-mo. CME Term SOFR +
1.500%)(a)(b)
3,675
3,687,517
Golub Capital Partners CLO 41B-R Ltd., 5.65%,
07/20/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
4,400
4,401,845
Golub Capital Partners CLO 55B Ltd., 5.79%,
07/20/34, (3-mo. CME Term SOFR +
1.462%)(a)(b)
3,500
3,510,627
Golub Capital Partners CLO 58B Ltd., 5.76%,
01/25/35, (3-mo. CME Term SOFR +
1.442%)(a)(b)
6,150
6,167,342
Golub Capital Partners CLO 66B Ltd., 5.77%,
07/25/38, (3-mo. CME Term SOFR +
1.450%)(a)(b)
7,000
7,035,411
Golub Capital Partners CLO 72 B Ltd., 5.87%,
04/25/37, (3-mo. CME Term SOFR +
1.550%)(a)(b)
1,320
1,325,577
Golub Capital Partners CLO 74 B Ltd., 5.82%,
07/25/37, (3-mo. CME Term SOFR +
1.500%)(a)(b)
3,000
3,013,368
Golub Capital Partners CLO 76 B Ltd., 5.69%,
10/25/37, (3-mo. CME Term SOFR +
1.370%)(a)(b)
3,000
3,009,748
Golub Capital Partners CLO 77 B Ltd., 5.57%,
01/25/38, (3-mo. CME Term SOFR +
1.250%)(a)(b)
1,500
1,502,150
Golub Capital Partners CLO 79B Ltd., 5.42%,
04/20/38, (3-mo. CME Term SOFR +
1.170%)(a)(b)
2,000
1,999,161
Golub Capital Partners CLO 81 B Ltd., 5.64%,
07/20/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
3,000
3,005,937
HalseyPoint CLO 3 Ltd., 5.79%, 07/30/37, (3-mo.
CME Term SOFR + 1.480%)(a)(b)
1,240
1,246,410
5
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
HalseyPoint CLO 4 Ltd., 5.81%, 04/20/34, (3-mo.
CME Term SOFR + 1.482%)(a)(b)
$5,000
$5,004,986
HalseyPoint CLO 6 Ltd., 6.38%, 01/20/38, (3-mo.
CME Term SOFR + 2.050%)(a)(b)
1,000
1,004,927
Halseypoint CLO 7 Ltd., 5.78%, 07/20/38, (3-mo.
CME Term SOFR + 1.450%)(a)(b)(c)
1,500
1,507,388
Harriman Park CLO Ltd., 5.63%, 07/20/38, (3-mo.
CME Term SOFR + 1.300%)(a)(b)
5,000
5,013,608
ICG U.S. CLO I Ltd., 5.71%, 07/18/38, (3-mo. CME
Term SOFR + 1.380%)(a)(b)
3,000
3,010,992
ICG U.S. Clo Ltd., 5.43%, 01/20/35, (3-mo. CME
Term SOFR + 1.100%)(a)(b)
4,960
4,969,511
ICG US CLO 2025-1 Ltd, 1.00%, 07/25/38(a)
5,000
5,000,000
KKR CLO 50 Ltd., 5.88%, 04/20/37, (3-mo. CME
Term SOFR + 1.550%)(a)(b)
5,000
5,020,663
Madison Park Funding LIX Ltd., 5.83%,
04/18/37, (3-mo. CME Term SOFR +
1.500%)(a)(b)
1,750
1,757,445
Madison Park Funding LV Ltd., 5.63%,
07/18/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
2,396
2,402,923
Madison Park Funding LVIII Ltd., 5.83%,
04/25/37, (3-mo. CME Term SOFR +
1.510%)(a)(b)
1,000
1,003,984
Madison Park Funding LX Ltd., 5.69%,
10/25/37, (3-mo. CME Term SOFR +
1.370%)(a)(b)
5,000
5,016,234
Madison Park Funding LXI Ltd., 6.06%,
01/20/37, (3-mo. CME Term SOFR +
1.730%)(a)(b)
1,500
1,504,684
Madison Park Funding LXVII Ltd., 5.83%,
04/25/37, (3-mo. CME Term SOFR +
1.510%)(a)(b)
1,312
1,317,228
Madison Park Funding XXIX Ltd., 5.51%,
03/25/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
7,000
6,997,571
Madison Park Funding XXX Ltd., 5.68%,
07/16/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
2,600
2,607,471
Madison Park Funding XXXIII Ltd., 5.61%,
10/15/32, (3-mo. CME Term SOFR +
1.290%)(a)(b)
6,324
6,331,507
Madison Park Funding XXXVII Ltd., 6.92%,
04/15/37, (3-mo. CME Term SOFR +
2.600%)(a)(b)
1,500
1,509,461
MidOcean Credit CLO XIX, 5.77%, 07/20/36, (3-mo.
CME Term SOFR + 1.450%)(a)(b)
2,000
2,007,142
Midocean Credit CLO XV Ltd., 5.86%,
07/21/37, (3-mo. CME Term SOFR +
1.530%)(a)(b)
3,000
3,010,213
MidOcean Credit CLO XVIII LLC, 7.00%,
10/18/35, (3-mo. CME Term SOFR +
1.170%)(a)(b)
3,000
3,000,000
MP CLO VIII Ltd., 5.78%, 04/28/34, (3-mo. CME
Term SOFR + 1.462%)(a)(b)
4,500
4,510,350
Neuberger Berman CLO XXI Ltd., 5.65%,
01/20/39, (3-mo. CME Term SOFR +
1.320%)(a)(b)
1,500
1,504,492
Neuberger Berman Loan Advisers CLO 46 Ltd.,
5.83%, 01/20/37, (3-mo. CME Term SOFR +
1.500%)(a)(b)
1,000
998,717
Security
Par
(000
)
Value
Neuberger Berman Loan Advisers NBLA CLO 52
Ltd., 5.67%, 10/24/38, (3-mo. CME Term SOFR +
1.350%)(a)(b)
$3,000
$3,008,881
New Mountain CLO 2 Ltd., 5.68%, 01/15/38, (3-mo.
CME Term SOFR + 1.360%)(a)(b)
5,000
5,018,765
New Mountain CLO 3 Ltd.
6.29%, 10/20/34, (3-mo. CME Term SOFR +
1.962%)(a)(b)
1,000
1,002,117
5.77%, 10/20/34, (3-mo. CME Term SOFR +
1.442%)(a)(b)
7,250
7,267,356
New Mountain CLO 5 Ltd., 5.58%, 07/20/36, (3-mo.
CME Term SOFR + 1.340%)(a)(b)
2,500
2,502,453
Oaktree CLO Ltd.
5.88%, 04/20/37, (3-mo. CME Term SOFR +
1.550%)(a)(b)
3,940
3,956,295
5.51%, 01/15/38, (3-mo. CME Term SOFR +
1.190%)(a)(b)
2,500
2,499,225
5.71%, 01/20/38, (3-mo. CME Term SOFR +
1.380%)(a)(b)
3,000
3,010,819
Ocean Trails CLO IX, 5.55%, 01/15/38, (3-mo. CME
Term SOFR + 1.230%)(a)(b)
3,885
3,887,171
Ocean Trails CLO XIV Ltd., 5.67%, 01/20/38, (3-mo.
CME Term SOFR + 1.340%)(a)(b)
1,000
1,002,945
OCP CLO Ltd.
5.80%, 04/18/37, (3-mo. CME Term SOFR +
1.530%)(a)(b)
4,900
4,919,423
5.96%, 04/20/37, (3-mo. CME Term SOFR +
1.630%)(a)(b)
6,000
6,023,982
5.67%, 11/26/37, (3-mo. CME Term SOFR +
1.340%)(a)(b)
2,000
2,006,562
5.66%, 01/21/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
2,370
2,376,990
5.58%, 01/20/38, (3-mo. CME Term SOFR +
1.250%)(a)(b)
4,000
4,005,768
5.62%, 01/26/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
5,150
5,163,203
5.68%, 10/20/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
3,000
3,008,987
5.70%, 07/20/37, (3-mo. CME Term SOFR +
1.370%)(a)(b)
8,000
8,024,000
Octagon 55 Ltd., 5.73%, 07/20/34, (3-mo. CME
Term SOFR + 1.402%)(a)(b)
2,000
2,002,698
Octagon 66 Ltd., 6.08%, 11/16/36, (3-mo. CME
Term SOFR + 1.750%)(a)(b)
1,750
1,754,831
Octagon Investment Partners 46 Ltd., 5.74%,
07/15/36, (3-mo. CME Term SOFR +
1.422%)(a)(b)
4,000
4,006,888
Octagon Investment Partners 47 Ltd., 5.61%,
01/22/38, (3-mo. CME Term SOFR +
1.280%)(a)(b)
3,000
3,006,484
Octagon Investment Partners XVI Ltd., 6.14%,
07/17/30, (3-mo. CME Term SOFR +
1.862%)(a)(b)
3,000
3,009,493
OHA Credit Funding 17 Ltd., 5.81%,
04/20/37, (3-mo. CME Term SOFR +
1.480%)(a)(b)
4,700
4,715,663
OHA Credit Funding 2 Ltd., 5.57%, 01/21/38, (3-mo.
CME Term SOFR + 1.240%)(a)(b)
8,750
8,765,575
OHA Credit Funding 3 Ltd., 5.65%, 01/20/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
14,930
14,974,790
OHA Credit Funding 4 Ltd., 5.62%, 01/22/38, (3-mo.
CME Term SOFR + 1.290%)(a)(b)
8,294
8,313,760
Schedule of Investments
6
Schedule of Investments (continued)
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
OHA Credit Funding 6 Ltd., 5.66%, 10/20/37, (3-mo.
CME Term SOFR + 1.330%)(a)(b)
$2,500
$2,507,140
OHA Credit Partners VII Ltd., 5.46%,
02/20/38, (3-mo. CME Term SOFR +
1.140%)(a)(b)
7,250
7,242,861
OHA Credit Partners XVI, 5.68%, 10/18/37, (3-mo.
CME Term SOFR + 1.350%)(a)(b)
3,300
3,310,100
OHA Credit Partners XVII Ltd., 5.72%,
01/18/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
1,778
1,783,331
OHA Loan Funding Ltd.
5.74%, 01/19/37, (3-mo. CME Term SOFR +
1.412%)(a)(b)
5,000
5,010,016
6.03%, 07/20/37, (3-mo. CME Term SOFR +
1.700%)(a)(b)
1,800
1,806,963
Onex CLO Subsidiary Ltd., 5.83%, 07/20/37, (3-mo.
CME Term SOFR + 1.500%)(a)(b)
1,000
1,004,392
Palmer Square CLO 2021-3 Ltd., 1.00%,
10/15/38(a)
3,550
3,550,000
Palmer Square CLO Ltd.
5.72%, 11/14/34, (3-mo. CME Term SOFR +
1.412%)(a)(b)
5,050
5,061,751
5.98%, 11/15/36, (3-mo. CME Term SOFR +
1.650%)(a)(b)
2,500
2,506,086
6.98%, 11/15/36, (3-mo. CME Term SOFR +
2.650%)(a)(b)
2,000
2,013,072
5.65%, 04/20/35, (3-mo. CME Term SOFR +
1.320%)(a)(b)
5,860
5,871,720
5.69%, 10/20/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
1,000
1,003,044
1.00%, 07/20/37, (3-mo. CME Term SOFR +
1.300%)(a)(b)
4,000
4,000,000
Park Blue Clo Ltd., 1.00%, 10/20/38, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
1,000
1,000,000
Park Blue CLO Ltd.
5.80%, 07/25/37, (3-mo. CME Term SOFR +
1.480%)(a)(b)
1,000
1,004,259
5.47%, 04/25/38, (3-mo. CME Term SOFR +
1.220%)(a)(b)
3,000
3,000,493
PARK BLUE CLO Ltd., 5.81%, 04/20/37, (3-mo.
CME Term SOFR + 1.480%)(a)(b)
3,000
3,013,500
Pikes Peak CLO 11 Ltd., 5.72%, 07/25/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
1,225
1,228,866
Pikes Peak CLO 12 Ltd., 5.55%, 04/20/38, (3-mo.
CME Term SOFR + 1.220%)(a)(b)
7,000
7,006,139
Pikes Peak CLO 16 Ltd., 5.78%, 07/25/37, (3-mo.
CME Term SOFR + 1.460%)(a)(b)
1,500
1,506,090
Polus U.S. CLO II Ltd., 5.80%, 07/20/38, (3-mo.
CME Term SOFR + 1.520%)(a)(b)
2,000
2,009,919
Post CLO Ltd., 5.93%, 04/20/37, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
3,000
3,011,245
Rad CLO 14 Ltd., 5.75%, 01/15/35, (3-mo. CME
Term SOFR + 1.432%)(a)(b)
1,041
1,044,005
Rad CLO 15 Ltd., 5.70%, 07/20/40, (3-mo. CME
Term SOFR + 1.360%)(a)(b)
3,000
3,010,500
Rad CLO 22 Ltd., 6.16%, 01/20/37, (3-mo. CME
Term SOFR + 1.830%)(a)(b)
5,000
5,020,421
RAD CLO 27 Ltd., 5.64%, 01/15/38, (3-mo. CME
Term SOFR + 1.320%)(a)(b)
2,500
2,506,994
Rad CLO 6 Ltd., 5.72%, 10/20/37, (3-mo. CME Term
SOFR + 1.390%)(a)(b)
2,530
2,538,850
Security
Par
(000
)
Value
Rad CLO 7 Ltd., 5.63%, 04/17/36, (3-mo. CME Term
SOFR + 1.350%)(a)(b)
$1,000
$1,001,500
Rad CLO 9 Ltd., 5.66%, 01/15/38, (3-mo. CME Term
SOFR + 1.340%)(a)(b)
3,000
3,009,246
Reese Park CLO Ltd., 5.64%, 01/15/38, (3-mo. CME
Term SOFR + 1.320%)(a)(b)
1,000
1,002,963
Regatta 30 Funding Ltd., 5.64%, 01/25/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
6,625
6,641,562
Regatta 32 Funding Ltd., 5.63%, 07/25/38, (3-mo.
CME Term SOFR + 1.340%)(a)(b)
5,000
5,015,660
Regatta XI Funding Ltd., 5.68%, 07/17/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
7,500
7,523,413
Regatta XIX Funding Ltd., 6.18%, 04/20/35, (3-mo.
CME Term SOFR + 1.850%)(a)(b)
1,815
1,819,878
Regatta XVII Funding Ltd., 5.70%, 10/15/37, (3-mo.
CME Term SOFR + 1.380%)(a)(b)
5,000
5,017,115
Regatta XXII Funding Ltd., 5.58%, 07/20/35, (3-mo.
CME Term SOFR + 1.250%)(a)(b)
5,000
5,015,745
Regatta XXIII Funding Ltd., 5.74%, 01/20/35, (3-mo.
CME Term SOFR + 1.412%)(a)(b)
4,500
4,511,232
Regatta XXIV Funding Ltd., 5.65%, 01/20/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
5,360
5,376,051
Regatta XXV Funding Ltd., 5.67%, 07/15/38, (5-year
CMT + 3.228%)(a)(b)
2,000
2,006,400
Regatta XXVII Funding Ltd., 5.84%,
04/26/37, (3-mo. CME Term SOFR +
1.530%)(a)(b)
3,000
3,012,476
Regatta XXVIII Funding Ltd., 5.87%,
04/25/37, (3-mo. CME Term SOFR +
1.550%)(a)(b)
1,000
1,004,319
RR 14 Ltd., 5.70%, 04/15/36, (3-mo. CME Term
SOFR + 1.382%)(a)(b)
1,538
1,541,019
RR 18 Ltd., 6.18%, 10/15/34, (3-mo. CME Term
SOFR + 1.862%)(a)(b)
1,000
1,002,208
RR 21 Ltd., 5.72%, 07/15/39, (3-mo. CME Term
SOFR + 1.400%)(a)(b)
5,000
5,015,458
RR 5 Ltd., 5.82%, 07/15/39, (3-mo. CME Term
SOFR + 1.500%)(a)(b)
4,500
4,519,512
RR 8 Ltd.
5.67%, 07/15/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
3,350
3,358,365
6.02%, 07/15/37, (3-mo. CME Term SOFR +
1.700%)(a)(b)
1,000
1,001,968
RRX 7 Ltd.
5.68%, 07/15/35, (3-mo. CME Term SOFR +
1.360%)(a)(b)
3,550
3,557,100
6.32%, 07/15/35, (3-mo. CME Term SOFR +
2.000%)(a)(b)
1,100
1,103,715
Sagard-Halseypoint CLO 8 Ltd., 5.70%,
01/30/38, (3-mo. CME Term SOFR +
1.390%)(a)(b)
3,215
3,228,860
Sandstone Peak II Ltd., 5.74%, 07/20/38, (3-mo.
CME Term SOFR + 1.410%)(a)(b)
3,000
3,012,825
Sculptor CLO XXX Ltd., 5.72%, 07/20/38, (3-mo.
CME Term SOFR + 1.450%)(a)(b)
1,000
1,005,105
Sculptor CLO XXXIV Ltd., 5.70%, 01/20/38, (3-mo.
CME Term SOFR + 1.370%)(a)(b)
5,375
5,395,076
Sculptor CLO XXXV Ltd., 5.56%, 04/27/38, (3-mo.
CME Term SOFR + 1.250%)(a)(b)
10,000
10,013,687
Signal Peak CLO 9 Ltd., 5.69%, 01/21/38, (3-mo.
CME Term SOFR + 1.360%)(a)(b)
4,750
4,767,224
7
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Silver Point CLO 4 Ltd., 5.95%, 04/15/37, (3-mo.
CME Term SOFR + 1.630%)(a)(b)
$5,900
$5,923,214
Silver Point CLO 5 Ltd., 6.43%, 10/20/37, (3-mo.
CME Term SOFR + 2.100%)(a)(b)
1,000
1,005,254
Silver Point CLO 6 Ltd., 5.72%, 10/15/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
1,000
1,003,700
Silver Point CLO 7 Ltd., 5.68%, 01/15/38, (3-mo.
CME Term SOFR + 1.360%)(a)(b)
4,500
4,516,867
Sixth Street CLO XVII Ltd., 5.43%, 04/17/38, (3-mo.
CME Term SOFR + 1.150%)(a)(b)
5,250
5,246,069
Sixth Street CLO XX Ltd., 5.58%, 07/17/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
1,900
1,904,266
Sixth Street CLO XXV Ltd., 5.80%, 07/24/37, (3-mo.
CME Term SOFR + 1.480%)(a)(b)
4,850
4,870,660
Sycamore Tree CLO Ltd.
5.98%, 04/20/37, (3-mo. CME Term SOFR +
1.650%)(a)(b)
3,000
3,012,766
5.72%, 01/20/38, (3-mo. CME Term SOFR +
1.390%)(a)(b)
7,450
7,482,700
Symphony CLO 35 Ltd., 6.02%, 10/24/36, (3-mo.
CME Term SOFR + 1.700%)(a)(b)
2,000
2,004,028
Symphony CLO 40 Ltd., 5.63%, 01/05/38, (3-mo.
CME Term SOFR + 1.310%)(a)(b)
4,000
4,010,633
Symphony CLO XXVIII Ltd., 5.72%,
10/23/34, (3-mo. CME Term SOFR +
1.402%)(a)(b)
2,000
2,003,731
Symphony CLO XXXIII Ltd., 5.58%,
01/24/38, (3-mo. CME Term SOFR +
1.260%)(a)(b)
5,500
5,507,240
Symphony Loan Funding CLO 1 Ltd., 5.76%,
01/22/38, (3-mo. CME Term SOFR +
1.430%)(a)(b)
4,000
4,015,525
TCW CLO Ltd.
5.60%, 01/20/38, (3-mo. CME Term SOFR +
1.270%)(a)(b)
2,250
2,254,179
5.72%, 10/20/37, (3-mo. CME Term SOFR +
1.390%)(a)(b)
4,750
4,767,233
5.52%, 04/20/38, (3-mo. CME Term SOFR +
1.190%)(a)(b)
3,000
2,999,588
5.46%, 10/29/34, (3-mo. CME Term SOFR +
1.150%)(a)(b)
2,000
2,002,000
Trestles CLO III Ltd., 5.72%, 10/20/37, (3-mo. CME
Term SOFR + 1.390%)(a)(b)
7,800
7,832,836
Trestles CLO IV Ltd., 5.76%, 07/21/34, (3-mo. CME
Term SOFR + 1.432%)(a)(b)
1,830
1,834,668
Trestles CLO Ltd., 5.78%, 07/25/37, (3-mo. CME
Term SOFR + 1.460%)(a)(b)
5,250
5,271,337
Trestles CLO VII Ltd., 5.70%, 10/25/37, (3-mo. CME
Term SOFR + 1.380%)(a)(b)
3,700
3,712,457
Trimaran CAVU Ltd.
5.73%, 10/22/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
2,000
2,007,215
5.70%, 01/25/38, (3-mo. CME Term SOFR +
1.380%)(a)(b)
1,500
1,505,475
Trinitas CLO VI Ltd., 5.65%, 01/25/34, (3-mo. CME
Term SOFR + 1.330%)(a)(b)
5,000
5,005,309
Trinitas CLO XVIII Ltd., 5.55%, 01/20/35, (3-mo.
CME Term SOFR + 1.220%)(a)(b)
3,000
3,000,000
Trinitas CLO XXIII Ltd., 6.13%, 10/20/36, (3-mo.
CME Term SOFR + 1.800%)(a)(b)
2,000
2,005,023
Trinitas CLO XXIV Ltd., 5.92%, 04/25/37, (3-mo.
CME Term SOFR + 1.600%)(a)(b)
1,500
1,505,613
Security
Par
(000
)
Value
Trinitas CLO XXIX Ltd., 5.81%, 07/23/37, (3-mo.
CME Term SOFR + 1.490%)(a)(b)
$3,485
$3,499,664
Trinitas CLO XXV Ltd., 6.17%, 01/23/37, (3-mo.
CME Term SOFR + 1.850%)(a)(b)
2,000
2,008,385
Trinitas CLO XXX Ltd., 5.69%, 10/23/37, (3-mo.
CME Term SOFR + 1.370%)(a)(b)
2,000
2,006,070
Trinitas CLO XXXII Ltd., 1.00%, 07/23/38, (3-mo.
CME Term SOFR + 1.330%)(a)(b)
5,000
5,000,000
Voya CLO Ltd.
5.73%, 07/16/34, (3-mo. CME Term SOFR +
1.412%)(a)(b)
1,500
1,502,345
5.62%, 10/17/32, (3-mo. CME Term SOFR +
1.342%)(a)(b)
1,386
1,387,862
5.84%, 04/20/37, (3-mo. CME Term SOFR +
1.510%)(a)(b)
5,500
5,521,451
5.84%, 04/15/37, (3-mo. CME Term SOFR +
1.520%)(a)(b)
3,100
3,115,297
Warwick Capital CLO 1 Ltd., 7.13%,
10/20/36, (3-mo. CME Term SOFR +
2.800%)(a)(b)
1,000
1,002,615
Warwick Capital CLO 4 Ltd., 5.73%,
07/20/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
4,900
4,918,288
Warwick Capital CLO 5 Ltd., 5.69%,
01/20/38, (3-mo. CME Term SOFR +
1.360%)(a)(b)
5,000
5,018,952
Wellfleet CLO Ltd., 5.52%, 04/15/33, (3-mo. CME
Term SOFR + 1.200%)(a)(b)
6,502
6,508,247
Wellington Management CLO 1 Ltd., 6.13%,
10/20/36, (3-mo. CME Term SOFR +
1.800%)(a)(b)
2,000
2,005,127
Wellington Management CLO 3 Ltd., 5.69%,
07/18/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
6,000
6,017,377
Wellington Management CLO 4 Ltd., 5.43%,
04/18/38, (3-mo. CME Term SOFR +
1.150%)(a)(b)
3,000
2,997,424
Whitebox CLO I Ltd.
5.64%, 07/24/36, (3-mo. CME Term SOFR +
1.320%)(a)(b)
2,270
2,273,405
6.07%, 07/24/36, (3-mo. CME Term SOFR +
1.750%)(a)(b)
1,000
1,001,000
Whitebox CLO II Ltd., 5.70%, 10/24/37, (3-mo. CME
Term SOFR + 1.380%)(a)(b)
3,300
3,310,362
Whitebox CLO III Ltd., 5.59%, 10/15/35, (3-mo.
CME Term SOFR + 1.270%)(a)(b)
4,060
4,068,120
Whitebox Clo V Ltd., 1.00%, 07/20/38, (3-mo. CME
Term SOFR + 1.360%)(a)(b)
2,000
1,996,377
Wise CLO Ltd., 5.78%, 07/15/37, (3-mo. CME Term
SOFR + 1.460%)(a)(b)
4,000
4,015,833
Total Long-Term Investments — 101.3%
(Cost: $1,036,467,173)
1,037,295,272
Schedule of Investments
8
Schedule of Investments (continued)
July 31, 2025
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.30%(d)(e)
23,120,000
$23,120,000
Total Short-Term Securities — 2.3%
(Cost: $23,120,000)
23,120,000
Total Investments — 103.6%
(Cost: $1,059,587,173)
1,060,415,272
Liabilities in Excess of Other Assets — (3.6)%
(36,822,367
)
Net Assets — 100.0%
$1,023,592,905
 
(a)
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.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(d)
Affiliate of the Fund.
(e)
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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency
Shares
$10,430,000
$12,690,000
(a)
$—
$—
$—
$23,120,000
23,120,000
$526,068
$—
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$1,035,787,884
$1,507,388
$1,037,295,272
Short-Term Securities 
Money Market Funds
23,120,000
—
—
23,120,000
 
$23,120,000
$1,035,787,884
$1,507,388
$1,060,415,272
See notes to financial statements.
9
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
July 31, 2025
iShares BBB-B CLO Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
720 East CLO Ltd., 7.23%, 01/20/38, (3-mo. CME Term
SOFR + 2.900%)(a)(b)
$1,250
$1,258,268
AIMCO CLO 18 Ltd., 7.18%, 07/20/37, (3-mo. CME Term
SOFR + 2.850%)(a)(b)
2,000
2,004,687
Apidos CLO L, 7.13%, 01/20/38, (3-mo. CME Term
SOFR + 2.800%)(a)(b)
2,890
2,907,836
Ares LXXV CLO Ltd., 7.12%, 01/15/37, (3-mo. CME
Term SOFR + 2.800%)(a)(b)
2,000
2,003,656
Ballyrock CLO 28 Ltd., 7.13%, 01/20/38, (3-mo. CME
Term SOFR + 2.800%)(a)(b)
2,000
2,009,991
Barings CLO Ltd., 8.82%, 10/15/36, (3-mo. CME Term
SOFR + 4.500%)(a)(b)
2,250
2,270,430
Birch Grove CLO 11 Ltd., 7.43%, 01/22/38, (3-mo. CME
Term SOFR + 3.100%)(a)(b)
2,500
2,518,003
Bryant Park Funding Ltd.
9.29%, 04/15/38, (3-mo. CME Term SOFR +
5.000%)(a)(b)
1,000
993,690
7.73%, 04/15/38, (3-mo. CME Term SOFR +
3.400%)(a)(b)
1,000
999,464
Elmwood CLO V Ltd., 8.58%, 10/20/37, (3-mo. CME
Term SOFR + 4.250%)(a)(b)
2,000
2,019,373
Flatiron CLO 23 LLC
7.01%, 04/17/36, (3-mo. CME Term SOFR +
2.700%)(a)(b)
1,000
1,002,728
9.26%, 04/17/36, (3-mo. CME Term SOFR +
4.950%)(a)(b)
1,000
1,003,206
GoldenTree Loan Management U.S. CLO 10 Ltd.,
7.43%, 10/20/37, (3-mo. CME Term SOFR +
3.100%)(a)(b)
3,050
3,057,249
Golub Capital Partners CLO 74 B Ltd., 7.52%,
07/25/37, (3-mo. CME Term SOFR + 3.200%)(a)(b)
2,000
2,009,989
Golub Capital Partners CLO 76 B Ltd., 10.07%,
10/25/37, (3-mo. CME Term SOFR + 5.750%)(a)(b)
650
658,298
Invesco U.S. CLO Ltd., 7.37%, 07/15/38, (3-mo. CME
Term SOFR + 3.050%)(a)(b)
1,000
1,001,248
Madison Park Funding XXXVII Ltd., 8.07%,
04/15/37, (3-mo. CME Term SOFR + 3.750%)(a)(b)
2,000
2,020,499
Neuberger Berman Loan Advisers CLO 44 Ltd., 6.97%,
10/16/35, (3-mo. CME Term SOFR + 2.650%)(a)(b)
2,000
1,999,695
Neuberger Berman Loan Advisers CLO 59 Ltd., 8.12%,
01/23/39, (3-mo. CME Term SOFR + 3.800%)(a)(b)
1,650
1,665,339
OCP CLO Ltd., 6.77%, 04/17/37, (3-mo. CME Term
SOFR + 2.450%)(a)(b)
1,000
995,086
OHA Credit Funding 11 Ltd., 7.18%, 07/19/37, (3-mo.
CME Term SOFR + 2.850%)(a)(b)
550
551,142
OHA Credit Funding 2 Ltd., 7.03%, 01/21/38, (3-mo.
CME Term SOFR + 2.700%)(a)(b)
2,000
2,002,048
OHA Credit Partners XIV Ltd., 7.18%, 07/21/37, (3-mo.
CME Term SOFR + 2.850%)(a)(b)
4,000
4,010,445
Palmer Square CLO Ltd.
7.07%, 05/21/34, (3-mo. CME Term SOFR +
2.750%)(a)(b)
2,000
2,000,504
6.98%, 01/20/38, (3-mo. CME Term SOFR +
2.650%)(a)(b)
2,000
2,009,991
6.97%, 01/15/38, (3-mo. CME Term SOFR +
2.650%)(a)(b)
2,000
2,009,992
Security
Par
(000
)
Value
9.23%, 01/20/38, (3-mo. CME Term SOFR +
4.900%)(a)(b)
$500
$501,118
Pikes Peak CLO 6, 8.92%, 05/18/34, (3-mo. CME Term
SOFR + 4.600%)(a)(b)
1,000
984,152
Regatta VIII Funding Ltd., 7.98%, 04/17/37, (3-mo. CME
Term SOFR + 3.700%)(a)(b)
1,000
1,007,771
RR 28 Ltd., 8.77%, 04/15/37, (3-mo. CME Term SOFR +
4.450%)(a)(b)
1,950
1,969,895
Sandstone Peak III Ltd., 9.57%, 04/25/37, (3-mo. CME
Term SOFR + 5.250%)(a)(b)
1,500
1,513,189
Sixth Street CLO XX Ltd., 7.21%, 07/17/38, (3-mo. CME
Term SOFR + 2.950%)(a)(b)
700
701,978
Symphony CLO XXXIII Ltd., 6.92%, 01/24/38, (3-mo.
CME Term SOFR + 2.600%)(a)(b)
2,000
2,004,481
Trimaran Cavu Ltd., 8.04%, 04/25/38, (3-mo. CME Term
SOFR + 3.900%)(a)(b)
1,000
1,007,129
Trinitas CLO XXXI Ltd., 7.33%, 01/22/38, (3-mo. CME
Term SOFR + 3.000%)(a)(b)
1,750
1,764,720
Trinitas CLO XXXII Ltd., 1.00%, 07/23/38, (3-mo. CME
Term SOFR + 5.800%)(a)(b)
750
750,000
Voya CLO Ltd., 7.18%, 01/20/38, (3-mo. CME Term
SOFR + 2.850%)(a)(b)
1,000
1,002,978
Wellington Management CLO 3 Ltd., 10.08%,
07/18/37, (3-mo. CME Term SOFR + 5.750%)(a)(b)
500
505,878
Whitebox CLO I Ltd., 8.57%, 07/24/36, (3-mo. CME
Term SOFR + 4.250%)(a)(b)
2,000
2,013,340
Whitebox Clo II Ltd., 10.07%, 10/24/37, (3-mo. CME
Term SOFR + 5.750%)(a)(b)
500
503,300
Total Long-Term Investments — 97.5%
(Cost: $63,792,590)
63,212,786
 
Shares
 
Short-Term Securities
Money Market Funds — 3.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)(d)
2,160,000
2,160,000
Total Short-Term Securities — 3.3%
(Cost: $2,160,000)
2,160,000
Total Investments — 100.8%
(Cost: $65,952,590)
65,372,786
Liabilities in Excess of Other Assets — (0.8)%
(522,933
)
Net Assets — 100.0%
$64,849,853
 
(a)
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.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Schedule of Investments
10
Schedule of Investments (continued)
July 31, 2025
iShares BBB-B CLO Active ETF
 
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
01/29/25(a)
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$—
$2,160,000
(b)
$—
$—
$—
$2,160,000
2,160,000
$36,614
$—
iShares AAA CLO Active ETF(c)
—
2,495,520
(2,491,611
)
(3,909
)
—
—
—
11,702
—
 
 
 
 
$(3,909)
$—
$2,160,000
 
$48,316
$—
 
(a)
Commencement of operations.
(b)
Represents net amount purchased (sold).
(c)
As of period end, the entity is no longer held.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$63,212,786
$—
$63,212,786
Short-Term Securities 
Money Market Funds
2,160,000
—
—
2,160,000
 
$2,160,000
$63,212,786
$—
$65,372,786
See notes to financial statements.
11
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
1988 CLO 2 Ltd., 5.49%, 04/15/38, (3-mo.
CME Term SOFR + 1.200%)(a)(b)
USD3,545
$3,543,816
1988 CLO 5 Ltd., 5.86%, 07/15/37, (3-mo.
CME Term SOFR + 1.540%)(a)(b)
USD4,000
4,018,000
522 Funding CLO Ltd.
5.65%, 04/15/35, (3-mo. CME Term
SOFR + 1.330%)(a)(b)
USD3,250
3,255,358
6.64%, 10/20/31, (3-mo. CME Term
SOFR + 2.312%)(a)(b)
USD250
250,907
5.63%, 10/20/31, (3-mo. CME Term
SOFR + 1.302%)(a)(b)
USD964
964,355
720 East CLO Ltd., 5.66%, 01/20/38, (3-mo.
CME Term SOFR + 1.330%)(a)(b)
USD2,755
2,763,122
720 East CLO VII Ltd., 5.34%,
04/20/37, (3-mo. CME Term SOFR +
1.060%)(a)(b)
USD4,500
4,498,095
AB BSL CLO 2 Ltd., 5.68%,
04/15/34, (3-mo. CME Term SOFR +
1.362%)(a)(b)
USD1,500
1,502,651
AB BSL CLO 3 Ltd., 5.58%,
04/20/38, (3-mo. CME Term SOFR +
1.250%)(a)(b)
USD2,000
2,003,003
AB Carval Euro CLO II-C DAC, 5.89%,
02/15/37, (3-mo. EURIBOR +
3.750%)(b)(c)
EUR730
843,424
ACREC LLC, 5.66%, 08/18/42, (1-mo. CME
Term SOFR + 1.310%)(a)(b)
USD5,000
5,006,272
ACRES LLC, 5.95%, 08/18/40, (1-mo. CME
Term SOFR + 1.619%)(a)(b)
USD7,290
7,298,680
Affirm Asset Securitization Trust
5.61%, 02/15/29(a)
USD2,731
2,741,212
4.62%, 09/15/29(a)
USD4,287
4,284,060
5.34%, 04/15/30(a)
USD1,591
1,590,025
5.08%, 04/15/30(a)
USD5,848
5,851,112
Affirm Master Trust
4.99%, 02/15/33(a)
USD5,756
5,779,859
5.13%, 02/15/33(a)
USD3,418
3,423,332
AGL CLO 11 Ltd., 10.94%, 04/15/34, (3-mo.
CME Term SOFR + 6.622%)(a)(b)
USD350
350,179
AGL CLO 12 Ltd., 5.75%, 07/20/34, (3-mo.
CME Term SOFR + 1.422%)(a)(b)
USD3,106
3,111,239
AGL CLO 23 Ltd., 5.48%, 04/20/38, (3-mo.
CME Term SOFR + 1.150%)(a)(b)
USD4,250
4,245,852
AGL CLO 28 Ltd., 6.03%, 01/21/37, (3-mo.
CME Term SOFR + 1.700%)(a)(b)
USD1,000
1,002,944
AGL CLO 32 Ltd., 5.71%, 07/21/37, (3-mo.
CME Term SOFR + 1.380%)(a)(b)
USD750
752,337
AGL CLO 34 Ltd., 5.67%, 01/22/38, (3-mo.
CME Term SOFR + 1.340%)(a)(b)
USD1,500
1,505,182
AGL CLO 35 Ltd., 5.67%, 01/21/38, (3-mo.
CME Term SOFR + 1.340%)(a)(b)
USD1,000
1,003,450
AGL CLO 39 Ltd.
6.71%, 04/20/38, (3-mo. CME Term
SOFR + 2.500%)(a)(b)
USD2,000
1,999,620
8.71%, 04/20/38, (3-mo. CME Term
SOFR + 4.500%)(a)(b)
USD1,300
1,289,682
AGL CLO 7 Ltd., 6.28%, 07/15/34, (3-mo.
CME Term SOFR + 1.962%)(a)(b)
USD580
580,675
AGL CLO 9 Ltd., 6.33%, 04/20/37, (3-mo.
CME Term SOFR + 2.000%)(a)(b)
USD450
452,472
Security
Par
(000
)
Value
AGL Core CLO 15 Ltd., 5.74%,
01/20/35, (3-mo. CME Term SOFR +
1.412%)(a)(b)
USD1,000
$1,002,500
Aimco CLO, 6.32%, 04/16/37, (3-mo. CME
Term SOFR + 2.000%)(a)(b)
USD250
251,600
AIMCO CLO 11 Ltd., 5.93%,
07/17/37, (3-mo. CME Term SOFR +
1.650%)(a)(b)
USD550
551,781
AIMCO CLO 18 Ltd., 7.18%,
07/20/37, (3-mo. CME Term SOFR +
2.850%)(a)(b)
USD1,000
1,002,344
AIMCO CLO 23 Ltd., 5.39%,
04/20/38, (3-mo. CME Term SOFR +
1.130%)(a)(b)
USD1,250
1,248,783
AMMC CLO 30 Ltd., 6.67%,
01/15/37, (3-mo. CME Term SOFR +
2.350%)(a)(b)
USD1,000
1,005,000
Anchorage Capital CLO 15 Ltd., 5.62%,
07/20/38, (3-mo. CME Term SOFR +
1.410%)(a)(b)
USD2,000
2,008,313
Anchorage Capital CLO 18 Ltd., 5.73%,
04/15/34, (3-mo. CME Term SOFR +
1.412%)(a)(b)
USD350
350,571
Anchorage Capital CLO 19 Ltd., 5.79%,
10/15/34, (3-mo. CME Term SOFR +
1.472%)(a)(b)
USD2,000
2,003,351
Anchorage Capital CLO 29 Ltd., 5.93%,
07/20/37, (3-mo. CME Term SOFR +
1.600%)(a)(b)
USD4,000
4,018,858
Anchorage Capital CLO 6 Ltd., 5.72%,
07/22/38, (3-mo. CME Term SOFR +
1.370%)(a)(b)
USD3,795
3,789,759
Annisa CLO Ltd., 6.18%, 07/20/31, (3-mo.
CME Term SOFR + 1.850%)(a)(b)
USD400
400,865
Apidos CLO LII Ltd., 5.39%,
04/20/38, (3-mo. CME Term SOFR +
1.130%)(a)(b)
USD2,000
1,998,055
Apidos CLO LIII, 5.65%, 07/20/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
USD2,000
2,006,042
Apidos CLO XL Ltd., 5.67%,
07/15/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD2,000
2,004,799
APIDOS CLO XLVIII Ltd., 5.76%,
07/25/37, (3-mo. CME Term SOFR +
1.440%)(a)(b)
USD489
490,750
Apidos CLO XV, 5.60%, 04/20/31, (3-mo.
CME Term SOFR + 1.272%)(a)(b)
USD145
144,750
Apidos CLO XX
6.13%, 07/16/31, (3-mo. CME Term
SOFR + 1.812%)(a)(b)
USD725
726,825
5.68%, 07/16/31, (3-mo. CME Term
SOFR + 1.362%)(a)(b)
USD440
440,768
Apidos CLO XXII, 5.65%, 04/20/31, (3-mo.
CME Term SOFR + 1.322%)(a)(b)
USD427
427,338
Apidos CLO XXIV
5.54%, 10/20/30, (3-mo. CME Term
SOFR + 1.212%)(a)(b)
USD109
108,903
5.94%, 10/20/30, (3-mo. CME Term
SOFR + 1.612%)(a)(b)
USD4,500
4,507,830
Apidos Clo Xxv, 8.28%, 01/20/37, (3-mo.
CME Term SOFR + 3.950%)(a)(b)
USD1,500
1,514,802
Schedule of Investments
12
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Apidos CLO XXV, 5.93%, 01/20/37, (3-mo.
CME Term SOFR + 1.600%)(a)(b)
USD500
$501,014
Apidos CLO XXXII
5.43%, 01/20/33, (3-mo. CME Term
SOFR + 1.100%)(a)(b)
USD1,726
1,725,498
5.83%, 01/20/33, (3-mo. CME Term
SOFR + 1.500%)(a)(b)
USD555
554,283
Apidos CLO XXXV, 5.64%, 04/20/34, (3-mo.
CME Term SOFR + 1.312%)(a)(b)
USD1,344
1,344,932
Apidos CLO XXXVII, 5.72%,
10/22/34, (3-mo. CME Term SOFR +
1.392%)(a)(b)
USD1,815
1,818,365
Apidos Loan Fund Ltd., 5.59%,
04/25/35, (3-mo. CME Term SOFR +
1.270%)(a)(b)
USD1,000
1,001,280
Arbor Realty Collateralized Loan Obligation
Ltd., 6.28%, 01/20/41, (1-mo. CME Term
SOFR + 1.925%)(a)(b)
USD7,424
7,437,759
Arbour CLO VI DAC, 5.34%,
11/15/37, (3-mo. EURIBOR +
3.200%)(b)(c)
EUR1,150
1,311,033
Arbour Clo XI DAC, 5.94%, 05/15/38, (3-mo.
EURIBOR + 3.800%)(b)(c)
EUR800
919,389
Arcano Euro Clo II DAC, 1.00%,
07/25/39, (1-year EURIBOR ICE Swap +
12.105%)(b)(c)
EUR1,000
1,141,199
AREIT LLC , 6.45%, 08/17/41, (1-mo. CME
Term SOFR + 2.112%)(a)(b)
USD239
239,113
AREIT Ltd.
6.03%, 05/17/41, (1-mo. CME Term
SOFR + 1.686%)(a)(b)
USD3,368
3,370,795
5.73%, 12/17/29, (1-mo. CME Term
SOFR + 1.388%)(a)(b)
USD10,146
10,160,000
Ares LIV CLO Ltd., 5.62%, 07/15/38, (3-mo.
CME Term SOFR + 1.310%)(a)(b)
USD2,000
2,006,005
Ares Loan Funding IV Ltd., 9.00%,
10/15/36, (3-mo. CME Term SOFR +
4.680%)(a)(b)
USD1,000
1,008,026
Ares LXVI CLO Ltd., 6.82%,
07/25/36, (3-mo. CME Term SOFR +
2.500%)(a)(b)
USD300
300,749
Ares XXXIV CLO Ltd., 5.60%,
04/17/33, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD792
792,956
ARI Fleet Lease Trust
5.41%, 02/17/32(a)
USD142
142,335
5.30%, 11/15/32(a)
USD1,409
1,414,685
3.79%, 01/15/31(a)
USD685
680,499
5.69%, 02/17/32(a)
USD2,288
2,314,756
6.03%, 02/17/32(a)
USD2,492
2,523,845
5.16%, 11/15/32(a)
USD829
836,910
5.38%, 11/15/32(a)
USD469
474,160
Arini European CLO IV DAC, 5.53%,
01/15/38, (3-mo. EURIBOR +
3.500%)(b)(c)
EUR1,660
1,916,289
Arini European CLO V DAC, 5.17%,
01/15/39, (3-mo. EURIBOR +
2.800%)(b)(c)
EUR1,560
1,778,027
Asimi Funding PLC
5.22%, 09/16/31, (1-day SONIA +
1.000%)(b)(c)
GBP69
90,858
Security
Par
(000
)
Value
5.57%, 09/16/31, (1-day SONIA +
1.350%)(b)(c)
GBP100
$132,345
5.17%, 05/16/32, (1-day SONIA +
1.400%)(b)(c)
GBP409
542,587
5.97%, 05/16/32, (1-day SONIA +
2.400%)(b)(c)
GBP168
222,017
5.62%, 05/16/32, (1-day SONIA +
1.200%)(b)(c)
GBP213
282,701
6.62%, 05/16/32, (1-day SONIA +
0.840%)(b)(c)
GBP89
117,910
Asset-Backed European Securitisation
Transaction Twenty-Five SRL
4.39%, 11/15/39, (1-mo. EURIBOR +
2.500%)(b)(c)
EUR100
114,970
3.14%, 11/15/39, (1-mo. EURIBOR +
1.250%)(b)(c)
EUR141
161,813
3.49%, 11/15/39, (1-mo. EURIBOR +
1.600%)(b)(c)
EUR100
114,617
5.89%, 11/15/39, (1-mo. EURIBOR +
4.000%)(b)(c)
EUR129
147,888
Asset-Backed European Securitisation
Transaction Twenty-Three SARL
3.50%, 03/21/34, (1-mo. EURIBOR +
1.600%)(b)(c)
EUR100
115,195
3.80%, 03/21/34, (1-mo. EURIBOR +
1.900%)(b)(c)
EUR100
115,151
4.30%, 03/21/34, (1-mo. EURIBOR +
2.400%)(b)(c)
EUR100
115,144
3.20%, 03/21/34(c)
EUR600
690,320
Assurant CLO II Ltd.
7.44%, 04/20/31, (3-mo. CME Term
SOFR + 3.112%)(a)(b)
USD1,500
1,505,826
Series 2018-2A, Class A, 5.63%,
04/20/31, (3-mo. CME Term SOFR +
1.302%)(a)(b)
USD86
86,224
Atrium XIII, 5.47%, 11/21/30, (3-mo. CME
Term SOFR + 1.150%)(a)(b)
USD777
777,576
Atrium XV, 5.71%, 07/16/36, (3-mo. CME
Term SOFR + 1.390%)(a)(b)
USD1,000
1,002,891
Aurium CLO XIII DAC, 5.17%,
04/15/38, (3-mo. EURIBOR +
2.800%)(b)(c)
EUR1,100
1,246,266
Auto ABS Italian Stella Loans SRL
3.10%, 12/29/36, (1-mo. EURIBOR +
1.200%)(b)(c)
EUR294
337,301
2.63%, 12/29/36, (1-mo. EURIBOR +
0.730%)(b)(c)
EUR680
776,679
3.60%, 12/29/36, (1-mo. EURIBOR +
1.700%)(b)(c)
EUR82
94,084
4.20%, 12/29/36, (1-mo. EURIBOR +
2.300%)(b)(c)
EUR82
94,356
2.91%, 12/28/40, (1-mo. EURIBOR +
1.000%)(b)(c)
EUR653
746,925
2.64%, 12/28/40, (1-mo. EURIBOR +
0.730%)(b)(c)
EUR926
1,058,674
3.16%, 12/28/40, (1-mo. EURIBOR +
1.250%)(b)(c)
EUR163
186,654
3.81%, 12/28/40, (1-mo. EURIBOR +
1.900%)(b)(c)
EUR100
115,133
Auto ABS Spanish Loans FT
2.76%, 09/28/38, (1-mo. EURIBOR +
0.850%)(b)(c)
EUR797
911,852
13
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
3.21%, 09/28/38, (1-mo. EURIBOR +
1.300%)(b)(c)
EUR354
$405,540
Auto1 Car Funding SARL, 2.61%,
12/15/33, (1-mo. EURIBOR +
0.700%)(b)(c)
EUR369
421,613
AutoNoria Spain FT
2.91%, 04/30/43, (1-mo. EURIBOR +
1.000%)(b)(c)
EUR500
572,545
3.11%, 04/30/43, (1-mo. EURIBOR +
1.200%)(b)(c)
EUR100
114,479
3.41%, 04/30/43, (1-mo. EURIBOR +
1.500%)(b)(c)
EUR100
114,464
4.91%, 04/30/43, (1-mo. EURIBOR +
3.000%)(b)(c)
EUR100
114,846
Avoca CLO XVIII DAC, 5.71%,
01/15/38, (3-mo. EURIBOR +
3.050%)(b)(c)
EUR1,170
1,342,826
Avoca Static CLO I DAC, 4.93%,
01/15/35, (3-mo. EURIBOR +
2.900%)(b)(c)
EUR580
659,538
Bain Capital CLO Ltd. Series 2024-1A,
Class A1, 5.87%, 04/16/37, (3-mo. CME
Term SOFR + 1.550%)(a)(b)
USD1,000
1,004,083
Bain Capital Credit CLO Ltd., 5.66%,
01/21/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD750
752,214
Ballyrock CLO 14 Ltd., 6.03%,
07/20/37, (3-mo. CME Term SOFR +
1.700%)(a)(b)
USD1,000
1,002,989
Ballyrock CLO 15 Ltd., 5.65%,
01/15/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD250
250,729
Ballyrock CLO 17 Ltd., 5.74%,
10/20/34, (3-mo. CME Term SOFR +
1.412%)(a)(b)
USD250
250,350
Ballyrock CLO 19 Ltd., 5.66%,
04/20/35, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD1,000
1,001,990
Ballyrock CLO 2 Ltd., 5.72%,
02/20/36, (3-mo. CME Term SOFR +
1.400%)(a)(b)
USD1,420
1,422,966
Ballyrock CLO 28 Ltd., 6.03%,
01/20/38, (3-mo. CME Term SOFR +
1.700%)(a)(b)
USD500
501,539
Bardot CLO Ltd., 5.31%, 10/22/32, (3-mo.
CME Term SOFR + 0.980%)(a)(b)
USD1,159
1,158,199
Barings CLO Ltd.
5.58%, 01/20/31, (3-mo. CME Term
SOFR + 1.252%)(a)(b)
USD669
668,933
5.53%, 04/15/31, (3-mo. CME Term
SOFR + 1.212%)(a)(b)
USD885
886,070
Barings Equipment Finance LLC, 5.02%,
06/13/50(a)
USD6,409
6,488,720
Bavarian Sky U.K. 6 PLC, 4.77%,
06/20/32, (1-day SONIA + 0.550%)(b)(c)
GBP831
1,098,160
Bayswater Park CLO Ltd., 6.06%,
01/20/37, (3-mo. CME Term SOFR +
1.730%)(a)(b)
USD1,250
1,253,910
BBAM U.S. CLO I Ltd., 5.52%,
03/30/38, (3-mo. CME Term SOFR +
1.200%)(a)(b)
USD4,560
4,558,806
Security
Par
(000
)
Value
BDS LLC
5.93%, 09/19/39, (1-mo. CME Term
SOFR + 1.576%)(a)(b)
USD7,315
$7,340,383
5.63%, 10/21/42, (1-mo. CME Term
SOFR + 1.282%)(a)(b)
USD7,895
7,883,049
Bean Creek CLO Ltd.
10.34%, 04/20/31, (3-mo. CME Term
SOFR + 6.012%)(a)(b)
USD500
500,628
6.04%, 04/20/31, (3-mo. CME Term
SOFR + 1.712%)(a)(b)
USD916
916,767
Bear Mountain Park CLO Ltd., 7.42%,
07/15/37, (3-mo. CME Term SOFR +
3.100%)(a)(b)
USD2,000
2,005,247
Benefit Street Partners CLO IV Ltd., 5.68%,
04/20/34, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD1,360
1,362,007
Benefit Street Partners CLO Ltd., 5.51%,
04/20/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
USD1,000
999,680
Benefit Street Partners CLO V-B Ltd.,
5.86%, 07/20/37, (3-mo. CME Term
SOFR + 1.530%)(a)(b)
USD3,340
3,354,893
Benefit Street Partners CLO VIII Ltd.
6.04%, 01/20/31, (3-mo. CME Term
SOFR + 1.712%)(a)(b)
USD1,000
1,001,991
6.44%, 01/20/31, (3-mo. CME Term
SOFR + 2.112%)(a)(b)
USD500
501,809
Series 2015-8A, Class A1AR, 5.69%,
01/20/31, (3-mo. CME Term SOFR +
1.362%)(a)(b)
USD67
67,043
Benefit Street Partners CLO XII-B Ltd.,
5.69%, 10/15/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD950
953,019
Benefit Street Partners CLO XVI Ltd.,
6.98%, 01/17/38, (3-mo. CME Term
SOFR + 2.700%)(a)(b)
USD250
250,876
Benefit Street Partners CLO XX Ltd.
5.75%, 07/15/34, (3-mo. CME Term
SOFR + 1.432%)(a)(b)
USD250
250,625
6.28%, 07/15/34, (3-mo. CME Term
SOFR + 1.962%)(a)(b)
USD250
250,520
Benefit Street Partners Clo XXII Ltd., 7.08%,
04/20/35, (3-mo. CME Term SOFR +
2.750%)(a)(b)
USD1,000
1,003,209
Benefit Street Partners CLO XXIII Ltd.,
5.42%, 04/25/34, (3-mo. CME Term
SOFR + 1.100%)(a)(b)
USD250
250,438
Benefit Street Partners CLO XXIV Ltd.,
5.39%, 10/20/34, (3-mo. CME Term
SOFR + 1.060%)(a)(b)
USD1,000
1,001,190
Benefit Street Partners CLO XXIX
5.50%, 01/25/38, (3-mo. CME Term
SOFR + 1.180%)(a)(b)
USD7,750
7,746,169
5.82%, 01/25/38, (3-mo. CME Term
SOFR + 1.500%)(a)(b)
USD1,000
1,000,808
Benefit Street Partners CLO XXVII Ltd.,
5.70%, 10/20/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD4,000
4,012,000
Benefit Street Partners CLO XXVIII Ltd.,
5.68%, 10/20/37, (3-mo. CME Term
SOFR + 1.350%)(a)(b)
USD1,000
1,003,503
Schedule of Investments
14
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Benefit Street Partners CLO XXXIX Ltd.,
6.81%, 04/15/38, (3-mo. CME Term
SOFR + 2.550%)(a)(b)
USD1,550
$1,556,151
Benefit Street Partners CLO XXXV Ltd.,
7.62%, 04/25/37, (3-mo. CME Term
SOFR + 3.300%)(a)(b)
USD375
376,321
Benefit Street Partners CLO XXXVIII Ltd.,
5.63%, 01/25/38, (3-mo. CME Term
SOFR + 1.310%)(a)(b)
USD7,250
7,268,555
Bethpage Park CLO Ltd., 5.71%,
01/15/35, (3-mo. CME Term SOFR +
1.392%)(a)(b)
USD1,000
1,001,831
Betony CLO 2 Ltd.
5.65%, 04/30/31, (3-mo. CME Term
SOFR + 1.342%)(a)(b)
USD1,238
1,238,429
6.42%, 04/30/31, (3-mo. CME Term
SOFR + 2.112%)(a)(b)
USD250
251,000
Birch Grove CLO 10 Ltd., 5.72%,
01/22/38, (3-mo. CME Term SOFR +
1.390%)(a)(b)
USD450
451,827
Birch Grove CLO 12 Ltd., 5.51%,
04/22/38, (3-mo. CME Term SOFR +
1.170%)(a)(b)
USD2,000
1,998,560
Birch Grove CLO 3 Ltd.
5.59%, 01/19/38, (3-mo. CME Term
SOFR + 1.260%)(a)(b)
USD4,000
4,004,545
5.93%, 01/19/38, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
USD500
500,653
Birch Grove CLO 6 Ltd., 5.75%,
07/20/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
USD3,200
3,209,103
Birch Grove CLO 7 Ltd., 6.13%,
10/20/36, (3-mo. CME Term SOFR +
1.800%)(a)(b)
USD840
842,152
Birch Grove CLO 8 Ltd., 7.03%,
04/20/37, (3-mo. CME Term SOFR +
2.700%)(a)(b)
USD2,200
2,214,626
Blueberry Park CLO Ltd., 9.68%,
10/20/37, (3-mo. CME Term SOFR +
5.350%)(a)(b)
USD1,000
1,007,332
BlueMountain CLO Ltd.
5.59%, 04/20/31, (3-mo. CME Term
SOFR + 1.262%)(a)(b)
USD1,377
1,378,072
6.29%, 08/15/31, (3-mo. CME Term
SOFR + 1.962%)(a)(b)
USD250
250,548
5.51%, 10/25/30, (3-mo. CME Term
SOFR + 1.190%)(a)(b)
USD2,219
2,218,675
6.17%, 10/25/30, (3-mo. CME Term
SOFR + 1.850%)(a)(b)
USD1,650
1,654,125
5.53%, 11/15/30, (3-mo. CME Term
SOFR + 1.200%)(a)(b)
USD1,911
1,910,717
6.03%, 11/15/30, (3-mo. CME Term
SOFR + 1.700%)(a)(b)
USD1,000
1,000,727
5.70%, 08/15/31, (3-mo. CME Term
SOFR + 1.372%)(a)(b)
USD2,954
2,956,865
BlueMountain CLO XXII Ltd.
6.08%, 07/15/31, (3-mo. CME Term
SOFR + 1.762%)(a)(b)
USD250
250,463
5.66%, 07/15/31, (3-mo. CME Term
SOFR + 1.342%)(a)(b)
USD449
448,908
Security
Par
(000
)
Value
BlueMountain CLO XXIV Ltd., 6.19%,
04/20/34, (3-mo. CME Term SOFR +
1.862%)(a)(b)
USD250
$250,240
BlueMountain Fuji U.S. CLO II Ltd., 5.59%,
10/20/30, (3-mo. CME Term SOFR +
1.262%)(a)(b)
USD1,033
1,034,152
BRAVO Residential Funding Trust, 5.55%,
09/25/54(a)(d)
USD4,359
4,353,649
Brex Commercial Charge Card Master Trust,
6.05%, 07/15/27(a)
USD2,549
2,564,650
Brignole Co.
2.68%, 02/24/42, (1-mo. EURIBOR +
0.780%)(b)(c)
EUR588
671,976
3.10%, 02/24/42, (1-mo. EURIBOR +
1.200%)(b)(c)
EUR100
114,774
5.90%, 02/24/42, (1-mo. EURIBOR +
4.000%)(b)(c)
EUR64
73,606
Bryant Park Funding Ltd.
5.65%, 01/18/38, (3-mo. CME Term
SOFR + 1.340%)(a)(b)
USD2,500
2,508,444
6.01%, 01/18/38, (3-mo. CME Term
SOFR + 1.700%)(a)(b)
USD1,500
1,502,380
5.49%, 04/15/38, (3-mo. CME Term
SOFR + 1.200%)(a)(b)
USD1,000
999,629
7.09%, 04/15/38, (3-mo. CME Term
SOFR + 2.800%)(a)(b)
USD750
750,491
8.24%, 04/15/38, (3-mo. CME Term
SOFR + 3.950%)(a)(b)
USD1,500
1,499,955
BSPDF Issuer LLC, 5.84%, 12/15/42, (1-mo.
CME Term SOFR + 1.524%)(a)(b)
USD8,217
8,220,385
BXMT Ltd., 5.99%, 10/18/42, (1-mo. CME
Term SOFR + 1.639%)(a)(b)
USD12,785
12,750,239
Cabinteely Park CLO DAC, 5.49%,
08/15/34, (3-mo. EURIBOR +
3.350%)(b)(c)
EUR700
799,132
California Street CLO IX LP, 5.68%,
07/16/32, (3-mo. CME Term SOFR +
1.362%)(a)(b)
USD841
842,051
Canyon Capital CLO Ltd.
6.33%, 04/15/34, (3-mo. CME Term
SOFR + 2.012%)(a)(b)
USD250
250,816
5.65%, 07/15/31, (3-mo. CME Term
SOFR + 1.332%)(a)(b)
USD769
769,894
9.32%, 10/15/36, (3-mo. CME Term
SOFR + 5.000%)(a)(b)
USD250
250,000
5.50%, 04/15/38, (3-mo. CME Term
SOFR + 1.180%)(a)(b)
USD2,835
2,834,016
Canyon CLO Ltd.
5.65%, 07/15/31, (3-mo. CME Term
SOFR + 1.332%)(a)(b)
USD484
484,489
5.72%, 10/15/37, (3-mo. CME Term
SOFR + 1.400%)(a)(b)
USD250
250,922
Capital Four CLO VIII DAC, 5.19%,
10/25/37, (3-mo. EURIBOR +
3.250%)(b)(c)
EUR1,360
1,562,912
Carbone CLO Ltd., 5.73%, 01/20/31, (3-mo.
CME Term SOFR + 1.402%)(a)(b)
USD1,687
1,688,453
Cardiff Auto Receivables Securitisation PLC
6.12%, 08/20/31(c)
GBP230
303,956
6.82%, 08/20/31, (1-day SONIA +
2.600%)(b)(c)
GBP175
232,008
15
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
5.62%, 08/20/31, (1-day SONIA +
1.400%)(b)(c)
GBP381
$503,798
Carlyle Global Market Strategies CLO Ltd.
5.72%, 07/15/31, (3-mo. CME Term
SOFR + 1.402%)(a)(b)
USD1,004
1,005,155
5.57%, 07/20/31, (3-mo. CME Term
SOFR + 1.242%)(a)(b)
USD602
602,276
5.64%, 05/15/31, (3-mo. CME Term
SOFR + 1.312%)(a)(b)
USD873
873,253
5.94%, 04/17/31, (3-mo. CME Term
SOFR + 1.662%)(a)(b)
USD1,100
1,102,341
5.55%, 07/20/32, (3-mo. CME Term
SOFR + 1.220%)(a)(b)
USD2,764
2,766,676
Series 2014-1A, Class A1R2, 5.51%,
04/17/31, (3-mo. CME Term SOFR +
1.232%)(a)(b)
USD228
227,627
Carlyle U.S. CLO Ltd.
6.24%, 04/20/34, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
USD580
581,645
6.23%, 10/15/34, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
USD2,000
2,005,540
6.11%, 10/21/37, (3-mo. CME Term
SOFR + 1.780%)(a)(b)
USD1,000
1,003,738
8.18%, 04/20/37, (3-mo. CME Term
SOFR + 3.850%)(a)(b)
USD250
252,491
8.63%, 01/20/38, (3-mo. CME Term
SOFR + 4.300%)(a)(b)
USD1,000
1,010,092
CARLYLE U.S. CLO Ltd.
5.68%, 10/15/37, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
USD3,000
3,008,991
5.48%, 04/20/38, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD1,405
1,403,656
7.18%, 07/20/37, (3-mo. CME Term
SOFR + 2.850%)(a)(b)
USD1,750
1,756,217
CarVal CLO I Ltd., 5.55%, 07/16/31, (3-mo.
CME Term SOFR + 1.230%)(a)(b)
USD1,923
1,924,652
CarVal CLO II Ltd., 5.35%, 04/20/32, (3-mo.
CME Term SOFR + 1.020%)(a)(b)
USD961
961,457
Cayuga Park CLO Ltd., 5.66%,
07/17/34, (3-mo. CME Term SOFR +
1.382%)(a)(b)
USD2,110
2,114,566
CBAM Ltd.
5.71%, 04/20/32, (3-mo. CME Term
SOFR + 1.382%)(a)(b)
USD1,719
1,720,531
6.39%, 01/20/34, (3-mo. CME Term
SOFR + 2.062%)(a)(b)
USD2,000
2,003,036
5.69%, 04/20/34, (3-mo. CME Term
SOFR + 1.362%)(a)(b)
USD1,000
1,001,557
Cedar Funding V CLO Ltd., 5.68%,
07/17/31, (3-mo. CME Term SOFR +
1.362%)(a)(b)
USD299
298,935
Cedar Funding VII CLO Ltd., 5.41%,
01/20/31, (3-mo. CME Term SOFR +
1.080%)(a)(b)
USD3,907
3,907,321
Cedar Funding XI CLO Ltd., 5.39%,
05/29/32, (3-mo. CME Term SOFR +
1.060%)(a)(b)
USD1,773
1,772,519
Cedar Funding XIV CLO Ltd., 5.70%,
10/15/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
USD550
551,968
Chesapeake Funding II LLC
5.65%, 05/15/35(a)
USD56
56,631
Security
Par
(000
)
Value
6.16%, 10/15/35(a)
USD242
$244,456
Cifc Funding Ltd., 6.12%, 01/17/35, (3-mo.
CME Term SOFR + 1.800%)(a)(b)
USD3,000
3,004,726
CIFC Funding Ltd.
5.70%, 01/22/31, (3-mo. CME Term
SOFR + 1.372%)(a)(b)
USD2,510
2,511,710
5.76%, 10/20/34, (3-mo. CME Term
SOFR + 1.432%)(a)(b)
USD2,840
2,847,137
5.53%, 10/18/30, (3-mo. CME Term
SOFR + 1.262%)(a)(b)
USD567
567,960
6.19%, 07/18/31, (3-mo. CME Term
SOFR + 1.862%)(a)(b)
USD640
642,160
5.66%, 04/20/34, (3-mo. CME Term
SOFR + 1.332%)(a)(b)
USD2,750
2,753,577
5.88%, 04/21/37, (3-mo. CME Term
SOFR + 1.550%)(a)(b)
USD320
321,357
5.93%, 01/18/31, (3-mo. CME Term
SOFR + 1.662%)(a)(b)
USD500
501,000
5.69%, 07/18/31, (3-mo. CME Term
SOFR + 1.362%)(a)(b)
USD2,147
2,149,096
5.72%, 07/15/36, (3-mo. CME Term
SOFR + 1.402%)(a)(b)
USD900
901,228
5.69%, 07/17/37, (3-mo. CME Term
SOFR + 1.410%)(a)(b)
USD3,670
3,681,817
5.77%, 07/16/37, (3-mo. CME Term
SOFR + 1.450%)(a)(b)
USD4,700
4,713,968
6.07%, 07/25/37, (3-mo. CME Term
SOFR + 1.750%)(a)(b)
USD250
250,784
5.68%, 07/23/37, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
USD2,250
2,255,733
7.27%, 07/23/37, (3-mo. CME Term
SOFR + 2.950%)(a)(b)
USD1,730
1,734,676
5.73%, 07/15/36, (3-mo. CME Term
SOFR + 1.412%)(a)(b)
USD2,745
2,749,227
8.58%, 01/20/37, (3-mo. CME Term
SOFR + 4.250%)(a)(b)
USD2,000
2,018,748
5.70%, 10/20/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD2,250
2,257,569
6.08%, 10/20/37, (3-mo. CME Term
SOFR + 1.750%)(a)(b)
USD2,500
2,508,645
6.23%, 10/15/34, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
USD1,370
1,373,189
5.43%, 04/23/38, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD1,000
999,010
6.78%, 04/23/38, (3-mo. CME Term
SOFR + 2.500%)(a)(b)
USD2,500
2,509,223
5.68%, 10/24/37, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
USD3,000
3,009,193
5.41%, 04/15/38, (3-mo. CME Term
SOFR + 1.130%)(a)(b)
USD3,690
3,686,387
6.73%, 01/15/35, (3-mo. CME Term
SOFR + 2.412%)(a)(b)
USD2,000
2,005,051
10.59%, 01/22/31, (3-mo. CME Term
SOFR + 6.262%)(a)(b)
USD1,600
1,599,811
Series 2021 7A, Class A1, 5.71%,
01/23/35, (3-mo. CME Term SOFR +
1.392%)(a)(b)
USD327
327,649
CIT Mortgage Loan Trust
7.09%, 10/25/37, (1-mo. CME Term
SOFR + 2.739%)(a)(b)
USD4,000
3,934,425
7.09%, 10/25/37, (1-mo. CME Term
SOFR + 2.739%)(a)(b)
USD3,321
2,916,171
Schedule of Investments
16
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
College Ave Student Loans LLC
3.06%, 07/26/55(a)
USD75
$70,085
5.24%, 06/25/52, (1-mo. CME Term
SOFR + 0.914%)(a)(b)
USD807
795,017
2.72%, 07/26/55(a)
USD152
138,151
1.60%, 07/25/51(a)
USD337
304,952
College Avenue Student Loans LLC, 5.37%,
07/26/55, (1-mo. CME Term SOFR +
1.014%)(a)(b)
USD1,056
1,045,956
Compass Datacenters Issuer III LLC, 5.29%,
07/25/50(a)
USD5,205
5,206,459
Concord Music Royalties LLC, 5.64%,
10/20/74(a)
USD1,013
1,018,641
Contego CLO V DAC, 5.13%,
10/15/37, (3-mo. EURIBOR +
3.100%)(b)(c)
EUR1,560
1,782,040
Contego CLO VII DAC, 5.42%,
01/23/38, (3-mo. EURIBOR +
3.450%)(b)(c)
EUR1,980
2,264,730
Contego CLO XI DAC, 5.30%,
11/20/38, (3-mo. EURIBOR +
3.200%)(b)(c)
EUR850
974,055
Crown Point CLO 8 Ltd., 5.78%,
10/20/34, (3-mo. CME Term SOFR +
1.452%)(a)(b)
USD250
250,617
Cumulus Static CLO DAC, 5.84%,
11/15/33, (3-mo. EURIBOR +
3.700%)(b)(c)
EUR333
381,575
Diameter Capital CLO 10 Ltd., 5.60%,
04/20/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
USD2,250
2,254,250
Diameter Capital CLO 2 Ltd., 5.71%,
10/15/37, (3-mo. CME Term SOFR +
1.390%)(a)(b)
USD3,000
3,012,528
Diameter Capital CLO 3 Ltd., 5.65%,
01/15/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD3,000
3,008,755
Diameter Capital CLO 4 Ltd., 6.15%,
01/15/37, (3-mo. CME Term SOFR +
1.830%)(a)(b)
USD1,855
1,862,420
Diameter Capital CLO 7 Ltd., 7.53%,
07/20/37, (3-mo. CME Term SOFR +
3.200%)(a)(b)
USD1,000
1,007,554
Diameter Capital CLO 9 Ltd., 5.50%,
04/20/38, (3-mo. CME Term SOFR +
1.170%)(a)(b)
USD6,650
6,647,687
Dilosk Rmbs No. 9 Dac, 2.62%,
01/25/63, (3-mo. EURIBOR +
0.680%)(b)(c)
EUR533
608,963
Dowson PLC
5.82%, 08/20/31, (1-day SONIA +
1.600%)(b)(c)
GBP118
154,999
6.57%, 08/20/31, (1-day SONIA +
2.350%)(b)(c)
GBP100
131,345
5.10%, 08/20/31(c)
GBP913
1,207,655
5.47%, 08/20/31, (1-day SONIA +
1.250%)(c)
GBP665
879,181
8.17%, 08/20/31, (1-day SONIA +
3.950%)(b)(c)
GBP500
658,108
11.17%, 08/20/31, (1-day SONIA +
6.950%)(b)(c)
GBP500
658,161
Security
Par
(000
)
Value
Dryden 102 CLO Ltd., 7.22%,
10/15/36, (3-mo. CME Term SOFR +
2.900%)(a)(b)
USD250
$251,656
Dryden 107 CLO Ltd., 9.48%,
08/15/35, (3-mo. CME Term SOFR +
5.150%)(a)(b)
USD250
252,583
Dryden 121 CLO Ltd., 7.22%,
01/15/37, (3-mo. CME Term SOFR +
2.900%)(a)(b)
USD1,000
1,004,014
Dryden 40 Senior Loan Fund, 5.48%,
08/15/31, (3-mo. CME Term SOFR +
1.150%)(a)(b)
USD4,748
4,745,862
Dryden 54 Senior Loan Fund, 5.48%,
10/19/29, (3-mo. CME Term SOFR +
1.150%)(a)(b)
USD1,074
1,074,509
Dryden 60 CLO Ltd., 5.63%,
07/15/31, (3-mo. CME Term SOFR +
1.312%)(a)(b)
USD1,318
1,318,148
Dryden 64 CLO Ltd., 5.56%,
04/18/31, (3-mo. CME Term SOFR +
1.232%)(a)(b)
USD444
444,663
Dryden 70 CLO Ltd., 5.75%,
01/16/32, (3-mo. CME Term SOFR +
1.432%)(a)(b)
USD550
550,503
Dryden 72 CLO Ltd., 5.43%,
05/15/32, (3-mo. CME Term SOFR +
1.100%)(a)(b)
USD1,989
1,989,928
Dryden 77 CLO Ltd., 5.70%,
05/20/34, (3-mo. CME Term SOFR +
1.382%)(a)(b)
USD250
250,527
Dryden 87 CLO Ltd., 5.68%,
05/20/34, (3-mo. CME Term SOFR +
1.362%)(a)(b)
USD630
630,000
Dwight Issuer LLC, 6.01%, 09/18/42, (1-mo.
CME Term SOFR + 1.662%)(a)(b)
USD1,570
1,571,418
Eaton Vance CLO Ltd.
6.13%, 01/15/34, (3-mo. CME Term
SOFR + 1.812%)(a)(b)
USD2,400
2,400,000
5.71%, 10/15/37, (3-mo. CME Term
SOFR + 1.390%)(a)(b)
USD822
824,940
ECARAT DE SA Compartment Lease
3.16%, 05/25/34, (1-mo. EURIBOR +
1.250%)(b)(c)
EUR200
229,126
2.91%, 05/25/34, (1-mo. EURIBOR +
1.000%)(b)(c)
EUR500
571,792
Edenbrook Mortgage Funding PLC
6.19%, 03/22/57, (1-day SONIA +
1.950%)(b)(c)
GBP144
190,907
6.79%, 03/22/57, (1-day SONIA +
2.550%)(b)(c)
GBP99
132,139
EDvestinU Private Education Loan Issue
No. 1 LLC, 3.58%, 11/25/38(a)
USD47
46,224
ELFI Graduate Loan Program LLC
4.51%, 08/26/47(a)
USD110
107,143
6.37%, 02/04/48(a)
USD318
329,098
5.56%, 08/25/49(a)
USD5,103
5,146,029
Elmwood CLO 14 Ltd., 5.65%,
04/20/35, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD250
250,496
Elmwood CLO 16 Ltd., 6.83%,
04/20/37, (3-mo. CME Term SOFR +
2.500%)(a)(b)
USD1,250
1,257,781
17
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Elmwood CLO 19 Ltd., 11.28%,
10/17/36, (3-mo. CME Term SOFR +
7.000%)(a)(b)
USD2,000
$2,008,519
Elmwood CLO 24 Ltd., 5.60%,
01/17/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD4,447
4,457,006
Elmwood CLO 29 Ltd.
5.85%, 04/20/37, (3-mo. CME Term
SOFR + 1.520%)(a)(b)
USD1,000
1,003,985
10.73%, 04/20/37, (3-mo. CME Term
SOFR + 6.400%)(a)(b)
USD1,500
1,518,708
Elmwood CLO 39 Ltd., 5.42%,
04/17/38, (3-mo. CME Term SOFR +
1.140%)(a)(b)
USD5,250
5,244,827
Elmwood CLO II Ltd., 5.68%,
10/20/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD750
752,304
Elmwood CLO III Ltd., 5.71%,
07/18/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
USD9,500
9,529,383
Elmwood CLO IV Ltd., 6.18%,
04/18/37, (3-mo. CME Term SOFR +
1.850%)(a)(b)
USD750
752,729
Elmwood CLO VII Ltd., 5.64%,
10/17/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
USD1,000
1,003,029
Elmwood CLO XI Ltd.
5.88%, 01/20/38, (3-mo. CME Term
SOFR + 1.550%)(a)(b)
USD1,115
1,116,504
7.03%, 01/20/38, (3-mo. CME Term
SOFR + 2.700%)(a)(b)
USD1,000
1,000,154
Enterprise Fleet Financing LLC
4.38%, 07/20/29(a)
USD340
339,496
6.40%, 03/20/30(a)
USD445
450,699
5.23%, 03/20/30(a)
USD1,227
1,234,741
5.51%, 01/22/29(a)
USD817
819,621
FACT SA, 2.95%, 09/22/31, (1-mo.
EURIBOR + 1.050%)(b)(c)
EUR300
343,454
Fair Oaks Loan Funding III DAC, 5.03%,
10/15/34, (3-mo. EURIBOR +
3.000%)(b)(c)
EUR1,160
1,320,744
FCT Noria
3.04%, 07/25/43, (1-mo. EURIBOR +
1.150%)(b)(c)
EUR100
114,212
3.29%, 07/25/43, (1-mo. EURIBOR +
1.400%)(b)(c)
EUR100
114,211
4.64%, 07/25/43, (1-mo. EURIBOR +
2.750%)(b)(c)
EUR100
114,318
2.79%, 07/25/43, (1-mo. EURIBOR +
0.900%)(b)(c)
EUR300
342,565
Fidelity Grand Harbour CLO DAC
5.63%, 10/15/34, (3-mo. EURIBOR +
3.600%)(b)(c)
EUR1,000
1,146,736
6.13%, 04/15/38, (3-mo. EURIBOR +
4.100%)(b)(c)
EUR200
228,980
4.84%, 02/15/38, (3-mo. EURIBOR +
2.700%)(b)(c)
EUR2,040
2,310,053
FIGRE Trust
5.06%, 09/25/54(a)(b)
USD6,583
6,553,707
5.83%, 01/25/55(a)(b)
USD5,360
5,402,436
Security
Par
(000
)
Value
Finance Ireland Auto Receivables No. 2
DAC, 2.83%, 11/14/34, (1-mo. EURIBOR
+ 0.900%)(b)(c)
EUR249
$284,440
First Mobility Sarl - Compartment Swiss
Lease, 1.00%, 10/14/32, (1-mo.
EURIBOR)(b)(c)
EUR300
342,702
FirstKey Homes Trust, 5.00%, 05/19/39(a)
USD500
491,007
Flatiron CLO 21 Ltd., 5.69%,
10/19/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
USD250
250,757
Flatiron CLO 23 LLC, 5.55%,
04/17/36, (3-mo. CME Term SOFR +
1.240%)(a)(b)
USD2,420
2,423,269
Flatiron CLO 25 Ltd., 9.53%,
10/17/37, (3-mo. CME Term SOFR +
5.250%)(a)(b)
USD780
785,759
Flatiron CLO 28 Ltd., 5.64%,
07/15/36, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD500
501,036
Ford Credit Auto Owner Trust
5.27%, 05/17/27
USD52
52,586
5.28%, 02/15/36(a)
USD166
170,148
4.87%, 08/15/36(a)(d)
USD1,251
1,270,863
Ford Credit Auto Owner Trust/Ford Credit,
5.01%, 08/15/37(a)(d)
USD3,872
3,919,965
Fort Greene Park CLO LLC, 8.73%,
04/22/34, (3-mo. CME Term SOFR +
4.400%)(a)(b)
USD1,000
999,943
Fortuna Consumer Loan ABS DAC
2.60%, 10/18/34, (1-mo. EURIBOR +
0.720%)(b)
EUR2,300
2,629,092
3.18%, 10/18/34, (1-mo. EURIBOR +
1.300%)(b)
EUR300
343,776
3.53%, 10/18/34, (1-mo. EURIBOR +
1.650%)(b)
EUR100
114,953
5.98%, 10/18/34, (1-mo. EURIBOR +
4.100%)(b)
EUR300
348,619
2.88%, 04/18/35, (1-mo. EURIBOR +
1.000%)(b)(c)
EUR600
686,339
3.23%, 04/18/35, (1-mo. EURIBOR +
1.350%)(b)(c)
EUR200
229,211
2.58%, 04/18/35, (1-mo. EURIBOR +
0.700%)(b)(c)
EUR3,300
3,773,822
Foundation Finance Trust
2.19%, 01/15/42(a)
USD307
290,564
6.53%, 06/15/49(a)
USD1,812
1,878,377
4.60%, 03/15/50(a)
USD3,210
3,191,254
4.93%, 03/15/50(a)
USD4,463
4,439,259
4.95%, 04/15/50(a)
USD3,652
3,668,003
5.67%, 12/15/43(a)
USD2,904
2,954,750
5.68%, 04/15/52(a)
USD522
519,495
FS Rialto Issuer LLC
5.98%, 10/19/39, (1-mo. CME Term
SOFR + 1.631%)(a)(b)
USD4,000
4,027,873
5.74%, 08/19/42, (1-mo. CME Term
SOFR + 1.385%)(a)(b)
USD7,370
7,388,257
FTA Consumo Santander
3.67%, 07/20/38, (3-mo. EURIBOR +
1.650%)(b)(c)
EUR157
179,729
3.32%, 07/20/38, (3-mo. EURIBOR +
1.300%)(b)(c)
EUR157
179,732
Schedule of Investments
18
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
3.29%, 01/21/40, (3-mo. EURIBOR +
1.200%)(b)(c)
EUR400
$458,460
2.86%, 01/21/40, (3-mo. EURIBOR +
0.770%)(b)(c)
EUR600
686,456
3.59%, 01/21/40, (3-mo. EURIBOR +
1.500%)(b)(c)
EUR200
228,658
4.84%, 01/21/40, (3-mo. EURIBOR +
2.750%)(b)(c)
EUR100
114,320
Fulvia Spv Srl
3.10%, 12/23/41, (3-mo. EURIBOR +
1.150%)(b)(c)
EUR100
114,184
2.65%, 12/23/41, (3-mo. EURIBOR +
0.700%)(b)(c)
EUR717
819,449
2.85%, 12/23/41, (3-mo. EURIBOR +
0.900%)(b)(c)
EUR404
461,301
Galaxy 32 CLO Ltd., 8.63%,
10/20/36, (3-mo. CME Term SOFR +
4.300%)(a)(b)
USD1,500
1,510,869
Galaxy 34 CLO Ltd., 6.23%,
10/20/37, (3-mo. CME Term SOFR +
1.900%)(a)(b)
USD2,000
2,005,430
Galaxy XXI CLO Ltd., 5.61%,
04/20/31, (3-mo. CME Term SOFR +
1.282%)(a)(b)
USD219
218,736
Galaxy XXV CLO Ltd., 6.32%,
04/25/36, (3-mo. CME Term SOFR +
2.000%)(a)(b)
USD250
250,810
Galaxy XXVI CLO Ltd.
5.50%, 11/22/31, (3-mo. CME Term
SOFR + 1.170%)(a)(b)
USD393
393,322
5.93%, 11/22/31, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
USD1,480
1,480,801
GAMMA Sociedade de Titularizacao de
Creditos, 2.95%, 02/25/34, (3-mo.
EURIBOR + 0.900%)(b)(c)
EUR813
930,602
Generate CLO 13 Ltd., 6.13%,
01/20/37, (3-mo. CME Term SOFR +
1.800%)(a)(b)
USD5,000
5,019,103
Generate CLO 17 Ltd., 5.73%,
10/22/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
USD1,000
1,003,607
Generate CLO 20 Ltd., 5.62%,
01/25/38, (3-mo. CME Term SOFR +
1.300%)(a)(b)
USD1,615
1,618,253
Generate CLO 4 Ltd., 5.76%,
07/20/37, (3-mo. CME Term SOFR +
1.430%)(a)(b)
USD1,125
1,128,825
Generate CLO 7 Ltd., 5.95%,
04/22/37, (3-mo. CME Term SOFR +
1.620%)(a)(b)
USD500
501,922
Generate CLO 9 Ltd., 5.68%,
01/20/38, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD4,000
4,014,000
GM Financial Revolving Receivables Trust,
4.52%, 03/11/37(a)
USD2,400
2,408,221
GMF Floorplan Owner Revolving Trust,
5.83%, 06/15/30(a)
USD188
192,447
Golden Bar Securitisation Srl
3.00%, 12/20/44, (3-mo. EURIBOR +
1.000%)(b)(c)
EUR478
546,463
3.25%, 12/20/44, (3-mo. EURIBOR +
1.250%)(b)(c)
EUR165
188,807
Security
Par
(000
)
Value
3.90%, 12/20/44, (3-mo. EURIBOR +
1.900%)(b)(c)
EUR100
$115,081
Golden Bar Securitisation SRL, 3.54%,
09/22/43, (3-mo. EURIBOR +
1.500%)(b)(c)
EUR192
221,470
Golden Ray SA - Compartment 1
2.70%, 12/27/57, (1-mo. EURIBOR +
0.800%)(b)(c)
EUR622
710,577
3.40%, 12/27/57, (1-mo. EURIBOR +
1.500%)(b)(c)
EUR100
113,912
GoldenTree Loan Management U.S. CLO 10
Ltd., 7.43%, 10/20/37, (3-mo. CME Term
SOFR + 3.100%)(a)(b)
USD750
751,783
GoldenTree Loan Management U.S. CLO 11
Ltd., 9.23%, 10/20/34, (3-mo. CME Term
SOFR + 4.900%)(a)(b)
USD1,200
1,196,930
GoldenTree Loan Management U.S. CLO 14
Ltd., 10.23%, 07/20/37, (3-mo. CME Term
SOFR + 5.900%)(a)(b)
USD1,000
1,013,071
Goldentree Loan Management U.S. CLO 15
Ltd., 6.73%, 10/20/36, (3-mo. CME Term
SOFR + 2.400%)(a)(b)
USD340
340,520
GoldenTree Loan Management U.S. CLO 16
Ltd., 5.45%, 01/20/38, (3-mo. CME Term
SOFR + 1.120%)(a)(b)
USD3,500
3,496,603
GoldenTree Loan Management U.S. CLO 20
Ltd., 5.78%, 07/20/37, (3-mo. CME Term
SOFR + 1.450%)(a)(b)
USD722
724,816
GoldenTree Loan Management U.S. CLO 22
Ltd., 6.23%, 10/20/37, (3-mo. CME Term
SOFR + 1.900%)(a)(b)
USD2,000
2,005,394
GoldenTree Loan Management U.S. CLO 23
Ltd., 5.60%, 01/20/39, (3-mo. CME Term
SOFR + 1.270%)(a)(b)
USD4,000
4,007,459
GoldenTree Loan Management U.S. CLO 24
Ltd., 5.43%, 10/20/38, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD2,000
1,998,342
Goldentree Loan Management U.S. Clo 26
Ltd.
1.00%, 07/20/38, (3-mo. CME Term
SOFR + 2.750%)(a)(b)
USD2,500
2,500,000
1.00%, 07/20/38, (3-mo. CME Term
SOFR + 3.900%)(a)(b)
USD1,000
1,000,000
GoldentTree Loan Management U.S. CLO 1
Ltd., 6.73%, 04/20/37, (3-mo. CME Term
SOFR + 2.400%)(a)(b)
USD250
251,591
Goldman Home Improvement Trust Issuer
Trust, 6.80%, 10/25/52(a)
USD1,193
1,222,338
Golub Capital Partners 48 LP, 5.59%,
04/17/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
USD2,500
2,504,850
Golub Capital Partners CLO 41B-R Ltd.
5.65%, 07/20/38, (3-mo. CME Term
SOFR + 1.330%)(a)(b)
USD4,250
4,251,782
7.27%, 07/20/38, (3-mo. CME Term
SOFR + 2.950%)(a)(b)
USD3,000
3,002,863
Golub Capital Partners CLO 55B Ltd.,
5.79%, 07/20/34, (3-mo. CME Term
SOFR + 1.462%)(a)(b)
USD3,250
3,259,868
Golub Capital Partners CLO 58B Ltd.,
5.76%, 01/25/35, (3-mo. CME Term
SOFR + 1.442%)(a)(b)
USD1,000
1,002,820
19
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Golub Capital Partners CLO 64B Ltd.,
7.37%, 10/25/37, (3-mo. CME Term
SOFR + 3.050%)(a)(b)
USD1,000
$1,006,802
Golub Capital Partners CLO 66B Ltd.,
5.77%, 07/25/38, (3-mo. CME Term
SOFR + 1.450%)(a)(b)
USD2,000
2,010,117
Golub Capital Partners CLO 74 B Ltd.,
6.17%, 07/25/37, (3-mo. CME Term
SOFR + 1.850%)(a)(b)
USD950
954,005
Golub Capital Partners CLO 76 B Ltd.,
5.69%, 10/25/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD350
351,137
Golub Capital Partners CLO 77 B Ltd.
7.02%, 01/25/38, (3-mo. CME Term
SOFR + 2.700%)(a)(b)
USD3,000
3,001,530
5.57%, 01/25/38, (3-mo. CME Term
SOFR + 1.250%)(a)(b)
USD1,000
1,001,434
Golub Capital Partners CLO 81 B Ltd.,
5.64%, 07/20/38, (3-mo. CME Term
SOFR + 1.310%)(a)(b)
USD2,000
2,003,958
GoodLeap Home Improvement
Solutions Trust
5.35%, 10/20/46(a)
USD4,559
4,594,141
5.38%, 02/20/49(a)
USD8,043
8,093,479
5.32%, 06/20/49(a)
USD5,360
5,383,695
Gracie Point International Funding, 7.45%,
09/01/26, (90-day Avg SOFR +
3.100%)(a)(b)
USD1,700
1,700,408
Gracie Point International Funding LLC
6.60%, 03/01/27, (90-day Avg SOFR +
2.250%)(a)(b)
USD244
244,592
6.30%, 09/01/26, (90-day Avg SOFR +
1.950%)(a)(b)
USD1,746
1,747,346
6.12%, 03/01/28, (90-day Avg SOFR +
1.700%)(a)(b)
USD4,510
4,517,286
Green Lakes Park CLO LLC, 5.50%,
01/25/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
USD5,000
4,998,328
GreenSky Home Improvement Issuer Trust
5.15%, 10/27/59(a)
USD893
899,479
6.43%, 10/27/59(a)
USD4,201
4,286,704
5.26%, 10/27/59(a)
USD5,801
5,829,788
5.22%, 03/25/60(a)
USD964
970,480
5.25%, 10/27/59(a)
USD5,014
5,020,451
5.26%, 06/25/60(a)
USD690
691,557
5.56%, 06/25/60(a)
USD547
548,323
7.79%, 06/25/60(a)
USD540
543,935
GreenSky Home Improvement Trust
5.67%, 06/25/59(a)
USD822
835,730
5.87%, 06/25/59(a)
USD2,143
2,173,942
Greenwood Park CLO Ltd., 5.59%,
04/15/31, (3-mo. CME Term SOFR +
1.272%)(a)(b)
USD181
181,437
Greystone CRE Notes LLC, 5.82%,
01/15/43, (1-mo. CME Term SOFR +
1.481%)(a)(b)
USD4,069
4,073,499
Greywolf CLO VI Ltd., 5.61%,
04/26/31, (3-mo. CME Term SOFR +
1.292%)(a)(b)
USD791
791,551
HalseyPoint CLO 3 Ltd., 8.61%,
07/30/37, (3-mo. CME Term SOFR +
4.300%)(a)(b)
USD1,340
1,349,717
Security
Par
(000
)
Value
HalseyPoint CLO 4 Ltd., 5.81%,
04/20/34, (3-mo. CME Term SOFR +
1.482%)(a)(b)
USD900
$900,897
Halseypoint CLO 6 Ltd., 5.68%,
01/20/38, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD1,100
1,104,039
Halseypoint CLO 7 Ltd., 5.78%,
07/20/38, (3-mo. CME Term SOFR +
1.450%)(a)(b)(e)
USD2,000
2,009,850
Harriman Park CLO Ltd., 5.63%,
07/20/38, (3-mo. CME Term SOFR +
1.300%)(a)(b)
USD1,150
1,153,130
Henley CLO IV DAC, 4.94%,
04/25/34, (3-mo. EURIBOR +
3.000%)(b)(c)
EUR1,000
1,151,127
Henley CLO XI DAC, 4.96%,
04/25/39, (3-mo. EURIBOR +
2.600%)(b)(c)
EUR2,280
2,598,030
Henley CLO XII DAC, 5.13%,
01/15/38, (3-mo. EURIBOR +
3.100%)(b)(c)
EUR850
977,215
Hermitage PLC
5.47%, 04/21/33, (1-day SONIA +
1.250%)(b)(c)
GBP189
249,662
5.12%, 04/21/33, (1-day SONIA +
0.900%)(b)(c)
GBP566
748,789
8.12%, 04/21/33, (1-day SONIA +
3.900%)(b)(c)
GBP63
83,767
6.57%, 04/21/33, (1-day SONIA +
2.350%)(b)(c)
GBP63
83,727
5.82%, 04/21/33, (1-day SONIA +
1.600%)(b)(c)
GBP63
83,270
5.62%, 04/21/33, (1-day SONIA +
3.200%)(b)(c)
GBP106
140,060
7.42%, 04/21/33, (1-day SONIA +
1.700%)(b)(c)
GBP100
132,130
5.92%, 04/21/33, (1-day SONIA +
1.100%)(b)(c)
GBP100
132,131
5.32%, 04/21/33, (5-year CMT +
1.457%)(b)(c)
GBP300
396,337
Hill FL BV
2.60%, 10/18/32, (1-mo. EURIBOR +
0.720%)(c)
EUR1,347
1,538,562
3.83%, 10/18/32, (1-mo. EURIBOR +
1.950%)(b)(c)
EUR100
112,596
Household Capital 2025-1 RMBS, 5.74%,
07/21/87, (5-year EURIBOR ICE Swap +
2.150%)(b)(c)
AUD540
345,848
Huntington Bank Auto Credit-Linked Notes,
5.70%, 10/20/32, (30-day Avg SOFR +
1.350%)(a)(b)
USD2,046
2,055,832
Huntington Bank Auto Credit-Linked Notes
Series, 5.75%, 05/20/32, (30-day Avg
SOFR + 1.400%)(a)(b)
USD689
691,253
ICG US CLO 2025-1 Ltd, 1.00%,
07/25/38(a)
USD2,000
2,000,000
Incref LLC, 6.08%, 10/19/42, (3-mo. CME
Term SOFR + 1.200%)(a)(b)
USD8,695
8,703,110
Invesco CLO Ltd., 6.13%, 04/20/35, (3-mo.
CME Term SOFR + 1.800%)(a)(b)
USD500
500,250
Schedule of Investments
20
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Italian Stella Loans SRL, 3.31%,
05/27/39, (1-mo. EURIBOR +
1.400%)(b)(c)
EUR96
$109,693
Jubilee CLO DAC, 5.23%, 01/15/39, (3-mo.
EURIBOR + 3.200%)(b)(c)
EUR1,420
1,626,610
Kings Park CLO Ltd., 5.72%,
01/21/35, (3-mo. CME Term SOFR +
1.392%)(a)(b)
USD1,622
1,625,128
KKR Clo 25 Ltd., 5.90%, 07/15/34, (3-mo.
CME Term SOFR + 1.580%)(a)(b)
USD1,300
1,301,300
KKR CLO 47 Ltd., 5.69%, 01/15/38, (3-mo.
CME Term SOFR + 1.370%)(a)(b)
USD2,815
2,825,400
KKR Financial CLO Ltd., 5.77%,
04/15/29, (3-mo. CME Term SOFR +
1.450%)(a)(b)
USD1,849
1,849,929
Lake George Park CLO Ltd., 8.89%,
04/15/38, (3-mo. CME Term SOFR +
4.600%)(a)(b)
USD1,000
1,003,724
Latitude Australia Credit Card Master Trust
4.97%, 11/23/37, (1-day SONIA +
1.000%)(b)(c)
AUD500
321,595
4.72%, 11/23/37, (Update
Replacements.xls: BBSW1M +
1.150%)(c)
AUD2,663
1,709,169
LCM 29 Ltd., 6.18%, 04/15/31, (3-mo. CME
Term SOFR + 1.862%)(a)(b)
USD1,420
1,422,939
LCM 36 Ltd., 5.39%, 01/15/34, (3-mo. CME
Term SOFR + 1.070%)(a)(b)
USD9,250
9,264,391
Lendmark Funding Trust
1.90%, 11/20/31(a)
USD280
268,258
3.41%, 11/20/31(a)
USD710
668,992
5.53%, 06/21/32(a)
USD6,407
6,488,527
6.40%, 06/21/32(a)
USD1,957
2,002,540
7.21%, 06/21/32(a)
USD5,241
5,387,196
3.09%, 04/20/32(a)
USD945
877,897
4.47%, 02/21/34(a)
USD1,850
1,836,385
5.25%, 02/21/34(a)
USD2,153
2,148,243
4.94%, 09/20/34(a)
USD3,295
3,308,791
5.33%, 09/20/34(a)
USD4,395
4,428,358
Liberty Series, 4.90%, 05/25/32, (1-month
BB Swap + 1.200%)(b)
AUD261
168,283
LoanCore, 5.73%, 08/17/42, (1-mo. CME
Term SOFR + 1.385%)(a)(b)
USD9,050
9,042,069
Long Point Park CLO Ltd., 6.94%,
01/17/30, (3-mo. CME Term SOFR +
2.662%)(a)(b)
USD2,650
2,656,837
LT Rahoitus DAC, 2.81%, 07/18/36, (1-mo.
EURIBOR + 0.900%)(b)(c)
EUR200
228,014
Lyra Music Assets Delaware LP
5.76%, 12/22/64(a)
USD2,284
2,303,034
5.60%, 09/20/65(a)
USD1,416
1,415,988
Madison Park Funding LIX Ltd., 5.83%,
04/18/37, (3-mo. CME Term SOFR +
1.500%)(a)(b)
USD2,000
2,008,508
Madison Park Funding LXI Ltd., 6.06%,
01/20/37, (3-mo. CME Term SOFR +
1.730%)(a)(b)
USD255
255,796
Madison Park Funding LXXI Ltd., 5.41%,
04/23/38, (3-mo. CME Term SOFR +
1.140%)(a)(b)
USD9,715
9,705,590
Security
Par
(000
)
Value
Madison Park Funding XXIX Ltd., 5.51%,
03/25/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
USD3,250
$3,248,872
Madison Park Funding XXX Ltd., 5.68%,
07/16/37, (3-mo. CME Term SOFR +
1.360%)(a)(b)
USD1,375
1,378,951
Madison Park Funding XXXI Ltd.
6.12%, 07/23/37, (3-mo. CME Term
SOFR + 1.800%)(a)(b)
USD1,000
1,001,500
10.72%, 07/23/37, (3-mo. CME Term
SOFR + 6.400%)(a)(b)
USD2,425
2,437,095
Madison Park Funding XXXIII Ltd.
6.12%, 10/15/32, (3-mo. CME Term
SOFR + 1.800%)(a)(b)
USD475
475,126
5.61%, 10/15/32, (3-mo. CME Term
SOFR + 1.290%)(a)(b)
USD2,981
2,984,214
Madison Park Funding XXXIV Ltd., 7.67%,
10/16/37, (3-mo. CME Term SOFR +
3.350%)(a)(b)
USD1,500
1,505,153
Madison Park Funding XXXVI Ltd., 5.38%,
04/15/35, (3-mo. CME Term SOFR +
1.060%)(a)(b)
USD250
250,423
Madison Park Funding XXXVII Ltd.
8.07%, 04/15/37, (3-mo. CME Term
SOFR + 3.750%)(a)(b)
USD500
505,125
6.92%, 04/15/37, (3-mo. CME Term
SOFR + 2.600%)(a)(b)
USD1,500
1,509,461
Marathon CLO XIII Ltd., 5.52%,
04/15/32, (3-mo. CME Term SOFR +
1.200%)(a)(b)
USD2,958
2,958,756
Mariner Finance Issuance Trust
2.33%, 03/20/36(a)
USD350
334,274
7.11%, 10/22/35(a)
USD774
785,608
6.70%, 10/22/35(a)
USD5,997
6,032,855
7.90%, 10/22/35(a)
USD1,395
1,431,285
8.85%, 10/22/35(a)
USD2,725
2,811,718
2.10%, 11/20/36(a)
USD1,987
1,895,433
3.42%, 11/20/36(a)
USD1,177
1,103,399
1.86%, 03/20/36(a)
USD480
465,181
5.13%, 09/22/36(a)
USD1,600
1,612,955
6.77%, 09/22/36(a)
USD1,592
1,635,242
5.73%, 11/20/38(a)
USD2,340
2,376,015
6.36%, 11/20/38(a)
USD2,102
2,133,408
4.98%, 05/20/38(a)
USD5,108
5,148,272
5.33%, 05/20/38(a)
USD671
678,649
5.69%, 05/20/38(a)
USD2,834
2,866,483
Metro Finance Trust
4.94%, 10/15/31, (1-month BB Swap +
1.550%)(b)
AUD5,253
3,383,888
5.32%, 10/15/31, (1-day SONIA +
0.950%)(b)
AUD510
328,659
MF1 LLC
6.09%, 03/19/39, (1-mo. CME Term
SOFR + 1.737%)(a)(b)
USD8,181
8,223,047
5.84%, 05/18/42, (1-mo. CME Term
SOFR + 1.488%)(a)(b)
USD8,617
8,660,819
MFA Trust, 6.33%, 09/25/54(d)
USD1,727
1,728,461
MidOcean Credit CLO XII Ltd., 5.67%,
07/18/38, (3-mo. CME Term SOFR +
1.340%)(a)(b)
USD2,500
2,507,876
21
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
MidOcean Credit CLO XIX, 5.77%,
07/20/36, (3-mo. CME Term SOFR +
1.450%)(a)(b)
USD1,000
$1,003,571
Mila BV
2.57%, 09/16/41
EUR396
452,447
2.83%, 09/16/41, (1-mo. EURIBOR +
0.950%)(b)(c)
EUR98
111,646
Milford Park CLO Ltd., 5.49%,
01/20/38, (3-mo. CME Term SOFR +
1.160%)(a)(b)
USD3,000
2,998,500
Milos CLO Ltd.
6.14%, 10/20/30, (3-mo. CME Term
SOFR + 1.812%)(a)(b)
USD1,000
1,003,332
5.66%, 10/20/30, (3-mo. CME Term
SOFR + 1.332%)(a)(b)
USD422
422,152
MMAF Equipment Finance LLC, 5.10%,
07/13/49(a)
USD1,677
1,712,235
Morgan Stanley Eaton Vance CLO Ltd.,
6.28%, 10/20/37, (3-mo. CME Term
SOFR + 1.950%)(a)(b)
USD2,000
2,006,020
Mosaic Solar Loan Trust
1.64%, 04/22/47(a)
USD285
233,253
4.01%, 06/22/43(a)
USD36
33,268
6.40%, 05/20/53(a)
USD122
121,751
4.20%, 02/22/44(a)
USD118
109,711
Navient Education Loan Trust, 5.53%,
07/15/55(a)
USD3,024
3,031,138
Navient Private Education Loan Trust
3.61%, 12/15/59(a)
USD240
239,189
5.91%, 07/16/40, (1-mo. CME Term
SOFR + 1.564%)(a)(b)
USD1,347
1,352,863
6.16%, 11/15/30, (1-mo. CME Term
SOFR + 1.814%)(a)(b)
USD207
207,400
5.18%, 12/15/59, (1-mo. CME Term
SOFR + 0.834%)(a)(b)
USD826
826,553
Navient Private Education Refi Loan Trust
3.42%, 01/15/43(a)
USD31
31,000
5.51%, 10/15/71(a)
USD222
226,107
0.97%, 12/16/69(a)
USD7,658
6,836,299
1.06%, 10/15/69(a)
USD3,661
3,315,928
3.33%, 05/15/69(a)
USD100
87,248
6.06%, 11/15/68, (1-mo. CME Term
SOFR + 1.714%)(a)(b)
USD1,853
1,864,460
5.36%, 01/15/43, (1-mo. CME Term
SOFR + 1.014%)(a)(b)
USD600
599,653
5.51%, 12/15/59, (1-mo. CME Term
SOFR + 1.164%)(a)(b)
USD1,585
1,577,713
0.84%, 05/15/69(a)
USD279
253,612
5.66%, 10/15/72(a)
USD5,023
5,121,401
1.33%, 04/15/69(a)
USD738
670,431
Series 2020-IA, Class A1B, 5.46%,
04/15/69, (1-mo. CME Term SOFR +
1.114%)(a)(b)
USD2,834
2,819,029
Series 2021-DA, Class A, 5.51%,
04/15/60, (PRIME - 1.990%)(a)(b)
USD359
354,448
Navient Student Loan Trust, 6.00%,
03/15/72, (30-day Avg SOFR +
1.700%)(a)(b)
USD904
911,448
Nelnet Student Loan Trust
5.50%, 04/20/62, (1-mo. CME Term
SOFR + 1.144%)(a)(b)
USD10,883
10,864,715
2.85%, 04/20/62(a)
USD300
267,293
Security
Par
(000
)
Value
5.21%, 04/20/62, (1-mo. CME Term
SOFR + 0.854%)(a)(b)
USD3,190
$3,173,027
3.36%, 04/20/62(a)
USD664
563,390
5.16%, 04/20/62, (1-mo. CME Term
SOFR + 0.804%)(a)(b)
USD236
231,789
2.90%, 04/20/62(a)
USD500
443,240
1.36%, 04/20/62(a)
USD1,666
1,565,093
6.60%, 11/25/53, (30-day Avg SOFR +
2.250%)(a)(b)
USD292
296,109
2.85%, 04/20/62(a)
USD1,483
1,321,317
1.63%, 04/20/62(a)
USD2,022
1,906,152
1.36%, 04/20/62(a)
USD920
864,081
5.44%, 03/15/57, (30-day Avg SOFR +
1.100%)(a)(b)
USD5,893
5,859,068
5.27%, 03/15/57(a)
USD4,550
4,553,395
Series 2021-A, Class A1, 5.27%,
04/20/62, (1-mo. CME Term SOFR +
0.914%)(a)(b)
USD426
425,032
Series 2021-BA, Class AFL, 5.25%,
04/20/62, (1-mo. CME Term SOFR +
0.894%)(a)(b)
USD1,203
1,196,625
Neuberger Berman CLO XX Ltd., 5.47%,
04/15/39, (3-mo. CME Term SOFR +
1.150%)(a)(b)
USD1,750
1,748,328
Neuberger Berman Loan Advisers CLO 34
Ltd.
5.57%, 01/20/35, (3-mo. CME Term
SOFR + 1.240%)(a)(b)
USD3,831
3,831,290
1.00%, 07/20/39, (3-mo. CME Term
SOFR + 2.850%)(a)(b)(e)
USD2,000
2,000,000
Neuberger Berman Loan Advisers CLO 44
Ltd., 6.97%, 10/16/35, (3-mo. CME Term
SOFR + 2.650%)(a)(b)
USD425
424,935
Neuberger Berman Loan Advisers Clo 58
Ltd., 5.67%, 10/18/38, (3-mo. CME Term
SOFR + 1.340%)(a)(b)
USD1,125
1,128,322
Neuberger Berman Loan Advisers NBLA
CLO Ltd., 6.32%, 10/24/38, (3-mo. CME
Term SOFR + 2.000%)(a)(b)
USD3,000
3,014,153
New Mountain 7 Ltd., 5.48%,
03/31/38, (3-mo. CME Term SOFR +
1.200%)(a)(b)
USD2,000
1,999,136
New Mountain CLO 2 Ltd., 5.68%,
01/15/38, (3-mo. CME Term SOFR +
1.360%)(a)(b)
USD3,000
3,011,259
New Mountain CLO 5 Ltd., 5.58%,
07/20/36, (3-mo. CME Term SOFR +
1.340%)(a)(b)
USD2,000
2,001,962
NewDay Funding
5.72%, 07/15/33, (1-day SONIA +
1.050%)(b)(c)
GBP152
200,807
5.27%, 07/15/33, (1-day SONIA +
0.800%)(b)(c)
GBP475
627,524
5.02%, 07/15/33, (3-mo. EURIBOR +
3.300%)(b)(c)
GBP1,490
1,970,494
Newday Funding Master Issuer PLC
6.87%, 07/15/32, (1-day SONIA +
2.650%)(b)(c)
GBP142
190,112
6.12%, 07/15/32, (1-day SONIA +
1.900%)(b)(c)
GBP100
133,294
5.62%, 07/15/32, (1-day SONIA +
1.400%)(b)(c)
GBP100
132,690
Schedule of Investments
22
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
5.82%, 11/15/32, (1-day SONIA +
1.600%)(c)
GBP151
$200,294
5.52%, 11/15/32, (1-day SONIA +
1.300%)(c)
GBP438
580,316
5.12%, 11/15/32, (1-day SONIA +
0.900%)(c)
GBP1,047
1,387,489
5.67%, 04/15/33, (1-day SONIA +
1.450%)(b)(c)
GBP317
420,444
5.37%, 04/15/33, (1-day SONIA +
1.150%)(c)
GBP194
257,477
5.07%, 04/15/33, (1-day SONIA +
0.850%)(b)(c)
GBP1,989
2,633,368
Newday Funding Master Issuer PLC -
Series, 5.12%, 07/15/32, (1-day SONIA +
0.900%)(b)(c)
GBP710
940,668
Noria DE
2.86%, 02/25/43,
(1-mo. EURIBOR + 0.950%)
EUR386
441,409
3.16%, 02/25/43, (1-mo. EURIBOR +
1.250%)(b)(c)
EUR193
220,551
3.56%, 02/25/43, (1-mo. EURIBOR +
1.650%)(b)(c)
EUR96
110,639
5.46%, 02/25/43, (1-mo. EURIBOR +
3.550%)(b)(c)
EUR96
111,713
NYACK Park CLO Ltd., 5.71%,
10/20/34, (3-mo. CME Term SOFR +
1.382%)(a)(b)
USD252
252,415
NYMT Trust, 7.38%, 05/25/64(a)(d)
USD1,737
1,726,815
Oak Hill Credit Partners X-R Ltd.
5.46%, 04/20/38, (3-mo. CME Term
SOFR + 1.130%)(a)(b)
USD3,000
2,997,054
6.83%, 04/20/38, (3-mo. CME Term
SOFR + 2.500%)(a)(b)
USD950
951,599
7.93%, 04/20/38, (3-mo. CME Term
SOFR + 3.600%)(a)(b)
USD1,500
1,509,378
Oaktree CLO Ltd.
7.33%, 10/22/37, (3-mo. CME Term
SOFR + 3.000%)(a)(b)
USD270
271,449
5.51%, 01/15/38, (3-mo. CME Term
SOFR + 1.190%)(a)(b)
USD2,000
1,999,380
5.29%, 01/15/35, (3-mo. CME Term
SOFR + 0.970%)(a)(b)
USD2,500
2,499,493
5.71%, 01/20/38, (3-mo. CME Term
SOFR + 1.380%)(a)(b)
USD3,000
3,010,819
OCP Aegis CLO Ltd., 5.48%,
01/16/37, (3-mo. CME Term SOFR +
1.220%)(a)(b)
USD2,000
2,004,000
OCP CLO Ltd.
5.59%, 04/10/33, (3-mo. CME Term
SOFR + 1.262%)(a)(b)
USD4,511
4,515,531
5.66%, 04/26/31, (3-mo. CME Term
SOFR + 1.342%)(a)(b)
USD35
35,365
6.08%, 07/20/37, (3-mo. CME Term
SOFR + 1.750%)(a)(b)
USD500
501,000
5.73%, 07/20/37, (3-mo. CME Term
SOFR + 1.400%)(a)(b)
USD2,750
2,758,550
6.03%, 07/20/37, (3-mo. CME Term
SOFR + 1.700%)(a)(b)
USD680
680,680
7.43%, 07/20/37, (3-mo. CME Term
SOFR + 3.100%)(a)(b)
USD1,260
1,267,543
11.08%, 04/23/37, (3-mo. CME Term
SOFR + 6.760%)(a)(b)
USD1,200
1,212,562
Security
Par
(000
)
Value
5.64%, 10/18/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD2,000
$2,006,400
5.95%, 10/18/37, (3-mo. CME Term
SOFR + 1.680%)(a)(b)
USD4,750
4,762,553
5.68%, 10/15/37, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
USD2,750
2,759,827
5.67%, 11/26/37, (3-mo. CME Term
SOFR + 1.340%)(a)(b)
USD3,000
3,009,843
5.66%, 01/21/38, (3-mo. CME Term
SOFR + 1.330%)(a)(b)
USD5,000
5,014,746
5.58%, 01/20/38, (3-mo. CME Term
SOFR + 1.250%)(a)(b)
USD1,000
1,001,442
5.93%, 01/21/38, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
USD3,000
3,005,829
10.17%, 07/16/35, (3-mo. CME Term
SOFR + 5.850%)(a)(b)
USD1,240
1,240,000
5.62%, 01/26/38, (3-mo. CME Term
SOFR + 1.310%)(a)(b)
USD2,000
2,005,127
5.51%, 01/20/38, (3-mo. CME Term
SOFR + 1.180%)(a)(b)
USD1,250
1,249,588
5.51%, 04/20/38, (3-mo. CME Term
SOFR + 1.180%)(a)(b)
USD2,250
2,249,260
5.70%, 07/20/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD500
501,500
Octagon 75 Ltd., 5.53%, 01/22/38, (3-mo.
CME Term SOFR + 1.200%)(a)(b)
USD2,000
2,001,972
Octagon Investment Partners 18-R Ltd.,
5.54%, 04/16/31, (3-mo. CME Term
SOFR + 1.222%)(a)(b)
USD789
789,141
Octagon Investment Partners 35 Ltd.,
5.65%, 01/20/31, (3-mo. CME Term
SOFR + 1.322%)(a)(b)
USD593
593,245
Octagon Investment Partners 36 Ltd.
5.55%, 04/15/31, (3-mo. CME Term
SOFR + 1.232%)(a)(b)
USD1,160
1,160,820
5.97%, 04/15/31, (3-mo. CME Term
SOFR + 1.652%)(a)(b)
USD250
250,591
Octagon Investment Partners XVI Ltd.,
5.56%, 07/17/30, (3-mo. CME Term
SOFR + 1.282%)(a)(b)
USD743
744,123
Octagon Investment Partners XVII Ltd.
Series 2013-1A, Class A1R2, 5.58%,
01/25/31, (3-mo. CME Term SOFR +
1.262%)(a)(b)
USD19
18,635
OHA Credit Funding 10 Ltd., 5.72%,
01/18/36, (3-mo. CME Term SOFR +
1.392%)(a)(b)
USD950
951,913
OHA Credit Funding 13 Ltd., 5.68%,
07/20/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD751
752,830
OHA Credit Funding 2 Ltd.
5.57%, 01/21/38, (3-mo. CME Term
SOFR + 1.240%)(a)(b)
USD500
500,890
7.03%, 01/21/38, (3-mo. CME Term
SOFR + 2.700%)(a)(b)
USD1,550
1,551,588
OHA Credit Funding 22 Ltd., 5.61%,
07/20/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD2,050
2,054,437
OHA Credit Funding 3 Ltd., 5.65%,
01/20/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD750
752,250
23
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
OHA Credit Funding 4 Ltd., 5.62%,
01/22/38, (3-mo. CME Term SOFR +
1.290%)(a)(b)
USD700
$701,668
OHA Credit Funding 5 Ltd., 6.03%,
10/18/37, (3-mo. CME Term SOFR +
1.700%)(a)(b)
USD1,750
1,756,612
OHA Credit Funding 6 Ltd., 5.66%,
10/20/37, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD3,000
3,008,568
OHA Credit Funding 9 Ltd.
5.68%, 10/19/37, (3-mo. CME Term
SOFR + 1.350%)(a)(b)
USD5,000
5,015,339
6.03%, 10/19/37, (3-mo. CME Term
SOFR + 1.700%)(a)(b)
USD2,000
2,007,537
6.28%, 10/19/37, (3-mo. CME Term
SOFR + 1.950%)(a)(b)
USD1,000
1,002,948
OHA Credit Partners XVI, 5.68%,
10/18/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
USD625
626,913
OHA Loan Funding Ltd.
5.63%, 05/23/31, (3-mo. CME Term
SOFR + 1.302%)(a)(b)
USD97
97,438
5.74%, 01/19/37, (3-mo. CME Term
SOFR + 1.412%)(a)(b)
USD3,715
3,722,442
6.29%, 01/19/37, (3-mo. CME Term
SOFR + 1.962%)(a)(b)
USD500
501,247
5.79%, 07/20/37, (3-mo. CME Term
SOFR + 1.460%)(a)(b)
USD250
251,030
OneMain Direct Auto Receivables Trust
5.94%, 03/14/29, (30-day Avg SOFR +
1.600%)(a)(b)
USD201
201,774
5.81%, 02/14/31(a)
USD1,910
1,949,276
6.10%, 07/14/37(a)
USD1,651
1,672,872
Onemain Financial Issuance Trust, 5.79%,
07/14/38(a)
USD1,072
1,076,947
OneMain Financial Issuance Trust
3.14%, 10/14/36(a)
USD350
340,363
2.47%, 06/16/36(a)
USD500
453,656
4.89%, 10/14/34(a)
USD717
716,806
1.75%, 09/14/35(a)
USD500
488,401
5.50%, 06/14/38(a)
USD2,310
2,364,109
1.95%, 06/16/36(a)
USD200
186,406
2.21%, 09/14/35(a)
USD392
372,075
7.52%, 09/15/36(a)
USD595
609,935
5.84%, 09/15/36, (30-day Avg SOFR +
1.500%)(a)(b)
USD4,250
4,318,785
6.17%, 09/15/36(a)
USD5,323
5,468,238
7.49%, 06/14/38(a)
USD595
616,601
2.76%, 09/14/35(a)
USD575
546,958
5.79%, 05/14/41(a)
USD3,710
3,857,326
Orchard Park CLO Ltd.
5.69%, 10/20/37, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
USD1,000
1,003,041
9.93%, 10/20/37, (3-mo. CME Term
SOFR + 5.600%)(a)(b)
USD1,000
1,013,619
Owl Rock CLO V Ltd., 6.11%,
04/20/34, (3-mo. CME Term SOFR +
1.780%)(a)(b)
USD1,500
1,501,072
OZLM VI Ltd., 5.45%, 04/17/31, (3-mo. CME
Term SOFR + 1.130%)(a)(b)
USD755
755,475
Security
Par
(000
)
Value
OZLM XVIII Ltd.
5.60%, 04/15/31, (3-mo. CME Term
SOFR + 1.282%)(a)(b)
USD1,310
$1,311,556
6.13%, 04/15/31, (3-mo. CME Term
SOFR + 1.812%)(a)(b)
USD500
500,952
Palmer Square CLO Ltd.
6.23%, 01/15/35, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
USD500
500,493
6.27%, 11/14/34, (3-mo. CME Term
SOFR + 1.962%)(a)(b)
USD250
250,648
5.68%, 07/20/37, (3-mo. CME Term
SOFR + 1.350%)(a)(b)
USD250
250,731
5.93%, 07/20/37, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
USD6,940
6,948,457
10.73%, 01/15/35, (3-mo. CME Term
SOFR + 6.412%)(a)(b)
USD275
276,333
6.98%, 01/20/38, (3-mo. CME Term
SOFR + 2.650%)(a)(b)
USD480
482,398
8.81%, 04/20/38, (3-mo. CME Term
SOFR + 4.500%)(a)(b)
USD750
752,124
6.97%, 01/15/38, (3-mo. CME Term
SOFR + 2.650%)(a)(b)
USD1,060
1,065,296
6.76%, 04/20/38, (3-mo. CME Term
SOFR + 2.450%)(a)(b)
USD1,000
1,003,697
5.59%, 07/15/38, (3-mo. CME Term
SOFR + 1.320%)(a)(b)
USD2,000
2,005,845
9.23%, 01/20/38, (3-mo. CME Term
SOFR + 4.900%)(a)(b)
USD500
501,118
Series 2021-3A, Class A1, 5.73%,
01/15/35, (3-mo. CME Term SOFR +
1.412%)(a)(b)
USD1,000
1,002,405
Palmer Square European CLO DAC, 6.03%,
01/15/38, (3-mo. EURIBOR +
4.000%)(b)(c)
EUR372
424,964
Palmer Square European Loan
Funding DAC
5.29%, 05/15/34, (3-mo. EURIBOR +
3.150%)(b)(c)
EUR730
834,867
5.19%, 05/15/34, (3-mo. EURIBOR +
3.050%)(b)(c)
EUR850
969,800
Palmer Square Loan Funding Ltd.
5.37%, 04/15/30, (3-mo. CME Term
SOFR + 1.050%)(a)(b)
USD21
21,265
5.92%, 04/15/31, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
USD1,000
1,000,740
5.42%, 04/15/31, (3-mo. CME Term
SOFR + 1.100%)(a)(b)
USD178
177,852
5.59%, 10/15/30, (3-mo. CME Term
SOFR + 1.270%)(a)(b)
USD64
63,961
5.39%, 08/08/32, (3-mo. CME Term
SOFR + 1.080%)(a)(b)
USD3,912
3,912,044
5.96%, 08/08/32, (3-mo. CME Term
SOFR + 1.650%)(a)(b)
USD2,000
2,004,000
6.21%, 08/08/32, (3-mo. CME Term
SOFR + 1.900%)(a)(b)
USD2,200
2,204,626
7.26%, 08/08/32, (3-mo. CME Term
SOFR + 2.950%)(a)(b)
USD2,000
2,002,249
6.22%, 10/15/30, (3-mo. CME Term
SOFR + 1.900%)(a)(b)
USD4,050
4,059,829
9.22%, 10/15/32, (3-mo. CME Term
SOFR + 4.900%)(a)(b)
USD945
945,045
Schedule of Investments
24
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
9.02%, 01/15/33, (3-mo. CME Term
SOFR + 4.700%)(a)(b)
USD750
$750,034
5.72%, 04/15/31, (3-mo. CME Term
SOFR + 1.400%)(a)(b)
USD1,150
1,150,132
6.57%, 02/15/33, (3-mo. CME Term
SOFR + 2.250%)(a)(b)
USD1,000
1,000,000
6.82%, 01/15/33, (3-mo. CME Term
SOFR + 2.500%)(a)(b)
USD2,698
2,705,928
Panorama Auto Trust
4.74%, 03/15/33, (3-mo. EURIBOR +
0.810%)(b)(c)
AUD3,007
1,930,567
5.12%, 03/15/33, (1-month BB Swap +
1.350%)(c)
AUD576
369,041
Park Blue Clo Ltd., 1.00%, 10/20/38, (3-mo.
CME Term SOFR + 3.000%)(a)(b)
USD1,000
1,000,000
Park Blue CLO Ltd.
5.80%, 07/25/37, (3-mo. CME Term
SOFR + 1.480%)(a)(b)
USD2,725
2,736,605
5.47%, 04/25/38, (3-mo. CME Term
SOFR + 1.220%)(a)(b)
USD4,000
4,000,658
PARK BLUE CLO Ltd., 5.81%,
04/20/37, (3-mo. CME Term SOFR +
1.480%)(a)(b)
USD1,615
1,622,267
PCL Funding IX PLC
5.12%, 07/16/29, (1-day SONIA +
0.900%)(c)
GBP1,142
1,512,465
5.52%, 07/16/29, (1-day SONIA +
1.300%)(c)
GBP100
132,139
Peace Park CLO Ltd. Series 2021 1A,
Class A, 5.72%, 10/20/34, (3-mo. CME
Term SOFR + 1.392%)(a)(b)
USD1,237
1,239,230
Penta CLO 17 DAC, 5.39%,
08/15/38, (3-mo. EURIBOR +
3.250%)(b)(c)
EUR685
784,690
PFP Ltd., 6.17%, 09/17/39, (1-mo. CME
Term SOFR + 1.832%)(a)(b)
USD1,444
1,445,226
PFS Financing Corp.
4.90%, 08/15/27(a)
USD1,172
1,171,757
5.64%, 01/15/28, (30-day Avg SOFR +
1.300%)(a)(b)
USD2,440
2,443,915
5.54%, 04/15/28, (30-day Avg SOFR +
1.200%)(a)(b)
USD1,750
1,751,132
5.14%, 02/15/30(a)
USD8,050
8,074,156
Pikes Peak CLO 14 Ltd., 5.71%,
07/20/38, (3-mo. CME Term SOFR +
1.380%)(a)(b)
USD1,620
1,626,303
Point Au Roche Park CLO Ltd., 5.67%,
07/20/34, (3-mo. CME Term SOFR +
1.342%)(a)(b)
USD700
701,125
Point Broadband Funding LLC
5.34%, 07/20/55(a)
USD4,410
4,410,891
5.73%, 07/20/55(a)
USD2,510
2,511,819
Polus U.S. CLO II Ltd., 5.80%,
07/20/38, (3-mo. CME Term SOFR +
1.520%)(a)(b)
USD2,150
2,160,662
Pony SA Compartment German Auto Loans
2.78%, 01/14/33, (1-mo. EURIBOR +
0.850%)(b)(c)
EUR100
113,910
2.45%, 01/14/33, (1-mo. EURIBOR +
0.520%)(b)(c)
EUR1,026
1,172,448
3.13%, 01/14/33, (1-mo. EURIBOR +
1.200%)(b)(c)
EUR100
114,399
Security
Par
(000
)
Value
Post CLO Ltd., 6.23%, 04/20/35, (3-mo.
CME Term SOFR + 1.900%)(a)(b)
USD1,805
$1,808,831
Post CLO VI Ltd., 5.75%, 01/20/38, (3-mo.
CME Term SOFR + 1.420%)(a)(b)
USD1,750
1,758,033
PRET LLC
7.00%, 07/25/54(a)(d)
USD2,086
2,085,617
5.96%, 09/25/54(a)(d)
USD4,633
4,629,955
Progress Residential Trust, 3.40%,
04/17/41(a)(b)
USD2,089
1,972,026
Providus CLO II DAC, 5.23%,
10/15/38, (3-mo. EURIBOR +
3.200%)(b)(c)
EUR910
1,037,059
Providus Clo VI DAC, 5.30%,
05/20/34, (3-mo. EURIBOR +
3.200%)(b)(c)
EUR1,000
1,148,618
Quarzo Srl, 2.79%, 03/15/42, (1-month BB
Swap + 1.170%)(b)(c)
EUR1,067
1,221,195
Quarzo SRL
3.58%, 06/15/41, (3-mo. EURIBOR +
1.600%)(b)(c)
EUR246
283,619
2.77%, 06/15/41, (3-mo. EURIBOR +
0.790%)(b)(c)
EUR932
1,065,199
4.28%, 06/15/41, (3-mo. EURIBOR +
2.300%)(b)(c)
EUR82
94,408
Race Point IX CLO Ltd., 5.52%,
10/15/30, (3-mo. CME Term SOFR +
1.202%)(a)(b)
USD93
92,758
Rad CLO 10 Ltd.
5.98%, 04/23/34, (3-mo. CME Term
SOFR + 1.662%)(a)(b)
USD250
250,009
5.75%, 04/23/34, (3-mo. CME Term
SOFR + 1.432%)(a)(b)
USD3,510
3,515,253
Rad CLO 18 Ltd., 5.72%, 07/15/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
USD1,000
1,003,021
RAD CLO 21 Ltd., 6.12%, 01/25/37, (3-mo.
CME Term SOFR + 1.800%)(a)(b)
USD3,120
3,125,154
Rad CLO 22 Ltd., 6.16%, 01/20/37, (3-mo.
CME Term SOFR + 1.830%)(a)(b)
USD1,890
1,897,719
Rad CLO 24 Ltd., 6.33%, 07/20/37, (3-mo.
CME Term SOFR + 2.000%)(a)(b)
USD1,000
1,004,737
Rad CLO 25 Ltd., 5.79%, 07/20/37, (3-mo.
CME Term SOFR + 1.460%)(a)(b)
USD2,000
2,008,008
RAD CLO 27 Ltd., 5.64%, 01/15/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
USD1,000
1,002,798
RAD CLO 28 Ltd., 7.06%, 04/20/38, (3-mo.
CME Term SOFR + 2.800%)(a)(b)
USD750
756,000
Rad CLO 4 Ltd., 5.55%, 04/25/32, (3-mo.
CME Term SOFR + 1.230%)(a)(b)
USD625
625,185
Rad CLO 5 Ltd., 5.70%, 07/24/32, (3-mo.
CME Term SOFR + 1.382%)(a)(b)
USD1,237
1,238,395
Rad CLO 6 Ltd., 5.72%, 10/20/37, (3-mo.
CME Term SOFR + 1.390%)(a)(b)
USD3,000
3,010,494
Rad CLO 7 Ltd., 5.63%, 04/17/36, (3-mo.
CME Term SOFR + 1.350%)(a)(b)
USD1,500
1,502,250
Recette CLO Ltd., 5.67%, 04/20/34, (3-mo.
CME Term SOFR + 1.342%)(a)(b)
USD2,280
2,283,460
Red & Black Auto Italy SRL
2.71%, 07/28/36, (1-mo. EURIBOR +
0.810%)(b)(c)
EUR843
965,042
3.00%, 07/28/36, (1-mo. EURIBOR +
1.100%)(b)(c)
EUR100
114,336
25
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Regatta 30 Funding Ltd., 5.64%,
01/25/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD3,000
$3,007,500
Regatta 31 Funding Ltd.
5.40%, 03/25/38, (3-mo. CME Term
SOFR + 1.170%)(a)(b)
USD2,590
2,587,850
5.83%, 03/25/38, (3-mo. CME Term
SOFR + 1.600%)(a)(b)
USD1,075
1,076,108
7.03%, 03/25/38, (3-mo. CME Term
SOFR + 2.800%)(a)(b)
USD2,000
2,002,938
Regatta VI Funding Ltd., 5.75%,
04/20/34, (3-mo. CME Term SOFR +
1.422%)(a)(b)
USD2,000
2,003,242
Regatta XI Funding Ltd., 5.68%,
07/17/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
USD2,000
2,006,243
Regatta XII Funding Ltd., 5.71%,
10/15/37, (3-mo. CME Term SOFR +
1.390%)(a)(b)
USD3,540
3,553,196
Regatta XVII Funding Ltd., 5.70%,
10/15/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
USD3,900
3,913,350
Regatta XVIII Funding Ltd.
5.87%, 04/15/38, (3-mo. CME Term
SOFR + 1.550%)(a)(b)
USD2,855
2,858,281
5.48%, 04/15/38, (3-mo. CME Term
SOFR + 1.160%)(a)(b)
USD3,200
3,196,960
Regatta XXIV Funding Ltd., 5.65%,
01/20/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
USD3,000
3,008,983
Regatta XXV Funding Ltd., 5.67%,
07/15/38, (5-year CMT + 3.228%)(a)(b)
USD2,000
2,006,400
Regatta XXVIII Funding Ltd., 5.87%,
04/25/37, (3-mo. CME Term SOFR +
1.550%)(a)(b)
USD750
753,239
Regional Management Issuance Trust
3.07%, 03/15/32(a)
USD515
511,417
1.68%, 03/17/31(a)
USD92
91,569
1.90%, 08/15/33(a)
USD4,477
4,262,953
2.42%, 03/17/31(a)
USD400
398,594
2.35%, 08/15/33(a)
USD1,710
1,579,665
3.71%, 03/15/32(a)
USD1,080
1,065,846
5.83%, 07/15/36(a)
USD1,371
1,395,088
7.46%, 07/15/36(a)
USD3,844
3,974,064
5.49%, 12/15/33(a)
USD1,033
1,038,642
5.74%, 12/15/33(a)
USD3,736
3,755,219
6.33%, 12/15/33(a)
USD750
753,026
5.53%, 04/17/34(a)
USD2,797
2,820,665
Republic Finance Issuance Trust
2.30%, 12/22/31(a)
USD2,486
2,473,049
3.53%, 12/22/31(a)
USD5,550
5,415,324
5.91%, 08/20/32(a)
USD4,124
4,170,860
6.47%, 08/20/32(a)
USD1,801
1,836,894
5.42%, 11/20/37(a)
USD7,613
7,691,245
5.86%, 11/20/37(a)
USD3,630
3,671,742
7.28%, 08/20/32(a)
USD1,665
1,703,323
Riverbank Park Clo Ltd., 9.12%,
01/25/38, (3-mo. CME Term SOFR +
4.800%)(a)(b)
USD1,000
1,004,651
Rockford Tower CLO Ltd.
5.78%, 10/20/30, (3-mo. CME Term
SOFR + 1.452%)(a)(b)
USD380
380,861
Security
Par
(000
)
Value
5.75%, 07/20/34, (3-mo. CME Term
SOFR + 1.422%)(a)(b)
USD550
$551,100
5.75%, 10/20/31, (3-mo. CME Term
SOFR + 1.422%)(a)(b)
USD120
120,032
5.60%, 10/15/29, (3-mo. CME Term
SOFR + 1.282%)(a)(b)
USD27
26,908
Rockford Tower Europe CLO DAC, 5.21%,
10/25/37, (3-mo. EURIBOR +
3.000%)(b)(c)
EUR1,980
2,272,757
Rockland Park CLO Ltd., 10.84%,
04/20/34, (3-mo. CME Term SOFR +
6.512%)(a)(b)
USD1,000
1,000,000
RR 16 Ltd., 5.69%, 07/15/36, (3-mo. CME
Term SOFR + 1.372%)(a)(b)
USD250
250,481
RR 18 Ltd., 6.18%, 10/15/34, (3-mo. CME
Term SOFR + 1.862%)(a)(b)
USD2,500
2,505,519
RR 19 Ltd.
5.50%, 04/15/40, (3-mo. CME Term
SOFR + 1.180%)(a)(b)
USD1,630
1,629,664
5.87%, 04/15/40, (3-mo. CME Term
SOFR + 1.550%)(a)(b)
USD750
751,125
RR 20 Ltd., 5.31%, 07/15/37, (1-day SONIA
+ 0.880%)(a)(b)
USD2,000
2,001,582
RR 32 Ltd., 5.68%, 10/15/39, (3-mo. CME
Term SOFR + 1.360%)(a)(b)
USD250
250,751
RR 38 Ltd.
5.47%, 04/15/40, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD1,125
1,123,919
5.82%, 04/15/40, (3-mo. CME Term
SOFR + 1.500%)(a)(b)
USD750
750,328
RR 8 Ltd., 5.67%, 07/15/37, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
USD2,045
2,050,106
RR15 Ltd., 6.03%, 04/15/36, (3-mo. CME
Term SOFR + 1.712%)(a)(b)
USD300
300,434
Sandstone Peak II Ltd., 5.74%,
07/20/38, (3-mo. CME Term SOFR +
1.410%)(a)(b)
USD1,000
1,004,275
Sandstone Peak Ltd., 6.15%,
10/15/34, (3-mo. CME Term SOFR +
1.830%)(a)(b)
USD2,000
2,003,826
SC Germany SA Compartment Consumer
3.63%, 05/14/38, (1-mo. EURIBOR +
1.700%)(b)(c)
EUR100
115,042
3.33%, 05/14/38, (1-mo. EURIBOR +
1.400%)(b)(c)
EUR100
115,047
2.63%, 05/14/38(c)
EUR934
1,067,406
3.03%, 05/14/38, (1-mo. EURIBOR +
1.100%)(b)(c)
EUR600
687,702
3.13%, 12/14/38, (1-mo. EURIBOR +
1.200%)(b)(c)
EUR100
114,986
3.68%, 12/14/38, (1-mo. EURIBOR +
1.750%)(b)(c)
EUR100
115,158
2.88%, 12/14/38, (1-mo. EURIBOR +
0.950%)(b)(c)
EUR400
457,279
SCF Rahoituspalvelut XIII DAC
2.49%, 06/25/34, (1-mo. EURIBOR +
0.580%)(b)(c)
EUR390
445,220
2.91%, 06/25/34, (1-mo. EURIBOR +
1.000%)(b)(c)
EUR100
114,387
3.31%, 06/25/34, (1-mo. EURIBOR +
1.400%)(b)(c)
EUR100
114,754
Schedule of Investments
26
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Service Experts Issuer LLC
2.67%, 02/02/32(a)
USD27
$26,640
6.39%, 11/20/35(a)
USD919
930,492
Sesac Finance LLC, 5.50%, 07/25/55(a)
USD3,866
3,801,183
Shackleton CLO Ltd.
5.58%, 04/13/31, (3-mo. CME Term
SOFR + 1.262%)(a)(b)
USD326
326,198
6.24%, 08/15/30, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
USD250
250,250
Signal Peak CLO 11 Ltd., 5.78%,
07/18/37, (3-mo. CME Term SOFR +
1.450%)(a)(b)
USD1,000
1,003,580
Signal Peak CLO 14 Ltd., 5.63%,
01/22/38, (3-mo. CME Term SOFR +
1.300%)(a)(b)
USD4,420
4,428,832
Signal Peak CLO 7 Ltd., 5.75%,
10/20/37, (3-mo. CME Term SOFR +
1.420%)(a)(b)
USD1,000
1,003,813
Signal Peak CLO 8 Ltd., 5.72%,
10/20/37, (3-mo. CME Term SOFR +
1.390%)(a)(b)
USD3,300
3,313,367
Silver Point CLO 11 Ltd, 1.00%,
07/15/38, (5-year EUR Swap +
3.914%)(a)(b)
USD2,000
1,996,377
Silver Point CLO 4 Ltd., 5.95%,
04/15/37, (3-mo. CME Term SOFR +
1.630%)(a)(b)
USD2,000
2,007,869
Silver Point CLO 7 Ltd., 5.68%,
01/15/38, (3-mo. CME Term SOFR +
1.360%)(a)(b)
USD3,170
3,181,882
Silver Point CLO 8 Ltd.
5.43%, 04/15/38, (3-mo. CME Term
SOFR + 1.210%)(a)(b)
USD3,000
2,999,998
9.37%, 04/15/38, (3-mo. CME Term
SOFR + 5.150%)(a)(b)
USD1,000
1,009,111
Sixth Street CLO XIII Ltd., 5.55%,
01/21/38, (3-mo. CME Term SOFR +
1.220%)(a)(b)
USD1,000
1,000,883
Sixth Street CLO XIV Ltd.
5.83%, 01/20/38, (3-mo. CME Term
SOFR + 1.500%)(a)(b)
USD3,735
3,734,576
5.48%, 01/20/38, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD5,200
5,195,071
Sixth Street CLO XIX Ltd0.00% 07/17/38
USD500
500,000
Sixth Street CLO XIX Ltd., 6.29%,
07/20/34, (3-mo. CME Term SOFR +
1.962%)(a)(b)
USD500
500,000
Sixth Street CLO XVII Ltd., 5.43%,
04/17/38, (3-mo. CME Term SOFR +
1.150%)(a)(b)
USD1,750
1,748,690
Sixth Street CLO XX Ltd., 5.91%,
07/17/38, (3-mo. CME Term SOFR +
1.650%)(a)(b)
USD250
250,415
SLM Private Credit Student Loan Trust
4.82%, 12/16/41, (3-mo. CME Term
SOFR + 0.502%)(b)
USD341
333,284
5.01%, 09/15/33, (3-mo. CME Term
SOFR + 0.692%)(b)
USD210
207,363
Series 2004-A, Class A3, 4.98%,
06/15/33, (3-mo. CME Term SOFR +
0.662%)(b)
USD240
239,354
Security
Par
(000
)
Value
Series 2005-A, Class A4, 4.89%,
12/15/38, (3-mo. CME Term SOFR +
0.572%)(b)
USD1,265
$1,248,750
Series 2006-A, Class A5, 4.87%,
06/15/39, (3-mo. CME Term SOFR +
0.552%)(b)
USD76
72,727
SLM Private Education Loan Trust, 9.21%,
10/15/41, (1-mo. CME Term SOFR +
4.864%)(a)(b)
USD2,454
2,569,240
SMB Private Education Loan Trust
3.44%, 07/15/36(a)
USD92
90,766
2.76%, 07/15/53(a)
USD1,016
906,255
2.31%, 01/15/53(a)
USD3,271
3,178,510
5.26%, 01/15/53, (1-mo. CME Term
SOFR + 0.914%)(a)(b)
USD1,584
1,567,087
2.30%, 01/15/53(a)
USD1,219
1,177,003
5.79%, 02/16/55, (30-day Avg SOFR +
1.450%)(a)(b)
USD1,264
1,275,182
5.46%, 06/15/37, (1-mo. CME Term
SOFR + 1.114%)(a)(b)
USD485
485,545
4.48%, 05/16/50(a)
USD831
821,814
1.59%, 01/15/53(a)
USD5,403
4,945,481
6.14%, 10/16/56, (30-day Avg SOFR +
1.800%)(a)(b)
USD2,554
2,605,040
2.84%, 06/15/37(a)
USD170
165,877
1.34%, 03/17/53(a)
USD120
111,968
2.23%, 09/15/37(a)
USD104
99,720
5.21%, 10/15/35, (1-mo. CME Term
SOFR + 0.864%)(a)(b)
USD63
62,995
5.67%, 11/15/52(a)
USD1,895
1,932,148
5.89%, 11/15/52, (30-day Avg SOFR +
1.550%)(a)(b)
USD4,333
4,374,149
5.29%, 09/15/37, (1-mo. CME Term
SOFR + 0.945%)(a)(b)
USD1,042
1,041,453
5.18%, 01/15/37, (1-mo. CME Term
SOFR + 0.834%)(a)(b)
USD133
132,787
3.50%, 09/15/43(a)
USD18
17,993
3.50%, 06/17/41(a)
USD100
98,374
0.00%, 01/15/53, (1-mo. CME Term
SOFR + 0.844%)(a)(b)
USD2,000
1,976,684
3.50%, 02/15/36(a)
USD24
23,294
5.33%, 07/15/36, (1-mo. CME Term
SOFR + 0.984%)(a)(b)
USD709
708,791
5.32%, 09/15/54, (1-mo. CME Term
SOFR + 0.964%)(a)(b)
USD528
526,318
2.50%, 09/15/54(a)
USD380
334,620
5.84%, 01/15/53, (30-day Avg SOFR +
1.500%)(a)(b)
USD1,567
1,577,482
1.07%, 01/15/53(a)
USD1,124
1,017,197
5.56%, 07/15/53, (1-mo. CME Term
SOFR + 1.214%)(a)(b)
USD173
173,338
5.79%, 03/15/56, (30-day Avg SOFR +
1.450%)(a)(b)
USD9,114
9,229,959
5.88%, 03/15/56(a)
USD669
682,981
5.32%, 09/15/54, (1-mo. CME Term
SOFR + 0.964%)(a)(b)
USD3,234
3,210,599
5.26%, 02/15/36, (1-mo. CME Term
SOFR + 0.914%)(a)(b)
USD130
129,682
6.15%, 10/15/58(a)
USD1,501
1,538,616
5.24%, 03/15/56(a)
USD2,022
2,048,933
1.39%, 01/15/53(a)
USD231
209,928
27
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
5.44%, 06/17/52, (30-day Avg SOFR +
1.100%)(a)(b)
USD1,704
$1,703,749
3.25%, 11/16/54(a)
USD459
420,966
5.09%, 05/16/50(a)
USD5,072
4,857,311
3.00%, 08/15/45(a)
USD3,600
3,273,029
5.44%, 07/15/53, (30-day Avg SOFR +
1.100%)(a)(b)
USD440
439,998
3.56%, 06/15/43(a)
USD9,155
8,699,155
Series 2017-A, Class A2B, 5.36%,
09/15/34, (1-mo. CME Term SOFR +
1.014%)(a)(b)
USD6
6,125
SoFi Consumer Loan Program Trust
4.80%, 02/27/34(a)
USD8,133
8,141,816
5.12%, 02/27/34(a)
USD4,393
4,415,464
SoFi Personal Loan Trust
6.00%, 11/12/30(a)
USD57
57,619
6.06%, 02/12/31(a)
USD577
578,928
Sofi Professional Loan Program LLC
3.09%, 08/17/48(a)
USD845
825,474
2.95%, 02/25/42(a)
USD129
128,184
SoFi Professional Loan Program LLC
3.59%, 01/25/48(a)
USD21
20,646
3.12%, 05/15/46(a)
USD365
310,334
3.36%, 02/15/46(a)
USD537
449,900
1.95%, 02/15/46(a)
USD1,834
1,708,975
1.14%, 02/15/47(a)
USD1,641
1,421,314
SoFi Professional Loan Program Trust
2.17%, 05/15/46(a)
USD1,463
1,371,170
2.73%, 05/15/46(a)
USD1,350
1,115,400
Sona Fios CLO III DAC, 5.27%,
04/20/37, (3-mo. EURIBOR +
3.250%)(b)(c)
EUR1,800
2,050,132
Sona Fios CLO V DAC, 1.00%,
08/25/38, (3-mo. EURIBOR +
3.300%)(b)(c)
EUR1,200
1,369,439
Sound Point CLO V-R Ltd.
5.74%, 07/18/31, (3-mo. CME Term
SOFR + 1.412%)(a)(b)
USD446
446,047
6.34%, 07/18/31, (3-mo. CME Term
SOFR + 2.012%)(a)(b)
USD1,000
1,002,623
Sound Point CLO XXV Ltd., 5.60%,
04/25/33, (3-mo. CME Term SOFR +
1.280%)(a)(b)
USD870
870,838
Sound Point CLO XXXII Ltd., 5.73%,
10/25/34, (3-mo. CME Term SOFR +
1.412%)(a)(b)
USD3,000
3,005,028
Sounds Point CLO IV-R Ltd., 5.74%,
04/18/31, (3-mo. CME Term SOFR +
1.412%)(a)(b)
USD4,664
4,669,131
STAR Trust, 6.79%, 02/17/42, (1-mo. CME
Term SOFR + 2.450%)(a)(b)
USD1,667
1,666,667
Stream Innovations Issuer Trust, 5.05%,
09/15/45(a)
USD1,988
1,990,991
Subway Funding LLC, 6.03%, 07/30/54(a)
USD1,104
1,117,483
Sycamore Tree CLO Ltd.
5.75%, 04/20/36, (3-mo. CME Term
SOFR + 1.420%)(a)(b)
USD1,000
1,001,954
5.98%, 04/20/37, (3-mo. CME Term
SOFR + 1.650%)(a)(b)
USD1,000
1,004,255
6.48%, 04/20/37, (3-mo. CME Term
SOFR + 2.150%)(a)(b)
USD1,000
1,006,028
Security
Par
(000
)
Value
Symphony CLO 40 Ltd., 5.63%,
01/05/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
USD2,000
$2,005,317
Symphony CLO 44 Ltd., 10.47%,
07/14/37, (3-mo. CME Term SOFR +
6.150%)(a)(b)
USD1,000
1,013,373
Symphony CLO XIX Ltd., 5.54%,
04/16/31, (3-mo. CME Term SOFR +
1.222%)(a)(b)
USD780
780,732
Symphony CLO XVI Ltd., 5.52%,
10/15/31, (3-mo. CME Term SOFR +
1.200%)(a)(b)
USD2,743
2,743,209
Symphony CLO XX Ltd., 5.87%,
01/16/32, (3-mo. CME Term SOFR +
1.550%)(a)(b)
USD1,000
1,000,104
Symphony CLO XXVI Ltd., 5.67%,
04/20/33, (3-mo. CME Term SOFR +
1.342%)(a)(b)
USD1,510
1,510,583
Symphony CLO XXXIII Ltd., 5.58%,
01/24/38, (3-mo. CME Term SOFR +
1.260%)(a)(b)
USD1,000
1,001,316
TAGUS - Sociedade de Titularizacao de
Creditos SA/Silk Finance No. 6
3.75%, 12/25/39, (3-mo. EURIBOR +
1.700%)(b)(c)
EUR100
114,524
3.25%, 12/25/39, (3-mo. EURIBOR +
1.200%)(b)(c)
EUR300
342,392
TAGUS-Sociedade de Titularizacao de
Creditos SA/Vasco Finance No. 2
4.51%, 10/27/42, (1-mo. EURIBOR +
2.600%)(b)(c)
EUR100
115,755
3.71%, 10/27/42, (1-mo. EURIBOR +
1.800%)(b)(c)
EUR100
115,213
5.91%, 10/27/42, (1-mo. EURIBOR +
4.000%)(b)(c)
EUR100
115,268
TCI-Symphony CLO Ltd.
5.60%, 10/13/32, (3-mo. CME Term
SOFR + 1.282%)(a)(b)
USD1,525
1,526,279
5.51%, 07/15/30, (3-mo. CME Term
SOFR + 1.192%)(a)(b)
USD308
307,689
TCW CLO Ltd., 5.60%, 01/20/38, (3-mo.
CME Term SOFR + 1.270%)(a)(b)
USD750
751,393
Texas Debt Capital CLO Ltd.
10.33%, 04/22/37, (3-mo. CME Term
SOFR + 6.000%)(a)(b)
USD2,000
2,022,497
7.07%, 07/20/38, (3-mo. CME Term
SOFR + 2.750%)(a)(b)
USD3,000
3,019,078
Texas Debt Capital Euro CLO DAC, 5.64%,
07/16/38, (3-mo. EURIBOR +
3.600%)(b)(c)
EUR828
946,666
Thayer Park CLO Ltd., 5.63%,
04/20/34, (3-mo. CME Term SOFR +
1.302%)(a)(b)
USD1,000
1,000,809
TIAA CLO IV Ltd., 6.08%, 01/20/32, (3-mo.
CME Term SOFR + 1.750%)(a)(b)
USD1,240
1,242,465
TICP CLO VI Ltd., 5.70%, 01/15/34, (3-mo.
CME Term SOFR + 1.382%)(a)(b)
USD250
250,445
TICP CLO VII Ltd., 6.22%, 04/15/33, (3-mo.
CME Term SOFR + 1.900%)(a)(b)
USD1,000
1,002,107
TICP CLO XI Ltd., 5.85%, 04/25/37, (3-mo.
CME Term SOFR + 1.530%)(a)(b)
USD400
401,661
Schedule of Investments
28
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Tikehau CLO VI DAC, 5.63%,
01/15/35, (3-mo. EURIBOR +
3.600%)(b)(c)
EUR1,000
$1,147,442
Tikehau CLO XII DAC, 5.27%,
10/20/38, (3-mo. EURIBOR +
3.250%)(b)(c)
EUR1,300
1,497,135
Towd Point Mortgage Trust, 5.80%,
01/25/65(a)(d)
USD5,469
5,487,337
Trestles CLO II Ltd., 5.89%,
07/25/37, (3-mo. CME Term SOFR +
1.570%)(a)(b)
USD750
753,699
Trestles CLO III Ltd., 10.43%,
10/20/37, (3-mo. CME Term SOFR +
6.100%)(a)(b)
USD1,000
1,014,492
Trestles CLO IV Ltd., 5.76%,
07/21/34, (3-mo. CME Term SOFR +
1.432%)(a)(b)
USD2,580
2,586,581
Trestles CLO VI Ltd., 5.50%,
04/25/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
USD5,670
5,668,073
Trestles CLO VII Ltd., 5.70%,
10/25/37, (3-mo. CME Term SOFR +
1.380%)(a)(b)
USD1,000
1,003,367
Trestles CLO VIII Ltd., 5.63%,
06/11/35, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD1,250
1,252,449
TREVA Equipment Finance SA -
Compartment
2.80%, 01/20/35, (1-mo. EURIBOR +
0.900%)(b)(c)
EUR97
110,308
2.54%, 01/20/35, (1-mo. EURIBOR +
0.640%)(b)(c)
EUR484
552,137
Tricon Residential Trust
4.75%, 04/17/41(a)
USD1,818
1,795,245
4.50%, 08/17/41(a)
USD1,373
1,357,487
Trimaran Cavu Ltd., 7.83%, 10/25/34, (3-mo.
CME Term SOFR + 3.512%)(a)(b)
USD1,500
1,511,829
Trimaran CAVU Ltd.
5.73%, 10/22/37, (3-mo. CME Term
SOFR + 1.400%)(a)(b)
USD4,000
4,014,430
5.70%, 01/25/38, (3-mo. CME Term
SOFR + 1.380%)(a)(b)
USD4,000
4,014,600
10.57%, 01/25/38, (3-mo. CME Term
SOFR + 6.250%)(a)(b)
USD3,750
3,813,519
5.57%, 03/27/38, (3-mo. CME Term
SOFR + 1.240%)(a)(b)
USD2,000
2,001,539
Trinitas CLO VI Ltd., 5.65%,
01/25/34, (3-mo. CME Term SOFR +
1.330%)(a)(b)
USD255
255,271
Trinitas CLO VII Ltd., 5.38%,
01/25/35, (3-mo. CME Term SOFR +
1.060%)(a)(b)
USD3,000
2,997,600
Trinitas CLO XIV Ltd., 5.66%,
01/25/34, (3-mo. CME Term SOFR +
1.340%)(a)(b)
USD2,405
2,407,840
Trinitas CLO XVI Ltd., 5.77%,
07/20/34, (3-mo. CME Term SOFR +
1.442%)(a)(b)
USD3,430
3,439,299
Trinitas CLO XVIII Ltd., 5.55%,
01/20/35, (3-mo. CME Term SOFR +
1.220%)(a)(b)
USD1,000
1,000,000
Security
Par
(000
)
Value
Trinitas CLO XXX Ltd., 11.22%,
10/23/37, (3-mo. CME Term SOFR +
6.900%)(a)(b)
USD1,500
$1,532,453
Trinitas CLO XXXII Ltd., 1.00%,
07/23/38, (3-mo. CME Term SOFR +
5.800%)(a)(b)
USD750
750,000
Trinitas CLO XXXIII Ltd., 10.27%,
07/22/38(a)
USD2,000
1,999,838
TSTAT Ltd., 5.48%, 07/20/37, (3-mo. CME
Term SOFR + 1.150%)(a)(b)
USD494
494,111
Upgrade Master Pass-Thru Trust Series,
5.50%, 08/16/32(a)
USD1,938
1,933,908
Valley Stream Park CLO Ltd., 6.18%,
01/20/37, (3-mo. CME Term SOFR +
1.850%)(a)(b)
USD5,840
5,851,835
Vantage Data Centers Germany Borrower
Lux Sarl, 4.29%, 06/28/50(c)
EUR597
686,300
Vantage Data Centers Jersey Borrower Spv
Ltd., 6.17%, 05/28/39(c)
GBP480
650,379
Verizon Master Trust, 4.83%, 12/22/31(a)
USD345
350,177
Victory Street CLO I DAC, 5.48%,
01/15/38, (3-mo. EURIBOR +
3.450%)(b)(c)
EUR1,250
1,440,950
Vista Point Securitization Trust, 6.68%,
05/25/54(a)(d)
USD1,667
1,683,220
Voya CLO Ltd.
6.19%, 10/17/32, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
USD250
250,851
6.48%, 10/20/36, (3-mo. CME Term
SOFR + 2.150%)(a)(b)
USD400
401,666
5.58%, 07/15/31, (3-mo. CME Term
SOFR + 1.262%)(a)(b)
USD93
93,073
5.52%, 10/15/31, (3-mo. CME Term
SOFR + 1.200%)(a)(b)
USD3,219
3,219,603
5.53%, 07/20/32, (3-mo. CME Term
SOFR + 1.200%)(a)(b)
USD3,396
3,399,310
5.48%, 10/20/31, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD1,543
1,542,363
5.48%, 10/18/31, (3-mo. CME Term
SOFR + 1.150%)(a)(b)
USD1,055
1,054,493
5.52%, 04/18/31, (3-mo. CME Term
SOFR + 1.252%)(a)(b)
USD1,114
1,114,527
5.89%, 04/19/31, (3-mo. CME Term
SOFR + 1.562%)(a)(b)
USD1,050
1,052,097
5.55%, 04/25/31, (3-mo. CME Term
SOFR + 1.232%)(a)(b)
USD267
267,581
5.54%, 04/19/31, (3-mo. CME Term
SOFR + 1.212%)(a)(b)
USD332
331,935
5.69%, 10/15/37, (3-mo. CME Term
SOFR + 1.370%)(a)(b)
USD5,000
5,016,595
5.64%, 01/20/38, (3-mo. CME Term
SOFR + 1.310%)(a)(b)
USD1,000
1,003,000
Voya Euro CLO IV DAC, 5.13%,
10/15/34, (3-mo. EURIBOR +
3.100%)(b)(c)
EUR500
571,623
Voya Ltd. Series 2012-4, , 5.58%,
10/15/30, (3-mo. CME Term SOFR +
1.262%)(a)(b)
USD42
41,911
Warwick Capital CLO 1 Ltd., 6.43%,
10/20/36, (3-mo. CME Term SOFR +
2.100%)(a)(b)
USD2,000
2,012,001
29
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Warwick Capital CLO 5 Ltd., 5.69%,
01/20/38, (3-mo. CME Term SOFR +
1.360%)(a)(b)
USD500
$501,895
Warwick Capital CLO 6 Ltd., 5.70%,
07/20/38, (3-mo. CME Term SOFR +
1.430%)(a)(b)
USD1,620
1,626,857
Wellfleet CLO Ltd., 5.74%, 07/15/37, (3-mo.
CME Term SOFR + 1.420%)(a)(b)
USD2,000
2,006,516
Wellington Management CLO 4 Ltd., 5.43%,
04/18/38, (3-mo. CME Term SOFR +
1.150%)(a)(b)
USD3,500
3,496,995
Whitebox CLO I Ltd.
5.64%, 07/24/36, (3-mo. CME Term
SOFR + 1.320%)(a)(b)
USD4,435
4,441,652
8.57%, 07/24/36, (3-mo. CME Term
SOFR + 4.250%)(a)(b)
USD1,960
1,973,073
Whitebox CLO II Ltd.
5.70%, 10/24/37, (3-mo. CME Term
SOFR + 1.380%)(a)(b)
USD1,750
1,755,495
6.07%, 10/24/37, (3-mo. CME Term
SOFR + 1.750%)(a)(b)
USD250
250,259
Whitebox CLO III Ltd.
7.17%, 10/15/35, (3-mo. CME Term
SOFR + 2.850%)(a)(b)
USD750
752,821
9.97%, 10/15/35, (3-mo. CME Term
SOFR + 5.650%)(a)(b)
USD1,500
1,512,754
Whitebox Clo V Ltd., 1.00%,
07/20/38, (3-mo. CME Term SOFR +
1.700%)(a)(b)
USD1,000
997,589
Wildwood Park CLO Ltd.
5.69%, 10/20/37, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
USD3,000
3,010,590
10.08%, 10/20/37, (3-mo. CME Term
SOFR + 5.750%)(a)(b)
USD1,000
1,017,410
Wireless PropCo Funding LLC, 8.51%,
06/25/55(a)
USD9,225
9,291,172
Total Asset-Backed Securities — 15.3%
(Cost: $1,629,221,305)
1,638,492,850
Collateralized Mortgage Obligations
Asset-Backed Securities — 0.4%
Domi BV, 2.74%, 04/16/57, (3-mo.
EURIBOR + 0.710%)(b)(c)
EUR1,552
1,773,678
Edenbrook Mortgage Funding PLC, 5.11%,
03/22/57, (1-day SONIA + 0.870%)(b)(c)
GBP557
738,567
FIGRE Trust
5.72%, 12/25/54(a)(b)
USD7,018
7,063,080
5.75%, 07/25/53(a)(b)
USD6,206
6,238,997
Hops Hill NO 5 PLC
5.22%, 06/21/56, (1-day SONIA +
1.450%)(b)(c)
GBP249
329,054
5.67%, 06/21/56, (1-day SONIA +
0.730%)(b)(c)
GBP100
132,149
Hops Hill No. 5 PLC, 4.95%, 06/21/56,
(1-day SONIA + 1.500%)(b)(c)
GBP897
1,186,032
London Bridge Mortgages PLC
5.27%, 03/20/67, (5-year EURIBOR ICE
Swap + 4.235%)(b)(c)
GBP310
412,190
5.62%, 03/20/67, (1-day SONIA +
1.050%)(b)(c)
GBP100
132,948
Security
Par
(000
)
Value
Asset-Backed Securities (continued)
London Wall Mortgage Capital PLC
5.73%, 05/15/57, (1-day SONIA +
1.500%)(c)
GBP379
$501,666
6.23%, 05/15/57, (1-day SONIA +
2.000%)(c)
GBP282
372,663
RCKT Mortgage Trust
5.49%, 11/25/44(a)(d)
USD5,900
5,898,229
6.59%, 05/25/44(a)(b)
USD1,450
1,466,937
Towd Point Mortgage Trust
5.12%, 09/25/64(a)(d)
USD4,053
4,029,172
5.17%, 09/25/64(a)(d)
USD3,000
2,974,031
Tower Bridge Funding PLC, 5.33%,
12/20/66, (1-day SONIA + 1.100%)(c)
GBP333
440,696
Vista Point Securitization Trust Series,
5.25%, 10/25/54(a)(d)
USD6,536
6,503,296
 
40,193,385
Financial — 0.0%
Taurus 2025-4 UK DAC, 6.17%, 08/18/35(c)
GBP129
170,364
Mortgage Securities — 0.4%
1301 Trust, 8.37%, 08/11/30(a)
USD10,595
10,595,000
Durst Commercial Mortgage Trust
1.00%, 08/10/42(a)
USD4,125
4,125,000
5.32%, 08/10/42(a)
USD3,861
3,861,000
PENN Commercial Mortgage Trust
2025-P11
5.52%, 08/10/42(a)
USD6,364
6,382,161
6.56%, 08/10/42(a)
USD3,076
3,069,534
PRPM 2025-NQM3 Trust
5.61%, 05/25/70(a)
USD11,753
11,746,119
6.86%, 05/25/70(a)
USD1,218
1,208,281
SCG Commercial Mortgage Trust 2025,
7.10%, 08/15/30(a)
USD1,259
1,259,000
Think Tank Commercial Series 2025, 1.00%,
12/10/57(c)
AUD1,720
1,104,595
 
43,350,690
Mortgage-Backed Securities — 20.8%
1345T
5.94%, 06/15/30, (1-mo. CME Term
SOFR + 1.600%)(a)(b)
USD13,575
13,595,872
8.84%, 06/15/30, (1-mo. CME Term
SOFR + 4.500%)(a)(b)
USD11,711
11,710,831
2023-MIC Trust (The), 8.44%, 12/05/38(a)(b)
USD6,040
6,534,213
280 Park Avenue Mortgage Trust, Series
2017-280P, Class A, 5.52%, 09/15/34,
(1-mo. CME Term SOFR + 1.180%)(a)(b)
USD2,941
2,919,102
A&D Mortgage Trust
5.46%, 08/25/69(a)
USD1,521
1,518,325
5.70%, 11/25/69(a)
USD6,205
6,211,048
5.79%, 06/25/70(a)(b)
USD4,640
4,650,075
6.20%, 02/25/69(a)(d)
USD688
690,197
ACRA Trust, 5.61%, 10/25/64(a)(d)
USD6,449
6,437,582
ADMT, 5.67%, 01/25/70(a)(b)
USD9,295
9,300,693
ALA Trust, 6.04%, 06/15/40, (1-mo. CME
Term SOFR + 1.743%)(a)(b)
USD7,577
7,619,621
Alternative Loan Trust, 7.09%, 02/25/35,
(1-mo. CME Term SOFR + 2.739%)(b)
USD3,623
3,461,674
Angel Oak Mortgage Trust
0.99%, 04/25/66(a)(b)
USD3,818
3,249,127
1.19%, 04/25/66(a)(b)
USD242
206,979
1.31%, 07/25/66(a)(b)
USD1,422
1,225,675
Schedule of Investments
30
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
1.45%, 04/25/66(a)(b)
USD2,532
$2,181,482
1.47%, 06/25/65(a)(b)
USD183
174,248
2.04%, 06/25/65(a)(b)
USD400
383,130
2.88%, 12/25/66(a)(d)
USD1,555
1,436,306
3.35%, 01/25/67(a)(b)
USD575
541,434
3.86%, 01/26/65(a)(b)
USD81
78,180
3.86%, 01/25/67(a)(b)
USD2,140
1,965,907
4.12%, 01/25/67(a)(b)
USD7,949
7,285,611
4.75%, 09/26/67(a)(d)
USD4,478
4,429,298
4.80%, 11/26/68(a)(d)
USD2,554
2,519,803
5.14%, 09/25/69(a)(d)
USD6,694
6,637,261
5.21%, 08/25/68(a)(d)
USD1,172
1,162,972
5.35%, 10/25/69(a)(d)
USD7,064
7,024,930
5.41%, 07/25/70(a)
USD7,712
7,706,011
5.46%, 12/26/69(a)(b)
USD5,322
5,318,463
5.57%, 04/25/70(a)(d)
USD11,477
11,466,006
5.64%, 02/25/70(a)(d)
USD4,236
4,231,333
5.65%, 10/25/69(a)(d)
USD12,809
12,793,923
5.69%, 01/25/70(a)(d)
USD3,632
3,632,479
5.70%, 08/25/69(a)(d)
USD3,143
3,143,845
5.99%, 01/25/69(a)(d)
USD1,521
1,524,810
6.20%, 01/25/69(a)(d)
USD1,772
1,782,589
6.50%, 12/25/67(a)(d)
USD202
203,073
AOMT, 4.65%, 11/25/67(a)(d)
USD904
889,270
Arbor Multifamily Mortgage Securities Trust,
1.75%, 05/15/53(a)
USD190
151,310
ARES Commercial Mortgage Trust
6.03%, 07/15/41, (1-mo. CME Term
SOFR + 1.692%)(a)(b)
USD8,030
8,057,603
8.28%, 07/15/41, (1-mo. CME Term
SOFR + 3.938%)(a)(b)
USD1,500
1,501,890
ARES1, 5.78%, 10/15/34, (1-mo. CME Term
SOFR + 1.443%)(a)(b)
USD11,970
11,996,184
Arroyo Mortgage Trust
2.96%, 10/25/48(a)(b)
USD401
379,867
3.81%, 01/25/49(a)(b)
USD507
491,628
ARZ Trust, 5.77%, 06/11/29(a)
USD2,430
2,481,928
Atlas Funding PLC
5.07%, 09/20/61(c)
GBP554
735,872
5.52%, 09/20/61, (1-day SONIA +
1.300%)(b)(c)
GBP101
134,870
5.77%, 09/20/61, (1-day SONIA +
1.550%)(b)(c)
GBP100
133,047
ATLX Trust, 3.85%, 04/25/64(a)(d)
USD6,460
6,211,074
Atrium Hotel Portfolio Trust
5.41%, 11/10/29(a)(b)
USD7,900
7,983,677
9.21%, 11/10/29(a)(b)
USD4,855
4,951,386
BAHA Trust
5.97%, 12/10/41(a)(b)
USD9,840
10,104,785
6.84%, 12/10/41(a)(b)
USD2,160
2,229,032
7.52%, 12/10/41(a)(b)
USD8,225
8,464,749
BAMLL Trust, 6.69%, 08/15/39, (1-mo. CME
Term SOFR + 2.350%)(a)(b)
USD1,800
1,804,426
Bank of America Merrill Lynch Commercial
Mortgage Trust, 3.75%, 02/15/50
USD420
410,526
Bank5 Trust, 6.23%, 05/15/57
USD2,189
2,292,850
Barclays Mortgage Loan Trust
1.75%, 09/25/51(a)(b)
USD153
136,407
5.64%, 05/25/65(a)
USD14,900
14,918,783
5.90%, 01/25/64(a)(d)
USD2,856
2,860,096
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
BAY Mortgage Trust, 6.14%, 05/15/35,
(1-mo. CME Term SOFR + 1.800%)(a)(b)
USD9,140
$9,147,236
Bayview Commercial Mortgage
Pass-Through Trust, 6.12%, 04/25/36,
(1-mo. CME Term SOFR + 1.764%)(a)(b)
USD981
962,608
BBCMS Mortgage Trust
4.50%, 07/15/58(a)
USD2,385
1,819,180
5.59%, 07/15/58
USD2,541
2,629,953
5.66%, 05/15/58
USD6,649
6,890,637
5.84%, 07/15/58
USD2,100
2,165,461
Series 2018-TALL, Class A, 5.26%,
03/15/37, (1-mo. CME Term SOFR +
0.919%)(a)(b)
USD4,000
3,800,669
Benchmark Mortgage Trust, 0.81%,
07/15/56(b)
USD2,997
64,406
BFLD Commercial Mortgage Trust, 5.83%,
11/15/41, (1-mo. CME Term SOFR +
1.493%)(a)(b)
USD5,340
5,356,687
BFLD Mortgage Trust
6.06%, 06/15/38, (1-mo. CME Term
SOFR + 1.714%)(a)(b)
USD3,017
3,018,880
6.23%, 07/15/41, (1-mo. CME Term
SOFR + 1.890%)(a)(b)
USD6,300
6,327,562
BFLD Trust, 5.89%, 06/15/42, (1-mo. CME
Term SOFR + 1.550%)(a)(b)
USD8,385
8,390,246
BHMS Mortgage Trust
5.89%, 07/15/35, (1-mo. CME Term
SOFR + 1.547%)(a)(b)
USD5,945
5,943,840
6.14%, 07/15/35, (1-mo. CME Term
SOFR + 1.797%)(a)(b)
USD235
234,660
BINOM Securitization Trust, 2.03%,
06/25/56(a)(b)
USD1,478
1,327,033
Bletchley Park Funding PLC
5.42%, 01/27/70, (1-day SONIA +
3.380%)(b)(c)
GBP366
486,552
5.72%, 01/27/70, (1-day SONIA +
1.200%)(b)(c)
GBP100
132,716
6.10%, 01/27/70, (5-year UK Government
Bond + 3.590%)(b)(c)
GBP131
173,954
7.60%, 01/27/70, (1-day SONIA +
1.880%)(b)(c)
GBP180
239,142
BLP Commercial Mortgage Trust
5.68%, 03/15/41, (1-mo. CME Term
SOFR + 1.342%)(a)(b)
USD4,754
4,763,114
6.03%, 03/15/40, (1-mo. CME Term
SOFR + 1.692%)(a)(b)
USD1,160
1,160,362
BMP, 7.73%, 06/15/41, (1-mo. CME Term
SOFR + 3.389%)(a)(b)
USD2,380
2,376,208
BMP Trust, 5.71%, 06/15/41, (1-mo. CME
Term SOFR + 1.372%)(a)(b)
USD6,555
6,565,242
BOCA Commercial Mortgage Trust, 6.26%,
08/15/41, (1-mo. CME Term SOFR +
1.921%)(a)(b)
USD6,000
6,026,250
BPR Commercial Mortgage Trust, 7.00%,
11/05/39(a)(b)
USD4,050
4,108,968
BPR Mortgage Trust, 7.50%, 12/05/39(a)
USD5,250
5,445,047
BPR Trust
5.51%, 09/15/38, (1-mo. CME Term
SOFR + 1.164%)(a)(b)
USD5,822
5,824,320
7.57%, 08/15/39, (1-mo. CME Term
SOFR + 3.232%)(a)(b)
USD3,000
2,999,996
31
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Braccan Mortgage Funding PLC
5.07%, 02/15/67
GBP1,139
$1,510,022
5.07%, 05/17/67, (1-day SONIA +
1.100%)(b)(c)
GBP888
1,178,487
5.33%, 05/17/67, (1-day SONIA +
1.400%)(b)(c)
GBP182
242,169
5.43%, 02/15/67, (1-day SONIA +
1.200%)(c)
GBP405
540,964
5.63%, 05/17/67, (1-day SONIA +
2.000%)(b)(c)
GBP104
138,366
8.58%, 02/15/67, (1-day SONIA +
4.340%)(b)(c)
GBP558
740,447
BRAVO Residential Funding Trust
1.44%, 03/25/60(a)(b)
USD438
425,009
1.96%, 04/25/60(a)(b)
USD1,520
1,404,739
4.30%, 08/01/53(a)(d)
USD9,983
9,723,946
4.35%, 01/25/60(a)(d)
USD1,356
1,326,935
4.35%, 01/25/60(a)(d)
USD904
882,649
5.11%, 07/25/62(a)(b)
USD1,557
1,548,443
5.57%, 03/25/65(a)(d)
USD1,287
1,288,800
5.61%, 02/25/65(a)(d)
USD14,059
14,074,106
5.68%, 11/25/64(a)(d)
USD3,026
3,034,245
5.76%, 01/25/63(a)(d)
USD2,232
2,227,712
6.19%, 03/25/64(a)(d)
USD1,097
1,104,956
BSTN Commercial Mortgage Trust, 5.37%,
06/15/44(a)(b)
USD5,612
5,687,591
BWAY Trust, 6.31%, 05/05/42(a)(b)
USD5,867
5,977,166
BX Commercial Mortgage Trust
5.13%, 06/15/38, (1-mo. CME Term
SOFR + 0.784%)(a)(b)
USD1,710
1,709,104
5.35%, 02/15/39, (1-mo. CME Term
SOFR + 1.012%)(a)(b)
USD954
954,491
5.63%, 12/15/39, (1-mo. CME Term
SOFR + 1.293%)(a)(b)
USD2,738
2,745,826
5.73%, 03/15/41, (1-mo. CME Term
SOFR + 1.392%)(a)(b)
USD5,245
5,256,110
5.78%, 02/15/39, (1-mo. CME Term
SOFR + 1.442%)(a)(b)
USD5,304
5,312,264
5.78%, 02/15/39, (1-mo. CME Term
SOFR + 1.442%)(a)(b)
USD8,239
8,254,603
5.79%, 04/15/40, (1-mo. CME Term
SOFR + 1.443%)(a)(b)
USD6,218
6,231,602
5.83%, 10/15/41, (1-mo. CME Term
SOFR + 1.492%)(a)(b)
USD6,043
6,054,165
5.88%, 05/15/34, (1-mo. CME Term
SOFR + 1.541%)(a)(b)
USD5,927
5,928,821
5.88%, 11/15/41, (1-mo. CME Term
SOFR + 1.542%)(a)(b)
USD5,750
5,764,375
5.98%, 12/15/39, (1-mo. CME Term
SOFR + 1.642%)(a)(b)
USD2,922
2,928,309
5.98%, 05/15/41, (1-mo. CME Term
SOFR + 1.641%)(a)(b)
USD6,330
6,346,282
6.03%, 08/15/39, (1-mo. CME Term
SOFR + 1.691%)(a)(b)
USD11,014
11,051,294
6.10%, 12/09/40, (1-mo. CME Term
SOFR + 1.761%)(a)(b)
USD8,774
8,790,423
6.23%, 12/15/39, (1-mo. CME Term
SOFR + 1.892%)(a)(b)
USD844
846,316
7.03%, 03/15/41, (1-mo. CME Term
SOFR + 2.690%)(a)(b)
USD3,594
3,602,986
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
7.22%, 10/15/41, (1-mo. CME Term
SOFR + 2.880%)(a)(b)
USD6,465
$6,511,467
7.48%, 06/15/27, (1-mo. CME Term
SOFR + 3.141%)(a)(b)
USD2,900
2,918,125
8.08%, 02/15/39, (1-mo. CME Term
SOFR + 3.738%)(a)(b)
USD1,328
1,331,210
8.23%, 06/15/27, (1-mo. CME Term
SOFR + 3.889%)(a)(b)
USD600
606,375
10.31%, 10/15/41, (1-mo. CME Term
SOFR + 5.971%)(a)(b)
USD4,289
4,304,993
11.31%, 10/15/41, (1-mo. CME Term
SOFR + 6.968%)(a)(b)
USD2,400
2,389,665
BX Trust
5.19%, 01/15/39, (1-mo. CME Term
SOFR + 0.850%)(a)(b)
USD4,850
4,848,484
5.26%, 02/15/36, (1-mo. CME Term
SOFR + 0.914%)(a)(b)
USD4,300
4,297,342
5.26%, 02/15/36, (1-mo. CME Term
SOFR + 0.914%)(a)(b)
USD1,194
1,193,757
5.34%, 01/15/39, (1-mo. CME Term
SOFR + 1.000%)(a)(b)
USD5,385
5,390,032
5.78%, 04/15/41, (1-mo. CME Term
SOFR + 1.442%)(a)(b)
USD4,124
4,136,465
5.79%, 03/15/42, (1-mo. CME Term
SOFR + 1.443%)(a)(b)
USD8,242
8,236,849
5.81%, 02/15/36, (1-mo. CME Term
SOFR + 1.464%)(a)(b)
USD100
99,689
5.83%, 07/15/29, (1-mo. CME Term
SOFR + 1.491%)(a)(b)
USD8,476
8,481,297
5.83%, 04/15/37, (1-mo. CME Term
SOFR + 1.491%)(a)(b)
USD2,198
2,199,035
5.84%, 06/15/40, (1-mo. CME Term
SOFR + 1.500%)(a)(b)
USD4,600
4,613,790
5.88%, 06/15/37, (1-mo. CME Term
SOFR + 1.541%)(a)(b)
USD7,754
7,753,846
5.92%, 01/15/39, (1-mo. CME Term
SOFR + 1.580%)(a)(b)
USD60
59,869
6.43%, 03/15/41, (1-mo. CME Term
SOFR + 2.090%)(a)(b)
USD2,460
2,460,795
7.03%, 05/15/38, (1-mo. CME Term
SOFR + 2.690%)(a)(b)
USD5,859
5,891,957
7.03%, 04/15/41, (1-mo. CME Term
SOFR + 2.690%)(a)(b)
USD1,399
1,402,921
7.04%, 01/15/39, (1-mo. CME Term
SOFR + 2.700%)(a)(b)
USD2,450
2,450,000
7.28%, 03/15/30, (1-mo. CME Term
SOFR + 2.941%)(a)(b)
USD4,283
4,203,247
7.38%, 03/15/41, (1-mo. CME Term
SOFR + 3.039%)(a)(b)
USD1,000
999,999
7.64%, 06/15/35, (1-mo. CME Term
SOFR + 3.300%)(a)(b)
USD5,130
5,129,979
7.68%, 05/15/38, (1-mo. CME Term
SOFR + 3.339%)(a)(b)
USD1,000
1,007,500
CAFL Issuer LLC, 6.75%, 11/28/31(a)(d)
USD3,000
3,029,051
Cali, 6.23%, 07/15/41, (1-mo. CME Term
SOFR + 1.891%)(a)(b)
USD4,580
4,587,156
Castell PLC
5.19%, 01/27/62, (1-day SONIA +
4.150%)(b)(c)
GBP764
1,013,860
5.47%, 01/27/62, (1-day SONIA +
3.900%)(b)(c)
GBP134
177,266
Schedule of Investments
32
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
5.77%, 01/27/62, (1-day SONIA +
0.970%)(b)(c)
GBP100
$132,370
6.22%, 01/27/62, (1-day SONIA +
3.500%)(b)(c)
GBP100
132,368
7.72%, 01/27/62, (1-day SONIA +
1.550%)(b)(c)
GBP121
161,520
8.37%, 01/27/62, (1-day SONIA +
1.250%)(b)(c)
GBP149
197,528
CD Mortgage Trust, 4.51%, 08/15/51(b)
USD430
418,472
CEDR Commercial Mortgage Trust, 5.33%,
02/15/39, (1-mo. CME Term SOFR +
0.988%)(a)(b)
USD300
295,727
CENT 2025-CITY, 5.09%, 07/10/40(a)(b)
USD7,335
7,360,022
CFCRE Commercial Mortgage Trust, 3.69%,
05/10/58
USD435
429,929
CFK Trust, 2.39%, 03/15/39(a)
USD500
468,247
CFMT LLC
3.00%, 06/25/34(a)(b)
USD315
298,382
4.00%, 10/25/54(a)(d)
USD4,140
4,055,681
Chase Home Lending Mortgage Trust
5.50%, 08/25/55(a)(b)
USD100
99,891
6.00%, 01/25/55(a)(b)
USD1,495
1,502,827
6.00%, 02/25/55(a)(b)
USD3,573
3,596,355
6.00%, 02/25/55(a)(b)
USD1,321
1,328,234
6.50%, 01/25/55(a)(b)
USD795
799,928
CHNGE Mortgage Trust, 3.01%,
01/25/67(a)(b)
USD1,818
1,715,924
CIM Trust
1.43%, 07/25/61(a)(b)
USD6,412
5,709,759
5.66%, 10/25/69(a)(d)
USD3,501
3,512,078
6.44%, 10/25/69(a)(b)
USD3,561
3,587,781
6.64%, 12/25/67(a)(d)
USD675
678,475
Citadel PLC
5.24%, 04/28/60, (1-day SONIA +
1.020%)(c)
GBP1,748
2,316,733
5.67%, 04/28/60, (1-day SONIA +
1.450%)(b)(c)
GBP100
132,337
5.97%, 04/28/60, (1-day SONIA +
1.750%)(b)(c)
GBP100
132,365
6.67%, 04/28/60, (1-day SONIA +
2.450%)(b)(c)
GBP100
132,230
7.97%, 04/28/60, (1-day SONIA +
3.750%)(b)(c)
GBP100
132,259
Citigroup Commercial Mortgage Trust
2.46%, 11/10/42(a)
USD833
733,647
3.58%, 04/10/49
USD1,000
987,634
4.41%, 06/10/51(b)
USD425
415,342
5.82%, 10/12/40(a)(b)
USD2,310
2,370,331
COAST Commercial Mortgage Trust, 6.93%,
08/15/36, (1-mo. CME Term SOFR +
2.591%)(a)(b)
USD2,645
2,643,789
Colt Mortgage Loan Trust, 5.54%,
12/26/69(a)(d)
USD7,381
7,379,096
COLT Mortgage Loan Trust
0.96%, 09/27/66(a)(b)
USD698
577,960
1.21%, 07/27/54(a)
USD888
810,095
1.33%, 10/26/65(a)(b)
USD907
845,594
2.02%, 04/27/65(a)(b)
USD57
55,639
3.70%, 03/25/65(a)(b)
USD1,500
1,464,112
3.90%, 02/25/67(a)(b)
USD138
134,320
4.30%, 03/25/67(a)(b)
USD1,637
1,619,668
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
5.12%, 08/25/69(a)(d)
USD6,072
$6,031,562
5.39%, 11/25/69(a)(d)
USD5,003
4,997,565
5.47%, 06/25/70(a)
USD8,148
8,144,836
5.61%, 05/25/69(a)(d)
USD7,781
7,776,110
5.79%, 04/25/70(a)(d)
USD12,442
12,516,086
5.84%, 02/25/69(a)(d)
USD1,226
1,229,286
6.05%, 04/25/68(a)(d)
USD277
276,954
6.60%, 07/25/68(a)(d)
USD2,456
2,467,379
6.92%, 06/25/70(a)(b)
USD1,400
1,400,112
7.10%, 08/25/70(a)(b)
USD2,671
2,671,688
7.43%, 09/25/68(a)(d)
USD80
81,127
7.84%, 09/25/68(a)(b)
USD2,000
2,028,407
COLT Pass-Through Certificates, 0.86%,
05/25/65(a)(b)
USD3,224
2,889,462
Commission Mortgage Trust
3.53%, 02/10/48
USD2
1,845
3.83%, 02/10/48(b)
USD205
201,868
4.33%, 10/10/48(b)
USD2,000
1,950,920
5.50%, 08/10/40(a)
USD3,667
3,651,756
5.73%, 08/10/41(a)(b)
USD3,731
3,724,572
5.87%, 12/10/41(a)(b)
USD8,550
8,634,878
6.18%, 06/15/41, (1-mo. CME Term
SOFR + 1.841%)(a)(b)
USD6,430
6,409,906
8.47%, 08/10/40(a)(b)
USD2,395
2,385,412
Series 2015-CR22, Class AM, 3.60%,
03/10/48(b)
USD112
109,800
CONE Trust
5.98%, 08/15/41, (1-mo. CME Term
SOFR + 1.642%)(a)(b)
USD6,278
6,274,083
8.23%, 08/15/41, (1-mo. CME Term
SOFR + 3.888%)(a)(b)
USD690
684,863
Cross Mortgage Trust
5.13%, 09/25/69(a)(b)
USD7,775
7,725,702
5.59%, 11/25/69(a)(b)
USD5,949
5,949,588
5.74%, 02/25/70(a)(b)
USD11,171
11,201,901
5.85%, 08/26/69(a)(d)
USD5,541
5,565,137
5.88%, 04/25/70(a)(b)
USD11,518
11,596,438
6.09%, 12/25/68(a)(d)
USD865
868,968
6.09%, 04/25/69(a)(d)
USD4,291
4,315,268
6.13%, 03/25/70(a)(b)
USD2,091
2,086,352
6.48%, 02/25/70(a)(b)
USD2,979
2,996,296
7.14%, 11/25/68(a)(d)
USD609
616,471
CSAIL Commercial Mortgage Trust
3.59%, 12/15/52
USD72
65,592
3.61%, 06/15/52
USD915
864,454
4.17%, 11/15/48(b)
USD720
715,272
CSMC Trust
0.83%, 03/25/56(a)(b)
USD2,350
1,910,209
2.13%, 02/25/43(a)(b)
USD1,161
1,011,907
3.24%, 02/25/50(a)(b)
USD3,984
3,784,974
3.50%, 12/25/44(a)(b)
USD137
126,508
3.50%, 03/25/45(a)(b)
USD127
117,886
4.05%, 12/15/49(b)
USD900
870,376
4.06%, 10/25/59(a)(d)
USD2,546
2,507,468
5.61%, 11/15/38, (1-mo. CME Term
SOFR + 1.264%)(a)(b)
USD1,505
1,501,237
CSTL Commercial Mortgage Trust, 4.76%,
11/10/41(a)(b)
USD7,880
7,817,378
DBGS, 6.22%, 08/15/34, (1-mo. CME Term
SOFR + 1.882%)(a)(b)
USD7,820
7,827,331
DBJPM Mortgage Trust, 3.56%, 06/10/50(b)
USD250
238,244
33
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
DBWF Mortgage Trust, 6.08%, 04/15/37,
(1-mo. CME Term SOFR + 1.741%)(a)(b)
USD2,000
$1,999,375
DC Trust
5.73%, 04/13/40(a)(b)
USD2,440
2,451,899
7.71%, 04/13/40(a)(b)
USD3,250
3,229,882
Deephaven Residential Mortgage Trust
0.72%, 05/25/65(a)(b)
USD1,584
1,506,808
1.19%, 08/25/66(a)(b)
USD761
665,113
2.96%, 01/25/67(a)(b)
USD140
114,986
5.74%, 07/25/69(a)(d)
USD3,578
3,587,073
DK Trust
5.84%, 03/15/34, (1-mo. CME Term
SOFR + 1.500%)(a)(b)
USD4,910
4,922,275
7.09%, 03/15/34, (1-mo. CME Term
SOFR + 2.750%)(a)(b)
USD1,400
1,403,500
Dutch Property Finance BV, 2.85%,
04/28/64, (3-mo. EURIBOR +
0.900%)(b)(c)
EUR937
1,074,523
EFMT
5.39%, 05/26/70(a)(d)
USD8,709
8,684,743
5.44%, 07/25/70(a)
USD11,324
11,314,054
6.45%, 08/25/70(a)(b)
USD3,000
2,999,938
6.59%, 01/25/70(a)(b)
USD3,388
3,415,367
6.65%, 03/25/69(a)(d)
USD2,163
2,187,223
7.45%, 01/25/70(a)(b)
USD3,232
3,143,227
Ellington Financial Mortgage Trust
4.30%, 04/25/67(a)(b)
USD7,409
7,319,593
5.00%, 08/25/67(a)(d)
USD5,175
5,155,689
5.04%, 10/25/69(a)(d)
USD8,319
8,243,425
5.71%, 11/25/69(a)(d)
USD4,770
4,769,284
5.73%, 02/25/68(a)(d)
USD82
81,240
ELM Trust
5.80%, 06/10/39(a)(b)
USD3,320
3,343,097
5.80%, 06/10/39(a)(b)
USD3,690
3,715,671
Elstree Funding, 4.94%, 01/21/65, (1-day
SONIA + 0.720%)(b)(c)
GBP1,116
1,476,685
Elstree Funding No. 5 PLC, 5.07%,
08/21/61, (1-day SONIA + 0.850%)(c)
GBP539
714,102
EQT Trust, 5.33%, 07/05/41(a)(b)
USD7,080
7,185,550
EverBank Mortgage Loan Trust, 2.50%,
03/25/43(a)(b)
USD140
127,150
Exmoor Funding PLC
4.98%, 03/25/95, (1-day SONIA +
0.760%)(b)(c)
GBP991
1,310,977
5.12%, 03/25/94, (1-day SONIA +
0.880%)(b)(c)
GBP523
692,958
5.47%, 03/25/95, (1-day SONIA +
1.250%)(b)(c)
GBP240
317,426
5.74%, 03/25/94, (1-day SONIA +
1.500%)(b)(c)
GBP157
209,326
5.97%, 03/25/95, (1-day SONIA +
1.750%)(b)(c)
GBP101
133,680
6.14%, 03/25/94, (1-day SONIA +
1.900%)(b)(c)
GBP100
133,441
6.60%, 03/25/95, (1-day SONIA +
2.380%)(b)(c)
GBP100
132,352
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Extended Stay America Trust
7.31%, 07/15/38, (1-mo. CME Term
SOFR + 2.964%)(a)(b)
USD2,106
$2,114,276
Series 2021-ESH, Class A, 5.54%,
07/15/38, (1-mo. CME Term SOFR +
1.194%)(a)(b)
USD5,326
5,329,812
Federal Home Loan Mortgage Corp.
5.80%, 02/25/55, (30-day Avg SOFR +
1.450%)(b)
USD13,276
13,311,532
5.85%, 02/25/55, (30-day Avg SOFR +
1.500%)(b)
USD5,487
5,518,664
Federal Home Loan Mortgage Corp.
Multifamily Structured
Pass-Through Certificates
0.26%, 06/25/33(b)
USD4,245
85,613
0.56%, 12/25/27(b)
USD68,994
758,403
Federal Home Loan Mortgage
Corp. REMICS
5.35%, 09/25/54, (30-day Avg SOFR +
1.000%)(b)
USD10,217
10,181,640
5.41%, 10/25/54, (30-day Avg SOFR +
1.060%)(b)
USD22,521
22,401,480
5.45%, 09/25/54, (30-day Avg SOFR +
1.100%)(b)
USD5,205
5,155,760
5.45%, 10/25/54, (30-day Avg SOFR +
1.100%)(b)
USD21,457
21,263,946
5.45%, 11/25/54, (30-day Avg SOFR +
1.100%)(b)
USD7,482
7,433,551
5.47%, 08/25/54, (30-day Avg SOFR +
1.120%)(b)
USD15,204
15,210,311
5.50%, 10/25/54, (30-day Avg SOFR +
1.150%)(b)
USD12,135
12,050,072
5.55%, 06/25/54, (30-day Avg SOFR +
1.200%)(b)
USD3,712
3,725,204
5.60%, 03/25/54, (30-day Avg SOFR +
1.250%)(b)
USD1,683
1,691,138
5.70%, 03/25/55, (30-day Avg SOFR +
1.350%)(b)
USD22,051
22,050,627
5.80%, 03/25/54, (30-day Avg SOFR +
1.450%)(b)
USD6,991
6,999,468
5.80%, 04/25/54, (30-day Avg SOFR +
1.450%)(b)
USD7,264
7,283,680
Federal Home Loan Mortgage Corp.
STRIPS, 5.55%, 05/25/54, (30-day Avg
SOFR + 1.200%)(b)
USD3,662
3,673,356
Federal National Mortgage
Association REMICS
5.30%, 10/25/54, (30-day Avg SOFR +
0.950%)(b)
USD14,102
14,016,271
5.40%, 06/25/54, (30-day Avg SOFR +
1.050%)(b)
USD4,291
4,282,952
5.40%, 06/25/54, (30-day Avg SOFR +
1.050%)(b)
USD4,666
4,657,617
5.45%, 08/25/54, (30-day Avg SOFR +
1.100%)(b)
USD3,850
3,849,347
5.55%, 12/25/54, (30-day Avg SOFR +
1.200%)(b)
USD9,260
9,302,855
5.60%, 05/25/55, (30-day Avg SOFR +
1.300%)(b)
USD16,953
16,852,483
5.65%, 07/25/53, (30-day Avg SOFR +
1.300%)(b)
USD5,773
5,754,252
Schedule of Investments
34
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
5.65%, 06/25/54, (5-year CMT +
3.084%)(b)
USD24,546
$24,498,788
5.65%, 03/25/55, (30-day Avg SOFR +
1.300%)(b)
USD23,752
23,645,763
5.77%, 12/25/54, (30-day Avg SOFR +
1.420%)(b)
USD2,162
2,167,716
Flagstar Mortgage Trust
3.50%, 10/25/49(a)(b)
USD143
127,899
3.50%, 10/25/49(a)(b)
USD123
109,628
Fontainebleau Miami Beach Mortgage Trust
5.79%, 12/15/39, (1-mo. CME Term
SOFR + 1.450%)(a)(b)
USD8,530
8,544,911
8.59%, 12/15/39, (1-mo. CME Term
SOFR + 4.250%)(a)(b)
USD6,600
6,593,812
FS Trust, 6.15%, 08/15/39, (1-mo. CME
Term SOFR + 1.811%)(a)(b)
USD6,166
6,181,377
GCAT 2019-NQM2 Trust, 3.55%,
01/25/60(a)
USD701
682,065
GCAT Trust
1.09%, 08/25/66(a)(b)
USD2,262
1,868,361
1.50%, 05/25/66(a)(b)
USD1,572
1,363,982
1.92%, 08/25/66(a)(b)
USD51
46,848
2.56%, 04/25/65(a)(d)
USD1,927
1,839,882
2.89%, 12/27/66(a)(b)
USD882
818,567
3.27%, 04/25/65(a)(d)
USD214
206,540
3.36%, 02/25/67(a)(b)
USD4,680
4,445,193
3.69%, 11/25/59(a)(b)
USD1,197
1,157,994
3.94%, 04/25/65(a)(d)
USD139
134,449
4.25%, 10/25/57(a)(b)
USD4,083
3,856,952
5.50%, 12/25/54(a)(b)
USD5,759
5,694,002
5.71%, 08/25/67(a)(d)
USD309
307,625
6.00%, 05/25/55(a)(b)
USD11,413
11,493,764
6.50%, 01/25/54(a)(b)
USD201
203,126
7.21%, 06/25/70(a)(b)
USD3,000
2,996,573
Government National Mortgage
Association REMICS
5.35%, 03/20/54, (30-day Avg SOFR +
1.000%)(b)
USD2,471
2,468,276
5.35%, 08/20/54, (30-day Avg SOFR +
1.000%)(b)
USD5,980
5,942,037
5.50%, 06/20/54, (30-day Avg SOFR +
1.150%)(b)
USD3,619
3,613,123
Great Wolf Trust, 5.88%, 03/15/39, (1-mo.
CME Term SOFR + 1.542%)(a)(b)
USD5,250
5,269,687
GS Mortgage Securities Corp. Trust
5.34%, 11/15/36, (1-mo. CME Term
SOFR + 0.999%)(a)(b)
USD3,010
2,987,425
5.41%, 10/15/36, (1-mo. CME Term
SOFR + 1.064%)(a)(b)
USD6,370
6,367,028
5.86%, 12/15/36, (1-mo. CME Term
SOFR + 1.514%)(a)(b)
USD1,414
1,403,395
6.43%, 03/15/28, (1-mo. CME Term
SOFR + 2.091%)(a)(b)
USD4,390
4,406,462
6.46%, 08/10/41(a)(b)
USD2,870
2,856,643
7.00%, 11/25/41, (1-mo. CME Term
SOFR + 2.650%)(a)(b)
USD7,471
7,485,094
7.13%, 03/15/28, (1-mo. CME Term
SOFR + 2.790%)(a)(b)
USD580
582,900
7.43%, 09/10/38(a)(b)
USD3,510
3,516,561
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
GS Mortgage Securities Corportation Trust,
5.61%, 10/15/36, (1-mo. CME Term
SOFR + 1.264%)(a)(b)
USD100
$99,503
GS Mortgage-Backed Securities Trust,
3.75%, 07/25/61(a)(b)
USD890
863,948
GSAT Trust, 5.84%, 07/15/40, (1-mo. CME
Term SOFR + 1.500%)(a)(b)
USD9,475
9,477,878
GWT, 6.03%, 05/15/41, (1-mo. CME Term
SOFR + 1.691%)(a)(b)
USD4,555
4,576,352
Harvest Commercial Capital Loan Trust,
6.16%, 10/25/56
USD2,821
2,847,230
HIH Trust, 6.18%, 10/15/41, (1-mo. CME
Term SOFR + 1.842%)(a)(b)
USD4,030
4,032,207
HILT Commercial Mortgage Trust
5.88%, 05/15/37, (1-mo. CME Term
SOFR + 1.541%)(a)(b)
USD11,193
11,199,996
6.78%, 05/15/37, (1-mo. CME Term
SOFR + 2.440%)(a)(b)
USD3,100
3,101,937
Hilton USA Trust, 3.72%, 11/05/38(a)
USD200
196,446
HLTN Commercial Mortgage Trust, 5.98%,
06/15/41, (1-mo. CME Term SOFR +
1.642%)(a)(b)
USD7,641
7,648,277
Homes Trust, 5.72%, 10/25/69(a)(d)
USD10,276
10,294,542
HOMES Trust
5.22%, 08/25/59(a)(d)
USD6,148
6,117,322
5.43%, 02/25/70(a)
USD15,108
15,101,119
5.63%, 02/25/70(a)
USD6,179
6,189,898
5.92%, 07/25/69(a)(d)
USD8,042
8,065,840
6.18%, 01/25/68(a)(d)
USD6,900
6,890,641
6.39%, 01/25/60(a)(b)
USD2,286
2,294,133
6.52%, 01/25/70(a)(b)
USD2,000
2,013,174
HONO Mortgage Trust, 5.61%, 10/15/36,
(1-mo. CME Term SOFR + 1.264%)(a)(b)
USD6,700
6,679,062
HTL Commercial Mortgage Trust
5.88%, 05/10/39(a)(b)
USD2,840
2,867,932
10.26%, 05/10/39(a)(b)
USD3,000
3,110,040
Hudson Yards Mortgage Trust, 2.94%,
12/10/41(a)(b)
USD400
369,182
ILPT Commercial Mortgage Trust, 5.29%,
07/13/42(a)(b)
USD8,792
8,875,299
INV Mortgage Trust, 6.08%, 11/15/41,
(1-mo. CME Term SOFR + 1.742%)(a)(b)
USD7,342
7,337,888
J.P. Morgan Chase Commercial Mortgage
Securities Trust
5.80%, 10/05/39(a)(b)
USD5,000
5,074,283
6.08%, 10/15/33, (1-mo. CME Term
SOFR + 1.734%)(a)(b)
USD2,860
2,845,700
J.P. Morgan Mortgage Trust, 2.93%,
05/25/52(a)(b)
USD525
442,814
JP Morgan Chase Commercial Mortgage
Securities Trust
2.85%, 09/06/38(a)(b)
USD1,180
1,152,452
5.17%, 11/09/39(a)(b)
USD6,020
6,046,400
5.51%, 04/15/38, (1-mo. CME Term
SOFR + 1.164%)(a)(b)
USD2,875
2,874,945
6.04%, 03/15/40, (1-mo. CME Term
SOFR + 1.693%)(a)(b)
USD7,917
7,926,874
6.48%, 11/09/39(a)(b)
USD2,750
2,734,182
JP Morgan Mortgage Trust
1.00%, 08/25/50, (1-mo. CME Term
SOFR + 3.886%)(a)(b)
USD406
5,092
35
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
2.50%, 06/25/51(a)(b)
USD748
$683,929
3.00%, 01/25/51(a)(b)
USD125
107,261
3.50%, 08/25/47(a)(b)
USD944
843,289
3.51%, 07/25/52(a)(b)
USD205
178,580
4.98%, 10/26/48(a)(b)
USD1,313
1,310,356
5.42%, 05/25/49, (1-mo. CME Term
SOFR + 1.064%)(a)(b)
USD21
20,403
5.59%, 02/25/64(a)(d)
USD10,183
10,185,355
5.99%, 07/25/64(a)(b)
USD2,061
2,070,103
6.00%, 08/25/50, (1-mo. CME Term
SOFR + 2.114%)(a)(b)
USD406
408,819
6.00%, 08/25/54(a)(b)
USD882
886,463
6.41%, 08/25/55(a)(b)
USD2,344
2,355,737
6.41%, 02/25/64(a)(b)
USD2,800
2,805,504
JP Morgan Mortgage Trust Series
5.50%, 11/25/65(a)(b)
USD5,000
4,999,930
6.42%, 11/25/65(a)(b)
USD1,300
1,299,968
JP Morgan Trust, 5.92%, 05/25/45(a)(b)
USD931
927,294
JPMBB Commercial Mortgage Securities
Trust, 3.97%, 03/17/49
USD430
420,326
Jubilee Place 7 BV
2.72%, 09/18/62, (3-mo. EURIBOR +
0.720%)(b)(c)
EUR1,196
1,366,003
3.05%, 09/18/62, (3-mo. EURIBOR +
1.050%)(b)(c)
EUR257
293,797
3.40%, 09/18/62, (3-mo. EURIBOR +
1.400%)(b)(c)
EUR100
113,710
JW Commercial Mortgage Trust, 5.96%,
06/15/39, (1-mo. CME Term SOFR +
1.621%)(a)(b)
USD6,805
6,813,489
JW Trust, 5.93%, 11/15/39, (1-mo. CME
Term SOFR + 1.593%)(a)(b)
USD4,360
4,365,437
KSL Commercial Mortgage
6.23%, 06/15/42
USD6,105
6,105,648
8.43%, 06/05/42
USD8,585
8,584,704
KSL Commercial Mortgage Trust, 5.88%,
12/15/39, (1-mo. CME Term SOFR +
1.542%)(a)(b)
USD7,825
7,822,555
La Trobe Financial Capital Markets Trust,
1.00%, 05/15/57, (7-year EUR Swap +
2.663%)(b)
AUD1,260
808,047
Lagarino European Loan Conduit No. 40
DAC
3.52%, 06/22/37, (3-mo. EURIBOR +
1.500%)(b)(c)
EUR2,126
2,426,190
4.17%, 06/22/37, (3-mo. EURIBOR +
2.150%)(b)(c)
EUR582
664,187
4.67%, 06/22/37, (3-mo. EURIBOR +
2.650%)(b)(c)
EUR370
422,248
5.57%, 06/22/37, (3-mo. EURIBOR +
3.550%)(b)(c)
EUR1,049
1,197,127
Last Mile Logistics Pan Euro Finance DAC,
4.83%, 08/17/33, (3-mo. EURIBOR +
2.700%)(b)(c)
EUR1,871
2,129,989
Last Mile Securities PE DAC, 4.48%,
08/17/31, (3-mo. EURIBOR +
2.350%)(b)(c)
EUR915
1,044,018
LBA Trust
5.78%, 10/15/41, (1-mo. CME Term
SOFR + 1.443%)(a)(b)
USD6,180
6,202,041
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
5.93%, 06/15/39, (1-mo. CME Term
SOFR + 1.591%)(a)(b)
USD7,325
$7,331,867
LUX, 7.03%, 08/15/40, (1-mo. CME Term
SOFR + 2.690%)(a)(b)
USD882
885,654
MCR Mortgage Trust
5.92%, 06/12/39(a)
USD4,800
4,834,734
6.10%, 02/15/37, (1-mo. CME Term
SOFR + 1.758%)(a)(b)
USD894
894,039
6.13%, 12/15/41, (1-mo. CME Term
SOFR + 1.793%)(a)(b)
USD5,830
5,837,287
7.45%, 02/15/37, (1-mo. CME Term
SOFR + 3.107%)(a)(b)
USD1,813
1,812,807
8.25%, 02/15/37, (1-mo. CME Term
SOFR + 3.905%)(a)(b)
USD1,652
1,653,734
MF1 Trust
5.41%, 12/15/34, (1-mo. CME Term
SOFR + 1.070%)(a)(b)
USD130
129,651
5.71%, 12/15/34, (1-mo. CME Term
SOFR + 1.370%)(a)(b)
USD100
99,598
MFA Trust
1.47%, 11/25/64(a)(b)
USD4,026
3,537,928
4.23%, 12/25/66(a)(b)
USD1,100
949,332
5.27%, 08/25/69(a)(d)
USD6,588
6,557,913
5.57%, 09/25/67(a)(d)
USD1,496
1,490,409
5.75%, 11/25/67(a)(d)
USD562
560,403
6.11%, 12/25/68(a)(d)
USD2,151
2,156,898
6.58%, 03/25/69(a)(d)
USD1,317
1,328,794
6.62%, 07/25/68(a)(d)
USD2,572
2,585,697
MFRA Trust
5.72%, 12/25/69(a)(d)
USD6,940
6,959,311
6.67%, 12/25/69(a)(b)
USD3,529
3,565,183
MHP
5.16%, 07/15/38, (1-mo. CME Term
SOFR + 0.814%)(a)(b)
USD4,720
4,720,000
5.16%, 01/15/39, (1-mo. CME Term
SOFR + 0.815%)(a)(b)
USD2,636
2,635,813
5.36%, 07/15/38, (1-mo. CME Term
SOFR + 1.014%)(a)(b)
USD1,300
1,300,000
5.51%, 07/15/38, (1-mo. CME Term
SOFR + 1.164%)(a)(b)
USD215
215,000
5.81%, 07/15/38, (1-mo. CME Term
SOFR + 1.464%)(a)(b)
USD215
215,000
6.21%, 07/15/38, (1-mo. CME Term
SOFR + 1.864%)(a)(b)
USD350
350,000
Miltonia Mortgage Finance SRL, 3.25%,
04/28/62, (3-mo. EURIBOR +
1.300%)(b)(c)
EUR200
225,238
MIRA Trust, 6.75%, 06/10/38(a)
USD103
106,491
Morgan Stanley Bank of America Merrill
Lynch Trust, 4.50%, 10/15/48(b)
USD117
114,919
Morgan Stanley Capital I Trust
3.52%, 07/15/52
USD895
838,245
3.70%, 06/15/52
USD895
844,404
3.89%, 12/15/50(b)
USD230
223,083
4.43%, 07/15/51(b)
USD650
636,514
4.62%, 07/15/51(b)
USD182
174,970
5.89%, 11/15/34, (1-mo. CME Term
SOFR + 1.547%)(a)(b)
USD799
776,052
5.91%, 12/15/38, (1-mo. CME Term
SOFR + 1.563%)(a)(b)
USD3,338
3,038,446
Schedule of Investments
36
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Morgan Stanley Residential Mortgage
Loan Trust
5.04%, 07/25/69(a)(b)
USD5,977
$5,925,570
5.44%, 07/25/70(a)
USD13,831
13,815,865
5.44%, 07/25/70(a)(b)
USD14,900
14,899,990
5.56%, 03/25/70(a)(d)
USD11,376
11,404,080
5.74%, 11/25/69(a)(b)
USD2,652
2,658,221
5.96%, 03/25/70(a)(b)
USD3,215
3,235,833
6.50%, 11/25/69(a)(b)
USD1,830
1,847,372
6.97%, 07/25/70(a)(b)
USD1,500
1,474,663
Mortimer PLC
5.06%, 09/22/67, (1-day SONIA +
0.830%)(c)
GBP1,180
1,563,555
5.38%, 09/22/67, (1-day SONIA +
1.150%)(c)
GBP561
743,743
5.78%, 09/22/67, (1-day SONIA +
1.550%)(c)
GBP100
132,956
6.33%, 09/22/67, (1-day SONIA +
2.100%)(c)
GBP100
132,919
NCMF Trust, 7.53%, 06/10/33(a)(b)
USD4,493
4,524,785
New Residential Mortgage Loan Trust
1.00%, 01/25/65(a)(d)
USD3,656
3,671,060
2.49%, 09/25/59(a)(b)
USD1,717
1,633,937
2.71%, 11/25/59(a)(b)
USD102
96,741
2.72%, 01/26/60(a)(b)
USD636
599,060
2.77%, 01/26/60(a)(b)
USD1,855
1,743,934
2.80%, 09/25/59(a)(b)
USD2,863
2,723,246
3.75%, 05/28/52(a)(b)
USD92
87,447
3.75%, 05/28/52(a)(b)
USD449
428,423
3.75%, 05/28/52(a)(b)
USD36
34,005
3.75%, 05/25/54(a)(b)
USD152
143,932
3.99%, 04/25/62(a)(b)
USD922
836,903
4.00%, 03/25/57(a)(b)
USD124
119,112
4.50%, 02/25/58(a)(b)
USD84
82,312
4.75%, 12/25/57(a)(b)
USD142
140,924
5.12%, 09/25/64(a)(b)
USD6,533
6,468,923
5.35%, 07/25/65(a)(b)
USD4,900
4,894,515
5.47%, 11/25/64(a)(d)
USD9,371
9,365,122
5.53%, 05/25/65(a)
USD19,374
19,437,378
6.13%, 03/25/64(a)(d)
USD1,688
1,693,624
6.30%, 11/25/52(a)(d)
USD2,338
2,329,699
6.47%, 01/25/65(a)(b)
USD2,172
2,193,397
7.05%, 07/25/65(a)(b)
USD3,500
3,466,156
NEW Residential Mortgage Loan Trust,
5.57%, 04/25/65(a)(d)
USD2,282
2,290,303
NLT Trust, 3.20%, 10/25/62(a)(b)
USD1,262
1,133,694
NYC Commercial Mortgage Trust, 7.39%,
07/13/42(a)(b)
USD1,179
1,178,186
NYCT Trust 2024-3ELV
6.33%, 08/15/29, (1-mo. CME Term
SOFR + 1.991%)(a)(b)
USD5,000
5,016,617
7.18%, 08/15/29, (1-mo. CME Term
SOFR + 2.840%)(a)(b)
USD1,000
992,870
8.18%, 08/15/29, (1-mo. CME Term
SOFR + 3.838%)(a)(b)
USD4,000
3,958,776
NYMT Loan Trust
3.75%, 11/25/69(a)(b)
USD9,900
9,423,253
5.38%, 06/25/69(a)(b)
USD7,315
7,292,029
OBX Trust
1.07%, 02/25/66(a)(b)
USD1,472
1,255,087
4.50%, 11/25/48(a)(b)
USD246
236,273
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
4.94%, 09/25/64(a)(d)
USD3,192
$3,165,362
5.11%, 08/25/62(a)(d)
USD420
417,732
5.61%, 11/25/64(a)(b)
USD8,535
8,529,527
5.88%, 06/25/64(a)(d)
USD1,457
1,460,890
5.95%, 01/25/59(a)(b)
USD987
991,814
5.95%, 02/25/63(a)(d)
USD8,586
8,583,680
5.99%, 01/25/64(a)(d)
USD1,275
1,279,649
6.07%, 01/25/64(a)(d)
USD3,217
3,235,253
6.10%, 09/25/62(a)(d)
USD1,590
1,584,094
6.13%, 12/25/63(a)(d)
USD1,122
1,129,406
6.45%, 09/25/62(a)(d)
USD1,328
1,324,290
6.52%, 07/25/63(a)(d)
USD1,900
1,909,237
ONE Mortgage Trust, 5.16%, 03/15/36,
(1-mo. CME Term SOFR + 0.814%)(a)(b)
USD1,800
1,768,584
One New York Plaza Trust
5.41%, 01/15/36, (1-mo. CME Term
SOFR + 1.064%)(a)(b)
USD1,000
978,377
5.71%, 01/15/36, (1-mo. CME Term
SOFR + 1.364%)(a)(b)
USD519
504,658
5.96%, 01/15/36, (1-mo. CME Term
SOFR + 1.614%)(a)(b)
USD1,000
968,616
ONNI Commerical Mortgage Trust, 5.57%,
07/15/39(a)(b)
USD3,605
3,672,829
OPEN Trust, 7.43%, 11/15/40, (1-mo. CME
Term SOFR + 3.089%)(a)(b)
USD422
422,633
ORL Trust, 5.83%, 12/15/39, (1-mo. CME
Term SOFR + 1.493%)(a)(b)
USD4,400
4,403,901
PGA Trust, 6.23%, 06/15/39, (1-mo. CME
Term SOFR + 1.891%)(a)(b)
USD6,760
6,768,450
Pierpont BTL PLC
5.03%, 03/21/62, (1-day SONIA +
1.050%)(b)(c)
GBP552
731,419
5.08%, 09/21/61, (1-day SONIA +
0.840%)(b)(c)
GBP1,396
1,851,697
5.28%, 03/21/62, (1-day SONIA +
1.300%)(b)(c)
GBP289
384,313
5.53%, 03/21/62, (1-day SONIA +
1.400%)(b)(c)
GBP100
132,966
PMT Loan Trust
5.50%, 03/25/56(a)(b)
USD3,830
3,783,873
5.50%, 10/25/59(a)(b)
USD7,386
7,302,281
6.00%, 02/25/56(a)(b)
USD7,498
7,542,483
Polaris PLC
5.04%, 02/26/68, (1-day SONIA +
0.820%)(b)(c)
GBP1,820
2,408,658
5.27%, 02/26/68, (1-day SONIA +
1.050%)(b)(c)
GBP413
546,230
5.27%, 08/25/68, (1-day SONIA +
1.050%)(b)(c)
GBP196
259,059
5.62%, 02/26/68, (1-day SONIA +
1.400%)(b)(c)
GBP108
142,745
5.62%, 08/25/68, (1-day SONIA +
1.400%)(b)(c)
GBP100
132,172
6.02%, 02/26/68, (1-day SONIA +
1.800%)(b)(c)
GBP100
132,170
PRET Trust
4.00%, 08/25/64(a)(d)
USD1,222
1,173,222
4.00%, 07/25/69(a)(d)
USD3,699
3,561,852
PRKCM, 5.55%, 02/25/60(a)(d)
USD3,371
3,369,777
PRKCM Trust
2.07%, 11/25/56(a)(b)
USD2,929
2,577,517
37
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
6.33%, 03/25/59(a)(d)
USD951
$956,208
6.43%, 05/25/59(a)(d)
USD1,242
1,251,215
6.60%, 02/25/58(a)(d)
USD2,058
2,055,458
PRM5 Trust
4.47%, 03/10/33(a)(b)
USD7,507
7,436,547
5.62%, 03/10/33(a)(b)
USD3,200
3,163,349
PRPM, 5.23%, 08/25/69(a)(d)
USD6,572
6,539,892
PRPM LLC, 4.00%, 07/25/54(a)(d)
USD1,509
1,476,771
PRPM Trust
5.50%, 08/25/67(a)(d)
USD2,968
2,961,331
5.67%, 12/26/69(a)(d)
USD11,196
11,175,313
5.69%, 04/25/70(a)
USD12,566
12,597,135
5.80%, 11/25/69(a)(d)
USD4,707
4,717,081
6.22%, 11/25/68(a)(d)
USD3,653
3,665,357
6.27%, 12/25/68(a)(d)
USD1,403
1,410,543
6.52%, 12/26/69(a)(b)
USD5,000
5,035,920
6.65%, 11/25/69(a)(b)
USD2,027
2,046,435
Radian Mortgage Capital Trust, 5.50%,
03/25/55(a)(b)
USD1,918
1,892,834
Radian Mortgage Capital Trust LLC, 6.00%,
11/25/54(a)(b)
USD1,836
1,838,230
RESIMAC Premier Series 2025-1, 4.89%,
09/12/56(c)
AUD1,531
987,152
ROCK Trust, 8.82%, 11/13/41(a)
USD2,000
2,103,801
RUN Trust, 4.00%, 03/25/67(a)
USD2,044
1,991,582
Sage AR Funding
4.22%, 05/17/37, (1-day SONIA +
1.300%)(b)(c)
GBP1,948
2,587,794
6.23%, 05/17/37, (1-day SONIA +
2.400%)(b)(c)
GBP988
1,314,489
6.63%, 05/17/37, (5-year EUR Swap +
4.281%)(b)(c)
GBP390
518,260
8.13%, 05/17/37, (1-day SONIA +
2.000%)(b)(c)
GBP337
447,692
SAIF Securitization Trust, 5.97%,
07/25/54(a)(d)
USD2,854
2,864,264
Santander Mortgage Asset Receivable
Trust, 5.73%, 02/25/65(a)
USD3,218
3,225,809
Sapphire XXXII Trust, 4.89%, 06/14/66,
(1-month BB Swap + 1.100%)(b)
AUD5,880
3,782,787
SCG Commercial Mortgage Trust, 7.29%,
03/15/35, (1-mo. CME Term SOFR +
2.950%)(a)(b)
USD7,410
7,365,286
SCG Mortgage Trust, 6.08%, 04/15/41,
(1-mo. CME Term SOFR + 1.741%)(a)(b)
USD8,700
8,705,434
SDAL Trust, 6.78%, 04/15/42, (1-mo. CME
Term SOFR + 2.441%)(a)(b)
USD10,496
10,513,886
SELF Commercial Mortgage Trust
5.88%, 11/15/34, (1-mo. CME Term
SOFR + 1.542%)(a)(b)
USD4,680
4,709,656
8.53%, 11/15/34, (1-mo. CME Term
SOFR + 4.188%)(a)(b)
USD3,050
3,041,936
Sequoia Mortgage Trust
2.50%, 06/25/51(a)(b)
USD629
580,737
4.45%, 11/25/63(a)(b)
USD6,410
6,382,105
5.50%, 10/25/54(a)(b)
USD5,831
5,772,136
SG Residential Mortgage Trust, 5.35%,
08/25/62(a)(d)
USD2,584
2,574,493
SHR Trust
6.29%, 10/15/41, (1-mo. CME Term
SOFR + 1.950%)(a)(b)
USD5,130
5,129,999
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
8.79%, 10/15/41, (1-mo. CME Term
SOFR + 4.450%)(a)(b)
USD345
$346,722
SMRT Commercial Mortgage Trust, 5.34%,
01/15/39, (1-mo. CME Term SOFR +
1.000%)(a)(b)
USD5,150
5,137,125
SREIT Trust
5.19%, 11/15/38, (1-mo. CME Term
SOFR + 0.845%)(a)(b)
USD5,565
5,564,875
5.28%, 11/15/36, (1-mo. CME Term
SOFR + 0.936%)(a)(b)
USD6,670
6,667,916
5.83%, 11/15/36, (1-mo. CME Term
SOFR + 1.485%)(a)(b)
USD265
264,917
Starwood Mortgage Residential Trust
0.94%, 05/25/65(a)(b)
USD4,002
3,734,296
1.17%, 05/25/65(a)(b)
USD1,181
1,102,242
1.92%, 09/25/66(a)(b)
USD599
503,342
2.18%, 05/25/65(a)(b)
USD500
443,471
Stratton Mortgage Funding PLC
5.21%, 06/25/49, (1-day SONIA +
0.975%)(b)(c)
GBP385
508,424
5.59%, 06/25/49, (1-day SONIA +
1.350%)(b)(c)
GBP179
236,481
STWD Trust, 5.03%, 07/15/36, (1-mo. CME
Term SOFR + 0.691%)(a)(b)
USD4,780
4,778,103
Taurus 2025-4 UK DAC
5.47%, 08/18/35, (1-day SONIA +
1.250%)(b)(c)
GBP782
1,032,748
5.82%, 08/18/35, (1-day SONIA +
1.600%)(b)(c)
GBP100
132,065
Taurus U.K. DAC
5.74%, 02/18/35, (1-day SONIA +
1.500%)(b)(c)
GBP2,037
2,701,955
6.24%, 02/18/35, (1-day SONIA +
2.000%)(b)(c)
GBP401
528,781
6.74%, 02/18/35, (1-day SONIA +
2.500%)(b)(c)
GBP496
650,086
TCO Commercial Mortgage Trust, 7.08%,
12/15/39, (1-mo. CME Term SOFR +
2.741%)(a)(b)
USD2,500
2,475,576
THPT Mortgage Trust, 6.99%, 12/10/34(a)(b)
USD6,627
6,723,962
Thunder Logistics DAC
3.63%, 11/17/36, (3-mo. EURIBOR +
1.500%)(c)
EUR797
906,576
4.18%, 11/17/36, (3-mo. EURIBOR +
2.050%)(b)(c)
EUR72
81,806
4.68%, 11/17/36, (3-mo. EURIBOR +
2.550%)(c)
EUR72
81,886
Together Asset Backed Securitisation PLC,
5.42%, 01/15/57, (5-year UK Government
Bond + 5.250%)(b)(c)
GBP1,549
2,047,102
Together Asset-Backed Securitisation PLC
5.15%, 09/12/56, (1-day SONIA +
0.930%)(b)(c)
GBP863
1,143,744
5.18%, 10/12/65, (1-day SONIA +
0.960%)(c)
GBP1,190
1,579,768
5.42%, 09/12/56, (1-day SONIA +
1.200%)(b)(c)
GBP424
561,140
5.72%, 09/12/56, (1-day SONIA +
1.500%)(b)(c)
GBP100
132,318
5.72%, 01/15/57, (1-day SONIA +
1.500%)(b)(c)
GBP182
240,549
Schedule of Investments
38
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
6.02%, 01/15/57, (1-day SONIA +
1.800%)(b)(c)
GBP109
$145,113
6.17%, 09/12/56, (1-day SONIA +
1.950%)(b)(c)
GBP100
132,419
Towd Point Mortgage Trust
3.50%, 03/25/58(a)(b)
USD1,500
1,449,375
3.75%, 07/25/62(a)(b)
USD822
775,761
3.75%, 08/01/62(a)(b)
USD2,057
1,943,508
4.94%, 11/25/57(a)(b)
USD100
98,962
5.73%, 11/25/64(a)(d)
USD10,340
10,374,954
TRK Trust, 4.34%, 06/25/57(a)(d)
USD1,423
1,349,328
TTAN
5.31%, 03/15/38, (1-mo. CME Term
SOFR + 0.964%)(a)(b)
USD6,113
6,114,448
5.81%, 03/15/38, (1-mo. CME Term
SOFR + 1.464%)(a)(b)
USD1,309
1,310,130
TYSN Mortgage Trust, 6.58%, 12/10/33(a)(b)
USD4,304
4,523,597
U.K. Logistics DAC
5.88%, 05/17/34, (1-day SONIA +
1.650%)(c)
GBP202
267,310
8.32%, 05/17/35, (1-day SONIA +
4.000%)(b)(c)
GBP824
1,091,912
UBS Commercial Mortgage Trust
3.76%, 10/15/52(b)
USD1,200
1,037,178
3.84%, 10/15/50(b)
USD565
539,170
UK Logistics DAC
5.59%, 02/17/35, (1-day SONIA +
1.350%)(b)(c)
GBP1,404
1,864,510
5.94%, 02/17/35, (1-day SONIA +
1.700%)(b)(c)
GBP197
263,357
6.34%, 02/17/35, (1-day SONIA +
2.100%)(b)(c)
GBP100
132,874
7.34%, 02/17/35, (1-day SONIA +
3.100%)(b)(c)
GBP219
290,539
VEGAS, 6.22%, 07/10/36(a)(b)
USD5,390
5,061,050
VEGAS Trust, 5.52%, 11/10/39(a)
USD4,850
4,893,026
Velocity Commercial Capital Loan Trust
5.22%, 06/25/52(a)(b)
USD2,006
1,923,314
5.49%, 10/25/54(a)(b)
USD2,869
2,851,624
5.81%, 12/25/54(a)(b)
USD6,492
6,499,064
5.87%, 06/25/55(a)(b)
USD12,919
12,972,596
6.03%, 02/25/55(a)(b)
USD2,112
2,124,038
6.58%, 04/25/54(a)(b)
USD750
757,303
6.98%, 02/25/55(a)(b)
USD1,997
2,007,144
9.67%, 12/25/54(a)(b)
USD1,604
1,615,309
Verus Securitization Trust
1.82%, 11/25/66(a)(b)
USD663
601,853
3.80%, 04/25/67(a)(b)
USD2,631
2,386,445
4.13%, 02/25/67(a)(d)
USD1,866
1,776,597
5.10%, 09/25/69(a)(b)
USD6,791
6,740,110
5.22%, 09/25/69(a)(b)
USD6,891
6,851,196
5.33%, 08/26/69(a)
USD1,829
1,820,664
5.36%, 10/25/69(a)(b)
USD4,577
4,567,228
5.42%, 07/25/70(a)
USD14,900
14,886,448
5.43%, 06/25/70(a)
USD12,980
12,983,387
5.62%, 05/25/70(a)(d)
USD9,064
9,100,883
5.71%, 01/25/69(a)(d)
USD5,482
5,482,476
5.81%, 05/25/68(a)(d)
USD2,222
2,221,248
5.85%, 12/25/67(a)(d)
USD426
424,710
5.93%, 03/25/68(a)(d)
USD3,941
3,943,390
6.10%, 02/25/69(a)(d)
USD289
290,376
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
6.12%, 03/25/69(a)(d)
USD2,014
$2,024,165
6.34%, 04/25/69(a)(d)
USD2,643
2,667,386
6.40%, 05/25/65(a)(b)
USD583
571,548
6.76%, 02/25/68(a)(d)
USD2,245
2,245,975
7.64%, 06/25/69(a)(b)
USD1,335
1,361,863
8.03%, 04/25/69(a)(b)
USD500
510,806
8.19%, 11/25/68(a)(b)
USD1,500
1,535,163
Verus Securitization Trust 2024, 8.38%,
04/25/69(a)
USD1,240
1,248,222
Visio Trust, 1.31%, 11/25/55(a)
USD68
64,830
Vista Point Securitization Trust
5.68%, 01/25/55(a)(d)
USD7,199
7,185,051
6.00%, 01/25/55(a)(d)
USD1,000
1,004,626
WaMu Mortgage Pass-Through Certificates
Series Trust, 4.93%, 09/25/46, (12-mo.
MTA + 0.960%)(b)
USD36
29,755
Washington Mutual Mortgage Pass-Through
Certificates WMALT Series Trust, 5.22%,
04/25/47, (12-mo. MTA + 1.250%)(b)
USD245
210,779
Wells Fargo Commercial Mortgage Trust
3.75%, 03/15/59
USD850
840,310
3.98%, 12/15/49(b)
USD440
431,486
4.06%, 08/17/36(a)(b)
USD210
204,631
4.70%, 01/15/59(b)
USD205
203,156
Series 2015-C31, Class B, 4.48%,
11/15/48(b)
USD450
446,936
Series 2018-C46, Class AS, 4.38%,
08/15/51
USD660
645,695
Series 2019-C50, Class AS, 4.02%,
05/15/52
USD870
827,772
Wells Fargo Mortgage-Backed Securities
Trust, 3.50%, 07/25/47(a)(b)
USD170
154,675
WEST Trust, 5.28%, 04/10/35(a)(b)
USD4,126
4,181,838
WHARF Commercial Mortgage Trust
5.35%, 07/15/40(a)(b)
USD3,947
4,009,752
7.72%, 07/15/40(a)(b)
USD2,897
2,946,795
Winchester 1 PLC
5.11%, 10/21/56(c)
GBP781
1,036,370
5.42%, 10/21/56, (1-day SONIA +
1.200%)(c)
GBP340
451,342
5.77%, 10/21/56, (1-day SONIA +
1.550%)(c)
GBP100
132,389
6.22%, 10/21/56, (1-day SONIA +
2.000%)(c)
GBP100
132,608
WinWater Mortgage Loan Trust
3.50%, 11/20/44(a)(b)
USD299
277,461
3.50%, 01/20/45(a)(b)
USD131
121,944
3.50%, 02/20/45(a)(b)
USD374
343,068
3.50%, 02/20/45(a)(b)
USD150
137,227
3.93%, 06/20/44(a)(b)
USD389
373,428
4.00%, 09/20/44(a)(b)
USD98
93,665
 
2,235,526,463
Municpal Debt Obligations — 0.0%
Tower Bridge Funding PLC, 5.02%,
12/20/66(c)
GBP496
656,692
Total Collateralized Mortgage Obligations — 21.6%
(Cost: $2,312,523,638)
2,319,897,594
39
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Convertible Bonds
Commercial Services — 0.1%
Nexi SpA, Series ., 0.00% 02/24/28(c)(f)
EUR10,600
$11,034,096
Engineering & Construction — 0.1%
Cellnex Telecom SA, Series CLNX, 0.75%,
11/20/31(c)
EUR4,400
4,480,178
Food — 0.0%
Ocado Group PLC, 0.75%, 01/18/27(c)
GBP3,500
4,252,517
Semiconductors — 0.0%
ams-OSRAM AG, Series ., 2.13%,
11/03/27(c)
EUR1,100
1,208,245
Total Convertible Bonds — 0.2%
(Cost: $19,966,624)
20,975,036
Corporate Bonds & Notes
Advertising — 0.2%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27(a)
USD812
810,898
7.13%, 02/15/31(a)
USD2,895
2,891,004
7.50%, 03/15/33(a)
USD240
239,574
7.88%, 04/01/30(a)(g)
USD3,325
3,424,108
9.00%, 09/15/28(a)(g)
USD3,061
3,207,135
Lamar Media Corp.
3.63%, 01/15/31
USD240
220,786
3.75%, 02/15/28
USD150
144,898
4.00%, 02/15/30
USD240
227,723
4.88%, 01/15/29
USD2,877
2,825,383
Outfront Media Capital LLC/Outfront Media
Capital Corp.
4.25%, 01/15/29(a)
USD880
837,805
5.00%, 08/15/27(a)
USD3,988
3,947,864
7.38%, 02/15/31(a)
USD240
251,992
Stagwell Global LLC, 5.63%, 08/15/29(a)(g)
USD2,644
2,544,896
Summer BC Holdco B SARL
5.88%, 02/15/30(c)
EUR1,997
2,241,447
6.39%, 02/15/30, (3-mo. EURIBOR +
4.250%)(b)(c)
EUR1,253
1,408,453
 
25,223,966
Aerospace & Defense — 0.4%
Bombardier Inc.
6.75%, 06/15/33(a)
USD1,248
1,282,721
7.00%, 06/01/32(a)(g)
USD1,184
1,224,835
7.25%, 07/01/31(a)(g)
USD2,321
2,423,602
8.75%, 11/15/30(a)
USD1,180
1,269,826
Czechoslovak Group AS, 5.25%,
01/10/31(c)
EUR6,517
7,641,720
Spirit AeroSystems Inc.
4.60%, 06/15/28
USD178
175,126
9.38%, 11/30/29(a)
USD737
778,742
9.75%, 11/15/30(a)
USD7,087
7,794,305
TransDigm Inc.
4.63%, 01/15/29
USD3,103
3,033,847
6.00%, 01/15/33(a)
USD895
899,420
6.38%, 03/01/29(a)
USD10,165
10,403,380
6.38%, 05/31/33(a)
USD2,657
2,673,877
6.63%, 03/01/32(a)
USD2,276
2,340,340
6.75%, 08/15/28(a)(g)
USD2,886
2,944,765
Security
Par
(000
)
Value
Aerospace & Defense (continued)
7.13%, 12/01/31(a)
USD197
$205,126
 
45,091,632
Agriculture — 0.1%
Darling Ingredients Inc.
5.25%, 04/15/27(a)
USD400
399,439
6.00%, 06/15/30(a)
USD227
228,451
Tereos Finance Groupe I SA
5.75%, 04/30/31(c)
EUR832
935,236
5.88%, 04/30/30(c)
EUR2,104
2,405,142
7.25%, 04/15/28(c)
EUR2,559
3,017,370
 
6,985,638
Airlines — 0.5%
ABRA Global Finance, 14.00%, 10/22/29,
(6.00% cash and 8.00% PIK)(a)(h)
USD268
204,680
Air France-KLM, Series ., 5.75%, (1-day
SONIA + 0.800%)(b)(c)(i)
EUR7,000
8,148,164
Air New Zealand Ltd., 6.50%, 05/25/29
AUD270
182,509
American Airlines Inc.
7.25%, 02/15/28(a)(g)
USD4,890
4,989,822
8.50%, 05/15/29(a)(g)
USD1,176
1,229,067
American Airlines Inc./AAdvantage Loyalty
IP Ltd.
5.50%, 04/20/26(a)
USD88
88,107
5.75%, 04/20/29(a)
USD479
478,832
Delta Air Lines Inc.
4.95%, 07/10/28
USD10,048
10,092,573
5.25%, 07/10/30(g)
USD8,033
8,108,702
Deutsche Lufthansa AG, 5.25%, 01/15/55,
(5-year EURIBOR ICE Swap +
2.855%)(b)(c)
EUR10,700
12,404,129
Grupo Aeromexico SAB de CV, 8.25%,
11/15/29(c)
USD952
933,341
JetBlue Airways Corp./JetBlue Loyalty LP,
9.88%, 09/20/31(a)(g)
USD7,571
7,320,022
Qantas Airways Ltd., 5.90%, 09/19/34(c)
AUD1,500
984,652
VistaJet Malta Finance PLC/Vista
Management Holding Inc.
6.38%, 02/01/30(a)
USD1,745
1,648,429
7.88%, 05/01/27(a)(g)
USD900
903,080
9.50%, 06/01/28(a)(g)
USD1,160
1,188,999
 
58,905,108
Apparel — 0.1%
Beach Acquisition Bidco LLC
5.25%, 07/15/32(c)
EUR6,356
7,380,207
10.00%, 07/15/33, (10.00 % Cash and
10.75 % PIK)(a)(h)
USD1,500
1,563,862
Hanesbrands Inc., 9.00%, 02/15/31(a)(g)
USD912
959,889
Levi Strauss & Co., 4.00%, 08/15/30(c)
EUR1,318
1,529,754
PrestigeBidCo GmbH, 5.78%, 07/01/29,
(3-mo. EURIBOR + 3.750%)(b)(c)
EUR1,253
1,436,786
 
12,870,498
Auto Manufacturers — 1.0%
Allison Transmission Inc., 4.75%,
10/01/27(a)
USD1,225
1,212,685
Aston Martin Capital Holdings Ltd., 10.38%,
03/31/29(c)
GBP7,662
9,476,274
Hyundai Capital America, 5.70%, 03/27/30,
(1-day SOFR + 1.350%)(b)(c)
USD4,500
4,520,476
Jaguar Land Rover Automotive PLC
5.50%, 07/15/29(a)
USD240
239,096
Schedule of Investments
40
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Auto Manufacturers (continued)
5.88%, 01/15/28(a)
USD701
$703,137
Mercedes-Benz International Finance BV,
2.50%, 09/05/28(c)
EUR4,000
4,554,877
Nissan Motor Acceptance Co. LLC
1.85%, 09/16/26(a)
USD825
791,633
7.05%, 09/15/28(a)(g)
USD1,988
2,048,167
Nissan Motor Co. Ltd.
4.35%, 09/17/27(a)
USD855
834,091
4.81%, 09/17/30(a)
USD8,899
8,178,552
5.25%, 07/17/29(c)
EUR9,658
11,197,428
7.75%, 07/17/32(a)
USD2,130
2,205,005
RCI Banque SA
4.75%, 03/24/37, (5-year EURIBOR ICE
Swap + 2.200%)(b)(c)
EUR2,100
2,431,784
5.50%, 10/09/34, (5-year EURIBOR ICE
Swap + 2.750%)(b)(c)
EUR20,000
23,840,229
Traton Finance Luxembourg SA, 3.02%,
01/21/26, (3-mo. EURIBOR +
1.000%)(b)(c)
EUR10,800
12,363,346
Volkswagen Financial Services AG, 2.25%,
10/16/26(c)
EUR4,091
4,658,740
Volkswagen International Finance NV
3.88%, (10-year EUR Swap +
3.370%)(b)(c)(i)
EUR5,000
5,711,296
5.49%, (8-year EUR Swap +
3.494%)(b)(c)(i)
EUR1,000
1,174,148
Series ., 5.99%, (1-year UK Government
Bond + 1.250%)(b)(c)(i)
EUR4,900
5,758,676
Volkswagen Leasing GmbH, 3.63%,
10/11/26(c)
EUR8,226
9,501,746
 
111,401,386
Auto Parts & Equipment — 1.2%
Adient Global Holdings Ltd.
7.00%, 04/15/28(a)
USD240
245,668
7.50%, 02/15/33(a)(g)
USD4,571
4,661,327
8.25%, 04/15/31(a)
USD240
250,868
American Axle & Manufacturing Inc.
5.00%, 10/01/29(g)
USD7,493
6,798,682
6.88%, 07/01/28
USD625
622,603
Aptiv PLC/Aptiv Global Financing DAC,
6.88%, 12/15/54, (5-year CMT +
3.385%)(b)
USD782
787,155
Clarios Global LP / Clarios U.S. Finance
Co., 4.75%, 06/15/31(c)
EUR11,359
13,106,835
Clarios Global LP/Clarios U.S. Finance Co.
6.75%, 05/15/28(a)
USD1,716
1,754,490
6.75%, 02/15/30(a)
USD1,106
1,140,319
Dana Financing Luxembourg SARL, 8.50%,
07/15/31(c)
EUR2,411
2,974,241
Forvia SE
2.38%, 06/15/29(c)
EUR1,046
1,122,706
3.75%, 06/15/28(c)
EUR360
410,226
5.50%, 06/15/31(c)
EUR7,820
9,135,505
5.63%, 06/15/30(c)
EUR2,320
2,716,830
Goodyear Tire & Rubber Co. (The)
5.00%, 07/15/29(g)
USD2,979
2,889,961
5.25%, 07/15/31(g)
USD1,927
1,828,453
5.63%, 04/30/33(g)
USD1,771
1,662,083
Security
Par
(000
)
Value
Auto Parts & Equipment (continued)
IHO Verwaltungs GmbH
7.00%, 11/15/31, (7.00 % in Cash and
7.75 % in PIK)(c)(h)
EUR1,271
$1,556,762
8.75%, 05/15/28, (8.75% PIK)(c)(h)
EUR4,000
4,786,112
LG Energy Solution Ltd.
5.38%, 04/02/30(c)
USD2,500
2,533,800
6.05%, 04/02/30(b)(c)
USD2,500
2,529,900
Mahle GmbH
2.38%, 05/14/28(c)
EUR200
216,018
6.50%, 05/02/31(c)
EUR8,381
9,657,913
Opmobility, 4.30%, 02/05/31(c)
EUR1,200
1,386,215
Robert Bosch GmbH, 4.38%, 06/02/43(c)
EUR6,700
7,718,802
Schaeffler AG
3.38%, 10/12/28(c)
EUR4,400
5,025,420
4.25%, 04/01/28(c)
EUR1,800
2,090,884
5.38%, 04/01/31(c)
EUR1,200
1,414,098
Tenneco Inc., 8.00%, 11/17/28(a)
USD7,744
7,686,275
ZF Europe Finance BV
2.50%, 10/23/27(c)
EUR9,900
10,759,311
3.00%, 10/23/29(c)
EUR4,400
4,440,257
6.13%, 03/13/29(c)
EUR3,000
3,427,878
7.00%, 06/12/30(c)
EUR4,200
4,847,111
ZF Finance GmbH
2.25%, 05/03/28(c)
EUR500
524,952
5.75%, 08/03/26(c)
EUR100
115,637
ZF North America Capital Inc.
6.75%, 04/23/30(a)
USD1,045
994,436
6.88%, 04/23/32(a)(g)
USD2,351
2,193,773
7.13%, 04/14/30(a)
USD3,797
3,680,433
 
129,693,939
Banks — 3.7%
Abanca Corp. Bancaria SA, 4.63%,
12/11/36, (5-year EURIBOR ICE Swap +
2.450%)(b)(c)
EUR6,000
7,040,042
ABN AMRO Bank NV, 5.50%, 09/21/33,
(5-year EURIBOR ICE Swap +
2.450%)(b)(c)
EUR3,500
4,249,441
Abu Dhabi Commercial Bank PJSC, 8.00%,
(5-year CMT + 3.524%)(b)(c)(i)
USD250
264,144
AIB Group PLC
6.00%, (5-year EURIBOR ICE Swap +
3.705%)(b)(c)(i)
EUR3,500
4,024,981
7.13%, (5-year EURIBOR ICE Swap +
4.387%)(b)(c)(i)
EUR5,436
6,669,671
Al Rajhi Sukuk Ltd., 6.25%, (6-year CMT +
1.594%)(b)(c)(i)
USD684
689,465
Alpha Bank SA, 6.00%, 09/13/34, (5-year
EURIBOR ICE Swap + 3.270%)(b)(c)
EUR3,000
3,696,028
Axis Bank Ltd./Gandhinagar, 4.10%, (5-year
CMT + 3.315%)(b)(c)(i)
USD4,500
4,381,875
B&M European Value Retail SA, 6.50%,
11/27/31(c)
GBP6,300
8,395,191
Banca Monte dei Paschi di Siena SpA,
4.38%, 10/02/35, (1-month BB Swap +
1.400%)(b)(c)
EUR8,500
9,818,722
Banco Bilbao Vizcaya Argentaria SA
6.88%, (5-year EUR Swap +
4.267%)(b)(c)(i)
EUR1,000
1,225,580
7.75%, (5-year CMT + 3.249%)(b)(g)(i)
USD3,227
3,344,093
8.38%, (5-year EURIBOR ICE Swap +
5.544%)(b)(c)(i)
EUR5,000
6,341,075
41
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
Banco de Credito e Inversiones SA, 8.75%,
(5-year CMT + 4.944%)(a)(b)(g)(i)
USD400
$426,800
Banco de Credito Social Cooperativo SA,
5.25%, 11/27/31, (5-year EUR Swap +
5.419%)(b)(c)
EUR2,000
2,321,916
Banco de Sabadell SA, Series ., 6.50%,
(5-year EURIBOR ICE Swap +
3.012%)(b)(c)(i)
EUR1,600
1,899,504
Banco del Estado de Chile, 7.95%, (30-day
Avg SOFR + 1.250%)(a)(b)(i)
USD276
293,026
Banco Mercantil del
Norte SA/Grand Cayman
5.88%, (5-year CMT + 4.643%)(a)(b)(i)
USD260
254,881
8.38%, (5-year CMT + 4.072%)(a)(b)(i)
USD411
420,010
Bancolombia SA, 8.63%, 12/24/34, (5-year
CMT + 4.320%)(b)(g)
USD510
541,365
Bangkok Bank PCL/Hong Kong, 5.30%,
09/21/28(a)
USD650
660,328
Bank Negara Indonesia Persero Tbk PT,
4.30%, (5-year CMT + 3.466%)(b)(c)(i)
USD4,500
4,336,875
Bank of America Corp.
0.69%, 03/22/31, (3-mo. EURIBOR +
0.790%)(b)(c)
EUR5,291
5,429,326
1.66%, 04/25/28, (3-mo. EURIBOR +
0.890%)(b)(c)
EUR7,697
8,667,514
Bank of Queensland Ltd., 5.54%, 01/29/35,
(5-year EURIBOR ICE Swap +
4.189%)(b)
AUD590
379,535
Bankinter SA
5.00%, 06/25/34, (5-year UK Government
Bond + 4.493%)(b)(c)
EUR2,000
2,398,648
6.25%, (5-year EUR Swap +
6.714%)(b)(c)(i)
EUR2,600
3,017,382
7.38%, (5-year EURIBOR ICE Swap +
4.708%)(b)(c)(i)
EUR7,800
9,651,856
Banque Federative du Credit Mutuel SA,
4.00%, 01/15/35, (5-year EURIBOR ICE
Swap + 1.750%)(b)(c)
EUR16,700
19,355,956
Barclays PLC
4.51%, 01/31/33, (1-year EURIBOR ICE
Swap + 2.050%)(b)(c)
EUR6,500
7,835,385
4.92%, 08/08/30, (1-year EUR Swap +
1.750%)(b)(c)
EUR4,072
4,977,356
6.37%, 01/31/31, (1-year UK Government
Bond + 2.800%)(b)(c)
GBP3,975
5,529,219
9.25%, (5-year GBP Swap + 5.639%)(b)(i)
GBP2,600
3,716,969
BPCE SA, 4.00%, 01/20/34, (3-mo.
EURIBOR + 1.470%)(b)(c)
EUR3,000
3,499,916
BPER Banca SpA, 6.50%, (5-year
EURIBOR ICE Swap + 4.346%)(b)(c)(i)
EUR5,000
5,926,072
CaixaBank SA
6.25%, (5-year EURIBOR ICE Swap +
3.935%)(b)(c)(i)
EUR2,200
2,592,322
7.50%, (5-year EURIBOR ICE Swap +
5.295%)(b)(c)(i)
EUR2,600
3,297,210
Series ., 5.88%, (5-year EUR Swap +
6.346%)(b)(c)(i)
EUR5,400
6,409,777
Commerzbank AG
4.25%, (5-year EUR Swap +
4.387%)(b)(c)(i)
EUR3,600
4,050,473
Security
Par
(000
)
Value
Banks (continued)
6.50%, (5-year EUR Swap +
6.743%)(b)(c)(i)
EUR5,000
$6,080,014
6.63%, (1-day SONIA + 1.500%)(b)(c)(i)
EUR200
237,540
7.88%, (5-year EURIBOR ICE Swap +
5.129%)(b)(c)(i)
EUR1,800
2,315,908
8.63%, 02/28/33, (5-year UK Government
Bond + 5.251%)(b)(c)
GBP1,500
2,132,860
Credit Agricole SA, 5.88%, (5-year
EURIBOR ICE Swap + 3.636%)(b)(c)(i)
EUR3,400
3,914,553
Deutsche Bank AG
4.50%, (5-year EURIBOR ICE Swap +
4.552%)(b)(c)(i)
EUR5,800
6,515,000
4.63%, (5-year EURIBOR ICE Swap +
4.747%)(b)(c)(i)
EUR7,400
8,212,811
8.13%, (5-year USD ICE Swap +
4.358%)(b)(c)(i)
USD2,800
2,935,800
Eurobank Ergasias Services and
Holdings SA, 4.25%, 04/30/35, (5-year
EURIBOR ICE Swap + 2.000%)(b)(c)
EUR3,275
3,770,081
Freedom Mortgage Corp.
7.63%, 05/01/26(a)
USD580
582,516
12.00%, 10/01/28(a)(g)
USD3,947
4,221,384
12.25%, 10/01/30(a)
USD1,971
2,180,212
Goldman Sachs Group Inc. (The)
1.25%, 02/07/29(c)
EUR15,282
16,579,286
1.50%, 12/07/27(c)
GBP1,595
1,973,292
3.63%, 10/29/29, (1-year UK Government
Bond + 1.950%)(b)(c)
GBP1,400
1,795,014
5.73%, 01/28/56, (1-day SOFR +
1.696%)(b)
USD4,584
4,603,270
7.25%, 04/10/28
GBP617
871,185
HSBC Holdings PLC
1.75%, 07/24/27, (1-day SONIA +
1.307%)(b)
GBP4,830
6,204,142
5.60%, 03/11/35, (3-month BB Swap +
1.870%)(b)(c)
AUD2,610
1,674,616
ING Groep NV
1.75%, 02/16/31, (3-mo. EURIBOR +
1.150%)(b)(c)
EUR3,300
3,565,169
2.13%, 05/26/31, (5-year EUR Swap +
2.400%)(b)(c)
EUR3,500
3,978,120
7.25%, (5-year USD ICE Swap +
4.084%)(b)(c)(i)
USD4,050
4,176,178
8.00%, (5-year USD ICE Swap +
4.360%)(b)(c)(i)
USD2,525
2,726,154
Intesa Sanpaolo SpA, 5.50%, (5-year EUR
Swap + 5.848%)(b)(c)(i)
EUR4,258
5,007,677
KBC Group NV, 8.00%, (5-year EURIBOR
ICE Swap + 4.928%)(b)(c)(i)
EUR2,200
2,811,991
LG Electronics Inc., 5.63%, 04/24/27(c)
USD635
645,268
Lloyds Banking Group PLC
8.50%, (5-year UK Government Bond +
5.883%)(b)(i)
GBP1,300
1,804,799
Series ., 7.50%, (5-year UK Government
Bond + 3.436%)(b)(i)
GBP3,075
4,119,233
Morgan Stanley
3.96%, 03/21/35, (3-mo. EURIBOR +
1.242%)(b)
EUR9,556
11,198,270
4.66%, 03/02/29(b)
EUR19,486
23,305,127
Schedule of Investments
42
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
National Australia Bank Ltd., 5.77%,
07/30/40, (3-mo. CME Term SOFR +
1.250%)(b)(c)
AUD4,575
$2,959,734
National Bank of Greece SA, 5.88%,
06/28/35, (5-year EURIBOR ICE Swap +
3.154%)(b)(c)
EUR3,700
4,585,156
NatWest Group PLC, 7.50%, (5-year UK
Government Bond + 3.294%)(b)(i)
GBP5,025
6,681,890
Societe Generale SA, 0.50%, 06/12/29,
(3-mo. EURIBOR + 0.950%)(b)(c)
EUR3,900
4,172,641
Sumitomo Mitsui Financial Group Inc.,
6.45%, (5-year CMT + 1.900%)(b)(i)
USD4,625
4,592,473
U.S. Bancorp, 2.88%, 05/21/28, (3-mo.
EURIBOR + 0.800%)(b)
EUR10,860
12,419,350
UBS Group AG
0.25%, 11/05/28, (1-year EUR Swap +
0.770%)(b)(c)
EUR6,670
7,215,898
4.88%, (5-year CMT + 3.404%)(a)(b)(i)
USD300
294,296
5.13%, (5-year CMT + 4.855%)(b)(c)(i)
USD1,200
1,195,980
6.85%, (5-year USD ICE Swap +
3.630%)(a)(b)(g)(i)
USD4,450
4,549,796
Wells Fargo & Co.
1.00%, 02/02/27(c)
EUR13,048
14,584,595
2.70%, 07/22/28, (3-mo. EURIBOR +
0.700%)(b)(c)
EUR19,550
22,352,996
3.90%, 07/22/32, (3-mo. EURIBOR +
1.220%)(b)(c)
EUR6,466
7,603,419
Westpac Banking Corp., 5.82%, 06/04/40,
(1-year EURIBOR ICE Swap +
1.150%)(b)(c)
AUD800
519,883
 
401,895,506
Beverages — 0.0%
Primo Water Holdings Inc./Triton Water
Holdings Inc.
4.38%, 04/30/29(a)
USD1,966
1,896,409
6.25%, 04/01/29(a)
USD237
237,487
 
2,133,896
Biotechnology — 0.0%
Amgen Inc., 5.75%, 03/02/63
USD4,755
4,561,950
Building Materials — 0.6%
Builders FirstSource Inc.
4.25%, 02/01/32(a)
USD585
539,896
5.00%, 03/01/30(a)
USD1,901
1,860,848
6.38%, 06/15/32(a)
USD1,337
1,367,226
6.38%, 03/01/34(a)
USD1,741
1,766,608
6.75%, 05/15/35(a)(g)
USD711
728,988
Camelot Return Merger Sub Inc., 8.75%,
08/01/28(a)
USD4,953
4,538,285
Cemex SAB de CV, 7.20%, (5-year CMT +
2.292%)(a)(b)(i)
USD260
265,070
Cornerstone Building Brands Inc., 9.50%,
08/15/29(a)
USD2,943
2,697,673
EMRLD Borrower LP/Emerald
Co-Issuer Inc.
6.38%, 12/15/30(c)
EUR10,223
12,236,980
6.63%, 12/15/30(a)
USD4,426
4,512,789
6.75%, 07/15/31(a)
USD1,389
1,430,489
HT Troplast GmbH, 9.38%, 07/15/28(c)
EUR3,937
4,720,979
Miter Brands Acquisition Holdco Inc./MIWD
Borrower LLC, 6.75%, 04/01/32(a)
USD434
443,108
Security
Par
(000
)
Value
Building Materials (continued)
PCF GmbH, 4.75%, 04/15/29(c)
EUR3,487
$3,121,061
Quikrete Holdings Inc.
6.38%, 03/01/32(a)
USD5,451
5,590,518
6.75%, 03/01/33(a)(g)
USD3,481
3,570,198
Sisecam U.K. PLC, 8.25%, 05/02/29(c)
USD876
896,209
Smyrna Ready Mix Concrete LLC, 8.88%,
11/15/31(a)
USD8,041
8,462,244
Standard Industries Inc./New York
3.38%, 01/15/31(a)
USD178
159,013
4.38%, 07/15/30(a)(g)
USD5,387
5,100,084
6.50%, 08/15/32(a)
USD1,557
1,589,942
 
65,598,208
Chemicals — 1.2%
Avient Corp., 6.25%, 11/01/31(a)(g)
USD1,808
1,814,427
Axalta Coating Systems LLC/Axalta Coating
Systems Dutch Holding B BV, 4.75%,
06/15/27(a)(g)
USD2,123
2,104,282
Braskem Netherlands Finance BV, 8.00%,
10/15/34(a)(g)
USD570
403,987
Celanese U.S. Holdings LLC
6.50%, 04/15/30(g)
USD2,549
2,577,679
6.75%, 04/15/33(g)
USD1,314
1,325,283
6.83%, 07/15/29
USD450
467,444
6.85%, 11/15/28
USD1,105
1,150,333
7.05%, 11/15/30
USD2,381
2,479,633
7.20%, 11/15/33(g)
USD1,196
1,248,632
Chemours Co. (The)
4.63%, 11/15/29(a)(g)
USD1,956
1,656,658
5.75%, 11/15/28(a)(g)
USD2,701
2,480,682
8.00%, 01/15/33(a)(g)
USD1,938
1,802,768
FIS Fabbrica Italiana Sintetici SpA, 5.63%,
08/01/27(c)
EUR3,175
3,655,579
FMC Corp., 8.45%, 11/01/55, (5-year CMT +
4.366%)(b)
USD907
937,686
Herens Holdco SARL, 4.75%, 05/15/28(a)(g)
USD1,682
1,466,368
Ineos Finance PLC
5.63%, 08/15/30(c)
EUR2,000
2,185,840
6.38%, 04/15/29(c)
EUR5,503
6,292,947
INEOS Finance PLC
6.75%, 05/15/28(a)
USD1,076
1,059,668
7.50%, 04/15/29(a)(g)
USD2,034
2,019,005
Ineos Quattro Finance 2 PLC
6.75%, 04/15/30(c)
EUR4,453
4,809,161
8.50%, 03/15/29(c)
EUR4,212
4,860,425
Inversion Escrow Issuer LLC, 6.75%,
08/01/32(a)
USD1,920
1,897,272
Itelyum Regeneration SpA, 5.75%,
04/15/30(c)
EUR8,600
10,065,169
Kronos International Inc., 9.50%,
03/15/29(c)
EUR7,463
9,119,003
Lenzing AG, 9.00%, (1-month BB Swap +
1.050%)(b)(c)(i)
EUR4,800
5,532,535
Lune Holdings SARL, 5.63%, 11/15/28(c)
EUR4,892
2,272,603
MEGlobal BV, 4.25%, 11/03/26(c)
USD300
298,031
Methanex Corp., 5.13%, 10/15/27
USD348
346,253
Methanex U.S. Operations Inc., 6.25%,
03/15/32(a)(g)
USD2,471
2,449,365
NOVA Chemicals Corp.
4.25%, 05/15/29(a)
USD1,034
987,470
5.25%, 06/01/27(a)
USD5,287
5,266,456
9.00%, 02/15/30(a)
USD1,489
1,599,993
43
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Chemicals (continued)
OCP SA
5.13%, 06/23/51(c)
USD263
$201,542
7.50%, 05/02/54(a)
USD488
493,419
Olin Corp., 6.63%, 04/01/33(a)(g)
USD3,525
3,430,181
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28(a)(g)
USD3,409
3,246,014
5.38%, 10/01/29(c)
EUR1,421
1,505,146
6.25%, 10/01/29(a)
USD535
512,485
7.25%, 06/15/31(a)
USD2,624
2,679,760
9.63%, 11/15/28(c)
EUR4,500
5,405,979
Orbia Advance Corp. SAB de CV, 6.80%,
05/13/30(a)
USD335
342,598
Sasol Financing USA LLC
4.38%, 09/18/26
USD200
197,400
6.50%, 09/27/28
USD221
212,768
SCIH Salt Holdings Inc., 4.88%,
05/01/28(a)(g)
USD3,616
3,511,023
SCIL IV LLC/SCIL USA Holdings LLC
4.38%, 11/01/26(c)
EUR350
399,668
9.50%, 07/15/28(c)
EUR2,852
3,417,825
Synthomer PLC, 7.38%, 05/02/29(c)
EUR6,000
6,335,139
Tronox Inc., 4.63%, 03/15/29(a)(g)
USD7,123
5,541,765
UPL Corp. Ltd., 4.63%, 06/16/30(c)
USD3,000
2,733,000
WR Grace Holdings LLC, 4.88%,
06/15/27(a)
USD2,913
2,896,580
 
129,694,929
Commercial Services — 2.4%
ADT Security Corp. (The), 4.13%,
08/01/29(a)
USD109
104,273
Albion Financing 1 SARL / Aggreko
Holdings Inc.
5.38%, 05/21/30(c)
EUR5,595
6,609,586
7.00%, 05/21/30(a)
USD2,504
2,577,332
Allied Universal Holdco LLC, 7.88%,
02/15/31(a)(g)
USD5,540
5,809,449
Allied Universal Holdco LLC/Allied Universal
Finance Corp., 6.00%, 06/01/29(a)(g)
USD3,383
3,292,561
Allied Universal Holdco LLC/Allied Universal
Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28(a)
USD927
901,868
4.88%, 06/01/28(c)
GBP9,072
11,653,220
Amber Finco PLC, 6.63%, 07/15/29(c)
EUR9,000
10,858,760
APCOA Group GmbH, 6.00%, 04/15/31(c)
EUR13,000
15,088,392
Arena Luxembourg Finance SARL, 4.52%,
05/01/30, (3-mo. EURIBOR +
2.500%)(b)(c)
EUR4,122
4,727,402
Autostrade per l'Italia SpA, 1.75%,
02/01/27(c)
EUR4,061
4,593,026
Avis Budget Car Rental LLC/Avis Budget
Finance Inc.
5.38%, 03/01/29(a)(g)
USD4,442
4,252,809
8.00%, 02/15/31(a)
USD3,903
3,985,470
8.25%, 01/15/30(a)
USD240
246,968
8.38%, 06/15/32(a)
USD139
143,393
BCP V Modular Services Finance II PLC
4.75%, 11/30/28(c)
EUR800
890,922
6.13%, 11/30/28(c)
GBP7,576
9,628,995
6.50%, 07/10/31(c)
EUR12,964
14,634,118
Block Inc., 2.75%, 06/01/26
USD2,782
2,728,163
Boels Topholding BV
5.75%, 05/15/30(c)
EUR6,051
7,199,982
Security
Par
(000
)
Value
Commercial Services (continued)
6.25%, 02/15/29(c)
EUR2,297
$2,714,733
Boost Newco Borrower LLC, 7.50%,
01/15/31(a)
USD2,841
3,003,821
Brink's Co. (The)
4.63%, 10/15/27(a)
USD963
948,807
6.75%, 06/15/32(a)
USD1,387
1,428,616
Clarivate Science Holdings Corp., 3.88%,
07/01/28(a)
USD1,609
1,538,012
Currenta Group Holdings Sarl
5.50%, 05/15/30(c)
EUR2,304
2,700,378
6.14%, 05/15/32, (3-mo. EURIBOR +
4.000%)(b)(c)
EUR2,354
2,707,192
DP World Salaam, 6.00%, (5-year CMT +
5.750%)(b)(c)(i)
USD580
579,638
EC Finance PLC, 3.25%, 10/15/26(c)
EUR3,400
3,821,212
EquipmentShare.com Inc.
8.00%, 03/15/33(a)
USD660
689,047
8.63%, 05/15/32(a)(g)
USD2,040
2,171,325
9.00%, 05/15/28(a)
USD3,537
3,727,736
Flinders Port Holdings Pty Ltd., 6.10%,
07/10/34
AUD1,500
1,006,187
Garda World Security Corp.
7.75%, 02/15/28(a)
USD390
401,634
8.25%, 08/01/32(a)
USD2,060
2,123,976
8.38%, 11/15/32(a)
USD5,189
5,345,090
GEO Group Inc. (The), 8.63%, 04/15/29
USD3,014
3,200,039
Herc Holdings Inc.
5.50%, 07/15/27(a)
USD2,514
2,503,880
7.00%, 06/15/30(a)
USD4,715
4,873,120
Kapla Holding SAS
5.00%, 04/30/31(c)
EUR9,500
11,012,786
5.48%, 07/31/30, (3-mo. EURIBOR +
3.500%)(b)(c)
EUR1,000
1,145,435
Kaspi.KZ JSC
6.25%, 03/26/30(a)
USD801
817,020
6.25%, 03/26/30(c)
USD200
204,000
La Financiere Atalian SASU, 8.50%,
06/30/28, (3.50 % Cash and 5.00 %
PIK)(h)
EUR1,004
413,321
Loxam SAS
4.25%, 02/15/31(c)
EUR4,281
4,891,582
6.38%, 05/15/28(c)
EUR900
1,063,260
6.38%, 05/31/29(c)
EUR4,508
5,357,656
NSW Ports Finance Co. Pty Ltd., 5.43%,
09/19/34(c)
AUD650
414,940
Pachelbel Bidco SpA
6.27%, 05/17/31, (3-mo. EURIBOR +
4.250%)(b)(c)
EUR4,116
4,736,314
7.13%, 05/17/31(c)
EUR6,821
8,425,533
Port of Newcastle Investments Financing
Pty Ltd., 6.10%, 07/18/33(c)
AUD1,600
1,048,496
Prime Security Services
Borrower LLC/Prime Finance Inc., 3.38%,
08/31/27(a)
USD1,922
1,852,894
Q-Park Holding I BV
5.13%, 03/01/29(c)
EUR1,229
1,454,316
5.13%, 02/15/30(c)
EUR3,303
3,919,252
RR Donnelley & Sons Co.
9.50%, 08/01/29(a)
USD240
245,225
10.88%, 08/01/29(a)
USD7,154
6,969,199
Schedule of Investments
44
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Service Corp. International/U.S.
3.38%, 08/15/30
USD878
$800,099
4.63%, 12/15/27(g)
USD1,528
1,512,408
5.13%, 06/01/29
USD265
262,590
5.75%, 10/15/32
USD1,776
1,780,209
Shift4 Payments LLC/Shift4 Payments
Finance Sub Inc.
5.50%, 05/15/33(c)
EUR3,518
4,186,554
6.75%, 08/15/32(a)
USD514
530,959
Transurban Queensland Finance Pty Ltd.,
5.50%, 09/02/32
AUD3,500
2,284,161
United Rentals North America Inc.
3.75%, 01/15/32(g)
USD4,494
4,093,495
3.88%, 02/15/31
USD411
383,488
4.88%, 01/15/28
USD593
589,349
5.25%, 01/15/30(g)
USD413
411,906
5.50%, 05/15/27
USD753
753,154
6.13%, 03/15/34(a)
USD858
879,710
Varanasi Aurangabad Nh-2 Tollway Pvt Ltd.,
5.90%, 02/28/34(c)
USD705
723,260
Verisure Holding AB
7.13%, 02/01/28(c)
EUR375
442,831
9.25%, 10/15/27(c)
EUR400
474,063
Wand NewCo 3 Inc., 7.63%, 01/30/32(a)(g)
USD1,839
1,930,897
Williams Scotsman Inc.
4.63%, 08/15/28(a)
USD253
248,884
6.63%, 06/15/29(a)
USD1,742
1,785,224
6.63%, 04/15/30(a)
USD900
927,990
7.38%, 10/01/31(a)(g)
USD859
896,730
Worldline SA/France
4.13%, 09/12/28(c)
EUR3,700
3,814,491
5.25%, 11/27/29(c)
EUR6,800
6,951,696
5.50%, 06/10/30(c)
EUR8,700
8,911,805
 
254,958,314
Computers — 0.6%
Almaviva-The Italian Innovation Co. SpA
5.00%, 10/30/30(c)
EUR12,092
13,996,030
Amentum Holdings Inc., 7.25%, 08/01/32(a)
USD2,370
2,451,699
Atos SE
5.00%, 12/18/30(c)(d)
EUR3,457
3,294,456
Series ., 9.00%, 12/18/29(c)(d)
EUR6,948
8,793,074
Cedacri Mergeco SpA, 6.77%, 05/15/28,
(3-mo. EURIBOR + 4.625%)(b)(c)
EUR7,927
9,099,175
McAfee Corp., 7.38%, 02/15/30(a)(g)
USD6,919
6,415,221
NCR Atleos Corp., 9.50%, 04/01/29(a)
USD3,872
4,194,750
NCR Voyix Corp.
5.00%, 10/01/28(a)(g)
USD5,268
5,181,879
5.13%, 04/15/29(a)
USD240
235,206
OVH Groupe SA, 4.75%, 02/05/31(c)
EUR6,000
6,996,402
Seagate Data Storage Technology Pte Ltd.
4.09%, 06/01/29(a)
USD1,601
1,529,940
8.25%, 12/15/29(a)(g)
USD1,015
1,081,870
8.50%, 07/15/31(a)(g)
USD2,081
2,197,791
9.63%, 12/01/32(a)
USD784
882,961
 
66,350,454
Cosmetics & Personal Care — 0.1%
Edgewell Personal Care Co., 4.13%,
04/01/29(a)
USD240
227,065
Security
Par
(000
)
Value
Cosmetics & Personal Care (continued)
Opal Bidco SAS
5.50%, 03/31/32(c)
EUR4,165
$4,896,021
6.50%, 03/31/32(a)(g)
USD1,131
1,142,351
Prestige Brands Inc.
3.75%, 04/01/31(a)(g)
USD803
734,830
5.13%, 01/15/28(a)
USD1,569
1,555,919
 
8,556,186
Distribution & Wholesale — 0.2%
American Builders & Contractors Supply Co.
Inc., 3.88%, 11/15/29(a)
USD240
226,190
Azelis Finance NV, 4.75%, 09/25/29(c)
EUR1,000
1,184,540
IMCD NV
2.13%, 03/31/27(c)
EUR9,382
10,591,996
4.88%, 09/18/28(c)
EUR4,481
5,392,759
RB Global Holdings Inc., 7.75%, 03/15/31(a)
USD3,047
3,193,232
 
20,588,717
Diversified Financial Services — 1.3%
Ally Financial Inc.
5.75%, 11/20/25
USD200
200,276
6.65%, 01/17/40, (5-year CMT +
2.450%)(b)
USD594
589,627
6.70%, 02/14/33(g)
USD150
155,770
Aretec Group Inc., 10.00%, 08/15/30(a)
USD6,626
7,225,116
Azorra Finance Ltd., 7.25%, 01/15/31(a)(g)
USD1,928
1,967,776
Bracken MidCo1 PLC, 6.75%, 11/01/27,
(6.75% PIK)(c)(h)
GBP3,326
4,377,452
Burford Capital Global Finance LLC
7.50%, 07/15/33(a)
USD1,300
1,308,450
9.25%, 07/01/31(a)
USD2,744
2,901,695
Credit Acceptance Corp.
6.63%, 03/15/30(a)
USD2,047
2,072,936
9.25%, 12/15/28(a)
USD987
1,043,835
Encore Capital Group Inc., 9.25%,
04/01/29(a)
USD3,530
3,717,941
Far East Horizon Ltd., 6.00%, 10/01/28(c)
USD3,715
3,708,053
Focus Financial Partners LLC, 6.75%,
09/15/31(a)
USD2,957
3,021,799
Freedom Mortgage Holdings LLC
8.38%, 04/01/32(a)(g)
USD720
736,398
9.13%, 05/15/31(a)
USD2,602
2,704,818
9.25%, 02/01/29(a)
USD2,769
2,886,092
Garfunkelux Holdco 3 SA, 9.00%,
09/01/28(c)
EUR1,753
2,050,536
GGAM Finance Ltd.
6.88%, 04/15/29(a)
USD876
902,466
8.00%, 02/15/27(a)
USD2,422
2,494,040
8.00%, 06/15/28(a)
USD2,068
2,187,524
GS Finance Corp., 8.75%, 02/14/30(b)
USD17,990
18,307,883
Hyundai Card Co. Ltd., 5.75%, 04/24/29(c)
USD1,395
1,436,976
Intrum Investments And Financing AB
7.75%, 09/11/27
EUR701
748,950
7.75%, 09/11/28(a)
EUR876
905,061
8.00%, 09/11/27(c)
EUR1,301
1,517,139
8.50%, 09/11/29
EUR876
895,060
8.50%, 09/11/30(a)
EUR1,052
1,059,071
Jane Street Group/JSG Finance Inc.
6.13%, 11/01/32(a)
USD2,948
2,924,900
7.13%, 04/30/31(a)
USD4,776
4,932,774
Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/28(a)
USD2,070
1,996,196
45
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Diversified Financial Services (continued)
6.63%, 10/15/31(a)
USD2,842
$2,827,555
Jefferson Capital Holdings LLC, 8.25%,
05/15/30(a)
USD1,655
1,726,733
Julius Baer Group Ltd.
4.88%, (5-year CMT + 4.616%)(b)(c)(i)
USD1,000
981,270
6.63%, (5-year EUR Swap +
3.847%)(b)(c)(i)
EUR2,577
3,070,931
Muangthai Capital PCL
6.88%, 09/30/28(c)
USD4,500
4,494,375
7.55%, 07/21/30(c)
USD1,360
1,377,680
Muthoot Finance Ltd., 6.38%, 04/23/29(c)
USD1,000
1,000,000
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30(a)
USD150
149,715
5.50%, 08/15/28(a)
USD878
876,818
5.75%, 11/15/31(a)
USD2,659
2,688,531
6.00%, 01/15/27(a)
USD139
139,144
6.50%, 08/01/29(a)
USD3,638
3,720,980
7.13%, 02/01/32(a)
USD1,158
1,209,238
Nomura Holdings Inc., 7.00%, (3-mo. CME
Term SOFR + 1.350%)(b)(g)(i)
USD3,225
3,265,487
Osaic Holdings Inc., 6.75%, 08/01/32(a)
USD400
404,824
PennyMac Financial Services Inc.
6.88%, 05/15/32(a)
USD1,698
1,729,997
6.88%, 02/15/33(a)
USD100
101,921
7.13%, 11/15/30(a)
USD6,485
6,684,725
7.88%, 12/15/29(a)
USD38
40,105
Power Finance Corp. Ltd., 1.84%,
09/21/28(c)
EUR204
221,521
Rocket Companies Inc.
6.13%, 08/01/30(a)
USD906
918,641
6.38%, 08/01/33(a)
USD625
637,490
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer Inc.
2.88%, 10/15/26(a)
USD494
481,684
3.63%, 03/01/29(a)
USD561
529,940
3.88%, 03/01/31(a)
USD2,664
2,457,319
4.00%, 10/15/33(a)(g)
USD2,461
2,177,321
SLM Corp., 3.13%, 11/02/26
USD1,697
1,657,965
Stonex Escrow Issuer LLC, 6.88%,
07/15/32(a)
USD601
611,795
SURA Asset Management SA, 6.35%,
05/13/32(a)
USD390
407,706
Synchrony Financial, 7.25%, 02/02/33
USD240
252,211
Titanium 2l Bondco SARL, 6.25%, 01/14/31,
(6.75% PIK)(h)
EUR2,698
873,630
Trust Fibra Uno, 7.70%, 01/23/32(c)
USD912
961,886
United Wholesale Mortgage LLC
5.50%, 04/15/29(a)(g)
USD4,424
4,327,294
5.75%, 06/15/27(a)
USD3,755
3,754,585
 
137,737,627
Electric — 2.2%
A2A SpA, 5.00%, (5-year EURIBOR ICE
Swap + 2.258%)(b)(c)(i)
EUR3,805
4,558,442
ACEN Finance Ltd., 4.00%(c)(i)
USD1,198
776,005
AES Andes SA
6.30%, 03/15/29(a)
USD400
412,152
6.30%, 03/15/29(c)
USD961
990,195
8.15%, 06/10/55, (5-year CMT +
3.835%)(a)(b)
USD470
491,437
AES Corp. (The), 6.95%, 07/15/55, (5-year
CMT + 2.890%)(b)
USD3,997
3,851,197
Security
Par
(000
)
Value
Electric (continued)
AES Panama Generation Holdings SRL,
4.38%, 05/31/30(c)
USD704
$639,706
Alpha Generation LLC, 6.75%,
10/15/32(a)(g)
USD2,739
2,802,882
Atlantica Sustainable Infrastructure Ltd.,
4.13%, 06/15/28(a)
USD1,046
1,010,107
Ausgrid Finance Pty Ltd., 5.41%, 03/28/31
AUD170
111,466
AusNet Services Holdings Pty Ltd.
6.05%, 02/12/55, (3-month BB Swap +
2.250%)(b)
AUD550
357,798
6.19%, 02/12/55, (3-month BB Swap +
2.250%)(b)
AUD1,740
1,150,874
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC
5.63%, 02/15/32(c)
EUR5,763
6,877,751
6.38%, 02/15/32(a)
USD963
972,740
Calpine Corp., 5.13%, 03/15/28(a)(g)
USD5,430
5,403,730
Clean Renewable Power Mauritius Pte. Ltd.,
4.25%, 03/25/27(c)
USD3,623
3,518,353
Continuum Energy Aura Pte. Ltd., 9.50%,
02/24/27(c)
USD4,500
4,629,375
Continuum Green Energy India Pvt /
Co-Issuers, 7.50%, 06/26/33(c)
USD2,842
2,924,100
Continuum Green Energy India
Pvt./Co-Issuers, 7.50%, 06/26/33(a)
USD299
307,591
ContourGlobal Power Holdings SA, 5.00%,
02/28/30(c)
EUR8,901
10,386,367
Diamond II Ltd.
7.95%, 07/28/26(a)
USD235
236,699
7.95%, 07/28/26(c)
USD5,500
5,539,767
Duke Energy Corp.
3.10%, 06/15/28
EUR2,359
2,717,461
3.75%, 04/01/31
EUR7,273
8,458,908
Edison International
7.88%, 06/15/54, (5-year CMT +
3.658%)(b)
USD1,474
1,412,835
8.13%, 06/15/53, (5-year CMT +
3.864%)(b)
USD4,090
4,010,554
EDP SA
1.88%, 03/14/82, (5-year EUR Swap +
2.080%)(b)(c)
EUR3,100
3,277,236
4.75%, 05/29/54, (5-year EURIBOR ICE
Swap + 2.052%)(b)(c)
EUR4,700
5,546,967
ElectraNet Pty Ltd.
2.47%, 12/15/28
AUD510
307,274
5.30%, 07/10/31(c)
AUD1,500
980,469
Electricite de France SA
2.63%, (3-mo. EURIBOR +
1.550%)(b)(c)(i)
EUR2,400
2,677,254
3.38%, (5-year EUR Swap +
3.970%)(b)(c)(i)
EUR12,200
13,399,847
3.75%, 06/05/27(c)
EUR6,700
7,814,160
5.13%, (5-year EURIBOR ICE Swap +
2.943%)(b)(c)(i)
EUR2,000
2,365,277
5.63%, (5-year EURIBOR ICE Swap +
3.277%)(b)(c)(i)
EUR600
720,867
5.88%, (15-year GBP Swap +
3.322%)(b)(c)(i)
GBP4,600
6,014,239
7.38%, (5-year UK Government Bond +
3.775%)(b)(c)(i)
GBP2,900
3,905,516
Emera Inc., Series 16-A, 6.75%, 06/15/76(b)
USD435
438,147
Schedule of Investments
46
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
Enel SpA, 4.25%, (5-year EURIBOR ICE
Swap + 2.009%)(b)(c)(i)
EUR6,375
$7,438,601
Engie SA, 5.13%, (5-year EURIBOR ICE
Swap + 2.367%)(b)(c)(i)
EUR1,400
1,696,626
EUSHI Finance Inc., 7.63%, 12/15/54,
(5-year CMT + 3.136%)(b)(g)
USD1,248
1,303,944
Lightning Power LLC, 7.25%, 08/15/32(a)
USD1,186
1,239,925
Minejesa Capital BV, 5.63%, 08/10/37(a)
USD322
315,077
Mong Duong Finance Holdings BV, 5.13%,
05/07/29(c)
USD3,049
2,979,555
MVM Energetika Zrt
6.50%, 03/13/31(c)
USD635
654,050
7.50%, 06/09/28(c)
USD3,380
3,538,488
NRG Energy Inc.
3.38%, 02/15/29(a)
USD933
875,872
3.63%, 02/15/31(a)
USD2,766
2,532,024
5.25%, 06/15/29(a)
USD2,480
2,452,457
5.75%, 07/15/29(a)
USD3,643
3,610,705
6.00%, 02/01/33(a)
USD198
198,537
NSW Electricity Networks Finance Pty Ltd.
5.77%, 05/29/30(c)
AUD760
506,226
6.28%, 03/11/55, (5-year EURIBOR ICE
Swap + 3.940%)(b)(c)
AUD600
393,953
NSW Electricity Networks Finance Pty. Ltd.,
5.78%, 03/11/55, (3-month BB Swap +
2.050%)(b)(c)
AUD2,910
1,879,256
Oncor Electric Delivery Co. LLC, 3.63%,
06/15/34(c)
EUR7,310
8,391,053
Origin Energy Finance Ltd., 1.00%,
09/17/29(c)
EUR5,554
5,813,905
Orsted A/S
2.50%, (5-year UK Government Bond +
2.136%)(b)(c)
GBP9,918
9,833,379
5.13%, (5-year EURIBOR ICE Swap +
2.590%)(b)(c)
EUR375
436,976
Pampa Energia SA, 7.88%, 12/16/34(a)(g)
USD273
273,000
Perusahaan Perseroan Persero PT
Perusahaan Listrik Negara, 1.88%,
11/05/31(c)
EUR4,500
4,496,683
PG&E Corp., 7.38%, 03/15/55, (5-year CMT
+ 3.883%)(b)(g)
USD9,833
9,488,672
Pike Corp.
5.50%, 09/01/28(a)
USD80
79,673
8.63%, 01/31/31(a)
USD871
936,623
RTE Reseau de Transport
d'Electricite SADIR, 1.13%, 09/09/49(c)
EUR7,500
4,600,506
San Miguel Global Power Holdings Corp.,
8.13%, (1-year CMT + 6.404%)(b)(c)(i)
USD3,100
3,045,750
Saudi Electricity Sukuk Programme Co.
4.94%, 02/13/29(c)
USD400
403,808
5.23%, 02/18/30(c)
USD1,101
1,119,442
5.68%, 04/11/53(c)
USD952
913,330
Southern Co. (The), 1.88%, 09/15/81,
(5-year EUR Swap + 2.108%)(b)
EUR4,410
4,857,460
Star Energy Geothermal Darajat II/Star
Energy Geothermal Salak, 4.85%,
10/14/38(c)
USD508
481,076
Terna - Rete Elettrica Nazionale, 4.75%,
(5-year EURIBOR ICE Swap +
2.142%)(b)(c)(i)
EUR6,505
7,721,269
Security
Par
(000
)
Value
Electric (continued)
United Energy Distribution Pty Ltd., 5.42%,
02/03/32(c)
AUD500
$329,930
Vistra Operations Co. LLC
5.00%, 07/31/27(a)
USD318
316,296
5.63%, 02/15/27(a)
USD3,208
3,204,312
6.88%, 04/15/32(a)
USD710
737,723
7.75%, 10/15/31(a)
USD3,631
3,843,021
XPLR Infrastructure Operating Partners LP
3.88%, 10/15/26(a)
USD240
234,242
7.25%, 01/15/29(a)(g)
USD6,734
6,867,358
8.63%, 03/15/33(a)(g)
USD964
1,021,044
 
233,057,572
Electrical Components & Equipment — 0.2%
Belden Inc.
3.38%, 07/15/27(c)
EUR100
113,673
3.88%, 03/15/28(c)
EUR100
114,700
Energizer Holdings Inc., 4.38%,
03/31/29(a)(g)
USD2,087
1,978,583
Prysmian SpA
3.63%, 11/28/28(c)
EUR1,700
1,982,702
Series ., 5.25%, (5-year EURIBOR ICE
Swap + 3.580%)(b)(c)(i)
EUR6,125
7,278,220
WESCO Distribution Inc.
6.38%, 03/15/29(a)
USD300
307,708
6.38%, 03/15/33(a)
USD872
892,719
6.63%, 03/15/32(a)
USD2,978
3,072,730
7.25%, 06/15/28(a)
USD456
462,072
 
16,203,107
Electronics — 0.1%
Honeywell International Inc.
0.75%, 03/10/32
EUR5,000
4,900,367
3.75%, 05/17/32
EUR3,362
3,937,662
Imola Merger Corp., 4.75%, 05/15/29(a)
USD1,405
1,363,172
Sensata Technologies BV, 5.88%,
09/01/30(a)(g)
USD1,032
1,032,833
Sensata Technologies Inc.
3.75%, 02/15/31(a)
USD288
262,770
4.38%, 02/15/30(a)
USD2,609
2,496,561
 
13,993,365
Energy - Alternate Sources — 0.2%
Azure Power Energy Ltd., 3.58%,
08/19/26(c)
USD1,509
1,466,691
Greenko Wind Projects Mauritius Ltd.
7.25%, 09/27/28(a)(g)
USD809
822,146
7.25%, 09/27/28(c)
USD6,860
6,971,475
India Cleantech Energy, 4.70%, 08/10/26(c)
USD4,740
4,652,560
ReNew Pvt Ltd., 5.88%, 03/05/27(c)
USD4,000
3,987,600
SK Battery America Inc., 2.13%, 01/26/26(c)
USD649
636,098
 
18,536,570
Engineering & Construction — 0.5%
Arcosa Inc., 6.88%, 08/15/32(a)(g)
USD2,759
2,850,188
Australia Pacific Airports Melbourne Pty Ltd.,
5.95%, 06/16/55, (5-year EURIBOR ICE
Swap + 1.948%)(b)(c)
AUD800
521,421
Bouygues SA, 5.38%, 06/30/42(c)
EUR6,700
8,614,212
Gatwick Airport Finance PLC, 4.38%,
04/07/26(c)
GBP7,292
9,569,508
Heathrow Finance PLC
3.88%, 03/01/27(c)(d)
GBP6,391
8,236,104
4.13%, 09/01/29(c)(d)
GBP3,193
3,905,807
47
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Engineering & Construction (continued)
6.63%, 03/01/31(c)
GBP7,030
$9,287,917
IHS Holding Ltd., 6.25%, 11/29/28(a)(g)
USD501
492,583
Perth Airport Pty Ltd., 5.60%, 03/05/31(c)
AUD530
349,518
QPH Finance Co. Pty Ltd., 2.85%, 01/29/31
AUD1,350
782,407
SATS Ltd., 2.45%, 08/06/32
SGD2,750
2,117,991
Sydney Airport Finance Co. Pty Ltd., 5.50%,
04/23/32(c)
AUD3,000
1,972,621
Sydney Airport Finance Co. Pty. Ltd., 5.90%,
04/19/34(c)
AUD2,500
1,663,853
Weekley Homes LLC/Weekley Finance
Corp., 4.88%, 09/15/28(a)
USD30
28,867
Worley Financial Services Pty Ltd., 5.87%,
05/13/32(c)
AUD2,300
1,512,904
 
51,905,901
Entertainment — 1.1%
Allwyn Entertainment Financing U.K. PLC,
7.25%, 04/30/30(c)
EUR12,312
14,911,038
Banijay Entertainment SASU, 7.00%,
05/01/29(c)
EUR5,496
6,543,895
Brightstar Lottery PLC, 5.25%, 01/15/29(a)
USD202
200,459
Caesars Entertainment Inc.
4.63%, 10/15/29(a)(g)
USD6,064
5,730,684
6.50%, 02/15/32(a)
USD928
946,390
7.00%, 02/15/30(a)
USD2,914
3,005,884
Churchill Downs Inc.
5.50%, 04/01/27(a)
USD692
691,080
5.75%, 04/01/30(a)(g)
USD3,094
3,086,359
Cinemark USA Inc.
5.25%, 07/15/28(a)(g)
USD2,245
2,229,126
7.00%, 08/01/32(a)(g)
USD1,134
1,170,951
Cirsa Finance International SARL
6.50%, 03/15/29(c)
EUR4,991
5,955,736
10.38%, 11/30/27(c)
EUR270
323,212
Flutter Treasury DAC
4.00%, 06/04/31(c)
EUR10,498
12,012,937
6.13%, 06/04/31(c)
GBP3,192
4,231,143
Light & Wonder International Inc., 7.50%,
09/01/31(a)(g)
USD3,390
3,533,346
Live Nation Entertainment Inc., 4.75%,
10/15/27(a)
USD3,975
3,913,553
Lottomatica Group SpA, 4.88%, 01/31/31(c)
EUR4,310
5,086,468
Lottomatica SpA/Roma
5.25%, 06/01/31, (3-mo. EURIBOR +
3.250%)(b)(c)
EUR1,192
1,367,858
5.38%, 06/01/30(c)
EUR1,734
2,061,536
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 11.88%,
04/15/31(a)(g)
USD6,508
6,779,208
Motion Finco SARL, 7.38%, 06/15/30(c)
EUR3,158
3,414,095
Pinewood Finco PLC
3.63%, 11/15/27(c)
GBP713
909,069
6.00%, 03/27/30(c)
GBP7,558
10,031,118
Resorts World Las Vegas LLC/RWLV
Capital Inc.
4.63%, 04/16/29(a)
USD1,300
1,154,946
4.63%, 04/16/29(c)
USD2,000
1,776,840
8.45%, 07/27/30(a)(g)
USD1,700
1,689,375
Six Flags Entertainment Corp./Canada's
Wonderland Co./Magnum
Management Corp.
5.25%, 07/15/29(g)
USD178
172,968
Security
Par
(000
)
Value
Entertainment (continued)
5.38%, 04/15/27
USD416
$415,457
Six Flags Entertainment Corp./DE, 7.25%,
05/15/31(a)(g)
USD3,482
3,548,774
Voyager Parent LLC, 9.25%, 07/01/32(a)
USD4,076
4,311,772
Warnermedia Holdings Inc., 4.28%,
03/15/32
USD838
703,702
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.
5.13%, 10/01/29(a)(g)
USD2,270
2,252,498
6.25%, 03/15/33(a)(g)
USD2,245
2,251,587
7.13%, 02/15/31(a)(g)
USD921
979,583
 
117,392,647
Environmental Control — 0.1%
Clean Harbors Inc., 4.88%, 07/15/27(a)
USD482
478,042
GFL Environmental Inc.
4.00%, 08/01/28(a)(g)
USD1,513
1,466,397
4.38%, 08/15/29(a)
USD2,083
2,016,541
4.75%, 06/15/29(a)
USD240
234,655
Luna 2 5SARL, 5.50%, 07/01/32(c)
EUR1,815
2,141,183
Reworld Holding Corp., 4.88%, 12/01/29(a)
USD2,438
2,328,320
Wrangler Holdco Corp., 6.63%, 04/01/32(a)
USD192
198,367
 
8,863,505
Food — 1.1%
Albertsons
Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC
3.50%, 03/15/29(a)
USD1,635
1,541,900
5.88%, 02/15/28(a)
USD13
12,990
6.25%, 03/15/33(a)
USD2,424
2,470,725
6.50%, 02/15/28(a)(g)
USD2,097
2,129,538
Bellis Acquisition Co. PLC
8.00%, 07/01/31(c)
EUR2,027
2,333,498
8.13%, 05/14/30(c)
GBP9,567
12,018,717
Cencosud SA, 4.38%, 07/17/27(c)
USD635
629,317
Chobani LLC/Chobani Finance Corp. Inc.,
7.63%, 07/01/29(a)
USD5,180
5,396,912
Coles Group Treasury Pty Ltd.
5.55%, 10/07/32
AUD240
158,613
5.80%, 07/15/31
AUD160
107,820
Darling Global Finance BV, 4.50%,
07/15/32(c)
EUR5,123
5,935,449
ELO SACA
3.25%, 07/23/27(c)
EUR2,000
2,249,516
4.88%, 12/08/28(c)
EUR8,000
9,210,415
Fonterra Co-Operative Group Ltd., 5.24%,
05/19/32(c)
AUD400
261,600
Food Service Project SA, 5.50%,
01/21/27(c)
EUR8,521
9,790,420
Froneri Lux FinCo SARL, 4.75%,
08/01/32(c)
EUR4,293
4,935,913
Indofood CBP Sukses Makmur Tbk PT,
4.75%, 06/09/51(c)
USD2,048
1,717,760
Irca SpA/Gallarate, 5.73%, 12/15/29, (3-mo.
EURIBOR + 3.750%)(b)(c)
EUR5,829
6,677,627
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution Inc., 9.00%,
02/15/29(a)
USD5,295
5,525,915
Lamb Weston Holdings Inc.
4.13%, 01/31/30(a)
USD184
175,042
4.38%, 01/31/32(a)(g)
USD2,797
2,613,408
Schedule of Investments
48
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Food (continued)
4.88%, 05/15/28(a)
USD617
$610,450
Lion/Polaris Lux 4 SA, 5.56%, 07/01/29,
(3-mo. EURIBOR + 3.625%)(b)(c)
EUR6,481
7,440,337
Market Bidco Finco PLC
6.75%, 01/31/31(c)
EUR6,802
7,741,170
8.75%, 01/31/31(c)
GBP2,941
3,854,901
Performance Food Group Inc., 6.13%,
09/15/32(a)
USD2,998
3,044,430
Post Holdings Inc.
4.50%, 09/15/31(a)
USD3,373
3,117,713
4.63%, 04/15/30(a)(g)
USD1,317
1,258,003
5.50%, 12/15/29(a)
USD4,820
4,778,219
6.25%, 02/15/32(a)
USD240
244,483
6.25%, 10/15/34(a)(g)
USD24
24,030
6.38%, 03/01/33(a)
USD681
680,487
Premier Foods Finance PLC, 3.50%,
10/15/26(c)
GBP1,028
1,346,993
U.S. Foods Inc.
4.63%, 06/01/30(a)(g)
USD1,811
1,744,526
4.75%, 02/15/29(a)
USD363
355,500
6.88%, 09/15/28(a)
USD3,089
3,181,287
7.25%, 01/15/32(a)
USD240
250,047
Woolworths Group Ltd., 5.91%, 11/29/34(c)
AUD3,000
1,997,645
 
117,563,316
Food Service — 0.1%
Aramark International Finance Sarl, 4.38%,
04/15/33(c)
EUR5,150
5,875,753
Aramark Services Inc., 5.00%, 02/01/28(a)
USD940
930,730
 
6,806,483
Forest Products & Paper — 0.4%
Ahlstrom Holding 3 OY, 4.88%,
02/04/28(a)(g)
USD8,689
8,329,973
Fiber Bidco SpA
5.98%, 01/15/30, (3-mo. EURIBOR +
4.000%)(b)(c)
EUR2,514
2,845,801
6.13%, 06/15/31(c)
EUR10,844
12,003,912
LD Celulose International GmbH, 7.95%,
01/26/32(a)
USD320
334,560
Magnera Corp.
4.75%, 11/15/29(a)(g)
USD3,630
3,208,333
7.25%, 11/15/31(a)(g)
USD2,336
2,198,760
Sappi Papier Holding GmbH, 4.50%,
03/15/32(c)
EUR6,376
7,184,316
Suzano Austria GmbH
5.00%, 01/15/30
USD1,095
1,087,039
6.00%, 01/15/29
USD1,082
1,108,509
WEPA Hygieneprodukte GmbH
2.88%, 12/15/27(c)
EUR1,000
1,132,650
5.63%, 01/15/31(c)
EUR3,000
3,590,923
 
43,024,776
Gas — 0.2%
AmeriGas Partners LP/AmeriGas
Finance Corp.
9.38%, 06/01/28(a)
USD5,586
5,753,513
9.50%, 06/01/30(a)(g)
USD379
397,903
Centrica PLC, 6.50%, 05/21/55, (5-year UK
Government Bond + 2.512%)(b)(c)
GBP4,418
5,973,344
Promigas SA ESP/Gases del Pacifico SAC,
3.75%, 10/16/29(c)(g)
USD1,298
1,213,630
Security
Par
(000
)
Value
Gas (continued)
Venture Global Plaquemines LNG LLC
7.50%, 05/01/33(a)
USD2,095
$2,262,482
7.75%, 05/01/35(a)
USD480
526,304
 
16,127,176
Hand & Machine Tools — 0.1%
Dynamo Newco II GmbH, 6.25%,
10/15/31(c)
EUR1,091
1,295,806
IMA Industria Macchine Automatiche SpA,
5.78%, 04/15/29, (3-mo. EURIBOR +
3.750%)(b)(c)
EUR3,500
4,027,627
 
5,323,433
Health Care - Products — 0.4%
Avantor Funding Inc.
3.88%, 11/01/29(a)(g)
USD1,502
1,416,540
4.63%, 07/15/28(a)
USD5,808
5,677,861
Bausch & Lomb Corp., 8.38%, 10/01/28(a)
USD6,079
6,337,966
Bausch & Lomb Netherlands BV & Bausch
& Lomb, Inc., 5.87%, 01/15/31, (3-mo.
EURIBOR + 3.875%)(b)(c)
EUR2,246
2,584,492
Dentsply Sirona Inc., 8.38%, 09/12/55,
(5-year CMT + 2.769%)(b)(g)
USD2,110
2,127,306
Hologic Inc.
3.25%, 02/15/29(a)
USD1,570
1,486,728
4.63%, 02/01/28(a)
USD1,066
1,050,122
Medline Borrower LP
3.88%, 04/01/29(a)
USD4,648
4,432,682
5.25%, 10/01/29(a)(g)
USD6,028
5,910,224
Medline Borrower LP/Medline
Co-Issuer Inc., 6.25%, 04/01/29(a)
USD2,280
2,324,786
Medtronic Inc., 4.15%, 10/15/53
EUR6,700
7,482,147
Teleflex Inc.
4.25%, 06/01/28(a)(g)
USD1,728
1,673,449
4.63%, 11/15/27
USD736
723,938
 
43,228,241
Health Care - Services — 1.0%
Acadia Healthcare Co. Inc.
5.00%, 04/15/29(a)(g)
USD3,787
3,659,343
5.50%, 07/01/28(a)
USD240
236,939
7.38%, 03/15/33(a)(g)
USD949
977,088
Charles River Laboratories International Inc.
3.75%, 03/15/29(a)
USD774
729,118
4.00%, 03/15/31(a)(g)
USD2,367
2,172,080
CHS/Community Health Systems Inc.
4.75%, 02/15/31(a)(g)
USD4,639
3,881,626
5.25%, 05/15/30(a)
USD5,655
4,946,853
5.63%, 03/15/27(a)
USD3,190
3,195,021
6.00%, 01/15/29(a)
USD778
739,505
10.88%, 01/15/32(a)(g)
USD4,163
4,364,414
Encompass Health Corp.
4.63%, 04/01/31(g)
USD1,208
1,153,746
4.75%, 02/01/30(g)
USD2,431
2,376,175
Ephios Subco 3 SARL, 7.88%, 01/31/31(c)
EUR13,161
16,208,536
HCA Inc., 4.63%, 03/15/52
USD5,742
4,589,253
IQVIA Inc.
5.00%, 10/15/26(a)
USD5,170
5,157,316
5.00%, 05/15/27(a)
USD1,264
1,256,735
6.50%, 05/15/30(a)
USD838
864,007
LifePoint Health Inc.
8.38%, 02/15/32(a)
USD1,544
1,642,653
9.88%, 08/15/30(a)
USD974
1,049,764
49
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Health Care - Services (continued)
11.00%, 10/15/30(a)(g)
USD5,613
$6,169,220
Mehilainen Yhtiot Oy
5.13%, 06/30/32(c)
EUR9,275
10,663,693
5.41%, 06/30/32, (3-mo. EURIBOR +
3.375%)(b)(c)
EUR896
1,026,918
Molina Healthcare Inc.
3.88%, 11/15/30(a)
USD1,975
1,783,372
3.88%, 05/15/32(a)(g)
USD2,822
2,463,569
4.38%, 06/15/28(a)
USD147
140,690
6.25%, 01/15/33(a)(g)
USD315
310,782
Star Parent Inc., 9.00%, 10/01/30(a)(g)
USD5,613
5,902,624
Tenet Healthcare Corp.
4.25%, 06/01/29
USD1,841
1,776,666
4.38%, 01/15/30
USD2,771
2,664,151
4.63%, 06/15/28
USD4,281
4,208,202
6.13%, 10/01/28
USD9,615
9,615,587
6.13%, 06/15/30
USD4,364
4,403,403
6.75%, 05/15/31
USD240
246,948
 
110,575,997
Holding Companies - Diversified — 0.3%
MDGH GMTN RSC Ltd., 4.38%, 11/22/33(a)
USD200
193,138
ProGroup AG
5.13%, 04/15/29(c)
EUR3,232
3,711,188
5.38%, 04/15/31(c)
EUR6,717
7,550,455
Stena International SA
7.25%, 01/15/31(a)
USD11,897
12,089,434
7.25%, 01/15/31(c)
USD3,831
3,892,967
7.63%, 02/15/31(a)
USD6,339
6,515,111
Turkiye Varlik Fonu Yonetimi AS, 8.25%,
02/14/29(c)
USD250
261,875
TVF Varlik Kiralama AS, 6.95%, 01/23/30(c)
USD1,066
1,080,324
 
35,294,492
Home Builders — 0.1%
Ashton Woods USA LLC / Ashton Woods
Finance Co., 6.88%, 08/01/33(a)
USD183
182,609
Ashton Woods USA LLC/Ashton Woods
Finance Co., 4.63%, 04/01/30(a)
USD1,066
999,645
Brookfield Residential
Properties Inc./Brookfield Residential
U.S. LLC
4.88%, 02/15/30(a)(g)
USD3,900
3,546,348
6.25%, 09/15/27(a)(g)
USD1,813
1,809,425
Century Communities Inc., 3.88%,
08/15/29(a)
USD1,882
1,734,910
LGI Homes Inc., 7.00%, 11/15/32(a)(g)
USD3,804
3,661,350
Mattamy Group Corp.
4.63%, 03/01/30(a)
USD865
829,846
5.25%, 12/15/27(a)
USD21
20,849
Taylor Morrison Communities Inc.
5.13%, 08/01/30(a)(g)
USD931
919,061
5.88%, 06/15/27(a)
USD840
845,970
 
14,550,013
Home Furnishings — 0.0%
Somnigroup International Inc., 3.88%,
10/15/31(a)
USD2,663
2,404,115
Whirlpool Corp.
4.75%, 02/26/29(g)
USD245
239,309
6.50%, 06/15/33
USD1,100
1,083,917
 
3,727,341
Security
Par
(000
)
Value
Household Products & Wares — 0.0%
Central Garden & Pet Co.
4.13%, 10/15/30(g)
USD265
$249,034
4.13%, 04/30/31(a)(g)
USD1,099
1,017,878
 
1,266,912
Housewares — 0.1%
Newell Brands Inc.
6.38%, 09/15/27
USD1,929
1,944,094
6.38%, 05/15/30(g)
USD1,592
1,542,711
6.63%, 05/15/32(g)
USD745
712,465
8.50%, 06/01/28(a)
USD2,888
3,026,259
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31(g)
USD2,222
2,028,400
4.38%, 02/01/32(g)
USD539
489,725
 
9,743,654
Insurance — 0.8%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29(a)
USD1,300
1,241,128
6.75%, 07/01/32(a)
USD2,193
2,220,410
7.50%, 11/06/30(a)
USD3,506
3,621,975
AIA Group Ltd., 5.40%, 09/30/54(c)
USD4,500
4,222,688
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer
4.25%, 10/15/27(a)
USD215
210,488
6.50%, 10/01/31(a)
USD1,219
1,236,705
6.75%, 10/15/27(a)
USD240
240,213
6.75%, 04/15/28(a)
USD6,705
6,795,685
7.00%, 01/15/31(a)
USD1,398
1,437,524
7.38%, 10/01/32(a)
USD3,939
4,049,201
AmWINS Group Inc.
4.88%, 06/30/29(a)
USD934
907,181
6.38%, 02/15/29(a)
USD3,437
3,499,983
Ardonagh Finco Ltd.
6.88%, 02/15/31(c)
EUR15,595
18,528,764
7.75%, 02/15/31(a)
USD3,695
3,852,636
Global Atlantic Fin Co.
4.70%, 10/15/51, (5-year CMT +
3.796%)(a)(b)
USD1,053
1,030,751
7.95%, 10/15/54, (5-year CMT +
3.608%)(a)(b)
USD1,984
2,073,290
Howden U.K. Refinance PLC/Howden U.K.
Refinance 2 PLC/Howden U.S. Refinance
LLC, 7.25%, 02/15/31(a)(g)
USD2,899
3,001,865
HUB International Ltd.
5.63%, 12/01/29(a)(g)
USD7,211
7,159,850
7.25%, 06/15/30(a)
USD2,562
2,670,721
7.38%, 01/31/32(a)
USD293
305,086
Insurance Australia Group Ltd., 5.39%,
06/15/37, (3-month BB Swap +
1.680%)(b)(c)
AUD1,340
854,288
Jones Deslauriers Insurance
Management Inc., 10.50%, 12/15/30(a)
USD1,583
1,682,251
Liberty Mutual Group Inc.
4.13%, 12/15/51, (5-year CMT +
3.315%)(a)(b)
USD321
312,369
4.30%, 02/01/61(a)(g)
USD539
330,873
Panther Escrow Issuer LLC, 7.13%,
06/01/31(a)
USD6,086
6,293,517
Phoenix Group Holdings PLC, 8.50%,
(5-year CMT + 4.189%)(b)(c)(i)
USD1,520
1,603,600
Ryan Specialty LLC, 4.38%, 02/01/30(a)
USD2,620
2,513,905
Schedule of Investments
50
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Insurance (continued)
Tongyang Life Insurance Co. Ltd., 6.25%,
05/07/35, (5-year CMT + 4.588%)(b)(c)
USD2,500
$2,575,200
UnipolSai Assicurazioni SpA, 4.90%,
05/23/34(c)
EUR5,200
6,261,273
 
90,733,420
Internet — 0.8%
Alphabet Inc., 4.00%, 05/06/54
EUR8,330
9,405,167
Arches Buyer Inc., 4.25%, 06/01/28(a)
USD2,411
2,322,153
Booking Holdings Inc.
3.63%, 11/12/28
EUR3,730
4,397,767
4.13%, 05/12/33
EUR2,500
2,997,791
Cogent Communications Group Inc./Cogent
Communications Finance Inc.
7.00%, 06/15/27(a)
USD753
754,695
7.00%, 06/15/27(a)(g)
USD2,065
2,066,976
Cogent Communications Group LLC/Cogent
Finance Inc., 6.50%, 07/01/32(a)
USD2,247
2,202,022
Engineering - Ingegneria Informatica - SpA,
11.13%, 05/15/28(c)
EUR4,865
5,879,542
Gen Digital Inc.
6.25%, 04/01/33(a)
USD492
501,583
6.75%, 09/30/27(a)
USD2,747
2,792,133
7.13%, 09/30/30(a)
USD240
248,031
Go Daddy Operating Co. LLC/GD Finance
Co. Inc.
3.50%, 03/01/29(a)
USD2,125
1,994,513
5.25%, 12/01/27(a)
USD200
199,255
iliad SA
5.38%, 02/15/29(c)
EUR2,600
3,147,484
5.63%, 02/15/30(c)
EUR2,700
3,329,149
ION Trading Technologies SARL
5.75%, 05/15/28(a)
USD6,900
6,672,873
9.50%, 05/30/29(a)
USD5,416
5,612,243
Match Group Holdings II LLC
3.63%, 10/01/31(a)(g)
USD2,416
2,161,811
4.13%, 08/01/30(a)
USD532
496,155
5.00%, 12/15/27(a)
USD383
380,082
Meta Platforms Inc., 4.45%, 08/15/52
USD5,459
4,590,135
Prosus NV
3.06%, 07/13/31(c)
USD1,578
1,404,420
3.26%, 01/19/27(c)
USD400
391,376
4.03%, 08/03/50(c)
USD445
298,150
Rakuten Group Inc.
4.25%, (5-year EUR Swap +
4.490%)(b)(c)(i)
EUR853
926,021
8.13%, (5-year CMT + 4.250%)(a)(b)(i)
USD5,937
5,891,367
9.75%, 04/15/29(a)
USD3,666
4,013,967
11.25%, 02/15/27(a)
USD420
455,175
Snap Inc., 6.88%, 03/01/33(a)(g)
USD1,827
1,873,316
United Group BV
6.39%, 02/15/31, (3-mo. EURIBOR +
4.250%)(b)(c)
EUR2,498
2,854,280
6.50%, 10/31/31(c)
EUR1,637
1,910,125
Wayfair LLC, 7.25%, 10/31/29(a)
USD3,224
3,280,372
 
85,450,129
Iron & Steel — 0.2%
ATI Inc., 7.25%, 08/15/30(g)
USD2,662
2,790,524
Cleveland-Cliffs Inc.
6.75%, 04/15/30(a)
USD919
914,163
6.88%, 11/01/29(a)(g)
USD2,028
2,028,967
Security
Par
(000
)
Value
Iron & Steel (continued)
7.00%, 03/15/32(a)(g)
USD3,624
$3,535,609
7.38%, 05/01/33(a)(g)
USD1,012
985,247
7.50%, 09/15/31(a)(g)
USD2,570
2,565,352
Mineral Resources Ltd.
8.50%, 05/01/30(a)(g)
USD3,451
3,532,574
9.25%, 10/01/28(a)(g)
USD4,912
5,133,788
Samarco Mineracao SA
9.50%, 06/30/31, (9.00% PIK)(a)(g)(h)
USD93
92,499
9.50%, 06/30/31, (9.05 % PIK)(c)(h)
USD1,270
1,255,507
Vale Overseas Ltd., 6.40%, 06/28/54
USD364
355,264
 
23,189,494
Leisure Time — 0.4%
Deuce Finco PLC, 5.50%, 06/15/27(c)
GBP11,049
14,537,140
NCL Corp. Ltd.
5.88%, 02/15/27(a)
USD1,726
1,731,114
6.75%, 02/01/32(a)
USD2,194
2,253,502
8.13%, 01/15/29(a)
USD1,729
1,816,384
NCL Finance Ltd., 6.13%, 03/15/28(a)(g)
USD1,496
1,514,063
Pinnacle Bidco PLC, 10.00%, 10/11/28(c)
GBP8,738
12,188,294
TUI Cruises GmbH
5.00%, 05/15/30(c)
EUR3,941
4,597,124
6.25%, 04/15/29(c)
EUR1,000
1,196,093
Viking Cruises Ltd.
5.88%, 09/15/27(a)
USD320
319,793
7.00%, 02/15/29(a)
USD320
322,461
9.13%, 07/15/31(a)
USD5,905
6,353,284
 
46,829,252
Lodging — 0.8%
Boyd Gaming Corp., 4.75%, 06/15/31(a)
USD1,551
1,477,322
Essendi SA
5.38%, 05/15/30(c)
EUR4,265
5,029,916
5.63%, 05/15/32(c)
EUR6,848
8,048,718
5.81%, 05/15/32, (3-mo. EURIBOR +
3.750%)(b)(c)
EUR1,509
1,743,036
6.38%, 10/15/29(c)
EUR800
965,444
Fortune Star BVI Ltd., 3.95%, 10/02/26(c)
EUR5,500
6,154,266
Grupo Posadas SAB de CV, 7.00%,
12/30/27(b)(c)
USD732
701,993
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32(a)(g)
USD1,125
1,014,329
3.75%, 05/01/29(a)
USD4,051
3,859,035
4.00%, 05/01/31(a)(g)
USD1,749
1,631,958
5.75%, 05/01/28(a)
USD150
149,948
5.75%, 09/15/33(a)
USD1,540
1,541,463
5.88%, 03/15/33(a)
USD800
806,003
6.13%, 04/01/32(a)
USD901
918,885
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations
Borrower Esc
4.88%, 07/01/31(a)(g)
USD1,369
1,258,731
5.00%, 06/01/29(a)(g)
USD2,706
2,589,854
Melco Resorts Finance Ltd.
5.75%, 07/21/28(c)
USD6,000
5,895,000
7.63%, 04/17/32(a)
USD300
307,875
MGM China Holdings Ltd., 7.13%,
06/26/31(c)
USD6,000
6,246,544
MGM Resorts International
4.63%, 09/01/26
USD1,782
1,775,188
4.75%, 10/15/28(g)
USD323
318,725
6.13%, 09/15/29(g)
USD994
1,007,626
51
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Lodging (continued)
6.50%, 04/15/32(g)
USD536
$544,430
Sands China Ltd., 4.38%, 06/18/30
USD2,250
2,171,531
Station Casinos LLC, 6.63%, 03/15/32(a)(g)
USD3,994
4,072,758
Studio City Finance Ltd., 5.00%, 01/15/29(c)
USD7,211
6,751,299
Travel & Leisure Co.
4.50%, 12/01/29(a)
USD229
219,884
6.63%, 07/31/26(a)
USD1,876
1,889,815
TVL Finance PLC, 10.25%, 04/28/28(c)
GBP3,418
4,465,793
Wynn Macau Ltd.
5.50%, 01/15/26(a)
USD1,000
999,000
5.50%, 10/01/27(a)
USD200
199,250
5.63%, 08/26/28(a)(g)
USD4,572
4,522,165
5.63%, 08/26/28(c)
USD4,885
4,831,753
 
84,109,537
Machinery — 0.2%
Chart Industries Inc., 7.50%, 01/01/30(a)
USD2,160
2,262,667
Husky Injection Molding Systems Ltd./Titan
Co-Borrower LLC, 9.00%, 02/15/29(a)(g)
USD5,960
6,150,339
Terex Corp.
5.00%, 05/15/29(a)
USD1,991
1,943,359
6.25%, 10/15/32(a)
USD144
144,224
TK Elevator Midco GmbH, 4.38%,
07/15/27(c)
EUR909
1,039,203
TK Elevator U.S. Newco Inc., 5.25%,
07/15/27(a)
USD6,032
6,005,020
 
17,544,812
Manufacturing — 0.2%
Axon Enterprise Inc.
6.13%, 03/15/30(a)
USD865
883,425
6.25%, 03/15/33(a)
USD355
363,687
Dyno Nobel Ltd., 5.82%, 08/08/35
AUD1,230
800,301
Hillenbrand Inc., 6.25%, 02/15/29(g)
USD1,176
1,191,054
Maxam Prill Sarl, 6.00%, 07/15/30(c)
EUR13,591
15,455,365
 
18,693,832
Media — 1.8%
AMC Networks Inc.
10.25%, 01/15/29(a)
USD3,590
3,684,147
10.50%, 07/15/32(a)(g)
USD2,011
2,046,192
CCO Holdings LLC/CCO Holdings
Capital Corp.
4.25%, 02/01/31(a)
USD553
505,112
4.25%, 01/15/34(a)(g)
USD3,551
3,059,727
4.50%, 05/01/32(g)
USD2,332
2,115,974
4.50%, 06/01/33(a)(g)
USD5,933
5,266,942
4.75%, 03/01/30(a)(g)
USD9,451
8,980,281
4.75%, 02/01/32(a)(g)
USD6,552
6,056,421
5.13%, 05/01/27(a)
USD6,033
5,983,610
6.38%, 09/01/29(a)
USD7,609
7,678,934
7.38%, 03/01/31(a)(g)
USD2,790
2,868,259
Charter Communications
Operating LLC/Charter Communications
Operating Capital
3.95%, 06/30/62(g)
USD4,056
2,524,200
6.83%, 10/23/55(g)
USD3,500
3,486,706
Digi Romania SA, 3.25%, 02/05/28(c)
EUR2,500
2,806,637
Directv Financing LLC, 8.88%, 02/01/30(a)(g)
USD4,184
4,073,919
Directv Financing LLC/Directv Financing
Co-Obligor Inc., 10.00%, 02/15/31(a)
USD8,877
8,560,765
Discovery Communications LLC, 3.63%,
05/15/30
USD100
88,582
Security
Par
(000
)
Value
Media (continued)
Gray Media Inc.
7.25%, 08/15/33(a)
USD240
$238,738
9.63%, 07/15/32(a)
USD4,125
4,161,182
Gray Television Inc., 10.50%, 07/15/29(a)(g)
USD1,701
1,840,821
iHeartCommunications Inc.
7.75%, 08/15/30(a)
USD2,712
2,111,556
9.13%, 05/01/29(a)(g)
USD4,321
3,604,293
McGraw-Hill Education Inc.
5.75%, 08/01/28(a)
USD390
388,461
7.38%, 09/01/31(a)(g)
USD5,046
5,244,989
Nexstar Media Inc., 5.63%, 07/15/27(a)
USD3,213
3,206,764
Paramount Global
6.25%, 02/28/57(b)
USD4,766
4,593,232
6.38%, 03/30/62, (5-year CMT +
3.999%)(b)(g)
USD2,318
2,283,225
Sinclair Television Group Inc., 8.13%,
02/15/33(a)
USD393
400,864
Sirius XM Radio Inc.
4.00%, 07/15/28(a)
USD2,977
2,833,471
4.13%, 07/01/30(a)(g)
USD4,548
4,148,839
5.00%, 08/01/27(a)
USD10,425
10,311,600
Sunrise FinCo I BV, 4.88%, 07/15/31(a)
USD10,351
9,756,853
Tele Columbus AG, 10.00%, 01/01/29,
(10.00% PIK)(c)(h)
EUR7,665
5,952,646
Telenet Finance Luxembourg Notes SARL,
5.50%, 03/01/28(a)
USD10,600
10,465,801
Univision Communications Inc.
4.50%, 05/01/29(a)
USD2,118
1,959,734
7.38%, 06/30/30(a)
USD1,574
1,565,359
8.00%, 08/15/28(a)(g)
USD1,646
1,690,964
8.50%, 07/31/31(a)(g)
USD3,690
3,747,453
9.38%, 08/01/32(a)
USD1,009
1,046,939
Virgin Media O2 Vendor Financing Notes V
DAC, 7.88%, 03/15/32(c)
GBP5,098
6,970,954
Virgin Media Secured Finance PLC
4.13%, 08/15/30(c)
GBP3,300
3,944,339
4.25%, 01/15/30(c)
GBP1,500
1,824,973
4.50%, 08/15/30(a)
USD3,689
3,430,247
5.25%, 05/15/29(c)
GBP970
1,242,760
5.50%, 05/15/29(a)
USD944
922,806
Virgin Media Vendor Financing Notes III
DAC, 4.88%, 07/15/28(c)
GBP6,587
8,416,399
Virgin Media Vendor Financing Notes IV
DAC, 5.00%, 07/15/28(a)
USD200
193,959
VZ Secured Financing BV
3.50%, 01/15/32(c)
EUR2,980
3,162,092
5.00%, 01/15/32(a)
USD5,798
5,099,012
Ziggo Bond Co. BV, 6.13%, 11/15/32(c)
EUR2,392
2,534,427
Ziggo BV
2.88%, 01/15/30(c)
EUR4,953
5,327,350
4.88%, 01/15/30(a)
USD1,935
1,787,497
 
196,197,007
Mining — 0.6%
Alcoa Nederland Holding BV
4.13%, 03/31/29(a)
USD809
770,990
7.13%, 03/15/31(a)(g)
USD2,427
2,530,327
Anglo American Capital PLC, 3.75%,
06/15/29(c)
EUR4,500
5,300,501
AngloGold Ashanti Holdings PLC, 3.75%,
10/01/30
USD200
187,686
Schedule of Investments
52
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mining (continued)
Arsenal AIC Parent LLC, 11.50%,
10/01/31(a)
USD2,332
$2,593,469
Compass Minerals International Inc., 8.00%,
07/01/30(a)
USD165
170,945
Constellium SE
3.75%, 04/15/29(a)
USD493
462,681
5.38%, 08/15/32(c)
EUR6,586
7,749,680
Corp. Nacional del Cobre de Chile
3.15%, 01/14/30(c)
USD1,952
1,819,693
6.44%, 01/26/36(c)
USD200
209,625
Fortescue Treasury Pty. Ltd.
4.38%, 04/01/31(a)
USD1,595
1,494,357
5.88%, 04/15/30(a)
USD630
637,893
6.13%, 04/15/32(a)(g)
USD1,287
1,312,347
Freeport Indonesia PT
4.76%, 04/14/27(c)
USD1,352
1,351,338
6.20%, 04/14/52(c)
USD4,500
4,538,430
Glencore Capital Finance DAC, 3.75%,
02/04/32(c)
EUR8,400
9,688,838
Industrias Penoles SAB de CV, 4.15%,
09/12/29(c)
USD691
674,558
Kaiser Aluminum Corp., 4.50%,
06/01/31(a)(g)
USD1,984
1,850,247
Navoi Mining & Metallurgical Combinat
6.70%, 10/17/28(a)
USD235
240,729
6.70%, 10/17/28(c)
USD1,479
1,515,058
6.75%, 05/14/30(a)
USD437
448,060
6.95%, 10/17/31(a)
USD297
306,840
Nexa Resources SA, 6.75%, 04/09/34(a)
USD322
337,376
Novelis Corp.
3.88%, 08/15/31(a)
USD2,420
2,170,689
4.75%, 01/30/30(a)
USD3,559
3,407,404
6.88%, 01/30/30(a)(g)
USD1,836
1,891,899
Stillwater Mining Co.
4.00%, 11/16/26(c)
USD400
392,252
4.50%, 11/16/29(a)
USD341
310,566
4.50%, 11/16/29(c)
USD400
364,300
Vedanta Resources Finance II PLC
9.48%, 07/24/30(c)
USD814
804,843
9.85%, 04/24/33(a)
USD227
228,135
10.88%, 09/17/29(a)
USD382
390,213
10.88%, 09/17/29(c)
USD3,935
4,019,602
Volcan Cia Minera SAA
8.75%, 01/24/30(a)(g)
USD414
414,000
8.75%, 01/24/30(c)
USD592
592,000
 
61,177,571
Office & Business Equipment — 0.1%
Xerox Holdings Corp.
5.50%, 08/15/28(a)(g)
USD8,260
5,463,164
8.88%, 11/30/29(a)(g)
USD7,580
4,935,644
 
10,398,808
Oil & Gas — 1.7%
Aethon United BR LP/Aethon United
Finance Corp., 7.50%, 10/01/29(a)
USD2,478
2,596,302
Ascent Resources Utica Holdings LLC /
ARU Finance Corp., 6.63%, 07/15/33(a)
USD1,408
1,427,506
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.
5.88%, 06/30/29(a)
USD390
388,605
6.63%, 10/15/32(a)
USD137
139,357
Security
Par
(000
)
Value
Oil & Gas (continued)
Baytex Energy Corp.
7.38%, 03/15/32(a)(g)
USD2,822
$2,729,053
8.50%, 04/30/30(a)(g)
USD862
877,209
BP Capital Markets PLC, 3.25%, (5-year
EUR Swap + 3.520%)(b)(c)(i)
EUR6,500
7,427,432
CNX Resources Corp.
6.00%, 01/15/29(a)
USD462
461,751
7.25%, 03/01/32(a)
USD2,473
2,549,678
Comstock Resources Inc. 6.75%,
03/01/29(a)
USD7,405
7,288,416
Crescent Energy Finance LLC
7.38%, 01/15/33(a)(g)
USD3,288
3,145,545
7.63%, 04/01/32(a)
USD2,298
2,245,624
8.38%, 01/15/34(a)
USD920
910,575
CVR Energy Inc., 8.50%, 01/15/29(a)(g)
USD4,382
4,305,257
Ecopetrol SA, 8.88%, 01/13/33
USD538
564,362
Empresa Nacional del Petroleo, 5.95%,
07/30/34(a)
USD400
407,000
Encino Acquisition Partners Holdings LLC,
8.75%, 05/01/31(a)
USD271
299,056
Eni SpA
4.25%, 05/19/33(c)
EUR5,912
7,084,755
4.50%, (5-year EUR Swap +
2.083%)(b)(c)(i)
EUR4,725
5,525,354
Gran Tierra Energy Inc., 9.50%,
10/15/29(a)(g)
USD600
493,500
Hilcorp Energy I LP/Hilcorp Finance Co.
6.88%, 05/15/34(a)
USD2,997
2,885,785
7.25%, 02/15/35(a)
USD2,110
2,056,336
8.38%, 11/01/33(a)
USD3,316
3,460,322
KazMunayGas National Co. JSC, 5.75%,
04/19/47(c)
USD334
293,098
Matador Resources Co.
6.25%, 04/15/33(a)
USD240
237,752
6.50%, 04/15/32(a)
USD1,105
1,108,260
6.88%, 04/15/28(a)
USD844
857,820
MC Brazil Downstream Trading SARL,
7.25%, 06/30/31(c)
USD308
249,006
Medco Maple Tree Pte Ltd.
8.96%, 04/27/29(a)
USD250
261,563
8.96%, 04/27/29(c)
USD4,500
4,708,125
Noble Finance II LLC, 8.00%, 04/15/30(a)
USD3,590
3,661,682
Northern Oil & Gas Inc.
8.13%, 03/01/28(a)(g)
USD1,969
1,988,168
8.75%, 06/15/31(a)
USD2,118
2,175,997
ORLEN SA, 6.00%, 01/30/35(a)
USD285
292,125
Parkland Corp.
4.63%, 05/01/30(a)
USD1,683
1,613,954
5.88%, 07/15/27(a)
USD672
672,571
6.63%, 08/15/32(a)
USD1,537
1,571,018
Permian Resources Operating LLC
5.88%, 07/01/29(a)
USD3,045
3,046,860
7.00%, 01/15/32(a)
USD1,071
1,105,935
8.00%, 04/15/27(a)
USD463
473,425
Petroleos del Peru SA, 4.75%, 06/19/32(a)
USD399
319,076
Petroleos Mexicanos
5.95%, 01/28/31
USD586
542,636
6.50%, 03/13/27
USD860
859,768
6.88%, 10/16/25(g)
USD2,001
2,001,200
6.95%, 01/28/60(g)
USD447
344,905
7.50%, 03/20/26
USD10,281
10,242,446
53
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oil & Gas (continued)
8.75%, 06/02/29(g)
USD2,460
$2,588,706
10.00%, 02/07/33(g)
USD405
450,137
Petron Corp., 5.95%, (5-year CMT +
7.574%)(b)(c)(i)
USD5,594
5,558,366
Pluspetrol Camisea SA/Pluspetrol Lote 56
SA, 6.24%, 07/03/36(a)(g)
USD546
566,306
Preem Holdings AB, 12.00%, 06/30/27(c)
EUR3,436
4,066,043
PRIO Luxembourg Holding Sarl, 6.13%,
06/09/26(c)
USD400
401,500
Puma International Financing SA, 7.75%,
04/25/29(c)
USD1,760
1,821,450
Raizen Fuels Finance SA
6.45%, 03/05/34(a)
USD345
342,519
6.70%, 02/25/37(c)
USD510
496,128
6.95%, 03/05/54(a)
USD200
186,800
Range Resources Corp., 8.25%, 01/15/29
USD832
853,075
Saudi Arabian Oil Co., 4.75%, 06/02/30(a)
USD635
638,484
SEPLAT Energy PLC, 9.13%, 03/21/30(c)
USD712
731,580
SierraCol Energy Andina LLC, 6.00%,
06/15/28(c)
USD635
596,265
SM Energy Co.
6.50%, 07/15/28
USD706
710,382
6.63%, 01/15/27
USD532
530,819
6.75%, 09/15/26
USD1,693
1,696,791
6.75%, 08/01/29(a)
USD713
713,563
7.00%, 08/01/32(a)(g)
USD2,865
2,836,984
Sunoco LP
6.25%, 07/01/33(a)
USD1,936
1,960,783
7.00%, 05/01/29(a)
USD176
182,172
7.25%, 05/01/32(a)
USD969
1,015,507
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29
USD1,921
1,862,016
7.00%, 09/15/28(a)
USD1,570
1,617,086
TotalEnergies Capital International SA,
3.85%, 03/03/45(c)
EUR3,500
3,742,602
Transocean Titan Financing Ltd., 8.38%,
02/01/28(a)
USD5,367
5,500,403
Trident Energy Finance PLC, 12.50%,
11/30/29(c)
USD757
779,475
Valaris Ltd., 8.38%, 04/30/30(a)
USD1,699
1,754,881
Var Energi ASA, 7.86%, 11/15/83, (5-year
EURIBOR ICE Swap + 4.765%)(b)(c)
EUR5,900
7,427,998
Vista Energy Argentina SAU, 8.50%,
06/10/33(a)
USD292
299,592
Vital Energy Inc.
7.88%, 04/15/32(a)(g)
USD1,533
1,345,532
9.75%, 10/15/30(g)
USD3,876
3,635,954
Wintershall Dea Finance 2 BV, 6.12%,
(1-day SONIA + 1.750%)(b)(c)(i)
EUR7,256
8,570,362
Wintershall Dea Finance BV
3.83%, 10/03/29(c)
EUR4,900
5,654,822
4.36%, 10/03/32(c)
EUR12,291
14,074,901
 
183,106,154
Oil & Gas Services — 0.2%
Archrock Partners LP/Archrock Partners
Finance Corp.
6.25%, 04/01/28(a)
USD1,792
1,791,898
6.63%, 09/01/32(a)
USD590
598,747
OEG Finance PLC 7.25%, 09/27/29(c)
EUR5,866
6,990,320
Security
Par
(000
)
Value
Oil & Gas Services (continued)
USA Compression Partners LP/USA
Compression Finance Corp., 7.13%,
03/15/29(a)
USD4,511
$4,611,385
Weatherford International Ltd., 8.63%,
04/30/30(a)
USD4,088
4,199,651
 
18,192,001
Packaging & Containers — 0.7%
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging
Finance PLC
2.00%, 09/01/28(c)
EUR1,199
1,299,133
4.00%, 09/01/29(a)(g)
USD2,148
1,956,502
6.00%, 06/15/27(a)
USD1,145
1,146,009
Ardagh Packaging Finance PLC/Ardagh
Holdings USA Inc. 2.13%, 08/15/26(c)
EUR8,749
9,953,040
Ball Corp.
2.88%, 08/15/30
USD100
89,829
3.13%, 09/15/31
USD900
805,537
4.25%, 07/01/32
EUR4,020
4,685,412
6.00%, 06/15/29
USD1,287
1,309,882
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29(a)
USD2,852
2,885,811
6.75%, 04/15/32(a)
USD146
149,549
8.75%, 04/15/30(a)(g)
USD4,245
4,332,353
Crown Americas LLC/Crown Americas
Capital Corp. V, 4.25%, 09/30/26
USD2,144
2,122,078
Fiber Midco SpA, 10.75%, 06/15/29, (6.25%
PIK)(c)(h)
EUR900
937,466
Graphic Packaging International LLC,
6.38%, 07/15/32(a)(g)
USD2,813
2,846,930
Kleopatra Finco SARL, 4.25%, 03/01/26(c)
EUR3,533
3,710,821
Mauser Packaging Solutions Holding Co.,
9.25%, 04/15/27(a)
USD14,567
14,417,623
OI European Group BV
5.25%, 06/01/29(c)
EUR3,000
3,549,816
6.25%, 05/15/28(c)
EUR1,200
1,415,819
Owens-Brockway Glass Container Inc.,
7.25%, 05/15/31(a)(g)
USD2,847
2,878,992
Sealed Air Corp.
4.00%, 12/01/27(a)
USD240
233,014
5.00%, 04/15/29(a)
USD2,451
2,417,619
Sealed Air Corp./Sealed Air Corp. U.S.,
7.25%, 02/15/31(a)
USD519
539,451
Trivium Packaging Finance BV
8.25%, 07/15/30(a)
USD240
252,730
12.25%, 01/15/31(a)
USD7,815
8,205,719
 
72,141,135
Pharmaceuticals — 1.2%
Bayer AG
5.38%, 03/25/82, (5-year EUR Swap +
4.458%)(b)(c)
EUR2,200
2,562,073
6.63%, 09/25/83, (5-year EUR Swap +
3.432%)(b)(c)
EUR7,900
9,651,337
7.00%, 09/25/83, (5-year EUR Swap +
3.896%)(b)(c)
EUR4,300
5,342,840
Series N5.5, 4.50%, 03/25/82, (5-year
EUR Swap + 3.751%)(b)(c)
EUR3,300
3,809,710
Schedule of Investments
54
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pharmaceuticals (continued)
CVS Health Corp.
6.75%, 12/10/54, (5-year CMT +
2.516%)(b)
USD110
$110,091
7.00%, 03/10/55, (5-year CMT +
2.886%)(b)
USD4,130
4,249,109
Dolcetto Holdco SpA
5.63%, 07/14/32, (3-mo. EURIBOR +
3.625%)(b)(c)
EUR1,497
1,720,601
5.63%, 07/14/32(c)
EUR7,957
9,249,685
Endo Finance Holdings Inc., 8.50%,
04/15/31(a)
USD4,723
5,024,479
Grifols SA
7.13%, 05/01/30(c)
EUR8,000
9,633,502
7.50%, 05/01/30(c)
EUR3,450
4,153,522
Gruenenthal GmbH
4.63%, 11/15/31(c)
EUR1,154
1,342,745
6.75%, 05/15/30(c)
EUR4,594
5,540,716
Hikma Finance USA LLC, 5.13%,
07/08/30(c)
USD398
395,015
Jazz Securities DAC, 4.38%, 01/15/29(a)(g)
USD2,087
2,018,915
Nidda Healthcare Holding GmbH
5.38%, 10/23/30(c)
EUR2,500
2,919,715
5.89%, 10/23/30, (3-mo. EURIBOR +
3.750%)(b)(c)
EUR2,712
3,114,276
7.00%, 02/21/30(c)
EUR6,027
7,180,297
Organon & Co./Organon Foreign Debt
Co-Issuer BV
4.13%, 04/30/28(a)
USD287
271,648
5.13%, 04/30/31(a)(g)
USD8,012
6,931,306
2.88%, 04/30/28(c)
EUR3,173
3,564,813
6.75%, 05/15/34(a)
USD261
246,117
7.88%, 05/15/34(a)(g)
USD5,155
4,615,376
Rossini SARL
5.86%, 12/31/29, (3-mo. EURIBOR +
3.875%)(b)(c)
EUR825
954,037
6.75%, 12/31/29(c)
EUR1,868
2,249,818
Teva Pharmaceutical Finance Netherlands
II BV
4.13%, 06/01/31
EUR5,473
6,284,821
4.38%, 05/09/30
EUR6,027
7,040,674
7.88%, 09/15/31
EUR3,964
5,451,642
Teva Pharmaceutical Finance Netherlands
III BV
3.15%, 10/01/26
USD3,141
3,066,401
4.75%, 05/09/27
USD243
241,071
5.13%, 05/09/29(g)
USD761
760,924
6.00%, 12/01/32
USD582
593,640
6.75%, 03/01/28
USD923
953,228
7.88%, 09/15/29
USD819
887,960
Teva Pharmaceutical Finance Netherlands
IV BV, 5.75%, 12/01/30
USD2,148
2,175,494
 
124,307,598
Pipelines — 0.8%
Antero Midstream Partners LP/Antero
Midstream Finance Corp.
5.38%, 06/15/29(a)
USD1,355
1,343,609
5.75%, 03/01/27(a)
USD1,868
1,868,787
Blue Racer Midstream LLC/Blue Racer
Finance Corp.
7.00%, 07/15/29(a)
USD390
404,430
7.25%, 07/15/32(a)
USD2,094
2,207,706
Security
Par
(000
)
Value
Pipelines (continued)
Buckeye Partners LP
4.13%, 12/01/27
USD533
$519,869
6.75%, 02/01/30(a)(g)
USD2,170
2,246,499
6.88%, 07/01/29(a)
USD1,605
1,652,177
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31(a)
USD1,431
1,397,968
7.50%, 12/15/33(a)
USD750
798,723
Delek Logistics Partners LP/Delek Logistics
Finance Corp.
7.13%, 06/01/28(a)
USD572
574,778
7.38%, 06/30/33(a)
USD483
477,462
8.63%, 03/15/29(a)
USD4,711
4,902,780
Energy Transfer LP
7.13%, 10/01/54, (5-year CMT +
2.829%)(b)(g)
USD955
979,271
8.00%, 05/15/54, (5-year CMT +
4.020%)(b)(g)
USD1,218
1,297,517
Genesis Energy LP/Genesis Energy
Finance Corp.
8.00%, 05/15/33
USD3,779
3,917,905
8.25%, 01/15/29
USD560
584,079
8.88%, 04/15/30
USD257
272,057
Global Partners LP/GLP Finance Corp.,
8.25%, 01/15/32(a)(g)
USD2,780
2,914,858
Greensaif Pipelines Bidco SARL
5.85%, 02/23/36(a)
USD508
519,587
6.10%, 08/23/42(a)
USD511
517,771
Harvest Midstream I LP
7.50%, 09/01/28(a)
USD1,479
1,497,001
7.50%, 05/15/32(a)
USD312
324,303
Hess Midstream Operations LP
4.25%, 02/15/30(a)
USD2,572
2,488,637
5.13%, 06/15/28(a)
USD301
299,449
6.50%, 06/01/29(a)
USD150
154,515
Howard Midstream Energy Partners LLC
7.38%, 07/15/32(a)
USD944
976,021
8.88%, 07/15/28(a)
USD2,117
2,207,375
ITT Holdings LLC, 6.50%, 08/01/29(a)
USD5,746
5,473,116
Kinetik Holdings LP
5.88%, 06/15/30(a)
USD767
767,620
6.63%, 12/15/28(a)
USD891
911,236
NuStar Logistics LP, 5.63%, 04/28/27
USD3,172
3,188,062
Rockies Express Pipeline LLC, 4.95%,
07/15/29(a)
USD2,147
2,105,056
South Bow Canadian Infrastructure
Holdings Ltd.
7.50%, 03/01/55, (5-year CMT +
3.667%)(a)(b)(g)
USD1,925
1,999,956
7.63%, 03/01/55, (5-year CMT +
3.949%)(a)(b)(g)
USD265
273,688
Tallgrass Energy Partners LP/Tallgrass
Energy Finance Corp.
5.50%, 01/15/28(a)
USD1,801
1,784,827
6.00%, 03/01/27(a)
USD1,417
1,412,338
6.00%, 12/31/30(a)
USD3,956
3,875,895
6.00%, 09/01/31(a)
USD1,039
1,018,134
Venture Global Calcasieu Pass LLC
6.25%, 01/15/30(a)
USD3,472
3,565,775
3.88%, 08/15/29(a)
USD615
580,516
4.13%, 08/15/31(a)
USD1,522
1,405,851
55
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pipelines (continued)
Venture Global LNG Inc.
7.00%, 01/15/30(a)(g)
USD5,043
$5,113,678
8.13%, 06/01/28(a)
USD1,963
2,032,321
8.38%, 06/01/31(a)
USD8,283
8,567,587
9.88%, 02/01/32(a)(g)
USD4,182
4,512,143
Venture Global Plaquemines LNG LLC.,
6.75%, 01/15/36(a)
USD1,611
1,657,245
 
87,590,178
Real Estate — 0.9%
Adler Financing SARL, Series 1L, 8.25%,
12/31/28, (4.13% PIK)(h)
EUR17,337
20,832,642
Alpha Star Holding IX Ltd., 7.00%,
08/26/28(c)
USD347
354,159
Aroundtown Finance Sarl, 8.63%, (3-month
BB Swap + 1.830%)(b)(i)
GBP2,000
2,680,127
Aroundtown Finance SARL
5.00%, (5-year EURIBOR ICE Swap +
2.349%)(b)(i)
EUR5,000
5,332,104
7.13%, (5-year EURIBOR ICE Swap +
4.508%)(b)(i)
EUR9,942
11,836,020
Aroundtown SA, 1.63%, (5-year EUR Swap
+ 2.419%)(b)(c)(i)
EUR1,000
1,074,131
Central Plaza Development Ltd., 6.80%,
04/07/29(c)
USD870
875,438
Citycon OYJ, 3.63%, (5-year EURIBOR ICE
Swap + 4.179%)(b)(c)(i)
EUR2,495
2,740,071
Citycon Treasury BV
1.25%, 09/08/26(c)
EUR174
194,765
1.63%, 03/12/28(c)
EUR2,140
2,303,732
2.38%, 01/15/27(c)
EUR297
335,227
5.00%, 03/11/30(c)
EUR2,350
2,741,847
5.38%, 07/08/31(c)
EUR4,075
4,798,484
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/31(a)
USD3,156
3,382,465
Elect Global Investments Ltd., 4.85%(c)(i)
USD1,067
693,550
Grand City Properties SA, 1.50%, (5-year
EUR Swap + 2.184%)(b)(c)(i)
EUR7,000
7,723,996
Heimstaden Bostad AB
1.13%, 01/21/26(c)
EUR400
453,227
2.63%, (5-year EUR Swap +
3.149%)(b)(c)(i)
EUR550
601,941
3.38%, (5-year EUR Swap +
2.860%)(b)(c)(i)
EUR2,000
2,263,597
3.63%, (5-year EUR Swap +
3.904%)(b)(c)(i)
EUR1,000
1,119,070
6.25%, (3-month BB Swap +
2.250%)(b)(c)(i)
EUR5,500
6,425,275
Heimstaden Bostad Treasury BV, 1.38%,
03/03/27
EUR961
1,072,965
Howard Hughes Corp. (The)
4.13%, 02/01/29(a)
USD880
838,866
4.38%, 02/01/31(a)
USD517
475,812
5.38%, 08/01/28(a)
USD3,126
3,106,822
MAF Global Securities Ltd., 6.38%, (5-year
CMT + 3.539%)(b)(c)(i)
USD200
199,250
Unique Pub Finance Co. PLC (The),
Series N, 6.46%, 03/30/32(c)
GBP4,017
5,490,061
Security
Par
(000
)
Value
Real Estate (continued)
Vivion Investments SARL
6.50%, 08/31/28, (6.50 % Cash and 1.40
% PIK)(c)(h)
EUR4,276
$4,820,019
6.50%, 02/28/29, (6.50 % PIK)(c)(h)
EUR1,441
1,612,434
 
96,378,097
Real Estate Investment Trusts — 0.9%
Alstria Office AG, 5.50%, 03/20/31(c)
EUR8,500
9,917,028
Iron Mountain Inc.
4.50%, 02/15/31(a)
USD100
94,571
4.88%, 09/15/27(a)
USD240
238,178
4.88%, 09/15/29(a)
USD3,905
3,818,180
5.25%, 03/15/28(a)
USD176
175,104
5.25%, 07/15/30(a)
USD259
254,528
5.63%, 07/15/32(a)
USD3,896
3,845,197
6.25%, 01/15/33(a)
USD143
145,442
7.00%, 02/15/29(a)(g)
USD4,875
5,007,971
KEPPEL REIT, 4.10%(b)(c)
SGD2,750
2,117,991
MPT Operating Partnership LP/MPT
Finance Corp.
0.99%, 10/15/26
EUR1,745
1,871,669
7.00%, 02/15/32(c)
EUR12,719
14,910,157
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK Finance
Co-Issuer
4.88%, 05/15/29(a)(g)
USD762
733,003
5.88%, 10/01/28(a)
USD2,892
2,880,729
7.00%, 02/01/30(a)
USD2,626
2,689,287
RHP Hotel Properties LP/RHP
Finance Corp.
4.50%, 02/15/29(a)
USD1,534
1,491,877
4.75%, 10/15/27
USD3,121
3,087,392
6.50%, 04/01/32(a)
USD1,342
1,370,390
7.25%, 07/15/28(a)
USD540
556,867
RLJ Lodging Trust LP
3.75%, 07/01/26(a)
USD1,626
1,601,764
4.00%, 09/15/29(a)(g)
USD255
237,979
SBA Communications Corp.
3.13%, 02/01/29
USD359
334,600
3.88%, 02/15/27
USD9,464
9,300,505
Scentre Group Trust 1
5.60%, 03/31/55, (Update
Replacements.xls: BBSW3M +
2.000%)(b)(c)
AUD2,400
1,547,774
5.88%, 09/10/54(b)
AUD800
526,464
Service Properties Trust
3.95%, 01/15/28(g)
USD3,115
2,904,086
4.38%, 02/15/30(g)
USD5,880
4,981,934
4.75%, 10/01/26
USD933
915,525
4.95%, 02/15/27
USD829
808,931
4.95%, 10/01/29(g)
USD1,620
1,425,024
Starwood Property Trust Inc.
3.63%, 07/15/26(a)
USD5,314
5,210,350
6.00%, 04/15/30(a)
USD722
729,089
7.25%, 04/01/29(a)
USD446
466,444
Stockland Trust, 5.42%, 03/25/32(c)
AUD1,500
982,329
Trust Fibra Uno, 4.87%, 01/15/30(c)
USD638
608,569
Schedule of Investments
56
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
Uniti Group LP/Uniti Group Finance 2019
Inc./CSL Capital LLC
4.75%, 04/15/28(a)
USD7,090
$6,871,027
10.50%, 02/15/28(a)
USD3,288
3,475,018
 
98,132,973
Retail — 1.5%
1011778 BC ULC/New Red Finance Inc.
3.88%, 01/15/28(a)
USD80
77,164
4.00%, 10/15/30(a)(g)
USD6,853
6,349,389
4.38%, 01/15/28(a)
USD3,662
3,578,464
5.63%, 09/15/29(a)
USD150
150,895
6.13%, 06/15/29(a)
USD1,601
1,636,339
Advance Auto Parts Inc., 3.90%, 04/15/30(g)
USD890
807,036
Afflelou SAS, 6.00%, 07/25/29(c)
EUR1,379
1,648,257
Asbury Automotive Group Inc.
4.50%, 03/01/28
USD240
236,009
4.63%, 11/15/29(a)
USD2,672
2,567,406
5.00%, 02/15/32(a)
USD1,545
1,461,419
Bertrand Franchise Finance SAS
5.99%, 07/18/30, (3-mo. EURIBOR +
3.750%)(b)(c)
EUR5,000
5,556,538
6.50%, 07/18/30(c)
EUR2,188
2,501,731
Boots Group Finco LP
5.38%, 08/31/32(c)
EUR2,638
3,081,983
7.38%, 08/31/32(c)
GBP1,303
1,753,072
Bubbles Holdco SPA
6.23%, 09/30/31, (3-mo. EURIBOR +
4.250%)(b)(c)
EUR3,998
4,606,765
6.50%, 09/30/31(c)
EUR1,804
2,120,985
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(c)
GBP13,581
18,617,878
Dufry One BV, 4.50%, 05/23/32(c)
EUR7,310
8,448,524
Duomo Bidco SpA, 6.15%, 07/15/31, (3-mo.
EURIBOR + 4.125%)(b)(c)
EUR2,317
2,660,799
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co. Inc., 6.75%,
01/15/30(a)(g)
USD7,431
6,991,295
FirstCash Inc.
5.63%, 01/01/30(a)
USD697
689,785
6.88%, 03/01/32(a)
USD1,661
1,702,699
Fressnapf Holding SE, 5.25%, 10/31/31(c)
EUR3,685
4,305,911
Gap Inc. (The)
3.63%, 10/01/29(a)
USD116
107,045
3.88%, 10/01/31(a)
USD3,665
3,256,956
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
8.38%, 01/15/29(a)
USD2,150
2,000,565
8.75%, 01/15/32(a)
USD1,328
1,175,917
11.50%, 08/15/29(a)
USD4,907
4,870,626
Goldstory SAS
6.02%, 02/01/30, (3-mo. EURIBOR +
4.000%)(b)(c)
EUR4,916
5,682,227
6.75%, 02/01/30(c)
EUR6,452
7,679,763
Group 1 Automotive Inc.
4.00%, 08/15/28(a)(g)
USD598
576,574
6.38%, 01/15/30(a)
USD1,308
1,332,282
Kohl's Corp., 5.13%, 05/01/31(g)
USD4,537
3,268,279
LBM Acquisition LLC, 6.25%, 01/15/29(a)(g)
USD10,162
8,917,155
LCM Investments Holdings II LLC
4.88%, 05/01/29(a)
USD3,604
3,502,444
8.25%, 08/01/31(a)
USD2,956
3,125,438
Lithia Motors Inc.
3.88%, 06/01/29(a)
USD531
500,323
Security
Par
(000
)
Value
Retail (continued)
4.38%, 01/15/31(a)(g)
USD2,400
$2,257,536
4.63%, 12/15/27(a)
USD205
201,820
Murphy Oil USA Inc., 4.75%, 09/15/29
USD1,160
1,134,200
Nordstrom Inc., 4.38%, 04/01/30
USD1,223
1,108,916
PetSmart Inc./PetSmart Finance Corp.,
7.75%, 02/15/29(a)(g)
USD10,266
10,046,129
QXO Building Products Inc., 6.75%,
04/30/32(a)
USD945
973,136
Sonic Automotive Inc.
4.63%, 11/15/29(a)(g)
USD1,676
1,611,831
4.88%, 11/15/31(a)(g)
USD584
550,414
Stonegate Pub Co. Financing PLC
8.77%, 07/31/29, (3-mo. EURIBOR +
6.625%)(b)(c)
EUR4,000
4,494,820
10.75%, 07/31/29(c)
GBP3,414
4,578,583
Suburban Propane Partners LP/Suburban
Energy Finance Corp., 5.00%,
06/01/31(a)
USD977
917,570
Wesfarmers Ltd., 2.55%, 06/23/31(c)
AUD1,120
630,200
Yum! Brands Inc.
3.63%, 03/15/31
USD2,154
1,985,387
4.63%, 01/31/32(g)
USD282
269,956
4.75%, 01/15/30(a)
USD2,721
2,681,868
 
160,988,303
Savings & Loans — 0.1%
Nationwide Building Society
5.75%, (5-year UK Government Bond +
5.625%)(b)(c)(i)
GBP2,306
3,030,983
7.50%, (5-year UK Government Bond +
3.852%)(b)(c)(i)
GBP5,225
7,027,708
Series ., 7.88%, (1-day SONIA +
1.400%)(b)(c)(i)
GBP850
1,156,938
 
11,215,629
Semiconductors — 0.1%
Broadcom Inc., 3.75%, 02/15/51(a)
USD5,188
3,880,736
Entegris Inc.
4.38%, 04/15/28(a)
USD240
233,856
5.95%, 06/15/30(a)(g)
USD4,320
4,358,699
SK Hynix Inc., 6.25%, 01/17/26(c)
USD635
639,096
 
9,112,387
Software — 1.1%
Central Parent Inc./CDK Global Inc., 7.25%,
06/15/29(a)(g)
USD5,297
4,352,424
Central Parent LLC/CDK Global II LLC/CDK
Financing Co. Inc., 8.00%, 06/15/29(a)
USD3,699
3,137,900
Cloud Software Group Inc.
6.50%, 03/31/29(a)
USD5,148
5,198,888
8.25%, 06/30/32(a)(g)
USD5,042
5,368,878
9.00%, 09/30/29(a)
USD15,020
15,543,612
Continuum Energy Pte. Ltd., 12.85%,
09/11/27(e)(g)
USD1,749
1,749,061
CoreWeave Inc.
9.00%, 02/01/31(a)
USD1,973
1,964,588
9.25%, 06/01/30(a)
USD5,895
5,924,775
Fair Isaac Corp.
5.25%, 05/15/26(a)
USD3,180
3,174,786
6.00%, 05/15/33(a)
USD256
257,202
Helios Software Holdings Inc./ION
Corporate Solutions Finance SARL,
7.88%, 05/01/29(c)
EUR13,014
15,567,883
57
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Software (continued)
IPD 3 BV 5.50%, 06/15/31(c)
EUR6,646
$7,721,934
Open Text Corp., 3.88%, 12/01/29(a)
USD3,437
3,217,180
Oracle Corp.
3.85%, 04/01/60
USD13,544
9,130,602
5.38%, 09/27/54(g)
USD3,600
3,242,572
SS&C Technologies Inc.
5.50%, 09/30/27(a)
USD168
168,037
6.50%, 06/01/32(a)
USD2,809
2,888,321
TeamSystem SpA
5.00%, 07/01/31(c)
EUR6,212
7,175,357
5.19%, 07/01/32, (3-mo. EURIBOR +
3.250%)(b)(c)
EUR5,773
6,588,461
5.53%, 07/31/31, (3-mo. EURIBOR +
3.500%)(b)(c)
EUR5,283
6,045,968
Twilio Inc., 3.63%, 03/15/29
USD926
877,003
UKG Inc., 6.88%, 02/01/31(a)
USD5,820
5,975,190
 
115,270,622
Sovereign Debt Securities — 0.0%
Nigeria Government International Bond,
8.38%, 03/24/29(a)
USD200
205,188
Telecommunications — 2.9%
Altice France SA, 5.13%, 07/15/29(a)
USD2,000
1,730,000
Altice France SA/France
3.38%, 01/15/28(c)
EUR1,000
997,694
4.00%, 07/15/29(c)
EUR900
901,262
4.13%, 01/15/29(c)
EUR2,000
2,009,854
Bell Telephone Co. of Canada or
Bell Canada
6.88%, 09/15/55, (5-year CMT +
2.390%)(b)(g)
USD4,310
4,385,050
7.00%, 09/15/55, (5-year CMT +
2.363%)(b)(g)
USD1,024
1,039,247
British Telecommunications PLC
5.13%, 10/03/54, (5-year EURIBOR ICE
Swap + 2.542%)(b)(c)
EUR1,269
1,518,696
8.38%, 12/20/83, (5-year UK Government
Bond + 3.820%)(b)(c)
GBP5,100
7,255,579
Connect Finco SARL/Connect U.S. Finco
LLC, 9.00%, 09/15/29(a)(g)
USD8,044
8,122,920
Digicel International Finance Ltd. / Difl
US LLC, 8.63%, 08/01/32(a)
USD304
307,059
EchoStar Corp.
6.75%, 11/30/30, (6.75% PIK)(g)(h)
USD3,380
3,202,541
10.75%, 11/30/29
USD11,628
12,253,005
Empresa Nacional de
Telecomunicaciones SA, 4.75%,
08/01/26(c)
USD1,226
1,221,893
Eutelsat SA
1.50%, 10/13/28(c)
EUR5,400
5,673,281
9.75%, 04/13/29(c)
EUR2,737
3,395,443
Fibercop SpA
4.75%, 06/30/30(c)
EUR3,237
3,760,647
5.13%, 06/30/32(c)
EUR1,615
1,868,530
Series 2033, 6.38%, 11/15/33(a)
USD317
307,075
Series 2034, 6.00%, 09/30/34(a)
USD2,788
2,633,399
Series 2036, 7.20%, 07/18/36(a)
USD2,233
2,211,117
Series 2038, 7.72%, 06/04/38(a)(g)
USD1,399
1,392,054
Frontier Communications Holdings LLC
5.00%, 05/01/28(a)
USD4,070
4,064,879
5.88%, 10/15/27(a)
USD2,640
2,640,478
Security
Par
(000
)
Value
Telecommunications (continued)
5.88%, 11/01/29
USD2,753
$2,775,971
6.00%, 01/15/30(a)(g)
USD4,794
4,850,996
Global Switch Finance BV, 1.38%,
10/07/30(c)
EUR5,669
6,043,091
Iliad Holding SASU
5.38%, 04/15/30(c)
EUR2,637
3,114,026
5.63%, 10/15/28(c)
EUR100
116,268
6.88%, 04/15/31(c)
EUR12,947
15,886,373
7.00%, 10/15/28(a)
USD2,782
2,823,716
7.00%, 04/15/32(a)
USD440
451,611
8.50%, 04/15/31(a)
USD6,260
6,714,983
Kaixo Bondco Telecom SA, 5.13%,
09/30/29(c)
EUR11,740
13,597,014
Level 3 Financing Inc.
6.88%, 06/30/33(a)
USD4,871
4,935,957
10.75%, 12/15/30(a)
USD4,752
5,351,940
11.00%, 11/15/29(a)
USD32
35,901
Liberty Costa Rica Senior Secured Finance,
10.88%, 01/15/31(a)
USD247
263,117
NBN Co. Ltd., 2.20%, 12/16/30(c)
AUD130
74,495
Odido Group Holding BV, 5.50%,
01/15/30(c)
EUR9,275
10,701,354
Optics Bidco SpA, 5.25%, 03/17/55
EUR3,200
3,243,640
Rogers Communications Inc.
5.25%, 03/15/82, (5-year CMT +
3.590%)(a)(b)(g)
USD4,894
4,824,587
7.00%, 04/15/55, (5-year CMT +
2.653%)(b)
USD3,053
3,121,300
SES SA
4.13%, 06/24/30(c)
EUR1,475
1,708,811
4.88%, 06/24/33(c)
EUR1,850
2,176,362
SoftBank Group Corp.
3.38%, 07/06/29(c)
EUR2,322
2,541,048
3.88%, 07/06/32(c)
EUR3,616
3,848,850
5.00%, 04/15/28(c)
EUR100
116,933
5.25%, 10/10/29(c)
EUR11,237
13,047,383
5.38%, 01/08/29(c)
EUR5,975
6,994,854
5.75%, 07/08/32(c)
EUR5,645
6,566,386
Series ., 5.88%, 07/10/31(c)
EUR5,117
6,045,856
Series ., 6.38%, 07/10/33(c)
EUR5,303
6,275,666
Sunrise HoldCo IV BV, 5.50%, 01/15/28(a)
USD4,398
4,370,947
Telecom Argentina SA, 9.25%, 05/28/33(a)
USD285
292,837
Telefonica Emisiones SA, 3.94%,
06/25/35(c)
EUR6,200
7,093,124
Telefonica Europe BV
2.50%, (5-year CMT + 2.351%)(b)(c)(i)
EUR2,500
2,813,585
6.14%, (7-year EUR Swap +
3.347%)(b)(c)(i)
EUR1,500
1,853,946
Series ., 5.75%, (8-year EUR Swap +
3.121%)(b)(c)(i)
EUR6,500
7,782,083
Telstra Group Ltd., 5.65%, 03/06/34
AUD2,170
1,444,057
TELUS Corp.
6.63%, 10/15/55, (5-year CMT +
2.709%)(b)(g)
USD171
173,165
7.00%, 10/15/55, (1-day SOFR +
1.350%)(b)(g)
USD1,228
1,243,248
T-Mobile USA Inc., 5.25%, 06/15/55
USD3,550
3,226,542
Turk Telekomunikasyon AS, 7.38%,
05/20/29(c)
USD400
410,468
Turkcell Iletisim Hizmetleri AS, 7.65%,
01/24/32(a)
USD280
288,663
Schedule of Investments
58
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Telecommunications (continued)
Veon Midco BV, 3.38%, 11/25/27(a)
USD319
$295,075
VF Ukraine PAT via VFU Funding PLC,
9.63%, 02/11/27(a)
USD258
245,174
Viasat Inc., 5.63%, 04/15/27(a)
USD4,155
4,134,929
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29(c)
GBP6,856
8,488,477
4.25%, 01/31/31(a)
USD2,739
2,495,589
4.50%, 07/15/31(c)
GBP2,854
3,421,639
4.75%, 07/15/31(a)
USD4,672
4,322,395
5.63%, 04/15/32(c)
EUR4,682
5,517,954
7.75%, 04/15/32(a)(g)
USD1,587
1,653,186
Vmed O2 UK Financing I PLC., 5.63%,
04/15/32(c)
EUR3,147
3,678,726
Vodafone Group PLC
3.00%, 08/27/80, (5-year EUR Swap +
3.477%)(b)(c)
EUR790
871,092
3.25%, 06/04/81, (5-year CMT +
2.447%)(b)
USD3,006
2,923,812
4.13%, 06/04/81, (5-year CMT +
2.767%)(b)
USD3,184
2,932,212
7.00%, 04/04/79, (5-year USD Swap +
4.873%)(b)
USD1,421
1,484,935
8.00%, 08/30/86, (5-year UK Government
Bond + 3.837%)(b)(c)
GBP2,388
3,453,287
Zegona Finance PLC
6.75%, 07/15/29
EUR4,107
4,944,686
6.75%, 07/15/29(c)
EUR10,900
13,179,370
 
306,175,395
Transportation — 0.6%
Australian Rail Track Corp. Ltd., 5.60%,
06/12/31(c)
AUD2,350
1,562,421
Danaos Corp., 8.50%, 03/01/28(a)
USD3,899
3,975,600
Edge Finco PLC, 8.13%, 08/15/31(c)
GBP11,882
16,636,684
gategroup Finance Luxembourg SA, 3.00%,
02/28/27(c)
CHF6,170
7,499,402
Mobico Group PLC
3.63%, 11/20/28(c)
GBP1,854
2,112,822
4.25%, (5-year UK Government Bond +
4.135%)(b)(c)(i)
GBP4,800
3,912,465
4.88%, 09/26/31(c)
EUR2,820
2,624,371
MTR Corp. CI Ltd., 5.63%, (3-month BB
Swap + 1.900%)(b)(c)(i)
USD4,000
4,029,200
Pacific National Finance Pty. Ltd., 7.75%,
12/11/54(b)(c)
AUD4,310
2,793,503
Poste Italiane SpA, 2.63%, (5-year
EURIBOR ICE Swap + 2.677%)(b)(c)(i)
EUR4,555
5,006,767
Qube Treasury Pty Ltd., 5.90%, 12/11/34(c)
AUD800
522,428
SGL Group ApS
6.30%, 02/24/31, (3-mo. EURIBOR +
4.250%)(b)(c)
EUR3,000
3,453,436
6.75%, 04/22/30, (3-mo. EURIBOR +
4.750%)(b)
EUR10,023
11,578,933
Transnet SOC Ltd., 8.25%, 02/06/28(c)
USD701
728,921
XPO Inc., 7.13%, 02/01/32(a)
USD1,268
1,318,065
 
67,755,018
Trucking & Leasing — 0.1%
FTAI Aviation Investors LLC
5.88%, 04/15/33(a)(g)
USD200
198,208
7.00%, 05/01/31(a)
USD1,787
1,854,095
7.00%, 06/15/32(a)
USD2,717
2,813,755
Security
Par
(000
)
Value
Trucking & Leasing (continued)
7.88%, 12/01/30(a)
USD2,458
$2,606,139
 
7,472,197
Water — 0.0%
Thames Water Super Senior Issuer PLC,
Series 144*, 9.75%, 10/10/27(a)
GBP12
16,951
Thames Water Utilities Ltd.,Series 144.,
0.00%, 03/22/27(a)(f)
GBP7
8,421
 
25,372
Total Corporate Bonds & Notes — 40.5%
(Cost: $4,224,830,050)
4,341,824,564
Foreign Government Obligations
Angola — 0.0%
Angolan Government International Bond
8.25%, 05/09/28(c)
USD2,807
2,715,773
9.50%, 11/12/25(c)
USD635
638,575
 
3,354,348
Armenia — 0.0%
Republic of Armenia International Bond,
6.75%, 03/12/35(a)
USD268
262,305
Bahrain — 0.0%
Bahrain Government International Bond
5.45%, 09/16/32(c)
USD288
271,552
7.00%, 01/26/26(c)
USD1,433
1,439,449
 
1,711,001
Barbados — 0.0%
Barbados Government International Bond,
8.00%, 06/26/35(a)
USD390
389,066
Benin — 0.0%
Benin Government International Bond,
7.96%, 02/13/38(a)
USD687
664,460
Bolivia — 0.0%
Bolivian Government International Bond,
4.50%, 03/20/28(c)
USD1,108
845,958
Brazil — 0.5%
Brazil Letras do Tesouro Nacional, 0.00%
01/01/26(f)
BRL34
5,663,184
Brazil Notas do Tesouro Nacional, Series F,
10.00%, 01/01/27
BRL263
44,572,073
 
50,235,257
Bulgaria — 0.0%
Bulgaria Government International Bond,
5.00%, 03/05/37(c)
USD358
348,834
Cameroon, United Republic of — 0.0%
Republic of Cameroon International Bond,
9.50%, 07/31/31(c)
USD450
422,577
Chile — 0.1%
Chile Government International Bond
2.75%, 01/31/27
USD952
928,200
3.13%, 01/21/26
USD400
396,200
3.75%, 01/14/32
EUR2,677
3,110,378
4.34%, 03/07/42
USD463
399,222
 
4,834,000
59
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Colombia — 0.3%
Colombia Government International Bond
7.50%, 02/02/34
USD656
$665,840
7.75%, 11/07/36
USD335
334,079
8.00%, 04/20/33
USD892
938,384
8.00%, 11/14/35
USD200
205,200
8.75%, 11/14/53
USD200
203,200
Colombian TES
Series B, 5.75%, 11/03/27
COP61,641,800
13,699,143
Series B, 7.75%, 09/18/30
COP52,005,100
10,873,046
 
26,918,892
Costa Rica — 0.0%
Costa Rica Government International Bond
6.55%, 04/03/34(c)
USD284
296,496
7.30%, 11/13/54(a)
USD200
207,465
 
503,961
Czech Republic — 0.2%
Czech Republic Government Bond
4.50%, 11/11/32
CZK138,900
6,572,425
5.00%, 09/30/30
CZK259,060
12,579,639
 
19,152,064
Dominican Republic — 0.1%
Dominican Republic International Bond
4.50%, 01/30/30(a)(g)
USD739
704,636
4.50%, 01/30/30(c)
USD593
565,426
4.88%, 09/23/32(a)
USD522
482,374
5.95%, 01/25/27(c)
USD1,624
1,637,804
6.88%, 01/29/26(c)
USD1,220
1,227,930
6.95%, 03/15/37(a)
USD309
316,184
7.05%, 02/03/31(a)
USD552
580,704
10.75%, 06/01/36(a)
DOP140,250
2,423,741
10.75%, 06/01/36(c)
DOP52,350
904,690
 
8,843,489
Ecuador — 0.0%
Ecuador Government International Bond
6.90%, 07/31/30(c)(d)
USD1,035
905,625
6.90%, 07/31/35(c)(d)
USD577
429,058
 
1,334,683
Egypt — 0.1%
Egypt Government International Bond
5.63%, 04/16/30(c)
EUR3,787
4,008,398
6.59%, 02/21/28(c)
USD441
440,890
7.50%, 01/31/27(c)
USD952
962,412
7.50%, 02/16/61(a)
USD436
317,861
7.63%, 05/29/32(c)
USD629
591,065
7.90%, 02/21/48(c)
USD4,348
3,369,700
8.50%, 01/31/47(c)
USD635
518,271
8.50%, 01/31/47(a)
USD400
326,470
8.63%, 02/04/30(c)
USD635
646,113
9.45%, 02/04/33(a)
USD297
301,529
 
11,482,709
El Salvador — 0.0%
El Salvador Government International Bond,
8.63%, 02/28/29(c)
USD1,206
1,250,983
Ethiopia — 0.0%
Ethiopia International Bond, 6.63%,
12/11/24(c)(j)(k)
USD997
917,240
Security
Par
(000
)
Value
France — 0.4%
French Republic Government Bond OAT,
3.20%, 05/25/35(a)
EUR41,592
$46,924,792
Gabon — 0.0%
Gabon Government International Bond,
9.50%, 02/18/29(c)
USD2,443
2,283,448
Ghana — 0.0%
Ghana Government International Bond
0.00%, 07/03/26(c)(f)
USD13
12,909
0.00%, 01/03/30(c)(f)
USD285
236,351
5.00%, 07/03/29(c)(d)
USD4,179
3,959,279
5.00%, 07/03/35(c)(d)
USD470
377,347
 
4,585,886
Guatemala — 0.0%
Guatemala Government Bond
6.25%, 08/15/36(a)
USD295
296,180
6.60%, 06/13/36(a)
USD400
409,542
7.05%, 10/04/32(a)
USD500
534,613
 
1,240,335
Hungary — 0.1%
Hungary Government Bond, 7.00%,
10/24/35
HUF1,509,640
4,245,279
Hungary Government International Bond
5.00%, 02/22/27(c)
EUR2,602
3,087,257
5.25%, 06/16/29(a)
USD536
540,667
5.38%, 09/12/33(c)
EUR413
509,850
5.50%, 06/16/34(c)
USD400
394,846
5.50%, 03/26/36(a)
USD200
193,221
6.75%, 09/23/55(a)
USD295
298,744
Magyar Export-Import Bank Zrt, 6.00%,
05/16/29(c)
EUR1,533
1,890,728
MFB Magyar Fejlesztesi Bank Zrt, 6.50%,
06/29/28(c)
USD1,695
1,755,393
 
12,915,985
Indonesia — 0.4%
Indonesia Government International Bond,
3.88%, 01/15/33
EUR323
375,633
Indonesia Treasury Bond
6.75%, 07/15/35
IDR263,572,000
16,193,548
7.00%, 05/15/27
IDR143,086,000
8,869,562
7.13%, 06/15/38
IDR152,095,000
9,499,121
8.25%, 05/15/36
IDR64,385,000
4,376,489
 
39,314,353
Ireland — 1.0%
Ireland Government Bond, 2.60%,
10/18/34(c)
EUR97,018
107,978,553
Italy — 0.6%
Italy Buoni Poliennali Del Tesoro, 3.65%,
08/01/35(a)
EUR50,682
58,682,736
Ivory Coast — 0.0%
Ivory Coast Government International Bond
5.88%, 10/17/31(c)
EUR578
640,855
6.38%, 03/03/28(c)
USD1,223
1,230,644
8.08%, 04/01/36(a)
USD341
335,544
8.25%, 01/30/37(a)
USD255
251,369
 
2,458,412
Schedule of Investments
60
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Jordan — 0.0%
Jordan Government International Bond
7.50%, 01/13/29(a)
USD277
$285,778
7.50%, 01/13/29(c)
USD1,526
1,574,359
7.75%, 01/15/28(c)
USD461
477,827
 
2,337,964
Kazakhstan — 0.0%
Development Bank of Kazakhstan JSC
13.49%, 05/23/28(a)
KZT337,500
559,226
13.49%, 05/23/28(c)
KZT115,500
191,379
17.30%, 07/03/28(c)
KZT328,500
596,466
 
1,347,071
Kenya — 0.0%
Republic of Kenya Government
International Bond
7.25%, 02/28/28(c)
USD2,589
2,563,110
9.75%, 02/16/31(a)
USD400
412,000
9.75%, 02/16/31(c)
USD401
413,030
 
3,388,140
Kyrgyzstan — 0.0%
Kyrgyz Republic International Bond, 7.75%,
06/03/30(a)
USD658
658,000
Latvia — 0.0%
Latvia Government International Bond,
5.13%, 07/30/34(a)
USD581
584,329
Lebanon — 0.0%
Lebanon Government International Bond
6.00%, 01/27/23(c)(j)(k)
USD349
64,565
6.10%, 10/04/22(c)(j)(k)
USD489
90,465
6.20%, 02/26/25(c)(j)(k)
USD971
179,635
6.60%, 11/27/26(c)(j)(k)
USD1,674
309,690
6.65%, 04/22/24(c)(j)(k)
USD303
56,055
6.85%, 03/23/27(c)(j)(k)
USD441
81,585
7.00%, 03/23/32(c)(j)(k)
USD522
96,570
 
878,565
Luxembourg — 0.0%
Eagle Funding Luxco Sarl, 5.50%,
08/17/30(a)
USD1,600
1,610,240
Macedonia — 0.0%
North Macedonia Government International
Bond, 6.96%, 03/13/27(c)
EUR200
239,195
Malaysia — 0.1%
Malaysia Government Bond
3.83%, 07/05/34
MYR29,323
7,081,590
4.46%, 03/31/53
MYR5,918
1,508,466
 
8,590,056
Mexico — 0.6%
Mexican Bonos
7.00%, 09/03/26
MXN3,309
17,358,832
7.50%, 05/26/33
MXN4,081
19,656,743
8.50%, 03/01/29
MXN2,116
11,176,594
Series M, 7.75%, 11/13/42
MXN637
2,778,635
Series M 20, 8.50%, 05/31/29
MXN148
778,390
Mexico Government International Bond
3.75%, 01/11/28
USD300
293,907
5.40%, 02/09/28
USD1,111
1,126,832
6.00%, 05/13/30
USD857
885,495
6.35%, 02/09/35
USD619
628,827
Security
Par
(000
)
Value
Mexico (continued)
6.40%, 05/07/54
USD322
$294,308
6.63%, 01/29/38
USD255
256,594
7.38%, 05/13/55
USD4,497
4,630,915
 
59,866,072
Mongolia — 0.0%
City of Ulaanbaatar Mongolia, 7.75%,
08/21/27(c)
USD1,500
1,523,812
Mongolia Government International Bond,
6.63%, 02/25/30(c)
USD249
248,636
 
1,772,448
Montenegro — 0.0%
Montenegro Government International Bond,
2.88%, 12/16/27(c)
EUR374
416,804
Morocco — 0.0%
Morocco Government International Bond
4.75%, 04/02/35(a)
EUR557
639,621
5.95%, 03/08/28(a)
USD400
411,028
 
1,050,649
Namibia — 0.0%
Namibia International Bond, 5.25%,
10/29/25(c)
USD952
946,164
Nigeria — 0.1%
Nigeria Government International Bond
6.13%, 09/28/28(c)
USD1,923
1,870,117
7.14%, 02/23/30(c)
USD952
927,419
7.63%, 11/21/25(c)
USD1,425
1,429,460
7.63%, 11/28/47(c)
USD327
266,198
8.38%, 03/24/29(c)
USD1,306
1,339,878
10.38%, 12/09/34(a)
USD398
427,229
 
6,260,301
Oman — 0.0%
Oman Government International Bond,
6.75%, 01/17/48(c)
USD689
739,986
Pakistan — 0.0%
Pakistan Government International Bond
6.88%, 12/05/27(c)
USD2,560
2,502,400
7.38%, 04/08/31(c)
USD635
593,725
 
3,096,125
Panama — 0.0%
Panama Government International Bond
6.40%, 02/14/35
USD441
433,944
7.13%, 01/29/26
USD1,006
1,015,431
7.50%, 03/01/31
USD631
676,432
8.00%, 03/01/38
USD286
309,416
 
2,435,223
Paraguay — 0.0%
Paraguay Government International Bond
2.74%, 01/29/33(c)
USD200
170,470
5.60%, 03/13/48(c)
USD290
261,000
 
431,470
Peru — 0.1%
Corp. Financiera de Desarrollo SA
2.40%, 09/28/27(c)
USD2,542
2,422,526
5.50%, 05/06/30(a)
USD285
287,993
Fondo MIVIVIENDA SA, 4.63%, 04/12/27(c)
USD1,246
1,242,885
Peru Government International Bond
1.86%, 12/01/32
USD392
314,235
61
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Peru (continued)
2.78%, 01/23/31
USD603
$541,797
Peruvian Government International Bond,
6.85%, 08/12/35(a)
PEN39
5,556,188
 
10,365,624
Philippines — 0.1%
Philippine Government Bond
6.25%, 02/28/29
PHP265,900
4,577,529
6.38%, 04/28/35
PHP189,450
3,264,075
Philippines Government International Bond,
4.63%, 07/17/28(g)
USD952
957,950
 
8,799,554
Poland — 0.4%
Republic of Poland Government Bond
2.00%, 08/25/36
PLN7,584
1,807,096
4.75%, 07/25/29
PLN42,238
11,276,466
5.00%, 10/25/34
PLN23,256
6,036,519
5.75%, 04/25/29
PLN72,223
19,957,420
Republic of Poland Government
International Bond
4.88%, 02/12/30
USD1,573
1,606,300
4.88%, 10/04/33
USD147
146,192
5.50%, 04/04/53
USD466
435,827
 
41,265,820
Qatar — 0.0%
Qatar Government International Bond,
3.25%, 06/02/26(c)
USD1,269
1,256,780
Romania — 0.1%
Romania Government International Bond
2.12%, 07/16/31(c)
EUR746
726,827
2.75%, 04/14/41(c)
EUR707
524,539
3.63%, 03/27/32(c)
USD930
812,299
5.25%, 11/25/27(c)
USD1,296
1,300,576
6.63%, 02/17/28(c)
USD200
207,250
Romanian Government International Bond
5.25%, 11/25/27(a)
USD128
128,452
5.25%, 03/10/30(c)
EUR640
754,287
5.75%, 09/16/30(a)
USD500
502,250
5.88%, 01/30/29(c)
USD6,486
6,584,374
5.88%, 07/11/32(a)
EUR248
291,650
6.25%, 09/10/34(a)
EUR572
676,633
6.75%, 07/11/39(a)
EUR242
283,318
 
12,792,455
Saudi Arabia — 0.1%
Saudi Government International Bond
2.90%, 10/22/25(c)
USD1,856
1,845,792
4.50%, 04/17/30(c)
USD600
600,936
4.75%, 01/18/28(c)
USD1,769
1,780,277
5.00%, 01/18/53(a)
USD561
484,216
5.00%, 01/18/53(c)
USD657
567,077
5.13%, 01/13/28(a)
USD977
992,571
 
6,270,869
Senegal — 0.0%
Senegal Government International Bond,
4.75%, 03/13/28(c)
EUR1,308
1,285,617
Security
Par
(000
)
Value
Serbia — 0.0%
Serbia International Bond
6.00%, 06/12/34(a)
USD390
$396,946
6.50%, 09/26/33(c)
USD200
211,629
 
608,575
South Africa — 0.7%
Republic of South Africa Government Bond
7.00%, 02/28/31
ZAR386,574
19,812,736
8.00%, 01/31/30
ZAR804,033
43,805,697
8.50%, 01/31/37
ZAR71,310
3,481,214
8.88%, 02/28/35
ZAR6,328
331,347
Republic of South Africa Government
International Bond
3.75%, 07/24/26
EUR711
815,722
5.00%, 10/12/46
USD464
323,640
5.75%, 09/30/49
USD609
455,550
5.88%, 09/16/25
USD635
635,216
7.10%, 11/19/36(a)
USD397
394,122
7.95%, 11/19/54(a)
USD508
483,616
 
70,538,860
Spain — 1.4%
Spain Government Bond
2.70%, 01/31/30
EUR35,629
40,972,400
3.15%, 04/30/35(a)
EUR73,741
83,777,763
3.45%, 10/31/34(a)(c)
EUR16,842
19,672,538
 
144,422,701
Sri Lanka — 0.0%
Sri Lanka Government International Bond
3.10%, 01/15/30(c)(d)
USD48
42,882
3.10%, 01/15/30(a)(d)
USD397
358,421
3.35%, 03/15/33(a)(d)
USD788
644,582
3.60%, 06/15/35(a)(d)
USD525
372,499
3.60%, 05/15/36(a)(d)
USD373
311,760
3.60%, 02/15/38(a)(d)
USD726
607,199
4.00%, 04/15/28(c)
USD931
884,370
4.00%, 04/15/28(a)
USD382
362,987
 
3,584,700
Thailand — 0.3%
Thailand Government Bond
2.50%, 11/17/29
THB841,459
26,965,697
4.00%, 06/17/55
THB5,062
218,268
 
27,183,965
Trinidad and Tobago — 0.0%
Trinidad & Tobago Government
International Bond
4.50%, 08/04/26(c)
USD952
939,243
6.40%, 06/26/34(a)
USD511
496,692
 
1,435,935
Tunisia — 0.0%
Tunisian Republic, 6.38%, 07/15/26(c)
EUR2,566
2,892,212
Turkey — 0.1%
Turkey Government International Bond,
9.13%, 07/13/30
USD981
1,090,784
Turkiye Government Bond
26.20%, 10/05/33
TRY43,748
984,996
30.00%, 09/12/29
TRY43,210
976,209
Schedule of Investments
62
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Turkey (continued)
Turkiye Government International Bond
7.13%, 02/12/32
USD600
$606,450
9.38%, 01/19/33
USD1,269
1,443,884
 
5,102,323
United Arab Emirates — 0.0%
Abu Dhabi Government International Bond,
4.88%, 04/30/29(c)
USD952
975,800
Emirate of Dubai Government International
Bond, 3.90%, 09/09/50(c)
USD426
306,038
 
1,281,838
United Kingdom — 0.2%
United Kingdom Gilt, 4.38%, 03/07/30(c)
GBP15,219
20,409,207
Uruguay — 0.0%
Oriental Republic of Uruguay, 5.25%,
09/10/60
USD503
453,553
Uruguay Government International Bond,
9.75%, 07/20/33
UYU43,861
1,173,165
 
1,626,718
Uzbekistan — 0.0%
Republic of Uzbekistan International Bond
5.38%, 05/29/27(a)
EUR363
424,011
7.85%, 10/12/28(a)
USD200
212,560
7.85%, 10/12/28(c)
USD1,507
1,601,641
16.63%, 05/29/27(c)
UZS5,000,000
410,300
 
2,648,512
Zambia — 0.0%
Zambia Government International Bond
0.50%, 12/31/53(c)
USD542
395,645
5.75%, 06/30/33(c)(d)
USD1,085
1,006,081
 
1,401,726
Total Foreign Government Obligations — 8.1%
(Cost: $860,554,800)
871,679,120
Municipal Debt Obligations
Arizona — 0.0%
Maricopa County Industrial Development
Authority RB, 7.38%, 10/01/29(a)
$1,330
1,372,310
Texas — 0.0%
Port of Beaumont Navigation District RB,
10.00%, 07/01/26(a)
870
874,348
Total Municipal Debt Obligations — 0.0%
(Cost: $2,200,000)
2,246,658
U.S. Government Agency Obligations
Mortgage-Backed Securities — 15.7%
Uniform Mortgage-Backed Securities
3.50%, 08/15/54(l)
506,974
452,843,654
3.50%, 09/15/54(l)
506,974
452,209,936
4.50%, 08/15/54(l)
46,634
44,232,058
5.50%, 08/15/54(l)
21,329
21,216,079
6.00%, 08/15/54(l)
705,618
715,357,262
 
1,685,858,989
Security
Par
(000
)
Value
U.S. Government Agency Obligations — 0.1%
Tennessee Valley Authority, 5.25%,
02/01/55
$6,290
$6,091,009
Total U.S. Government Agency Obligations — 15.8%
(Cost: $1,688,045,953)
1,691,949,998
Floating Rate Loan Interests(b)
Aerospace & Defense — 0.0%
Aernnova Aerospace S.A.U, 2024 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 4.00%), 5.98%, 02/27/30
EUR2,000
2,281,326
Cobham Ultra SeniorCo SARL, EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 3.50%), 6.09%, 08/06/29
EUR2,000
2,270,987
 
4,552,313
Apparel — 0.0%
Beach Acquisition Bidco LLC, 06/25/32(m)
EUR1,000
1,140,344
Auto Parts & Equipment — 0.0%
Clarios Global LP
2025 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.15%, 01/28/32
EUR1,000
1,144,338
2024 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.00%),
4.90%, 07/16/31
EUR2,000
2,283,175
 
3,427,513
Beverages — 0.0%
Pegasus BidCo BV, 2024 EUR Term Loan
B2, (3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.64%, 07/12/29
EUR1,880
2,154,865
Biotechnology — 0.0%
Advanz Pharma Corp., 2024 EUR Term
Loan B, (1-mo. EURIBOR at 0.00% Floor
+ 4.25%), 6.15%, 10/22/31
EUR1,500
1,717,602
Cooper Consumer Health SAS, 11/06/28(m)
EUR1,000
1,144,053
 
2,861,655
Building Materials — 0.1%
Hestiafloor 2, 2025 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.48%, 02/27/30
EUR3,000
3,435,649
Tarkett Participation, 2025 EUR Term Loan
B, 04/22/31(m)
EUR2,000
2,276,693
 
5,712,342
Chemicals — 0.1%
Ineos Finance PLC
2024 EUR 1st Lien Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.40%, 06/23/31
EUR1,000
1,088,625
2024 EUR Term Loan B1, (1-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.15%, 02/07/31
EUR2,000
2,160,131
INEOS Quattro Holdings U.K. Ltd., 2023
EUR 1st Lien Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 4.50%),
6.40%, 04/02/29
EUR3,000
3,203,393
Nobian Finance B.V., 2024 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.75%), 5.69%, 07/02/29
EUR1,750
1,981,901
63
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Chemicals (continued)
Nobian Finance BV, 2025 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.53%, 07/01/30
EUR1,895
$2,137,947
Rain Carbon GmbH, 2023 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
5.00%), 7.02%, 10/31/28
EUR2,808
3,204,994
 
13,776,991
Commercial Services — 0.5%
AlixPartners, LLP, 2021 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.00%), 4.98%, 02/04/28
EUR2,972
3,392,563
Allied Universal Holdco LLC, 2021 USD
Incremental Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.85%),
8.21%, 05/12/28
USD1,110
1,112,251
Atlas Luxco 4 SARL, 2021 EUR Term Loan,
(1-mo. EURIBOR at 0.00% Floor +
3.75%), 5.65%, 05/12/28
EUR1,969
2,250,589
Belron U.K. Finance PLC, 2024 EUR
Incremental Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.00%),
5.15%, 10/16/31
EUR3,377
3,861,112
Boels Topholding BV, 2025 EUR Term Loan
B, (1-mo. EURIBOR at 0.00% Floor +
2.75%), 4.68%, 05/23/31
EUR2,017
2,303,272
Boluda Towage SL, 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.54%, 01/31/30
EUR2,000
2,294,473
Eagle Bidco Ltd., 2021 EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
3.25%), 5.15%, 03/20/28
EUR2,000
2,286,690
Fugue Finance B.V., 2025 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.25%), 5.26%, 01/09/32
EUR2,000
2,283,837
Galileo Global Education Operations SAS,
2025 EUR Term Loan B4A, (3-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.38%, 07/31/31
EUR2,000
2,277,400
Holding Socotec SAS, 2025 EUR Term Loan
B1, (3-mo. EURIBOR at 0.00% Floor +
3.25%), 5.23%, 06/02/31
EUR2,938
3,353,212
IFCO Management GmbH, 2024 EUR 1st
Lien Term Loan B, (1-mo. EURIBOR at
0.00% Floor + 3.50%), 5.40%, 11/29/29
EUR3,000
3,418,360
Inspired Finco Holdings Ltd., 2025 EUR
Term Loan B6, (1-mo. EURIBOR at
0.00% Floor + 3.25%), 5.15%, 02/28/31
EUR2,000
2,280,504
Lernen Bidco Ltd., 2025 EUR Term Loan
B3A, ((6-mo. EURIBOR at 0.00% Floor +
3.75%)), 5.85%, 04/25/29
2,000
2,290,958
Modulaire Group Holdings Ltd., 07/10/31(m)
EUR2,500
2,816,166
Obol France 3 SAS, 12/31/28(m)
EUR2,000
2,242,183
OCS Group Holdings Ltd., EUR Term Loan
B, (6-mo. EURIBOR at 0.00% Floor +
4.75%), 6.79%, 11/28/31
EUR2,076
2,381,861
Sector Alarm Holding AS, 06/14/29(m)
EUR1,000
1,142,774
Techem Verwaltungsgesellschaft 675 mbH,
2024 EUR Term Loan B5, (3-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.64%, 07/15/29
EUR2,000
2,292,944
Security
Par
(000
)
Value
Commercial Services (continued)
TMF Sapphire Bidco BV, 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.25%), 5.19%, 05/03/28
EUR2,000
$2,284,544
Trevise Holdings 1 SAS, 07/09/29(m)
EUR1,000
1,142,980
Verisure Holding AB, 2021 EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
3.00%), 4.98%, 03/27/28
EUR2,000
2,284,225
 
49,992,898
Computers — 0.1%
Atos SE, 12/17/29(m)
EUR3,000
3,620,455
McAfee Corp., 2024 EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
3.50%), 5.53%, 03/01/29
EUR2,613
2,957,437
Nielsen Consumer Inc 2025 EUR Term
Loan, 2025 EUR Term Loan, (1-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.15%, 03/06/28
EUR1,995
2,280,404
 
8,858,296
Cosmetics & Personal Care — 0.0%
Rainbow U.K. Bidco Ltd., EUR Term Loan B,
(6-mo. EURIBOR at 0.00% Floor +
3.25%), 5.71%, 02/23/29
EUR2,000
2,281,121
Distribution & Wholesale — 0.0%
Parts Europe SA, 1st Lien EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.25%), 5.27%, 02/03/31
EUR3,000
3,436,437
Windsor Holdings III LLC, 2025 EUR Term
Loan B, (1-mo. EURIBOR at 0.00% Floor
+ 2.75%), 4.65%, 08/01/30
EUR400
451,061
 
3,887,498
Diversified Financial Services — 0.0%
Cervantes Bidco SL, 2024 EUR 1st Lien
Term Loan B, (6-mo. EURIBOR at 0.00%
Floor + 3.25%), 5.29%, 10/30/31
EUR1,483
1,695,028
Talbot Participation SAS, 06/25/32(m)
EUR1,000
1,143,573
 
2,838,601
Electrical Components & Equipment — 0.0%
Quimper AB, 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.75%), 5.69%, 03/29/30
EUR3,000
3,433,869
Electronics — 0.0%
Minimax Viking GmbH, 2025 EUR Term
Loan B, (1-mo. EURIBOR at 0.00% Floor
+ 2.50%), 4.40%, 03/17/32
EUR1,000
1,141,199
Engineering & Construction — 0.1%
Apave SA, EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.27%),
5.18%, 12/09/31
EUR1,714
1,962,055
Platea BC Bidco AB
EUR Term Loan, (3-mo. EURIBOR at
0.00% Floor + 3.50%), 5.48%,
04/03/31
EUR1,667
1,908,237
EUR Delayed Draw Term Loan, (3-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.48%, 04/03/31
EUR131
149,666
Schedule of Investments
64
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Engineering & Construction (continued)
Radar Bidco SARL, 2024 EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.44%, 04/04/31
EUR3,000
$3,421,681
 
7,441,639
Entertainment — 0.2%
Banijay Entertainment SAS, 2025 EUR Term
Loan B (2028), (3-mo. EURIBOR at
0.00% Floor + 3.25%), 5.19%, 03/01/28
EUR2,000
2,286,804
Betclic Everest Group SAS, EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.14%, 12/10/31
EUR2,591
2,966,738
Dorna Sports, S.L., 07/29/32(m)
EUR1,750
2,000,853
Elvis UK Holdco Ltd., 10/31/31(m)
EUR500
556,584
Entain PLC, 2024 EUR Term Loan B4,
((6-mo. EURIBOR at 0.00% Floor +
3.25%)), 5.29%, 06/30/28
2,611
2,985,761
QSRP Finco BV, EUR Term Loan B, ((6-mo.
EURIBOR at 0.00% Floor + 4.00%)),
6.07%, 06/19/31
2,000
2,288,516
Stage Entertainment B.V., 2024 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 4.00%), 6.12%, 06/02/29
EUR2,000
2,290,958
Tackle SARL, 2025 EUR Repriced Term
Loan B2, (6-mo. EURIBOR at 0.00%
Floor + 3.25%), 5.37%, 05/22/28
EUR3,000
3,419,319
 
18,795,533
Environmental Control — 0.1%
Beauparc, 2025 EUR Term Loan B, (6-mo.
EURIBOR at 0.00% Floor + 3.15%),
5.19%, 08/24/28
EUR3,000
3,419,319
Eagle 4 Ltd., EUR Term Loan B2, (3-mo.
EURIBOR at 0.00% Floor + 3.75%),
5.73%, 07/12/28
EUR2,000
2,289,999
 
5,709,318
Food — 0.2%
Bellis Acquisition Co. PLC, 2024 EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 4.00%), 6.31%, 05/14/31
EUR2,000
2,211,074
Flora Food Management BV, 2025 EUR
Term Loan B13, (6-mo. EURIBOR at
0.00% Floor + 4.00%), 6.03%, 01/03/28
EUR2,000
2,272,425
Froneri International Ltd., 2024 EUR Term
Loan B3, (6-mo. EURIBOR at 0.00%
Floor + 2.50%), 4.58%, 09/30/31
EUR4,000
4,536,816
Froneri Lux FinCo SARL, 07/16/32(m)
EUR1,628
1,852,546
Market Bidco Ltd., 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
4.50%), 6.63%, 11/04/30
EUR2,230
2,534,637
Platform Bidco Ltd., 09/29/28(m)
EUR2,000
2,286,690
ZF Bidco SAS, 2025 EUR Fungible Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.75%), 5.75%, 07/12/31
EUR2,000
2,288,744
 
17,982,932
Food Service — 0.1%
Areas Worldwide SA
2025 EUR Term Loan B, (6-mo.
EURIBOR at 0.00% Floor + 4.00%),
6.04%, 12/31/29
EUR3,000
3,425,550
12/31/29(m)
EUR1,133
1,292,558
 
4,718,108
Security
Par
(000
)
Value
Forest Products & Paper — 0.0%
SpA Holdings 3 Oy, EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.48%, 02/04/28
EUR3,000
$3,426,817
Health Care - Products — 0.0%
Cooper Consumer Health, 2025 EUR Term
Loan B4, (3-mo. EURIBOR at 0.00%
Floor + 3.75%), 5.73%, 11/06/28
EUR2,000
2,292,031
Health Care - Services — 0.2%
AI Monet Luxembourg ParentCo SARL,
EUR Term Loan B, (3-mo. EURIBOR at
0.00% Floor + 3.75%), 5.90%, 03/06/31
EUR3,150
3,614,550
Elsan SAS, 2025 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.48%, 06/16/31
EUR3,000
3,418,463
HomeVi SASU, 2025 EUR Term Loan B,
((3-mo. EURIBOR at 0.00% Floor +
5.00%)), 7.02%, 10/31/29
EUR2,000
2,281,691
Median B V, 2021 EUR Term Loan B1,
(3-mo. EURIBOR at 0.00% Floor +
4.93%), 6.91%, 10/14/27
EUR2,000
2,285,252
Mehilainen Yhtiot Oy, 2025 EUR Term Loan
B1, (3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.48%, 08/05/31
EUR2,000
2,286,119
Ramsay Generale de Sante SA, 2025 EUR
Term Loan B4, (3-mo. EURIBOR at
0.00% Floor + 3.25%), 5.25%, 08/13/31
EUR2,000
2,275,917
Schoen Klinik SE, 01/12/31(m)
EUR1,000
1,135,973
Synlab Bondco PLC, 2024 EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
3.75%), 5.69%, 04/16/31
EUR2,000
2,288,310
Vivalto Sante Investissement SA, 2025 EUR
Term Loan B, (1-mo. EURIBOR at 0.00%
Floor + 3.50%), 5.40%, 07/21/31
EUR4,000
4,574,293
 
24,160,568
Insurance — 0.0%
Acropole Holding SAS, 07/23/32(m)
EUR1,946
2,213,554
Internet — 0.1%
AVIV Group GmbH, EUR Term Loan B,
(6-mo. EURIBOR at 0.00% Floor +
4.00%), 6.10%, 04/23/32
EUR1,720
1,968,715
HBX Group International PLC, 02/13/32(m)
EUR1,000
1,141,918
I-Logic Technologies Bidco Ltd., 2025 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.50%), 5.46%, 02/16/28
EUR2,000
2,263,866
ION Trading Finance Ltd., 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.75%), 5.75%, 04/01/28
EUR2,000
2,257,361
Speedster Bidco GmbH, 2024 EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 3.50%), 5.88%, 12/10/31
EUR2,000
2,288,972
 
9,920,832
Lodging — 0.0%
Casper BidCo SAS, 2025 EUR Term Loan
B, (1-mo. EURIBOR at 0.00% Floor +
3.75%), 5.68%, 03/21/31
EUR3,000
3,433,116
65
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Machinery — 0.1%
Ammega Group BV, 2023 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
5.00%), 6.98%, 12/30/28
EUR2,769
$2,960,503
Engineered Machinery Holdings Inc., 2021
EUR Incremental Term Loan, (3-mo.
EURIBOR at 0.00% Floor + 3.75%),
5.73%, 05/21/28
EUR1,984
2,267,582
Rubix Group Midco 3 Ltd., 2024 EUR Term
Loan, (3-mo. EURIBOR at 0.00% Floor +
4.00%), 6.14%, 09/30/28
EUR2,000
2,292,099
TK Elevator Midco GmbH, 2025 EUR Term
Loan B1, (6-mo. EURIBOR at 0.00%
Floor + 3.25%), 5.33%, 04/30/30
EUR2,400
2,736,770
 
10,256,954
Manufacturing — 0.1%
Ctec III GmbH, 2022 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.75%), 5.76%, 03/16/29
EUR2,000
2,223,559
KP Germany Erste GmbH, 2021 EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 4.73%), 7.11%, 02/12/26
EUR3,584
3,772,903
 
5,996,462
Media — 0.1%
Tele Columbus AG, 01/01/29(m)
EUR2,000
1,526,354
Vmed O2 U.K. Holdco 4 Ltd., 2020 EUR
Term Loan R, (1-mo. EURIBOR at 0.00%
Floor + 3.25%), 5.16%, 01/31/29
EUR2,500
2,841,473
Zegona Holdco Ltd., 07/17/29(e)(m)
EUR1,500
1,703,240
Ziggo BV, 2019 EUR Term Loan H, (1-mo.
EURIBOR at 0.00% Floor + 3.00%),
4.91%, 01/31/29
EUR3,000
3,317,261
 
9,388,328
Packaging & Containers — 0.0%
Albea Beauty Holdings SA, 2023 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 5.00%), 6.98%, 12/31/27
EUR2,000
2,286,827
Pharmaceuticals — 0.1%
Aenova Holding GmbH, 2025 EUR Repriced
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.00%), 5.01%, 08/22/31
EUR1,000
1,140,184
AI Sirona Luxembourg Acquisition SARL,
2024 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.40%, 09/29/28
EUR2,000
2,288,105
Boots Group Bidco Ltd. (The), 07/16/32(m)
EUR3,200
3,659,617
Ceva Sante Animale, 2025 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 4.98%, 11/08/30
EUR4,000
4,554,253
Nidda Healthcare Holding GmbH, 2025 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.50%), 5.42%, 02/21/30
EUR2,000
2,286,804
 
13,928,963
Real Estate — 0.0%
Apleona Holding GmbH, 2024 EUR Term
Loan B3, (3-mo. EURIBOR at 0.00%
Floor + 3.45%), 5.48%, 04/28/28
EUR1,843
2,107,442
Retail — 0.1%
CD&R Firefly Bidco Ltd.
2024 EUR Term Loan B4, 06/21/28(e)(m)
EUR2,000
2,259,575
Security
Par
(000
)
Value
Retail (continued)
2025 EUR Term Loan, (3-mo. EURIBOR
at 0.00% Floor + 3.25%), 5.28%,
04/30/29
EUR1,000
$1,139,385
Elvis U.K. Holdco Ltd., 2021 EUR Term
Loan, 10/19/28(m)
EUR2,000
2,302,890
Peer Holding III B.V., 2024 EUR Term Loan
B7, (3-mo. EURIBOR at 0.00% Floor +
3.25%), 5.23%, 11/26/31
EUR2,800
3,207,022
 
8,908,872
Software — 0.2%
Boxer Parent Co Inc., 2025 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.51%, 07/30/31
EUR2,982
3,414,003
Claudius Finance SARL, 2025 EUR Term
Loan B4, (3-mo. EURIBOR at 0.00%
Floor + 2.75%), 4.78%, 07/10/28
EUR2,000
2,278,131
Cloud Software Group Inc., 2024 EUR 1st
Lien Term Loan B, (2-mo. EURIBOR at
0.00% Floor + 3.75%), 5.73%, 03/29/29
EUR1,495
1,710,900
Finastra USA, Inc., 07/30/32(m)
EUR2,797
3,159,731
ION Corporate Solutions Finance SARL,
2025 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.23%, 03/13/28
EUR1,688
1,910,546
Mosel Bidco SE, 2025 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.75%), 5.73%, 09/16/30
EUR2,000
2,286,325
Polaris Newco LLC, 06/02/28(m)
EUR1,990
2,170,038
Rocket Software Inc., 2023 EUR Term Loan
B, (1-mo. EURIBOR at 0.00% Floor +
3.75%), 5.65%, 11/28/28
EUR2,000
2,291,437
Silae, 2023 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.25%, 01/11/31
EUR2,000
2,282,650
Unit4 Group Holding BV, 2021 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.50%), 5.48%, 06/29/28
EUR2,500
2,859,133
 
24,362,894
Telecommunications — 0.1%
Eircom Finco S.a.r.l., 05/15/29(m)
EUR1,000
1,136,817
MasOrange Finco PLC, 2025 EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 2.50%), 4.56%, 03/25/31
EUR3,000
3,406,481
Matterhorn Telecom Holding SA, EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 2.50%), 4.53%, 01/30/32
EUR1,362
1,553,166
Odido Holding BV, 2025 EUR Term Loan B2,
(3-mo. EURIBOR at 0.00% Floor +
3.15%), 5.13%, 03/30/29
EUR2,000
2,279,546
Telenet International Finance SARL, 2020
EUR Term Loan AQ, (1-mo. EURIBOR at
0.00% Floor + 2.25%), 4.16%, 04/30/29
EUR2,000
2,258,479
 
10,634,489
Transportation — 0.1%
Artemis Bidco SAS, 07/02/32(m)
EUR1,653
1,885,249
Edge Finco PLC, 2025 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.54%, 08/22/31
EUR2,000
2,285,959
Schedule of Investments
66
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Transportation (continued)
Gategroup Finance International Sarl,
06/10/32(m)
EUR2,478
$2,841,183
 
7,012,391
Trucking & Leasing — 0.1%
Leased & Tenanted Pubs 1 Ltd., GBP 2nd
Lien Term Loan, (1-day SONIA at 3.00%
Floor + 9.38%), 13.84%, 03/31/28
GBP4,612
5,969,173
Total Floating Rate Loan Interests — 2.8%
(Cost: $295,070,617)
307,006,748
 
Shares
 
Common Stocks
Commercial Services & Supplies — 0.0%
Intrum AB(j)(k)
15,840
86,623
Total Common Stocks — 0.0%
(Cost $82,578)
86,623
Investment Companies
Exchange Traded Funds — 1.7%
iShares iBoxx $ High Yield Corporate Bond
ETF(g)(n)
2,225,116
178,854,824
Total Investment Companies — 1.7%
(Cost $174,139,646)
178,854,824
Preferred Stocks
Aerospace & Defense — 0.0%
Boeing Co. (The), 6.00%(o)
12,300
869,610
Total Preferred Stocks — 0.0%
(Cost $615,000)
869,610
Total Long-Term Investments — 106.0%
(Cost: $11,207,250,211)
11,373,883,625
Short-Term Securities
Money Market Funds — 10.2%
BlackRock Cash Funds: Institutional, SL
Agency Shares, 4.44%(n)(p)(q)
1,087,953,664
1,088,388,845
BlackRock Cash Funds: Treasury, SL
Agency Shares, 4.30%(n)(p)
100,000
100,000
Total Short-Term Securities — 10.2%
(Cost: $1,088,465,368)
1,088,488,845
Options Purchased — 0.0%
(Cost: $1,913,425)
1,069,315
Total Investments  Before TBA Sales Commitments and
Options Written — 116.2%
(Cost: $12,297,629,004)
12,463,441,785
Security
Par
(000
)
Value
TBA Sales Commitments(l)
Mortgage-Backed Securities — (4.2)%
Uniform Mortgage-Backed Securities,
3.50%, 08/15/54
$(506,974
)
$(452,843,654
)
Total TBA Sales Commitments — (4.2)%
(Proceeds: $(451,682,303))
(452,843,654
)
Options Written — (0.1%)
(Premiums Received: $(8,586,075))
(7,172,896
)
Total Investments, Net of TBA Sales Commitments and Options
Written, Net of TBA Sales Commitments and Options Written
— 111.9%
(Cost: $11,837,360,626)
12,003,425,235
Liabilities in Excess of Other Assets — (11.9)%
(1,275,019,401
)
Net Assets — 100.0%
$10,728,405,834
 
(a)
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.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(d)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(f)
Zero-coupon bond.
(g)
All or a portion of this security is on loan.
(h)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(i)
Perpetual security with no stated maturity date.
(j)
Issuer filed for bankruptcy and/or is in default.
(k)
Non-income producing security.
(l)
Represents or includes a TBA transaction.
(m)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(n)
Affiliate of the Fund.
(o)
Convertible security.
(p)
Annualized 7-day yield as of period end.
(q)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
67
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income 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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institu-
tional, SL Agency Shares
$459,279,101
$629,198,704
(a)
$—
$(79,035
)
$(9,925
)
$1,088,388,845
1,087,953,664
$19,975,566
$—
BlackRock Cash Funds: Treasury,
SL Agency Shares
100,000
0
(a)
—
—
—
100,000
100,000
4,535
—
iShares Broad USD High Yield
Corporate Bond ETF(b)
—
48,363,114
(47,340,898
)
(1,022,216
)
—
—
—
1,797,254
—
iShares iBoxx $ High Yield Corpo-
rate Bond ETF
137,251,634
716,368,521
(679,248,486
)
1,808,642
2,674,513
178,854,824
2,225,116
9,128,435
—
iShares iBoxx $ Investment
Grade Corporate Bond ETF(b)
27,821,776
—
(28,029,455
)
657,662
(449,983
)
—
—
99,657
—
 
 
 
 
$1,365,053
$2,214,605
$1,267,343,669
 
$31,005,447
$—
 
(a)
Represents net amount purchased (sold).
(b)
As of period end, the entity is no longer held.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
 
U.S. Long Bond
238
09/19/25
$27,169
$516,963
Ultra U.S. Treasury Bond
1,129
09/19/25
132,305
(837,975)
2-Year U.S. Treasury Note
2,163
09/30/25
447,775
(1,163,640)
5-Year U.S. Treasury Note
11,519
09/30/25
1,246,302
2,142,867
3-mo. SOFR
167
03/17/26
40,069
(6,493)
 
 
 
651,722
Short Contracts
 
 
 
30-Year Euro Buxl Bond
(193)
09/08/25
25,853
273,997
Euro BOBL
(179)
09/08/25
23,955
99,214
Euro Bund
(241)
09/08/25
35,671
225,127
Euro-Schatz
(276)
09/08/25
33,718
68,874
10-Year U.S. Treasury Note
(1,705)
09/19/25
189,388
(438,998)
10-Year U.S. Ultra Treasury Note
(597)
09/19/25
67,517
(411,368)
Long Gilt
(28)
09/26/25
3,408
(48,103)
 
 
 
(231,257)
 
 
 
$420,465
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
BRL
80,529,285
USD
14,374,839
BNP Paribas SA
08/04/25
$6,546
BRL
41,453,322
USD
7,399,604
Citibank N.A.
08/04/25
3,370
BRL
11,661,751
USD
2,081,675
Goldman Sachs & Co.
08/04/25
948
USD
14,507,115
BRL
80,529,285
BNP Paribas SA
08/04/25
125,730
Schedule of Investments
68
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
7,464,000
BRL
41,453,322
Citibank N.A.
08/04/25
$61,026
USD
2,086,928
BRL
11,661,751
Goldman Sachs & Co.
08/04/25
4,305
USD
1,345,694
BRL
7,528,753
State Street Bank & Trust Company
08/04/25
1,166
USD
5,657,883
AUD
8,671,512
Deutsche Bank Securities Inc.
08/28/25
82,841
USD
1,831,250
CAD
2,498,914
BNP Paribas SA
08/28/25
25,384
USD
1,254,700
CHF
995,661
BNP Paribas SA
08/28/25
25,352
USD
3,691,662
GBP
2,738,000
Deutsche Bank Securities Inc.
08/28/25
74,892
USD
5,863,738
JPY
876,528,091
Barclays Bank PLC
08/28/25
35,726
USD
5,879,800
KRW
8,161,162,400
Citibank N.A.
08/28/25
23,648
USD
2,100
NOK
21,325
Morgan Stanley & Co. International PLC
08/28/25
37
USD
2,994,250
PEN
10,673,872
Deutsche Bank Securities Inc.
08/28/25
25,349
USD
2,597,000
PLN
9,518,745
BNP Paribas SA
08/28/25
58,077
USD
2,454,638
SGD
3,138,613
Bank of America N.A.
08/28/25
32,866
USD
15,639,193
BRL
88,058,038
Goldman Sachs & Co.
09/03/25
37,004
USD
3,905,000
BRL
21,963,672
Morgan Stanley & Co. International PLC
09/03/25
13,460
NGN
1,967,812,202
USD
1,211,702
Bank of America N.A.
09/04/25
54,737
NGN
4,289,857,412
USD
2,694,299
Citibank N.A.
09/04/25
66,556
NGN
3,631,804,050
USD
2,153,109
Morgan Stanley & Co. International PLC
09/04/25
184,238
USD
2,336,491
TWD
67,010,562
Citibank N.A.
09/10/25
90,435
BRL
3,433,490
USD
605,000
Barclays Bank PLC
09/17/25
1,359
COP
8,615,190,083
USD
2,048,821
Barclays Bank PLC
09/17/25
353
MXN
278,681,173
USD
14,541,000
Barclays Bank PLC
09/17/25
161,806
MXN
281,531,000
USD
14,735,214
Morgan Stanley & Co. LLC
09/17/25
117,945
MXN
8,226,813
USD
429,000
UBS AG
09/17/25
5,035
TRY
3,967,000
USD
92,077
Barclays Bank PLC
09/17/25
1,931
USD
801,772
AUD
1,230,000
Citibank N.A.
09/17/25
10,678
USD
2,065,373
AUD
3,147,000
Deutsche Bank Securities Inc.
09/17/25
41,330
USD
33,148,496
AUD
50,430,000
Goldman Sachs & Co.
09/17/25
713,651
USD
8,992,427
AUD
13,698,000
Morgan Stanley & Co. LLC
09/17/25
182,344
USD
19,241,058
AUD
29,327,000
State Street Bank & Trust Company
09/17/25
378,938
USD
21,683,289
AUD
33,409,000
UBS AG
09/17/25
195,767
USD
510,877
CNH
3,646,973
Morgan Stanley & Co. LLC
09/17/25
3,389
USD
684,397
COP
2,795,453,852
Deutsche Bank Securities Inc.
09/17/25
19,482
USD
59,187,710
EUR
50,797,000
Barclays Bank PLC
09/17/25
1,049,134
USD
12,313,395
EUR
10,637,000
BNP Paribas SA
09/17/25
139,054
USD
71,584,041
EUR
60,687,450
Deutsche Bank Securities Inc.
09/17/25
2,125,571
USD
76,520,654
EUR
65,124,000
Morgan Stanley & Co. LLC
09/17/25
1,984,430
USD
2,453,433,139
EUR
2,102,169,000
State Street Bank & Trust Company
09/17/25
47,442,407
USD
119,814,975
EUR
102,207,000
UBS AG
09/17/25
2,836,229
USD
401,655,574
GBP
296,448,838
Barclays Bank PLC
09/17/25
9,982,580
USD
345,046
GBP
256,000
Deutsche Bank Securities Inc.
09/17/25
6,814
USD
21,073,491
GBP
15,498,000
Morgan Stanley & Co. LLC
09/17/25
597,283
USD
3,328,686
GBP
2,486,000
State Street Bank & Trust Company
09/17/25
44,143
USD
1,988,310
GBP
1,454,967
UBS AG
09/17/25
65,984
USD
64,575
HUF
22,053,941
Morgan Stanley & Co. LLC
09/17/25
1,792
USD
6,193,505
JPY
883,234,000
State Street Bank & Trust Company
09/17/25
307,769
USD
14,130
JPY
2,059,000
UBS AG
09/17/25
409
USD
106,567
MXN
2,000,650
State Street Bank & Trust Company
09/17/25
1,016
USD
39,475
TWD
1,129,085
State Street Bank & Trust Company
09/17/25
1,596
USD
25,143,125
COP
102,597,780,546
Citibank N.A.
09/22/25
754,107
USD
20,344,224
CZK
431,594,165
Bank of America N.A.
09/22/25
279,295
USD
2,810,764
EUR
2,414,231
UBS AG
09/22/25
46,698
USD
4,533,831
HUF
1,566,661,120
State Street Bank & Trust Company
09/22/25
74,937
69
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
39,467,657
IDR
644,862,052,215
Bank of America N.A.
09/22/25
$443,202
USD
51,895,047
MXN
982,193,318
Goldman Sachs & Co.
09/22/25
103,604
USD
6,642,455
MYR
28,177,160
Morgan Stanley & Co. LLC
09/22/25
31,493
USD
10,981,339
PEN
39,092,448
Citibank N.A.
09/22/25
115,346
USD
8,015,757
PHP
457,825,559
UBS AG
09/22/25
163,075
USD
40,992,474
PLN
150,570,644
Bank of America N.A.
09/22/25
846,185
USD
26,945,490
THB
874,650,620
Citibank N.A.
09/22/25
77,547
USD
68,263,459
ZAR
1,227,042,508
Barclays Bank PLC
09/22/25
1,130,719
USD
2,708,080
EUR
2,302,428
Citibank N.A.
10/16/25
67,863
USD
3,838,484
EUR
3,263,140
UBS AG
10/16/25
96,610
TRY
532,909,430
USD
12,185,912
UBS AG
10/24/25
28,106
EGP
12,587,180
USD
239,300
Bank of America N.A.
11/20/25
6,056
EGP
181,742,904
USD
3,351,600
Citibank N.A.
11/20/25
191,027
EGP
37,438,177
USD
686,184
Citibank N.A.
12/22/25
32,880
EGP
149,752,707
USD
2,670,341
Morgan Stanley & Co. LLC
12/22/25
205,912
USD
256,435,561
EUR
213,457,051
BNP Paribas SA
09/16/26
6,936,227
USD
256,431,292
EUR
213,457,051
Deutsche Bank Securities Inc.
09/16/26
6,931,958
 
 
 
 
88,016,759
EUR
8,085,000
USD
9,245,400
UBS AG
08/01/25
$(18,802
)
BRL
166,480
USD
29,900
Bank of America N.A.
08/04/25
(169
)
BRL
2,322,036
USD
418,308
BNP Paribas SA
08/04/25
(3,625
)
BRL
47,407,331
USD
8,499,000
Citibank N.A.
08/04/25
(32,725
)
BRL
91,431,623
USD
16,366,399
Goldman Sachs & Co.
08/04/25
(38,011
)
USD
29,717
BRL
166,480
Bank of America N.A.
08/04/25
(14
)
USD
414,494
BRL
2,322,036
BNP Paribas SA
08/04/25
(189
)
USD
8,462,421
BRL
47,407,331
Citibank N.A.
08/04/25
(3,854
)
USD
16,320,955
BRL
91,431,623
Goldman Sachs & Co.
08/04/25
(7,432
)
CLP
1,924,087,108
USD
2,001,901
Morgan Stanley & Co. International PLC
08/28/25
(23,545
)
CNH
156,711,464
USD
21,902,374
UBS AG
08/28/25
(128,319
)
COP
28,284,744,109
USD
7,025,625
BNP Paribas SA
08/28/25
(283,243
)
CZK
395,419,675
USD
18,806,187
Citibank N.A.
08/28/25
(435,844
)
EUR
164,903
USD
193,392
UBS AG
08/28/25
(4,906
)
HUF
4,038,413,567
USD
11,817,444
Goldman Sachs & Co.
08/28/25
(309,538
)
IDR
503,664,458,063
USD
30,828,735
Citibank N.A.
08/28/25
(323,799
)
INR
2,643,164,652
USD
30,569,186
Citibank N.A.
08/28/25
(406,188
)
JPY
859,799,786
USD
5,863,738
State Street Bank & Trust Company
08/28/25
(146,952
)
KRW
8,126,649,150
USD
5,879,800
UBS AG
08/28/25
(48,414
)
MXN
404,887,692
USD
21,616,646
State Street Bank & Trust Company
08/28/25
(209,874
)
MYR
143,733,994
USD
34,096,547
Morgan Stanley & Co. International PLC
08/28/25
(404,944
)
NOK
21,335
USD
2,100
Bank of America N.A.
08/28/25
(36
)
PLN
68,735,177
USD
18,870,660
Deutsche Bank Securities Inc.
08/28/25
(537,011
)
RON
19,935,444
USD
4,588,418
Goldman Sachs & Co.
08/28/25
(112,767
)
SGD
3,137,940
USD
2,454,638
State Street Bank & Trust Company
08/28/25
(33,385
)
THB
953,738,465
USD
29,662,134
Morgan Stanley & Co. International PLC
08/28/25
(423,822
)
ZAR
316,408,102
USD
17,950,125
Citibank N.A.
08/28/25
(609,262
)
USD
2,032,000
TRY
87,699,088
Barclays Bank PLC
09/02/25
(72,641
)
USD
203,100
TRY
8,624,556
Morgan Stanley & Co. International PLC
09/02/25
(3,876
)
USD
812,800
TRY
34,586,266
UBS AG
09/02/25
(17,216
)
BRL
11,724,936
USD
2,082,360
Goldman Sachs & Co.
09/03/25
(4,927
)
TWD
68,176,237
USD
2,336,491
Bank of America N.A.
09/10/25
(51,364
)
AUD
703,609
USD
461,031
Citibank N.A.
09/17/25
(8,493
)
BRL
132,515,390
USD
23,963,000
Morgan Stanley & Co. International PLC
09/17/25
(560,607
)
Schedule of Investments
70
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
CLP
19,820,800
USD
21,017
Morgan Stanley & Co. LLC
09/17/25
$(637
)
COP
3,449,917,790
USD
843,893
State Street Bank & Trust Company
09/17/25
(23,309
)
CZK
24,986,000
USD
1,170,367
State Street Bank & Trust Company
09/17/25
(8,923
)
EUR
277,000
USD
322,230
Bank of America N.A.
09/17/25
(5,196
)
EUR
213,457,051
USD
251,205,863
BNP Paribas SA
09/17/25
(6,898,347
)
EUR
213,457,051
USD
251,196,258
Deutsche Bank Securities Inc.
09/17/25
(6,888,742
)
GBP
1,306,000
USD
1,778,015
State Street Bank & Trust Company
09/17/25
(52,507
)
HUF
289,777,000
USD
832,047
Morgan Stanley & Co. LLC
09/17/25
(7,112
)
IDR
23,034,716,515
USD
1,408,765
Citibank N.A.
09/17/25
(14,573
)
IDR
19,688,465,000
USD
1,210,406
Deutsche Bank Securities Inc.
09/17/25
(18,748
)
INR
120,878,376
USD
1,408,765
Citibank N.A.
09/17/25
(30,745
)
JPY
96,740,430
USD
665,577
Deutsche Bank Securities Inc.
09/17/25
(20,914
)
PLN
10,397,000
USD
2,811,475
BNP Paribas SA
09/17/25
(39,153
)
SEK
1,340,000
USD
142,489
Morgan Stanley & Co. LLC
09/17/25
(5,216
)
USD
1,019,853
BRL
5,787,860
Barclays Bank PLC
09/17/25
(2,291
)
USD
24,023,934
BRL
136,124,656
Deutsche Bank Securities Inc.
09/17/25
(15,860
)
USD
6,146,811
CHF
4,975,000
State Street Bank & Trust Company
09/17/25
(11,243
)
USD
7,043,824
CHF
5,708,604
UBS AG
09/17/25
(22,284
)
USD
1,515,036
EUR
1,324,000
State Street Bank & Trust Company
09/17/25
(319
)
USD
14,050,693
MXN
269,327,408
State Street Bank & Trust Company
09/17/25
(158,623
)
ZAR
1,713,262
USD
95,932
Barclays Bank PLC
09/17/25
(2,165
)
ZAR
150,876,056
USD
8,423,725
State Street Bank & Trust Company
09/17/25
(166,297
)
PEN
20,146,031
USD
5,643,462
Citibank N.A.
09/22/25
(43,745
)
USD
1,187,036
UYU
48,264,863
Citibank N.A.
09/22/25
(8,972
)
USD
1,455,000
TRY
65,490,859
Barclays Bank PLC
09/26/25
(85,509
)
USD
311,351
TRY
13,544,929
Citibank N.A.
09/26/25
(7,260
)
USD
290,900
TRY
12,626,109
Morgan Stanley & Co. International PLC
09/26/25
(6,098
)
USD
2,619,000
TRY
118,222,533
UBS AG
09/26/25
(161,890
)
USD
1,352,000
TRY
63,056,198
Barclays Bank PLC
10/24/25
(93,217
)
USD
135,100
TRY
6,015,136
Morgan Stanley & Co. International PLC
10/24/25
(2,764
)
USD
540,800
TRY
24,185,658
UBS AG
10/24/25
(13,523
)
ARS
3,759,147,110
USD
2,551,000
Citibank N.A.
01/26/26
(107,148
)
 
 
 
 
(20,189,124
)
 
 
 
 
$67,827,635
OTC Credit Default Swaptions Purchased 
 
Paid by the Fund
 
Received by the Fund
 
 
Expiration
Credit
Exercise
Notional
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Date
Rating
Price
Amount (000)
Value
Put
 
 
 
 
 
 
 
 
 
 
 
Bought Protection on 5-Year Credit
Default Swap, 06/20/30
1.00%
 
CDX.NA.IG.44.V1
Quarterly
Bank of America N.A.
09/17/25
—
USD 0.55
USD
243,400
$265,669
Bought Protection on 5-Year Credit
Default Swap, 06/20/30
1.00%
 
CDX.NA.IG.44.V1
Quarterly
Bank of America N.A.
09/17/25
—
USD 0.55
USD
156,511
170,830
 
 
 
 
 
 
 
 
 
 
 
$436,499
71
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
30-Year Interest Rate Swap, 11/28/55
1-day SOFR,
4.39%
Annual
3.65%
Annual
Goldman Sachs Inter-
national
11/26/25
3.65
USD
70,790
$632,816
Interest Rate Caps/Floors Sold 
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount (000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y CMS Index, Cap
0.69
%
Deutsche Bank AG
09/02/25
USD
(819,130)
$(36,099
)
$(380,895
)
$344,796
 
 
 
 
 
$(36,099
)
$(380,895
)
$344,796
Exchange-Traded Options Written 
Description
   
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
iShares iBoxx $ High Yield Corporate Bond ETF
38,639
09/19/25
USD
81.00
USD
310,580
$(1,545,560
)
iShares iBoxx $ High Yield Corporate Bond ETF
19,139
12/19/25
USD
81.00
USD
153,839
(564,601
)
 
 
 
$(2,110,161
)
OTC Credit Default Swaptions Written 
 
Paid by the Fund
 
Received by the Fund
 
 
Expiration
Credit
Exercise
Notional
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Date
Rating
Price
Amount (000)
Value
Put
 
 
 
 
 
 
 
 
 
 
 
Sold Protection on 5-Year Credit
Default Swap, 06/20/30
CDX.NA.IG.44.V1
 
1.00%
Quarterly
Bank of America N.A.
09/17/25
N/A
USD 0.65
USD
243,400
$(108,761)
Sold Protection on 5-Year Credit
Default Swap, 06/20/30
CDX.NA.IG.44.V1
 
1.00%
Quarterly
Bank of America N.A.
09/17/25
N/A
USD 0.65
USD
156,511
(69,935)
 
 
 
 
 
 
 
 
 
 
 
$(178,696)
OTC Interest Rate Swaptions Written 
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Exercise
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
Call
 
 
 
 
 
 
 
5-Year Interest Rate Swap,
09/04/30
2.05%
Annual
6-mo. EURI-
BOR, 2.08%
Semi-Annual
Morgan Stanley & Co.
International PLC
09/02/25
2.05
EUR
55,703
$(5,873
)
2-Year Interest Rate Swap,
09/24/27
3.05%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
09/22/25
3.05
USD
372,480
(105,531
)
2-Year Interest Rate Swap,
09/24/27
3.30%
Annual
1-day SOFR,
4.39%
Annual
Barclays Bank PLC
09/22/25
3.30
USD
275,227
(203,775
)
2-Year Interest Rate Swap,
09/28/27
3.08%
Annual
1-day SOFR,
4.39%
Annual
Citibank N.A.
09/26/25
3.08
USD
343,155
(128,515
)
5-Year Interest Rate Swap,
10/02/30
3.00%
Annual
1-day SOFR,
4.39%
Annual
Deutsche Bank AG
09/30/25
3.00
USD
138,953
(92,393
)
30-Year Interest Rate Swap,
11/28/55
3.15%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
11/26/25
3.15
USD
70,790
(99,985
)
 
 
 
 
 
 
 
 
(636,072
)
Put
 
 
 
 
 
 
 
2-Year Interest Rate Swap,
09/10/27
1-day SOFR,
4.39%
Annual
3.75%
Annual
Citibank N.A.
09/08/25
3.75
USD
694,155
(848,952
)
2-Year Interest Rate Swap,
09/24/27
1-day SOFR,
4.39%
Annual
3.90%
Annual
BNP Paribas SA
09/22/25
3.90
USD
183,452
(103,388
)
2-Year Interest Rate Swap,
09/26/27
1-day SOFR,
4.39%
Annual
3.80%
Annual
Bank of America N.A.
09/24/25
3.80
USD
506,276
(548,783
)
Schedule of Investments
72
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaptions Written (continued)
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Exercise
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
5-Year Interest Rate Swap,
09/27/30
6-mo. EURI-
BOR, 2.08%
Semi-Annual
2.50%
Annual
Deutsche Bank AG
09/25/25
2.50
EUR
69,569
$(140,895
)
2-Year Interest Rate Swap,
10/10/27
1-day SOFR,
4.39%
Annual
3.80%
Annual
Deutsche Bank AG
10/08/25
3.80
USD
470,980
(580,553
)
2-Year Interest Rate Swap,
11/01/27
1-day SOFR,
4.39%
Annual
3.80%
Annual
BNP Paribas SA
10/30/25
3.80
USD
253,240
(359,692
)
2-Year Interest Rate Swap,
11/30/27
1-day SOFR,
4.39%
Annual
3.80%
Annual
Barclays Bank PLC
11/28/25
3.80
USD
248,275
(407,846
)
2-Year Interest Rate Swap,
01/25/28
1-day SOFR,
4.39%
Annual
3.90%
Annual
Goldman Sachs Inter-
national
01/23/26
3.90
USD
800,571
(1,221,759
)
 
 
 
 
 
 
 
 
(4,211,868
)
 
 
 
 
 
 
 
 
$(4,847,940
)
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
 
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx.XO.43.V1
5.00
%
Quarterly
06/20/30
 
EUR
2,610
$(308,855)
$(179,518)
$(129,337)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx.XO.42.V2
5.00
%
Quarterly
12/20/29
BB-
EUR
54,468
$6,193,920
$4,562,697
$1,631,223
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
7.84%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
01/09/26
MXN
67,308
$(2,147
)
$4
$(2,151
)
9.31%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
01/09/26
MXN
168,220
(65,665
)
6
(65,671
)
1-day
TIIEFONDEO,
8.05%
Monthly
7.79%
Monthly
N/A
02/25/26
MXN
135,515
4,836
10
4,826
1-day
TIIEFONDEO,
8.05%
Monthly
8.47%
Monthly
N/A
02/25/26
MXN
338,686
86,571
16
86,555
8.02%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
03/26/26
ZAR
31,371
(11,892
)
3
(11,895
)
8.45%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
03/26/26
ZAR
11,154
(6,143
)
—
(6,143
)
8.18%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
04/02/26
ZAR
10,177
(4,558
)
—
(4,558
)
8.15%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
05/07/26
ZAR
57,473
(31,506
)
8
(31,514
)
73
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day
TIIEFONDEO,
8.05%
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
93,108
$3,447
$8
$3,439
1-day
TIIEFONDEO,
8.05%
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
232,698
8,153
17
8,136
1-day
TIIEFONDEO,
8.05%
Monthly
7.66%
Monthly
N/A
06/01/26
MXN
116,342
2,482
10
2,472
1-day
TIIEFONDEO,
8.05%
Monthly
7.72%
Monthly
N/A
06/01/26
MXN
46,551
2,122
4
2,118
7.97%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
06/06/26
ZAR
40,149
(19,944
)
5
(19,949
)
7.73%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
06/19/26
MXN
368,947
(18,869
)
31
(18,900
)
1-day
TIIEFONDEO,
8.05%
Monthly
7.69%
Monthly
N/A
06/26/26
MXN
31,945
1,181
3
1,178
6.80%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/5/2025(a)
09/05/26
ZAR
40,192
3,115
7
3,108
4.21%
At Termination
3-mo. WIBOR,
4.93%
Quarterly
9/17/2025(a)
09/17/26
PLN
25,718
6,038
22
6,016
4.31%
At Termination
6-mo. WIBOR,
4.78%
Semi-Annual
9/17/2025(a)
09/17/26
PLN
12,858
2,506
11
2,495
4.43%
At Termination
3-mo. WIBOR,
4.93%
Quarterly
9/17/2025(a)
09/17/26
PLN
6,454
(2,090
)
6
(2,096
)
4.46%
Annual
3-mo. WIBOR,
4.93%
Semi-Annual
9/17/2025(a)
09/17/26
PLN
25,725
(10,751
)
23
(10,774
)
6.94%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/26
ZAR
58,946
(257
)
1,707
(1,964
)
6.94%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/26
ZAR
234,883
(1,200
)
42
(1,242
)
7.03%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/26
ZAR
234,951
(11,743
)
43
(11,786
)
7.06%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/26
ZAR
117,435
(7,481
)
22
(7,503
)
5.24%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
N/A
09/19/26
PLN
25,718
(37,541
)
22
(37,563
)
6.92%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/23/2025(a)
09/23/26
ZAR
44,367
302
8
294
3.43%
Annual
1-day SOFR,
4.39%
Annual
N/A
10/03/26
USD
160,000
2,510,967
5,971
2,504,996
1-day SOFR,
4.39%
At Termination
4.17%
At Termination
10/23/2025(a)
10/23/26
USD
1,786
5,131
3
5,128
1-day SOFR,
4.39%
At Termination
4.21%
At Termination
10/27/2025(a)
10/27/26
USD
3,655
12,353
6
12,347
1-day
TIIEFONDEO,
8.05%
Monthly
7.62%
Monthly
N/A
11/18/26
MXN
24,901
758
5
753
1-day
TIIEFONDEO,
8.05%
Monthly
9.26%
Monthly
N/A
11/18/26
MXN
62,232
45,925
9
45,916
5.13%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
N/A
03/19/27
PLN
13,434
(34,012
)
13
(34,025
)
5.14%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
N/A
03/19/27
PLN
22,391
(58,168
)
20
(58,188
)
Schedule of Investments
74
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. BUBOR,
6.49%
Semi-Annual
6.04%
Annual
9/17/2025(a)
03/19/27
HUF
327,229
$(3,380
)
$4
$(3,384
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.50%
Annual
N/A
03/19/27
HUF
817,826
3,140
8
3,132
7.25%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
03/19/27
ZAR
52,895
(14,715
)
12
(14,727
)
1-day
TIIEFONDEO,
8.05%
Monthly
7.41%
Monthly
6/26/2026(a)
06/25/27
MXN
60,949
(3,111
)
6
(3,117
)
3.97%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
9/17/2025(a)
09/17/27
PLN
35,825
26,311
45
26,266
4.05%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
9/17/2025(a)
09/17/27
PLN
17,911
6,259
23
6,236
4.18%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
9/17/2025(a)
09/17/27
PLN
8,991
(2,800
)
12
(2,812
)
4.27%
Annual
6-mo. WIBOR,
4.78%
Semi-Annual
9/17/2025(a)
09/17/27
PLN
35,835
(27,224
)
46
(27,270
)
6-mo. BUBOR,
6.49%
Semi-Annual
5.68%
Annual
9/17/2025(a)
09/17/27
HUF
2,099,826
(65,604
)
28
(65,632
)
6-mo. BUBOR,
6.49%
Semi-Annual
5.76%
Annual
9/17/2025(a)
09/17/27
HUF
1,282,000
(34,728
)
17
(34,745
)
6-mo. BUBOR,
6.49%
Semi-Annual
5.94%
Annual
9/17/2025(a)
09/17/27
HUF
1,049,851
(18,099
)
14
(18,113
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.02%
Annual
9/17/2025(a)
09/17/27
HUF
1,773,206
(23,636
)
24
(23,660
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.10%
Annual
9/17/2025(a)
09/17/27
HUF
526,966
(4,835
)
8
(4,843
)
6.93%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/27
ZAR
13,274
(877
)
478
(1,355
)
6.99%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/27
ZAR
52,895
(6,718
)
14
(6,732
)
7.02%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/27
ZAR
52,910
(8,110
)
14
(8,124
)
7.08%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/27
ZAR
26,446
(5,785
)
7
(5,792
)
1-day SOFR,
4.39%
Annual
4.20%
Annual
10/23/2025(a)
10/23/27
USD
930
10,863
4
10,859
1-day SOFR,
4.39%
Annual
3.92%
Annual
11/3/2025(a)
11/03/27
USD
479
3,197
2
3,195
1-day SOFR,
4.39%
Annual
3.95%
Annual
11/3/2025(a)
11/03/27
USD
479
3,469
2
3,467
1-day SOFR,
4.39%
Annual
3.99%
Annual
11/3/2025(a)
11/03/27
USD
957
7,575
4
7,571
1-day SOFR,
4.39%
Annual
3.84%
Annual
11/17/2025(a)
11/17/27
USD
2,226
12,383
10
12,373
3-mo. KRW CDC,
2.51%
At Termination
2.40%
At Termination
9/17/2025(a)
09/17/28
KRW
14,758,083
(5,539
)
107
(5,646
)
3-mo. KRW CDC,
2.51%
At Termination
2.40%
At Termination
9/17/2025(a)
09/17/28
KRW
28,539,788
(8,619
)
206
(8,825
)
3-mo. KRW CDC,
2.51%
At Termination
2.41%
At Termination
9/17/2025(a)
09/17/28
KRW
1,475,244
(322
)
10
(332
)
3-mo. KRW CDC,
2.51%
At Termination
2.44%
At Termination
9/17/2025(a)
09/17/28
KRW
5,902,413
3,166
42
3,124
1-day MIBOR,
5.54%
At Termination
5.54%
At Termination
9/17/2025(a)
09/17/28
INR
2,709,566
(24,253
)
307
(24,560
)
1-day MIBOR,
5.54%
At Termination
5.54%
At Termination
9/17/2025(a)
09/17/28
INR
1,354,580
(10,755
)
153
(10,908
)
75
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. BUBOR,
6.49%
Semi-Annual
6.12%
Annual
9/17/2025(a)
09/17/28
HUF
383,928
$(4,434
)
$11
$(4,445
)
13.57%
At Termination
1-day BZDIOVER,
0.06%
At Termination
N/A
01/02/29
BRL
3,359
(1,386
)
6
(1,392
)
1-day
TIIEFONDEO,
8.05%
Monthly
7.77%
Monthly
N/A
11/14/29
MXN
11,015
176
6
170
1-day
TIIEFONDEO,
8.05%
Monthly
9.04%
Monthly
N/A
11/14/29
MXN
129,270
294,944
51
294,893
7.78%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
12/14/29
MXN
13,457
(97
)
6
(103
)
8.97%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
12/14/29
MXN
33,633
(81,190
)
13
(81,203
)
1-day MIBOR,
5.54%
At Termination
6.12%
At Termination
N/A
12/18/29
INR
560,722
116,760
74
116,686
1-day MIBOR,
5.54%
At Termination
6.12%
At Termination
N/A
12/18/29
INR
560,722
115,009
74
114,935
6-mo. EURIBOR,
2.08%
Semi-Annual
2.18%
Annual
N/A
01/31/30
EUR
1,424
(4,335
)
98
(4,433
)
6-mo. EURIBOR,
2.08%
Semi-Annual
2.21%
Annual
N/A
01/31/30
EUR
4,281
(11,036
)
775
(11,811
)
6-mo. EURIBOR,
2.08%
Semi-Annual
2.21%
Annual
N/A
01/31/30
EUR
1,074
(3,734
)
(587
)
(3,147
)
6-mo. EURIBOR,
2.08%
Semi-Annual
2.42%
Annual
N/A
01/31/30
EUR
1,418
25,111
372
24,739
6-mo. EURIBOR,
2.08%
Semi-Annual
2.63%
Annual
N/A
01/31/30
EUR
4,279
90,152
92,460
(2,308
)
6-mo. EURIBOR,
2.08%
Semi-Annual
2.18%
Annual
N/A
02/03/30
EUR
715
(4,921
)
—
(4,921
)
6-mo. EURIBOR,
2.08%
Semi-Annual
2.43%
Annual
N/A
02/03/30
EUR
2,861
11,126
6,510
4,616
7.80%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
02/07/30
MXN
16,609
(305
)
8
(313
)
8.65%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
02/07/30
MXN
41,509
(73,124
)
18
(73,142
)
1-day SOFR,
4.39%
Annual
3.92%
Annual
N/A
02/26/30
USD
100,000
1,200,542
870
1,199,672
6-mo. PRIBOR,
3.50%
Semi-Annual
3.46%
Annual
N/A
03/19/30
CZK
75,702
(61,428
)
33
(61,461
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.60%
Annual
9/17/2025(a)
03/19/30
CZK
30,290
(14,599
)
13
(14,612
)
6-mo. WIBOR,
4.78%
Semi-Annual
4.94%
Annual
N/A
03/19/30
PLN
8,371
59,844
21
59,823
6-mo. BUBOR,
6.49%
Semi-Annual
6.15%
Annual
9/17/2025(a)
03/19/30
HUF
134,583
(2,898
)
4
(2,902
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
336,357
6,323
9
6,314
7.94%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
N/A
03/19/30
ZAR
124,224
(214,279
)
68
(214,347
)
7.73%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
05/06/30
MXN
41,509
7,816
20
7,796
Schedule of Investments
76
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
7.82%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
05/06/30
MXN
16,609
$(125
)
$8
$(133
)
7.77%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
05/27/30
MXN
22,279
2,143
10
2,133
7.82%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
05/27/30
MXN
8,914
(102
)
5
(107
)
6-mo. EURIBOR,
2.08%
Semi-Annual
2.20%
Annual
N/A
06/04/30
EUR
17,391
(133,699
)
189
(133,888
)
1-day
TIIEFONDEO,
8.05%
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
49,435
296
24
272
1-day
TIIEFONDEO,
8.05%
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
19,780
140
9
131
6-mo. PRIBOR,
3.50%
Semi-Annual
3.56%
Annual
N/A
06/18/30
CZK
23,138
(14,426
)
11
(14,437
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.62%
Annual
9/17/2025(a)
06/18/30
CZK
9,258
(4,711
)
4
(4,715
)
7.77%
Monthly
1-day
TIIEFONDEO,
8.05%
Monthly
N/A
06/21/30
MXN
5,608
633
3
630
1-day
TIIEFONDEO,
8.05%
Monthly
7.72%
Monthly
N/A
06/24/30
MXN
47,541
(10,582
)
23
(10,605
)
China Fixing Repo
Rates 7-Day,
1.60%
At Termination
1.45%
At Termination
9/17/2025(a)
09/17/30
CNY
90,611
(74,002
)
141
(74,143
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.39%
Annual
9/17/2025(a)
09/17/30
CZK
49,417
(51,094
)
25
(51,119
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.41%
Annual
9/17/2025(a)
09/17/30
CZK
98,841
(99,771
)
49
(99,820
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.55%
Annual
9/17/2025(a)
09/17/30
CZK
99,054
(69,586
)
51
(69,637
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.62%
Annual
9/17/2025(a)
09/17/30
CZK
34,748
(19,597
)
18
(19,615
)
6-mo. PRIBOR,
3.50%
Semi-Annual
3.64%
Annual
9/17/2025(a)
09/17/30
CZK
98,955
(51,168
)
51
(51,219
)
6-mo. WIBOR,
4.78%
Semi-Annual
4.04%
Annual
9/17/2025(a)
09/17/30
PLN
19,803
(35,351
)
58
(35,409
)
6-mo. WIBOR,
4.78%
Semi-Annual
4.14%
Annual
9/17/2025(a)
09/17/30
PLN
8,299
(4,152
)
25
(4,177
)
6-mo. WIBOR,
4.78%
Semi-Annual
4.23%
Annual
9/17/2025(a)
09/17/30
PLN
4,166
1,882
12
1,870
6-mo. WIBOR,
4.78%
Semi-Annual
4.33%
Annual
9/17/2025(a)
09/17/30
PLN
16,603
27,727
50
27,677
6-mo. BUBOR,
6.49%
Semi-Annual
5.96%
Annual
9/17/2025(a)
09/17/30
HUF
336,357
(17,541
)
11
(17,552
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.16%
Annual
9/17/2025(a)
09/17/30
HUF
168,169
(4,865
)
5
(4,870
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.21%
Annual
9/17/2025(a)
09/17/30
HUF
84,411
(1,889
)
2
(1,891
)
6-mo. BUBOR,
6.49%
Semi-Annual
6.22%
Annual
9/17/2025(a)
09/17/30
HUF
201,871
(4,396
)
6
(4,402
)
7.37%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/30
ZAR
40,402
(10,314
)
4,424
(14,738
)
77
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
7.49%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/30
ZAR
161,039
$(87,559
)
$99
$(87,658
)
7.60%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/30
ZAR
124,224
(96,978
)
76
(97,054
)
7.63%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/30
ZAR
80,491
(68,697
)
50
(68,747
)
7.77%
Quarterly
3-mo. JIBAR,
7.13%
Quarterly
9/17/2025(a)
09/17/30
ZAR
73,536
(86,280
)
45
(86,325
)
1-day SOFR,
4.39%
Annual
3.88%
Annual
N/A
04/01/31
USD
20,000
223,466
210
223,256
1-day MIBOR,
5.54%
At Termination
6.44%
At Termination
N/A
09/18/34
INR
379,219
182,137
82
182,055
1-day SOFR,
4.39%
Annual
3.70%
Annual
N/A
01/06/35
USD
34,657
(467,716
)
545
(468,261
)
3-mo. JIBAR,
7.13%
Quarterly
10.28%
Quarterly
6/19/2030(a)
06/19/35
ZAR
12,397
9,598
9
9,589
1-day THOR,
1.74%
At Termination
1.61%
At Termination
9/17/2025(a)
09/17/35
THB
42,696
(175
)
23
(198
)
 
 
 
 
 
$2,662,456
$116,958
$2,545,498
 
(a)
Forward Swap.
OTC Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
8.54%
At Termination
1-day COOIS,
8.73%
At Termination
Goldman Sachs
International
N/A
09/09/25
COP
$4,924,892
$10,615
$—
$10,615
14.18%
At Termination
1-day BZDIOVER,
0.06%
At Termination
Barclays Bank PLC
N/A
01/02/26
BRL
19,179
(2,088
)
—
(2,088
)
14.79%
At Termination
1-day BZDIOVER,
0.06%
At Termination
Barclays Bank PLC
N/A
01/02/26
BRL
19,179
1,666
—
1,666
14.74%
At Termination
1-day BZDIOVER,
0.06%
At Termination
Barclays Bank PLC
N/A
01/02/26
BRL
9,589
1,366
—
1,366
14.87%
At Termination
1-day BZDIOVER,
0.06%
At Termination
Bank of America
N.A.
N/A
01/02/26
BRL
19,184
755
—
755
14.95%
At Termination
1-day BZDIOVER,
0.06%
At Termination
Barclays Bank PLC
N/A
01/02/26
BRL
4,813
(125
)
—
(125
)
8.07%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/26
COP
1,912,726
1,817
—
1,817
8.40%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/26
COP
956,306
216
—
216
8.61%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/26
COP
1,913,281
(451
)
—
(451
)
8.69%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/26
COP
480,012
(197
)
—
(197
)
7.25%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
N/A
09/25/26
COP
1,912,726
5,962
—
5,962
1-day BZDIOVER,
0.06%
At Termination
9.79%
At Termination
BNP Paribas SA
N/A
01/04/27
BRL
724
(12,954
)
—
(12,954
)
1-day BZDIOVER,
0.06%
At Termination
9.71%
At Termination
BNP Paribas SA
N/A
01/04/27
BRL
1,353
(24,690
)
—
(24,690
)
1-day BZDIOVER,
0.06%
At Termination
9.96%
At Termination
Citibank N.A.
N/A
01/04/27
BRL
910
(14,979
)
—
(14,979
)
Schedule of Investments
78
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day BZDIOVER,
0.06%
At Termination
10.81%
At Termination
Bank of America
N.A.
N/A
01/04/27
BRL
$1,182
$(14,282
)
$—
$(14,282
)
1-day BZDIOVER,
0.06%
At Termination
11.68%
At Termination
Citibank N.A.
N/A
01/04/27
BRL
3,818
(32,061
)
—
(32,061
)
1-day BZDIOVER,
0.06%
At Termination
12.57%
At Termination
BNP Paribas SA
N/A
01/04/27
BRL
19,279
(99,661
)
—
(99,661
)
1-day BZDIOVER,
0.06%
At Termination
13.42%
At Termination
Morgan Stanley &
Co. International
PLC
N/A
01/04/27
BRL
2,103
(4,898
)
—
(4,898
)
1-day BZDIOVER,
0.06%
At Termination
14.58%
At Termination
Bank of America
N.A.
N/A
01/04/27
BRL
2,841
2,241
—
2,241
1-day BZDIOVER,
0.06%
At Termination
13.83%
At Termination
BNP Paribas SA
N/A
01/04/27
BRL
6,588
(10,283
)
—
(10,283
)
1-day BZDIOVER,
0.06%
At Termination
14.20%
At Termination
Barclays Bank PLC
N/A
01/04/27
BRL
1,955
(817
)
—
(817
)
1-day BZDIOVER,
0.06%
At Termination
12.46%
At Termination
BNP Paribas SA
N/A
01/02/29
BRL
83,710
(593,108
)
—
(593,108
)
1-day BZDIOVER,
0.06%
At Termination
14.03%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
8,079
29,764
—
29,764
1-day BZDIOVER,
0.06%
At Termination
13.33%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
8,079
(11,168
)
—
(11,168
)
1-day BZDIOVER,
0.06%
At Termination
13.43%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
4,039
(2,738
)
—
(2,738
)
1-day BZDIOVER,
0.06%
At Termination
13.34%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
25,866
(27,452
)
—
(27,452
)
1-day BZDIOVER,
0.06%
At Termination
13.42%
At Termination
Bank of America
N.A.
N/A
01/02/29
BRL
18,431
(11,026
)
—
(11,026
)
1-day BZDIOVER,
0.06%
At Termination
13.31%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
4,624
(5,482
)
—
(5,482
)
1-day BZDIOVER,
0.06%
At Termination
13.12%
At Termination
Bank of America
N.A.
N/A
01/02/29
BRL
178,020
(403,591
)
—
(403,591
)
1-day BZDIOVER,
0.06%
At Termination
13.00%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
68,188
(199,250
)
—
(199,250
)
1-day BZDIOVER,
0.06%
At Termination
13.00%
At Termination
Bank of America
N.A.
N/A
01/02/29
BRL
44,322
(129,513
)
—
(129,513
)
1-day BZDIOVER,
0.06%
At Termination
12.95%
At Termination
Bank of America
N.A.
N/A
01/02/29
BRL
38,085
(123,193
)
—
(123,193
)
8.64%
At Termination
1-day COOIS,
8.73%
At Termination
Morgan Stanley &
Co. International
PLC
N/A
04/04/30
COP
19,249,256
(14,848
)
—
(14,848
)
8.34%
At Termination
1-day COOIS,
8.73%
At Termination
Morgan Stanley &
Co. International
PLC
9/17/2025
(a)
09/17/30
COP
18,894,963
49,887
—
49,887
8.23%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/30
COP
38,144,218
141,634
—
141,634
8.58%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/30
COP
19,070,979
8,345
—
8,345
8.74%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/30
COP
38,155,287
(43,077
)
—
(43,077
)
8.86%
At Termination
1-day COOIS,
8.73%
At Termination
Barclays Bank PLC
9/17/2025
(a)
09/17/30
COP
9,572,562
(21,713
)
—
(21,713
)
1-day BZDIOVER,
0.06%
At Termination
13.04%
At Termination
Barclays Bank PLC
N/A
01/02/31
BRL
25,405
(130,028
)
—
(130,028
)
 
 
 
 
 
$(1,679,405
)
$—
$(1,679,405
)
 
(a)
Forward Swap.
79
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-DAY SOFR minus
0.50%, 4.39%
At Termination
iShares iBoxx $ High
Yield Corporate Bond
ETF
At Termination
BNP Paribas SA
N/A
09/19/25
USD
8,724
$(47,321
)
$—
$(47,321
)
1-DAY SOFR minus
0.50%, 4.39%
At Termination
iShares iBoxx $ High
Yield Corporate Bond
ETF
At Termination
BNP Paribas SA
N/A
09/19/25
USD
4,357
(22,553
)
—
(22,553
)
1-DAY SOFR minus
0.55%, 4.39%
Quarterly
iShares iBoxx $ High
Yield Corporate Bond
ETF
At Termination
Merrill Lynch
International
N/A
09/19/25
USD
82,388
494,902
—
494,902
1-DAY SOFR plus 0.10%,
4.39%
At Termination
iShares Broad USD High
Yield Corporate Bond
ETF
At Termination
BNP Paribas SA
N/A
09/19/25
USD
20,373
44,372
—
44,372
 
 
 
 
 
 
 
 
$469,400
$—
$469,400
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written 
Description
Premiums
Paid
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally Cleared Swaps(a)
$4,680,242
$(180,105
)
$6,674,480
$(2,627,096
)
$—
OTC Swaps
—
—
793,542
(2,003,547
)
—
Options Written
N/A
(8,586,075
)
2,776,650
(1,363,471
)
7,172,896
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$—
$—
$3,327,042
$—
$3,327,042
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
$—
$—
$—
$88,016,759
$—
$—
$88,016,759
Options Purchased
Investments at value — unaffiliated
$—
$436,499
$—
$—
$632,816
$—
$1,069,315
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$—
$1,631,223
$—
$—
$5,043,257
$—
$6,674,480
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$—
$539,274
$—
$254,268
$—
$793,542
 
$—
$2,067,722
$539,274
$88,016,759
$9,257,383
$—
$99,881,138
Schedule of Investments
80
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$—
$—
$2,906,577
$—
$2,906,577
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
$—
$—
$—
$20,189,124
$—
$—
$20,189,124
Options written
Options written at value
$—
$178,696
$2,110,161
$—
$4,884,039
$—
$7,172,896
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
$—
$129,337
$—
$—
$2,497,759
$—
$2,627,096
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
$—
$—
$69,874
$—
$1,933,673
$—
$2,003,547
 
$—
$308,033
$2,180,035
$20,189,124
$12,222,048
$—
$34,899,240
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of
Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in
accumulated earnings (loss).
For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$—
$—
$—
$—
$(19,147,350
)
$—
$(19,147,350
)
Forward foreign currency exchange contracts
—
—
—
(130,847,608
)
—
—
(130,847,608
)
Options purchased(a)
—
(431,096
)
(980,000
)
—
(2,501,133
)
—
(3,912,229
)
Options written
—
48,475
820,329
—
1,942,002
—
2,810,806
Swaps
—
1,226,470
3,183,547
—
(3,268,295
)
—
1,141,722
 
$—
$843,849
$3,023,876
$(130,847,608
)
$(22,974,776
)
$—
$(149,954,659
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$—
$—
$—
$—
$(3,015,343
)
$—
$(3,015,343
)
Forward foreign currency exchange contracts
—
—
—
71,959,911
—
—
71,959,911
Options purchased(b)
—
(34,003
)
—
—
(810,107
)
—
(844,110
)
Options written
—
(3,431
)
(687,655
)
—
2,104,265
—
1,413,179
Swaps
—
1,501,886
469,400
—
741,985
—
2,713,271
 
$—
$1,464,452
$(218,255
)
$71,959,911
$(979,200
)
$—
$72,226,908
 
(a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b)
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.
81
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,307,738,208
Average notional value of contracts — short
$977,495,614
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$510,361,227
Average amounts sold — in USD
$3,032,338,814
Options:
Average value of option contracts purchased
$19,576
Average market value of option contracts purchased
$590,129
Average notional value of swaption contracts purchased
$143,899,250
Average notional value of swaption contracts written
1,381,224,482
Credit default swaps:
Average notional value — buy protection
$2,609,618
Average notional value — sell protection
$43,325,424
Interest rate swaps:
Average notional value — pays fixed rate
$286,166,808
Average notional value — receives fixed rate
$407,213,695
Total return swaps:
Average notional value
$82,905,767
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$187,057
$—
Forward foreign currency exchange contracts
88,016,759
20,189,124
Options
1,069,315
(a)
7,172,896
Swaps - centrally cleared
—
229,466
Swaps - OTC(b)
793,542
2,003,547
Total derivative assets and liabilities in the Statement of Assets and Liabilities
90,066,673
29,595,033
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(187,057
)
(2,339,627
)
Total derivative assets and liabilities subject to an MNA
$89,879,616
$27,255,406
 
(a)
Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.
(b)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$2,596,738
$(1,465,863
)
$—
$(1,010,000
)
$120,875
Barclays Bank PLC
12,554,378
(1,312,030
)
—
—
11,242,348
BNP Paribas SA
7,360,742
(7,360,742
)
—
—
—
Citibank N.A.
1,494,483
(1,494,483
)
—
—
—
Deutsche Bank Securities Inc.
9,308,237
(7,481,275
)
—
—
1,826,962
Goldman Sachs & Co.
859,512
(472,675
)
—
—
386,837
Goldman Sachs International
643,431
(643,431
)
—
—
—
Morgan Stanley & Co. International PLC
247,622
(247,622
)
—
—
—
Morgan Stanley & Co. LLC
3,124,588
(12,965
)
—
—
3,111,623
State Street Bank & Trust Company
48,251,972
(811,432
)
—
—
47,440,540
Schedule of Investments
82
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
UBS AG
$3,437,913
$(415,354
)
$—
$—
$3,022,559
 
$89,879,616
$(21,717,872
)
$—
$(1,010,000
)
$67,151,744
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
Bank of America N.A.
$1,465,863
$(1,465,863
)
$—
$—
$—
Barclays Bank PLC
1,312,030
(1,312,030
)
—
—
—
BNP Paribas SA
8,498,207
(7,360,742
)
—
(720,000
)
417,465
Citibank N.A.
3,057,115
(1,494,483
)
—
(520,000
)
1,042,632
Deutsche Bank AG
849,940
—
—
(849,940
)
—
Deutsche Bank Securities Inc.
7,481,275
(7,481,275
)
—
—
—
Goldman Sachs & Co.
472,675
(472,675
)
—
—
—
Goldman Sachs International
1,427,275
(643,431
)
—
(770,000
)
13,844
Morgan Stanley & Co. International PLC
1,451,275
(247,622
)
—
(30,000
)
1,173,653
Morgan Stanley & Co. LLC
12,965
(12,965
)
—
—
—
State Street Bank & Trust Company
811,432
(811,432
)
—
—
—
UBS AG
415,354
(415,354
)
—
—
—
 
$27,255,406
$(21,717,872
)
$—
$(2,889,940
)
$2,647,594
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the
Statements of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$1,634,483,000
$4,009,850
$1,638,492,850
Collateralized Mortgage Obligations
—
2,319,897,594
—
2,319,897,594
Convertible Bonds
20,975,036
—
—
20,975,036
Corporate Bonds & Notes
—
4,340,075,503
1,749,061
4,341,824,564
Floating Rate Loan Interests
—
297,074,760
9,931,988
307,006,748
Foreign Government Obligations
—
871,679,120
—
871,679,120
Municipal Debt Obligations
—
2,246,658
—
2,246,658
U.S. Government Agency Obligations
—
1,691,949,998
—
1,691,949,998
Common Stocks
86,623
—
—
86,623
Investment Companies
178,854,824
—
—
178,854,824
Preferred Stocks
869,610
—
—
869,610
Short-Term Securities 
Money Market Funds
1,088,488,845
—
—
1,088,488,845
Options Purchased 
Interest Rate Contracts
—
632,816
—
632,816
Credit Contracts
—
436,499
—
436,499
83
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Flexible Income Active ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Options Purchased (continued)
Unfunded Floating Rate Loan Interests(a)
$—
$13,460
$—
$13,460
Liabilities
Investments 
TBA Sales Commitments
—
(452,843,654
)
—
(452,843,654
)
 
$1,289,274,938
$10,705,645,754
$15,690,899
$12,010,611,591
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$1,631,223
$—
$1,631,223
Equity Contracts
—
539,274
—
539,274
Foreign Currency Exchange Contracts
—
88,016,759
—
88,016,759
Interest Rate Contracts
3,158,954
5,465,613
—
8,624,567
Liabilities 
Credit Contracts
—
(308,033
)
—
(308,033
)
Equity Contracts
(2,110,161
)
(69,874
)
—
(2,180,035
)
Foreign Currency Exchange Contracts
—
(20,189,124
)
—
(20,189,124
)
Interest Rate Contracts
(2,906,577
)
(9,315,471
)
—
(12,222,048
)
 
$(1,857,784
)
$65,770,367
$—
$63,912,583
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written.  Swaps, futures contracts and forward foreign
currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.   
See notes to financial statements.
Schedule of Investments
84
Schedule of Investments
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Advertising — 0.1%
Clear Channel Outdoor Holdings Inc., 7.75%,
04/15/28(a)
$55
$51,936
Chemicals — 0.2%
WR Grace Holdings LLC, 5.63%, 08/15/29(a)
100
92,192
Engineering & Construction — 0.1%
Brand Industrial Services Inc., 10.38%, 08/01/30(a)
68
61,720
Entertainment — 0.1%
Caesars Entertainment Inc., 4.63%, 10/15/29(a)
45
42,527
Environmental Control — 0.0%
GFL Environmental Inc., 4.00%, 08/01/28(a)
25
24,230
Food — 0.1%
Chobani LLC/Chobani Finance Corp. Inc., 7.63%,
07/01/29(a)
55
57,303
Housewares — 0.0%
SWF Holdings I Corp., 6.50%, 10/06/29(a)
29
14,195
Internet — 0.1%
Getty Images Inc., 11.25%, 02/21/30(a)
47
45,002
Leisure Time — 0.1%
Sabre GLBL Inc., 11.13%, 07/15/30(a)(b)
60
63,255
Machinery — 0.1%
Husky Injection Molding Systems Ltd./Titan
Co-Borrower LLC, 9.00%, 02/15/29(a)
43
44,373
Vertiv Group Corp., 4.13%, 11/15/28(a)
25
24,313
 
68,686
Packaging & Containers — 0.1%
Mauser Packaging Solutions Holding Co., 7.88%,
08/15/26(a)
55
54,711
Pharmaceuticals — 0.3%
1261229 BC Ltd., 10.00%, 04/15/32(a)
200
203,618
Retail — 0.3%
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co. Inc., 6.75%, 01/15/30(a)
160
150,533
White Cap Buyer LLC, 6.88%, 10/15/28(a)(b)
25
24,932
 
175,465
Software — 0.4%
AthenaHealth Group Inc., 6.50%, 02/15/30(a)
100
98,305
Central Parent LLC/CDK Global II LLC/CDK Financing
Co. Inc., 8.00%, 06/15/29(a)
94
79,741
Cloud Software Group Inc., 9.00%, 09/30/29(a)
29
30,011
Ellucian Holdings Inc., 6.50%, 12/01/29(a)
41
41,534
 
249,591
Total Corporate Bonds & Notes — 2.0%
(Cost: $1,201,790)
1,204,431
Fixed Rate Loan Interests
Computers — 0.3%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
129
128,356
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29
19
18,409
 
146,765
Security
Par
(000
)
Value
Software — 0.2%
Cotiviti Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
128
$128,765
Total Fixed Rate Loan Interests — 0.5%
(Cost: $275,972)
275,530
Floating Rate Loan Interests(c)
Advertising — 0.2%
Clear Channel Outdoor Holdings Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.47%, 08/23/28
$24
23,724
Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 3.00%), 7.33%, 02/07/31
47
46,921
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
9.56%, 02/15/29
27
26,932
 
97,577
Aerospace & Defense — 2.1%
Barnes Group Inc., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.36%, 01/27/32
46
45,910
Bleriot U.S. Bidco Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.81%,
10/31/30
66
66,252
Cobham Ultra SeniorCo SARL, USD Term Loan B,
(6-mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29
153
153,002
Dynasty Acquisition Co. Inc.
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.36%, 10/31/31
257
257,952
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.36%, 10/31/31
98
98,462
Kaman Corp.
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32
1
611
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 7.08%, 02/26/32
67
67,447
Propulsion BC Newco LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 7.04%,
09/14/29
15
14,859
TransDigm Inc.
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 02/28/31
298
299,020
2024 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 01/19/32
162
162,442
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 7.05%, 03/22/30
117
116,900
 
1,282,857
Airlines — 1.3%
AAdvantage Loyalty IP Ltd.
2025 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.58%, 04/20/28
45
44,443
2025 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 7.58%, 05/28/32
40
40,149
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.35%, 03/21/31
142
142,092
American Airlines Inc.
2017 1st Lien Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 1.85%), 5.98%, 01/29/27
78
77,939
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.50%, 02/15/28
147
146,067
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.51%, 06/04/29
109
108,424
85
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Airlines (continued)
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 9.07%,
08/27/29
$102
$96,187
United Airlines Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.35%,
02/22/31
108
108,135
 
763,436
Apparel — 0.4%
ABG Intermediate Holdings 2 LLC
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.61%, 12/21/28
105
105,002
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.61%, 02/13/32
100
99,345
Fanatics Commerce Intermediate Holdco LLC, Term
Loan B, (1-mo. CME Term SOFR + 3.36%), 7.72%,
11/24/28(d)
37
36,871
 
241,218
Auto Parts & Equipment — 1.1%
Clarios Global LP
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.86%, 05/06/30
326
325,988
2025 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.11%, 01/28/32
150
149,937
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.56%, 01/30/32
13
12,992
Realtruck Group Inc., 2023 Incremental Term Loan,
(1-mo. CME Term SOFR + 5.11%), 9.47%, 01/31/28
45
41,617
Tenneco Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR + 5.10%), 9.42%, 11/17/28
119
117,404
 
647,938
Banks — 0.3%
Ascensus Holdings Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.36%,
08/02/28
203
203,442
Beverages — 0.7%
Naked Juice LLC
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.35%), 7.65%, 01/24/29
101
75,690
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.80%, 01/24/29
136
135,360
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.00%), 10.40%, 01/24/30
45
20,824
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.25%), 6.55%,
03/31/28
107
107,269
Sazerac Co Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.84%, 07/09/32
73
73,228
 
412,371
Building Materials — 2.9%
Chariot Buyer LLC
09/08/32(e)
23
22,993
Term Loan B, (1-mo. CME Term SOFR + 3.35%),
7.71%, 11/03/28
251
251,375
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 9.61%, 07/08/30
99
94,347
Emrld Borrower LP
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.50%), 6.83%, 05/31/30
335
334,947
Security
Par
(000
)
Value
Building Materials (continued)
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.86%, 08/04/31
$188
$187,907
IPS Corp., 2021 Term Loan, (1-mo. CME Term SOFR +
3.50%), 7.86%, 10/02/28
121
120,916
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 8.55%,
04/29/29
68
61,659
Potters Borrower LP, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.75% Floor + 3.00%),
7.33%, 12/14/27
58
58,483
Quikrete Holdings Inc.
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.61%, 03/19/29
119
119,124
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.61%, 02/10/32
109
108,592
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.61%, 04/14/31
136
135,925
Standard Industries Inc./NJ, 2021 Term Loan B, (1-mo.
CME Term SOFR + 1.75%), 6.10%, 09/22/28
13
13,004
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31
217
210,926
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR +
2.11%), 6.47%, 10/04/28
20
20,104
 
1,740,302
Chemicals — 3.0%
Aruba Investments Holdings LLC, 2020 USD Term Loan,
(1-mo. CME Term SOFR + 4.10%), 8.46%, 11/24/27
83
79,776
Ascend Performance Materials Operations LLC, 2021
Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor
+ 4.85%), 9.07%, 08/27/26
16
664
Axalta Coating Systems U.S. Holdings Inc., 2024 Term
Loan B, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 6.05%, 12/20/29
202
202,805
Chemours Co. (The), 2023 USD Term Loan B, (1-mo.
CME Term SOFR + 3.00%), 7.36%, 08/18/28
59
58,949
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.34%,
11/01/30
120
120,018
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.08%,
10/04/29
37
36,764
ECO Services Operations Corp., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.31%, 06/12/31
119
118,293
Element Solutions Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR + 1.75%), 6.11%, 12/18/30
163
163,702
Fortis 333 Inc., USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32
49
48,592
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 6.11%, 02/15/30
144
145,218
INEOS U.S. Finance LLC, 2023 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.61%, 02/18/30
20
18,254
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
8.61%, 10/07/31(d)
45
40,623
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28
143
127,090
Minerals Technologies Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.36%,
11/26/31
122
122,309
Schedule of Investments
86
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Chemicals (continued)
Momentive Performance Materials Inc., 2023 Term Loan,
(1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28
$142
$142,333
Nouryon Finance B.V., 2024 USD Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.51%,
04/03/28
71
71,279
Oxea Holding Drei GmbH, 2017 USD Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 4.35%),
8.64%, 04/08/31
56
51,836
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.30%,
10/09/31
65
64,736
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.32%,
08/02/30
155
153,210
 
1,766,451
Commercial Services — 8.1%
Aggreko Holdings Inc., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.32%,
05/21/31
160
160,810
AlixPartners LLP
07/30/32(e)
66
65,836
2021 USD Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 2.61%), 6.97%, 02/04/28
169
169,345
Allied Universal Holdco LLC, 2021 USD Incremental
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.85%), 8.21%, 05/12/28
232
232,340
Anticimex International AB, 2024 Term Loan B6, (3-mo.
SOFR + 3.40%), 7.66%, 11/16/28
44
44,503
APi Group DE Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.11%, 01/03/29
291
290,965
Belron Finance 2019 LLC, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.75%),
7.05%, 10/16/31
376
377,229
Boost Newco Borrower LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.30%, 01/31/31
130
129,899
Bright Horizons Family Solutions LLC, 2024 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.11%, 11/24/28
149
148,846
Camelot U.S. Acquisition LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR + 2.75%), 7.11%, 01/31/31
102
101,995
Champions Financing Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 9.08%,
02/23/29
14
12,672
CHG Healthcare Services Inc., 2024 Term Loan B1,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.33%, 09/29/28
128
128,111
Citrin Cooperman Advisors LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.30%, 04/01/32
85
84,942
Creative Artists Agency, LLC, 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.86%, 10/01/31
312
312,556
Element Materials Technology Group U.S. Holdings Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.75%), 8.05%, 07/06/29
59
58,549
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.31%,
08/01/29
169
169,188
Security
Par
(000
)
Value
Commercial Services (continued)
Fleet Midco I Ltd., 2024 1st Lien Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.81%,
02/21/31(d)
$53
$52,718
Galaxy U.S. Opco Inc., Term Loan, (3-mo. CME Term
SOFR + 2.00%, 3.75% PIK), 10.06%, 07/31/30(f)
64
58,571
Garda World Security Corp., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.34%,
02/01/29
151
150,902
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.86%,
06/02/31
99
99,082
Herc Holdings Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32
27
27,079
Hertz Corp. (The)
2021 Term Loan B, (3-mo. CME Term SOFR +
3.76%), 8.07%, 06/30/28
112
94,949
2021 Term Loan C, (3-mo. CME Term SOFR +
3.76%), 8.07%, 06/30/28
21
17,931
Ingenovis Health Inc., Term Loan B, (3-mo. CME Term
SOFR + 4.36%), 8.70%, 03/06/28(d)
30
8,930
KUEHG Corp., 2025 Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 7.04%, 06/12/30
28
27,726
Learning Care Group U.S. No. 2 Inc., 2024 Term Loan B,
(3-mo. CME Term SOFR + 4.00%), 8.31%, 08/11/28
8
7,854
Mavis Tire Express Services Topco Corp., 2025
Repriced Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 3.00%), 7.33%, 05/04/28
297
297,288
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.81%,
07/25/30
104
104,504
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.05%,
03/26/31
60
59,849
Prime Security Services Borrower LLC
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 03/07/32
225
223,325
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.13%, 10/13/30
30
29,684
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.61%,
11/19/31
81
81,379
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.86%, 11/14/30
6
5,926
Shift4 Payments, LLC, 2025 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.08%,
06/30/32
69
69,446
Spring Education Group Inc., Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.30%,
10/04/30
53
53,146
Trans Union LLC
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.11%, 06/24/31
179
178,991
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 6.11%, 06/24/31
255
254,839
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR
+ 4.10%), 8.46%, 11/02/27
50
47,872
Veritiv Corp., Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.30%, 11/30/30
50
49,905
Vestis Corp., Term Loan, (3-mo. CME Term SOFR +
2.25%), 6.58%, 02/22/31
55
52,197
87
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 8.66%,
12/17/28
$43
$14,864
Wand NewCo 3 Inc., 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.86%, 01/30/31
203
202,248
WEX Inc.
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.11%, 03/31/28
30
29,804
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.11%, 03/05/32
60
59,726
 
4,848,521
Computers — 2.6%
Atlas CC Acquisition Corp.,
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 4.51%), 8.57%, 05/25/29
36
26,423
2025 Second Out Term Loan B, ((3-mo. CME Term
SOFR at 0.75% Floor + 4.25%)), 8.83%, 05/25/29
274
200,141
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 8.06%, 12/09/31
132
131,286
Fortress Intermediate 3 Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.32%,
06/27/31
59
58,607
Kaseya Inc., 2025 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.61%,
03/20/32
283
283,911
Magenta Security Holdings LLC
2024 Third Out Term Loan, (3-mo. CME Term SOFR
at 0.75% Floor + 1.50%, 5.50% PIK), 11.57%,
07/27/28(f)(g)(h)
29
6,486
2024 First Out Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 7.01%), 11.32%, 07/27/28
23
18,985
2024 Second Out Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.26%), 11.57%, 07/27/28
24
10,257
McAfee LLC, 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.33%,
03/01/29
215
207,527
Peraton Corp.
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor
+ 3.85%), 8.21%, 02/01/28
166
147,310
2nd Lien Term Loan B1, (3-mo. CME Term SOFR +
7.85%), 12.18%, 02/01/29
30
18,940
Tempo Acquisition LLC, 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.11%, 08/31/28
202
201,323
X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 6.65%), 10.96%, 10/26/29
264
257,391
 
1,568,587
Cosmetics & Personal Care — 0.3%
Opal Bidco SAS, 04/28/32(e)
150
150,507
Distribution & Wholesale — 2.1%
American Builders & Contractors Supply Co. Inc., 2024
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 1.75%), 6.11%, 01/31/31
168
167,949
Core & Main LP
2024 Term Loan D, (6-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.27%, 07/27/28
96
96,637
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.27%, 02/09/31
216
216,087
Security
Par
(000
)
Value
Distribution & Wholesale (continued)
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.36%, 07/02/31
$118
$117,807
Gates Global LLC, 2024 Term Loan B5, (1-mo. CME
Term SOFR + 1.75%), 6.11%, 06/04/31
252
251,794
Olympus Water U.S. Holding Corp.
07/23/32(e)
142
141,539
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.00%), 7.30%, 06/20/31
210
209,303
PAI Holdco Inc., 2020 Term Loan B, (3-mo. CME Term
SOFR + 4.01%), 8.32%, 10/28/27
74
59,044
 
1,260,160
Diversified Financial Services — 3.5%
Apex Group Treasury LLC, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.82%, 02/27/32
142
141,670
Aretec Group Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.86%,
08/09/30
68
68,298
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.36%,
10/31/31
149
149,603
Corpay Technologies Operating Co. LLC, Term Loan B5,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.11%, 04/28/28
269
268,922
CPI Holdco B LLC, 1st Lien 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.36%,
05/19/31
274
273,272
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at
1.00% Floor + 3.75%), 8.05%, 04/09/27
215
212,615
2021 USD 2nd Lien Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28
50
49,166
Edelman Financial Engines Center LLC (The), 2024
Term Loan, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 7.36%, 04/07/28
169
169,585
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 7.11%, 09/15/31
118
118,370
GTCR Everest Borrower LLC, 09/05/31(e)
45
44,993
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.33%,
12/15/31
209
207,679
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.35%,
10/21/31
63
62,803
Orion U.S. Finco Inc., 05/20/32(e)
90
90,403
Osaic Holdings Inc.
07/16/32(e)
188
188,000
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.50%), 7.86%, 08/17/28
64
64,498
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.05%,
11/05/28
11
10,542
Summit Acquisition Inc., 2025 Add-on Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.83%,
10/16/31
6
6,007
 
2,126,426
Schedule of Investments
88
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric — 1.2%
Calpine Construction Finance Co. LP, 2023 Refinancing
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 2.00%), 6.36%, 07/31/30
$149
$148,795
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31
69
68,742
ExGen Renewables IV LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.25%), 6.58%,
12/15/27
34
34,486
NRG Energy Inc., 2024 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.06%, 04/16/31
302
301,568
Talen Energy Supply LLC, 2024-1 Incremental Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.81%, 12/15/31
59
58,760
Vistra Operations Co. LLC, 1st Lien Term Loan B3,
(1-mo. CME Term SOFR + 1.75%), 6.11%, 12/20/30
119
119,134
 
731,485
Electronics — 0.4%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.10%, 06/20/31
69
69,321
Coherent Corp., 2025 1st Lien Term Loan B2, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.36%,
07/02/29
190
190,544
 
259,865
Engineering & Construction — 2.1%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.86%, 09/23/31
296
297,021
Brand Industrial Services Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 4.50%), 8.78%,
08/01/30
320
267,119
Brown Group Holding LLC
2022 Incremental Term Loan B2, (3-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31
164
163,791
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.50%), 6.86%, 07/01/31
184
184,528
Construction Partners Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.86%,
11/03/31
28
27,964
Cube A&D Buyer Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.58%,
10/17/31
48
48,060
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.25%), 7.61%,
12/18/28
87
87,294
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.11%,
01/25/31
195
196,073
 
1,271,850
Entertainment — 5.9%
Bally's Corp., 2021 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 3.51%), 7.84%, 10/02/28
159
155,687
Caesars Entertainment Inc.
Term Loan B, (1-mo. CME Term SOFR + 2.25%),
6.61%, 02/06/30
34
33,462
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.61%, 02/06/31
347
346,154
Crown Finance US Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.83%,
12/02/31
80
79,341
Security
Par
(000
)
Value
Entertainment (continued)
Delta 2 Lux SARL
2024 Term Loan B2, (3-mo. CME Term SOFR at
0.50% Floor + 2.00%), 6.29%, 09/30/31
$98
$97,684
2024 Term Loan B1, (3-mo. CME Term SOFR at
0.50% Floor + 2.00%), 6.30%, 09/30/31
195
194,660
DK Crown Holdings Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.08%,
03/04/32
180
179,288
ECL Entertainment LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.86%, 09/03/30
30
29,744
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.36%, 03/24/32
369
369,232
Flutter Financing B.V.
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 6.05%, 11/30/30
337
335,588
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 6.30%, 06/04/32
117
116,854
Great Canadian Gaming Corp., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.75%),
9.07%, 11/01/29
76
73,651
Herschend Entertainment Co., LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.60%, 05/27/32
86
86,645
Light & Wonder International Inc., 2024 Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.59%, 04/14/29
201
201,044
Live Nation Entertainment Inc., Term Loan B4, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.20%,
10/19/26
166
165,544
Motion Finco Sarl, 2024 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.80%,
11/12/29
130
119,104
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 8.55%,
08/01/30
20
19,831
Penn Entertainment Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.86%,
05/03/29
196
196,625
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.29%, 04/04/29
94
94,161
SeaWorld Parks & Entertainment Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor +
2.00%), 6.36%, 12/04/31
73
72,727
Six Flags Entertainment Corp., 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.36%, 05/01/31
68
68,225
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%,
11/21/31
256
256,303
Voyager Parent LLC., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.75%), 9.04%, 07/01/32
110
110,016
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.08%,
01/24/31
141
141,247
 
3,542,817
Environmental Control — 1.9%
Clean Harbors Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.11%,
10/09/28
72
72,332
89
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Environmental Control (continued)
Filtration Group Corp., 2025 USD Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.36%,
10/21/28
$336
$336,160
GFL ES U.S. LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32
239
239,074
JFL-Tiger Acquisition Co. Inc., Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.07%,
10/17/30
60
60,318
Madison IAQ LLC
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.70%, 06/21/28
151
151,060
2025 Term Loan B, (6-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 7.45%, 05/06/32
166
166,581
Packers Holdings LLC, 2021 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 3.35%), 7.66%,
03/09/28
35
16,005
Reworld Holding Corp.
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.59%, 11/30/28
44
43,567
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.59%, 11/30/28
3
3,364
The Action Environmental Group Inc. (The), 2023 Term
Loan B, (3-mo. CME Term SOFR + 3.75%), 8.05%,
10/24/30(d)
75
75,417
 
1,163,878
Food — 1.6%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.86%,
10/25/27
264
264,691
Froneri International Ltd., 2024 USD Term Loan B4,
(6-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.20%, 09/30/31
256
253,373
Froneri US Inc., 07/16/32(e)
39
38,908
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo.
CME Term SOFR at 2.00% Floor + 6.50%), 10.81%,
03/29/30
5
4,857
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.54%,
11/12/29
30
29,562
US Foods Inc., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.11%,
10/03/31
161
162,252
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.86%,
01/29/32
177
176,788
 
930,431
Food Service — 0.3%
Aramark Services Inc.
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.36%, 06/22/30
146
146,230
2024 Term Loan B7, (1-mo. CME Term SOFR +
2.00%), 6.36%, 04/06/28
20
20,008
 
166,238
Forest Products & Paper — 0.2%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.21%,
09/07/27
114
113,995
Security
Par
(000
)
Value
Hand & Machine Tools — 0.1%
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.11%,
09/26/31
$67
$66,848
Health Care - Products — 1.9%
Avantor Funding Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.10%), 6.46%,
11/08/27
7
6,662
Bausch & Lomb Corp.
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.36%, 09/29/28
89
88,648
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 4.25%), 8.61%, 01/15/31
198
198,461
Medline Borrower LP, 2025 Term Loan B, ((1-mo. CME
Term SOFR at 0.50% Floor + 2.25%)), 6.61%,
10/23/28
598
598,617
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.55%,
05/30/31
268
268,653
 
1,161,041
Health Care - Services — 1.5%
Concentra Health Services Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.36%, 07/26/31
70
70,056
Examworks Bidco Inc., 2021 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 7.11%,
11/01/28
226
226,844
Fortrea Holdings Inc., Term Loan B, (3-mo. CME Term
SOFR + 3.75%), 8.06%, 07/01/30
4
3,384
ICON Luxembourg SARL, 2024 LUX Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.30%, 07/03/28
24
24,597
LifePoint Health Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 8.07%,
05/19/31
90
89,566
Parexel International Corp., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.86%,
11/15/28
198
198,275
Reverb Buyer Inc., 2021 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.60%), 7.91%,
11/01/28
29
15,798
Star Parent Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.30%, 09/27/30
89
87,591
Surgery Center Holdings Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.11%,
12/19/30
169
169,894
Team Health Holdings Inc., 06/23/28(e)
40
39,983
 
925,988
Holding Companies - Diversified — 0.1%
Acuren Delaware Holdco Inc., 07/30/31(e)
37
37,000
Intrado Corp., 2023 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30
30
29,730
 
66,730
Home Furnishings — 0.6%
AI Aqua Merger Sub Inc., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.32%, 07/31/28
223
222,723
Somnigroup International Inc., Term Loan B, (1-mo.
SOFR + 2.25%), 6.55%, 10/24/31
42
42,023
Schedule of Investments
90
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Home Furnishings (continued)
Weber-Stephen Products LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.36%), 7.72%,
10/30/27
$83
$82,480
 
347,226
Household Products & Wares — 0.1%
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.11%, 03/04/32
30
30,019
Housewares — 0.5%
Hunter Douglas Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
01/20/32
219
218,775
Restoration Hardware Inc.
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.61%), 6.97%, 10/20/28
19
18,766
2022 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.35%), 7.71%, 10/20/28
19
18,934
Springs Windows Fashion LLC, 2024 First Lien Second
Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor +
4.11%), 8.47%, 10/06/28
68
52,608
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 4.50%), 8.86%,
12/19/29
16
16,371
 
325,454
Insurance — 6.8%
Alliant Holdings Intermediate, LLC, 2024 Term Loan B6,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.10%, 09/19/31
471
471,176
AmWINS Group Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.61%,
01/30/32
341
341,422
Amynta Agency Borrower Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.08%, 12/29/31
226
226,446
Ardonagh Midco 3 PLC, 2024 USD Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.95%,
02/15/31
200
198,628
Asurion LLC
2021 Term Loan B9, (1-mo. CME Term SOFR at
0.00% Floor + 3.36%), 7.72%, 07/31/27
35
34,530
2024 Term Loan B12, (1-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.61%, 09/19/30
30
29,417
2025 Term Loan B13, (1-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.61%, 09/19/30
263
257,382
2023 Term Loan B11, (1-mo. CME Term SOFR at
0.00% Floor + 4.35%), 8.71%, 08/19/28
90
88,787
2021 2nd Lien Term Loan B3, (1-mo. CME Term
SOFR + 5.36%), 9.72%, 01/31/28
65
62,365
2021 Second Lien Term Loan B4, (1-mo. CME Term
SOFR + 5.36%), 9.72%, 01/20/29
65
60,968
Baldwin Insurance Group Holdings LLC, 2024 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 3.00%), 7.34%, 05/26/31
177
177,058
Howden Group Holdings Ltd.
2024 USD 1st Lien Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 3.00%), 7.36%, 02/15/31
216
215,962
2024 USD Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.86%, 04/18/30
17
16,994
Security
Par
(000
)
Value
Insurance (continued)
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.83%,
06/20/30
$433
$433,434
Jones Deslauriers Insurance Management Inc., 2025
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.75%), 7.06%, 03/15/30
99
98,458
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.61%,
09/15/31
207
207,211
Sedgwick Claims Management Services Inc., 2023 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.86%, 07/31/31
389
389,037
Truist Insurance Holdings LLC
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 7.05%, 05/06/31
304
303,751
2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 4.75%), 9.05%, 05/06/32
29
30,056
USI Inc./New York
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.55%, 09/29/30
193
193,056
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.55%, 11/21/29
230
229,840
 
4,065,978
Internet — 3.1%
Barracuda Networks Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.81%,
08/15/29
148
119,399
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.56%,
11/08/32
129
128,882
Gen Digital Inc.
2024 Term Loan B, (1-mo. CME Term SOFR +
1.75%), 6.11%, 09/12/29
299
298,915
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 6.11%, 04/16/32
92
91,816
Go Daddy Operating Co. LLC
2024 Term Loan B7, (1-mo. CME Term SOFR +
1.75%), 6.11%, 05/30/31
201
201,420
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.11%, 11/09/29
85
85,021
MH Sub I LLC
2023 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 4.25%), 8.61%, 05/03/28
63
59,679
2024 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 4.25%), 8.61%, 12/31/31
53
47,136
Proofpoint Inc.
08/31/28(e)
32
32,037
2024 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.00%), 7.36%, 08/31/28
188
188,006
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
12/10/31
258
258,567
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30
366
362,159
 
1,873,037
INVESTMENT COMPANIES — 0.1%
Gryphon Debt Merger Sub Inc., 06/21/32(e)
72
72,090
91
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Leisure Time — 0.9%
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.85%,
05/31/30
$94
$94,446
Beach Acquisition Bidco LLC, 06/25/32(e)
31
31,181
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 7.97%,
07/22/30
119
118,754
Hayward Industries Inc., 2021 Term Loan, (1-mo. CME
Term SOFR + 2.61%), 6.97%, 05/30/28
24
24,084
Sabre GLBL Inc.
2021 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.97%, 12/17/27
7
6,920
2021 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.97%, 12/17/27
21
21,205
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR
+ 5.10%), 9.46%, 06/30/28(d)
2
2,144
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.46%, 11/15/29(d)
82
82,051
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.46%, 11/15/29(d)
30
28,540
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.86%,
08/03/28
99
98,664
 
507,989
Lodging — 1.7%
Aimbridge Acquisition Co. Inc.
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 1.61%, 6.00% PIK),
11.96%, 03/11/30(f)
18
18,009
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.96%, 03/11/30
20
19,998
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.60%,
01/27/29
451
451,193
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.11%, 11/30/29
81
81,326
Hilton Domestic Operating Co. Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 6.10%, 11/08/30
129
129,242
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.36%,
03/14/31
218
218,375
Wyndham Hotels & Resorts Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.11%, 05/24/30
111
110,994
 
1,029,137
Machinery — 2.5%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME
Term SOFR at 0.75% Floor + 3.50%), 7.58%,
06/24/30
101
101,569
Chart Industries Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR + 2.50%), 6.79%, 03/15/30
39
39,588
Columbus McKinnon Corp., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.80%,
05/14/28(d)
47
46,757
Generac Power Systems Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.08%,
07/03/31
50
49,577
Security
Par
(000
)
Value
Machinery (continued)
Roper Industrial Products Investment Co. LLC, 2024
USD 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.50% Floor + 2.75%), 7.05%, 11/22/29
$74
$74,131
SPX FLOW Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.36%,
04/05/29
182
182,166
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.73%,
02/15/29
324
323,466
TK Elevator Midco GmbH, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.89%),
7.09%, 04/30/30
364
365,670
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%,
03/02/27
187
186,615
Wec U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.58%,
01/27/31
148
147,753
 
1,517,292
Media — 1.2%
A L PARENT LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.86%, 06/30/28
79
79,414
Charter Communications Operating LLC, 2023 Term
Loan B4, (3-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.29%, 12/07/30
41
41,076
Charter Communications Operating, LLC, 2024 Term
Loan B5, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 6.54%, 12/15/31
82
81,561
CSC Holdings LLC
2022 Term Loan B6, (1-mo. CME Term SOFR at
0.00% Floor + 4.50%), 8.84%, 01/18/28
40
39,808
2019 Term Loan B5, (Prime + 1.50%), 9.00%,
04/15/27
217
213,168
DirecTV Financing LLC, Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 5.26%), 9.57%, 08/02/27
6
6,161
Gray Television Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR + 5.25%), 9.58%, 06/04/29
0
400
NEP Group Inc., 2023 Term Loan B, (3-mo. CME Term
SOFR + 3.51%, 1.50% PIK), 9.34%, 08/19/26(f)
40
38,111
Radiate Holdco, LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%, 1.50%
PIK), 9.47%, 09/25/29(f)
190
164,784
Virgin Media Bristol LLC, 2020 USD Term Loan Q,
(1-mo. CME Term SOFR + 3.36%), 7.71%, 01/31/29
24
23,834
Ziggo Financing Partnership, USD Term Loan I, (1-mo.
CME Term SOFR at 0.00% Floor + 2.61%), 6.96%,
04/30/28
30
28,908
 
717,225
Metal Fabricate & Hardware — 0.0%
AZZ Inc., Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.86%, 05/13/29
22
21,583
Mining — 0.5%
Covia Holdings Corp., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.55%,
02/26/32
44
44,124
Novelis Corp., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32
238
239,098
 
283,222
Schedule of Investments
92
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oil & Gas — 0.3%
Colossus Acquireco LLC, 08/02/32(e)
$110
$109,372
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.34%, 02/11/30
85
84,867
 
194,239
Packaging & Containers — 1.2%
Charter Next Generation Inc., 2024 Term Loan B1,
(1-mo. CME Term SOFR at 0.75% Floor + 2.75%),
7.09%, 11/29/30
253
253,611
Clydesdale Acquisition Holdings Inc.
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 7.61%, 04/01/32
0
83
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 7.61%, 04/01/32
159
158,599
LABL Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.46%,
10/30/28
158
142,545
Mauser Packaging Solutions Holding Co., 2024 Term
Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%,
04/15/27
89
88,794
Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 8.36%,
02/01/29
56
56,760
Trident TPI Holdings Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 8.05%,
09/15/28
43
42,159
 
742,551
Pharmaceuticals — 1.6%
Amneal Pharmaceuticals LLC
08/01/32(e)
201
200,916
2023 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 5.50%), 9.86%, 05/04/28
97
98,490
Elanco Animal Health Inc., Term Loan B, (1-mo. CME
Term SOFR + 1.85%), 6.18%, 08/01/27
125
124,759
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 8.40%,
10/01/27
72
70,679
ICON Luxembourg SARL, 2024 US Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.30%,
07/03/28
6
6,128
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR + 2.25%), 6.61%, 05/05/28
162
162,342
Option Care Health Inc., 2021 Term Loan B, (1-mo. CME
Term SOFR + 2.25%), 6.61%, 10/27/28
48
48,058
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.60%, 05/19/31
50
47,734
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.36%,
04/20/29
106
106,058
Vizient Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 6.11%, 08/01/31
98
98,324
 
963,488
Pipelines — 0.9%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.11%,
11/22/30
35
34,770
Freeport LNG Investments LLLP, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.58%, 12/21/28
225
224,799
Security
Par
(000
)
Value
Pipelines (continued)
GIP Pilot Acquisition Partners LP, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.29%, 10/04/30
$9
$8,961
M6 ETX Holdings II Midco LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.36%, 04/01/32
65
65,345
New Fortress Energy Inc., 2025 Incremental Term Loan
B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%),
9.81%, 10/30/28
49
22,482
NGL Energy Partners LP, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.75%), 8.11%, 02/03/31
27
26,573
Oryx Midstream Services Permian Basin LLC, 2025
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.60%, 10/05/28
165
165,354
Whitewater Matterhorn Holdings LLC, 2025 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.57%, 06/16/32
16
16,040
 
564,324
Real Estate — 0.4%
CoreLogic Inc., Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.97%, 06/02/28
202
201,492
Cushman & Wakefield US Borrower LLC, 2025 Term
Loan B3, (1-mo. CME Term SOFR at 0.50% Floor +
2.75%), 7.11%, 01/31/30
28
28,543
 
230,035
Real Estate Investment Trusts — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.36%, 05/20/30
71
70,902
Retail — 2.5%
1011778 BC Unlimited Liability Co., 2024 Term Loan B6,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.11%, 09/20/30
222
221,624
Boots Group Bidco Ltd., USD Term Loan, 07/16/32(e)
112
111,790
EG America LLC, 2025 USD Repriced Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.83%, 02/07/28
31
30,851
Foundation Building Materials Holding Co. LLC, 2024
Term Loan B2, (3-mo. CME Term SOFR at 0.00%
Floor + 4.00%), 8.31%, 01/29/31
248
238,714
Gulfside Supply Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31
59
59,665
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME
Term SOFR + 2.25%), 6.61%, 05/12/30
60
59,531
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 2.50%), 6.86%,
12/15/27
138
138,297
Les Schwab Tire Centers, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.84%,
04/23/31
100
100,367
Murphy Oil USA Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 6.08%, 04/07/32
33
33,242
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term
SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28
73
72,374
QXO Building Products Inc., Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.30%,
04/30/32
32
32,368
93
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Retail (continued)
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.58%,
10/19/29
$376
$375,040
 
1,473,863
Semiconductors — 0.5%
Entegris Inc., 2023 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 07/06/29
59
58,965
MKS Inc., 2025 USD Repriced Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 6.35%,
08/17/29
237
236,714
 
295,679
Software — 12.7%
Applied Systems Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.80%,
02/24/31
369
369,084
AthenaHealth Group Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 7.11%,
02/15/29
298
298,051
BCPE Pequod Buyer Inc., USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.36%,
11/25/31
133
132,833
Boxer Parent Co Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.33%,
07/30/31
306
306,131
Capstone Borrower Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.05%,
06/17/30
122
122,206
CCC Intelligent Solutions Inc., Term Loan, (1-mo. CME
Term SOFR + 2.00%), 6.36%, 01/23/32
225
224,767
Central Parent LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.55%,
07/06/29
302
245,086
Clearwater Analytics LLC, 2025 Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.46%,
04/21/32
87
87,055
Cloud Software Group Inc.
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.50% Floor + 3.50%), 7.80%, 03/29/29
273
273,147
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.75%), 8.05%, 03/21/31
225
225,465
Cloudera Inc.
2021 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.85%), 8.21%, 10/08/28
151
144,333
2021 Second Lien Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29
30
26,156
Cotiviti Corp., 2024 Term Loan, (1-mo. CME Term SOFR
+ 2.75%), 7.08%, 05/01/31
311
310,409
Dayforce Inc., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.31%, 03/01/31(d)
201
201,353
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 4.25%), 8.55%, 06/26/31
61
60,425
Dun & Bradstreet Corp. (The), 2024 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.60%,
01/18/29
167
166,451
Ellucian Holdings Inc.
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.75%), 7.11%, 10/09/29
314
313,951
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 4.75%), 9.11%, 11/22/32(d)
49
50,347
Security
Par
(000
)
Value
Software (continued)
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME
Term SOFR at 0.75% Floor + 2.75%), 7.11%,
05/30/31
$218
$218,670
Finastra USA, Inc., 07/30/32(e)
333
330,919
Genesys Cloud Services Holdings II LLC, 2025 USD
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 2.50%), 6.86%, 01/30/32
387
386,327
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.61%, 10/27/28
135
135,968
Mitchell International Inc.
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.61%, 06/17/31
253
253,246
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR +
5.25%), 9.61%, 06/17/32
39
38,472
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.81%, 07/01/31
55
53,405
Planview Parent Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.80%,
12/17/27
29
28,120
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME
Term SOFR + 2.86%), 7.22%, 03/13/28
60
59,394
PointClickCare Technologies Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.08%, 11/03/31
73
73,389
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.01%), 8.32%,
06/02/28
270
264,091
Project Alpha Intermediate Holding Inc., 2024 1st Lien
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor
+ 3.25%), 7.55%, 10/26/30
59
58,867
Project Boost Purchaser LLC, 2025 Refinancing Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 7.07%, 07/16/31
192
191,813
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.55%,
06/28/30
194
194,007
RealPage Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.26%), 7.56%, 04/24/28
189
189,154
Skopima Consilio Parent LLC, 2024 Repriced Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.75%), 8.11%, 05/12/28
85
83,476
SS&C Technologies Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.36%,
05/09/31
363
363,980
UKG Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.81%, 02/10/31
427
426,376
VS Buyer LLC, 2025 Term Loan B, ((3-mo. CME Term
SOFR at 0.00% Floor + 2.75%)), 7.08%, 04/12/31
287
286,509
Waystar Technologies Inc., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.61%, 10/22/29
58
57,776
X AI Corp. TERM LOAN, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 7.25%), 11.55%, 06/28/30
84
80,412
Zelis Payments Buyer Inc.
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
7.11%, 09/28/29
94
93,500
5th Amendment Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 7.61%, 11/26/31
217
216,613
 
7,641,734
Schedule of Investments
94
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Telecommunications — 2.1%
Altice Financing SA, USD 2017 1st Lien Term Loan,
(Prime + 1.75%), 9.25%, 01/31/26(d)
$39
$36,997
Altice France SA, 2023 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.82%,
08/15/28
138
128,009
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.10%,
10/24/30
99
98,958
Digicel International Finance Ltd., 07/30/32(d)(e)
53
52,867
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR + 3.86%), 8.22%, 04/30/28
17
16,647
Level 3 Financing Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 8.61%,
03/27/32
351
353,632
Lumen Technologies Inc.
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.82%, 04/16/29
123
122,070
2024 Extended Term Loan B2, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30
29
28,956
2024 Term Loan A, (1-mo. CME Term SOFR +
6.00%), 10.36%, 06/01/28
3
3,182
Zayo Group Holdings Inc., USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.11%), 7.47%,
03/09/27
425
409,640
 
1,250,958
Transportation — 0.6%
Genesee & Wyoming Inc. (New), 2024 Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.05%, 04/10/31
222
221,071
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.35%), 10.71%, 12/15/26
38
37,824
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30
75
73,838
 
332,733
Total Floating Rate Loan Interests — 86.7%
(Cost: $52,170,470)
52,061,717
 
Shares
 
Common Stocks
Diversified Telecommunication Services — 0.1%
Learfield Communications LLC, NVS, (Acquired
09/06/23, Cost $ 3,910)(d)(i)
312
28,080
Food Products — 0.0%
Hearthside Equity, NVS(g)(h)
276
5,424
Hotels, Restaurants & Leisure — 0.1%
Aimbridge Acquisition Co. Inc., NVS(d)
1,159
74,184
Total Common Stocks — 0.2%
(Cost $81,786)
107,688
Investment Companies
Exchange Traded Funds — 3.5%
iShares 0-5 Year High Yield Corporate Bond ETF(j)
20,250
871,560
Security
Shares
Value
Exchange Traded Funds (continued)
iShares Broad USD High Yield Corporate Bond ETF(b)(j)
18,000
$673,020
iShares iBoxx $ High Yield Corporate Bond ETF(b)(j)
7,175
576,726
 
2,121,306
Total Investment Companies — 3.5%
(Cost $2,042,383)
2,121,306
Preferred Stocks
Software — 0.0%
Veritas Kapital Assurance PLC, Series G-1, Preference
Shares, NVS(d)
76
1,710
Veritas Kapital Assurance PLC, Series G, Preference
Shares, NVS(d)
111
2,498
 
4,208
Total Preferred Stocks — 0.0%
(Cost $2,925)
4,208
Total Long-Term Investments — 92.9%
(Cost: $55,775,326)
55,774,880
Short-Term Securities
Money Market Funds — 12.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.44%(j)(k)(l)
1,351,003
1,351,543
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(j)(k)
5,960,000
5,960,000
Total Short-Term Securities — 12.2%
(Cost: $7,311,462)
7,311,543
Total Investments — 105.1%
(Cost: $63,086,788)
63,086,423
Liabilities in Excess of Other Assets — (5.1)%
(3,070,897
)
Net Assets — 100.0%
$60,015,526
 
(a)
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.
(b)
All or a portion of this security is on loan.
(c)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(e)
Represents an unsettled loan commitment at period end. Certain details associated
with this purchase are not known prior to the settlement date, including coupon rate.
(f)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(g)
Issuer filed for bankruptcy and/or is in default.
(h)
Non-income producing security.
(i)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $28,080, representing less than 0.05% of its net
assets as of period end, and an original cost of $3,910.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
(l)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
95
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan 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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$—
$1,351,673
(a)
$—
$(211
)
$81
$1,351,543
1,351,003
$2,098
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
8,020,000
—
(2,060,000
)(a)
—
—
5,960,000
5,960,000
343,766
—
iShares 0-5 Year High Yield Corporate Bond ETF
1,292,582
—
(426,059
)
1,660
3,377
871,560
20,250
78,025
—
iShares Broad USD High Yield Corporate Bond
ETF
738,000
853,509
(890,356
)
(36,209
)
8,076
673,020
18,000
68,863
—
iShares iBoxx $ High Yield Corporate Bond ETF
1,113,304
—
(550,525
)
11,455
2,492
576,726
7,175
49,340
—
 
 
 
 
$(23,305)
$14,026
$9,432,849
 
$542,092
$—
 
(a)
Represents net amount purchased (sold).
(b)
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
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.43.V1
5.00
%
Quarterly
12/20/29
B+
USD
600
$45,560
$44,844
$716
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-DAY SOFR, 4.39%
Quarterly
Markit iBoxx USD Liquid
Leveraged Loan Index
At Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/20/25
USD
2,000
$17,882
$(21,953
)
$39,835
1-DAY SOFR, 4.39%
Quarterly
Markit iBoxx USD Liquid
Leveraged Loan Index
At Termination
Morgan Stanley
& Co.
International
PLC
N/A
12/20/25
USD
500
4,248
(5,488
)
9,736
1-DAY SOFR, 4.39%
Quarterly
Markit iBoxx USD Liquid
Leveraged Loan Index
At Termination
Morgan Stanley
& Co.
International
PLC
N/A
03/20/26
USD
500
4,082
(5,488
)
9,570
 
 
 
 
 
 
 
 
$26,212
$(32,929
)
$59,141
Schedule of Investments
96
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
 
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps 
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally Cleared Swaps(a)
$44,844
$—
$716
$—
OTC Swaps
—
(32,929
)
59,141
—
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps
$—
$716
$—
$—
$—
$—
$716
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$—
$—
$—
$59,141
$—
$59,141
 
$—
$716
$—
$—
$59,141
$—
$59,857
Liabilities—Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
$—
$—
$—
$—
$32,929
$—
$32,929
For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Swaps
$—
$38,341
$—
$—
$2,214
$—
$40,555
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps
$—
$716
$—
$—
$46,421
$—
$47,137
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Credit default swaps:
Average notional value — sell protection
$862,500
Total return swaps:
Average notional value
$3,500,000
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Swaps - centrally cleared
$—
$461
Swaps - OTC(a)
59,141
32,929
Total derivative assets and liabilities in the Statement of Assets and Liabilities
59,141
33,390
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
—
(461
)
Total derivative assets and liabilities subject to an MNA
$59,141
$32,929
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.
97
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
 
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)
Morgan Stanley & Co. International PLC
$59,141
$(32,929
)
$—
$—
$26,212
 
$59,141
$(32,929
)
$—
$—
$26,212
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)
Morgan Stanley & Co. International PLC
$32,929
$(32,929
)
$—
$—
$—
 
$32,929
$(32,929
)
$—
$—
$—
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Corporate Bonds & Notes
$—
$1,204,431
$—
$1,204,431
Fixed Rate Loan Interests
—
275,530
—
275,530
Floating Rate Loan Interests
—
51,280,266
781,451
52,061,717
Common Stocks
—
5,424
102,264
107,688
Investment Companies
2,121,306
—
—
2,121,306
Preferred Stocks
—
—
4,208
4,208
Short-Term Securities 
Money Market Funds
7,311,543
—
—
7,311,543
Unfunded Floating Rate Loan Interests(a)
—
37
—
37
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(71
)
—
(71
)
 
$9,432,849
$52,765,617
$887,923
$63,086,389
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$716
$—
$716
Interest Rate Contracts
—
59,141
—
59,141
 
$—
$59,857
$—
$59,857
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps.  Swaps are valued at the unrealized appreciation (depreciation) on the instrument.   
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used
Schedule of Investments
98
Schedule of Investments (continued)
July 31, 2025
iShares Floating Rate Loan Active ETF
 
in determining fair value: 
 
Common
Stocks
Floating
Rate Loan
Interests
Preferred
Stocks
Unfunded
Floating
Rate Loan
Interests
Total
Assets:
Opening balance, as of July 31, 2024
$20,280
$1,871,765
$—
$34
$1,892,079
Transfers into Level 3
—
109,127
—
—
109,127
Transfers out of Level 3
—
(912,928
)
—
—
(912,928
)
Accrued discounts/premiums
—
2,394
—
—
2,394
Net realized gain (loss)
716
(3,913
)
(8
)
—
(3,205
)
Net change in unrealized appreciation (depreciation)(a)(b)
7,267
(13,768
)
1,282
(34
)
(5,253
)
Purchases
100,501
991,241
2,934
—
1,094,676
Sales
(26,500
)
(1,262,467
)
—
—
(1,288,967
)
Closing balance, as of July 31, 2025
$102,264
$781,451
$4,208
$—
$887,923
Net change in unrealized appreciation (depreciation) on investment still held at July 31,
2025(b)
$7,267
$(11,796
)
$1,282
$—
$(3,247
)
(a) Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.
(b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on
investments still held at July 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.
 
The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial investments.
See notes to financial statements.
99
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
July 31, 2025
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Municipal Debt Obligations
Alabama — 9.5%
Baldwin County Industrial Development Authority RB
AMT, 5.00%, 06/01/55(a)
$100
$99,847
Black Belt Energy Gas District RB
4.00%, 10/01/25
1,000
1,000,511
4.00%, 10/01/49
500
502,462
5.00%, 11/01/30
300
315,509
5.00%, 03/01/55
475
499,082
5.25%, 02/01/53
1,250
1,311,395
5.25%, 01/01/54
335
355,474
5.25%, 05/01/55
525
560,246
5.25%, 05/01/56
450
458,017
5.50%, 11/01/53
635
666,550
County of Jefferson Alabama Sewer Revenue RB,
5.25%, 10/01/42
1,000
1,034,402
Energy Southeast A Cooperative District RB, 5.75%,
04/01/54
225
245,672
Lower Alabama Gas District (The) RB, 4.00%,
12/01/50
1,135
1,137,137
Southeast Energy Authority A Cooperative District RB
4.00%, 11/01/51
1,200
1,205,004
5.00%, 01/01/56
1,080
1,095,985
5.50%, 01/01/53
405
430,844
Tuscaloosa County Industrial Development Authority
RB, 5.25%, 05/01/44(a)
110
107,795
 
11,025,932
California — 4.9%
California Community Choice Financing Authority RB
4.87%, 12/01/53(b)
750
761,785
5.00%, 03/01/56
275
291,216
California Infrastructure & Economic Development
Bank RB AMT, 9.50%, 01/01/65(a)
465
413,850
California Municipal Finance Authority RB AMT, 4.00%,
07/15/29
500
490,901
California Pollution Control Financing Authority RB
AMT, 4.25%, 07/01/31
525
529,950
City of Los Angeles Department of Airports RB AMT
5.00%, 05/15/34
355
385,962
5.00%, 05/15/35
500
543,949
5.00%, 05/15/39
1,000
1,057,683
San Diego County Regional Airport Authority RB AMT,
5.25%, 07/01/38
200
212,004
San Diego Public Facilities Financing Authority RB,
5.00%, 05/01/33
500
540,814
San Diego Unified School District/California GO,
0.00%, 07/01/31(c)
610
518,045
 
5,746,159
Colorado — 2.5%
City & County of Denver CO Airport System Revenue
RB AMT, 5.00%, 12/01/35
1,010
1,035,224
City & County of Denver Colorado Airport System
Revenue RB AMT, 5.75%, 11/15/34
200
223,588
Colorado Health Facilities Authority RB
4.00%, 08/01/39
185
167,930
5.00%, 11/15/57
275
302,856
5.00%, 11/15/60
285
313,038
Pueblo Urban Renewal Authority TA, Series B, 0.00%,
12/01/25(a)(c)
250
242,750
State of Colorado, 5.00%, 03/15/37
675
682,699
 
2,968,085
Security
Par
(000
)
Value
Connecticut — 1.9%
Connecticut Housing Finance Authority RB, 1.85%,
05/15/38
$205
$146,411
Connecticut State Health & Educational Facilities
Authority RB, Series L, 5.00%, 07/01/45
325
320,000
State of Connecticut GO
5.00%, 03/15/35
125
141,722
5.00%, 11/15/40
895
948,092
State of Connecticut Special Tax Revenue RB
5.00%, 08/01/34
420
420,351
5.00%, 07/01/38
220
236,381
 
2,212,957
District of Columbia — 1.2%
District of Columbia Income Tax Revenue RB, 5.00%,
06/01/40
175
185,047
Metropolitan Washington Airports Authority Aviation
Revenue RB AMT
5.00%, 10/01/34
300
326,174
5.00%, 10/01/37
295
307,736
5.25%, 10/01/41
585
608,383
 
1,427,340
Florida — 4.4%
County of Miami-Dade FL GO, Series A, 5.00%,
07/01/38
1,000
1,005,507
County of Osceola FL Transportation Revenue RB,
5.00%, 10/01/39
985
990,228
County of Osceola Florida Transportation Revenue RB,
5.00%, 10/01/33
415
428,154
Florida Development Finance Corp. RB AMT, 4.38%,
10/01/54(a)
250
247,730
Greater Orlando Aviation Authority RB AMT, 5.00%,
10/01/42
280
280,830
Lakes of Sarasota Community Development District
Special Assessment, 2.75%, 05/01/26
95
94,007
Miami-Dade County Expressway Authority RB, 5.00%,
07/01/30
250
250,259
Mid-Bay Bridge Authority RB
5.00%, 10/01/35
500
501,479
Series A, 5.00%, 10/01/35
1,000
1,000,301
School District of Broward County/Florida COP, 5.00%,
07/01/30
290
294,734
Tohoqua Community Development District Special
Assessment, 2.38%, 05/01/26
60
59,208
 
5,152,437
Georgia — 2.4%
Development Authority of Cobb County (The) RB,
5.70%, 06/15/38(a)
100
98,743
Main Street Natural Gas Inc. RB
5.00%, 12/01/29
850
895,553
5.00%, 05/15/37
500
518,159
5.00%, 12/01/54
500
525,439
5.00%, 05/01/55
270
283,848
5.00%, 12/01/55
500
522,938
 
2,844,680
Hawaii — 0.4%
State of Hawaii Airports System Revenue RB AMT,
5.00%, 07/01/42
500
502,660
Idaho — 0.5%
Idaho Health Facilities Authority RB, 5.00%, 03/01/60
565
609,664
Schedule of Investments
100
Schedule of Investments (continued)
July 31, 2025
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Illinois — 4.5%
Chicago O'Hare International Airport RB
5.00%, 01/01/35
$1,625
$1,633,129
Series B, 5.00%, 01/01/37
200
202,257
City of Chicago Illinois GO
5.00%, 01/01/27
100
102,156
5.00%, 01/01/34
895
928,383
Illinois Finance Authority RB, Class B,2.99%,
05/01/42(b)
500
496,977
Illinois State Toll Highway Authority RB, 5.00%,
01/01/30
785
785,922
Northern Illinois Municipal Power Agency RB, 4.00%,
12/01/36
100
95,548
Rock Island County School District No. 41 Rock
Island/Milan GO, 5.00%, 01/01/42 (AGC)
350
356,549
State of Illinois GO
5.00%, 10/01/30
225
245,531
5.00%, 02/01/37
100
105,510
5.25%, 05/01/40
250
258,240
 
5,210,202
Indiana — 2.0%
Indiana Finance Authority RB
5.00%, 02/01/40
325
348,215
5.00%, 10/01/57
1,670
1,820,980
Indiana Health Facility Financing Authority RB, 5.00%,
11/15/34
125
125,341
 
2,294,536
Kentucky — 2.8%
City of Henderson Kentucky RB AMT, 3.70%,
01/01/32(a)
150
144,031
Kentucky Public Energy Authority RB
4.00%, 02/01/50
1,000
1,008,157
5.00%, 01/01/55
480
507,677
5.25%, 06/01/55
350
369,418
Kentucky State Property & Building Commission RB,
5.00%, 10/01/42
1,040
1,069,565
Louisville/Jefferson County Metropolitan Government
RB, 1.75%, 02/01/35
125
123,173
 
3,222,021
Louisiana — 0.2%
City of Shreveport Louisiana Water & Sewer Revenue
RB, 5.00%, 12/01/40
135
129,192
Louisiana Local Government Environmental Facilities &
Community Development Authority RB,
Class A,2.00%, 06/01/30
145
135,311
 
264,503
Maryland — 0.3%
Montgomery County Housing Opportunities
Commission RB, 3.85%, 07/01/34 (FHA 542(C))
365
364,579
Michigan — 1.0%
Michigan Finance Authority RB, 5.25%, 02/29/40
100
103,675
Michigan State Building Authority RB, 5.00%, 04/15/32
740
743,494
Michigan State Hospital Finance Authority RB, 5.00%,
08/15/55
215
232,914
Michigan Strategic Fund RB AMT, 5.00%, 06/30/29
50
52,020
 
1,132,103
Missouri — 1.6%
Kansas City Industrial Development Authority RB AMT,
5.00%, 03/01/34
750
769,547
Security
Par
(000
)
Value
Missouri (continued)
Missouri Housing Development Commission RB,
3.90%, 05/01/36
$500
$481,067
Missouri Joint Municipal Electric Utility Commission RB,
5.00%, 12/01/34
500
559,021
 
1,809,635
Nebraska — 2.0%
Central Plains Energy Project RB, 5.00%, 05/01/53
1,170
1,220,038
Omaha Public Power District RB, 5.00%, 02/01/41
1,100
1,151,985
 
2,372,023
Nevada — 1.6%
Clark County School District GOL, 5.00%, 06/15/36
1,000
999,629
County of Washoe Nevada RB
3.63%, 03/01/36
275
274,349
4.13%, 03/01/36
90
90,042
Las Vegas Valley Water District GOL, 5.00%, 06/01/34
530
537,671
 
1,901,691
New Jersey — 7.3%
New Jersey Economic Development Authority RB,
5.00%, 06/15/28
225
240,032
New Jersey Educational Facilities Authority RB
5.00%, 07/01/35
1,510
1,551,508
5.00%, 09/01/38
100
104,407
New Jersey Higher Education Student Assistance
Authority RB AMT, 5.00%, 12/01/33
450
469,756
New Jersey Housing & Mortgage Finance Agency RB,
3.50%, 05/01/29 (HUD SECT 8)
240
244,255
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/32
750
831,933
5.00%, 06/15/35
1,110
1,217,352
5.00%, 06/15/37
290
306,254
5.00%, 06/15/43
1,000
1,014,518
New Jersey Turnpike Authority RB, 5.00%, 01/01/37
720
742,052
Tobacco Settlement Financing Corp RB, 5.00%,
06/01/35
500
507,960
Tobacco Settlement Financing Corp. RB
5.00%, 06/01/29
490
509,153
5.00%, 06/01/34
710
724,346
 
8,463,526
New Mexico — 0.3%
New Mexico Mortgage Finance Authority RB, 3.73%,
02/01/42 (HUD SECT 8)
375
375,623
New York — 10.9%
City of New York GO, 5.00%, 02/01/42
500
518,194
New York City Housing Development Corp RB, 3.75%,
05/01/65
465
471,421
New York City Municipal Water Finance Authority RB
5.25%, 06/15/48
250
256,564
Series AA, 5.00%, 06/15/40
855
877,968
New York City Transitional Finance Authority RB
5.00%, 11/01/33
655
737,060
5.00%, 05/01/38
1,000
1,083,054
5.00%, 11/01/43
500
515,344
5.00%, 05/01/44
185
189,508
New York Energy Finance Development Corp RB,
5.00%, 07/01/56(b)
1,100
1,147,072
New York State Dormitory Authority RB
5.00%, 10/01/38 (AG SAW)
1,000
1,068,945
5.00%, 03/15/42
500
521,743
Series E, 5.00%, 03/15/34
585
586,095
101
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
New York (continued)
New York State Environmental Facilities Corp. RB AMT,
5.13%, 09/01/50(a)
$250
$254,932
New York State Thruway Authority RB, 5.00%,
03/15/40
1,000
1,059,559
New York Transportation Development Corp RB AMT
5.00%, 01/01/33
710
716,600
6.00%, 06/30/40
500
531,962
New York Transportation Development Corp. RB AMT
4.00%, 10/01/30
315
313,057
4.00%, 12/01/42
250
214,274
5.00%, 01/01/28
275
282,867
5.00%, 12/01/31
500
538,198
Triborough Bridge & Tunnel Authority RB
5.00%, 11/15/38
100
107,314
5.00%, 11/15/42
650
676,247
 
12,667,978
North Carolina — 1.4%
County of Wake North Carolina RB, 5.00%, 05/01/40
1,000
1,071,454
North Carolina Turnpike Authority RB, 5.00%, 01/01/30
300
320,332
State of North Carolina RB, 5.00%, 03/01/35
260
291,547
 
1,683,333
Ohio — 1.8%
Ohio Air Quality Development Authority RB, 4.00%,
09/01/30
155
157,253
Ohio Air Quality Development Authority RB AMT
4.25%, 11/01/39
195
197,896
4.50%, 01/15/48(a)
200
173,904
Ohio Water Development Authority RB, 5.00%,
12/01/42
805
843,350
Ohio Water Development Authority Water Pollution
Control Loan Fund RB, 5.00%, 12/01/35
430
484,036
Port of Greater Cincinnati Development Authority RB,
3.75%, 12/01/31(a)
250
239,852
 
2,096,291
Oklahoma — 2.7%
Oklahoma City Airport Trust RB AMT, 5.00%, 07/01/43
500
485,209
Oklahoma Turnpike Authority RB, 5.00%, 01/01/41
515
540,962
Oklahoma Water Resources Board RB, 5.00%,
04/01/41
1,850
1,948,806
Tulsa Municipal Airport Trust Trustees/OK RB AMT,
6.25%, 12/01/35
170
187,125
 
3,162,102
Oregon — 1.9%
Oregon State Lottery RB, 5.00%, 04/01/39
1,000
1,077,267
Port of Morrow Oregon GOL, 5.15%, 10/01/26(a)
155
155,234
Port of Portland OR Airport Revenue RB AMT, 5.25%,
07/01/41
665
680,489
Port of Portland Oregon Airport Revenue RB AMT,
5.00%, 07/01/43
300
302,312
 
2,215,302
Pennsylvania — 7.1%
Allegheny County Hospital Development Authority RB,
5.00%, 04/01/26
495
501,763
City of Philadelphia PA Airport Revenue RB AMT,
5.00%, 06/15/34
1,000
1,000,495
Commonwealth Financing Authority RB
5.00%, 06/01/34
1,615
1,661,448
5.00%, 06/01/35
1,605
1,604,898
Pennsylvania Economic Development Financing
Authority RB, 5.00%, 03/15/60
535
571,504
Security
Par
(000
)
Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing
Authority RB AMT
5.50%, 06/30/38
$500
$516,946
5.50%, 06/30/40
500
516,855
5.50%, 06/30/42 (AGM)
380
395,697
Pennsylvania Higher Educational Facilities Authority
RB, 5.00%, 08/15/40
250
261,194
Pennsylvania Housing Finance Agency RB
2.00%, 10/01/32
445
385,225
5.25%, 04/01/32
125
137,622
5.25%, 10/01/32
150
165,405
5.25%, 04/01/33
225
247,959
5.25%, 10/01/33
275
303,189
 
8,270,200
Puerto Rico — 0.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue RB, 4.33%, 07/01/40
250
231,476
Rhode Island — 0.2%
Rhode Island Housing & Mortgage Finance Corp. RB,
5.00%, 10/01/41 (GNMA COLL)
250
253,012
South Carolina — 1.7%
City of Hardeeville South Carolina Special Assessment,
3.00%, 05/01/27(a)
100
96,562
South Carolina Jobs-Economic Development
Authority RB
4.00%, 03/01/62
145
139,629
5.00%, 11/01/34
575
632,981
5.00%, 11/01/49
225
245,487
5.25%, 11/01/42
100
104,111
South Carolina Public Service Authority RB
5.00%, 12/01/43
300
303,402
Series A, 5.00%, 12/01/31
500
506,644
 
2,028,816
Tennessee — 0.7%
Tennergy Corp./Tennessee RB, 5.50%, 10/01/53
750
802,473
Texas — 12.6%
Allen Independent School District GO, 5.00%, 02/15/35
(PSF)
1,000
1,007,883
City of Austin TX Electric Utility Revenue RB, 5.00%,
11/15/35
540
540,988
City of Austin TX Water & Wastewater System Revenue
RB, 5.00%, 11/15/36
1,010
1,025,988
City of Galveston Texas Wharves & Terminal Revenue
RB AMT, 5.00%, 08/01/33
500
524,238
City of Garland Texas Water & Sewer System Revenue
RB, 5.00%, 03/01/41
390
405,945
City of Houston Texas Airport System Revenue
RB AMT
5.00%, 07/15/27
250
252,687
5.00%, 07/15/30
225
224,941
5.50%, 07/15/37
100
103,157
City of Houston TX Airport System Revenue RB AMT,
5.25%, 07/01/36
715
772,325
County of Harris TX RB, 5.00%, 08/15/33
1,000
1,000,919
County of Montgomery TX GO, 5.00%, 03/01/37
730
736,268
Denton Independent School District GO, 5.00%,
08/15/43 (PSF)
650
668,377
Schedule of Investments
102
Schedule of Investments (continued)
July 31, 2025
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Texas (continued)
Harris County Industrial Development Corp RB, 4.05%,
11/01/50
$445
$443,416
Leander Independent School District GO, 5.00%,
08/15/39 (PSF)
500
531,631
Lower Colorado River Authority RB, 5.00%, 05/15/45
475
525,108
Matagorda County Navigation District No. 1 RB, 2.60%,
11/01/29
425
408,570
New Hope Cultural Education Facilities Finance Corp.
RB, 4.00%, 08/15/34
750
747,425
New Hope Higher Education Finance Corp. RB,
Series A, 5.00%, 06/15/30(a)
250
238,571
Spring Independent School District GO, 5.00%,
08/15/40 (PSF)
635
672,322
Tarrant County Cultural Education Facilities Finance
Corp RB
5.00%, 10/01/33
1,000
1,070,240
5.00%, 11/15/64
725
796,062
Tarrant County Cultural Education Facilities Finance
Corp. RB, 5.00%, 07/01/43
425
425,275
Texas Municipal Gas Acquisition & Supply Corp. V RB,
5.00%, 01/01/55
455
478,502
Texas Municipal Gas Acquisition and Supply Corp. II
RB, 3.71%, 09/15/27(b)
150
151,652
Texas Water Development Board RB, 5.00%, 08/01/41
905
943,444
 
14,695,934
Utah — 1.4%
City of Salt Lake City UT Airport Revenue RB AMT,
5.00%, 07/01/36
1,000
1,056,585
Downtown Revitalization Public Infrastructure District
RB, 5.00%, 06/01/35 (AG)
475
524,821
 
1,581,406
Virginia — 0.2%
Virginia Housing Development Authority RB AMT,
2.05%, 12/01/33
270
224,841
Washington — 3.1%
Energy Northwest RB, 5.00%, 07/01/40
400
424,734
Port of Seattle WA RB AMT, 5.25%, 07/01/40
500
517,922
Port of Seattle Washington RB AMT, 5.00%, 04/01/32
435
455,359
State of Washington GO, 5.00%, 02/01/41
1,565
1,647,882
Security
Par
(000
)
Value
Washington (continued)
Washington Health Care Facilities Authority RB
5.00%, 08/01/30
$100
$107,140
5.00%, 08/01/49
495
497,596
 
3,650,633
Wisconsin — 0.9%
City of Milwaukee Wisconsin Sewerage System
Revenue RB, 4.00%, 06/01/31
145
145,073
Public Finance Authority RB, 5.00%, 03/01/34
780
786,139
Wisconsin Health & Educational Facilities Authority RB,
4.20%, 08/15/28
100
100,017
 
1,031,229
Total Long-Term Investments — 98.1%
(Cost: $114,409,578)
114,495,382
 
Shares
 
Short-Term Securities
Money Market Funds — 5.0%
BlackRock Liquidity Funds: MuniCash, 2.51%(d)(e)
5,796,896
5,797,475
Total Short-Term Securities — 5.0%
(Cost: $5,797,475)
5,797,475
Total Investments — 103.1%
(Cost: $120,207,053)
120,292,857
Liabilities in Excess of Other Assets — (3.1)%
(3,561,784
)
Net Assets — 100.0%
$116,731,073
 
(a)
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.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Zero-coupon bond.
(d)
Affiliate of the Fund.
(e)
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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds: MuniCash, 2.51%
$1,416,738
$4,380,738
(a)
$—
$4
$(5
)
$5,797,475
5,796,896
$74,617
$—
 
(a)
Represents net amount purchased (sold).
103
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Intermediate Muni Income Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Municipal Debt Obligations
$—
$114,495,382
$—
$114,495,382
Short-Term Securities 
Money Market Funds
5,797,475
—
—
5,797,475
 
$5,797,475
$114,495,382
$—
$120,292,857
See notes to financial statements.
Schedule of Investments
104
Schedule of Investments
July 31, 2025
iShares Short-Term California Muni Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Municipal Debt Obligations
California — 99.1%
Amador Water Agency Financing Corp. COP, 5.00%,
03/01/26
$500
$505,392
Anaheim Housing & Public Improvements Authority RB,
VRDN, 2.60%, 08/01/25(a)
4,400
4,400,000
Anaheim Redevelopment Agency Successor Agency TA,
5.00%, 02/01/28
425
449,733
Bay Area Toll Authority RB, VRDN, 1.15%, 08/07/25(a)
2,000
2,000,000
Cairn High Grade Funding I LLC, 2.75%, 08/05/25
400
400,013
California Community Choice Financing Authority Clean
Energy Project RB, VRDN, 2.31%, 08/07/25(a)(b)
775
775,000
California Community Choice Financing Authority RB
4.00%, 09/01/27
1,500
1,514,675
4.00%, 05/01/28
1,850
1,863,520
5.00%, 09/01/27
410
421,574
5.00%, 10/01/28
770
799,856
5.00%, 11/01/28
150
158,347
5.00%, 12/01/28
800
832,228
5.00%, 05/01/29
3,635
3,798,463
5.00%, 11/01/29
1,235
1,312,424
5.25%, 01/01/30
3,525
3,730,760
5.50%, 08/01/28
60
63,292
California County Tobacco Securitization Agency RB,
5.00%, 06/01/28
430
448,957
California Health Facilities Financing Authority RB
4.00%, 08/21/25
260
260,086
5.00%, 08/21/25
1,400
1,401,156
California Housing Finance Agency RB
3.50%, 02/01/30 (FHA 542(C))
460
467,641
VRDN, 1.00%, 08/07/25(a)(b)
2,300
2,300,000
California Infrastructure & Economic Development Bank
RB, VRDN, 2.29%, 08/07/25(a)
125
125,000
California Municipal Finance Authority RB
3.30%, 02/01/28(b)
1,000
986,650
3.85%, 08/31/25
2,000
1,999,308
5.00%, 07/01/28
150
158,114
California Municipal Finance Authority RB AMT
3.75%, 10/01/25
1,000
999,580
3.85%, 01/15/26
875
875,799
4.25%, 12/01/25
250
250,050
California Pollution Control Financing Authority RB AMT
3.70%, 08/15/25(b)
1,000
999,915
4.25%, 12/01/27
500
504,605
California State Public Works Board RB
5.00%, 08/31/25
500
500,784
Series C, 5.00%, 11/01/26
1,000
1,029,602
Series F, 5.00%, 08/31/25
200
200,313
California State University
2.68%, 10/06/25
1,000
999,900
2.75%, 10/06/25
2,000
1,999,800
California Statewide Communities Development
Authority RB
5.00%, 11/01/29
1,500
1,637,571
VRDN, 1.74%, 08/07/25(a)
1,700
1,700,000
Central Valley Energy Authority RB, VRDN, 2.31%,
08/07/25(a)(b)
500
500,000
Chino Valley Unified School District GO, VRDN, 2.30%,
08/07/25(a)(b)
500
500,000
City of Long Beach California Harbor Revenue RB AMT,
5.00%, 05/15/27
400
413,551
Security
Par
(000
)
Value
California (continued)
City of Los Angeles Department of Airports RB, 5.00%,
05/15/28
$770
$805,838
City of Los Angeles Department of Airports RB AMT
5.00%, 05/15/26
780
793,176
5.00%, 05/15/26
890
902,608
5.00%, 05/15/27
1,760
1,821,019
5.00%, 11/15/27
200
208,404
5.00%, 05/15/28
1,000
1,054,607
5.00%, 05/15/29
575
614,599
City of Modesto California Water Revenue COP, VRDN,
1.80%, 08/07/25 (AGM)(a)
5,980
5,980,000
Compton Community Redevelopment Agency Successor
Agency TA, 5.00%, 08/01/26 (AGM)
415
424,569
Contra Costa Water District RB, 5.00%, 08/31/25
550
550,955
East County Advanced Water Purification Joint Powers
Authority RB, 5.00%, 06/01/26
125
127,887
East Side Union High School District GO, 5.00%,
08/01/29
100
110,691
El Rancho Unified School District GO
5.00%, 08/01/28 (BAM)
125
134,071
5.50%, 08/01/27 (BAM)
110
116,506
Fullerton Redevelopment Agency Successor Agency,
4.00%, 09/01/26 (BAM)
375
381,530
Irvine Ranch Water District
VRDN, 1.15%, 08/07/25(a)
2,000
2,000,000
Series B, 2.30%, 08/01/25(a)
1,800
1,800,000
Jefferson Union High School District GO, 5.00%, 08/01/29
100
110,543
Jurupa Public Financing Authority, 4.00%, 09/01/29 (BAM)
1,000
1,053,358
Jurupa Unified School District GO, 5.00%, 08/01/27
1,000
1,055,328
Kern Community College District GO, 0.00%, 11/01/25
(AGM)(c)
205
203,615
Lake Elsinore Facilities Financing Authority Successor
Agency, 5.00%, 09/01/29 (AG)
500
547,741
Long Beach Unified School District GO, 0.00%,
08/21/25(c)
500
466,431
Los Angeles County Capital Asset Leasing Corp, 2.65%,
10/02/25
500
499,953
Madera Unified School District GO, 5.00%, 08/01/25
400
400,000
Metropolitan Water District of Southern California RB
VRDN, 1.15%, 08/07/25(a)
100
100,000
VRDN, 1.54%, 08/07/25(a)
5,400
5,400,000
Modesto Irrigation District RB, 5.00%, 10/01/25
920
923,268
Mount Diablo Unified School District/CA GO, 5.00%,
08/01/29
550
608,800
Municipal Improvement Corp of Los Angeles RB, 5.00%,
11/01/29
330
365,839
Norman Y Mineta San Jose International Airport SJC RB
AMT, 5.00%, 03/01/26
900
911,566
Northern California Energy Authority RB
5.00%, 08/01/25
375
375,000
5.00%, 08/01/26
375
381,748
Northern California Transmission Agency RB, 5.00%,
05/01/26
285
290,798
Ontario Public Financing Authority RB, 5.00%, 11/01/29
190
209,927
Orange County Water District COP, VRDN, 2.35%,
08/07/25(a)
3,845
3,845,000
Pajaro Valley Unified School District GO, 0.00%, 08/01/25
(AGM)(c)
460
460,000
Peralta Community College District GO, 5.00%, 08/01/27
500
527,696
Port of Los Angeles RB AMT, 5.00%, 08/01/29
400
430,732
105
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Short-Term California Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
California (continued)
Port of Oakland RB
5.00%, 11/01/27
$1,100
$1,138,502
5.00%, 05/01/28
500
522,702
Port of Oakland RB AMT, 5.00%, 05/01/27
400
412,294
Poway Redevelopment Agency Successor Agency TA,
5.00%, 12/15/25
565
569,815
Poway Unified School District Public Financing
Authority ST
5.00%, 09/01/25 (BAM)
315
315,624
5.00%, 09/01/26
500
512,614
Public Facilities Financing Authority Of The City Of San
Diego/Lease Revenue RB, VRDN, 2.75%,
08/01/25(a)(b)
2,000
2,000,000
Regents of the University of California Medical Center
Pooled Revenue RB
VRDN, 2.25%, 08/01/25(a)
2,180
2,180,000
VRDN, 2.75%, 08/01/25(a)(b)
900
900,000
RGTS of University of CA, 2.93%, 10/09/25
1,000
1,000,542
Sacramento City Unified School District/California GO,
8.00%, 08/01/25 (AGM)
500
500,000
Sacramento County Housing Authority RB, 1.80%,
08/07/25 (FANNIE MAE)(a)
315
315,000
San Diego County Regional Airport Authority RB AMT
5.00%, 07/01/26
405
412,400
5.00%, 07/01/29
300
318,797
San Diego Public Facilities Financing Authority RB, VRDN,
2.37%, 08/07/25(a)(b)
4,600
4,600,000
San Diego Public Facilities Financing Authority RB VRDN,
2.31%, 08/07/25(a)(b)
800
800,000
San Diego Public Facilities Financing Authority Water
Revenue, 2.68%, 08/05/25
2,000
2,000,013
San Francisco City & County Airport Commission San
Francisco International Airport RB AMT
5.00%, 05/01/28
1,145
1,205,199
5.00%, 05/01/29
1,145
1,220,020
San Francisco City & County Airport Comm-San Francisco
International Airport RB, VRDN, 1.00%, 08/07/25(a)
3,000
3,000,000
San Francisco City & County Airport Comm-San Francisco
International Airport RB AMT
5.00%, 05/01/29
1,375
1,466,217
5.00%, 05/01/30
800
863,805
San Francisco City & County Redevelopment Agency
Successor Agency TA, 5.00%, 08/01/28 (AGC)
520
558,864
San Joaquin Valley Clean Energy Authority RB, 5.00%,
07/01/29
840
886,179
San Leandro Unified School District GO, 5.00%, 08/01/25
400
400,000
San Mateo Union High School District GO
VRDN, 2.65%, 08/01/25(a)(b)
100
100,000
Series C, 0.00%, 09/01/27 (NPFGC)(c)
400
382,290
San Rafael City High School District/California GO, 4.00%,
08/21/25
300
300,251
Sequoia Union High School District GO, 4.00%, 07/01/26
440
446,531
Southern California Public Power Authority RB
5.00%, 09/01/26
150
152,962
5.00%, 07/01/29
200
217,866
5.25%, 11/01/25
425
426,680
Security
Par
(000
)
Value
California (continued)
VRDN, 2.30%, 08/07/25(a)
$100
$100,000
State of California Department of Water Resources,
2.77%, 08/12/25
600
600,027
State of California GO
5.00%, 09/01/26
800
822,950
5.00%, 09/01/26
750
771,393
5.00%, 08/01/27
800
841,110
5.00%, 11/01/27
500
525,645
5.00%, 03/01/29
850
925,589
VRDN, 1.15%, 08/07/25(a)
2,000
2,000,000
VRDN, 1.25%, 08/07/25(a)
195
195,000
Stockton Public Financing Authority RB, 5.00%, 10/01/25
(BAM)
140
140,586
Temecula Valley Unified School District Financing
Authority ST
5.00%, 09/01/25
300
300,604
5.00%, 09/01/26
500
513,941
Tender Option Bond Trust Receipts/Certificates GO,
VRDN, 2.75%, 08/07/25(a)(b)
1,250
1,250,000
Tender Option Bond Trust Receipts/Certificates RB,
VRDN, 2.32%, 08/07/25 (AG)(a)(b)
3,000
3,000,000
University of California, 2.67%, 10/01/25
2,000
1,999,996
University of California RB
5.00%, 05/15/26
400
408,593
VRDN, 2.25%, 08/01/25(a)
2,900
2,900,000
VRDN, 2.30%, 08/01/25(a)
900
900,000
Yucaipa Valley Water District Financing Authority RB,
5.00%, 03/01/26
400
406,399
 
130,004,462
Total Long-Term Investments — 99.1%
(Cost: $129,597,367)
130,004,462
 
Shares
 
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds: MuniCash, 2.51%(d)(e)
57,006
57,012
Total Short-Term Securities — 0.1%
(Cost: $57,012)
57,012
Total Investments — 99.2%
(Cost: $129,654,379)
130,061,474
Other Assets Less Liabilities — 0.8%
1,075,141
Net Assets — 100.0%
$131,136,615
 
(a)
Variable rate security. Rate as of period end and maturity is the date the principal
owed can be recovered through demand.
(b)
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.
(c)
Zero-coupon bond.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
Schedule of Investments
106
Schedule of Investments (continued)
July 31, 2025
iShares Short-Term California Muni 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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds: MuniCash
$—
$57,012
(a)
$—
$—
$—
$57,012
57,006
$2,648
$—
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Municipal Debt Obligations
$—
$130,004,462
$—
$130,004,462
Short-Term Securities 
Money Market Funds
57,012
—
—
57,012
 
$57,012
$130,004,462
$—
$130,061,474
See notes to financial statements.
107
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Municipal Debt Obligations
Alabama — 5.5%
Baldwin County Industrial Development Authority RB
AMT, 5.00%, 06/01/55(a)
$1,500
$1,497,703
Black Belt Energy Gas District RB
5.25%, 05/01/55
2,500
2,667,840
5.25%, 05/01/56
1,500
1,526,723
5.50%, 10/01/54
2,000
2,158,120
Energy Southeast A Cooperative District RB, 5.25%,
07/01/54
600
640,512
Hoover Industrial Development Board RB AMT,
5.75%, 10/01/49
3,250
3,268,153
Southeast Alabama Gas Supply District (The) RB,
5.00%, 08/01/54
1,000
1,055,206
Southeast Energy Authority A Cooperative District RB
5.00%, 01/01/56
6,000
6,088,808
5.50%, 01/01/53
100
106,381
Stadium Trace Village Improvement District (The) RB,
3.63%, 03/01/36
1,185
1,044,130
Tuscaloosa County Industrial Development Authority
RB, 5.25%, 05/01/44(a)
175
171,493
 
20,225,069
Arizona — 2.2%
Arizona Industrial Development Authority RB
4.50%, 07/01/29(a)
590
591,961
5.25%, 07/01/37(a)
155
151,582
Glendale Industrial Development Authority RB, 4.00%,
05/15/28
380
369,910
Industrial Development Authority of the County of
Pima (The) RB, 5.00%, 06/15/49(a)
1,235
1,077,242
Maricopa County Industrial Development Authority
RB, 7.38%, 10/01/29(a)
3,750
3,869,295
Maricopa County Industrial Development Authority RB
AMT, 4.00%, 10/15/47(a)
200
155,131
Sierra Vista Industrial Development Authority RB
5.00%, 06/15/34(a)
1,000
1,034,701
5.75%, 06/15/53(a)
160
152,791
6.38%, 06/15/64(a)
500
503,143
 
7,905,756
Arkansas — 0.3%
Arkansas Development Finance Authority RB AMT
5.45%, 09/01/52
150
145,724
6.88%, 07/01/48(a)
1,000
1,061,650
 
1,207,374
California — 7.7%
California Community Choice Financing Authority RB,
5.00%, 01/01/55
4,150
4,320,269
California County Tobacco Securitization Agency RB,
5.00%, 06/01/47
1,370
1,244,548
California Enterprise Development Authority RB,
5.00%, 07/01/50(a)
600
523,685
California Infrastructure & Economic Development
Bank RB AMT, 9.50%, 01/01/65(a)
10,350
9,211,500
California Municipal Finance Authority RB
5.00%, 11/15/39
1,000
965,624
5.50%, 06/01/38(a)
800
800,654
5.88%, 05/01/59(a)
200
201,147
California Municipal Finance Authority RB AMT,
4.00%, 07/15/29
7,200
7,068,977
California Pollution Control Financing Authority RB,
5.00%, 07/01/39(a)
500
504,903
Security
Par
(000
)
Value
California (continued)
California Statewide Communities Development
Authority RB
5.00%, 12/01/41(a)
$500
$480,922
5.00%, 12/01/46(a)
1,000
928,744
California Statewide Financing Authority RB, 0.00%,
06/01/55(a)(b)
4,250
251,940
CSCDA Community Improvement Authority RB
3.25%, 04/01/57(a)
100
70,020
4.00%, 07/01/56(a)
250
196,280
4.00%, 07/01/58(a)
100
64,152
Inland Empire Tobacco Securitization Corp. RB,
0.00%, 06/01/36(b)
1,205
542,575
Tobacco Securitization Authority of Southern California
RB, 5.00%, 06/01/48
1,000
959,155
 
28,335,095
Colorado — 3.9%
City & County of Denver CO RB AMT, 5.00%,
10/01/32
7,000
6,996,866
Colorado Educational & Cultural Facilities
Authority RB
4.00%, 12/01/30(a)
100
98,868
4.00%, 07/01/31(a)
125
122,108
Colorado Health Facilities Authority RB
5.00%, 05/15/49
100
70,938
5.25%, 11/01/39
65
67,893
Elbert County Independence Water & Sanitation
District RB, 5.13%, 12/01/33
1,500
1,499,224
Four Corners Business Improvement District GOL,
6.00%, 12/01/52
1,500
1,487,979
Granary Metropolitan District No. 9 Special
Assessment District No. 1 Special Assessment,
5.45%, 12/01/44(a)
760
712,805
Independence Metropolitan District No. 3 GOL,
7.13%, 12/15/54
500
498,312
Loretto Heights Community Authority RB, 4.88%,
12/01/51
500
373,014
Pueblo Urban Renewal Authority TA, Series B, 0.00%,
12/01/25(a)(b)
150
145,650
Redtail Ridge Metropolitan District GOL, 0.00%,
12/01/32(b)
2,193
1,347,138
Riverpark Metropolitan District/Arapahoe County GOL,
6.38%, 12/01/54
1,000
943,253
 
14,364,048
Connecticut — 0.8%
Connecticut State Health & Educational Facilities
Authority RB, 5.38%, 07/01/54
205
191,846
Mohegan Tribal Finance Authority RB, 7.00%,
02/01/45(a)
455
451,610
Stamford Housing Authority RB
4.25%, 10/01/30
1,500
1,514,309
5.50%, 10/01/35
800
818,471
 
2,976,236
Delaware — 0.0%
Affordable Housing Opportunities Trust RB, 6.88%,
05/01/39(a)
40
36,562
District of Columbia — 0.2%
District of Columbia RB AMT, 5.50%, 02/28/37
90
98,484
Schedule of Investments
108
Schedule of Investments (continued)
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
District of Columbia (continued)
District of Columbia Tobacco Settlement Financing
Corp. RB, Series C, 0.00%, 06/15/55(b)
$6,100
$546,620
 
645,104
Florida — 16.2%
Alachua County Housing Finance Authority RB,
4.90%, 07/01/29(a)
1,850
1,838,691
Arbor Park Phase 1 Community Development District
Special Assessment, 5.75%, 05/01/35
2,000
2,154,834
Avenir Community Development District Special
Assessment, 4.75%, 11/01/50(a)
393
393,566
Babcock Ranch Community Independent Special
District Special Assessment
4.25%, 05/01/32
100
97,746
5.00%, 05/01/42
1,000
949,093
Berry Bay II Community Development District Special
Assessment, 4.45%, 05/01/31
215
214,218
Boggy Creek Improvement District Special
Assessment, 5.13%, 05/01/43
460
440,214
Bradbury Community Development District, 4.38%,
05/01/30
1,620
1,610,007
Brevard County Health Facilities Authority RB, 4.00%,
11/15/32(a)
150
143,793
Buckhead Trails Community Development District,
4.70%, 05/01/31
1,050
1,050,336
Buckhead Trails Community Development District
Special Assessment, 5.60%, 05/01/44
250
239,169
Cabot Citrus Farms Community Development District
Special Assessment, 5.25%, 03/01/29
500
505,002
Capital Projects Finance Authority/Florida RB, 6.63%,
06/15/59(a)
100
98,111
Capital Trust Agency Inc. RB
4.88%, 06/15/56(a)
100
76,416
5.38%, 06/15/48(a)
230
211,034
City of Pompano Beach FL RB, 5.00%, 09/01/39
1,590
1,570,379
Coastal Ridge Community Development District,
4.40%, 05/01/30
2,250
2,277,281
County of Lake Florida RB, 5.00%, 01/15/39(a)
1,350
1,268,117
County of Miami-Dade FL Aviation Revenue RB AMT,
5.00%, 10/01/40
3,500
3,444,213
Crossings Community Development District
Special Assessment
4.75%, 05/01/31
265
266,502
5.35%, 05/01/44
1,000
978,234
Curiosity Creek Community Development District
Special Assessment, 4.65%, 05/01/31(a)
300
307,196
Cypress Creek Reserve Community Development
District, 4.20%, 05/01/30
750
751,193
Darby Community Development District Special
Assessment, 5.88%, 05/01/35
175
173,221
East Nassau Stewardship District Special
Assessment, 5.25%, 05/01/29
885
885,416
Escambia County Health Facilities Authority RB,
5.00%, 08/15/40
1,000
1,007,473
Florida Development Finance Corp. RB
6.00%, 06/15/50
400
383,278
Series A, 5.13%, 06/15/55(a)
500
400,138
Florida Development Finance Corp. RB AMT
4.38%, 10/01/54(a)
2,880
2,853,847
12.00%, 07/15/59(a)(c)(d)
2,900
1,798,000
Gas Worx Community Development District, 4.63%,
05/01/30(a)
345
349,588
Security
Par
(000
)
Value
Florida (continued)
Greenbriar Community Development District Special
Assessment, 4.80%, 05/01/32
$405
$418,115
Hammock Oaks Community Development District
Special Assessment
4.50%, 05/01/32(a)
670
678,023
5.85%, 05/01/44
100
97,908
Hickory Tree Community Development District Special
Assessment, 5.15%, 05/01/44
1,000
955,089
Hillcrest Preserve Community Development District
Special Assessment, 5.00%, 05/01/44(a)
1,000
937,730
Hyde Park Community Development District No. 1
Special Assessment, 5.25%, 05/01/34
1,690
1,713,416
Ibis Landing Community Development District, 4.13%,
06/15/30
200
200,439
Kings Creek I Community Development District
4.50%, 05/01/30
300
302,713
5.00%, 05/01/36
455
462,079
Kingston One Community Development District,
4.25%, 05/01/30
1,000
1,005,439
Lakes of Sarasota Community Development District 2
Special Assessment
5.20%, 05/01/35
3,040
3,045,275
5.85%, 05/01/35
3,175
3,171,147
Lakes of Sarasota Community Development District
Special Assessment, 5.25%, 05/01/34
2,325
2,370,549
Lee County Industrial Development Authority/Florida
RB, 4.75%, 11/15/29
250
252,160
Lowery Hills Community Development District
Special Assessment
4.55%, 05/01/32(a)
440
443,554
4.55%, 06/15/35
370
368,243
LTC Ranch West Residential Community
Development District Special Assessment, 4.75%,
05/01/31
305
302,951
Madeira Community Development District
Special Assessment
4.25%, 06/15/30
260
261,259
5.00%, 05/01/39
585
590,321
Magnolia Island Community Development District
Special Assessment, 5.55%, 05/01/45
750
748,047
Malabar Springs Community Development District
Special Assessment, 4.50%, 05/01/31
440
439,089
Newfield Community Development District
4.40%, 05/01/30
765
774,837
5.00%, 05/01/35
795
817,391
Normandy Community Development District, 4.63%,
05/01/31(a)
2,035
2,038,571
Normandy Community Development District Special
Assessment, 5.30%, 05/01/44(a)
1,500
1,458,671
North AR-1 Pasco Community Development District
Special Assessment, 5.75%, 05/01/44
85
86,232
Parrish Lakes II Community Development District,
4.25%, 05/01/31
1,165
1,154,347
Parrish Plantation Community Development District
Special Assessment, 5.63%, 05/01/44
250
251,481
Reflection Bay Community Development District,
4.50%, 05/01/30
325
328,552
Solaeris Community Development District, 4.63%,
05/01/32(a)
1,085
1,092,941
Tradition Community Development District No. 9
Special Assessment, 4.35%, 05/01/32
535
538,575
109
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Florida (continued)
Two Lakes Community Development District Special
Assessment, 5.00%, 05/01/44
$1,000
$992,685
Village Community Development District No. 14
Special Assessment
5.38%, 05/01/42
95
96,168
5.50%, 05/01/53
95
96,337
West Villages Improvement District, 4.50%, 05/01/31
505
504,027
West Villages Improvement District Special
Assessment, 4.75%, 05/01/39
1,750
1,643,563
 
59,374,230
Georgia — 0.9%
Atlanta Development Authority (The) TA
5.00%, 04/01/34(a)
180
177,849
5.50%, 04/01/39(a)
280
278,637
City of Atlanta GA Water & Wastewater Revenue RB,
5.00%, 11/01/40
1,400
1,399,405
Development Authority of Cobb County (The) RB,
5.70%, 06/15/38(a)
275
271,544
Main Street Natural Gas Inc. RB, 5.00%, 12/01/52
1,000
1,042,315
 
3,169,750
Idaho — 0.2%
Idaho Housing & Finance Association RB, 5.00%,
12/01/38(a)
625
615,446
Illinois — 2.5%
Chicago Board of Education GO
5.00%, 12/01/46
1,000
903,943
5.00%, 12/01/46
475
424,132
5.00%, 12/01/46
500
450,104
5.00%, 12/01/47
500
446,963
City of Marion Illinois Sales Tax Revenue RB, 6.38%,
06/01/45
330
314,944
County of Cook Illinois RB, 6.50%, 01/01/45
750
726,576
Illinois Finance Authority RB, 5.25%, 10/01/39(a)
500
499,051
Illinois State Toll Highway Authority RB
5.00%, 01/01/37
250
249,901
5.00%, 01/01/38
5,000
4,997,777
Metropolitan Pier & Exposition Authority RB, 4.00%,
06/15/50
175
142,868
 
9,156,259
Indiana — 0.2%
City of Valparaiso Indiana RB AMT, 4.50%,
01/01/34(a)
100
102,383
Indiana Finance Authority RB, Class A,4.13%,
12/01/26
640
641,019
 
743,402
Kentucky — 0.6%
City of Henderson Kentucky RB AMT, 4.70%,
01/01/52(a)
650
568,480
Kentucky Economic Development Finance Authority
RB, 5.25%, 06/01/41
1,000
998,067
Kentucky Public Energy Authority RB, 4.00%,
02/01/50
500
504,078
 
2,070,625
Louisiana — 1.3%
Juban Crossing Community Development District
Special Assessment, 6.25%, 06/01/34
3,000
3,027,335
Louisiana Public Facilities Authority RB
5.00%, 06/01/39(a)
1,285
1,230,897
5.00%, 12/15/43(a)
665
605,371
Security
Par
(000
)
Value
Louisiana (continued)
6.50%, 06/01/62(a)
$100
$90,376
 
4,953,979
Maine — 0.1%
Finance Authority of Maine RB, 9.50%, 06/01/32
25
25,042
Finance Authority of Maine RB AMT
4.63%, 12/01/47(a)
175
168,189
8.50%, 06/01/32
25
24,890
8.50%, 06/01/35
100
82,966
Maine Health & Higher Educational Facilities Authority
RB, 4.00%, 07/01/37(a)
260
229,283
 
530,370
Maryland — 0.2%
City of Baltimore Maryland RB, 4.50%, 06/01/33
100
100,163
Maryland Economic Development Corp. RB AMT,
5.25%, 06/30/55
315
291,299
Maryland Health & Higher Educational Facilities
Authority RB, 5.50%, 01/01/46
245
245,991
 
637,453
Massachusetts — 1.4%
Massachusetts School Building Authority RB,
Series C, 5.00%, 08/15/37
5,000
4,999,365
Michigan — 1.2%
City of Detroit Michigan GOL, Series B-1, 4.00%,
04/01/44
348
258,398
Flint International Academy RB, 5.75%, 10/01/37
2,485
2,484,054
Michigan Strategic Fund RB, 5.00%, 11/15/29
1,260
1,301,325
Michigan Strategic Fund RB AMT, 4.00%, 10/01/61
550
544,103
 
4,587,880
Minnesota — 0.1%
City of Forest Lake Minnesota RB, 5.00%, 07/01/56
260
200,816
Missouri — 0.0%
Kansas City Industrial Development Authority RB,
5.00%, 06/01/46(a)
115
103,859
New Hampshire — 3.5%
New Hampshire Business Finance Authority RB
0.00%, 04/01/32(a)(b)
255
170,782
0.00%, 12/15/33(a)(b)
2,500
1,515,253
0.00%, 12/15/33(a)(b)
2,585
1,562,330
3.63%, 07/01/43(a)
250
195,373
5.25%, 12/01/35(a)
2,951
2,949,346
5.38%, 12/01/31(a)
566
566,638
5.38%, 12/15/35(a)
1,229
1,214,465
5.75%, 04/28/42
470
472,308
5.88%, 12/15/33(a)
1,530
1,538,926
5.95%, 12/01/31(a)
1,645
1,685,733
New Hampshire Business Finance Authority RB AMT,
Class A, AMT, 4.00%, 10/01/33,
(SIFMA Municipal Swap Index)
910
914,894
 
12,786,048
New Jersey — 0.2%
Camden County Improvement Authority (The) RB,
6.00%, 06/15/62
75
77,080
New Jersey Economic Development Authority RB
AMT, 6.38%, 01/01/35(a)
835
842,155
 
919,235
Schedule of Investments
110
Schedule of Investments (continued)
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
New York — 7.0%
Build NYC Resource Corp. RB
5.25%, 06/15/43(a)
$500
$470,228
5.50%, 06/15/63(a)
250
223,924
Erie Tobacco Asset Securitization Corp. RB, 5.00%,
06/01/38
2,000
1,814,680
New York Liberty Development Corp. RB
5.00%, 11/15/44(a)
500
480,057
5.38%, 11/15/40(a)
550
542,574
New York State Environmental Facilities Corp. RB
AMT, 5.13%, 09/01/50(a)
250
254,932
New York Transportation Development Corp RB AMT,
5.25%, 08/01/31
10,420
10,693,095
New York Transportation Development Corp. RB,
5.00%, 12/01/38
500
514,621
New York Transportation Development Corp. RB AMT
3.00%, 08/01/31
1,000
921,029
5.00%, 01/01/30
250
254,718
5.00%, 10/01/40
2,310
2,253,040
5.00%, 07/01/46
7,000
6,644,863
Suffolk Regional Off-Track Betting Co. RB
5.00%, 12/01/34
100
102,915
5.75%, 12/01/44
200
204,210
6.00%, 12/01/53
200
203,272
 
25,578,158
North Carolina — 0.2%
North Carolina Medical Care Commission RB, 5.00%,
09/01/34
900
883,061
North Dakota — 0.2%
North Dakota Housing Finance Agency RB, 4.70%,
07/01/49
750
712,640
Ohio — 0.9%
Cleveland-Cuyahoga County Port Authority RB,
5.25%, 01/01/34(a)
750
772,336
Hickory Chase Community Authority RB, 5.00%,
12/01/40(a)
330
309,134
Ohio Air Quality Development Authority RB AMT,
4.50%, 01/15/48(a)
2,400
2,086,851
Port of Greater Cincinnati Development Authority RB,
3.75%, 12/01/31(a)
240
230,257
 
3,398,578
Oklahoma — 0.5%
Oklahoma Development Finance Authority RB,
Series A-2, 7.25%, 09/01/51(a)
250
239,654
Tulsa Authority for Economic Opportunity TA, 4.38%,
12/01/41(a)
100
87,073
Tulsa County Industrial Authority RB
5.00%, 11/15/32
335
342,670
5.00%, 11/15/38
500
487,538
5.25%, 11/15/45
75
71,191
Tulsa Municipal Airport Trust Trustees/OK RB AMT,
6.25%, 12/01/35
680
748,499
 
1,976,625
Oregon — 0.4%
Port of Morrow Oregon GOL, 5.15%, 10/01/26(a)
1,570
1,572,372
Pennsylvania — 5.9%
Allegheny Community Broadband Inc. RB, 7.50%,
09/01/35(a)
255
251,962
Security
Par
(000
)
Value
Pennsylvania (continued)
Allentown Neighborhood Improvement Zone
Development Authority RB
5.00%, 05/01/42(a)
$370
$361,056
5.25%, 05/01/42(a)
1,000
950,630
5.25%, 05/01/42(a)
2,000
1,978,201
Beaver County Industrial Development Authority RB,
3.75%, 10/01/47
295
229,435
Berks County Industrial Development Authority RB,
5.00%, 05/15/37
2,500
2,502,663
Berks County Municipal Authority (The) RB, 5.00%,
10/01/39
390
357,589
City of Philadelphia PA Water & Wastewater Revenue
RB, Series A, 5.00%, 10/01/42
6,475
6,509,831
Doylestown Hospital Authority RB
5.00%, 07/01/31(a)
100
109,519
5.38%, 07/01/39(a)
100
108,372
Hospitals & Higher Education Facilities Authority of
Philadelphia (The) RB, 5.00%, 07/01/33
4,870
4,931,393
Lancaster County Hospital Authority/Pennsylvania RB,
5.25%, 07/01/41
100
93,619
Pennsylvania Economic Development Financing
Authority RB
5.25%, 12/01/37
230
231,482
5.25%, 12/01/38
130
130,837
Pennsylvania Economic Development Financing
Authority RB AMT
5.25%, 06/30/53
100
93,961
5.75%, 06/30/48
860
859,831
VRDN, 4.00%, 06/01/41
(SIFMA Municipal Swap Index)
915
918,624
Pennsylvania Higher Education Assistance Agency
RB AMT
5.00%, 06/01/31
1,000
1,050,869
5.00%, 06/01/51
100
90,479
 
21,760,353
Puerto Rico — 0.9%
Children's Trust Fund RB, Series A, 0.00%,
05/15/57(b)
1,180
59,995
Commonwealth of Puerto Rico GO
0.00%, 07/01/33(b)
515
357,999
5.75%, 07/01/31
2,546
2,761,751
 
3,179,745
Rhode Island — 0.3%
Rhode Island Commerce Corp. RB, 5.00%, 07/01/37
1,110
1,124,379
Tobacco Settlement Financing Corp./Rhode Island
RB, 5.00%, 06/01/50
60
54,523
 
1,178,902
South Carolina — 0.1%
City of Hardeeville South Carolina Special
Assessment, 4.00%, 05/01/52(a)
100
70,839
Patriots Energy Group Financing Agency RB, 5.25%,
10/01/54
160
169,696
South Carolina Jobs-Economic Development Authority
RB, 7.50%, 08/15/62(a)
25
22,434
 
262,969
Tennessee — 0.3%
Metropolitan Government Nashville & Davidson
County Health & Educational Facs Bd RB, 5.00%,
10/01/37
345
350,748
111
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson
County Industrial Development Board Special
Assessment, 0.00%, 06/01/43(a)(b)
$95
$38,880
Tennergy Corp./Tennessee RB, 5.50%, 10/01/53
500
534,982
 
924,610
Texas — 8.4%
Angelina & Neches River Authority RB AMT, Series A,
Class A,7.50%, 12/01/45(a)(c)(d)
100
9,951
Arlington Higher Education Finance Corp. RB
5.75%, 08/15/62
250
183,425
7.88%, 11/01/62(a)
25
25,102
Bexar County Health Facilities Development Corp.
RB, 5.00%, 07/15/26
110
110,400
City of Buda Texas Special Assessment
5.00%, 09/01/33(a)
100
98,103
5.75%, 09/01/33(a)
640
629,153
City of Celina Texas Special Assessment
4.35%, 09/01/30(a)
205
204,459
4.60%, 09/01/35(a)
333
325,677
City of Celina TX
4.50%, 09/01/30(a)
1,702
1,699,144
4.50%, 09/01/31(a)
2,000
2,019,714
City of Corpus Christi Texas Special Assessment
5.38%, 09/15/31
100
99,052
6.13%, 09/15/44
100
93,950
6.50%, 09/15/54
103
96,780
City of Friendswood Texas Special Assessment,
7.00%, 09/15/54
303
293,008
City of Houston Texas Airport System Revenue
RB AMT
5.00%, 07/15/27
1,250
1,263,435
5.50%, 07/15/35
2,000
2,070,941
5.50%, 07/15/38
200
206,067
City of Lowry Crossing TX, 4.25%, 09/15/30(a)
400
403,078
City of Marble Falls Texas Special Assessment,
6.38%, 09/01/44(a)
500
460,251
City of Oak Point Texas Special Assessment, 4.70%,
09/15/31(a)
200
198,120
City of Pilot Point Texas Special Assessment, 6.13%,
09/15/45(a)
240
236,801
City of Princeton Texas Special Assessment
4.25%, 09/01/30(a)
300
302,108
4.38%, 09/01/31(a)
50
50,373
5.00%, 09/01/44(a)
50
45,840
5.13%, 09/01/44(a)
75
70,768
City of Seagoville TX, 4.25%, 09/15/30(a)
954
958,080
Clifton Higher Education Finance Corp. RB, 5.00%,
06/15/34(a)
200
192,909
Club Municipal Management District No 1, 4.38%,
09/01/31(a)
1,500
1,514,958
County of Denton Texas Special Assessment
4.75%, 12/31/30(a)
650
643,420
5.00%, 12/31/35(a)
1,000
974,065
5.25%, 12/31/44(a)
1,000
962,049
County of Denton TX, 4.63%, 12/31/31(a)
1,825
1,820,451
Mesquite Housing Finance Corp. (The) RB, 4.53%,
02/01/44 (FNMA)
1,000
930,583
Mission Economic Development Corp RB AMT,
4.63%, 10/01/31(a)
4,000
3,995,578
Security
Par
(000
)
Value
Texas (continued)
New Hope Cultural Education Facilities Finance
Corp. RB
5.00%, 08/15/50(a)
$1,000
$754,337
5.00%, 08/15/51(a)
1,000
872,044
5.50%, 10/01/35
750
713,876
New Hope Higher Education Finance Corp. RB,
Series A, 5.00%, 06/15/30(a)
250
238,571
Port Beaumont Navigation District RB AMT, 4.00%,
01/01/50(a)
1,810
1,261,309
Port of Beaumont Industrial Development Authority
RB, 4.10%, 01/01/28(a)
2,300
2,033,824
Port of Beaumont Navigation District RB AMT, 5.25%,
01/01/54(a)
600
543,322
Town of Trophy Club Public Improvement District No.
1 Special Assessment, 5.00%, 09/01/30
1,000
1,057,742
 
30,662,818
Utah — 1.8%
Mida Mountain Village Public Infrastructure District TA,
5.50%, 06/15/39(a)
2,250
2,217,755
Utah Charter School Finance Authority RB
3.25%, 06/15/31(a)
915
875,312
5.00%, 06/15/40(a)
1,450
1,352,282
5.00%, 10/15/44 (UT CSCE)
500
492,273
5.25%, 06/15/32(a)
730
752,758
5.25%, 06/15/37(a)
790
759,953
Utah Infrastructure Agency RB
5.50%, 10/15/44
55
55,680
5.50%, 10/15/48
50
49,891
 
6,555,904
Vermont — 4.7%
East Central Vermont Telecommunications District RB,
4.50%, 12/01/44(a)
100
80,050
University of Vermont and State Agricultural College
RB, 5.00%, 10/01/40
12,000
12,002,136
Vermont Economic Development Authority RB AMT,
5.00%, 06/01/52(a)
5,000
5,041,573
 
17,123,759
Virginia — 0.4%
James City County Economic Development Authority
RB, 5.25%, 12/01/27
85
85,092
Tobacco Settlement Financing Corp./Virginia RB,
Series B1, 5.00%, 06/01/47
1,550
1,290,369
Virginia Beach Development Authority RB, 5.38%,
09/01/29
100
101,096
 
1,476,557
Washington — 0.8%
County of King Washington Sewer Revenue RB,
4.00%, 07/01/39
500
478,041
Washington State Housing Finance Commission RB
3.95%, 07/01/29(a)
295
295,106
4.75%, 01/01/34(a)
945
917,823
5.00%, 01/01/26(a)
500
500,802
5.50%, 01/01/44(a)
1,000
921,958
 
3,113,730
Wisconsin — 4.4%
Public Finance Authority RB
0.00%, 12/15/32(a)(b)
1,299
816,969
0.00%, 12/15/37(a)(b)
1,760
858,185
0.00%, 12/15/38(a)(b)
365
163,405
5.00%, 06/15/29(a)
285
290,567
Schedule of Investments
112
Schedule of Investments (continued)
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Wisconsin (continued)
5.00%, 07/15/30(a)
$294
$296,624
5.00%, 06/15/31(a)
315
318,890
5.00%, 12/01/34(a)
765
801,573
5.00%, 12/15/34(a)
825
837,298
5.00%, 12/15/36(a)
2,999
2,913,432
5.00%, 06/15/56(a)
25
18,115
5.25%, 12/01/51(a)
65
42,563
5.50%, 11/15/32(a)
2,000
1,938,442
5.50%, 12/15/32(a)
627
607,690
5.75%, 12/15/33(a)
1,500
1,460,214
7.50%, 07/01/59(a)
1,000
1,095,296
7.75%, 07/01/43(a)
310
313,400
12.00%, 05/16/29(a)
105
116,488
Series A, 5.00%, 06/15/55(a)
500
378,103
Public Finance Authority RB AMT, 5.50%, 07/01/44
1,750
1,754,744
Public Finance Authority TA, 5.00%, 06/01/41(a)
1,000
970,160
 
15,992,158
Total Municipal Debt Obligations — 86.4%
(Cost: $323,412,621)
316,896,900
 
Shares
 
Common Stocks
Building Products — 0.1%
Timberhp by Go Lab Inc., NVS(e)
12,446
83,513
Total Common Stocks — 0.1%
(Cost $0)
83,513
Total Long-Term Investments — 86.5%
(Cost: $323,412,621)
316,980,413
Security
Shares
Value
Short-Term Securities
Money Market Funds — 12.5%
BlackRock Liquidity Funds: MuniCash, 2.51%(f)(g)
45,905,637
$45,910,228
Total Short-Term Securities — 12.5%
(Cost: $45,910,139)
45,910,228
Total Investments — 99.0%
(Cost: $369,322,760)
362,890,641
Other Assets Less Liabilities — 1.0%
3,841,923
Net Assets — 100.0%
$366,732,564
 
(a)
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.
(b)
Zero-coupon bond.
(c)
Issuer filed for bankruptcy and/or is in default.
(d)
Non-income producing security.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(f)
Affiliate of the Fund.
(g)
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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds: MuniCash
$8,706,028
$37,204,200
(a)
$—
$—
$—
$45,910,228
45,905,637
$602,002
$—
 
(a)
Represents net amount purchased (sold).
113
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Short Duration High Yield Muni Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Municipal Debt Obligations
$—
$316,896,900
$—
$316,896,900
Common Stocks
—
—
83,513
83,513
Short-Term Securities 
Money Market Funds
45,910,228
—
—
45,910,228
 
$45,910,228
$316,896,900
$83,513
$362,890,641
See notes to financial statements.
Schedule of Investments
114
Schedule of Investments
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
ACREC LLC, 5.66%, 08/18/42, (1-mo. CME Term
SOFR + 1.310%)(a)(b)
$100
$100,125
ACRES LLC, 5.95%, 08/18/40, (1-mo. CME Term
SOFR + 1.619%)(a)(b)
385
385,458
Affirm Asset Securitization Trust, 5.19%,
04/15/30(a)
292
291,884
Affirm Master Trust, 4.99%, 02/15/33(a)
133
133,551
AGL Core CLO 2 Ltd., 5.79%, 07/20/37, (3-mo.
CME Term SOFR + 1.460%)(a)(b)
250
251,029
Anchorage Capital CLO 17 Ltd., 5.55%,
02/15/38, (3-mo. CME Term SOFR +
1.230%)(a)(b)
250
250,269
Apidos CLO XXXIV, 5.74%, 01/20/35, (3-mo.
CME Term SOFR + 1.412%)(a)(b)
250
250,619
AREIT Ltd.
6.03%, 05/17/41, (1-mo. CME Term SOFR +
1.686%)(a)(b)
175
175,246
5.73%, 12/17/29, (1-mo. CME Term SOFR +
1.388%)(a)(b)
323
323,446
Ares XLI Clo Ltd., 6.03%, 04/15/34, (3-mo. CME
Term SOFR + 1.712%)(a)(b)
300
300,443
Argent Securities Trust, 5.05%, 03/25/36, (1-mo.
CME Term SOFR + 0.694%)(b)
260
141,648
Ballyrock CLO 14 Ltd., 5.71%, 07/20/37, (3-mo.
CME Term SOFR + 1.380%)(a)(b)
250
250,872
BBAM U.S. CLO I Ltd., 5.52%, 03/30/38, (3-mo.
CME Term SOFR + 1.200%)(a)(b)
250
249,935
BDS LLC, 5.93%, 09/19/39, (1-mo. CME Term
SOFR + 1.576%)(a)(b)
138
138,479
Bear Stearns Asset Backed Securities I Trust,
4.72%, 10/25/36, (1-mo. CME Term SOFR +
0.734%)(b)
70
57,528
Bear Stearns Asset-Backed Securities I Trust,
4.85%, 06/25/47, (1-mo. CME Term SOFR +
0.494%)(b)
90
77,474
Bear Stearns Structured Products Trust
6.47%, 03/25/37, (1-mo. CME Term SOFR +
2.114%)(a)(b)
77
75,991
6.47%, 03/25/37, (1-mo. CME Term SOFR +
2.114%)(a)(b)
100
85,118
Benefit Street Partners CLO IV Ltd., 6.23%,
04/20/34, (3-mo. CME Term SOFR +
1.900%)(a)(b)
250
250,474
Benefit Street Partners CLO XXIX, 5.50%,
01/25/38, (3-mo. CME Term SOFR +
1.180%)(a)(b)
250
249,876
Benefit Street Partners CLO XXVII Ltd., 5.70%,
10/20/37, (3-mo. CME Term SOFR +
1.370%)(a)(b)
250
250,750
Birch Grove CLO 6 Ltd., 5.75%, 07/20/37, (3-mo.
CME Term SOFR + 1.380%)(a)(b)
250
250,711
BlueMountain CLO Ltd.
5.51%, 10/25/30, (3-mo. CME Term SOFR +
1.190%)(a)(b)
131
130,510
5.53%, 11/15/30, (3-mo. CME Term SOFR +
1.200%)(a)(b)
119
119,420
BRAVO Residential Funding Trust, 5.55%,
09/25/54(a)(c)
131
130,609
Buckhorn Park CLO Ltd., 5.93%, 07/18/34, (3-mo.
CME Term SOFR + 1.600%)(a)(b)
250
250,020
Security
Par
(000
)
Value
BXMT Ltd., 5.99%, 10/18/42, (1-mo. CME Term
SOFR + 1.639%)(a)(b)
$273
$272,258
CBAM Ltd., 5.71%, 04/20/32, (3-mo. CME Term
SOFR + 1.382%)(a)(b)
264
264,697
CIFC Funding Ltd.
7.44%, 07/18/31, (3-mo. CME Term SOFR +
3.112%)(a)(b)
250
250,614
5.77%, 07/16/37, (3-mo. CME Term SOFR +
1.450%)(a)(b)
250
250,743
5.62%, 01/15/40, (3-mo. CME Term SOFR +
1.300%)(a)(b)
250
250,637
5.41%, 04/15/38, (3-mo. CME Term SOFR +
1.130%)(a)(b)
250
249,755
6.28%, 07/15/36, (3-mo. CME Term SOFR +
1.962%)(a)(b)
250
250,549
6.07%, 10/24/37, (3-mo. CME Term SOFR +
1.750%)(a)(b)
250
250,912
CIT Mortgage Loan Trust, 7.09%,
10/25/37, (1-mo. CME Term SOFR +
2.739%)(a)(b)
425
418,033
Citigroup Mortgage Loan Trust Inc., 8.22%,
07/25/37, (1-mo. CME Term SOFR +
3.864%)(b)
134
119,514
Clover CLO LLC, 5.39%, 01/25/35, (3-mo. CME
Term SOFR + 1.070%)(a)(b)
250
250,391
College Ave Student Loans LLC
5.33%, 05/25/55(a)
71
71,608
2.32%, 07/26/55(a)
178
160,321
Compass Datacenters Issuer III LLC, 5.29%,
07/25/50(a)
124
124,035
Creeksource Dunes Creek CLO Ltd.
5.73%, 01/15/38, (3-mo. CME Term SOFR +
1.410%)(a)(b)
250
251,064
6.07%, 01/15/38, (3-mo. CME Term SOFR +
1.750%)(a)(b)
250
250,243
CWABS Asset-Backed Certificates Trust
6.30%, 12/25/35(b)
52
50,766
4.89%, 04/25/46, (1-mo. CME Term SOFR +
0.534%)(b)
283
216,858
Diameter Capital CLO 10 Ltd., 5.60%,
04/20/38, (3-mo. CME Term SOFR +
1.310%)(a)(b)
500
500,944
Diameter Capital CLO 8 Ltd., 5.73%,
10/20/37, (3-mo. CME Term SOFR +
1.400%)(a)(b)
350
351,225
Dwight Issuer LLC, 6.01%, 09/18/42, (1-mo. CME
Term SOFR + 1.662%)(a)(b)
100
100,090
ELFI Graduate Loan Program LLC, 5.56%,
08/25/49(a)
155
156,107
Elmwood CLO 24 Ltd., 5.60%, 01/17/38, (3-mo.
CME Term SOFR + 1.320%)(a)(b)
258
258,580
Elmwood CLO 39 Ltd., 5.42%, 04/17/38, (3-mo.
CME Term SOFR + 1.140%)(a)(b)
250
249,754
First Franklin Mortgage Loan Trust, 5.07%,
01/25/36, (1-mo. CME Term SOFR +
0.714%)(b)
328
291,554
First NLC Trust, 4.65%, 08/25/37, (1-mo. CME
Term SOFR + 0.294%)(a)(b)
42
20,821
FirstKey Homes Trust
3.50%, 07/17/38(a)
184
178,659
5.00%, 05/19/39(a)
170
166,942
FNA 8 LLC, 5.62%, 03/15/45(a)(b)
91
90,811
115
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Foundation Finance Trust, 4.93%, 03/15/50(a)
$95
$94,493
FS Rialto Issuer LLC, 5.98%, 10/19/39, (1-mo.
CME Term SOFR + 1.631%)(a)(b)
100
100,697
Galaxy XX CLO Ltd., 5.94%, 04/20/31, (3-mo.
CME Term SOFR + 1.612%)(a)(b)
209
208,879
Generate CLO 20 Ltd., 6.02%, 01/25/38, (3-mo.
CME Term SOFR + 1.700%)(a)(b)
250
250,889
Generate CLO 9 Ltd., 5.68%, 01/20/38, (3-mo.
CME Term SOFR + 1.350%)(a)(b)
250
250,875
Goldentree Loan Management U.S. Clo 26 Ltd.,
1.00%, 07/20/38, (3-mo. CME Term SOFR +
1.650%)(a)(b)
250
250,000
Goldman Home Improvement Trust Issuer Trust,
4.50%, 06/25/52(a)
18
17,719
Golub Capital Partners CLO 77 B Ltd., 5.57%,
01/25/38, (3-mo. CME Term SOFR +
1.250%)(a)(b)
250
250,358
GoodLeap Home Improvement Solutions Trust
5.35%, 10/20/46(a)
96
96,349
5.38%, 02/20/49(a)
95
95,267
5.32%, 06/20/49(a)
113
113,159
5.98%, 06/20/49(a)
172
173,065
GreenSky Home Improvement Issuer Trust
5.26%, 10/27/59(a)
183
183,908
5.25%, 10/27/59(a)
149
149,101
GreenSky Home Improvement Trust
5.67%, 06/25/59(a)
64
65,353
5.87%, 06/25/59(a)
172
174,483
GSAMP Trust, 4.92%, 06/25/36, (1-mo. CME
Term SOFR + 0.564%)(b)
50
42,239
JP Morgan Mortgage Acquisition Trust, 4.47%,
11/25/36(c)
200
202,440
Lendmark Funding Trust
2.00%, 04/20/32(a)
130
123,532
5.33%, 09/20/34(a)
100
100,759
Lewey Park CLO Ltd., 6.03%, 10/21/37, (3-mo.
CME Term SOFR + 1.700%)(a)(b)
250
250,625
LoanCore, 5.73%, 08/17/42, (1-mo. CME Term
SOFR + 1.385%)(a)(b)
116
115,898
Long Beach Mortgage Loan Trust, 4.83%,
03/25/46, (1-mo. CME Term SOFR +
0.474%)(b)
339
264,015
Madison Park Funding LXXI Ltd., 5.41%,
04/23/38, (3-mo. CME Term SOFR +
1.140%)(a)(b)
250
249,758
Mariner Finance issuance Trust, 4.91%,
11/20/38(a)
100
100,506
Mariner Finance Issuance Trust
4.98%, 05/20/38(a)
195
196,537
5.69%, 05/20/38(a)
100
101,146
MFA Trust, 6.33%, 09/25/54(c)
91
90,972
MidOcean Credit CLO XI Ltd., 5.54%,
01/18/36, (3-mo. CME Term SOFR +
1.210%)(a)(b)
250
250,525
MidOcean Credit CLO XII Ltd., 5.67%,
07/18/38, (3-mo. CME Term SOFR +
1.340%)(a)(b)
250
250,788
Milford Park CLO Ltd., 5.49%, 01/20/38, (3-mo.
CME Term SOFR + 1.160%)(a)(b)
250
249,875
Security
Par
(000
)
Value
Morgan Stanley ABS Capital I Inc. Trust
4.54%, 10/25/36, (1-mo. CME Term SOFR +
0.184%)(b)
$188
$80,711
4.70%, 11/25/36, (1-mo. CME Term SOFR +
0.574%)(b)
703
402,058
Morgan Stanley Mortgage Loan Trust
6.51%, 10/25/36(c)
11
2,292
6.36%, 01/25/47
79
27,798
Navient Private Education Loan Trust
3.16%, 11/15/68(a)
100
89,273
2.46%, 11/15/68(a)
94
90,033
Navient Private Education Refi Loan Trust
3.13%, 02/15/68(a)
50
48,979
6.06%, 11/15/68, (1-mo. CME Term SOFR +
1.714%)(a)(b)
110
110,927
5.66%, 10/15/72(a)
73
74,137
3.90%, 01/15/43(a)
129
123,692
Series 2020-IA, Class A1B, 5.46%,
04/15/69, (1-mo. CME Term SOFR +
1.114%)(a)(b)
258
256,834
Nelnet Student Loan Trust
5.50%, 04/20/62, (1-mo. CME Term SOFR +
1.144%)(a)(b)
381
380,360
5.44%, 03/15/57, (30-day Avg SOFR +
1.100%)(a)(b)
262
260,466
Neuberger Berman Loan Advisers CLO 40 Ltd.,
5.64%, 04/16/33, (3-mo. CME Term SOFR +
1.322%)(a)(b)
226
225,927
New Mountain CLO 3 Ltd., 6.69%,
10/20/34, (3-mo. CME Term SOFR +
2.362%)(a)(b)
250
250,378
NYMT Trust, 7.38%, 05/25/64(a)(c)
128
127,239
OCP CLO Ltd.
5.67%, 11/26/37, (3-mo. CME Term SOFR +
1.340%)(a)(b)
650
652,133
5.66%, 01/21/38, (3-mo. CME Term SOFR +
1.330%)(a)(b)
250
250,737
5.46%, 04/16/38, (3-mo. CME Term SOFR +
1.140%)(a)(b)
410
409,601
OHA Credit Funding 5 Ltd., 5.68%,
10/18/37, (3-mo. CME Term SOFR +
1.350%)(a)(b)
250
250,766
OHA Credit Funding 6 Ltd., 5.66%,
10/20/37, (3-mo. CME Term SOFR +
1.330%)(a)(b)
250
250,714
OHA Loan Funding Ltd., 5.79%, 07/20/37, (3-mo.
CME Term SOFR + 1.460%)(a)(b)
250
251,030
OneMain Direct Auto Receivables Trust, 6.10%,
07/14/37(a)
267
270,537
Onemain Financial Issuance Trust, 6.03%,
05/14/41(a)
148
155,144
OneMain Financial Issuance Trust
6.17%, 09/15/36(a)
100
102,728
5.79%, 05/14/41(a)
100
103,971
Option One Mortgage Loan Trust, 5.86%,
01/25/37(c)
33
32,387
Orchard Park CLO Ltd., 5.69%, 10/20/37, (3-mo.
CME Term SOFR + 1.360%)(a)(b)
250
250,760
Owl Rock CLO VII LLC, 5.73%, 04/20/38, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
250
248,750
Schedule of Investments
116
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Palmer Square CLO Ltd., 5.59%,
07/15/38, (3-mo. CME Term SOFR +
1.320%)(a)(b)
$250
$250,731
Palmer Square Loan Funding Ltd., 5.42%,
04/15/31, (3-mo. CME Term SOFR +
1.100%)(a)(b)
44
44,463
Park Blue Clo Ltd., 1.00%, 10/20/38, (3-mo. CME
Term SOFR + 1.350%)(a)(b)
250
250,000
Park Blue CLO Ltd., 5.47%, 04/25/38, (3-mo.
CME Term SOFR + 1.220%)(a)(b)
250
250,041
Point Broadband Funding LLC, 5.73%,
07/20/55(a)
153
153,111
PRET LLC
7.00%, 07/25/54(a)(c)
87
86,901
5.96%, 09/25/54(a)(c)
136
136,121
Rad CLO 15 Ltd., 5.70%, 07/20/40, (3-mo. CME
Term SOFR + 1.360%)(a)(b)
250
250,875
RAMP Series Trust, 5.03%, 02/25/37, (1-mo.
CME Term SOFR + 0.674%)(b)
111
24,578
RCKT Mortgage Trust, 8.01%, 04/25/44(a)(b)
138
140,651
Regatta IX Funding Ltd., 6.28%, 04/17/37, (3-mo.
CME Term SOFR + 2.000%)(a)(b)
250
251,195
Regatta XVIII Funding Ltd., 5.48%,
04/15/38, (3-mo. CME Term SOFR +
1.160%)(a)(b)
250
249,762
Regional Management Issuance Trust
1.90%, 08/15/33(a)
100
95,219
5.53%, 04/17/34(a)
100
100,846
Republic Finance Issuance Trust
5.91%, 08/20/32(a)
115
116,307
5.42%, 11/20/37(a)
114
115,172
Rockford Tower CLO Ltd.
5.68%, 05/20/31, (3-mo. CME Term SOFR +
1.362%)(a)(b)
98
98,040
5.97%, 08/20/32, (3-mo. CME Term SOFR +
1.650%)(a)(b)
250
250,314
Romark WM-R Ltd. Series 2018-1A, Class A1,
5.62%, 04/20/31, (3-mo. CME Term SOFR +
1.292%)(a)(b)
99
99,035
RR 16 Ltd., 6.23%, 07/15/36, (3-mo. CME Term
SOFR + 1.912%)(a)(b)
250
250,599
RR 18 Ltd., 6.18%, 10/15/34, (3-mo. CME Term
SOFR + 1.862%)(a)(b)
250
250,552
RR 32 Ltd., 5.68%, 10/15/39, (3-mo. CME Term
SOFR + 1.360%)(a)(b)
250
250,751
Sagard-Halseypoint CLO 8 Ltd., 5.70%,
01/30/38, (3-mo. CME Term SOFR +
1.390%)(a)(b)
250
251,078
Sagard-Halseypoint Clo 9 Ltd., 6.18%,
04/20/38, (3-mo. CME Term SOFR +
1.900%)(a)(b)
400
401,949
Sandstone Peak II Ltd., 5.74%, 07/20/38, (3-mo.
CME Term SOFR + 1.410%)(a)(b)
250
251,069
Saxon Asset Securities Trust
4.76%, 01/25/47, (1-mo. CME Term SOFR +
0.404%)(b)
212
207,153
3.14%, 08/25/35(c)
167
125,306
Sesac Finance LLC, 5.50%, 07/25/55(a)
91
89,474
Silver Point CLO 5 Ltd., 5.73%, 10/20/37, (3-mo.
CME Term SOFR + 1.400%)(a)(b)
250
250,935
Silver Point CLO 7 Ltd., 5.68%, 01/15/38, (3-mo.
CME Term SOFR + 1.360%)(a)(b)
250
250,937
Security
Par
(000
)
Value
Silver Point CLO 8 Ltd., 5.43%, 04/15/38, (3-mo.
CME Term SOFR + 1.210%)(a)(b)
$250
$250,000
SLM Private Education Loan Trust, 9.21%,
10/15/41, (1-mo. CME Term SOFR +
4.864%)(a)(b)
55
57,918
SMB Private Education Loan Trust
2.31%, 01/15/53(a)
169
164,355
6.14%, 10/16/56, (30-day Avg SOFR +
1.800%)(a)(b)
121
123,207
5.21%, 10/15/35, (1-mo. CME Term SOFR +
0.864%)(a)(b)
53
53,115
5.79%, 03/15/56, (30-day Avg SOFR +
1.450%)(a)(b)
84
85,320
5.26%, 02/15/36, (1-mo. CME Term SOFR +
0.914%)(a)(b)
56
56,445
5.03%, 03/17/53, (1-mo. CME Term SOFR +
0.714%)(a)(b)
100
98,868
1.29%, 07/15/53(a)
125
117,189
SoFi Consumer Loan Program Trust, 4.80%,
02/27/34(a)
183
182,736
Sofi Professional Loan Program LLC
3.09%, 08/17/48(a)
78
76,069
4.11%, 06/15/48(a)
130
123,459
3.05%, 11/16/48(a)
227
201,855
SoFi Professional Loan Program LLC
2.37%, 11/16/48(a)
71
68,142
1.95%, 02/15/46(a)
79
73,790
Soundview Home Loan Trust
5.49%, 11/25/35, (1-mo. CME Term SOFR +
1.134%)(b)
46
36,720
4.99%, 01/25/37, (1-mo. CME Term SOFR +
0.639%)(b)
149
141,581
STAR Trust, 6.79%, 02/17/42, (1-mo. CME Term
SOFR + 2.450%)(a)(b)
350
350,000
Stream Innovations Issuer Trust, 5.05%,
09/15/45(a)
110
110,410
Structured Asset Securities Corp. Mortgage Loan
Trust, 4.79%, 01/25/37, (1-mo. CME Term
SOFR + 0.274%)(b)
34
32,250
Subway Funding LLC, 6.27%, 07/30/54(a)
30
30,294
Sycamore Tree CLO Ltd., 5.72%,
01/20/38, (3-mo. CME Term SOFR +
1.390%)(a)(b)
310
311,361
Symphony CLO XXVI Ltd., 5.67%,
04/20/33, (3-mo. CME Term SOFR +
1.342%)(a)(b)
189
188,823
Terwin Mortgage Trust, 5.49%, 06/25/36, (1-mo.
CME Term SOFR + 1.134%)(b)
25
21,924
Trestles CLO Ltd., 5.78%, 07/25/37, (3-mo. CME
Term SOFR + 1.460%)(a)(b)
250
251,016
Voya CLO Ltd., 5.55%, 04/25/31, (3-mo. CME
Term SOFR + 1.232%)(a)(b)
223
222,984
Washington Mutural Asset-Backed Certificates
WMABS Series Trust
4.59%, 11/25/36, (1-mo. CME Term SOFR +
0.234%)(b)
12
3,832
4.81%, 11/25/36, (1-mo. CME Term SOFR +
0.454%)(b)
110
34,213
Total Asset-Backed Securities — 12.2%
(Cost: $31,150,639)
31,345,583
117
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Collateralized Mortgage Obligations
Asset-Backed Securities — 0.0%
FIGRE Trust, 5.75%, 07/25/53(a)(b)
USD118
$119,217
Mortgage Securities — 0.4%
1301 Trust
5.23%, 08/11/30(a)
USD20
20,000
7.48%, 08/11/30(a)
USD38
38,000
8.37%, 08/11/30(a)
USD421
421,000
Durst Commercial Mortgage Trust
1.00%, 08/10/42(a)
USD100
100,000
5.32%, 08/10/42(a)
USD120
120,000
PENN Commercial Mortgage Trust 2025-P11,
5.52%, 08/10/42(a)
USD15
15,043
PRPM 2025-NQM3 Trust
5.61%, 05/25/70(a)
USD113
112,932
6.86%, 05/25/70(a)
USD150
148,825
 
975,800
Mortgage-Backed Securities — 15.0%
1345T
5.94%, 06/15/30, (1-mo. CME Term SOFR +
1.600%)(a)(b)
USD287
287,441
8.84%, 06/15/30, (1-mo. CME Term SOFR +
4.500%)(a)(b)
USD40
39,999
2023-MIC Trust (The), 8.44%, 12/05/38(a)(b)
USD10
10,818
245 Park Avenue Trust, 3.66%, 06/05/37(a)(b)
USD145
135,699
A&D Mortgage Trust
5.70%, 11/25/69(a)
USD90
90,492
6.52%, 11/25/69(a)(b)
USD100
100,823
ACRA Trust, 5.61%, 10/25/64(a)(c)
USD136
135,991
ALA Trust, 7.39%, 06/15/40, (1-mo. CME Term
SOFR + 3.091%)(a)(b)
USD37
37,208
Alternative Loan Trust
4.75%, 04/25/47, (1-mo. CME Term SOFR +
0.394%)(b)
USD132
120,516
4.78%, 11/25/35, (1-mo. CME Term SOFR +
0.464%)(b)
USD16
11,939
4.93%, 11/25/36, (1-mo. CME Term SOFR +
0.574%)(b)
USD99
85,318
4.93%, 05/20/46, (1-mo. CME Term SOFR +
0.574%)(b)
USD203
179,480
4.97%, 07/25/46, (1-mo. CME Term SOFR +
0.614%)(b)
USD187
161,210
5.13%, 11/20/35, (1-mo. CME Term SOFR +
0.774%)(b)
USD3
2,456
5.50%, 07/25/35
USD8
4,691
5.75%, 05/25/36
USD91
33,769
7.09%, 02/25/35, (1-mo. CME Term SOFR +
2.739%)(b)
USD302
288,473
American Home Mortgage Investment Trust,
6.07%, 05/25/36, (1-mo. CME Term SOFR +
1.739%)(b)
USD483
38,892
Angel Oak Mortgage Trust
4.75%, 09/26/67(a)(c)
USD79
77,981
5.21%, 08/25/68(a)(c)
USD166
164,420
5.35%, 10/25/69(a)(c)
USD44
43,906
5.41%, 07/25/70(a)
USD107
106,482
5.64%, 02/25/70(a)(c)
USD188
188,148
5.69%, 01/25/70(a)(c)
USD341
340,663
Arbor Multifamily Mortgage Securities Trust,
3.28%, 02/15/55(a)(b)
USD170
156,236
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
ARES Commercial Mortgage Trust, 6.03%,
07/15/41, (1-mo. CME Term SOFR +
1.692%)(a)(b)
USD293
$294,007
ARES1, 5.78%, 10/15/34, (1-mo. CME Term
SOFR + 1.443%)(a)(b)
USD80
80,175
Atrium Hotel Portfolio Trust
5.41%, 11/10/29(a)(b)
USD300
303,178
9.21%, 11/10/29(a)(b)
USD10
10,199
BAHA Trust
5.97%, 12/10/41(a)(b)
USD210
215,651
6.84%, 12/10/41(a)(b)
USD10
10,320
7.52%, 12/10/41(a)(b)
USD114
117,323
BAMLL Trust
6.19%, 02/15/42, (1-mo. CME Term SOFR +
1.850%)(a)(b)
USD86
86,003
6.69%, 08/15/39, (1-mo. CME Term SOFR +
2.350%)(a)(b)
USD20
20,049
9.59%, 02/15/42, (1-mo. CME Term SOFR +
5.250%)(a)(b)
USD51
51,321
Banc of America Alternative Loan Trust
5.50%, 10/25/33
USD91
91,038
6.50%, 10/25/36(c)
USD7
1,828
Banc of America Funding Trust, 5.75%, 01/25/37
USD0
55
BANK 2021-BNK35, 2.90%, 06/15/64(b)
USD13
11,018
Bank of America Merrill Lynch Commercial
Mortgage Trust, Series 2017-BNK33.88%,
02/15/50(b)
USD90
86,699
Barclays Mortgage Loan Trust
5.66%, 01/25/65(a)(c)
USD236
235,974
7.63%, 05/25/65(a)(b)
USD300
299,039
BAY Mortgage Trust, 6.14%, 05/15/35, (1-mo.
CME Term SOFR + 1.800%)(a)(b)
USD161
161,127
BBCMS Mortgage Trust
4.50%, 07/15/58(a)
USD18
13,730
5.59%, 07/15/58
USD243
251,507
5.66%, 05/15/58
USD12
12,436
5.84%, 07/15/58
USD27
27,842
6.12%, 07/15/58
USD20
20,685
Series 2018-TALL, Class A, 5.26%,
03/15/37, (1-mo. CME Term SOFR +
0.919%)(a)(b)
USD100
95,017
BCAP LLC Trust, 4.25%, 05/26/46, (12-mo. MTA
+ 0.940%)(a)(b)
USD100
81,089
Bear Stearns Asset Backed Securities I Trust
4.82%, 03/25/36, (1-mo. CME Term SOFR +
0.464%)(b)
USD14
3,535
5.03%, 04/25/36, (1-mo. CME Term SOFR +
0.674%)(b)
USD117
109,830
Bear Stearns Mortgage Funding Trust, 4.81%,
03/25/37, (1-mo. CME Term SOFR +
0.454%)(b)
USD75
71,127
Benchmark Mortgage Trust, Series 2020-B21,
Class A5, 1.98%, 12/17/53
USD56
48,709
BFLD Commercial Mortgage Trust
5.83%, 11/15/41, (1-mo. CME Term SOFR +
1.493%)(a)(b)
USD20
20,063
7.98%, 11/15/41, (1-mo. CME Term SOFR +
3.640%)(a)(b)
USD13
13,007
BFLD Mortgage Trust, 6.23%, 07/15/41, (1-mo.
CME Term SOFR + 1.890%)(a)(b)
USD16
16,070
Schedule of Investments
118
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
BFLD Trust, 5.89%, 06/15/42, (1-mo. CME Term
SOFR + 1.550%)(a)(b)
USD218
$218,136
BHMS Mortgage Trust
5.89%, 07/15/35, (1-mo. CME Term SOFR +
1.547%)(a)(b)
USD100
99,980
6.14%, 07/15/35, (1-mo. CME Term SOFR +
1.797%)(a)(b)
USD100
99,855
BMP, 7.73%, 06/15/41, (1-mo. CME Term SOFR
+ 3.389%)(a)(b)
USD11
10,982
BMP Trust, 6.73%, 06/15/41, (1-mo. CME Term
SOFR + 2.390%)(a)(b)
USD285
285,802
BPR Mortgage Trust, 7.50%, 12/05/39(a)
USD100
103,715
BRAVO Residential Funding Trust
5.46%, 07/25/65(a)
USD200
199,998
5.68%, 11/25/64(a)(c)
USD137
137,775
8.00%, 09/25/63(a)(b)
USD100
100,772
BSTN Commercial Mortgage Trust, 6.24%,
06/15/44(a)(b)
USD100
102,102
BWAY Trust, 6.31%, 05/05/42(a)(b)
USD18
18,338
BX 2024-PALM, 6.98%, 06/15/37, (1-mo. CME
Term SOFR + 2.640%)(a)(b)
USD304
304,416
BX Commercial Mortgage Trust
2.84%, 03/09/44(a)
USD100
91,224
4.66%, 11/15/41(a)(b)
CAD8
5,817
5.79%, 04/15/40, (1-mo. CME Term SOFR +
1.443%)(a)(b)
USD190
190,416
5.83%, 10/15/41, (1-mo. CME Term SOFR +
1.492%)(a)(b)
USD96
96,098
5.88%, 05/15/34, (1-mo. CME Term SOFR +
1.541%)(a)(b)
USD197
197,463
5.98%, 12/15/39, (1-mo. CME Term SOFR +
1.642%)(a)(b)
USD264
265,014
5.98%, 05/15/41, (1-mo. CME Term SOFR +
1.641%)(a)(b)
USD260
260,712
6.03%, 08/15/39, (1-mo. CME Term SOFR +
1.691%)(a)(b)
USD94
93,934
6.10%, 12/09/40, (1-mo. CME Term SOFR +
1.761%)(a)(b)
USD107
107,603
7.03%, 03/15/41, (1-mo. CME Term SOFR +
2.690%)(a)(b)
USD79
79,460
7.22%, 10/15/41, (1-mo. CME Term SOFR +
2.880%)(a)(b)
USD51
51,367
7.48%, 06/15/27, (1-mo. CME Term SOFR +
3.141%)(a)(b)
USD100
100,625
8.27%, 10/15/41, (1-mo. CME Term SOFR +
3.927%)(a)(b)
USD176
176,547
8.53%, 02/15/39, (1-mo. CME Term SOFR +
4.188%)(a)(b)
USD95
92,181
9.21%, 10/15/41, (1-mo. CME Term SOFR +
4.874%)(a)(b)
USD162
162,724
10.31%, 10/15/41, (1-mo. CME Term SOFR +
5.971%)(a)(b)
USD10
10,037
11.31%, 10/15/41, (1-mo. CME Term SOFR +
6.968%)(a)(b)
USD29
28,875
BX Commercial Mortgage Trust 2025-BCAT,
5.73%, 08/15/42(a)
USD107
107,000
BX Trust
5.19%, 01/15/39, (1-mo. CME Term SOFR +
0.850%)(a)(b)
USD150
149,953
5.26%, 02/15/36, (1-mo. CME Term SOFR +
0.914%)(a)(b)
USD200
199,876
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
5.34%, 01/15/39, (1-mo. CME Term SOFR +
1.000%)(a)(b)
USD150
$150,140
5.36%, 10/15/36, (1-mo. CME Term SOFR +
1.013%)(a)(b)
USD28
27,991
5.79%, 03/15/42, (1-mo. CME Term SOFR +
1.443%)(a)(b)
USD281
280,824
5.83%, 07/15/29, (1-mo. CME Term SOFR +
1.491%)(a)(b)
USD249
249,156
5.84%, 06/15/40, (1-mo. CME Term SOFR +
1.500%)(a)(b)
USD293
293,878
5.88%, 06/15/37, (1-mo. CME Term SOFR +
1.541%)(a)(b)
USD173
173,077
6.43%, 03/15/41, (1-mo. CME Term SOFR +
2.090%)(a)(b)
USD10
10,003
6.48%, 07/15/29, (1-mo. CME Term SOFR +
2.140%)(a)(b)
USD100
99,906
7.03%, 05/15/38, (1-mo. CME Term SOFR +
2.690%)(a)(b)
USD141
141,793
7.03%, 04/15/41, (1-mo. CME Term SOFR +
2.690%)(a)(b)
USD79
78,816
7.23%, 07/15/29, (1-mo. CME Term SOFR +
2.889%)(a)(b)
USD20
19,925
7.28%, 03/15/30, (1-mo. CME Term SOFR +
2.941%)(a)(b)
USD96
93,840
7.64%, 06/15/35, (1-mo. CME Term SOFR +
3.300%)(a)(b)
USD137
136,999
7.68%, 05/15/38, (1-mo. CME Term SOFR +
3.339%)(a)(b)
USD100
100,750
8.03%, 04/15/41, (1-mo. CME Term SOFR +
3.689%)(a)(b)
USD79
78,290
8.28%, 07/15/29, (1-mo. CME Term SOFR +
3.938%)(a)(b)
USD30
29,734
8.39%, 06/15/36, (1-mo. CME Term SOFR +
4.044%)(a)(b)
USD10
9,787
8.78%, 03/15/41, (1-mo. CME Term SOFR +
4.439%)(a)(b)
USD34
33,564
9.73%, 03/15/41, (1-mo. CME Term SOFR +
5.389%)(a)(b)
USD16
15,721
CFK Trust, 2.79%, 03/15/39(a)
USD100
91,284
CFMT LLC, 4.00%, 10/25/54(a)(c)
USD122
119,347
Chase Mortgage Finance Trust
5.86%, 02/25/37(b)
USD102
100,522
6.00%, 07/25/37
USD121
51,841
CHL Mortgage Pass-Through Trust
6.00%, 12/25/36
USD7
3,245
6.00%, 02/25/37
USD798
285,129
CIM Trust
5.66%, 10/25/69(a)(c)
USD131
131,703
6.44%, 10/25/69(a)(b)
USD150
151,134
Citigroup Mortgage Loan Trust, 6.17%,
09/25/62(a)(c)
USD76
76,174
COAST Commercial Mortgage Trust, 6.93%,
08/15/36, (1-mo. CME Term SOFR +
2.591%)(a)(b)
USD210
209,934
COLT Mortgage Loan Trust
1.73%, 11/26/66(a)(b)
USD87
78,160
4.22%, 02/25/67(a)(b)
USD100
81,632
5.47%, 06/25/70(a)
USD106
105,962
5.48%, 08/25/70(a)
USD100
99,902
7.10%, 08/25/70(a)(b)
USD100
100,028
7.84%, 09/25/68(a)(b)
USD193
194,668
119
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
7.94%, 07/25/68(a)(b)
USD262
$263,985
Commission Mortgage Trust
5.50%, 08/10/40(a)
USD24
23,900
5.73%, 08/10/41(a)(b)
USD17
16,971
6.18%, 06/15/41, (1-mo. CME Term SOFR +
1.841%)(a)(b)
USD41
40,872
6.93%, 06/15/41, (1-mo. CME Term SOFR +
2.590%)(a)(b)
USD11
10,966
8.47%, 08/10/40(a)(b)
USD20
19,920
8.83%, 06/15/41, (1-mo. CME Term SOFR +
4.487%)(a)(b)
USD14
13,886
9.46%, 08/10/40(a)(b)
USD16
15,937
CONE Trust
5.98%, 08/15/41, (1-mo. CME Term SOFR +
1.642%)(a)(b)
USD30
29,981
8.23%, 08/15/41, (1-mo. CME Term SOFR +
3.888%)(a)(b)
USD45
44,665
Countrywide Alternative Loan Trust, 6.00%,
05/25/36
USD94
34,529
Cross Mortgage Trust
5.60%, 06/25/70(a)(b)
USD100
100,334
5.74%, 02/25/70(a)(b)
USD673
674,381
6.48%, 02/25/70(a)(b)
USD350
351,993
CSMC, 7.10%, 08/25/67(a)(b)
USD131
130,832
CSMC Trust
5.61%, 11/15/38, (1-mo. CME Term SOFR +
1.264%)(a)(b)
USD80
79,800
8.91%, 12/25/67(a)(b)
USD81
81,047
CSTL Commercial Mortgage Trust, 4.76%,
11/10/41(a)(b)
USD40
39,682
DBGS, 6.22%, 08/15/34, (1-mo. CME Term SOFR
+ 1.882%)(a)(b)
USD250
250,234
DC Trust, 5.73%, 04/13/40(a)(b)
USD10
10,049
Deephaven Residential Mortgage Trust, 5.74%,
07/25/69(a)(c)
USD82
82,301
DK Trust
5.84%, 03/15/34, (1-mo. CME Term SOFR +
1.500%)(a)(b)
USD20
20,050
8.34%, 03/15/34, (1-mo. CME Term SOFR +
4.000%)(a)(b)
USD58
58,223
EFMT
5.44%, 07/25/70(a)
USD385
384,693
5.49%, 08/25/70(a)
USD200
199,997
5.63%, 03/25/70(a)(c)
USD172
172,075
6.59%, 01/25/70(a)(b)
USD350
352,853
Ellington Financial Mortgage Trust, 5.71%,
11/25/69(a)(c)
USD127
127,092
ELM Trust
5.80%, 06/10/39(a)(b)
USD11
11,077
5.80%, 06/10/39(a)(b)
USD11
11,077
7.79%, 06/10/39(a)(b)
USD29
29,038
EQT Trust, 5.33%, 07/05/41(a)(b)
USD71
72,058
Extended Stay America Trust, 6.71%, 07/15/38,
(1-mo. CME Term SOFR + 2.364%)(a)(b)
USD86
85,880
Fashion Show Mall LLC, 5.10%, 10/10/41(a)(b)
USD19
19,438
Federal Home Loan Mortgage Corp., 5.75%,
02/25/55, (30-day Avg SOFR + 1.400%)(b)
USD853
855,115
Federal Home Loan Mortgage Corp. Multiclass
Certificates, 4.30%, 11/25/32(b)
USD14
13,480
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Federal Home Loan Mortgage Corp. REMICS
5.70%, 01/25/55, (30-day Avg SOFR +
1.350%)(b)
USD492
$491,843
5.75%, 03/25/55, (30-day Avg SOFR +
1.400%)(b)
USD1,157
1,158,087
First Horizon Alternative Mortgage Securities
Trust, 4.89%, 01/25/37(b)
USD112
88,513
Fontainebleau Miami Beach Mortgage Trust,
5.79%, 12/15/39, (1-mo. CME Term SOFR +
1.450%)(a)(b)
USD385
385,673
FREMF Mortgage Trust, 4.23%, 08/25/50(a)(b)
USD95
92,375
Gaea Mortgage Loan Trust, 6.75%, 02/25/30(a)(b)
USD200
196,104
GCAT Trust
2.89%, 12/27/66(a)(b)
USD164
152,020
3.93%, 02/25/67(a)(b)
USD180
134,647
4.25%, 05/25/67(a)(b)
USD302
284,174
5.53%, 06/25/70(a)
USD100
99,999
Government National Mortgage Association
2.25%, 04/16/65
USD10
7,683
3.25%, 09/16/63(b)
USD5
4,298
4.75%, 09/16/54
USD20
19,676
4.75%, 08/16/56(b)
USD57
56,216
4.75%, 07/16/66
USD60
58,378
5.00%, 10/16/56
USD61
60,236
5.00%, 06/16/58
USD144
142,907
5.00%, 05/16/65
USD134
132,042
GS Mortgage Securities Corp. Trust
5.41%, 10/15/36, (1-mo. CME Term SOFR +
1.064%)(a)(b)
USD153
152,929
6.43%, 03/15/28, (1-mo. CME Term SOFR +
2.091%)(a)(b)
USD100
100,375
7.00%, 11/25/41, (1-mo. CME Term SOFR +
2.650%)(a)(b)
USD162
162,306
7.43%, 09/10/38(a)(b)
USD10
10,019
7.47%, 08/10/41(a)(b)
USD43
42,501
GSMPS Mortgage Loan Trust, 4.87%, 06/25/34,
(1-mo. CME Term SOFR + 0.514%)(a)(b)
USD299
267,991
GWT, 6.03%, 05/15/41, (1-mo. CME Term SOFR
+ 1.691%)(a)(b)
USD100
100,469
Harvest Commercial Capital Loan Trust, 6.16%,
10/25/56
USD486
490,902
HIH Trust
6.18%, 10/15/41, (1-mo. CME Term SOFR +
1.842%)(a)(b)
USD10
9,859
7.18%, 10/15/41, (1-mo. CME Term SOFR +
2.841%)(a)(b)
USD99
98,587
7.98%, 10/15/41, (1-mo. CME Term SOFR +
3.640%)(a)(b)
USD10
9,859
HILT Commercial Mortgage Trust, 5.88%,
05/15/37, (1-mo. CME Term SOFR +
1.541%)(a)(b)
USD100
100,063
HLTN Commercial Mortgage Trust, 5.98%,
06/15/41, (1-mo. CME Term SOFR +
1.642%)(a)(b)
USD263
263,247
HOMES Trust
5.43%, 02/25/70(a)
USD96
96,187
6.39%, 01/25/60(a)(b)
USD200
200,737
6.52%, 01/25/70(a)(b)
USD100
100,659
Homeward Opportunities Fund I Trust, 5.45%,
05/25/65(a)(b)
USD310
306,742
Schedule of Investments
120
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
HONO Mortgage Trust, 5.61%, 10/15/36, (1-mo.
CME Term SOFR + 1.264%)(a)(b)
USD227
$226,422
HTL Commercial Mortgage Trust, 8.20%,
05/10/39(a)(b)
USD100
102,553
ILPT Commercial Mortgage Trust, 5.29%,
07/13/42(a)(b)
USD224
226,122
Impac Secured Assets Trust, 4.81%, 11/25/36,
(1-mo. CME Term SOFR + 0.454%)(b)
USD25
23,117
IndyMac INDX Mortgage Loan Trust, 4.86%,
01/25/36(b)
USD133
130,011
INV Mortgage Trust, 6.08%, 11/15/41, (1-mo.
CME Term SOFR + 1.742%)(a)(b)
USD168
167,906
J.P. Morgan Chase Commercial Mortgage
Securities Trust, 5.80%, 10/05/39(a)(b)
USD130
131,931
JP Morgan Alternative Loan Trust, 5.05%,
03/25/36(b)
USD211
157,281
JP Morgan Chase Commercial Mortgage
Securities Trust
2.85%, 09/06/38(a)(b)
USD130
126,965
5.17%, 11/09/39(a)(b)
USD50
50,219
6.04%, 03/15/40, (1-mo. CME Term SOFR +
1.693%)(a)(b)
USD99
99,123
6.48%, 11/09/39(a)(b)
USD10
9,942
7.16%, 04/15/38, (1-mo. CME Term SOFR +
2.814%)(a)(b)
USD90
90,084
7.25%, 11/09/39(a)(b)
USD39
38,736
8.22%, 11/09/39(a)(b)
USD34
33,684
JP Morgan Mortgage Trust
6.41%, 08/25/55(a)(b)
USD253
254,251
6.45%, 01/25/63(a)(b)
USD83
82,850
JP Morgan Resecuritization Trust Series, 0.00%
05/27/36(a)(b)
USD298
50,462
JW Commercial Mortgage Trust
5.96%, 06/15/39, (1-mo. CME Term SOFR +
1.621%)(a)(b)
USD113
113,141
7.53%, 06/15/39, (1-mo. CME Term SOFR +
3.189%)(a)(b)
USD110
110,586
JW Trust, 5.93%, 11/15/39, (1-mo. CME Term
SOFR + 1.593%)(a)(b)
USD200
200,249
KSL Commercial Mortgage
6.23%, 06/15/42
USD14
14,001
8.43%, 06/05/42
USD160
159,994
KSL Commercial Mortgage Trust, 5.88%,
12/15/39, (1-mo. CME Term SOFR +
1.542%)(a)(b)
USD325
324,898
LBA Trust
5.78%, 10/15/41, (1-mo. CME Term SOFR +
1.443%)(a)(b)
USD20
20,071
5.93%, 06/15/39, (1-mo. CME Term SOFR +
1.591%)(a)(b)
USD170
170,159
6.98%, 10/15/41, (1-mo. CME Term SOFR +
2.641%)(a)(b)
USD23
23,072
8.78%, 06/15/39, (1-mo. CME Term SOFR +
4.437%)(a)(b)
USD10
9,960
LEX Mortgage Trust, 4.87%, 10/13/33(a)(b)
USD289
288,772
MASTR Reperforming Loan Trust, 7.00%,
08/25/34(a)
USD231
159,811
MCR Mortgage Trust
0.92%, 06/12/39(a)
USD71
831
5.92%, 06/12/39(a)
USD25
25,181
7.40%, 06/12/39(a)
USD30
30,156
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
7.45%, 02/15/37, (1-mo. CME Term SOFR +
3.107%)(a)(b)
USD81
$80,569
8.73%, 06/12/39(a)
USD16
16,105
MFA Trust, 7.09%, 02/25/29(a)(c)
USD120
120,522
Morgan Stanley Capital I, 4.06%, 12/15/50(b)
USD281
272,093
Morgan Stanley Capital I Trust
3.90%, 09/24/57(a)(b)
USD87
85,550
5.89%, 11/15/34, (1-mo. CME Term SOFR +
1.547%)(a)(b)
USD100
97,128
5.91%, 12/15/38, (1-mo. CME Term SOFR +
1.563%)(a)(b)
USD10
9,103
Morgan Stanley Resecuritization Trust, 4.27%,
04/26/47, (1-mo. CME Term SOFR +
0.374%)(a)(b)
USD100
77,196
Morgan Stanley Residential Mortgage Loan Trust
5.44%, 07/25/70(a)
USD511
510,441
5.74%, 11/25/69(a)(b)
USD91
91,505
6.50%, 11/25/69(a)(b)
USD100
100,945
6.97%, 07/25/70(a)(b)
USD200
196,622
MTN Commercial Mortgage Trust, 5.75%,
03/15/39, (1-mo. CME Term SOFR +
1.396%)(a)(b)
USD100
100,031
NCMF Trust
4.88%, 06/10/33(a)(b)
USD70
69,544
7.53%, 06/10/33(a)(b)
USD136
136,962
8.44%, 06/10/33(a)(b)
USD125
126,461
New Residential Mortgage Loan Trust
1.00%, 01/25/65(a)(c)
USD142
143,077
5.35%, 07/25/65(a)(b)
USD100
99,888
7.05%, 07/25/65(a)(b)
USD105
103,985
7.07%, 05/25/65(a)(b)
USD107
105,238
NYC Commercial Mortgage Trust, 7.39%,
07/13/42(a)(b)
USD53
52,963
NYCT Trust 2024-3ELV, 7.18%, 08/15/29, (1-mo.
CME Term SOFR + 2.840%)(a)(b)
USD110
109,216
NYMT Loan Trust, 5.38%, 06/25/69(a)(b)
USD93
92,522
OBX Trust, 5.65%, 12/01/64(a)(c)
USD95
95,166
One New York Plaza Trust, 5.41%, 01/15/36,
(1-mo. CME Term SOFR + 1.064%)(a)(b)
USD40
39,135
OPEN Trust, 7.43%, 11/15/40, (1-mo. CME Term
SOFR + 3.089%)(a)(b)
USD12
11,691
PGA Trust, 6.23%, 06/15/39, (1-mo. CME Term
SOFR + 1.891%)(a)(b)
USD107
107,134
PRKCM Trust, 4.10%, 04/25/57(a)(b)
USD110
108,164
PRM5 Trust, 5.62%, 03/10/33(a)(b)
USD69
68,210
PRPM Trust
5.80%, 11/25/69(a)(c)
USD204
204,896
6.65%, 11/25/69(a)(b)
USD172
173,307
Rain City Mortgage Trust, 6.53%, 11/25/29(a)(b)
USD100
100,701
RALI Series Trust, 4.83%, 12/25/36, (1-mo. CME
Term SOFR + 0.474%)(b)
USD194
169,051
Residential Mortgage Loan Trust, 6.04%,
05/25/59(a)(b)
USD100
97,764
RFMSI Trust, 5.53%, 11/25/36(b)
USD1
901
SAIF Securitization Trust, 5.97%, 07/25/54(a)(c)
USD75
75,375
Saluda Grade Alternative Mortgage Trust
7.50%, 02/25/30(a)(c)
USD126
126,601
7.76%, 04/25/30(a)(c)
USD100
100,896
Santander Mortgage Asset Receivable Trust,
7.24%, 05/25/65(a)(b)
USD210
208,901
121
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
SCG Commercial Mortgage Trust, 5.60%,
08/15/30, (1-mo. CME Term SOFR +
1.250%)(a)(b)
USD120
$120,000
SCG Mortgage Trust, 6.08%, 04/15/41, (1-mo.
CME Term SOFR + 1.741%)(a)(b)
USD242
242,151
SDAL Trust, 6.78%, 04/15/42, (1-mo. CME Term
SOFR + 2.441%)(a)(b)
USD100
100,170
SELF Commercial Mortgage Trust
5.88%, 11/15/34, (1-mo. CME Term SOFR +
1.542%)(a)(b)
USD140
140,887
8.53%, 11/15/34, (1-mo. CME Term SOFR +
4.188%)(a)(b)
USD100
99,736
Shops at Crystals Trust, 3.73%, 07/05/36(a)(b)
USD206
200,864
SHR Trust, 6.29%, 10/15/41, (1-mo. CME Term
SOFR + 1.950%)(a)(b)
USD100
100,000
SLG Office Trust, 2.59%, 07/15/41(a)
USD425
371,509
Spruce Hill Mortgage Loan Trust, 5.00%,
06/25/55(a)(b)
USD82
79,905
Toorak Mortgage Trust, 6.33%, 10/25/31(a)(c)
USD100
100,096
TRK Trust, 4.10%, 11/25/56(a)(b)
USD137
109,336
TTAN
5.81%, 03/15/38, (1-mo. CME Term SOFR +
1.464%)(a)(b)
USD137
137,506
6.86%, 03/15/38, (1-mo. CME Term SOFR +
2.514%)(a)(b)
USD76
76,440
7.36%, 03/15/38, (1-mo. CME Term SOFR +
3.014%)(a)(b)
USD97
97,109
UBS Commercial Mortgage Trust, Series
2018-C15, Class B, 4.92%, 12/15/51(b)
USD71
68,828
VCC Trust, 8.16%, 05/25/55(a)
USD97
97,243
VEGAS
6.22%, 07/10/36(a)(b)
USD100
93,897
6.22%, 07/10/36(a)(b)
USD40
39,155
VEGAS Trust, 5.52%, 11/10/39(a)
USD20
20,177
Velocity Commercial Capital Loan Trust
2.61%, 02/25/50(a)(b)
USD132
121,057
5.67%, 04/25/55(a)(b)
USD351
350,668
5.87%, 06/25/55(a)(b)
USD268
269,292
6.55%, 01/25/54(a)(b)
USD69
69,209
9.67%, 12/25/54(a)(b)
USD99
99,895
Verus Securitization Trust
1.82%, 11/25/66(a)(b)
USD78
70,899
4.76%, 04/25/67(a)(b)
USD100
89,132
5.42%, 07/25/70(a)
USD650
649,409
5.43%, 06/25/70(a)
USD114
114,289
6.40%, 05/25/65(a)(b)
USD100
97,952
6.50%, 09/25/69(a)(b)
USD100
99,106
7.06%, 06/25/70(a)(b)
USD100
100,594
7.75%, 03/25/68(a)(b)
USD200
200,426
8.08%, 12/25/68(a)(b)
USD100
101,918
Visio Trust, 5.88%, 08/25/57(a)(b)
USD100
91,262
Vista Point Securitization Trust, 5.16%,
04/25/65(a)(b)
USD100
94,393
WaMu Mortgage Pass-Through Certificates
Series Trust, 4.77%, 06/25/47, (12-mo. MTA +
0.798%)(b)
USD106
87,402
Washington Mutual Mortgage Pass-Through
Certificates WMALT Series Trust
4.69%, 12/25/46, (12-mo. MTA + 0.720%)(b)
USD120
96,563
4.81%, 12/25/36, (1-mo. CME Term SOFR +
0.454%)(b)
USD217
177,550
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust
0.09%, 07/15/43(a)(b)
USD153
$1,348
3.75%, 03/15/59
USD150
148,290
6.22%, 07/15/43(a)
USD219
223,370
6.43%, 07/15/43(a)
USD12
11,975
7.08%, 07/15/43(a)
USD17
16,934
Series 2015-C31, Class B, 4.48%, 11/15/48(b)
USD80
79,455
WEST Trust, 5.28%, 04/10/35(a)(b)
USD108
109,462
WHARF Commercial Mortgage Trust, 7.72%,
07/15/40(a)(b)
USD100
101,719
 
38,669,750
Total Collateralized Mortgage Obligations — 15.4%
(Cost: $39,620,699)
39,764,767
Corporate Bonds & Notes
Advertising — 0.0%
Clear Channel Outdoor Holdings Inc., 5.13%,
08/15/27(a)
USD27
26,964
Outfront Media Capital LLC/Outfront Media
Capital Corp., 4.25%, 01/15/29(a)
USD25
23,801
 
50,765
Aerospace & Defense — 0.3%
Boeing Co. (The)
2.25%, 06/15/26
USD178
174,289
7.01%, 05/01/64
USD146
161,112
Bombardier Inc., 7.25%, 07/01/31(a)
USD16
16,707
Embraer Netherlands Finance BV, 5.98%,
02/11/35
USD197
200,533
L3Harris Technologies Inc., 4.85%, 04/27/35
USD20
19,550
Northrop Grumman Corp.
4.03%, 10/15/47
USD109
86,619
4.95%, 03/15/53
USD71
63,496
5.25%, 05/01/50
USD44
41,293
TransDigm Inc.
4.63%, 01/15/29
USD23
22,487
6.63%, 03/01/32(a)
USD25
25,707
6.75%, 08/15/28(a)
USD50
51,018
 
862,811
Agriculture — 0.6%
Altria Group Inc.
3.40%, 02/04/41
USD254
188,619
3.88%, 09/16/46
USD34
25,024
4.25%, 08/09/42
USD19
15,392
5.63%, 02/06/35
USD197
200,391
6.20%, 02/14/59
USD13
12,898
BAT Capital Corp.
4.54%, 08/15/47
USD252
204,288
4.76%, 09/06/49
USD196
161,248
5.28%, 04/02/50
USD27
23,885
5.65%, 03/16/52
USD200
185,562
7.08%, 08/02/43
USD127
139,757
7.08%, 08/02/53
USD248
276,512
Reynolds American Inc.
5.85%, 08/15/45
USD189
183,128
6.15%, 09/15/43
USD26
26,198
7.00%, 08/04/41
USD10
10,663
 
1,653,565
Schedule of Investments
122
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Airlines — 0.0%
American Airlines Inc./AAdvantage Loyalty IP
Ltd., 5.75%, 04/20/29(a)
USD23
$22,992
United Airlines Inc., 4.63%, 04/15/29(a)
USD22
21,483
 
44,475
Apparel — 0.0%
Hanesbrands Inc., 9.00%, 02/15/31(a)(d)
USD23
24,208
Auto Manufacturers — 0.1%
General Motors Financial Co. Inc.
5.40%, 04/06/26
USD7
7,033
5.90%, 01/07/35
USD25
25,235
5.95%, 04/04/34
USD43
43,705
6.10%, 01/07/34
USD22
22,700
Nissan Motor Acceptance Co. LLC, 7.05%,
09/15/28(a)
USD100
103,026
 
201,699
Auto Parts & Equipment — 0.1%
Adient Global Holdings Ltd., 7.50%, 02/15/33(a)
USD50
50,988
American Axle & Manufacturing Inc., 5.00%,
10/01/29(d)
USD26
23,591
Clarios Global LP/Clarios U.S. Finance Co.,
6.75%, 02/15/30(a)
USD50
51,551
Dana Inc., 5.63%, 06/15/28
USD50
50,028
Goodyear Tire & Rubber Co. (The), 5.00%,
07/15/29
USD12
11,641
Tenneco Inc., 8.00%, 11/17/28(a)
USD25
24,814
 
212,613
Banks — 5.9%
Bank of America Corp.
1.92%, 10/24/31, (1-day SOFR + 1.370%)(b)
USD42
36,628
2.57%, 10/20/32, (1-day SOFR + 1.210%)(b)
USD136
119,857
2.83%, 10/24/51, (1-day SOFR + 1.880%)(b)
USD61
38,132
2.88%, 10/22/30, (3-mo. CME Term SOFR +
1.452%)(b)
USD27
25,285
2.97%, 02/04/33, (1-day SOFR + 1.330%)(b)
USD339
303,483
3.42%, 12/20/28, (3-mo. CME Term SOFR +
1.302%)(b)
USD103
100,579
3.59%, 07/21/28, (3-mo. CME Term SOFR +
1.632%)(b)
USD192
188,848
3.97%, 03/05/29, (3-mo. CME Term SOFR +
1.332%)(b)
USD40
39,515
4.57%, 04/27/33, (1-day SOFR + 1.830%)(b)
USD164
161,458
4.88%, 04/01/44
USD66
60,775
5.02%, 07/22/33, (1-day SOFR + 2.160%)(b)
USD10
10,104
5.16%, 01/24/31, (1-day SOFR + 1.000%)(b)
USD20
20,462
5.20%, 04/25/29, (1-day SOFR + 1.630%)(b)
USD75
76,398
5.29%, 04/25/34, (1-day SOFR + 1.910%)(b)
USD131
133,454
5.51%, 01/24/36, (1-day SOFR + 1.310%)(b)
USD94
96,324
5.82%, 09/15/29, (1-day SOFR + 1.570%)(b)
USD90
93,500
Citigroup Inc.
2.67%, 01/29/31, (1-day SOFR + 1.146%)(b)
USD11
10,076
2.98%, 11/05/30, (1-day SOFR + 1.422%)(b)
USD206
192,348
3.06%, 01/25/33, (1-day SOFR + 1.351%)(b)
USD392
351,128
3.79%, 03/17/33, (1-day SOFR + 1.939%)(b)
USD85
79,386
4.54%, 09/19/30, (1-day SOFR + 1.338%)(b)
USD88
87,643
4.64%, 05/07/28, (1-day SOFR + 1.143%)(b)
USD247
247,251
4.79%, 03/04/29, (1-day SOFR + 0.870%)(b)
USD390
392,051
4.95%, 05/07/31, (1-day SOFR + 1.463%)(b)
USD25
25,237
5.17%, 02/13/30, (1-day SOFR + 1.364%)(b)
USD445
453,097
6.27%, 11/17/33, (1-day SOFR + 2.338%)(b)
USD10
10,771
Security
Par
(000
)
Value
Banks (continued)
Freedom Mortgage Corp., 12.25%, 10/01/30(a)
USD10
$11,061
Goldman Sachs Group Inc. (The)
1.54%, 09/10/27, (1-day SOFR + 0.818%)(b)
USD30
28,992
1.95%, 10/21/27, (1-day SOFR + 0.913%)(b)
USD35
33,894
1.99%, 01/27/32, (1-day SOFR + 1.090%)(b)
USD372
322,752
2.38%, 07/21/32, (1-day SOFR + 1.248%)(b)
USD15
13,103
2.60%, 02/07/30
USD64
59,122
2.62%, 04/22/32, (1-day SOFR + 1.281%)(b)
USD45
40,059
2.64%, 02/24/28, (1-day SOFR + 1.114%)(b)
USD174
168,880
2.65%, 10/21/32, (1-day SOFR + 1.264%)(b)
USD41
36,113
3.10%, 02/24/33, (1-day SOFR + 1.410%)(b)
USD35
31,467
3.80%, 03/15/30
USD66
64,214
3.81%, 04/23/29, (3-mo. CME Term SOFR +
1.420%)(b)
USD121
118,765
4.22%, 05/01/29, (3-mo. CME Term SOFR +
1.563%)(b)
USD262
260,394
4.48%, 08/23/28, (1-day SOFR + 1.725%)(b)
USD327
326,979
4.69%, 10/23/30, (1-day SOFR + 1.135%)(b)
USD60
59,954
4.94%, 04/23/28, (1-day SOFR + 1.319%)(b)
USD419
421,522
5.05%, 07/23/30, (1-day SOFR + 1.210%)(b)
USD117
118,882
5.21%, 01/28/31, (1-day SOFR + 1.078%)(b)
USD123
125,606
5.22%, 04/23/31, (1-day SOFR + 1.580%)(b)
USD315
322,098
5.33%, 07/23/35, (1-day SOFR + 1.550%)(b)
USD88
88,899
5.54%, 01/28/36, (1-day SOFR + 1.380%)(b)
USD81
82,812
JPMorgan Chase & Co.
1.76%, 11/19/31, (3-mo. CME Term SOFR +
1.105%)(b)
USD93
80,561
1.95%, 02/04/32, (1-day SOFR + 1.065%)(b)
USD47
40,775
2.07%, 06/01/29, (1-day SOFR + 1.015%)(b)
USD560
524,751
2.52%, 04/22/31, (1-day SOFR + 2.040%)(b)
USD16
14,619
4.51%, 10/22/28, (1-day SOFR + 0.860%)(b)
USD625
625,735
4.92%, 01/24/29, (1-day SOFR + 0.800%)(b)
USD83
83,903
4.98%, 07/22/28, (1-day SOFR + 0.930%)(b)
USD156
157,502
5.00%, 07/22/30, (1-day SOFR +1.125%)(b)
USD566
575,606
5.01%, 01/23/30, (1-day SOFR + 1.310%)(b)
USD62
63,045
5.14%, 01/24/31, (1-day SOFR + 1.010%)(b)
USD755
771,588
5.29%, 07/22/35, (1-day SOFR + 1.460%)(b)
USD483
489,373
5.50%, 01/24/36, (1-day SOFR + 1.315%)(b)
USD412
422,695
5.57%, 04/22/28, (1-day SOFR + 0.930%)(b)
USD329
334,823
5.57%, 04/22/36, (1-day SOFR + 1.680%)(b)
USD76
78,484
5.58%, 04/22/30, (1-day SOFR +1.160%)(b)
USD255
264,341
5.58%, 07/23/36(b)
USD90
91,166
6.07%, 10/22/27, (1-day SOFR + 1.330%)(b)
USD13
13,236
KeyBank NA, 5.00%, 01/26/33
USD250
247,514
Morgan Stanley
1.59%, 05/04/27, (1-day SOFR + 0.879%)(b)
USD56
54,737
1.79%, 02/13/32, (1-day SOFR + 1.034%)(b)
USD263
224,974
2.48%, 01/21/28, (1-day SOFR + 1.000%)(b)
USD225
218,384
2.70%, 01/22/31, (1-day SOFR + 1.143%)(b)
USD24
22,118
2.94%, 01/21/33, (1-day SOFR + 1.290%)(b)
USD106
94,723
3.77%, 01/24/29, (3-mo. CME Term SOFR +
1.402%)(b)
USD239
235,021
5.17%, 01/16/30, (1-day SOFR + 1.450%)(b)
USD165
168,317
5.23%, 01/15/31, (1-day SOFR + 1.108%)(b)
USD677
693,497
5.25%, 04/21/34, (1-day SOFR + 1.870%)(b)
USD433
439,999
5.59%, 01/18/36, (1-day SOFR + 1.418%)(b)
USD40
41,054
5.66%, 04/18/30, (1-day SOFR + 1.260%)(b)
USD328
339,884
5.66%, 04/17/36, (1-day SOFR + 1.757%)(b)
USD39
40,224
6.41%, 11/01/29, (1-day SOFR + 1.830%)(b)
USD213
224,805
7.25%, 04/01/32
USD11
12,621
123
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
Series ., 4.99%, 04/12/29, (1-day SOFR +
1.380%)(b)
USD565
$571,967
Wells Fargo & Co.
2.57%, 02/11/31, (3-mo. CME Term SOFR +
1.262%)(b)
USD17
15,587
3.35%, 03/02/33, (1-day SOFR + 1.500%)(b)
USD77
70,488
3.90%, 05/01/45
USD21
16,694
4.61%, 04/25/53, (1-day SOFR + 2.130%)(b)
USD44
37,551
4.90%, 07/25/33, (1-day SOFR + 2.100%)(b)
USD41
40,964
5.15%, 04/23/31, (1-day SOFR + 1.500%)(b)
USD52
53,063
5.24%, 01/24/31, (1-day SOFR + 1.110%)(b)
USD167
170,977
5.39%, 04/24/34, (1-day SOFR + 2.020%)(b)
USD248
253,743
5.50%, 01/23/35, (1-day SOFR + 1.780%)(b)
USD19
19,471
5.61%, 04/23/36, (1-day SOFR + 1.740%)(b)
USD21
21,629
5.71%, 04/22/28, (1-day SOFR +1.070%)(b)
USD44
44,858
 
15,096,425
Biotechnology — 0.0%
Amgen Inc.
2.77%, 09/01/53
USD70
40,987
4.40%, 02/22/62
USD36
27,717
 
68,704
Building Materials — 0.1%
Builders FirstSource Inc., 5.00%, 03/01/30(a)
USD17
16,641
Camelot Return Merger Sub Inc., 8.75%,
08/01/28(a)
USD100
91,627
EMRLD Borrower LP/Emerald Co-Issuer Inc.,
6.63%, 12/15/30(a)
USD50
50,980
Quikrete Holdings Inc., 6.38%, 03/01/32(a)
USD50
51,280
Smyrna Ready Mix Concrete LLC, 8.88%,
11/15/31(a)
USD100
105,239
Standard Industries Inc./New York, 4.75%,
01/15/28(a)
USD12
11,835
 
327,602
Chemicals — 0.2%
Celanese U.S. Holdings LLC, 7.05%, 11/15/30
USD50
52,071
Chemours Co. (The), 5.75%, 11/15/28(a)
USD23
21,124
NOVA Chemicals Corp., 4.25%, 05/15/29(a)
USD25
23,875
Olin Corp., 5.00%, 02/01/30(d)
USD27
25,859
Orbia Advance Corp. SAB de CV, 6.80%,
05/13/30(a)
USD400
409,072
Tronox Inc., 4.63%, 03/15/29(a)(d)
USD100
77,801
 
609,802
Commercial Services — 0.6%
Allied Universal Holdco LLC, 7.88%, 02/15/31(a)
USD24
25,167
Avis Budget Car Rental LLC/Avis Budget
Finance Inc., 4.75%, 04/01/28(a)(d)
USD12
11,497
Block Inc., 3.50%, 06/01/31
USD300
274,937
Brink's Co. (The), 4.63%, 10/15/27(a)
USD11
10,838
DP World Ltd./United Arab Emirates, 6.85%,
07/02/37(e)
USD180
199,913
EquipmentShare.com Inc., 9.00%, 05/15/28(a)
USD50
52,696
Garda World Security Corp., 8.25%, 08/01/32(a)
USD50
51,553
GEO Group Inc. (The), 8.63%, 04/15/29
USD100
106,173
Herc Holdings Inc., 6.63%, 06/15/29(a)
USD50
51,190
Kaspi.KZ JSC
6.25%, 03/26/30(a)
USD200
204,000
6.25%, 03/26/30(e)
USD200
204,000
RR Donnelley & Sons Co., 10.88%, 08/01/29(a)
USD100
97,417
United Rentals North America Inc., 3.75%,
01/15/32
USD100
91,088
Security
Par
(000
)
Value
Commercial Services (continued)
Worldline SA/France, 5.50%, 06/10/30(e)
EUR100
$102,435
 
1,482,904
Computers — 0.4%
Amentum Holdings Inc., 7.25%, 08/01/32(a)
USD50
51,723
Gartner Inc.
3.63%, 06/15/29(a)
USD365
346,169
3.75%, 10/01/30(a)
USD131
122,598
4.50%, 07/01/28(a)
USD470
462,330
McAfee Corp., 7.38%, 02/15/30(a)
USD100
92,719
NCR Voyix Corp., 5.00%, 10/01/28(a)
USD17
16,722
 
1,092,261
Diversified Financial Services — 1.1%
American Express Co., 4.92%, 07/20/33, (1-day
SOFR + 0.680%)(b)
USD65
65,209
AT&T Reign II Multi-Property Lease-Backed
Pass-Through Trust, 6.09%, 12/15/44(a)
USD125
123,920
Credit Acceptance Corp., 6.63%, 03/15/30(a)
USD100
101,267
Flourishing Trade & Investment Ltd., 11.04%,
04/02/28(f)
USD206
210,126
Jane Street Group/JSG Finance Inc., 7.13%,
04/30/31(a)
USD50
51,641
Nationstar Mortgage Holdings Inc., 5.13%,
12/15/30(a)
USD27
26,949
Navient Corp., 5.50%, 03/15/29(d)
USD22
21,521
PennyMac Financial Services Inc., 7.13%,
11/15/30(a)
USD50
51,540
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer Inc.
2.88%, 10/15/26(a)
USD28
27,302
4.00%, 10/15/33(a)
USD50
44,237
Synchrony Financial
2.88%, 10/28/31
USD287
250,083
3.95%, 12/01/27
USD77
75,512
5.02%, 07/29/29, (1-day SOFR + 2.070%)(b)
USD85
84,950
5.15%, 03/19/29
USD335
336,482
5.45%, 03/06/31, (1-day SOFR + 1.680%)(b)
USD338
340,351
5.94%, 08/02/30, (1-day SOFR Index +
2.130%)(b)(d)
USD283
290,863
6.00%, 07/29/36, (1-day SOFR + 0.770%)(b)
USD45
45,136
7.25%, 02/02/33
USD188
197,565
Trust Fibra Uno, 7.70%, 01/23/32(e)
USD442
466,177
United Wholesale Mortgage LLC, 5.50%,
04/15/29(a)
USD25
24,454
 
2,835,285
Electric — 3.8%
AEP Texas Inc.
3.45%, 05/15/51
USD48
32,079
5.40%, 06/01/33
USD24
24,326
5.70%, 05/15/34
USD18
18,377
Series E, 6.65%, 02/15/33
USD14
15,143
Series G, 4.15%, 05/01/49
USD22
16,680
Series H, 3.45%, 01/15/50
USD39
26,476
AEP Transmission Co. LLC
3.15%, 09/15/49
USD47
31,263
3.75%, 12/01/47
USD24
18,130
3.80%, 06/15/49
USD6
4,458
5.38%, 06/15/35
USD72
73,176
Series N, 2.75%, 08/15/51
USD20
12,171
AES Corp. (The), 6.95%, 07/15/55, (5-year CMT
+ 2.890%)(b)
USD100
96,352
Schedule of Investments
124
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
Alabama Power Co.
3.85%, 12/01/42
USD9
$7,214
5.50%, 03/15/41
USD15
14,714
6.00%, 03/01/39
USD12
12,781
Baltimore Gas & Electric Co.
2.90%, 06/15/50
USD5
3,132
3.75%, 08/15/47
USD17
12,923
Calpine Corp., 4.63%, 02/01/29(a)
USD23
22,604
Consumers Energy Co., 5.05%, 05/15/35
USD47
47,158
Continuum Energy Aura Pte. Ltd., 9.50%,
02/24/27(e)
USD200
205,750
Continuum Green Energy India Pvt / Co-Issuers,
7.50%, 06/26/33(e)
USD193
198,446
Diamond II Ltd., 7.95%, 07/28/26(e)
USD200
201,446
Dominion Energy Inc., Series B, 7.00%, 06/01/54,
(5-year CMT + 2.511%)(b)
USD60
64,009
Dominion Energy South Carolina Inc., Series
2025, 5.30%, 01/15/35
USD9
9,170
Duke Energy Carolinas LLC
3.20%, 08/15/49
USD64
43,134
3.45%, 04/15/51
USD41
28,743
3.55%, 03/15/52
USD29
20,805
3.70%, 12/01/47
USD27
20,110
5.35%, 01/15/53
USD58
55,201
5.40%, 01/15/54
USD39
37,531
Duke Energy Corp.
3.50%, 06/15/51
USD12
8,205
3.95%, 08/15/47
USD26
19,509
5.80%, 06/15/54
USD375
366,495
Duke Energy Florida LLC, 3.00%, 12/15/51
USD33
20,779
Duke Energy Ohio Inc.
2.13%, 06/01/30
USD99
88,933
5.25%, 04/01/33
USD47
47,937
5.55%, 03/15/54
USD50
48,588
Duke Energy Progress LLC
2.50%, 08/15/50
USD178
104,135
4.00%, 04/01/52
USD9
6,878
5.05%, 03/15/35
USD160
160,210
5.35%, 03/15/53
USD47
44,442
5.55%, 03/15/55
USD10
9,775
FirstEnergy Corp.
2.65%, 03/01/30
USD114
104,564
Series B, 3.90%, 07/15/27
USD180
177,766
Series C, 3.40%, 03/01/50
USD563
379,756
Series C, 4.85%, 07/15/47
USD91
77,293
FirstEnergy Transmission LLC
4.55%, 04/01/49(a)
USD135
112,760
4.55%, 04/01/49(e)
USD36
29,970
5.00%, 01/15/35
USD260
257,063
5.45%, 07/15/44(a)
USD46
43,643
Florida Power & Light Co.
2.88%, 12/04/51
USD62
38,889
3.15%, 10/01/49
USD50
33,602
Georgia Power Co.
4.70%, 05/15/32
USD24
24,023
4.85%, 03/15/31
USD11
11,191
4.95%, 05/17/33
USD28
28,128
Series A, 3.25%, 03/15/51
USD109
74,487
Series B, 3.70%, 01/30/50
USD16
11,937
India Clean Energy Holdings, 4.50%, 04/18/27(e)
USD200
193,000
Security
Par
(000
)
Value
Electric (continued)
MidAmerican Energy Co.
3.15%, 04/15/50
USD36
$24,253
3.65%, 08/01/48
USD8
5,935
Minejesa Capital BV, 5.63%, 08/10/37(e)
USD216
211,356
Mong Duong Finance Holdings BV, 5.13%,
05/07/29(e)
USD169
165,531
MVM Energetika Zrt, 6.50%, 03/13/31(e)
USD200
206,000
NextEra Energy Capital Holdings Inc., 4.69%,
09/01/27
USD90
90,442
NRG Energy Inc.
3.63%, 02/15/31(a)
USD24
21,970
4.45%, 06/15/29(a)
USD251
246,864
7.00%, 03/15/33(a)
USD343
376,266
Ohio Power Co.
4.00%, 06/01/49
USD21
15,857
Series P, 2.60%, 04/01/30
USD57
52,349
Series Q, 1.63%, 01/15/31
USD50
42,456
Series R, 2.90%, 10/01/51
USD66
39,975
Pacific Gas and Electric Co.
3.30%, 08/01/40
USD218
159,446
3.50%, 08/01/50
USD114
74,770
3.75%, 08/15/42
USD13
9,417
4.00%, 12/01/46
USD197
142,755
4.60%, 06/15/43
USD8
6,438
4.75%, 02/15/44
USD12
9,924
5.25%, 03/01/52
USD52
44,315
5.90%, 10/01/54
USD157
147,156
6.15%, 01/15/33
USD72
74,777
6.15%, 03/01/55
USD71
67,995
6.40%, 06/15/33
USD29
30,598
6.75%, 01/15/53
USD365
378,869
PECO Energy Co.
2.85%, 09/15/51
USD20
12,553
3.70%, 09/15/47
USD17
12,832
3.90%, 03/01/48
USD9
7,037
4.60%, 05/15/52
USD9
7,702
5.25%, 09/15/54
USD64
60,436
PG&E Corp.
5.25%, 07/01/30
USD303
290,639
7.38%, 03/15/55, (5-year CMT + 3.883%)(b)
USD349
336,779
Pinnacle West Capital Corp., 5.15%, 05/15/30
USD224
228,344
Southern Co. (The)
4.25%, 07/01/36
USD91
82,941
4.85%, 03/15/35
USD13
12,656
5.70%, 10/15/32
USD120
125,777
Star Energy Geothermal Wayang Windu Ltd.,
6.75%, 04/24/33(e)
USD137
140,365
Vistra Operations Co. LLC
5.00%, 07/31/27(a)
USD16
15,914
5.05%, 12/30/26(a)
USD788
789,365
5.70%, 12/30/34(a)
USD485
493,743
6.00%, 04/15/34(a)
USD136
141,155
6.95%, 10/15/33(a)
USD140
153,907
7.75%, 10/15/31(a)
USD100
105,839
XPLR Infrastructure Operating Partners LP,
8.38%, 01/15/31(a)(d)
USD100
104,890
 
9,666,048
Electrical Components & Equipment — 0.0%
Energizer Holdings Inc., 4.38%, 03/31/29(a)(d)
USD18
17,065
125
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electronics — 0.0%
Sensata Technologies Inc., 4.38%, 02/15/30(a)
USD25
$23,923
Energy - Alternate Sources — 0.2%
Greenko Wind Projects Mauritius Ltd., 7.25%,
09/27/28(e)
USD200
203,250
ReNew Pvt Ltd., 5.88%, 03/05/27(e)
USD200
199,380
 
402,630
Engineering & Construction — 0.1%
Brand Industrial Services Inc., 10.38%,
08/01/30(a)
USD38
34,491
IRB Infrastructure Developers Ltd., 7.11%,
03/11/32(e)
USD200
201,900
 
236,391
Entertainment — 0.5%
Caesars Entertainment Inc., 4.63%, 10/15/29(a)(d)
USD11
10,395
Churchill Downs Inc., 6.75%, 05/01/31(a)
USD24
24,505
Light & Wonder International Inc., 7.00%,
05/15/28(a)
USD50
50,053
Live Nation Entertainment Inc.
3.75%, 01/15/28(a)
USD25
24,298
4.75%, 10/15/27(a)
USD12
11,814
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 11.88%,
04/15/31(a)
USD100
104,167
Warnermedia Holdings Inc.
3.76%, 03/15/27
USD947
928,543
5.14%, 03/15/52
USD3
1,853
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp., 5.13%, 10/01/29(a)
USD16
15,877
 
1,171,505
Environmental Control — 0.0%
GFL Environmental Inc., 4.00%, 08/01/28(a)
USD50
48,460
Reworld Holding Corp., 4.88%, 12/01/29(a)
USD23
21,965
 
70,425
Food — 0.0%
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC, 3.50%,
03/15/29(a)
USD50
47,153
Pilgrim's Pride Corp., 4.25%, 04/15/31
USD18
17,205
Post Holdings Inc., 4.63%, 04/15/30(a)
USD6
5,731
 
70,089
Forest Products & Paper — 0.1%
Suzano Austria GmbH, 3.13%, 01/15/32
USD229
200,858
Gas — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.38%, 06/01/28(a)
USD6
6,180
Health Care - Products — 0.1%
Bausch & Lomb Corp., 8.38%, 10/01/28(a)
USD19
19,809
Hologic Inc., 3.25%, 02/15/29(a)
USD12
11,364
Medline Borrower LP
3.88%, 04/01/29(a)
USD27
25,749
5.25%, 10/01/29(a)
USD50
49,023
Solventum Corp.
5.40%, 03/01/29
USD121
124,490
5.60%, 03/23/34
USD137
140,517
 
370,952
Security
Par
(000
)
Value
Health Care - Services — 0.6%
Charles River Laboratories International Inc.,
3.75%, 03/15/29(a)(d)
USD6
$5,652
CHS/Community Health Systems Inc.
5.63%, 03/15/27(a)
USD22
22,035
10.88%, 01/15/32(a)
USD100
104,838
Elevance Health Inc.
3.13%, 05/15/50
USD40
25,498
3.60%, 03/15/51
USD63
43,584
5.65%, 06/15/54
USD23
21,777
5.70%, 02/15/55
USD20
19,097
6.10%, 10/15/52
USD2
2,013
Encompass Health Corp., 4.75%, 02/01/30
USD25
24,436
Fortrea Holdings Inc., 7.50%, 07/01/30(a)(d)
USD24
21,943
HCA Inc.
3.38%, 03/15/29
USD8
7,670
3.50%, 07/15/51
USD27
17,754
4.13%, 06/15/29
USD112
109,782
4.63%, 03/15/52
USD18
14,386
5.45%, 04/01/31
USD155
159,312
5.50%, 03/01/32
USD49
50,290
5.50%, 06/15/47
USD6
5,552
5.60%, 04/01/34
USD16
16,306
5.75%, 03/01/35
USD311
318,493
5.88%, 02/01/29
USD32
33,100
5.90%, 06/01/53
USD10
9,591
6.10%, 04/01/64
USD83
80,425
6.20%, 03/01/55
USD121
120,719
IQVIA Inc., 6.25%, 06/01/32(a)
USD100
102,546
LifePoint Health Inc., 11.00%, 10/15/30(a)
USD50
54,955
Molina Healthcare Inc., 4.38%, 06/15/28(a)
USD16
15,313
Tenet Healthcare Corp.
4.25%, 06/01/29
USD104
100,366
4.63%, 06/15/28
USD16
15,728
 
1,523,161
Home Builders — 0.0%
Brookfield Residential Properties Inc./Brookfield
Residential U.S. LLC, 4.88%, 02/15/30(a)
USD12
10,912
Taylor Morrison Communities Inc., 5.75%,
01/15/28(a)
USD15
15,124
 
26,036
Housewares — 0.0%
Newell Brands Inc., 6.63%, 09/15/29
USD25
24,889
Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32
USD25
22,715
 
47,604
Insurance — 0.0%
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 7.00%, 01/15/31(a)
USD50
51,414
Internet — 0.4%
Match Group Holdings II LLC, 4.63%, 06/01/28(a)
USD26
25,402
Meta Platforms Inc.
4.65%, 08/15/62
USD221
185,405
5.55%, 08/15/64
USD125
121,272
5.75%, 05/15/63
USD35
35,166
Prosus NV, 4.19%, 01/19/32(e)
USD413
387,575
Rakuten Group Inc., 9.75%, 04/15/29(e)
USD200
218,984
 
973,804
Schedule of Investments
126
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Iron & Steel — 0.2%
Cleveland-Cliffs Inc.
7.00%, 03/15/32(a)(d)
USD50
$48,780
7.50%, 09/15/31(a)
USD23
22,958
Mineral Resources Ltd.
8.00%, 11/01/27(a)
USD116
117,923
8.50%, 05/01/30(a)
USD100
102,364
9.25%, 10/01/28(a)
USD23
24,039
Vale Overseas Ltd., 6.40%, 06/28/54
USD200
195,200
 
511,264
Leisure Time — 0.0%
Carnival Corp., 5.75%, 08/01/32(a)
USD11
11,074
NCL Corp. Ltd., 5.88%, 02/15/27(a)
USD24
24,071
Viking Cruises Ltd., 7.00%, 02/15/29(a)
USD24
24,185
 
59,330
Lodging — 0.4%
Boyd Gaming Corp., 4.75%, 06/15/31(a)
USD23
21,907
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32(a)
USD25
22,541
4.00%, 05/01/31(a)
USD25
23,327
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations Borrower
Esc, 4.88%, 07/01/31(a)(d)
USD18
16,550
Melco Resorts Finance Ltd., 5.75%, 07/21/28(e)
USD400
393,000
MGM China Holdings Ltd., 7.13%, 06/26/31(e)
USD200
208,218
MGM Resorts International, 4.75%, 10/15/28
USD16
15,788
Station Casinos LLC, 4.50%, 02/15/28(a)
USD25
24,440
Studio City Finance Ltd., 5.00%, 01/15/29(e)
USD200
187,250
Wynn Macau Ltd., 5.63%, 08/26/28(e)
USD200
197,820
 
1,110,841
Machinery — 0.0%
Husky Injection Molding Systems Ltd./Titan
Co-Borrower LLC, 9.00%, 02/15/29(a)
USD100
103,194
Media — 1.2%
AMC Networks Inc., 4.25%, 02/15/29
USD27
21,614
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31(a)
USD35
31,969
4.25%, 01/15/34(a)(d)
USD172
148,204
4.50%, 08/15/30(a)
USD100
93,562
4.50%, 05/01/32
USD68
61,701
5.00%, 02/01/28(a)
USD17
16,682
Charter Communications Operating LLC/Charter
Communications Operating Capital
3.50%, 03/01/42
USD7
4,925
3.70%, 04/01/51
USD91
58,744
3.85%, 04/01/61
USD129
79,314
3.90%, 06/01/52
USD133
88,176
3.95%, 06/30/62
USD148
92,106
4.40%, 12/01/61
USD316
214,668
4.80%, 03/01/50
USD101
78,314
5.25%, 04/01/53
USD127
104,713
5.38%, 05/01/47
USD56
47,486
5.50%, 04/01/63
USD56
45,834
5.75%, 04/01/48
USD149
131,864
6.38%, 10/23/35
USD44
45,487
6.55%, 06/01/34
USD55
57,994
6.65%, 02/01/34
USD211
223,670
6.83%, 10/23/55
USD72
71,727
Comcast Corp., 2.99%, 11/01/63
USD163
90,858
Security
Par
(000
)
Value
Media (continued)
Directv Financing LLC/Directv Financing
Co-Obligor Inc., 5.88%, 08/15/27(a)
USD30
$29,835
Discovery Communications LLC, 3.95%,
03/20/28
USD337
324,362
Gray Television Inc., 10.50%, 07/15/29(a)(d)
USD25
27,055
Nexstar Media Inc., 4.75%, 11/01/28(a)(d)
USD26
25,271
Paramount Global
2.90%, 01/15/27
USD155
150,708
3.38%, 02/15/28
USD141
136,247
3.70%, 10/04/26
USD66
64,467
4.38%, 03/15/43
USD33
24,977
4.60%, 01/15/45
USD25
19,088
4.90%, 08/15/44
USD5
3,924
5.85%, 09/01/43
USD75
66,588
6.25%, 02/28/57(b)
USD100
96,375
Sirius XM Radio Inc.
3.88%, 09/01/31(a)(d)
USD100
88,222
4.00%, 07/15/28(a)
USD26
24,746
TEGNA Inc., 4.63%, 03/15/28
USD26
25,239
Univision Communications Inc.
7.38%, 06/30/30(a)
USD25
24,863
9.38%, 08/01/32(a)
USD100
103,760
 
3,045,339
Mining — 0.2%
Corp. Nacional del Cobre de Chile, 6.44%,
01/26/36(e)
USD200
209,625
Fortescue Treasury Pty. Ltd., 4.50%, 09/15/27(a)
USD16
15,770
Glencore Funding LLC
2.85%, 04/27/31(a)
USD121
108,892
4.88%, 03/12/29(a)
USD146
147,253
 
481,540
Office & Business Equipment — 0.0%
Xerox Holdings Corp.
5.50%, 08/15/28(a)
USD25
16,535
8.88%, 11/30/29(a)(d)
USD100
65,114
 
81,649
Oil & Gas — 5.0%
Antero Resources Corp.
5.38%, 03/01/30(a)
USD557
554,449
7.63%, 02/01/29(a)
USD20
20,421
APA Corp., 5.25%, 02/01/42(a)
USD5
3,885
BP Capital Markets America Inc., 4.89%,
09/11/33
USD187
186,661
Civitas Resources Inc., 8.38%, 07/01/28(a)
USD22
22,623
CNX Resources Corp., 7.25%, 03/01/32(a)
USD72
74,232
Comstock Resources Inc. 6.75%, 03/01/29(a)
USD40
39,439
Crescent Energy Finance LLC, 7.38%,
01/15/33(a)
USD50
47,834
Diamondback Energy Inc.
3.13%, 03/24/31
USD366
334,749
3.25%, 12/01/26
USD501
492,776
3.50%, 12/01/29
USD486
463,683
4.25%, 03/15/52
USD81
61,236
5.15%, 01/30/30
USD264
268,801
5.20%, 04/18/27
USD230
232,214
6.25%, 03/15/33
USD344
365,710
EQT Corp.
3.13%, 05/15/26(a)
USD31
30,556
3.63%, 05/15/31(a)
USD459
425,710
3.90%, 10/01/27
USD446
439,804
127
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oil & Gas (continued)
4.50%, 01/15/29(a)
USD517
$510,789
4.75%, 01/15/31(a)
USD1,689
1,663,887
5.00%, 01/15/29
USD198
199,210
5.50%, 07/15/28(a)
USD278
278,804
5.70%, 04/01/28
USD75
77,100
5.75%, 02/01/34(d)
USD271
278,672
6.38%, 04/01/29(a)
USD200
205,913
6.50%, 07/01/27(a)
USD108
110,192
7.00%, 02/01/30
USD690
746,302
7.50%, 06/01/27(a)
USD94
95,677
7.50%, 06/01/30(a)
USD493
540,244
Expand Energy Corp.
4.75%, 02/01/32
USD275
267,107
5.38%, 02/01/29
USD382
382,415
5.38%, 03/15/30
USD129
129,136
5.70%, 01/15/35
USD663
671,403
5.88%, 02/01/29(a)
USD38
38,060
6.75%, 04/15/29(a)
USD143
144,170
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%,
02/01/31(a)
USD16
15,412
KazMunayGas National Co. JSC
6.38%, 10/24/48(a)
USD200
187,322
6.38%, 10/24/48(e)
USD200
187,322
Matador Resources Co., 6.50%, 04/15/32(a)
USD50
50,147
Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30(e)
USD250
261,250
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28(e)
USD200
199,380
Northern Oil & Gas Inc., 8.75%, 06/15/31(a)
USD25
25,685
ORLEN SA, 6.00%, 01/30/35(e)
USD200
205,000
Permian Resources Operating LLC, 8.00%,
04/15/27(a)
USD20
20,450
Petroleos Mexicanos, 7.50%, 03/20/26
USD200
199,250
Raizen Fuels Finance SA, 6.25%, 07/08/32(a)
USD203
200,158
SM Energy Co.
6.63%, 01/15/27
USD15
14,967
6.75%, 08/01/29(a)
USD100
100,079
Sunoco LP, 7.00%, 05/01/29(a)
USD50
51,753
Viper Energy Inc., 5.38%, 11/01/27(a)
USD298
297,918
Viper Energy Partners LLC
4.90%, 08/01/30
USD165
164,304
5.70%, 08/01/35
USD199
197,786
Vital Energy Inc., 9.75%, 10/15/30
USD25
23,452
 
12,805,499
Oil & Gas Services — 0.1%
Archrock Partners LP/Archrock Partners Finance
Corp., 6.25%, 04/01/28(a)
USD11
11,000
Weatherford International Ltd., 8.63%,
04/30/30(a)
USD100
102,731
 
113,731
Packaging & Containers — 0.0%
Ball Corp., 2.88%, 08/15/30
USD6
5,390
Clydesdale Acquisition Holdings Inc., 6.63%,
04/15/29(a)
USD50
50,593
Mauser Packaging Solutions Holding Co., 7.88%,
04/15/27(a)
USD25
25,218
Owens-Brockway Glass Container Inc., 7.25%,
05/15/31(a)(d)
USD24
24,269
 
105,470
Pharmaceuticals — 0.1%
Becton Dickinson & Co., 5.08%, 06/07/29
USD53
53,992
CVS Health Corp., 5.30%, 12/05/43
USD51
46,192
Security
Par
(000
)
Value
Pharmaceuticals (continued)
Pfizer Inc.
2.70%, 05/28/50
USD26
$15,891
4.00%, 12/15/36
USD34
30,924
Pfizer Investment Enterprises Pte Ltd., 4.75%,
05/19/33
USD29
28,825
 
175,824
Pipelines — 2.0%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.38%, 06/15/29(a)
USD6
5,949
Cameron LNG LLC
3.30%, 01/15/35(a)
USD100
85,407
3.40%, 01/15/38(a)
USD226
191,762
Cheniere Corpus Christi Holdings LLC
2.74%, 12/31/39
USD192
157,922
3.70%, 11/15/29
USD262
251,849
5.13%, 06/30/27
USD183
184,268
Cheniere Energy Inc., 5.65%, 04/15/34
USD615
625,582
Cheniere Energy Partners LP
3.25%, 01/31/32
USD251
225,633
4.00%, 03/01/31
USD203
193,899
5.55%, 10/30/35(a)
USD15
15,076
5.75%, 08/15/34
USD161
165,022
DT Midstream Inc., 4.13%, 06/15/29(a)
USD17
16,372
Energy Transfer LP
5.40%, 10/01/47
USD57
50,730
5.95%, 05/15/54
USD136
128,551
6.00%, 02/01/29(a)
USD291
294,918
6.00%, 06/15/48
USD5
4,787
6.20%, 04/01/55
USD34
33,342
7.38%, 02/01/31(a)
USD137
143,294
Genesis Energy LP/Genesis Energy Finance
Corp., 8.00%, 05/15/33
USD100
103,676
Global Partners LP/GLP Finance Corp., 8.25%,
01/15/32(a)
USD25
26,213
Greensaif Pipelines Bidco Sarl, 5.85%,
02/23/36(e)
USD200
204,562
Hess Midstream Operations LP, 4.25%,
02/15/30(a)
USD50
48,379
NGL Energy Operating LLC/NGL Energy Finance
Corp., 8.38%, 02/15/32(a)
USD23
22,499
NuStar Logistics LP, 6.38%, 10/01/30
USD50
51,510
ONEOK Inc., 6.50%, 09/01/30(a)
USD5
5,335
Rockies Express Pipeline LLC, 4.95%,
07/15/29(a)
USD6
5,883
Sabine Pass Liquefaction LLC
4.50%, 05/15/30
USD440
437,831
5.00%, 03/15/27
USD529
530,954
5.88%, 06/30/26
USD12
12,057
5.90%, 09/15/37
USD130
136,187
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.
6.00%, 03/01/27(a)
USD16
15,947
7.38%, 02/15/29(a)
USD25
25,650
Targa Resources Corp.
4.20%, 02/01/33
USD92
86,012
4.95%, 04/15/52
USD97
80,421
5.50%, 02/15/35
USD30
29,983
6.15%, 03/01/29
USD63
65,953
6.50%, 02/15/53
USD50
51,076
Targa Resources Partners LP/Targa Resources
Partners Finance Corp., 4.00%, 01/15/32
USD230
214,293
Schedule of Investments
128
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pipelines (continued)
Venture Global Calcasieu Pass LLC, 3.88%,
08/15/29(a)
USD17
$16,047
Venture Global LNG Inc.
8.13%, 06/01/28(a)
USD23
23,812
8.38%, 06/01/31(a)
USD150
155,154
 
5,123,797
Real Estate — 0.0%
Howard Hughes Corp. (The), 5.38%, 08/01/28(a)
USD25
24,847
Real Estate Investment Trusts — 1.9%
American Tower Corp.
2.10%, 06/15/30
USD15
13,312
2.90%, 01/15/30
USD101
93,796
3.80%, 08/15/29
USD164
159,245
4.90%, 03/15/30
USD463
467,164
Crown Castle Inc.
2.25%, 01/15/31
USD42
36,707
2.50%, 07/15/31
USD18
15,747
4.90%, 09/01/29
USD41
41,293
5.10%, 05/01/33
USD7
6,967
Equinix Europe 2 Financing Corp. LLC, 5.50%,
06/15/34
USD5
5,097
Equinix Inc.
2.50%, 05/15/31
USD151
133,898
2.95%, 09/15/51
USD85
51,919
3.00%, 07/15/50
USD52
32,536
3.90%, 04/15/32
USD469
442,261
Extra Space Storage LP
2.20%, 10/15/30
USD7
6,195
3.90%, 04/01/29
USD73
71,408
4.00%, 06/15/29
USD31
30,403
5.40%, 06/15/35
USD38
38,083
5.50%, 07/01/30
USD391
404,276
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32
USD293
259,178
4.00%, 01/15/30
USD73
69,823
4.00%, 01/15/31
USD31
29,213
5.30%, 01/15/29
USD163
164,498
6.25%, 09/15/54
USD168
165,506
Iron Mountain Inc., 4.50%, 02/15/31(a)
USD17
16,077
RHP Hotel Properties LP/RHP Finance Corp.,
4.50%, 02/15/29(a)
USD100
97,254
SBA Communications Corp., 3.88%, 02/15/27
USD100
98,272
Service Properties Trust
4.75%, 10/01/26
USD16
15,700
5.50%, 12/15/27
USD17
16,765
8.38%, 06/15/29
USD25
25,905
Starwood Property Trust Inc., 7.25%, 04/01/29(a)
USD25
26,146
Store Capital LLC
4.63%, 03/15/29
USD337
331,667
5.40%, 04/30/30(a)
USD13
13,152
Uniti Group LP/Uniti Group Finance 2019
Inc./CSL Capital LLC, 4.75%, 04/15/28(a)
USD100
96,912
VICI Properties LP
4.95%, 02/15/30
USD42
42,178
5.13%, 11/15/31(d)
USD290
289,829
5.13%, 05/15/32
USD61
60,854
VICI Properties LP/VICI Note Co. Inc.
3.88%, 02/15/29(a)
USD569
550,423
4.13%, 08/15/30(a)
USD134
128,030
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
4.63%, 12/01/29(a)
USD446
$437,075
 
4,984,764
Retail — 0.2%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29(a)
USD25
23,655
4.00%, 10/15/30(a)
USD50
46,326
Asbury Automotive Group Inc., 5.00%,
02/15/32(a)
USD101
95,536
Bath & Body Works Inc., 6.63%, 10/01/30(a)
USD17
17,401
Ferrellgas LP/Ferrellgas Finance Corp., 5.88%,
04/01/29(a)
USD24
22,160
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co. Inc., 6.75%, 01/15/30(a)
USD100
94,083
FirstCash Inc., 5.63%, 01/01/30(a)
USD17
16,824
LBM Acquisition LLC, 6.25%, 01/15/29(a)
USD100
87,750
Nordstrom Inc., 4.25%, 08/01/31
USD25
21,662
Yum! Brands Inc., 4.75%, 01/15/30(a)
USD29
28,583
 
453,980
Semiconductors — 0.8%
Broadcom Inc.
2.45%, 02/15/31(a)
USD165
147,194
2.60%, 02/15/33(a)
USD13
11,120
3.14%, 11/15/35(a)
USD83
69,668
3.42%, 04/15/33(a)
USD129
116,695
3.47%, 04/15/34(a)
USD256
227,528
4.15%, 11/15/30
USD91
89,119
4.15%, 04/15/32(a)
USD6
5,767
4.80%, 10/15/34
USD256
251,198
5.15%, 11/15/31
USD211
216,216
5.20%, 04/15/32
USD238
243,956
5.20%, 07/15/35
USD13
13,061
Series ., 4.55%, 02/15/32
USD10
9,867
Entegris Inc., 4.38%, 04/15/28(a)
USD12
11,693
Foundry JV Holdco LLC
5.88%, 01/25/34(a)
USD200
201,945
5.90%, 01/25/33(a)
USD305
313,426
NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%,
05/11/31
USD13
11,461
 
1,939,914
Software — 0.7%
AppLovin Corp.
5.13%, 12/01/29
USD281
284,396
5.38%, 12/01/31
USD425
433,082
5.95%, 12/01/54
USD276
268,924
Central Parent Inc./CDK Global Inc., 7.25%,
06/15/29(a)
USD25
20,542
Cloud Software Group Inc.
6.50%, 03/31/29(a)
USD59
59,583
8.25%, 06/30/32(a)
USD25
26,621
9.00%, 09/30/29(a)
USD100
103,486
CoreWeave Inc., 9.25%, 06/01/30(a)
USD20
20,101
Open Text Corp., 3.88%, 02/15/28(a)
USD25
24,063
Oracle Corp.
4.10%, 03/25/61
USD95
67,195
5.50%, 09/27/64
USD122
109,003
6.00%, 08/03/55
USD146
143,013
6.13%, 08/03/65
USD128
125,755
 
1,685,764
129
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Telecommunications — 1.0%
AT&T Inc.
3.50%, 09/15/53
USD171
$115,201
3.65%, 09/15/59
USD467
310,602
3.80%, 12/01/57
USD145
100,727
3.85%, 06/01/60
USD61
42,158
4.50%, 03/09/48
USD13
10,732
5.45%, 03/01/47
USD110
103,842
6.05%, 08/15/56
USD89
90,222
Frontier Communications Holdings LLC
5.00%, 05/01/28(a)
USD139
138,825
5.88%, 10/15/27(a)
USD23
23,004
5.88%, 11/01/29
USD65
65,562
6.75%, 05/01/29(a)
USD100
100,956
8.63%, 03/15/31(a)
USD50
52,970
Level 3 Financing Inc.
6.88%, 06/30/33(a)
USD50
50,668
11.00%, 11/15/29(a)
USD22
25,347
Motorola Solutions Inc.
4.85%, 08/15/30
USD130
130,882
5.40%, 04/15/34
USD16
16,320
5.50%, 09/01/44
USD12
11,701
5.55%, 08/15/35
USD8
8,160
5.60%, 06/01/32
USD73
75,709
Rogers Communications Inc., 7.00%, 04/15/55,
(5-year CMT + 2.653%)(b)
USD100
102,237
T-Mobile USA Inc.
2.25%, 11/15/31
USD16
13,806
3.60%, 11/15/60
USD154
101,639
3.88%, 04/15/30
USD356
345,047
5.13%, 05/15/32
USD155
157,253
5.80%, 09/15/62
USD163
159,150
Verizon Communications Inc.
4.02%, 12/03/29
USD25
24,568
4.40%, 11/01/34
USD20
19,036
5.40%, 07/02/37(a)
USD112
111,917
Viasat Inc., 5.63%, 04/15/27(a)
USD50
49,758
Vodafone Group PLC, 7.00%, 04/04/79, (5-year
USD Swap + 4.873%)(b)
USD100
104,499
 
2,662,498
Total Corporate Bonds & Notes — 29.0%
(Cost: $74,306,584)
74,890,449
Foreign Government Obligations
Belgium — 0.2%
Kingdom of Belgium Government Bond, 3.30%,
06/22/54(a)(e)
EUR566
566,489
Brazil — 0.7%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/35
BRL10
1,418,433
Series F, 10.00%, 01/01/29
BRL2
324,323
 
1,742,756
Colombia — 0.2%
Colombian TES, Series B, 6.25%, 07/09/36
COP2,422,000
381,995
Free of Tax — 0.1%
European Union, 2.50%, 10/04/52(e)
EUR227
201,191
Security
Par
(000
)
Value
Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe,
2.50%, 08/15/54(e)
EUR470
$470,848
Indonesia — 0.1%
Indonesia Government International Bond, 2.85%,
02/14/30
USD400
374,800
Italy — 0.3%
Italy Buoni Poliennali Del Tesoro, 3.60%,
10/01/35(e)
EUR567
652,935
Japan — 0.4%
Japan Government Thirty Year Bond
2.30%, 12/20/54
JPY77,050
437,458
2.40%, 03/20/55
JPY81,600
473,686
 
911,144
Mexico — 0.9%
Mexico Government International Bond
2.66%, 05/24/31
USD820
707,660
3.50%, 02/12/34
USD400
335,300
4.50%, 01/31/50
USD200
145,180
4.88%, 05/19/33
USD200
187,854
6.35%, 02/09/35
USD463
470,350
6.88%, 05/13/37
USD440
455,180
 
2,301,524
Panama — 0.2%
Panama Government International Bond
3.88%, 03/17/28
USD400
388,000
4.50%, 04/01/56
USD200
131,980
 
519,980
Peru — 0.0%
Peru Government International Bond, 3.55%,
03/10/51
USD146
98,565
Philippines — 0.2%
Philippines Government International Bond,
3.00%, 02/01/28
USD600
580,875
Supranational — 0.7%
European Union, 3.00%, 03/04/53(e)
EUR1,813
1,775,753
United Kingdom — 0.3%
United Kingdom Gilt
4.38%, 03/07/30(e)
GBP336
449,669
4.38%, 07/31/54(e)
GBP335
377,697
 
827,366
Uruguay — 0.1%
Uruguay Government International Bond
4.38%, 10/27/27
USD186
186,365
5.10%, 06/18/50
USD138
126,915
 
313,280
Total Foreign Government Obligations — 4.6%
(Cost: $11,878,496)
11,719,501
Municipal Debt Obligations
California — 0.2%
Bay Area Toll Authority RB BAB, Series S-1,
7.04%, 04/01/50
$110
124,654
State of California GO, 4.60%, 04/01/38
250
252,971
State of California GO BAB, 7.55%, 04/01/39
55
65,414
Schedule of Investments
130
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
California (continued)
University of California RB, Series AD, 4.86%,
05/15/12
$23
$18,998
 
462,037
Georgia — 0.0%
Municipal Electric Authority of Georgia RB BAB,
Project J, Series 2010-A, 6.64%, 04/01/57
50
53,551
Illinois — 0.1%
State of Illinois GO, 5.10%, 06/01/33
175
175,172
Louisiana — 0.0%
Louisiana Local Government Environmental
Facilities & Community Development Authority
RB, 4.15%, 02/01/33
80
78,912
New Jersey — 0.0%
New Jersey State Turnpike Authority RB BAB,
Series F, 7.41%, 01/01/40
63
74,573
New York — 0.0%
New York City Municipal Water Finance Authority
RB, 5.88%, 06/15/44
20
20,161
New York City Municipal Water Finance Authority
RB BAB, 6.01%, 06/15/42
10
10,339
Port Authority of New York & New Jersey RB
Series 168, 4.93%, 10/01/51
30
27,536
Series 181, 4.96%, 08/01/46
50
46,575
 
104,611
Ohio — 0.0%
American Municipal Power Inc. RB, Series B,
8.08%, 02/15/50
45
56,554
Texas — 0.1%
City of San Antonio Texas Electric & Gas Systems
Revenue RB BAB, 5.81%, 02/01/41
50
50,574
State of Texas GO BAB, 5.52%, 04/01/39
70
71,411
 
121,985
Total Municipal Debt Obligations — 0.4%
(Cost: $1,137,027)
1,127,395
U.S. Government & Agency Obligations
Mortgage Securities — 0.6%
Uniform Mortgage-Backed Securities
6.00%, 04/01/54
66
66,866
6.00%, 02/01/55
89
91,072
6.00%, 04/01/55
88
89,546
6.00%, 05/01/55
186
189,067
6.00%, 08/01/55
1,097
1,113,934
 
1,550,485
Mortgage-Backed Securities — 52.2%
Federal Home Loan Mortgage Corp., 4.50%,
07/01/47
132
128,303
Federal National Mortgage Association, 5.81%,
06/01/31
20
20,629
Government National Mortgage Association
2.00%, 08/20/51
262
211,612
2.00%, 08/15/54(g)
2,451
1,978,166
2.50%, 11/20/51
185
155,273
2.50%, 04/20/52
224
188,556
2.50%, 05/20/52
126
105,732
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
2.50%, 08/15/54(g)
$2,198
$1,848,053
3.00%, 06/20/50
60
52,430
3.00%, 11/20/51
138
120,842
3.00%, 08/15/54(g)
1,740
1,520,100
3.50%, 03/20/44
116
106,611
3.50%, 03/20/47
36
33,155
3.50%, 05/20/52
336
303,148
3.50%, 06/20/52
259
233,666
3.50%, 10/20/52
392
353,122
3.50%, 08/15/54(g)
344
309,050
3.50%, 09/22/55(g)
200
179,180
4.00%, 07/20/43
26
24,954
4.00%, 02/20/48
72
67,174
4.00%, 12/20/52
133
123,918
4.00%, 08/15/54(g)
845
778,056
4.50%, 01/20/41
25
24,716
4.50%, 09/20/48
58
55,855
4.50%, 08/15/54(g)
1,123
1,065,594
5.00%, 08/15/54(g)
1,566
1,528,175
5.50%, 08/15/54(g)
1,786
1,781,180
6.00%, 08/15/54(g)
1,130
1,145,140
6.50%, 08/15/54(g)
534
548,098
Uniform Mortgage-Backed Securities
1.50%, 08/15/39(g)
630
556,258
1.50%, 01/01/51
64
47,586
1.50%, 02/01/51
55
40,775
1.50%, 03/01/51
36
26,838
1.50%, 05/01/51
23
16,947
1.50%, 06/01/51
38
28,281
1.50%, 04/01/52
405
300,467
2.00%, 12/01/35
168
152,755
2.00%, 05/01/36
123
112,468
2.00%, 07/01/36
193
177,176
2.00%, 03/01/37
131
119,070
2.00%, 08/15/39(g)
2,187
1,985,171
2.00%, 03/01/41
60
51,305
2.00%, 01/01/42
149
127,155
2.00%, 02/01/42
149
127,167
2.00%, 09/01/50
698
551,874
2.00%, 11/01/50
473
374,443
2.00%, 01/01/51
789
622,381
2.00%, 05/01/51
825
649,393
2.00%, 10/01/51
650
511,073
2.00%, 11/01/51
2,180
1,712,330
2.00%, 02/01/52
470
369,425
2.00%, 03/01/52
2,071
1,625,580
2.00%, 04/01/52
591
463,542
2.00%, 05/01/52
1,082
854,212
2.00%, 08/01/52
79
61,847
2.00%, 08/15/54(g)
4,929
3,854,899
2.50%, 02/01/35
77
73,532
2.50%, 05/01/35
62
57,938
2.50%, 02/01/36
33
30,761
2.50%, 07/01/36
32
30,214
2.50%, 08/15/39(g)
602
558,846
2.50%, 05/01/51
69
56,950
2.50%, 06/01/51
615
504,881
2.50%, 09/01/51
609
502,032
2.50%, 10/01/51
147
121,526
2.50%, 11/01/51
889
739,492
2.50%, 12/01/51
97
79,298
131
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
2.50%, 01/01/52
$815
$676,376
2.50%, 03/01/52
1,457
1,202,606
2.50%, 04/01/52
905
743,789
2.50%, 05/01/52
1,611
1,329,526
2.50%, 06/01/52
143
117,708
2.50%, 07/01/53
124
101,866
2.50%, 08/15/54(g)
2,897
2,373,297
3.00%, 02/01/29
19
18,487
3.00%, 11/01/34
21
20,411
3.00%, 06/01/37
28
26,229
3.00%, 07/01/37
28
26,288
3.00%, 08/15/39(g)
355
336,141
3.00%, 09/01/46
258
228,616
3.00%, 11/01/48
324
282,878
3.00%, 06/01/50
224
193,249
3.00%, 11/01/50
205
179,793
3.00%, 12/01/50
327
285,659
3.00%, 11/01/51
66
56,590
3.00%, 12/01/51
529
460,087
3.00%, 01/01/52
274
236,970
3.00%, 05/01/52
1,337
1,148,949
3.00%, 07/01/52
567
488,010
3.00%, 08/13/55(g)
3,679
3,147,943
3.00%, 09/15/55(g)
2,700
2,310,682
3.50%, 01/01/34
20
19,286
3.50%, 04/01/37
12
11,123
3.50%, 06/01/37
5
5,139
3.50%, 08/15/39(g)
118
113,039
3.50%, 02/01/45
111
102,296
3.50%, 02/01/47
40
37,317
3.50%, 05/01/47
10
8,766
3.50%, 10/01/47
63
57,410
3.50%, 09/01/49
724
665,486
3.50%, 01/01/50
217
197,686
3.50%, 03/01/50
483
434,862
3.50%, 02/01/51
34
31,531
3.50%, 08/01/52
41
37,578
3.50%, 08/15/54(g)
5,027
4,490,258
3.50%, 09/15/54(g)
4,186
3,733,821
4.00%, 08/15/39(g)
103
99,969
4.00%, 06/01/46
229
216,210
4.00%, 10/01/47
166
155,754
4.00%, 12/01/48
91
85,656
4.00%, 03/01/50
486
456,708
4.00%, 11/01/50
79
74,054
4.00%, 08/01/51
376
351,042
4.00%, 06/01/52
208
195,568
4.00%, 10/01/52
235
217,447
4.00%, 04/01/53
13
11,973
4.00%, 08/15/54(g)
2,202
2,030,696
4.50%, 08/15/39(g)
442
436,641
4.50%, 07/01/48
114
110,415
4.50%, 12/01/48
144
138,806
4.50%, 01/01/49
114
111,541
4.50%, 09/01/49
54
53,096
4.50%, 10/01/50
114
110,459
4.50%, 10/01/52
621
590,119
4.50%, 01/01/53
940
893,605
4.50%, 02/01/53
91
86,353
4.50%, 03/01/53
16
15,506
4.50%, 09/01/53
230
222,355
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
4.50%, 08/15/54(g)
$571
$541,590
5.00%, 07/01/47
40
40,028
5.00%, 06/01/50
59
58,498
5.00%, 05/01/53
133
129,641
5.00%, 06/01/53
522
509,874
5.00%, 07/01/53
226
221,401
5.00%, 08/01/53
88
86,565
5.00%, 10/01/53
139
135,994
5.00%, 11/01/53
803
783,807
5.00%, 03/01/54
97
94,748
5.00%, 08/15/54(g)
3,728
3,628,081
5.50%, 02/01/53
163
162,800
5.50%, 06/01/53
272
271,465
5.50%, 07/01/53
361
361,649
5.50%, 08/01/53
211
210,096
5.50%, 09/01/53
421
419,422
5.50%, 10/01/53
68
67,967
5.50%, 06/01/54
251
250,291
5.50%, 08/01/54
478
476,066
5.50%, 08/15/54(g)
32,409
32,237,419
6.00%, 11/01/52
84
86,592
6.00%, 12/01/52
58
59,816
6.00%, 01/01/53
121
123,281
6.00%, 04/01/53
13
13,140
6.00%, 05/01/53
89
90,736
6.00%, 06/01/53
25
25,969
6.00%, 08/01/53
87
88,590
6.00%, 09/01/53
123
125,811
6.00%, 11/01/53
317
322,861
6.00%, 04/01/54
31
31,442
6.00%, 06/01/54
58
58,584
6.00%, 08/15/54(g)
24,493
24,831,538
6.50%, 06/01/54
99
102,423
6.50%, 07/01/54
164
168,794
6.50%, 08/15/54(g)
1,861
1,919,458
 
134,604,534
U.S. Government Obligations — 22.9%
U.S. Treasury Note/Bond
0.38%, 09/30/27
454
420,572
0.50%, 02/28/26
278
271,725
0.50%, 04/30/27
610
574,237
0.50%, 05/31/27
823
773,546
0.50%, 08/31/27
659
614,260
0.63%, 07/31/26
885
854,840
0.75%, 05/31/26
306
297,353
0.88%, 06/30/26
956
927,738
1.13%, 08/31/28
343
315,707
1.13%, 05/15/40
46
28,647
1.13%, 08/15/40
1,145
700,484
1.25%, 03/31/28
257
240,130
1.25%, 05/31/28
489
454,713
1.25%, 09/30/28
174
160,710
1.25%, 05/15/50
500
237,012
1.38%, 11/15/40
1,145
725,584
1.38%, 08/15/50
192
93,330
1.50%, 11/30/28
1,144
1,059,138
1.50%, 02/15/30
236
212,400
1.63%, 11/15/50
187
97,049
1.88%, 02/15/41
326
222,476
1.88%, 02/15/51
156
86,539
1.88%, 11/15/51
0
164
Schedule of Investments
132
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
U.S. Government Obligations (continued)
2.00%, 11/15/26
$623
$606,646
2.00%, 08/15/51
1,546
878,200
2.25%, 08/15/27
203
196,613
2.25%, 08/15/49
272
168,053
2.38%, 05/15/27
203
197,709
2.38%, 03/31/29
601
569,729
2.38%, 02/15/42
156
112,560
2.38%, 05/15/51
578
360,977
2.50%, 02/15/45
1,003
697,603
2.63%, 05/31/27
920
898,222
2.63%, 07/31/29
1,016
968,018
2.75%, 08/15/32
678
620,555
2.75%, 11/15/47
506
355,074
2.88%, 04/30/29
514
495,669
2.88%, 05/15/32
45
41,672
2.88%, 05/15/49
192
135,983
3.00%, 05/15/42
53
41,874
3.00%, 05/15/47
226
166,932
3.00%, 02/15/48
503
369,239
3.00%, 02/15/49
737
536,240
3.00%, 08/15/52
820
582,866
3.13%, 08/31/29
800
776,122
3.13%, 08/15/44
219
170,380
3.13%, 05/15/48
192
143,910
3.25%, 06/30/27
3,859
3,809,707
3.25%, 06/30/29
1,048
1,023,255
3.25%, 05/15/42
1,470
1,203,161
3.38%, 09/15/27
1
989
3.50%, 01/31/30
767
752,992
3.63%, 05/31/28
1,659
1,647,568
3.63%, 09/30/31
1,040
1,014,731
3.63%, 08/15/43
217
184,858
3.63%, 02/15/53
369
296,674
3.63%, 05/15/53
185
148,379
3.75%, 04/15/28
42
41,843
3.75%, 05/15/28
29
28,896
3.75%, 12/31/28
721
717,480
3.75%, 05/31/30
913
904,726
3.75%, 08/31/31
3
2,949
3.75%, 08/15/41
179
158,779
3.75%, 11/15/43
217
187,650
3.88%, 05/31/27
70
69,880
3.88%, 11/30/27
914
913,179
3.88%, 07/15/28
137
136,957
3.88%, 11/30/29
624
622,611
3.88%, 04/30/30
2
1,994
3.88%, 08/15/34
3
2,902
3.88%, 08/15/40
55
50,010
3.88%, 02/15/43
2,042
1,808,030
4.00%, 12/15/25
675
674,606
4.00%, 01/15/27
473
472,131
4.00%, 12/15/27
27
27,059
4.00%, 02/29/28
615
616,562
4.00%, 02/28/30
434
435,170
4.00%, 06/30/32
58
57,529
4.00%, 02/15/34
919
901,426
4.00%, 11/15/52
0
259
4.13%, 02/28/27
1,466
1,468,233
4.13%, 10/31/27
596
598,538
4.13%, 11/30/29
2,441
2,459,498
4.13%, 10/31/31
10
10,022
Security
Par
(000
)
Value
U.S. Government Obligations (continued)
4.13%, 02/29/32
$68
$68,050
4.13%, 03/31/32
18
18,008
4.13%, 08/15/44
826
747,646
4.25%, 01/31/26
345
344,792
4.25%, 11/30/26
3,306
3,312,328
4.25%, 12/31/26
21
21,050
4.25%, 03/15/27
473
474,253
4.25%, 01/15/28
28
28,217
4.25%, 01/31/30
1
1,013
4.25%, 06/30/31
658
664,683
4.25%, 11/15/34
303
301,106
4.25%, 05/15/35
261
258,716
4.25%, 11/15/40
196
186,206
4.38%, 07/31/26
30
30,053
4.38%, 12/15/26
785
788,289
4.50%, 11/15/25
249
249,054
4.50%, 03/31/26
600
600,804
4.50%, 07/15/26
983
986,220
4.50%, 04/15/27
1,644
1,657,614
4.50%, 05/15/27
8
8,070
4.50%, 12/31/31
639
652,841
4.50%, 08/15/39
68
67,369
4.63%, 02/28/26
29
29,046
4.63%, 03/15/26
498
499,463
4.63%, 06/15/27
4
4,047
4.63%, 09/30/28
446
455,617
4.63%, 02/15/35
15
15,326
4.63%, 02/15/40
55
54,683
4.63%, 11/15/44
115
111,245
4.63%, 02/15/55
251
240,450
4.75%, 11/15/43
171
168,836
4.75%, 05/15/55
1,738
1,699,981
4.88%, 04/30/26
535
537,362
4.88%, 05/31/26
28
28,139
4.88%, 10/31/30
861
896,470
 
59,117,480
Total U.S. Government & Agency Obligations — 75.7%
(Cost: $195,639,100)
195,272,499
 
Shares
 
Common Stocks
Banks — 0.1%
JPMorgan Chase & Co.
665
197,000
Electrical Equipment — 0.0%
GE Vernova Inc.
94
62,067
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.
123
25,651
Mortgage Real Estate Investment — 0.1%
Blackstone Mortgage Trust Inc., Class A
7,482
138,267
Oil, Gas & Consumable Fuels — 0.0%
Kinder Morgan Inc.
649
18,211
133
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Residential REITs — 0.0%
Invitation Homes Inc.
1,517
$46,496
Total Common Stocks — 0.2%
(Cost $423,855)
487,692
Investment Companies
Exchange Traded Funds — 0.4%
Financial Select Sector SPDR Fund
2,715
142,184
iShares iBoxx $ High Yield Corporate Bond
ETF(d)(h)
10,420
837,560
 
979,744
Total Investment Companies — 0.4%
(Cost $974,746)
979,744
Preferred Stocks
Aerospace & Defense — 0.0%
Boeing Co. (The), 6.00%(i)
250
17,675
Total Preferred Stocks — 0.0%
(Cost $12,500)
17,675
Total Long-Term Investments — 137.9%
(Cost: $355,143,646)
355,605,305
Short-Term Securities
Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.44%(h)(j)
4,401,061
4,402,822
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.30%(h)(j)(k)
2,623,387
2,623,387
Total Short-Term Securities — 2.7%
(Cost: $7,026,209)
7,026,209
Options Purchased — 0.3%
(Cost: $722,973)
600,676
Total Investments  Before TBA Sales Commitments and Options
Written — 140.9%
(Cost: $362,892,828)
363,232,190
 
Par
(000
)
 
TBA Sales Commitments(g)
Mortgage-Backed Securities — (10.9)%
Government National Mortgage Association,
3.50%, 08/15/54
$(200
)
(179,680
)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities
2.00%, 08/15/54
(2,180
)
$(1,704,946
)
2.50%, 08/15/54
(1,905
)
(1,560,625
)
3.00%, 08/13/55
(4,034
)
(3,451,153
)
3.00%, 09/15/55
(1,689
)
(1,445,460
)
3.50%, 08/15/54
(4,900
)
(4,376,819
)
3.50%, 09/15/54
(2,700
)
(2,408,341
)
4.00%, 08/15/54
(1,047
)
(965,549
)
4.50%, 08/15/54
(10,425
)
(9,863,660
)
5.00%, 08/15/54
(627
)
(610,195
)
6.00%, 08/15/54
(1,552
)
(1,573,452
)
Total TBA Sales Commitments — (10.9)%
(Proceeds: $(28,125,636))
(28,139,880
)
Options Written — (0.0%)
(Premiums Received: $(130,111))
(51,617
)
Total Investments, Net of TBA Sales Commitments and Options
Written — 130.0%
(Cost: $334,637,081)
335,040,693
Liabilities in Excess of Other Assets — (30.0)%
(77,170,681
)
Net Assets — 100.0%
$257,870,012
 
(a)
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.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(d)
All or a portion of this security is on loan.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(g)
Represents or includes a TBA transaction.
(h)
Affiliate of the Fund.
(i)
Convertible security.
(j)
Annualized 7-day yield as of period end.
(k)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
134
Schedule of Investments (continued)
July 31, 2025
iShares Total Return 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
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/25
Shares
Held at
07/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$3,070,489
$1,333,683
(a)
$—
$(1,118
)
$(232
)
$4,402,822
4,401,061
$303,375
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
224,810
2,398,577
(a)
—
—
—
2,623,387
2,623,387
10,997
(b)
—
iShares 0-5 Year High Yield Corporate Bond ETF(c)
—
660,929
(661,949
)
1,020
—
—
—
18,349
—
iShares iBoxx $ High Yield Corporate Bond ETF
—
3,194,655
(2,372,209
)
13,724
1,390
837,560
10,420
19,494
—
iShares iBoxx $ Investment Grade Corporate Bond
ETF(c)
—
1,436,105
(1,430,551
)
(5,554
)
—
—
—
—
—
iShares J.P. Morgan USD Emerging Markets Bond
ETF(c)
612,527
242,429
(859,753
)
26,581
(21,784
)
—
—
8,687
—
 
 
 
 
$34,653
$(20,626)
$7,863,769
 
$360,902
$—
 
(a)
Represents net amount purchased (sold).
(b)
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.
(c)
As of period end, the entity is no longer held.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
 
Euro BOBL
18
09/08/25
$2,409
$(11,387)
10-Year U.S. Treasury Note
7
09/19/25
778
1,146
U.S. Long Bond
48
09/19/25
5,479
13,653
Ultra U.S. Treasury Bond
52
09/19/25
6,094
67,350
2-Year U.S. Treasury Note
266
09/30/25
55,066
(83,747)
5-Year U.S. Treasury Note
42
09/30/25
4,544
(397)
3-mo. SOFR
53
03/17/26
12,717
(23,901)
 
 
 
(37,283)
Short Contracts
 
 
 
30-Year Euro Buxl Bond
(6)
09/08/25
804
20,239
10-Year U.S. Ultra Treasury Note
(190)
09/19/25
21,488
(81,365)
S&P 500 E-Mini Index
(2)
09/19/25
637
(28,500)
 
 
 
(89,626)
 
 
 
$(126,909)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
BRL
2,070,247
USD
365,316
Barclays Bank PLC
09/17/25
$292
MXN
4,094,245
USD
215,000
Goldman Sachs & Co.
09/17/25
1,006
MXN
3,900,581
USD
204,000
UBS AG
09/17/25
1,789
USD
508,560
BRL
2,865,000
Barclays Bank PLC
09/17/25
2,598
135
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
237,160
BRL
1,315,000
Citibank N.A.
09/17/25
$4,929
USD
59,137
BRL
328,000
UBS AG
09/17/25
1,212
USD
170,972
COP
703,497,000
Barclays Bank PLC
09/17/25
3,641
USD
48,466
COP
198,254,000
BNP Paribas SA
09/17/25
1,310
USD
112,007
COP
459,633,000
Goldman Sachs & Co.
09/17/25
2,681
USD
142,274
EUR
122,000
Barclays Bank PLC
09/17/25
2,641
USD
326,829
EUR
280,000
BNP Paribas SA
09/17/25
6,361
USD
3,082,432
EUR
2,615,000
Citibank N.A.
09/17/25
89,492
USD
576,240
EUR
488,000
Morgan Stanley & Co. LLC
09/17/25
17,711
USD
3,895,276
EUR
3,345,100
UBS AG
09/17/25
66,716
USD
1,197,649
GBP
881,300
Morgan Stanley & Co. LLC
09/17/25
33,261
USD
472,712
GBP
348,000
UBS AG
09/17/25
12,929
USD
106,451
JPY
15,533,000
Barclays Bank PLC
09/17/25
2,941
USD
806,620
JPY
114,622,820
BNP Paribas SA
09/17/25
42,791
USD
26,240
JPY
3,813,000
Morgan Stanley & Co. LLC
09/17/25
830
USD
36,334
JPY
5,287,000
UBS AG
09/17/25
1,102
 
 
 
 
296,233
BRL
1,010,928
USD
180,000
Barclays Bank PLC
09/17/25
$(1,469
)
BRL
936,837
USD
168,400
Citibank N.A.
09/17/25
(2,953
)
BRL
473,749
USD
85,000
Goldman Sachs & Co.
09/17/25
(1,335
)
CNH
8,744,535
USD
1,223,000
Barclays Bank PLC
09/17/25
(6,171
)
EUR
1,776,000
USD
2,043,201
Bank of America N.A.
09/17/25
(10,519
)
EUR
2,007,000
USD
2,354,373
Barclays Bank PLC
09/17/25
(57,305
)
GBP
551,000
USD
754,830
Citibank N.A.
09/17/25
(26,840
)
MXN
1,655,170
USD
88,000
Bank of America N.A.
09/17/25
(676
)
USD
837,064
BRL
4,743,641
Barclays Bank PLC
09/17/25
(669
)
USD
81,085
COP
342,139,755
Citibank N.A.
09/17/25
(295
)
 
 
 
 
(108,232
)
 
 
 
 
$188,001
Exchange-Traded Options Purchased 
Description
 
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
3-Month SOFR Future
246
10/10/25
USD
96.19
USD
59,025
$32,287
OTC Interest Rate Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 01/15/37
1-day SOFR,
4.39%
Annual
4.34%
Annual
Citibank N.A.
01/13/27
4.34
USD
270
$14,646
10-Year Interest Rate Swap, 01/15/37
1-day SOFR,
4.39%
Annual
4.34%
Annual
Citibank N.A.
01/13/27
4.34
USD
270
14,646
10-Year Interest Rate Swap, 03/31/37
1-day SOFR,
4.39%
Annual
3.93%
Annual
Morgan Stanley & Co.
International PLC
03/29/27
3.93
USD
493
18,061
10-Year Interest Rate Swap, 03/31/37
1-day SOFR,
4.39%
Annual
4.00%
Annual
BNP Paribas SA
03/29/27
4.00
USD
228
9,035
10-Year Interest Rate Swap, 04/14/37
1-day SOFR,
4.39%
Annual
4.05%
Annual
Citibank N.A.
04/12/27
4.05
USD
240
10,003
Schedule of Investments
136
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
OTC Interest Rate Swaptions Purchased (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
10-Year Interest Rate Swap, 04/16/37
1-day SOFR,
4.39%
Annual
4.01%
Annual
Bank of America N.A.
04/14/27
4.01
USD
121
$4,824
10-Year Interest Rate Swap, 06/06/37
1-day SOFR,
4.39%
Annual
4.00%
Annual
Goldman Sachs Inter-
national
06/04/27
4.00
USD
854
34,199
10-Year Interest Rate Swap, 07/10/37
1-day SOFR,
4.39%
Annual
4.05%
Annual
Barclays Bank PLC
07/08/27
4.05
USD
1,250
53,207
10-Year Interest Rate Swap, 07/16/37
1-day SOFR,
4.39%
Annual
4.07%
Annual
Bank of America N.A.
07/14/27
4.07
USD
1,593
69,186
10-Year Interest Rate Swap, 07/17/37
1-day SOFR,
4.39%
Annual
4.08%
Annual
Bank of America N.A.
07/15/27
4.08
USD
1,593
70,043
 
 
 
 
 
 
 
 
297,850
Put
 
 
 
 
 
 
 
30-Year Interest Rate Swap, 08/15/55
4.35%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
08/13/25
4.35
USD
2,829
608
30-Year Interest Rate Swap, 08/15/55
4.35%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
08/13/25
4.35
USD
200
43
30-Year Interest Rate Swap, 08/15/55
4.35%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
08/13/25
4.35
USD
250
54
30-Year Interest Rate Swap, 08/15/55
4.35%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
08/13/25
4.35
USD
250
54
30-Year Interest Rate Swap, 10/16/55
4.33%
Annual
1-day SOFR,
4.39%
Annual
Citibank N.A.
10/14/25
4.33
USD
3,562
28,352
30-Year Interest Rate Swap, 10/16/55
4.33%
Annual
1-day SOFR,
4.39%
Annual
Bank of America N.A.
10/14/25
4.33
USD
50
398
10-Year Interest Rate Swap, 01/15/37
4.34%
Annual
1-day SOFR,
4.39%
Annual
Citibank N.A.
01/13/27
4.34
USD
270
5,824
10-Year Interest Rate Swap, 01/15/37
4.34%
Annual
1-day SOFR,
4.39%
Annual
Citibank N.A.
01/13/27
4.34
USD
270
5,824
10-Year Interest Rate Swap, 03/31/37
3.93%
Annual
1-day SOFR,
4.39%
Annual
Morgan Stanley & Co.
International PLC
03/29/27
3.93
USD
493
18,089
10-Year Interest Rate Swap, 03/31/37
4.00%
Annual
1-day SOFR,
4.39%
Annual
BNP Paribas SA
03/29/27
4.00
USD
228
7,802
10-Year Interest Rate Swap, 04/14/37
4.05%
Annual
1-day SOFR,
4.39%
Annual
Citibank N.A.
04/12/27
4.05
USD
240
7,961
10-Year Interest Rate Swap, 04/16/37
4.01%
Annual
1-day SOFR,
4.39%
Annual
Bank of America N.A.
04/14/27
4.01
USD
121
4,158
10-Year Interest Rate Swap, 06/06/37
4.00%
Annual
1-day SOFR,
4.39%
Annual
Goldman Sachs Inter-
national
06/04/27
4.00
USD
854
31,577
10-Year Interest Rate Swap, 07/10/37
4.05%
Annual
1-day SOFR,
4.39%
Annual
Barclays Bank PLC
07/08/27
4.05
USD
1,250
45,569
10-Year Interest Rate Swap, 07/16/37
4.07%
Annual
1-day SOFR,
4.39%
Annual
Bank of America N.A.
07/14/27
4.07
USD
1,593
57,407
10-Year Interest Rate Swap, 07/17/37
4.08%
Annual
1-day SOFR,
4.39%
Annual
Bank of America N.A.
07/15/27
4.08
USD
1,593
56,819
 
 
 
 
 
 
 
 
270,539
 
 
 
 
 
 
 
 
$568,389
Exchange-Traded Options Written 
Description
   
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
3-Month SOFR Future
246
10/10/25
USD
96.44
USD
59,025
$(13,838
)
137
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
OTC Interest Rate Swaptions Written 
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Exercise
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
Put
 
 
 
 
 
 
 
5-Year Interest Rate Swap, 08/15/30
1-day SOFR,
4.39%
Annual
4.03%
Annual
Goldman Sachs Inter-
national
08/13/25
4.03
USD
10,899
$(54
)
5-Year Interest Rate Swap, 08/15/30
1-day SOFR,
4.39%
Annual
4.03%
Annual
Goldman Sachs Inter-
national
08/13/25
4.03
USD
1,000
(5
)
5-Year Interest Rate Swap, 08/15/30
1-day SOFR,
4.39%
Annual
4.03%
Annual
Goldman Sachs Inter-
national
08/13/25
4.03
USD
1,000
(5
)
5-Year Interest Rate Swap, 08/15/30
1-day SOFR,
4.39%
Annual
4.03%
Annual
Goldman Sachs Inter-
national
08/13/25
4.03
USD
1,000
(5
)
5-Year Interest Rate Swap, 10/16/30
1-day SOFR,
4.39%
Annual
3.81%
Annual
Citibank N.A.
10/14/25
3.81
USD
13,783
(36,907
)
5-Year Interest Rate Swap, 10/16/30
1-day SOFR,
4.39%
Annual
3.81%
Annual
Bank of America N.A.
10/14/25
3.81
USD
300
(803
)
 
 
 
 
 
 
 
 
$(37,779
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.44.V1
5.00
%
Quarterly
06/20/30
B+
USD
11,837
$924,939
$588,754
$336,185
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Centrally Cleared Inflation Swaps 
Paid by the Fund
Received by the Fund
 
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Reference
Frequency
Rate
Frequency
 
UK RPI All Items
NSA
At Termination
3.28%
At Termination
 
07/15/27
GBP
721
$(3,436
)
$6
$(3,442
)
UK RPI All Items
NSA
At Termination
3.30%
At Termination
 
07/15/27
GBP
736
(3,131
)
6
(3,137
)
UK RPI All Items
NSA
At Termination
3.32%
At Termination
 
07/15/27
GBP
1,441
(5,675
)
12
(5,687
)
UK RPI All Items
NSA
At Termination
3.43%
At Termination
 
07/15/27
GBP
707
(762
)
13
(775
)
2.69%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
299
1,943
41
1,902
2.69%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
499
3,337
1,348
1,989
2.83%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
616
(439
)
5
(444
)
2.84%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
308
(247
)
3
(250
)
2.84%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
308
(239
)
3
(242
)
2.87%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
616
(1,557
)
6
(1,563
)
Schedule of Investments
138
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Centrally Cleared Inflation Swaps (continued)
Paid by the Fund
Received by the Fund
 
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Reference
Frequency
Rate
Frequency
 
2.83%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
656
$(409
)
$(505
)
$96
2.79%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
916
1,402
169
1,233
2.73%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
840
3,624
688
2,936
2.73%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
330
1,545
2
1,543
2.76%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/28
USD
550
1,644
3
1,641
2.54%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
389
2,776
829
1,947
2.53%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
239
1,763
(44
)
1,807
2.69%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
892
(194
)
(401
)
207
2.69%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
497
(48
)
(56
)
8
2.68%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
246
(12
)
2
(14
)
2.72%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
492
(971
)
6
(977
)
2.67%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
322
212
3
209
2.65%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
328
560
4
556
2.64%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
492
1,007
5
1,002
2.56%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
530
3,133
7
3,126
2.56%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
280
1,645
3
1,642
2.62%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/29
USD
450
1,399
6
1,393
3.41%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/29
GBP
721
3,240
12
3,228
3.42%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/29
GBP
736
2,820
12
2,808
3.43%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/29
GBP
1,441
5,144
23
5,121
139
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Centrally Cleared Inflation Swaps (continued)
Paid by the Fund
Received by the Fund
 
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Reference
Frequency
Rate
Frequency
 
3.49%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/29
GBP
707
$218
$(97
)
$315
2.43%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/30
USD
322
2,375
4
2,371
2.43%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/30
USD
655
4,851
8
4,843
2.52%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
04/15/30
USD
200
627
190
437
3.35%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/30
GBP
474
3,320
8
3,312
3.37%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/30
GBP
469
2,697
8
2,689
3.39%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/30
GBP
315
1,333
5
1,328
3.40%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/30
GBP
321
1,158
5
1,153
3.41%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/30
GBP
629
2,170
10
2,160
3.46%
At Termination
UK RPI All Items
NSA
At Termination
 
07/15/30
GBP
308
83
(73
)
156
2.69%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
07/17/30
USD
1,562
(3,158
)
19
(3,177
)
2.70%
At Termination
U.S. CPI Urban
Consumers
NSA
At Termination
 
07/22/30
USD
682
(1,737
)
(174
)
(1,563
)
UK RPI All Items
NSA
At Termination
3.24%
At Termination
 
07/15/35
GBP
315
(1,026
)
9
(1,035
)
UK RPI All Items
NSA
At Termination
3.24%
At Termination
 
07/15/35
GBP
321
(1,123
)
9
(1,132
)
UK RPI All Items
NSA
At Termination
3.24%
At Termination
 
07/15/35
GBP
629
(2,278
)
17
(2,295
)
UK RPI All Items
NSA
At Termination
3.27%
At Termination
 
07/15/35
GBP
308
48
189
(141
)
 
 
 
 
 
$29,632
$2,348
$27,284
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day FEDL,
4.33%
At Termination
4.27%
At Termination
N/A
09/17/25
USD
162,221
$(12,381
)
$(87
)
$(12,294
)
1-day FEDL,
4.33%
At Termination
4.28%
At Termination
N/A
09/17/25
USD
8,020
(568
)
14
(582
)
1-day FEDL,
4.33%
At Termination
4.28%
At Termination
N/A
09/17/25
USD
12,500
(825
)
22
(847
)
1-day FEDL,
4.33%
At Termination
4.28%
At Termination
N/A
09/17/25
USD
50,940
(3,395
)
94
(3,489
)
1-day FEDL,
4.33%
At Termination
4.29%
At Termination
N/A
09/17/25
USD
78,599
(4,371
)
143
(4,514
)
1-day FEDL,
4.33%
At Termination
4.31%
At Termination
N/A
09/17/25
USD
82,130
(2,242
)
150
(2,392
)
Schedule of Investments
140
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day FEDL,
4.33%
At Termination
4.31%
At Termination
N/A
09/17/25
USD
82,574
$(2,368
)
$151
$(2,519
)
1-day FEDL,
4.33%
At Termination
4.32%
At Termination
N/A
09/17/25
USD
46,824
(243
)
86
(329
)
1-day FEDL,
4.33%
At Termination
4.33%
At Termination
N/A
09/17/25
USD
75,376
(28
)
137
(165
)
3.79%
At Termination
1-day SOFR,
4.39%
At Termination
N/A
05/16/26
USD
3,452
14,633
6
14,627
1-day SOFR,
4.39%
At Termination
3.79%
At Termination
N/A
05/16/26
USD
1,139
(4,867
)
2
(4,869
)
1-day SOFR,
4.39%
At Termination
3.79%
At Termination
N/A
05/16/26
USD
2,313
(9,893
)
4
(9,897
)
3.81%
At Termination
1-day SOFR,
4.39%
At Termination
N/A
05/16/26
USD
2,649
10,697
1,511
9,186
1-day SOFR,
4.39%
At Termination
3.91%
At Termination
N/A
05/16/26
USD
2,649
(8,108
)
5
(8,113
)
1.00%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
3/12/2026(a)
03/12/27
JPY
244,490
(2,199
)
5
(2,204
)
1.02%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
3/12/2026(a)
03/12/27
JPY
554,284
(5,746
)
12
(5,758
)
1.03%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
3/12/2026(a)
03/12/27
JPY
658,313
(7,171
)
(192
)
(6,979
)
0.68%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
4/21/2026(a)
04/21/27
JPY
244,724
3,255
6
3,249
0.69%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
4/21/2026(a)
04/21/27
JPY
247,585
3,260
5
3,255
0.80%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
4/21/2026(a)
04/21/27
JPY
130,000
723
2
721
0.85%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
4/21/2026(a)
04/21/27
JPY
250,000
630
642
(12
)
0.70%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
5/11/2026(a)
05/11/27
JPY
195,427
2,565
4
2,561
0.79%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
5/11/2026(a)
05/11/27
JPY
125,000
928
3
925
0.79%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
5/11/2026(a)
05/11/27
JPY
275,000
1,958
669
1,289
0.86%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
7/3/2026(a)
07/02/27
JPY
275,000
1,330
6
1,324
0.85%
At Termination
Tokyo Overnight
Average Rate,
0.48%
At Termination
7/7/2026(a)
07/07/27
JPY
796,320
4,144
18
4,126
2.36%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
01/13/54
EUR
65
6,269
(70
)
6,339
2.52%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
01/13/54
EUR
90
5,257
1,634
3,623
2.49%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
02/19/54
EUR
172
13,948
7
13,941
141
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
2.47%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
02/20/54
EUR
60
$5,112
$1,380
$3,732
2.51%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
02/20/54
EUR
172
13,331
6
13,325
2.51%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
02/20/54
EUR
196
14,830
2,168
12,662
2.51%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
03/01/54
EUR
87
6,597
3
6,594
2.32%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
03/03/54
EUR
80
9,568
(647
)
10,215
2.46%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
03/22/54
EUR
37
3,287
1
3,286
2.54%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
04/22/54
EUR
332
22,541
3,671
18,870
2.43%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
06/19/54
EUR
37
3,481
2
3,479
2.43%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
06/20/54
EUR
36
3,385
1
3,384
6-mo. EURIBOR,
2.08%
Semi-Annual
2.44%
Annual
N/A
06/24/54
EUR
25
(2,277
)
—
(2,277
)
2.74%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
07/07/54
EUR
190
4,402
9
4,393
2.81%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
07/22/54
EUR
30
243
(12
)
255
2.37%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
08/28/54
EUR
140
13,504
448
13,056
2.27%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
09/09/54
EUR
60
7,144
(299
)
7,443
2.26%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
10/22/54
EUR
10
1,216
16
1,200
2.10%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
12/23/54
EUR
140
22,179
11,530
10,649
2.09%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
12/24/54
EUR
175
28,105
6,607
21,498
2.16%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
01/04/55
EUR
130
18,900
(200
)
19,100
2.33%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
01/08/55
EUR
55
5,755
(179
)
5,934
2.11%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
02/11/55
EUR
145
24,689
935
23,754
2.23%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
02/14/55
EUR
89
12,698
110
12,588
2.87%
Annual
6-mo. EURIBOR,
2.08%
Semi-Annual
N/A
07/18/55
EUR
40
(290
)
2
(292
)
 
 
 
 
 
$223,592
$30,541
$193,051
 
(a)
Forward Swap.
Schedule of Investments
142
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Fixed, 0.00%(a)
Quarterly
Goldman Sachs Intraday
Delta Replication VX
Series
5 Excess Return Strategy
Index
At Termination
Goldman Sachs
International
N/A
11/06/25
USD
692
$797
$—
$797
Fixed, 0.00%(a)
Quarterly
Goldman Sachs Intraday
Delta Replication VX
Series
5 Excess Return Strategy
Index
At Termination
Goldman Sachs
International
N/A
11/06/25
USD
426
130
—
130
 
 
 
 
 
 
 
 
$927
$—
$927
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written 
Description
Premiums
Paid
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally Cleared Swaps
$624,679
$(3,036
)
$649,926
$(93,406
)
$—
OTC Swaps
—
—
927
—
—
Options Written
N/A
(130,111
)
78,494
—
51,617
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
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$—
$—
$102,388
$—
$102,388
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$—
$—
$—
$296,233
$—
$—
$296,233
Options Purchased
Investments at value — unaffiliated(b)
$—
$—
$—
$—
$600,676
$—
$600,676
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$—
$336,185
$—
$—
$260,583
$53,158
$649,926
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$—
$927
$—
$—
$—
$927
 
$—
$336,185
$927
$296,233
$963,647
$53,158
$1,650,150
143
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$28,500
$—
$200,797
$—
$229,297
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$—
$—
$—
$108,232
$—
$—
$108,232
Options written
Options written at value
$—
$—
$—
$—
$51,617
$—
$51,617
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
$—
$—
$—
$—
$67,532
$25,874
$93,406
 
$—
$—
$28,500
$108,232
$319,946
$25,874
$482,552
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of
Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in
accumulated earnings (loss).
(b)
Includes options purchased at value as reported in the Schedule of Investments.
For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$—
$—
$(133,974
)
$—
$(382,568
)
$—
$(516,542
)
Forward foreign currency exchange contracts
—
—
—
(117,381
)
—
—
(117,381
)
Options purchased(a)
—
—
1,193
—
(32,008
)
—
(30,815
)
Options written
—
—
8,312
—
(17,670
)
—
(9,358
)
Swaps
—
58,742
(28,410
)
—
(74,868
)
(9,360
)
(53,896
)
 
$—
$58,742
$(152,879
)
$(117,381
)
$(507,114
)
$(9,360
)
$(727,992
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$—
$—
$(28,500
)
$—
$(239,468
)
$—
$(267,968
)
Forward foreign currency exchange contracts
—
—
—
167,644
—
—
167,644
Options purchased(b)
—
—
3,196
—
(129,677
)
—
(126,481
)
Options written
—
—
78
—
75,628
—
75,706
Swaps
—
318,404
927
—
192,165
27,284
538,780
 
$—
$318,404
$(24,299
)
$167,644
$(101,352
)
$27,284
$387,681
 
(a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b)
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.
Schedule of Investments
144
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$36,840,467
Average notional value of contracts — short
$9,219,717
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$2,889,272
Average amounts sold — in USD
$6,595,365
Options:
Average value of option contracts purchased
$29,851
Average value of option contracts written
$8,755
Average notional value of swaption contracts purchased
$34,040,823
Average notional value of swaption contracts written
35,262,025
Credit default swaps:
Average notional value — buy protection
$0
(a)
Average notional value — sell protection
$8,023,792
Interest rate swaps:
Average notional value — pays fixed rate
$15,657,380
Average notional value — receives fixed rate
$156,815,690
Inflation swaps:
Average notional value – pays fixed rate
$7,314,440
Average notional value – receives fixed rate
$2,003,619
Total return swaps:
Average notional value
$744,362
 
(a)
Derivative not held at quarter-end. The amounts shown in the Statement of Operations serve as an indicator of volume activity during the period.
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$—
$19,755
Forward foreign currency exchange contracts
296,233
108,232
Options
600,676
(a)
51,617
Swaps - centrally cleared
—
56,093
Swaps - OTC(b)
927
—
Total derivative assets and liabilities in the Statement of Assets and Liabilities
897,836
235,697
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(32,287
)
(89,686
)
Total derivative assets and liabilities subject to an MNA
$865,549
$146,011
 
(a)
Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.
(b)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America  N.A.
$262,835
$(11,998
)
$—
$—
$250,837
Barclays Bank PLC
110,889
(65,614
)
—
—
45,275
BNP Paribas SA
67,299
—
—
—
67,299
Citibank N.A.
181,677
(66,995
)
—
—
114,682
Goldman Sachs & Co.
3,687
(1,335
)
—
—
2,352
Goldman Sachs International
67,462
(69
)
—
—
67,393
Morgan Stanley & Co. International PLC
36,150
—
—
—
36,150
Morgan Stanley & Co. LLC
51,802
—
—
—
51,802
145
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
UBS AG
$83,748
$—
$—
$—
$83,748
 
$865,549
$(146,011
)
$—
$—
$719,538
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
Bank of America N.A.
$11,998
$(11,998
)
$—
$—
$—
Barclays Bank PLC
65,614
(65,614
)
—
—
—
Citibank N.A.
66,995
(66,995
)
—
—
—
Goldman Sachs & Co.
1,335
(1,335
)
—
—
—
Goldman Sachs International
69
(69
)
—
—
—
 
$146,011
$(146,011
)
$—
$—
$—
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the
Statements of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the  Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$31,345,583
$—
$31,345,583
Collateralized Mortgage Obligations
—
39,764,767
—
39,764,767
Corporate Bonds & Notes
—
74,680,323
210,126
74,890,449
Foreign Government Obligations
—
11,719,501
—
11,719,501
Municipal Debt Obligations
—
1,127,395
—
1,127,395
U.S. Government & Agency Obligations
—
195,272,499
—
195,272,499
Common Stocks
487,692
—
—
487,692
Investment Companies
979,744
—
—
979,744
Preferred Stocks
17,675
—
—
17,675
Short-Term Securities 
Money Market Funds
7,026,209
—
—
7,026,209
Options Purchased 
Interest Rate Contracts
32,287
568,389
—
600,676
Liabilities
Investments 
TBA Sales Commitments
—
(28,139,880
)
—
(28,139,880
)
 
$8,543,607
$326,338,577
$210,126
$335,092,310
Derivative Financial Instruments(a) 
Assets 
Credit Contracts
$—
$336,185
$—
$336,185
Equity Contracts
—
—
927
927
Foreign Currency Exchange Contracts
—
296,233
—
296,233
Schedule of Investments
146
Schedule of Investments (continued)
July 31, 2025
iShares Total Return Active ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) (continued)
Inflation Linked Contracts
$—
$53,158
$—
$53,158
Interest Rate Contracts
102,388
260,583
—
362,971
Liabilities 
Equity Contracts
—
(28,500
)
—
(28,500
)
Foreign Currency Exchange Contracts
—
(108,232
)
—
(108,232
)
Inflation Linked Contracts
—
(25,874
)
—
(25,874
)
Interest Rate Contracts
(214,635
)
(105,311
)
—
(319,946
)
 
$(112,247
)
$678,242
$927
$566,922
 
(a)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written.  Swaps, futures contracts and forward foreign
currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.   
See notes to financial statements.
147
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities
July 31, 2025
 
 
iShares
AAA CLO Active
ETF
iShares
BBB-B CLO
Active ETF
iShares
Flexible Income
Active ETF
iShares
Floating Rate
Loan Active
ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$1,037,295,272
$63,212,786
$11,196,098,116
$53,653,574
Investments, at value—affiliated(c)
23,120,000
2,160,000
1,267,343,669
9,432,849
Cash
—
3,871
3,130,828
240,864
Cash pledged:
 
 
 
 
Collateral — options written
—
—
115,240,000
—
Collateral — OTC derivatives
—
—
3,920,000
—
Collateral — TBA commitments
—
—
30,000
—
Futures contracts
—
—
25,076,000
—
Centrally cleared swaps
—
—
13,895,000
45,000
Foreign currency, at value(d)
—
—
17,967,659
—
Receivables:
 
 
 
 
Investments sold
9,096,125
—
195,213,886
489,810
Options written
—
—
807,943
—
Securities lending income—affiliated
—
—
150,161
321
Swaps
—
—
1,432,934
—
TBA sales commitments
—
—
451,682,303
—
Loans
—
—
640,463
93,506
Capital shares sold
—
—
96,556,054
—
Dividends—unaffiliated
—
—
540
—
Dividends—affiliated
49,143
6,612
2,080,792
20,953
Interest—unaffiliated
3,001,958
241,075
101,598,444
195,689
Variation margin on futures contracts
—
—
187,057
—
Unrealized appreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
88,016,759
—
OTC swaps
—
—
793,542
59,141
Unfunded floating rate loan interests
—
—
13,460
37
Total assets
1,072,562,498
65,624,344
13,581,875,610
64,231,744
LIABILITIES
 
 
 
 
Bank overdraft
3,046,833
—
—
—
Cash received:
 
 
 
 
Collateral — OTC derivatives
—
—
1,010,000
—
Collateral — TBA commitments
—
—
2,200,719
—
Collateral on securities loaned, at value
—
—
491,826,259
1,351,576
Options written, at value(e)
—
—
7,172,896
—
TBA sales commitments, at value(f)
—
—
452,843,654
—
Payables:
 
 
 
 
Investments purchased
40,563,259
750,000
1,872,075,307
2,804,238
Swaps
—
—
61,908
—
Capital shares redeemed
5,195,851
—
—
—
Deferred foreign capital gain tax
—
—
42,296
—
Investment advisory fees
163,650
24,491
3,344,097
26,943
Options written
—
—
470,503
—
Variation margin on centrally cleared swaps
—
—
229,466
461
Swap premiums received
—
—
—
32,929
Unrealized depreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
20,189,124
—
OTC derivatives
—
—
2,003,547
—
Unfunded floating rate loan interests
—
—
—
71
Total liabilities
48,969,593
774,491
2,853,469,776
4,216,218
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$1,023,592,905
$64,849,853
$10,728,405,834
$60,015,526
Statements of Assets and Liabilities
148
Statements of Assets and Liabilities (continued)
July 31, 2025
 
iShares
AAA CLO Active
ETF
iShares
BBB-B CLO
Active ETF
iShares
Flexible Income
Active ETF
iShares
Floating Rate
Loan Active
ETF
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$1,018,698,548
$65,188,130
$10,684,478,953
$59,995,921
Accumulated earnings (loss)
4,894,357
(338,277)
43,926,881
19,605
NET ASSETS
$1,023,592,905
$64,849,853
$10,728,405,834
$60,015,526
NET ASSET VALUE
 
 
 
 
Shares outstanding
19,700,000
1,300,000
203,750,000
1,150,000
Net asset value
$51.96
$49.88
$52.65
$52.19
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
None
None
None
None
(a) Investments, at cost—unaffiliated
$1,036,467,173
$63,792,590
$11,035,023,990
$53,732,943
(b) Securities loaned, at value
$—
$—
$475,756,050
$1,321,314
(c) Investments, at cost—affiliated
$23,120,000
$2,160,000
$1,262,605,014
$9,353,845
(d) Foreign currency, at cost
$—
$—
$18,271,165
$—
(e) Premiums received
$—
$—
$8,586,075
$—
(f) Proceeds from TBA sales commitments
$—
$—
$451,682,303
$—
See notes to financial statements.
149
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (continued)
July 31, 2025
 
 
iShares
Intermediate
Muni Income
Active ETF
iShares
Short-Term
California
Muni Active
ETF
iShares
Short
Duration
High Yield
Muni Active
ETF
iShares
Total Return
Active ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$114,495,382
$130,004,462
$316,980,413
$355,368,421
Investments, at value—affiliated(c)
5,797,475
57,012
45,910,228
7,863,769
Cash
32
27
—
189,967
Cash pledged:
 
 
 
 
Futures contracts
—
—
—
616,000
Centrally cleared swaps
—
—
—
1,569,978
Foreign currency, at value(d)
—
—
—
88,605
Receivables:
 
 
 
 
Investments sold
521,018
—
—
2,621,740
Securities lending income—affiliated
—
—
—
456
TBA sales commitments
—
—
—
28,125,636
Dividends—unaffiliated
—
—
—
213
Dividends—affiliated
9,439
23,395
91,631
29,444
Interest—unaffiliated
1,142,952
1,072,591
3,870,046
2,179,864
Unrealized appreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
—
296,233
OTC swaps
—
—
—
927
Total assets
121,966,298
131,157,487
366,852,318
398,951,253
LIABILITIES
 
 
 
 
Bank overdraft
—
—
23,310
—
Collateral on securities loaned, at value
—
—
—
2,523,387
Options written, at value(e)
—
—
—
51,617
TBA sales commitments, at value(f)
—
—
—
28,139,880
Payables:
 
 
 
 
Investments purchased
5,208,871
—
—
110,104,634
Investment advisory fees
26,354
20,872
96,444
77,643
Variation margin on futures contracts
—
—
—
19,755
Variation margin on centrally cleared swaps
—
—
—
56,093
Unrealized depreciation on forward foreign currency exchange contracts
—
—
—
108,232
Total liabilities
5,235,225
20,872
119,754
141,081,241
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$116,731,073
$131,136,615
$366,732,564
$257,870,012
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$118,104,380
$130,452,746
$378,715,182
$257,702,379
Accumulated earnings (loss)
(1,373,307)
683,869
(11,982,618)
167,633
NET ASSETS
$116,731,073
$131,136,615
$366,732,564
$257,870,012
NET ASSET VALUE
 
 
 
 
Shares outstanding
5,000,000
2,600,000
16,700,000
5,150,000
Net asset value
$23.35
$50.44
$21.96
$50.07
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Statements of Assets and Liabilities
150
Statements of Assets and Liabilities (continued)
July 31, 2025
 
iShares
Intermediate
Muni Income
Active ETF
iShares
Short-Term
California
Muni Active
ETF
iShares
Short
Duration
High Yield
Muni Active
ETF
iShares
Total Return
Active ETF
Par value
None
None
None
None
(a) Investments, at cost—unaffiliated
$114,409,578
$129,597,367
$323,412,621
$355,030,449
(b) Securities loaned, at value
$—
$—
$—
$2,430,428
(c) Investments, at cost—affiliated
$5,797,475
$57,012
$45,910,139
$7,862,379
(d) Foreign currency, at cost
$—
$—
$—
$82,918
(e) Premiums received
$—
$—
$—
$130,111
(f) Proceeds from TBA sales commitments
$—
$—
$—
$28,125,636
See notes to financial statements.
151
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Operations
Year Ended July 31, 2025  
 
 
iShares
AAA CLO
Active ETF
iShares
BBB-B CLO
Active ETF(a)
iShares
Flexible
Income
Active ETF
iShares
Floating Rate
Loan Active
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$—
$—
$1,274,369
$—
Dividends—affiliated
526,068
48,316
28,508,860
539,994
Interest—unaffiliated
40,617,673
2,268,774
402,363,682
3,849,864
Securities lending income—affiliated—net
—
—
2,496,587
2,098
Other income—unaffiliated
—
35,000
2,199,064
55,413
Foreign taxes withheld
—
—
(161,708
)
—
Total investment income
41,143,741
2,352,090
436,680,854
4,447,369
EXPENSES
Investment advisory
1,367,028
135,824
36,780,870
351,906
Commitment costs
2,384
—
25,132
—
Interest expense
—
—
6,673
—
Total expenses
1,369,412
135,824
36,812,675
351,906
Less:
Investment advisory fees waived
(10,424
)
(967
)
(8,553,939
)
(44,241
)
Total expenses after fees waived
1,358,988
134,857
28,258,736
307,665
Net investment income
39,784,753
2,217,233
408,422,118
4,139,704
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(426,972
)
(139,522
)
(17,717,718
)
(489,169
)
Investments—affiliated
—
(3,909
)
1,365,053
(23,305
)
Forward foreign currency exchange contracts
—
—
(130,847,608
)
—
Foreign currency transactions
—
—
(23,165,610
)
—
Futures contracts
—
—
(19,147,350
)
—
Options written
—
—
2,810,806
—
Swaps
—
—
1,141,722
40,555
 
(426,972
)
(143,431
)
(185,560,705
)
(471,919
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
398,758
(579,804
)
142,612,588
(135,579
)
Investments—affiliated
—
—
2,214,605
14,026
Forward foreign currency exchange contracts
—
—
71,959,911
—
Foreign currency translations
—
—
177,603
—
Futures contracts
—
—
(3,015,343
)
—
Options written
—
—
1,413,179
—
Swaps
—
—
2,713,271
47,137
Unfunded floating rate loan interests
—
—
13,460
(68
)
 
398,758
(579,804
)
218,089,274
(74,484
)
Net realized and unrealized gain (loss)
(28,214
)
(723,235
)
32,528,569
(546,403
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$39,756,539
$1,493,998
$440,950,687
$3,593,301
(a) For the period from January 29, 2025 (commencement of operations) to January 31, 2025.
See notes to financial statements.
Statements of Operations
152
Statements of Operations (continued)
Year Ended July 31, 2025  
 
 
iShares
Intermediate
Muni Income
Active ETF
iShares
Short-Term
California
Muni Active
ETF
iShares
Short
Duration
High Yield
Muni Active
ETF
iShares
Total Return
Active ETF
INVESTMENT INCOME
Dividends—unaffiliated
$—
$—
$—
$9,393
Dividends—affiliated
74,617
2,648
602,002
354,440
Interest—unaffiliated
2,038,984
1,939,943
12,617,588
7,891,427
Securities lending income—affiliated—net
—
—
—
6,462
Other income—unaffiliated
—
—
—
6,066
Foreign taxes withheld
—
—
—
(62
)
Total investment income
2,113,601
1,942,591
13,219,590
8,267,726
EXPENSES
Investment advisory
209,780
156,617
1,199,124
635,713
Commitment costs
180
221
942
558
Interest expense
—
119
—
140
Total expenses
209,960
156,957
1,200,066
636,411
Less:
Investment advisory fees waived
(57,901
)
(31,536
)
(303,246
)
(41,399
)
Total expenses after fees waived
152,059
125,421
896,820
595,012
Net investment income
1,961,542
1,817,170
12,322,770
7,672,714
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(797,690
)
265
(3,723,604
)
(393,883
)
Investments—affiliated
4
—
—
34,653
Forward foreign currency exchange contracts
—
—
—
(117,381
)
Foreign currency transactions
—
—
—
(22,099
)
Futures contracts
—
—
—
(516,542
)
Options written
—
—
—
(9,358
)
Swaps
—
—
—
(53,896
)
 
(797,686
)
265
(3,723,604
)
(1,078,506
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
(52,563
)
332,749
(9,706,656
)
(489,866
)
Investments—affiliated
(5
)
—
—
(20,626
)
Forward foreign currency exchange contracts
—
—
—
167,644
Foreign currency translations
—
—
—
17,636
Futures contracts
—
—
—
(267,968
)
Options written
—
—
—
75,706
Swaps
—
—
—
538,780
 
(52,568
)
332,749
(9,706,656
)
21,306
Net realized and unrealized gain (loss)
(850,254
)
333,014
(13,430,260
)
(1,057,200
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$1,111,288
$2,150,184
$(1,107,490
)
$6,615,514
See notes to financial statements.
153
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
iShares
AAA CLO Active ETF
iShares
BBB-B CLO Active
ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Period From
01/29/25
to 07/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$39,784,753
$8,920,847
$2,217,233
Net realized gain (loss)
(426,972
)
210,687
(143,431
)
Net change in unrealized appreciation (depreciation)
398,758
199,674
(579,804
)
Net increase in net assets resulting from operations
39,756,539
9,331,208
1,493,998
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(37,420,342
)
(7,150,232
)
(1,832,275
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
621,685,651
356,622,248
65,188,130
NET ASSETS
Total increase in net assets
624,021,848
358,803,224
64,849,853
Beginning of period
399,571,057
40,767,833
—
End of period
$1,023,592,905
$399,571,057
$64,849,853
 
(a)
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
154
Statements of Changes in Net Assets(continued)
 
 
iShares
Flexible Income Active ETF
iShares
Floating Rate Loan Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/25
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$408,422,118
$87,005,983
$4,139,704
$2,598,128
Net realized gain (loss)
(185,560,705
)
11,560,806
(471,919
)
168,941
Net change in unrealized appreciation (depreciation)
218,089,274
18,446,183
(74,484
)
(158,602
)
Net increase in net assets resulting from operations
440,950,687
117,012,972
3,593,301
2,608,467
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(443,863,977
)
(71,303,850
)
(4,192,674
)
(2,451,492
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
7,108,306,780
3,447,729,076
10,803,601
28,851,284
NET ASSETS
Total increase in net assets
7,105,393,490
3,493,438,198
10,204,228
29,008,259
Beginning of year
3,623,012,344
129,574,146
49,811,298
20,803,039
End of year
$10,728,405,834
$3,623,012,344
$60,015,526
$49,811,298
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
155
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets(continued)
 
 
iShares
Intermediate Muni Income Active ETF
iShares
Short-Term California Muni Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/25
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$1,961,542
$803,987
$1,817,170
$691,042
Net realized gain (loss)
(797,686
)
(225,593
)
265
(230
)
Net change in unrealized appreciation (depreciation)
(52,568
)
335,045
332,749
78,283
Net increase in net assets resulting from operations
1,111,288
913,439
2,150,184
769,095
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(1,701,151
)
(814,142
)
(1,620,423
)
(626,082
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
95,995,601
(4,689,295
)
97,939,289
15,004,707
NET ASSETS
Total increase (decrease) in net assets
95,405,738
(4,589,998
)
98,469,050
15,147,720
Beginning of period
21,325,335
25,915,333
32,667,565
17,519,845
End of period
$116,731,073
$21,325,335
$131,136,615
$32,667,565
 
(a)
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
156
Statements of Changes in Net Assets(continued)
 
 
iShares
Short Duration High Yield Muni Active
ETF
iShares
Total Return Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/25
Period From
12/12/23(a)
to 07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$12,322,770
$3,712,272
$7,672,714
$2,536,590
Net realized gain (loss)
(3,723,604
)
(1,249,242
)
(1,078,506
)
211,641
Net change in unrealized appreciation (depreciation)
(9,706,656
)
5,183,350
21,306
1,014,827
Net increase (decrease) in net assets resulting from operations
(1,107,490
)
7,646,380
6,615,514
3,763,058
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(11,609,745
)
(3,426,346
)
(8,073,402
)
(2,137,537
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
231,573,107
83,070,209
167,418,285
90,284,094
NET ASSETS
Total increase in net assets
218,855,872
87,290,243
165,960,397
91,909,615
Beginning of period
147,876,692
60,586,449
91,909,615
—
End of period
$366,732,564
$147,876,692
$257,870,012
$91,909,615
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
157
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares AAA CLO Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Period From
01/10/23(a)
to 07/31/23
Net asset value, beginning of period
$51.89
$50.96
$50.01
Net investment income(b)
3.01
3.49
1.73
Net realized and unrealized gain(c)
0.05
0.60
0.60
Net increase from investment operations
3.06
4.09
2.33
Distributions(d)
From net investment income
(2.97
)
(3.16
)
(1.38
)
From net realized gain
(0.02
)
—
—
Total distributions
(2.99
)
(3.16
)
(1.38
)
Net asset value, end of period
$51.96
$51.89
$50.96
Total Return(e)
Based on net asset value
6.09
%
8.29
%
4.73
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.20
%
0.20
%
0.20
%(h)
Total expenses after fees waived
0.20
%
0.20
%
0.20
%(h)
Net investment income
5.82
%
6.77
%
6.20
%(h)
Supplemental Data
Net assets, end of period (000)
$1,023,593
$399,571
$40,768
Portfolio turnover rate(i)
89
%
33
%
19
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
158
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares
BBB-B
CLO
Active
ETF
 
Period
From
01/29/25(a)
to
07/31/25
Net asset value, beginning of period
$50.00
Net investment income(b)
1.82
Net realized and unrealized loss(c)
(0.44
)
Net increase from investment operations
1.38
Distributions from net investment income(d)
(1.50
)
Net asset value, end of period
$49.88
Total Return(e)
Based on net asset value
2.84
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.45
%(h)
Total expenses after fees waived
0.45
%(h)
Net investment income
7.35
%(h)
Supplemental Data
Net assets, end of period (000)
$64,850
Portfolio turnover rate(i)
30
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
159
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Flexible Income Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Period From
05/19/23(a)
to 07/31/23
Net asset value, beginning of period
$52.70
$50.81
$50.00
Net investment income(b)
2.90
3.03
0.54
Net realized and unrealized gain(c)
0.40
1.49
0.52
Net increase from investment operations
3.30
4.52
1.06
Distributions from net investment income(d)
(3.35
)
(2.63
)
(0.25
)
Net asset value, end of period
$52.65
$52.70
$50.81
Total Return(e)
Based on net asset value
6.50
%
9.17
%
2.14
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.50
%
0.50
%
0.50
%(h)
Total expenses after fees waived
0.38
%
0.38
%
0.37
%(h)
Net investment income
5.55
%
5.82
%
5.39
%(h)
Supplemental Data
Net assets, end of period (000)
$10,728,406
$3,623,012
$129,574
Portfolio turnover rate(i)(j)
291
%
200
%
54
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 186% and 128% for July 31, 2025 and July 31, 2024 respectively.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
160
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Floating Rate Loan Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Period From
10/04/22(a)
to 07/31/23
Net asset value, beginning of period
$52.43
$52.01
$50.37
Net investment income(b)
3.67
4.46
3.47
Net realized and unrealized gain (loss)(c)
(0.13
)
0.41
1.25
Net increase from investment operations
3.54
4.87
4.72
Distributions(d)
From net investment income
(3.62
)
(4.45
)
(3.08
)
From net realized gain
(0.16
)
—
—
Total distributions
(3.78
)
(4.45
)
(3.08
)
Net asset value, end of period
$52.19
$52.43
$52.01
Total Return(e)
Based on net asset value
7.04
%
9.82
%
9.62
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.60
%
0.61
%
0.60
%(h)
Total expenses after fees waived
0.53
%
0.53
%
0.53
%(h)
Net investment income
7.06
%
8.56
%
8.25
%(h)
Supplemental Data
Net assets, end of period (000)
$60,016
$49,811
$20,803
Portfolio turnover rate(i)
38
%
33
%
22
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
161
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Intermediate Muni Income Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Period From
03/16/21(a)
to 07/31/21
Net asset value, beginning of period
$23.69
$23.56
$24.02
$25.74
$25.00
Net investment income(b)
0.88
0.84
0.67
0.34
0.09
Net realized and unrealized gain (loss)(c)
(0.40
)
0.13
(0.45
)
(1.67
)
0.71
Net increase (decrease) from investment operations
0.48
0.97
0.22
(1.33
)
0.80
Distributions(d)
From net investment income
(0.82
)
(0.84
)
(0.68
)
(0.32
)
(0.06
)
From net realized gain
—
—
—
(0.07
)
—
Total distributions
(0.82
)
(0.84
)
(0.68
)
(0.39
)
(0.06
)
Net asset value, end of period
$23.35
$23.69
$23.56
$24.02
$25.74
Total Return(e)
Based on net asset value
2.01
%
4.23
%
0.97
%
(5.21
)%
3.22
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.40
%
0.41
%
0.40
%
0.40
%
0.40
%(h)
Total expenses after fees waived
0.29
%
0.31
%
0.29
%
0.30
%
0.29
%(h)
Net investment income
3.74
%
3.59
%
2.88
%
1.36
%
0.99
%(h)
Supplemental Data
Net assets, end of period (000)
$116,731
$21,325
$25,915
$33,628
$25,735
Portfolio turnover rate(i)
66
%
58
%
72
%
30
%
25
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
162
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Short-Term California Muni Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Period From
07/11/23(a)
to 07/31/23
Net asset value, beginning of period
$50.26
$50.06
$50.00
Net investment income(b)
1.46
1.60
0.04
Net realized and unrealized gain(c)
0.15
0.09
0.02
Net increase from investment operations
1.61
1.69
0.06
Distributions from net investment income(d)
(1.43
)
(1.49
)
—
Net asset value, end of period
$50.44
$50.26
$50.06
Total Return(e)
Based on net asset value
3.26
%
3.43
%
0.11
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.25
%
0.26
%
0.25
%(h)
Total expenses after fees waived
0.20
%
0.21
%
0.19
%(h)
Net investment income
2.90
%
3.19
%
1.60
%(h)
Supplemental Data
Net assets, end of period (000)
$131,137
$32,668
$17,520
Portfolio turnover rate(i)
113
%
175
%
68
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
163
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Short Duration High Yield Muni Active ETF
 
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Period From
03/16/21(a)
to 07/31/21
Net asset value, beginning of period
$22.75
$21.64
$22.74
$26.80
$25.00
Net investment income(b)
1.03
1.01
0.94
0.79
0.23
Net realized and unrealized gain (loss)(c)
(0.83
)
1.10
(1.13
)
(3.81
)
1.70
Net increase (decrease) from investment operations
0.20
2.11
(0.19
)
(3.02
)
1.93
Distributions(d)
From net investment income
(0.99
)
(1.00
)
(0.91
)
(0.81
)
(0.13
)
From net realized gain
—
—
—
(0.23
)
—
Total distributions
(0.99
)
(1.00
)
(0.91
)
(1.04
)
(0.13
)
Net asset value, end of period
$21.96
$22.75
$21.64
$22.74
$26.80
Total Return(e)
Based on net asset value
0.86
%
10.10
%
(0.71
)%
(11.55
)%
7.75
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.44
%
0.46
%
0.45
%
0.45
%
0.45
%(h)
Total expenses after fees waived
0.33
%
0.34
%
0.33
%
0.34
%
0.32
%(h)
Net investment income
4.57
%
4.63
%
4.39
%
3.23
%
2.31
%(h)
Supplemental Data
Net assets, end of period (000)
$366,733
$147,877
$60,586
$27,291
$26,803
Portfolio turnover rate(i)
50
%
46
%
30
%
38
%
20
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
164
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Total Return Active ETF
 
Year Ended
07/31/25
Period From
12/12/23(a)
to 07/31/24
Net asset value, beginning of period
$51.06
$50.00
Net investment income(b)
2.42
1.56
Net realized and unrealized gain (loss)(c)
(0.65
)
0.82
Net increase from investment operations
1.77
2.38
Distributions(d)
From net investment income
(2.49
)
(1.32
)
From net realized gain
(0.27
)
—
Total distributions
(2.76
)
(1.32
)
Net asset value, end of period
$50.07
$51.06
Total Return(e)
Based on net asset value
3.59
%
4.84
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.40
%
0.40
%(h)
Total expenses after fees waived
0.37
%
0.37
%(h)
Net investment income
4.83
%
4.90
%(h)
Supplemental Data
Net assets, end of period (000)
$257,870
$91,910
Portfolio turnover rate(i)(j)
647
%
379
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Includes mortgage dollar roll transactions ("MDRs"). Excluding MDRs, the portfolio turnover rate would have been 395% and 281% for the year ended July 31, 2025 and July 31, 2024
respectively.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
165
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements
1. ORGANIZATION
BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios. 
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
Fund Name
Herein Referred To As
Diversification
Classification
iShares AAA CLO Active ETF(a)
AAA CLO Active
Non-diversified
iShares BBB-B CLO Active ETF(b)
BBB-B CLO Active
Non-diversified
iShares Flexible Income Active ETF(c)
Flexible Income Active
Non-diversified
iShares Floating Rate Loan Active ETF(d)
Floating Rate Loan Active
Non-diversified
iShares Intermediate Muni Income Active ETF(e)
Intermediate Muni Income Active
Non-diversified
iShares Short-Term California Muni Active ETF(f)
Short-Term California Muni Active
Non-diversified
iShares Short Duration High Yield Muni Active ETF(g)
Short Duration High Yield Muni Active
Non-diversified
iShares Total Return Active ETF(h)
Total Return Active
Diversified
 
(a)
Formerly known as the BlackRock AAA CLO ETF.
(b)
The Fund commenced operations on January 29, 2025.
(c)
Formerly known as the BlackRock Flexible Income ETF.
(d)
Formerly known as the BlackRock Floating Rate Loan ETF.
(e)
Formerly known as the  BlackRock Intermediate Muni Income Bond ETF.
(f)
Formerly known as the BlackRock Short-Term California Muni Bond ETF.
(g)
Formerly known as the BlackRock High Yield Muni Income Bond ETF & iShares High Yield Muni Income Active ETF.
(h)
Formerly known as the BlackRock Total Return ETF.
On September 13, 2024, The Board of Trustees of the Trust (the “Board”) approved to change the name of iShares High Yield Muni Income Active ETF to iShares Short Duration High Yield Muni Active ETF. In connection with the Fund’s name change, the Fund made certain changes to its investment strategies, including (i) seeking a weighted average effective duration of less than 5 years and (ii) adding the ability to invest in derivatives, other investment companies, and tender option bonds. These changes were effective on July 1, 2025.
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
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.
Notes to Financial Statements
166
Notes to Financial Statements  (continued)
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
Segment Reporting:  The 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 each Fund has approved the designation of BFA , the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• 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.
• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service.Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.
• 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.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• 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 New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.
167
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
 (i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
 (ii) recapitalizations and other transactions across the capital structure
 (iii) market or relevant indices multiples of comparable issuers
 (iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
 (v) quoted prices for similar investments or assets in active markets
 (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
 (vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
 (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: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
• Level  2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• 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.
Notes to Financial Statements
168
Notes to Financial Statements  (continued)
4. SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.
Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
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
169
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
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
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
Flexible Income Active
Barclays Bank PLC
$69,178,353
$(69,178,353)
$—
$—
Barclays Capital Inc.
51,281,154
(51,281,154)
—
—
BMO Capital Markets Corp.
662,932
(662,932)
—
—
BNP Paribas Prime Brokerage International Ltd.
56,969,994
(56,969,994)
—
—
BofA Securities, Inc.
41,470,284
(41,470,284)
—
—
Citadel Clearing LLC
1,986,877
(1,986,877)
—
—
Citigroup Global Markets, Inc.
33,339,416
(33,339,416)
—
—
Goldman Sachs & Co. LLC.
26,458,652
(26,458,652)
—
—
J.P. Morgan Securities LLC
51,409,665
(51,409,665)
—
—
Jefferies LLC
2,921,202
(2,921,202)
—
—
Mitsubishi UFJ Securities Holdings Co., Ltd.
2,660,789
(2,660,789)
—
—
Morgan Stanley
23,874,518
(23,874,518)
—
—
National Bank Financial Inc.
211,835
(211,835)
—
—
RBC Capital Markets LLC
42,212,555
(42,212,555)
—
—
Scotia Capital (USA), Inc.
19,403,121
(19,403,121)
—
—
Toronto-Dominion Bank
1,879,098
(1,879,098)
—
—
UBS AG
43,844,188
(43,844,188)
—
—
UBS Securities LLC
2,533,772
(2,533,772)
—
—
Wells Fargo Bank N.A.
1,146,404
(1,146,404)
—
—
Wells Fargo Securities LLC
2,311,241
(2,311,241)
—
—
 
$475,756,050
$(475,756,050)
$—
$—
Floating Rate Loan Active
BofA Securities, Inc.
$483,486
$(483,486)
$—
$—
Jefferies LLC
87,453
(87,453)
—
—
National Bank Financial Inc.
22,938
(22,938)
—
—
State Street Bank & Trust Co.
666,290
(666,290)
—
—
Wells Fargo Securities LLC
61,147
(61,147)
—
—
 
$1,321,314
$(1,321,314)
$—
$—
Notes to Financial Statements
170
Notes to Financial Statements  (continued)
Fund Name and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
Total Return Active
Barclays Bank PLC
$57,529
$(57,529)
$—
$—
BMO Capital Markets
255,237
(255,237)
—
—
BNP Paribas SA .
564,334
(564,334)
—
—
BofA Securities, Inc.
97,903
(97,903)
—
—
Citigroup Global Markets, Inc.
580,102
(580,102)
—
—
J.P. Morgan Securities LLC
230,852
(230,852)
—
—
Jefferies LLC
221,163
(221,163)
—
—
National Bank Financial Inc.
275,586
(275,586)
—
—
Scotia Capital (USA) Inc
44,930
(44,930)
—
—
Wells Fargo Securities LLC
102,792
(102,792)
—
—
 
$2,430,428
$(2,430,428)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation
171
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
(depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:  
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Flexible Income Active
Platea BC Bidco AB
$202,614
$218,522
$231,982
$13,460
 
 
$13,460
 
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Floating Rate Loan Active
Citrin Cooperman Advisors LLC
$5,480
$5,453
$5,480
$27
 
Clydesdale Acquisition Holdings Inc.
2,692
2,693
2,690
(3)
 
Kaman Corp.
5,750
5,743
5,752
9
 
Raven Acquisition Holdings LLC
6,284
6,278
6,279
1
 
Springs Windows Fashion LLC
21,897
21,897
21,829
(68)
 
 
$(34)
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of  Assets and Liabilities.  A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Options: The Funds may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an
Notes to Financial Statements
172
Notes to Financial Statements  (continued)
option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
• Swaptions – The Fund may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.
• Interest rate — Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or “cap.” Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or “floor.” The maximum potential amount of future payments that the Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.
• Foreign currency options – The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.
In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
Total return swaps are entered into by the iShares Flexible Income Active ETF and iShares Total Return Active ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
173
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. 
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets.  BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFA will be paid a management fee from the Funds based on a percentage of each Fund’s average daily net assets as follows: 
Fund Name
Investment Advisory Fees
AAA CLO Active
0.20%
BBB-B CLO Active
0.45
Flexible Income Active
0.50
Floating Rate Loan Active
0.60
Intermediate Muni Income Active
0.40
Short-Term California Muni Active
0.25
Short Duration High Yield Muni Active
0.40
Notes to Financial Statements
174
Notes to Financial Statements  (continued)
Effective July 1, 2025, for its investment advisory services to the iShares Short Duration High Yield Muni Active ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to July 1, 2025, BFA was entitled to an annual investment advisory fee of 0.45%, 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 Total Return Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.40%
Over $1 billion, up to and including $3 billion
0.38
Over $3 billion, up to and including $5 billion
0.36
Over $5 billion, up to and including $10 billion
0.35
Over $10 billion
0.34
Expense Waivers: For the iShares Flexible Income Active ETF and iShares Intermediate Muni Income Active ETF, BFA has contractually agreed to waive 0.10% of the management fee through June 30, 2026.  For the iShares Floating Rate Loan Active ETF and iShares Short-Term California Muni Active ETF, BFA has contractually agreed to waive 0.05% of the management fee through June 30, 2026. Effective July 1, 2025, for the iShares Short Duration High Yield Muni Active ETF, BFA has contractually agreed to waive 0.05% of the management fee through June 30, 2027. Prior to July 1, 2025, BFA had contractually agreed to waive 0.10% of the management fee for the Fund through June 30, 2026. For the iShares Total Return Active ETF, BFA has contractually agreed to waive 0.02% of the management fee through June 30, 2026. Each agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
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 these arrangements were as follows:  
Fund Name
Amounts Waived
Flexible Income Active
$7,356,174
Floating Rate Loan Active
29,325
Intermediate Muni Income Active
52,445
Short-Term California Muni Active
31,323
Short Duration High Yield Muni Active
254,668
Total Return Active
31,786
In addition, BFA has contractually agreed to waive a portion of its management fees to each Fund, except Short Duration High Yield Muni Active , 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 Short Duration High Yield Muni Active ETF, BFA has contractually agreed to waive a portion of its management fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to waive a portion of its management fees to the Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows: 
Fund Name
Amounts Waived
AAA CLO Active
$10,424
BBB-B CLO Active
967
Flexible Income Active
1,197,765
Floating Rate Loan Active
14,916
Intermediate Muni Income Active
5,456
Short-Term California Muni Active
213
Short Duration High Yield Muni Active
48,578
Total Return Active
9,613
Sub-Adviser:  BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together the “Sub-Advisers”), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to BlackRock Flexible Income ETF and BlackRock Total Return ETF.
175
2025 BlackRock Annual Financial Statements and Additional Information
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 Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Fixed-Income Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
Flexible Income Active
$676,028
Floating Rate Loan Active
605
Total Return Active
1,717
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
Net Realized
Gain (Loss)
Short-Term California Muni Active
$8,912,870
$5,403,456
$—
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.
Notes to Financial Statements
176
Notes to Financial Statements  (continued)
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: 
 
U.S. Government Securities
Other Securities
Fund Name
Purchases
Sales
Purchases
Sales
AAA CLO Active
$—
$—
$942,025,331
$608,906,035
BBB-B CLO Active
—
—
81,711,657
17,742,481
Flexible Income Active
13,720,558,579
12,610,430,536
15,125,970,257
9,627,517,331
Floating Rate Loan Active
—
—
30,239,144
20,536,656
Intermediate Muni Income Active
—
—
129,128,954
33,162,519
Short-Term California Muni Active
—
—
86,571,880
41,635,000
Short Duration High Yield Muni Active
—
—
303,185,677
122,813,957
Total Return Active
1,261,760,721
1,133,180,957
217,472,046
106,060,365
For the year ended July 31, 2025, purchases and sales related to mortgage dollar rolls were as follows: 
Fund Name
Purchases
Sales
Flexible Income Active
$8,022,498,877
$8,023,360,443
Total Return Active
482,480,028
482,610,586
For the year ended July 31, 2025, in-kind transactions were as follows: 
Fund Name
In-kind
Purchases
In-kind
Sales
AAA CLO Active
$312,970,979
$—
Flexible Income Active
358,798,045
—
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 distributions in connection with fund share redemptions were reclassified to the following accounts: 
Fund Name
Paid-in Capital
Accumulated
Earnings (Loss)
AAA CLO Active
$64,225
$ (64,225)
The tax character of distributions paid paid was as follows:  
Fund Name
Year Ended
07/31/25
Year Ended
07/31/24
AAA CLO Active
Ordinary income
$37,306,626
$7,150,232
Long-term capital gains
113,716
—
 
$37,420,342
$7,150,232
 
Fund Name
Period Ended
07/31/25
BBB-B CLO Active
Ordinary income
$1,832,275
177
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
Fund Name
Year Ended
07/31/25
Year Ended
07/31/24
Flexible Income Active
Ordinary income
$443,863,977
$71,303,850
Floating Rate Loan Active
Ordinary income
$4,040,333
$2,451,492
Long-term capital gains
152,341
—
 
$4,192,674
$2,451,492
Intermediate Muni Income Active
Tax-exempt income(a)
$1,682,352
$800,792
Ordinary income
18,799
13,350
 
$1,701,151
$814,142
Short-Term California Muni Active
Tax-exempt income(a)
$1,619,728
$626,048
Ordinary income
695
34
 
$1,620,423
$626,082
Short Duration High Yield Muni Active
Tax-exempt income(a)
$11,293,158
$3,310,187
Ordinary income
316,587
116,159
 
$11,609,745
$3,426,346
Total Return Active
Ordinary income
$7,879,618
$2,137,537
Long-term capital gains
193,784
—
 
$8,073,402
$2,137,537
 
(a)
The Funds designate these amounts paid during the fiscal year ended July 31, 2025, as exempt-interest dividends.
As of July 31, 2025, the tax components of accumulated earnings (losses) were as follows: 
Fund Name
Undistributed
Ordinary Income
Undistributed
Tax Exempt Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Qualified
Late-Year
Capital Losses(c)
Total
AAA CLO Active
$4,565,443
$—
$—
$776,745
$(447,831)
$4,894,357
BBB-B CLO Active
384,958
—
(141,191)
(582,044)
—
(338,277)
Flexible Income Active
66,278,068
—
(23,350,427)
999,240
—
43,926,881
Floating Rate Loan Active
383,783
—
(349,962)
(14,216)
—
19,605
Intermediate Muni Income Active
—
346,101
(1,720,982)
1,574
—
(1,373,307)
Short-Term California Muni Active
—
277,094
(320)
407,095
—
683,869
Short Duration High Yield Muni Active
—
1,231,864
(6,762,668)
(6,451,814)
—
(11,982,618)
Total Return Active
874,835
—
—
357,152
(1,064,354)
167,633
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain foreign currency contracts and futures contracts, the accounting for swap agreements, amortization methods for premiums and discounts on fixed
income securities, the classification of investments and the tax deferral of losses on straddles.
(c)
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
Short-Term California Muni Active
$265
Notes to Financial Statements
178
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
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
AAA CLO Active
$1,059,638,527
$1,464,310
$(687,565)
$776,745
BBB-B CLO Active
65,954,830
48,537
(630,581)
(582,044)
Flexible Income Active
12,319,302,389
83,808,317
(82,951,414)
856,903
Floating Rate Loan Active
63,101,322
512,316
(526,498)
(14,182)
Intermediate Muni Income Active
120,291,283
739,678
(738,104)
1,574
Short-Term California Muni Active
129,654,379
438,903
(31,808)
407,095
Short Duration High Yield Muni Active
369,342,455
1,676,027
(8,127,841)
(6,451,814)
Total Return Active
363,338,365
2,591,752
(2,248,582)
343,170
9. LINE OF CREDIT
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. With respect to Floating Rate Loan, of the aggregate $2.40 billion commitment amount, $650 million is specifically designated to the Fund and another participating Fund. The remaining $1.75 billion commitment is available to all Participating Funds, but Floating Rate Loan can borrow up to an additional $350 million in the aggregate of the remaining aggregate commitment, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum . The agreement expires in April 2026 unless extended or renewed.  Floating Rate Loan paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the 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.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to
179
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The risks of investing in CLOs depend largely on the type of the collateral securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt tranches, such as those in which certain Funds  invest, could experience losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO securities as an asset class. While certain Funds invest principally in CLO tranches that are
Notes to Financial Statements
180
Notes to Financial Statements  (continued)
rated BBB-B, such ratings do not constitute a guarantee of credit quality and may be downgraded. To the extent certain Funds invest in CLO tranches rated below BBB-B, the risks of investing in CLOs will be greater.
CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of securities. Some unrated CLO securities may not have an active trading market or may be difficult to value. As a result, proceeds from the sale of CLO securities may not be readily available to make additional investments or to meet certain Funds’ redemption obligations. During periods of limited liquidity and higher price volatility, certain Funds’ ability to acquire or dispose of CLO securities at a price and time such Funds deem advantageous may be impaired.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
07/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
AAA CLO Active
Shares sold
13,000,000
$673,475,754
6,900,000
$356,622,248
Shares redeemed
(1,000,000
)
(51,790,103
)
—
—
 
12,000,000
$621,685,651
6,900,000
$356,622,248
 
 
Period Ended
07/31/25(a)
Fund Name
Shares
Amount
BBB-B CLO Active
Shares sold
1,300,000
$65,188,130
 
(a)
The Fund commenced operations on January 29, 2025.
 
 
Year Ended
07/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
Flexible Income Active
Shares sold
137,600,000
$7,241,758,979
66,200,000
$3,447,729,076
Shares redeemed
(2,600,000
)
(133,452,199
)
—
—
 
135,000,000
$7,108,306,780
66,200,000
$3,447,729,076
Floating Rate Loan Active
Shares sold
350,000
$18,379,762
550,000
$28,851,284
Shares redeemed
(150,000
)
(7,576,161
)
—
—
 
200,000
$10,803,601
550,000
$28,851,284
Intermediate Muni Income Active
Shares sold
4,200,000
$98,367,257
300,000
$7,076,535
Shares redeemed
(100,000
)
(2,371,656
)
(500,000
)
(11,765,830
)
 
4,100,000
$95,995,601
(200,000
)
$(4,689,295
)
Short-Term California Muni Active
Shares sold
2,050,000
$102,951,802
300,000
$15,004,707
Shares redeemed
(100,000
)
(5,012,513
)
—
—
 
1,950,000
$97,939,289
300,000
$15,004,707
Short Duration High Yield Muni Active
Shares sold
10,600,000
$240,437,321
5,000,000
$110,419,636
Shares redeemed
(400,000
)
(8,864,214
)
(1,300,000
)
(27,349,427
)
 
10,200,000
$231,573,107
3,700,000
$83,070,209
181
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
Year Ended
07/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
Total Return Active
Shares sold
3,350,000
$167,418,285
1,800,000
$90,284,094
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: 
iShares ETF
Shares
BBB-B CLO Active ETF
1,000,000
Total Return Active ETF
935,000
12. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Notes to Financial Statements
182
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
BlackRock ETF Trust II and Shareholders of each of the eight 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 (eight of the funds constituting BlackRock ETF Trust II, 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. 
iShares AAA CLO Active ETF(1)
iShares BBB-B CLO Active ETF(2)
iShares Flexible Income Active ETF(1)
iShares Floating Rate Loan Active ETF(1)
iShares Intermediate Muni Income Active ETF(1)
iShares Short-Term California Muni Active ETF(1)
iShares Short Duration High Yield Muni Active ETF(1)
iShares Total Return Active ETF(3)
(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 January 29, 2025 (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 the period December 12, 2023 (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, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 23, 2025
We have served as the auditor of one or more BlackRock investment companies since 2000.
183
2025 BlackRock Annual Financial Statements and Additional Information
Important Tax Information (unaudited)
For California income tax purposes, the BlackRock Short-Term California Muni Active ETF designates 99.95% of its distributions paid from net investment income during the fiscal year ended July 31, 2025, as California exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.
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
Capital Gain Dividends
AAA CLO Active
$177,941
Floating Rate Loan Active
152,341
Total Return Active
193,784
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
Income Earned
AAA CLO Active
$40,488,235
BBB-B CLO Active
2,243,688
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended July 31, 2025:  
iShares ETF
Federal Obligation
Interest
AAA CLO Active
$256,894
BBB-B CLO Active
17,173
Flexible Income Active
1,606,137
Floating Rate Loan Active
156,410
Total Return Active
1,621,258
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2025: 
iShares ETF
Interest Dividends
AAA CLO Active
$39,687,831
BBB-B CLO Active
1,830,668
Flexible Income Active
335,608,120
Floating Rate Loan Active
4,012,584
Intermediate Muni Income Active
18,799
Short-Term California Muni Active
695
Short Duration High Yield Muni Active
316,587
Total Return Active
7,165,562
The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2025:  
Fund Name
Interest-Related
Dividends
Qualified Short-Term
Capital Gains
AAA CLO Active
$593,278
$104,959
BBB-B CLO Active
53,548
—
Flexible Income Active
200,375,808
—
Floating Rate Loan Active
3,638,286
28,055
Intermediate Muni Income Active
18,799
—
Short-Term California Muni Active
695
—
Short Duration High Yield Muni Active
316,587
—
Total Return Active
6,123,492
430,303
Important Tax Information
184
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:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Fund and Service Providers 
Investment Adviser
Distributor
BlackRock Fund Advisors
San Francisco, CA 94105
BlackRock Investments, LLC(a)
New York, NY 10001
 
BlackRock Investments, LLC(b)
Princeton, NJ 08540
Sub-Adviser
Independent Registered Public Accounting Firm
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania 19103
 
Legal Counsel
BlackRock (Singapore) Limited
079912 Singapore
Willkie Farr & Gallagher LLP
New York, NY 10019
Administrator, Custodian and Transfer Agent
Address of the Trust
State Street Bank and Trust Company
Boston, MA, 02114
100 Bellevue Parkway
Wilmington, DE 19809
 
(a) For BCLO, BINC, CALI and BRTR.
 
(b) For CLOA, BRLN, SHYM and INMU.
185
2025 BlackRock Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust II (the “Trust”) met on May 8, 2025 (the “May Meeting”) and June 5-6, 2025 (the “June Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of iShares AAA CLO Active ETF (“CLOA”), iShares Flexible Income Active ETF (“BINC”), iShares Floating Rate Loan Active ETF (“BRLN”), iShares Intermediate Muni Income Active ETF (“INMU”), iShares Short Duration High Yield Muni Active ETF (“SHYM”), iShares Short-Term California Muni Active ETF (“CALI”) and iShares Total Return Active ETF (“BRTR” and collectively with CLOA, BINC, BRLN, INMU, SHYM and CALI, the “Funds” and each, a “Fund”), and BlackRock Fund Advisors (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager and BlackRock International Limited (“BIL”), with respect to BINC and BRTR, and (2) BlackRock (Singapore) Limited (“BSL” and together with BIL, the “Sub-Advisors”), with respect to BINC and BRTR. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for 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 May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each 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 each 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 each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of each 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 each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding 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 each Fund; (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 each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of 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 each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the
Disclosure of Investment Advisory Agreement
186
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)
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 each Fund; 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. 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 Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each 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 each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, 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 each Fund, 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-Advisors with respect to BINC and BRTR 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 each of BINC and BRTR and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of 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 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-year and since-inception periods reported, CLOA ranked in the first quartile against its Performance Peers.
The Board noted that for each of the one-year and since-inception periods reported, BINC ranked in the second quartile against its Performance Peers.
187
2025 BlackRock Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)
The Board noted that for the one-year and since-inception periods reported, BRLN ranked in the third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed BRLN’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, INMU ranked in the first quartile against its Performance Peers.
The Board noted that for the one-year, three-year and since-inception periods reported, SHYM ranked in the first, second and first quartiles, respectively, against its Performance Peers. The Board also noted that the Fund has undergone certain changes in investment strategy, and in connection with such changes, the Fund had changed its name from the iShares High Yield Muni Income Active ETF to the iShares Short Duration High Yield Muni Active ETF effective on or about June 30, 2025.
The Board noted that for each of the one-year and since-inception periods reported, CALI ranked in the first quartile against its Performance Peers.
The Board noted that for each of the one-year and since-inception periods reported, BRTR ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed BRTR’s underperformance relative to its Performance Peers during the applicable periods.
C. 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 each Fund
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 each 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.
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 each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that CLOA’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 CLOA’s Expense Peers.
The Board noted that BINC’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 first quartile relative to BINC’s Expense Peers. The Board further noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BINC.
The Board noted that BRLN’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 first quartile relative to BRLN’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BRLN.
The Board noted that INMU’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 second quartile relative to INMU’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by INMU.
The Board noted that SHYM’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 SHYM’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by SHYM.
Disclosure of Investment Advisory Agreement
188
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)
The Board noted that CALI’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 CALI’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by CALI.
The Board noted that BRTR’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 third quartile relative to BRTR’s Expense Peers. The Board also noted that BRTR has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of BRTR 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 BRTR decreases below certain contractually specified levels. The Board further noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BRTR.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending, ETF servicing and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements between the Manager and the Sub-Advisor, with respect to BINC and BRTR, 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. 
189
2025 BlackRock Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
Portfolio Abbreviation 
REIT
Real Estate Investment Trust
S&P
Standard & Poor's
Portfolio Abbreviation 
AGC
Assured Guaranty Corp.
AGM
Assured Guaranty Municipal Corp.
BAB
Build America Bond
BAM
Build America Mutual Assurance Co.
BZDIOVER
Overnight Brazil CETIP — Interbank Rate
CLO
Collateralized Loan Obligation
CMT
Constant Maturity Treasury
COP
Certificates of Participation
CPI
Consumer Price Index
ETF
Exchange-Traded Fund
EURIBOR
Euro Interbank Offered Rate
FHA
Federal Housing Administration
GO
General Obligation
GOL
General Obligation Limited
JIBAR
Johannesburg Interbank Agreed Rate
JSC
Joint Stock Company
NPFGC
National Public Finance Guarantee Corp.
NVS
Non-Voting Shares
PIK
Payment-in-kind
PILOT
Payment in Lieu of Taxes
PJSC
Public Joint Stock Company
PSF
Permanent School Fund
RB
Revenue Bonds
SAW
State Aid Withholding
SIFMA
Securities Industry and Financial Markets Associations
SOFR
Secured Overnight Financing Rate
SONIA
Sterling Overnight Interbank Average Rate
ST
Special Tax
STRIPS
Separate Trading of Registered Interest & Principal of
Securities
TA
Tax Allocation
TBA
To-Be-Announced
 
Currency Abbreviation 
ARS
Argentine Peso
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chilean Peso
CNH
Chinese Yuan
CNY
Chinese Yuan
COP
Colombian Peso
CZK
Czech Koruna
DOP
Dominican Peso
EGP
Egyptian Pound
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
KRW
South Korean Won
KZT
Kazakhstani Tenge
MXN
Mexican Peso
MYR
Malaysian Ringgit
NGN
Nigerian Naira
NOK
Norwegian Krone
PEN
Peru Nuevo Sol
PHP
Philippine Peso
PLN
Polish Zloty
RON
Romanian Leu
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
TWD
New Taiwan Dollar
USD
United States Dollar
UYU
Uruguayan Peso
ZAR
South African Rand
Glossary of Terms Used in this Report
190
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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.
 
 

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

(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.

(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

(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

(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

(b) Section 906 Certifications are attached

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

BlackRock ETF Trust II

 

By:    

/s/ John M. Perlowski 

 

John M. Perlowski

 

Chief Executive Officer (principal executive officer) of

 

BlackRock ETF Trust II

Date: 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:    

/s/ John M. Perlowski 

 

John M. Perlowski

 

Chief Executive Officer (principal executive officer) of

 

BlackRock ETF Trust II

Date: September 23, 2025

By:

  

/s/ Trent Walker    

 

Trent Walker

 

Chief Financial Officer (principal financial officer) of

 

BlackRock ETF Trust II

Date: September 23, 2025

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