January 31, 2026
 
2026 Quarterly Report
(Unaudited)
 
BlackRock ETF Trust II
• iShares High Yield Active ETF | BRHY | NASDAQ
 
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Convertible Bonds
Energy - Alternate Sources — 0.2%
NextEra Energy Partners LP, 2.50%, 06/15/26(a)
$199
$195,279
Home Builders — 0.1%
Meritage Homes Corp., 1.75%, 05/15/28
87
88,284
Media — 0.1%
Cable One, Inc., 1.13%, 03/15/28
71
53,960
Real Estate Investment Trusts — 0.0%
Digital Realty Trust LP, 1.88%, 11/15/29(a)
11
11,365
Semiconductors — 0.0%
ON Semiconductor Corp., 0.50%, 03/01/29
38
37,117
Total Convertible Bonds — 0.4%
(Cost: $392,465)
386,005
Corporate Bonds & Notes
Advertising — 1.6%
Clear Channel Outdoor Holdings, Inc.
7.13%, 02/15/31(a)
USD310
323,269
7.50%, 06/01/29(a)(b)
USD150
148,428
7.50%, 03/15/33(a)
USD343
364,450
7.75%, 04/15/28(a)
USD82
82,026
7.88%, 04/01/30(a)
USD77
81,071
CMG Media Corp., 8.88%, 06/18/29(a)(b)
USD9
7,797
Lamar Media Corp., 5.38%, 11/01/33(a)
USD42
41,890
Neptune Bidco U.S., Inc.
9.29%, 04/15/29(a)
USD39
40,045
9.50%, 02/15/33(a)
USD81
82,479
10.38%, 05/15/31(a)
USD49
51,807
Outfront Media Capital LLC/Outfront Media
Capital Corp.
4.25%, 01/15/29(a)
USD111
108,344
4.63%, 03/15/30(a)(b)
USD17
16,600
5.00%, 08/15/27(a)
USD25
24,995
7.38%, 02/15/31(a)
USD22
23,170
 
1,396,371
Aerospace & Defense — 2.4%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(a)
USD17
17,595
ATI, Inc.
5.13%, 10/01/31
USD90
90,142
7.25%, 08/15/30(b)
USD43
45,077
Bombardier, Inc.
6.75%, 06/15/33(a)
USD167
175,415
7.00%, 06/01/32(a)(b)
USD38
39,889
7.25%, 07/01/31(a)(b)
USD11
11,678
8.75%, 11/15/30(a)
USD12
12,860
Efesto Bidco SpA Efesto U.S. LLC, 7.50%,
02/15/32(a)
USD200
203,884
Goat Holdco LLC, 6.75%, 02/01/32(a)
USD38
39,027
TransDigm, Inc.
6.00%, 01/15/33(a)
USD226
230,270
6.25%, 01/31/34(a)(b)
USD34
35,138
6.38%, 05/31/33(a)
USD484
492,718
6.63%, 03/01/32(a)
USD201
207,829
6.75%, 01/31/34(a)
USD490
507,158
 
2,108,680
Agriculture — 0.0%
Darling Ingredients, Inc., 6.00%, 06/15/30(a)
USD21
21,280
Security
Par
(000
)
Value
Airlines — 0.2%
American Airlines, Inc., 8.50%, 05/15/29(a)
USD42
$43,827
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.75%, 04/20/29(a)
USD7
6,568
JetBlue Airways Corp., 9.88%, 09/20/31(a)(b)
USD56
56,244
OneSky Flight LLC, 8.88%, 12/15/29(a)
USD35
37,423
United Airlines Holdings, Inc., 5.38%, 03/01/31
USD69
69,685
 
213,747
Apparel — 0.3%
Beach Acquisition Bidco LLC, 10.00%, 07/15/33,
(10.00% Cash or 10.75% PIK)(a)(c)
USD211
231,962
Crocs, Inc., 4.13%, 08/15/31(a)(b)
USD20
18,304
Levi Strauss & Co., 3.50%, 03/01/31(a)
USD49
45,823
 
296,089
Auto Manufacturers — 0.6%
Allison Transmission, Inc., 5.88%, 12/01/33(a)
USD74
75,047
Nissan Motor Acceptance Co. LLC, 6.13%,
09/30/30(a)
USD174
173,517
Nissan Motor Co. Ltd., 7.75%, 07/17/32(a)
USD200
211,075
Rivian Holdings LLC/Rivian LLC/Rivian
Automotive LLC, 10.00%, 01/15/31(a)
USD37
34,928
 
494,567
Auto Parts & Equipment — 1.0%
American Axle & Manufacturing, Inc.
6.38%, 10/15/32(a)
USD30
30,609
7.75%, 10/15/33(a)
USD31
31,890
Clarios Global LP/Clarios U.S. Finance Co.
4.75%, 06/15/31(a)
EUR100
120,431
6.75%, 02/15/30(a)
USD197
206,088
6.75%, 09/15/32(a)
USD247
255,652
Dana, Inc.
4.25%, 09/01/30(b)
USD8
7,642
4.50%, 02/15/32(b)
USD12
11,349
Garrett Motion Holdings Inc / Garrett LX I Sarl,
7.75%, 05/31/32(a)
USD33
34,937
Goodyear Tire & Rubber Co.(The)
5.25%, 04/30/31
USD4
3,850
6.63%, 07/15/30(b)
USD18
18,377
Qnity Electronics, Inc.
5.75%, 08/15/32(a)
USD79
80,478
6.25%, 08/15/33(a)
USD38
39,220
Tenneco, Inc., 8.00%, 11/17/28(a)
USD69
69,411
 
909,934
Banks — 2.7%
Bank of America Corp.
6.25%, (5-year CMT + 2.35%)(b)(d)(e)
USD162
164,892
6.63%, (5-year CMT + 2.68%)(d)(e)
USD174
180,789
Barclays PLC, 9.63%, (5-year USD ICE Swap +
5.77%)(d)(e)
USD360
409,411
Brookfield Finance, Inc., 6.30%, 01/15/55,
(5-year CMT + 2.08%)(e)
USD123
122,179
Citigroup, Inc.
6.63%, , (5-year CMT + 3.00%)(d)(e)
USD55
56,005
6.88%, (5-year CMT + 2.89%)(e)
USD122
124,630
Series CC, 7.13%, (5-year CMT + 2.69%)(d)(e)
USD155
160,422
Series EE, 6.75%, (5-year CMT + 2.57%)(d)(e)
USD113
115,232
Series FF, 6.95%, (5-year CMT + 2.73%)(d)(e)
USD46
47,386
Goldman Sachs Group, Inc.(The)
6.85%, (5-year CMT + 2.46%)(b)(d)(e)
USD134
139,650
Series Y, 6.13%, (10-year CMT + 2.40%)(d)(e)
USD115
117,170
1 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
PNC Financial Services Group, Inc. (The),
Series W, 6.25%, (7-year CMT + 2.81%)(d)(e)
USD17
$17,558
UBS Group AG
7.00%, , (5-year USD ICE Swap +
3.29%)(a)(d)(e)
USD200
203,271
7.13%, , (5-year USD ICE Swap +
3.17%)(a)(d)(e)
USD200
204,933
9.25%, (5-year CMT + 4.76%)(a)(d)(e)
USD200
233,916
Walker & Dunlop, Inc., 6.63%, 04/01/33(a)
USD22
22,552
Wells Fargo & Co., 6.85%, (5-year CMT +
2.77%)(b)(d)(e)
USD36
37,650
 
2,357,646
Biotechnology — 0.2%
Genmab A/S, 7.25%, 12/15/33(a)
USD200
211,672
Building Materials — 1.9%
AmeriTex HoldCo Intermediate LLC, 7.63%,
08/15/33(a)
USD36
37,863
Builders FirstSource, Inc.
6.38%, 03/01/34(a)
USD11
11,382
6.75%, 05/15/35(a)(b)
USD50
52,532
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
6.63%, 12/15/30(a)
USD440
455,434
6.75%, 07/15/31(a)
USD52
54,556
Jeld-Wen, Inc.
4.88%, 12/15/27(a)(b)
USD54
47,455
7.00%, 09/01/32(a)
USD22
13,780
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28(a)
USD35
35,009
9.75%, 07/15/28(a)(b)
USD87
87,435
Quikrete Holdings, Inc.
6.38%, 03/01/32(a)
USD234
242,680
6.75%, 03/01/33(a)
USD134
139,208
Standard Building Solutions, Inc.
5.88%, 03/15/34(a)
USD60
59,942
6.25%, 08/01/33(a)
USD299
305,625
6.50%, 08/15/32(a)
USD31
31,965
Standard Industries, Inc./New York
3.38%, 01/15/31(a)
USD34
31,377
4.38%, 07/15/30(a)
USD30
28,941
Wilsonart LLC, 11.00%, 08/15/32(a)(b)
USD58
52,978
 
1,688,162
Chemicals — 3.0%
Advancion Sciences, Inc., 9.25%, 11/01/26, (9.25
% PIK)(a)(c)
USD109
89,229
Celanese U.S. Holdings LLC
6.75%, 04/15/33
USD29
29,376
7.00%, 02/15/31
USD6
6,137
7.38%, 02/15/34(b)
USD45
45,791
Chemours Co.(The)
4.63%, 11/15/29(a)
USD17
15,852
5.38%, 05/15/27
USD88
88,581
5.75%, 11/15/28(a)
USD223
221,153
Element Solutions, Inc., 3.88%, 09/01/28(a)
USD177
172,513
Ingevity Corp., 3.88%, 11/01/28(a)(b)
USD41
39,877
Inversion Escrow Issuer LLC, 6.75%, 08/01/32(a)
USD200
198,099
Mativ Holdings, Inc., 8.00%, 10/01/29(a)(b)
USD27
27,193
Methanex U.S. Operations, Inc., 6.25%,
03/15/32(a)(b)
USD33
34,030
Minerals Technologies, Inc., 5.00%, 07/01/28(a)
USD36
35,730
Security
Par
(000
)
Value
Chemicals (continued)
Olympus Water U.S. Holding Corp.
7.25%, 06/15/31(a)
USD200
$205,010
Series 144*, 7.25%, 02/15/33(a)
USD400
398,444
Perimeter Holdings LLC, 6.25%, 01/15/34(a)
USD156
156,006
SK Invictus Intermediate II SARL, 5.00%,
10/30/29(a)
USD60
59,040
Solstice Advanced Materials, Inc., 5.63%,
09/30/33(a)
USD106
106,560
WR Grace Holdings LLC
5.63%, 08/15/29(a)
USD339
323,975
6.63%, 08/15/32(a)
USD244
242,652
7.00%, 08/01/33(a)
USD68
68,085
7.38%, 03/01/31(a)
USD62
63,286
 
2,626,619
Commercial Services — 6.6%
ADT Security Corp. (The), 5.88%, 10/15/33(a)
USD132
133,814
Albion Financing 1 Sarl/Aggreko Holdings, Inc.,
7.00%, 05/21/30(a)
USD200
208,452
Allied Universal Holdco LLC, 7.88%, 02/15/31(a)
USD607
638,821
Allied Universal Holdco LLC/Allied Universal
Finance Corp.
6.00%, 06/01/29(a)
USD400
396,602
6.88%, 06/15/30(a)
USD266
276,243
Allied Universal Holdco LLC/Allied Universal
Finance Corp./Atlas Luxco 4 Sarl, 4.63%,
06/01/28(a)
USD200
197,294
APi Group DE, Inc., 4.13%, 07/15/29(a)
USD52
50,570
Belron U.K. Finance PLC, 5.75%, 10/15/29(a)
USD200
203,808
Block, Inc.
2.75%, 06/01/26
USD66
65,609
5.63%, 08/15/30(a)
USD60
61,071
6.00%, 08/15/33(a)
USD108
110,320
6.50%, 05/15/32
USD140
145,454
Brink's Co.(The)
6.50%, 06/15/29(a)
USD9
9,285
6.75%, 06/15/32(a)
USD86
89,519
Clarivate Science Holdings Corp.
3.88%, 07/01/28(a)
USD68
64,177
4.88%, 07/01/29(a)(b)
USD191
164,177
Deluxe Corp., 8.13%, 09/15/29(a)
USD19
19,937
Garda World Security Corp.
7.75%, 02/15/28(a)
USD61
62,297
8.25%, 08/01/32(a)
USD173
176,783
8.38%, 11/15/32(a)
USD355
364,466
Herc Holdings, Inc.
5.75%, 03/15/31(a)(b)
USD32
32,227
6.00%, 03/15/34(a)
USD33
33,167
7.00%, 06/15/30(a)
USD63
66,123
7.25%, 06/15/33(a)(b)
USD235
248,703
Hertz Corp. (The), 12.63%, 07/15/29(a)(b)
USD21
21,138
ION Platform Finance U.S., Inc., 7.88%,
09/30/32(a)
USD403
353,437
Raven Acquisition Holdings LLC, 6.88%,
11/15/31(a)
USD43
43,091
RR Donnelley & Sons Co., 9.50%, 08/01/29(a)
USD169
175,878
Sabre Financial Borrower LLC, 11.13%,
06/15/29(a)
USD104
105,181
Service Corp. International/U.S.
4.00%, 05/15/31
USD50
47,581
5.75%, 10/15/32
USD143
145,268
 
2
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Shift4 Payments LLC/Shift4 Payments Finance
Sub, Inc.
5.50%, 05/15/33(a)
EUR100
$120,698
6.75%, 08/15/32(a)
USD275
280,553
Sotheby's, 7.38%, 10/15/27(a)
USD200
199,224
Team Services Holding, Inc., 9.00%, 02/15/33(a)
USD18
18,000
United Rentals North America, Inc., 5.38%,
11/15/33(a)
USD149
148,912
Veritiv Operating Co., 10.50%, 11/30/30(a)
USD21
22,486
Wand NewCo 3, Inc., 7.63%, 01/30/32(a)
USD81
85,167
WEX, Inc., 6.50%, 03/15/33(a)(b)
USD76
77,570
Williams Scotsman, Inc.
6.63%, 04/15/30(a)
USD32
33,156
7.38%, 10/01/31(a)(b)
USD39
40,661
 
5,736,920
Computers — 0.7%
Amentum Holdings, Inc., 7.25%, 08/01/32(a)
USD14
14,753
CACI International, Inc., 6.38%, 06/15/33(a)
USD77
79,890
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(a)
USD267
271,976
Insight Enterprises, Inc., 6.63%, 05/15/32(a)
USD28
28,663
KBR, Inc., 4.75%, 09/30/28(a)
USD58
57,258
McAfee Corp., 7.38%, 02/15/30(a)
USD42
33,415
Science Applications International Corp.
4.88%, 04/01/28(a)
USD28
27,929
5.88%, 11/01/33(a)
USD48
48,378
Seagate Data Storage Technology Pte Ltd.,
5.88%, 07/15/30(a)
USD56
57,690
 
619,952
Cosmetics & Personal Care — 0.1%
Perrigo Finance Unlimited Co., 6.13%,
09/30/32(b)
USD64
62,946
Distribution & Wholesale — 0.1%
Gates Corp./DE, 6.88%, 07/01/29(a)
USD38
39,502
Resideo Funding, Inc.
4.00%, 09/01/29(a)(b)
USD41
39,494
6.50%, 07/15/32(a)
USD27
27,426
 
106,422
Diversified Financial Services — 4.3%
Apollo Global Management, Inc., 6.00%,
12/15/54, (5-year CMT + 2.17%)(e)
USD56
55,991
Azorra Finance Ltd.
7.25%, 01/15/31(a)
USD39
40,846
7.75%, 04/15/30(a)
USD25
26,311
Bread Financial Holdings, Inc., 8.38%, 06/15/35,
(5-year CMT + 4.30%)(a)(e)
USD12
12,317
CrossCountry Intermediate HoldCo LLC
6.50%, 10/01/30(a)
USD47
47,704
6.75%, 12/01/32(a)
USD14
14,115
Focus Financial Partners LLC, 6.75%,
09/15/31(a)
USD142
145,370
Freedom Mortgage Holdings LLC
6.88%, 05/01/31(a)
USD62
61,527
8.38%, 04/01/32(a)
USD46
48,120
9.13%, 05/15/31(a)
USD144
152,247
9.25%, 02/01/29(a)
USD30
31,406
GGAM Finance Ltd.
5.88%, 03/15/30(a)
USD43
43,699
6.88%, 04/15/29(a)
USD73
75,525
Security
Par
(000
)
Value
Diversified Financial Services (continued)
Global Aircraft Leasing Co. Ltd., 8.75%,
09/01/27(a)
USD94
$97,614
Jane Street Group/JSG Finance, Inc.
6.13%, 11/01/32(a)
USD12
12,222
6.75%, 05/01/33(a)
USD84
87,372
Midcap Financial Issuer Trust, 6.50%,
05/01/28(a)
USD200
200,374
Navient Corp.
7.88%, 06/15/32(b)
USD44
44,410
9.38%, 07/25/30
USD11
11,846
OneMain Finance Corp.
4.00%, 09/15/30
USD69
64,717
5.38%, 11/15/29
USD25
24,934
6.13%, 05/15/30
USD16
16,310
6.50%, 03/15/33
USD194
194,994
6.63%, 05/15/29
USD30
30,923
6.75%, 03/15/32
USD29
29,639
6.75%, 09/15/33(b)
USD150
151,662
7.13%, 11/15/31
USD31
32,123
7.13%, 09/15/32(b)
USD125
129,450
7.50%, 05/15/31
USD11
11,532
7.88%, 03/15/30
USD46
48,524
Osaic Holdings, Inc.
6.75%, 08/01/32(a)
USD69
71,459
8.00%, 08/01/33(a)
USD150
155,535
PennyMac Financial Services, Inc.
6.75%, 02/15/34(a)
USD117
118,069
6.88%, 05/15/32(a)
USD158
161,469
7.13%, 11/15/30(a)
USD42
43,361
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(a)
USD246
257,814
Rocket Companies, Inc.
6.13%, 08/01/30(a)
USD217
222,167
6.38%, 08/01/33(a)
USD240
248,991
Rocket Cos. Inc
6.50%, 08/01/29(a)
USD73
75,089
7.13%, 02/01/32(a)
USD164
171,378
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc.
2.88%, 10/15/26(a)
USD49
48,334
3.88%, 03/01/31(a)
USD2
1,877
4.00%, 10/15/33(a)(b)
USD5
4,591
UWM Holdings LLC
6.25%, 03/15/31(a)
USD95
94,400
6.63%, 02/01/30(a)
USD116
117,001
 
3,735,359
Electric — 2.9%
AES Corp. (The), 7.60%, 01/15/55, (5-year CMT
+ 3.20%)(e)
USD52
52,725
Alpha Generation LLC, 6.75%, 10/15/32(a)
USD45
46,656
Calpine Corp., 4.50%, 02/15/28(a)
USD2
1,998
CenterPoint Energy, Inc., Series B, 6.85%,
02/15/55, (5-year CMT + 2.95%)(b)(e)
USD12
12,728
Clearway Energy Operating LLC, 3.75%,
01/15/32(a)
USD43
39,577
ContourGlobal Power Holdings SA, 6.75%,
02/28/30(a)
USD200
206,256
Dominion Energy, Inc., 6.63%, 05/15/55, (5-year
CMT + 2.21%)(e)
USD14
14,394
Duke Energy Corp., 6.45%, 09/01/54, (5-year
CMT + 2.59%)(e)
USD21
21,971
Lightning Power LLC, 7.25%, 08/15/32(a)
USD31
32,996
3 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
NextEra Energy Capital Holdings, Inc.
6.38%, 08/15/55, (5-year CMT + 2.05%)(e)
USD38
$39,247
6.75%, 06/15/54, (5-year CMT + 2.46%)(e)
USD20
21,251
NRG Energy, Inc.
5.75%, 07/15/29(a)
USD63
62,762
5.75%, 01/15/34(a)
USD122
122,809
6.00%, 02/01/33(a)
USD119
121,283
6.00%, 01/15/36(a)(b)
USD448
452,676
6.25%, 11/01/34(a)
USD147
150,909
10.25%, (5-year CMT + 5.92%)(a)(d)(e)
USD66
72,682
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 08/15/28(a)
USD19
18,817
Talen Energy Supply LLC, 8.63%, 06/01/30(a)
USD13
13,716
TransAlta Corp., 5.88%, 02/01/34
USD46
46,037
Vistra Corp.
7.00%, (5-year CMT + 5.74%)(a)(b)(d)(e)
USD179
181,707
8.00%, (5-year CMT + 6.93%)(a)(d)(e)
USD27
27,498
Vistra Operations Co. LLC, 6.88%, 04/15/32(a)
USD98
102,972
VoltaGrid LLC, 7.38%, 11/01/30(a)(b)
USD372
376,766
XPLR Infrastructure Operating Partners LP
7.75%, 04/15/34(a)
USD175
178,386
8.38%, 01/15/31(a)(b)
USD114
119,748
8.63%, 03/15/33(a)
USD10
10,491
 
2,549,058
Electrical Components & Equipment — 0.0%
WESCO Distribution, Inc.
6.38%, 03/15/33(a)
USD14
14,578
6.63%, 03/15/32(a)
USD14
14,628
 
29,206
Electronics — 0.5%
Coherent Corp., 5.00%, 12/15/29(a)
USD54
53,777
Sensata Technologies, Inc.
3.75%, 02/15/31(a)
USD51
47,793
4.38%, 02/15/30(a)
USD83
81,160
6.63%, 07/15/32(a)
USD200
208,928
 
391,658
Engineering & Construction — 0.4%
AECOM, 6.00%, 08/01/33(a)
USD130
133,172
Arcosa, Inc.
4.38%, 04/15/29(a)
USD44
43,253
6.88%, 08/15/32(a)
USD8
8,427
Brand Industrial Services, Inc., 10.38%,
08/01/30(a)
USD128
122,719
Dycom Industries, Inc., 4.50%, 04/15/29(a)
USD21
20,671
Weekley Homes LLC/Weekley Finance Corp.,
6.75%, 01/15/34(a)
USD37
37,190
 
365,432
Entertainment — 1.9%
Boyne USA, Inc., 4.75%, 05/15/29(a)
USD40
39,471
Caesars Entertainment, Inc.
6.50%, 02/15/32(a)
USD158
161,559
7.00%, 02/15/30(a)
USD37
38,207
Churchill Downs, Inc.
5.75%, 04/01/30(a)
USD161
161,873
6.75%, 05/01/31(a)
USD147
151,459
Cinemark USA, Inc., 7.00%, 08/01/32(a)(b)
USD12
12,417
Great Canadian Gaming Corp./Raptor LLC,
8.75%, 11/15/29(a)
USD76
77,285
Security
Par
(000
)
Value
Entertainment (continued)
Light & Wonder International, Inc.
6.25%, 10/01/33(a)
USD80
$81,000
7.50%, 09/01/31(a)
USD18
18,836
Live Nation Entertainment, Inc.
3.75%, 01/15/28(a)
USD14
13,805
4.75%, 10/15/27(a)(b)
USD23
22,993
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(a)
USD18
17,682
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%,
04/15/30(a)
USD61
63,602
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp., 5.88%,
09/01/31(a)
USD95
60,961
Rivers Enterprise Borrower LLC/Rivers
Enterprise Finance Corp., 6.63%, 02/01/33(a)
USD27
27,482
Rivers Enterprise Lender LLC / Rivers Enterprise
Lender Corp., 6.25%, 10/15/30(a)
USD28
28,424
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30(a)
USD43
39,238
Six Flags Entertainment Corp./Canada's
Wonderland Co./Magnum Management Corp.,
5.38%, 04/15/27
USD9
9,001
Six Flags Entertainment Corp/Canada's
Wonderland Co/Millennium Operations LLC,
8.63%, 01/15/32(a)
USD25
25,511
Vail Resorts, Inc.
5.63%, 07/15/30(a)
USD31
31,484
6.50%, 05/15/32(a)
USD36
37,309
Voyager Parent LLC, 9.25%, 07/01/32(a)
USD68
72,238
Warnermedia Holdings, Inc., 5.05%, 03/15/42
USD397
278,892
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.
5.13%, 10/01/29(a)
USD44
44,131
6.25%, 03/15/33(a)
USD158
160,975
 
1,675,835
Environmental Control — 1.0%
Clean Harbors, Inc., 6.38%, 02/01/31(a)
USD22
22,527
GFL Environmental Holdings U.S., Inc., 5.50%,
02/01/34(a)
USD128
128,295
GFL Environmental, Inc.
4.00%, 08/01/28(a)
USD50
49,209
4.38%, 08/15/29(a)
USD36
35,263
4.75%, 06/15/29(a)
USD2
1,987
6.75%, 01/15/31(a)
USD5
5,231
Madison IAQ LLC
4.13%, 06/30/28(a)
USD12
11,856
5.88%, 06/30/29(a)
USD161
160,800
Waste Pro USA, Inc., 7.00%, 02/01/33(a)
USD440
452,041
Wrangler Holdco Corp., 6.63%, 04/01/32(a)
USD11
11,446
 
878,655
Food — 1.6%
Albertsons Co, Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC
5.50%, 03/31/31(a)
USD33
33,058
5.75%, 03/31/34(a)(b)
USD124
121,951
6.25%, 03/15/33(a)
USD118
120,490
Albertsons Companies, Inc., 5.63%, 03/31/32(a)
USD32
31,968
B&G Foods, Inc., 8.00%, 09/15/28(a)
USD16
15,100
 
4
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Food (continued)
Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75%
Cash or 9.50% PIK)(a)(c)
USD288
$306,782
Chobani LLC/Chobani Finance Corp., Inc.
4.63%, 11/15/28(a)
USD59
58,700
7.63%, 07/01/29(a)
USD104
108,165
Darling Global Finance BV, 4.50%, 07/15/32(a)
EUR100
120,961
Fiesta Purchaser, Inc.
7.88%, 03/01/31(a)
USD11
11,313
9.63%, 09/15/32(a)
USD12
12,139
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution, Inc., 9.00%,
02/15/29(a)
USD23
24,099
Lamb Weston Holdings, Inc.
4.13%, 01/31/30(a)
USD26
25,100
4.38%, 01/31/32(a)
USD29
27,629
Performance Food Group, Inc.
4.25%, 08/01/29(a)
USD10
9,792
6.13%, 09/15/32(a)
USD40
41,082
Post Holdings, Inc.
4.50%, 09/15/31(a)
USD31
29,368
6.38%, 03/01/33(a)(b)
USD47
47,360
6.50%, 03/15/36(a)
USD122
122,110
Simmons Foods, Inc./Simmons Prepared Foods,
Inc./Simmons Pet Food, Inc./Simmons Feed,
4.63%, 03/01/29(a)
USD19
18,312
U.S. Foods, Inc., 4.75%, 02/15/29(a)
USD33
32,868
United Natural Foods, Inc., 6.75%, 10/15/28(a)
USD47
47,083
 
1,365,430
Food Service — 0.0%
Aramark Services, Inc., 5.00%, 02/01/28(a)
USD24
23,987
Gas — 0.1%
AltaGas Ltd., 7.20%, 10/15/54, (5-year CMT +
3.57%)(a)(e)
USD33
34,321
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.50%, 06/01/30(a)
USD19
20,364
 
54,685
Health Care - Products — 0.9%
Avantor Funding, Inc., 4.63%, 07/15/28(a)
USD91
90,300
Bausch & Lomb Corp., 8.38%, 10/01/28(a)
USD195
203,288
Hologic, Inc., 3.25%, 02/15/29(a)
USD3
2,989
Insulet Corp., 6.50%, 04/01/33(a)
USD28
29,140
Medline Borrower LP, 5.25%, 10/01/29(a)
USD301
301,520
Medline Borrower LP/Medline Co-Issuer, Inc.,
6.25%, 04/01/29(a)(b)
USD76
78,440
Neogen Food Safety Corp., 8.63%, 07/20/30(a)
USD39
41,576
 
747,253
Health Care - Services — 2.5%
Acadia Healthcare Co., Inc., 7.38%,
03/15/33(a)(b)
USD15
14,817
AHP Health Partners, Inc., 5.75%, 07/15/29(a)(b)
USD98
95,546
CHS/Community Health Systems, Inc.
4.75%, 02/15/31(a)(b)
USD58
52,029
5.25%, 05/15/30(a)
USD228
214,984
9.75%, 01/15/34(a)
USD379
395,139
10.88%, 01/15/32(a)
USD54
58,133
Concentra Health Services, Inc., 6.88%,
07/15/32(a)(b)
USD58
60,726
DaVita, Inc.
6.75%, 07/15/33(a)
USD11
11,290
Security
Par
(000
)
Value
Health Care - Services (continued)
6.88%, 09/01/32(a)
USD2
$2,060
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)(b)
USD20
20,347
HAH Group Holding Co. LLC, 9.75%, 10/01/31(a)
USD24
22,666
HealthEquity, Inc., 4.50%, 10/01/29(a)
USD93
90,652
IQVIA, Inc., 6.25%, 06/01/32(a)
USD102
105,973
LifePoint Health, Inc.
8.38%, 02/15/32(a)
USD178
193,413
10.00%, 06/01/32(a)
USD57
60,136
11.00%, 10/15/30(a)
USD10
10,906
Molina Healthcare, Inc.
6.25%, 01/15/33(a)(b)
USD17
17,120
6.50%, 02/15/31(a)
USD107
109,659
Option Care Health, Inc., 4.38%, 10/31/29(a)
USD30
29,358
Prime Healthcare Services, Inc., 9.38%,
09/01/29(a)
USD18
18,743
Sotera Health Holdings LLC, 7.38%, 06/01/31(a)
USD34
35,775
Star Parent, Inc., 9.00%, 10/01/30(a)
USD47
49,607
Surgery Center Holdings, Inc., 7.25%,
04/15/32(a)(b)
USD321
323,187
Tenet Healthcare Corp.
6.00%, 11/15/33(a)(b)
USD57
58,655
6.75%, 05/15/31
USD84
87,247
U.S. Acute Care Solutions LLC, 9.75%,
05/15/29(a)
USD77
77,337
 
2,215,505
Holding Companies - Diversified — 0.6%
Apollo Debt Solutions BDC
5.88%, 08/30/30
USD25
25,192
6.55%, 03/15/32
USD11
11,352
6.70%, 07/29/31
USD14
14,600
Ares Strategic Income Fund
5.15%, 01/15/31(a)
USD33
32,118
5.80%, 09/09/30(a)
USD31
31,100
Bain Capital Specialty Finance, Inc., 5.95%,
03/15/30(b)
USD11
10,982
Blue Owl Capital Corp., 6.20%, 07/15/30
USD46
46,419
Blue Owl Capital Corp. II, 8.45%, 11/15/26
USD11
11,264
Compass Group Diversified Holdings LLC,
5.25%, 04/15/29(a)
USD42
39,343
Icahn Enterprises LP/Icahn Enterprises
Finance Corp.
5.25%, 05/15/27
USD214
211,708
9.75%, 01/15/29(b)
USD58
58,353
10.00%, 11/15/29(a)
USD49
49,460
 
541,891
Home Builders — 0.9%
Ashton Woods USA LLC/Ashton Woods
Finance Co.
4.63%, 08/01/29(a)
USD39
37,354
6.88%, 08/01/33(a)
USD23
23,205
Beazer Homes USA, Inc., 5.88%, 10/15/27
USD16
15,938
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 5.00%, 06/15/29(a)
USD136
131,693
Century Communities, Inc., 6.63%, 09/15/33(a)
USD33
33,422
Empire Communities Corp., 9.75%, 05/01/29(a)
USD12
12,400
Installed Building Products, Inc., 5.63%,
02/01/34(a)
USD48
48,276
K Hovnanian Enterprises, Inc.
8.00%, 04/01/31(a)
USD170
174,159
8.38%, 10/01/33(a)
USD62
63,364
5 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Home Builders (continued)
LGI Homes, Inc., 7.00%, 11/15/32(a)(b)
USD36
$35,111
Mattamy Group Corp.
4.63%, 03/01/30(a)
USD26
25,388
6.00%, 12/15/33(a)
USD15
14,739
New Home Co., Inc.(The)
8.50%, 11/01/30(a)
USD13
13,541
9.25%, 10/01/29(a)
USD81
85,352
STL Holding Co. LLC, 8.75%, 02/15/29(a)
USD28
29,444
Taylor Morrison Communities, Inc., 5.75%,
11/15/32(a)
USD22
22,581
 
765,967
Home Furnishings — 0.0%
Somnigroup International, Inc., 4.00%,
04/15/29(a)
USD39
37,836
Housewares — 0.1%
Newell Brands, Inc., 8.50%, 06/01/28(a)
USD23
24,114
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29(b)
USD18
17,724
 
41,838
Insurance — 6.0%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer
4.25%, 10/15/27(a)
USD155
153,086
5.88%, 11/01/29(a)
USD139
138,560
6.75%, 10/15/27(a)
USD20
20,057
6.75%, 04/15/28(a)
USD30
30,496
7.00%, 01/15/31(a)
USD207
214,609
7.38%, 10/01/32(a)
USD208
215,325
AmWINS Group, Inc.
4.88%, 06/30/29(a)
USD18
17,760
6.38%, 02/15/29(a)
USD17
17,443
Amynta Agency Borrower, Inc. and Amynta
Warranty Borrower, Inc., 7.50%, 07/15/33(a)
USD87
88,703
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Inves, 7.88%,
11/01/29(a)
USD87
88,320
Ardonagh Finco Ltd., 7.75%, 02/15/31(a)
USD600
620,267
Ardonagh Group Finance Ltd., 8.88%,
02/15/32(a)
USD200
206,244
Asurion LLC and Asurion Co-Issuer, Inc.
8.00%, 12/31/32(a)
USD285
297,769
8.38%, 02/01/34(a)
USD190
192,082
Corebridge Financial, Inc., 6.38%, 09/15/54,
(5-year CMT + 2.65%)(e)
USD38
38,823
Howden U.K. Refinance PLC/Howden U.K.
Refinance 2 PLC/Howden U.S. Refinance LLC
7.25%, 02/15/31(a)
USD200
206,854
8.13%, 02/15/32(a)
USD200
203,787
HUB International Ltd.
7.25%, 06/15/30(a)
USD465
485,160
7.38%, 01/31/32(a)
USD914
957,420
Jones Deslauriers Insurance Management, Inc.
6.88%, 10/01/33(a)
USD153
149,134
8.50%, 03/15/30(a)
USD69
72,146
Panther Escrow Issuer LLC, 7.13%, 06/01/31(a)
USD554
570,579
Ryan Specialty LLC
4.38%, 02/01/30(a)
USD18
17,536
5.88%, 08/01/32(a)
USD48
48,797
USI, Inc./New York, 7.50%, 01/15/32(a)
USD187
195,765
 
5,246,722
Security
Par
(000
)
Value
Internet — 2.4%
Beignet Investor LLC, 6.58%, 05/30/49(a)
USD1,497
$1,558,701
Getty Images, Inc.
10.50%, 11/15/30(a)
USD40
40,503
11.25%, 02/21/30(a)(b)
USD29
25,958
Match Group Holdings II LLC
3.63%, 10/01/31(a)
USD13
11,772
4.13%, 08/01/30(a)
USD34
32,047
6.13%, 09/15/33(a)
USD85
85,316
Snap, Inc.
6.88%, 03/01/33(a)(b)
USD160
164,185
6.88%, 03/15/34(a)
USD177
180,739
 
2,099,221
Iron & Steel — 0.5%
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(a)
USD112
113,039
Carpenter Technology Corp., 5.63%, 03/01/34(a)
USD60
60,886
Cleveland-Cliffs, Inc., 6.88%, 11/01/29(a)
USD70
72,745
Commercial Metals Co.
5.75%, 11/15/33(a)
USD69
70,152
6.00%, 12/15/35(a)(b)
USD96
98,084
 
414,906
Leisure Time — 1.2%
Acushnet Co., 5.63%, 12/01/33(a)(b)
USD23
23,216
Carnival Corp.
5.75%, 08/01/32(a)
USD61
62,649
5.88%, 06/15/31(a)
USD34
35,145
6.13%, 02/15/33(a)
USD109
112,129
Carnival PLC, 4.13%, 07/15/31(a)
EUR100
120,608
Lindblad Expeditions LLC, 7.00%, 09/15/30(a)
USD57
59,504
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(a)
USD46
37,006
NCL Corp. Ltd.
5.88%, 01/15/31(a)
USD8
8,022
6.25%, 09/15/33(a)(b)
USD229
230,265
6.75%, 02/01/32(a)
USD57
58,414
Sabre GLBL, Inc., 10.75%, 03/15/30(a)
USD28
22,470
Viking Cruises Ltd.
5.88%, 10/15/33(a)
USD147
149,027
9.13%, 07/15/31(a)
USD73
77,860
Viking Ocean Cruises Ship VII Ltd., 5.63%,
02/15/29(a)
USD17
17,001
 
1,013,316
Lodging — 1.0%
Hilton Domestic Operating Co., Inc.
5.50%, 03/31/34(a)
USD77
77,371
5.75%, 09/15/33(a)
USD9
9,169
5.88%, 03/15/33(a)
USD47
48,228
6.13%, 04/01/32(a)
USD23
23,757
Melco Resorts Finance Ltd., 5.38%, 12/04/29(a)
USD200
197,840
MGM Resorts International, 6.13%, 09/15/29
USD51
52,163
Station Casinos LLC
4.50%, 02/15/28(a)
USD36
35,836
6.63%, 03/15/32(a)
USD54
55,233
Wynn Macau Ltd., 5.63%, 08/26/28(a)
USD392
391,290
 
890,887
Machinery — 1.1%
ATS Corp., 4.13%, 12/15/28(a)
USD39
38,050
Chart Industries, Inc., 7.50%, 01/01/30(a)
USD28
29,133
Columbus McKinnon Corp/NY, 7.13%,
02/01/33(a)
USD46
46,239
CompoSecure Holdings LLC, 5.63%, 02/01/33(a)
USD189
188,395
 
6
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Machinery (continued)
Esab Corp., 6.25%, 04/15/29(a)
USD24
$24,661
Lsf12 Helix Parent LLC, 7.13%, 02/01/33(a)
USD86
86,252
Manitowoc Co., Inc. (The), 9.25%, 10/01/31(a)
USD19
20,636
Terex Corp.
5.00%, 05/15/29(a)
USD8
7,975
6.25%, 10/15/32(a)(b)
USD72
73,722
TK Elevator U.S. Newco, Inc., 5.25%,
07/15/27(a)
USD375
375,109
Vertiv Group Corp., 4.13%, 11/15/28(a)
USD42
41,360
 
931,532
Manufacturing — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33(a)
USD19
19,664
Avient Corp., 6.25%, 11/01/31(a)
USD25
25,703
Axon Enterprise, Inc., 6.25%, 03/15/33(a)
USD16
16,578
Enpro, Inc., 6.13%, 06/01/33(a)
USD25
25,707
 
87,652
Media — 3.9%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31(a)
USD235
215,153
4.25%, 01/15/34(a)(b)
USD214
180,764
4.50%, 05/01/32
USD27
24,229
4.50%, 06/01/33(a)
USD72
62,998
4.75%, 03/01/30(a)
USD140
133,742
4.75%, 02/01/32(a)(b)
USD76
69,417
6.38%, 09/01/29(a)
USD19
19,182
7.00%, 02/01/33(a)
USD68
68,657
7.38%, 02/01/36(a)
USD215
215,258
CSC Holdings LLC
5.50%, 04/15/27(a)
USD213
188,003
11.25%, 05/15/28(a)
USD200
160,297
Directv Financing LLC, 8.88%, 02/01/30(a)
USD182
184,277
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.
5.88%, 08/15/27(a)
USD67
67,326
10.00%, 02/15/31(a)
USD82
84,467
DISH DBS Corp.
5.25%, 12/01/26(a)
USD162
157,442
5.75%, 12/01/28(a)
USD176
170,320
DISH Network Corp., 11.75%, 11/15/27(a)
USD282
291,858
Gray Media, Inc.
7.25%, 08/15/33(a)(b)
USD153
156,637
9.63%, 07/15/32(a)
USD101
104,126
Gray Television, Inc., 10.50%, 07/15/29(a)(b)
USD12
12,889
Midcontinent Communications, 8.00%,
08/15/32(a)(b)
USD22
21,168
Sinclair Television Group, Inc., 8.13%,
02/15/33(a)
USD151
156,197
Sirius XM Radio LLC
3.13%, 09/01/26(a)
USD71
70,573
4.00%, 07/15/28(a)
USD25
24,421
5.00%, 08/01/27(a)
USD56
55,903
Univision Communications, Inc.
8.00%, 08/15/28(a)
USD240
247,679
8.50%, 07/31/31(a)
USD88
91,771
9.38%, 08/01/32(a)
USD144
155,039
Versant Media Group, Inc., 7.25%, 01/30/31(a)
USD27
27,669
 
3,417,462
Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems, Inc., 6.38%,
06/15/30(a)
USD15
15,337
Security
Par
(000
)
Value
Mining — 2.2%
Arsenal AIC Parent LLC
8.00%, 10/01/30(a)
USD25
$26,476
11.50%, 10/01/31(a)
USD242
266,663
Constellium SE, 6.38%, 08/15/32(a)
USD250
258,536
ERO Copper Corp., 6.50%, 02/15/30(a)(b)
USD165
166,287
First Quantum Minerals Ltd., 9.38%, 03/01/29(a)
USD200
209,750
Kaiser Aluminum Corp.
4.50%, 06/01/31(a)
USD133
128,395
5.88%, 03/01/34(a)
USD237
238,762
New Gold, Inc., 6.88%, 04/01/32(a)
USD90
95,618
Novelis Corp.
3.88%, 08/15/31(a)
USD129
118,044
4.75%, 01/30/30(a)
USD12
11,625
6.38%, 08/15/33(a)
USD320
325,963
6.88%, 01/30/30(a)
USD58
60,114
 
1,906,233
Office & Business Equipment — 0.1%
GROUP LABL, Inc.
5.88%, 11/01/28
USD18
9,180
8.63%, 10/01/31
USD28
14,280
Zebra Technologies Corp., 6.50%, 06/01/32(a)
USD35
36,051
 
59,511
Oil & Gas — 2.9%
Aethon United BR LP/Aethon United Finance
Corp., 7.50%, 10/01/29(a)
USD47
49,458
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.
5.88%, 06/30/29(a)
USD15
15,102
6.63%, 07/15/33(a)
USD26
26,923
Caturus Energy LLC, 8.50%, 02/15/30(a)
USD185
192,887
Chord Energy Corp., 6.75%, 03/15/33(a)
USD18
18,660
CITGO Petroleum Corp., 8.38%, 01/15/29(a)
USD113
117,438
Civitas Resources, Inc.
8.38%, 07/01/28(a)
USD12
12,352
8.75%, 07/01/31(a)(b)
USD29
30,460
CNX Resources Corp., 7.25%, 03/01/32(a)
USD13
13,601
Comstock Resources, Inc.
5.88%, 01/15/30(a)
USD67
65,372
6.75%, 03/01/29(a)
USD188
188,845
Crescent Energy Finance LLC
7.63%, 04/01/32(a)
USD120
119,026
8.38%, 01/15/34(a)(b)
USD58
58,549
9.75%, 10/15/30(a)
USD59
62,748
CVR Energy, Inc.
7.50%, 02/15/31(a)
USD28
27,941
7.88%, 02/15/34(a)
USD20
19,838
DBR Land Holdings LLC, 6.25%, 12/01/30(a)
USD37
37,902
Diamond Foreign Asset Co./Diamond
Finance LLC, 8.50%, 10/01/30(a)
USD26
27,647
Gulfport Energy Operating Corp., 6.75%,
09/01/29(a)
USD22
22,688
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29(a)
USD42
42,010
6.25%, 04/15/32(a)
USD1
959
6.88%, 05/15/34(a)
USD21
20,238
7.25%, 02/15/35(a)(b)
USD23
22,256
8.38%, 11/01/33(a)
USD84
87,211
Magnolia Oil & Gas Operating LLC/Magnolia Oil
& Gas Finance Corp., 6.88%, 12/01/32(a)
USD21
21,807
7 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oil & Gas (continued)
Matador Resources Co.
6.50%, 04/15/32(a)
USD51
$51,931
6.88%, 04/15/28(a)
USD26
26,566
Nabors Industries, Inc., 7.63%, 11/15/32(a)
USD27
27,505
Noble Finance II LLC, 8.00%, 04/15/30(a)
USD9
9,382
Northern Oil & Gas, Inc., 7.88%, 10/15/33(a)
USD71
71,683
PBF Holding Co. LLC/PBF Finance Corp.,
7.88%, 09/15/30(a)(b)
USD35
35,047
Permian Resources Operating LLC
5.88%, 07/01/29(a)
USD17
17,057
6.25%, 02/01/33(a)
USD82
84,472
7.00%, 01/15/32(a)
USD40
41,932
Sunoco LP
5.63%, 03/15/31(a)
USD24
24,147
5.88%, 03/15/34(a)
USD24
24,064
6.25%, 07/01/33(a)
USD27
27,697
6.63%, 08/15/32(a)
USD31
31,971
7.88%, , (5-year CMT + 4.23%)(a)(d)(e)
USD399
410,982
TGNR Intermediate Holdings LLC, 5.50%,
10/15/29(a)
USD48
47,499
Transocean International Ltd.
7.88%, 10/15/32(a)
USD37
39,029
8.25%, 05/15/29(a)
USD20
20,377
8.50%, 05/15/31(a)(b)
USD45
45,805
8.75%, 02/15/30(a)
USD36
37,528
Transocean Titan Financing Ltd., 8.38%,
02/01/28(a)
USD2
2,477
Valaris Ltd., 8.38%, 04/30/30(a)
USD33
34,482
Vital Energy, Inc., 7.88%, 04/15/32(a)
USD40
39,797
Wildfire Intermediate Holdings LLC, 7.50%,
10/15/29(a)
USD92
93,268
 
2,546,616
Oil & Gas Services — 1.3%
Archrock Partners LP/Archrock Partners
Finance Corp.
6.00%, 02/01/34(a)
USD67
66,950
6.25%, 04/01/28(a)
USD92
92,232
6.63%, 09/01/32(a)
USD123
127,501
Enerflex, Inc., 6.88%, 01/15/31(a)
USD21
21,703
Kodiak Gas Services LLC
6.50%, 10/01/33(a)
USD98
100,380
6.75%, 10/01/35(a)
USD133
137,426
7.25%, 02/15/29(a)
USD90
93,349
Oceaneering International, Inc., 6.00%, 02/01/28
USD27
27,434
Tidewater, Inc., 9.13%, 07/15/30(a)
USD34
36,777
USA Compression Partners LP/USA
Compression Finance Corp.
6.25%, 10/01/33(a)
USD201
203,612
7.13%, 03/15/29(a)
USD77
79,727
Weatherford International Ltd., 6.75%,
10/15/33(a)
USD175
181,253
 
1,168,344
Packaging & Containers — 2.6%
Ardagh Group SA
9.50%, 12/01/30(a)
USD158
171,002
12.00%, 12/01/30, (5.50 % Cash and 6.50 %
PIK)(a)(c)
USD200
189,000
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging Finance
PLC, 4.00%, 09/01/29(a)
USD349
331,516
Security
Par
(000
)
Value
Packaging & Containers (continued)
Ball Corp., 5.50%, 09/15/33
USD27
$27,443
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29(a)
USD28
28,247
6.75%, 04/15/32(a)
USD238
239,857
6.88%, 01/15/30(a)
USD143
144,859
Crown Americas LLC, 5.88%, 06/01/33(a)
USD86
87,963
Group Multi Color LABL, Inc., 9.50%, 11/01/28
USD93
47,430
Mauser Packaging Solut, 9.25%, 04/15/30(a)
USD45
44,267
Mauser Packaging Solut SR, 7.88%, 04/15/30(a)
USD602
613,288
Sealed Air Corp.
4.00%, 12/01/27(a)
USD12
11,954
6.50%, 07/15/32(a)
USD10
10,381
7.25%, 02/15/31(a)
USD6
6,248
Silgan Holdings, Inc., 4.25%, 02/15/31(a)
EUR100
119,788
Trivium Packaging Finance BV, 8.25%,
07/15/30(a)
USD180
192,073
 
2,265,316
Pharmaceuticals — 1.6%
1261229 BC Ltd., 10.00%, 04/15/32(a)
USD800
821,006
Amneal Pharmaceuticals LLC, 6.88%,
08/01/32(a)
USD29
30,536
Bausch Health Companies, Inc.
4.88%, 06/01/28(a)
USD28
25,900
11.00%, 09/30/28(a)
USD363
377,367
Teva Pharmaceutical Finance Netherlands III BV,
3.15%, 10/01/26
USD107
106,210
 
1,361,019
Pipelines — 3.6%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 6.63%, 02/01/32(a)
USD40
41,552
Blue Racer Midstream LLC/Blue Racer Finance
Corp., 7.00%, 07/15/29(a)
USD59
61,483
Buckeye Partners LP
5.60%, 10/15/44
USD28
25,350
6.75%, 02/01/30(a)
USD10
10,478
6.88%, 07/01/29(a)
USD5
5,198
CNX Midstream Partners LP, 4.75%, 04/15/30(a)
USD23
22,346
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.50%, 06/15/31(a)
USD250
248,605
Delek Logistics Partners LP/Delek Logistics
Finance Corp., 7.38%, 06/30/33(a)
USD48
49,360
Enbridge, Inc.
7.20%, 06/27/54, (5-year CMT + 2.97%)(e)
USD28
29,842
7.38%, 03/15/55, (5-year CMT + 3.12%)(b)(e)
USD32
33,989
Energy Transfer LP
7.13%, 10/01/54, (5-year CMT + 2.83%)(b)(e)
USD45
46,501
8.00%, 05/15/54, (5-year CMT + 4.02%)(e)
USD60
64,116
Series G, 7.13%, (5-year CMT + 5.31%)(d)(e)
USD58
59,907
Series H, 6.50%, (5-year CMT + 5.69%)(d)(e)
USD63
63,291
Genesis Energy LP/Genesis Energy Finance
Corp., 8.00%, 05/15/33
USD10
10,437
Global Partners LP/GLP Finance Corp., 7.13%,
07/01/33(a)
USD19
19,462
Harvest Midstream I LP, 7.50%, 05/15/32(a)
USD18
18,801
Hess Midstream Operations LP
4.25%, 02/15/30(a)
USD19
18,559
6.50%, 06/01/29(a)
USD39
40,365
Howard Midstream Energy Partners LLC
6.63%, 01/15/34(a)
USD78
80,059
7.38%, 07/15/32(a)
USD14
14,788
 
8
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pipelines (continued)
ITT Holdings LLC, 6.50%, 08/01/29(a)
USD144
$138,829
Kinetik Holdings LP, 5.88%, 06/15/30(a)(b)
USD15
15,179
NGL Energy Operating LLC/NGL Energy
Finance Corp.
8.13%, 02/15/29(a)
USD84
87,169
8.38%, 02/15/32(a)
USD133
139,206
Northriver Midstream Finance LP, 6.75%,
07/15/32(a)
USD27
27,470
Prairie Acquiror LP, 9.00%, 08/01/29(a)
USD32
33,190
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.
5.50%, 01/15/28(a)
USD23
22,992
7.38%, 02/15/29(a)
USD160
165,868
TransMontaigne Partners LLC, 8.50%,
06/15/30(a)
USD16
16,599
Venture Global LNG, Inc.
7.00%, 01/15/30(a)(b)
USD4
4,025
8.38%, 06/01/31(a)(b)
USD105
107,396
9.00%, (5-year CMT + 5.44%)(a)(b)(d)(e)
USD310
272,714
9.50%, 02/01/29(a)(b)
USD216
230,012
9.88%, 02/01/32(a)(b)
USD116
122,646
Venture Global Plaquemines LNG LLC
6.13%, 12/15/30(a)
USD147
151,307
6.50%, 01/15/34(a)
USD138
143,216
6.75%, 01/15/36(a)
USD378
396,242
7.50%, 05/01/33(a)
USD55
60,300
7.75%, 05/01/35(a)
USD58
64,676
 
3,163,525
Real Estate — 0.5%
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/30(a)
USD31
31,411
Anywhere Real Estate Group LLC/Realogy
Co-Issuer Corp., 9.75%, 04/15/30(a)
USD21
22,921
CoreLogic, Inc., 4.50%, 05/01/28(a)
USD257
252,200
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/31(a)(b)
USD42
44,762
Five Point Operating Co. LP, 8.00%, 10/01/30(a)
USD33
34,298
Howard Hughes Corp. (The), 4.38%, 02/01/31(a)
USD35
33,147
 
418,739
Real Estate Investment Trusts — 2.4%
Blackstone Mortgage Trust, Inc., 3.75%,
01/15/27(a)(b)
USD44
43,417
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LLC, 4.50%, 04/01/27(a)
USD53
52,331
Diversified Healthcare Trust, 7.25%, 10/15/30(a)
USD26
26,779
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/32(a)
USD23
21,997
Iron Mountain, Inc.
4.75%, 01/15/34(a)
EUR100
115,656
5.25%, 07/15/30(a)
USD7
6,931
5.63%, 07/15/32(a)
USD106
104,672
6.25%, 01/15/33(a)(b)
USD8
8,084
Millrose Properties, Inc.
6.25%, 09/15/32(a)
USD178
180,008
6.38%, 08/01/30(a)
USD106
108,193
MPT Operating Partnership LP/MPT Finance
Corp., 8.50%, 02/15/32(a)
USD287
307,479
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 7.00%,
02/01/30(a)
USD47
$48,423
Pebblebrook Hotel LP/PEB Finance Corp.,
6.38%, 10/15/29(a)
USD18
18,402
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29(a)
USD18
17,739
6.50%, 04/01/32(a)
USD45
46,537
6.50%, 06/15/33(a)
USD248
257,075
RLJ Lodging Trust, 4.00%, 09/15/29(a)
USD20
18,979
SBA Communications Corp., 3.13%, 02/01/29
USD43
41,070
Service Properties Trust
0.00%, 09/30/27(a)(f)
USD114
103,200
8.63%, 11/15/31(a)
USD318
333,989
8.88%, 06/15/32(b)
USD86
85,361
Starwood Property Trust, Inc.
6.00%, 04/15/30(a)
USD24
24,669
6.50%, 07/01/30(a)
USD18
18,745
6.50%, 10/15/30(a)
USD73
76,025
7.25%, 04/01/29(a)
USD30
31,639
XHR LP, 6.63%, 05/15/30(a)(b)
USD18
18,590
 
2,115,990
Retail — 2.0%
Advance Auto Parts, Inc., 7.00%, 08/01/30(a)(b)
USD27
27,458
Asbury Automotive Group, Inc., 5.00%,
02/15/32(a)
USD23
22,351
Boots Group Finco LP, 5.38%, 08/31/32(a)
EUR100
122,434
Burger King (Restaurant Brands International,
Inc.)/New Red Finance, Inc.
4.00%, 10/15/30(a)
USD43
41,027
4.38%, 01/15/28(a)
USD12
11,929
Carvana Co.
9.00%, 06/01/31, (9 % Cash)(a)(c)
USD361
397,083
13.00%, 06/01/30, (11.00% PIK or 13.00%
Cash)(a)(c)
USD129
134,886
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(a)
USD37
39,539
Ferrellgas LP/Ferrellgas Finance Corp., 9.25%,
01/15/31(a)
USD35
36,180
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.
4.63%, 01/15/29(a)
USD51
49,323
6.75%, 01/15/30(a)
USD32
30,261
Group 1 Automotive, Inc., 6.38%, 01/15/30(a)
USD24
24,637
LCM Investments Holdings II LLC
4.88%, 05/01/29(a)
USD17
16,752
8.25%, 08/01/31(a)
USD25
26,336
Lithia Motors, Inc., 5.50%, 10/01/30(a)
USD33
33,147
QXO Building Products, Inc., 6.75%, 04/30/32(a)
USD233
240,102
Staples, Inc., 10.75%, 09/01/29(a)
USD36
35,375
Suburban Propane Partners LP/Suburban
Energy Finance Corp., 5.00%, 06/01/31(a)
USD36
34,576
White Cap Supply Holdings LLC, 7.38%,
11/15/30(a)
USD434
450,788
 
1,774,184
Semiconductors — 0.0%
Amkor Technology, Inc., 5.88%, 10/01/33(a)
USD15
15,287
Software — 3.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30(a)
USD703
681,800
Capstone Borrower, Inc., 8.00%, 06/15/30(a)
USD179
170,274
9 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Software (continued)
Central Parent LLC/CDK Global II LLC/CDK
Financing Co., Inc., 8.00%, 06/15/29(a)
USD14
$10,880
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(a)
USD102
78,162
Cloud Software Group, Inc.
6.50%, 03/31/29(a)
USD179
177,884
8.25%, 06/30/32(a)
USD37
37,632
9.00%, 09/30/29(a)
USD494
498,827
CoreWeave, Inc., 9.25%, 06/01/30(a)(b)
USD91
89,580
Elastic NV, 4.13%, 07/15/29(a)
USD48
46,112
Electronic Arts, Inc., 2.95%, 02/15/51
USD32
29,718
Ellucian Holdings, Inc., 6.50%, 12/01/29(a)
USD76
74,788
Fair Isaac Corp.
4.00%, 06/15/28(a)
USD60
59,006
6.00%, 05/15/33(a)
USD218
222,128
Oracle Corp., 5.20%, 09/26/35
USD108
102,924
Playtika Holding Corp., 4.25%, 03/15/29(a)
USD18
15,634
SS&C Technologies, Inc., 6.50%, 06/01/32(a)
USD67
69,172
Twilio, Inc., 3.63%, 03/15/29
USD49
46,922
UKG, Inc., 6.88%, 02/01/31(a)
USD263
262,788
 
2,674,231
Telecommunications — 7.2%
Altice France SA
6.50%, 10/15/31(a)
USD19
18,332
6.50%, 04/15/32(a)
USD258
252,473
6.88%, 10/15/30(a)
USD13
12,941
6.88%, 07/15/32(a)
USD201
196,323
APLD ComputeCo LLC, 9.25%, 12/15/30(a)
USD53
55,053
Cipher Compute LLC, 7.13%, 11/15/30(a)
USD177
182,383
Digicel International Finance Ltd., 8.63%,
08/01/32(a)
USD200
207,964
EchoStar Corp.
6.75%, 11/30/30, (6.75 % Cash)(c)
USD594
604,591
10.75%, 11/30/29
USD155
169,847
Fibercop SpA, Series 2034, 6.00%, 09/30/34(a)
USD200
194,218
Flash Compute LLC, 7.25%, 12/31/30(a)
USD209
209,709
Frontier Communications Holdings LLC
5.00%, 05/01/28(a)
USD132
132,004
5.88%, 11/01/29
USD51
51,046
6.00%, 01/15/30(a)
USD66
66,579
6.75%, 05/01/29(a)
USD31
31,109
8.63%, 03/15/31(a)
USD140
146,369
8.75%, 05/15/30(a)
USD180
185,614
Iliad Holding SAS, 7.00%, 04/15/32(a)
USD200
204,992
Level 3 Financing, Inc.
3.63%, 01/15/29(a)
USD17
15,770
6.88%, 06/30/33(a)
USD445
458,658
7.00%, 03/31/34(a)
USD533
552,084
8.50%, 01/15/36(a)
USD430
440,206
Lumen Technologies, Inc., 10.00%, 10/15/32(a)(b)
USD60
59,719
Sable International Finance Ltd., 7.13%,
10/15/32(a)
USD200
202,574
Telecom Italia Capital SA, 7.72%, 06/04/38
USD93
103,902
Uniti Group LP/Uniti Group Finance 2019,
Inc./CSL Capital LLC, Series Feb, 8.63%,
06/15/32(a)
USD136
137,020
Viavi Solutions, Inc., 3.75%, 10/01/29(a)
USD52
49,425
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31(a)
USD200
180,939
4.75%, 07/15/31(a)
USD200
182,751
Windstream Services LLC, 7.50%, 10/15/33(a)
USD95
98,083
Security
Par
(000
)
Value
Telecommunications (continued)
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/31(a)
USD403
$422,153
WULF Compute LLC, 7.75%, 10/15/30(a)
USD288
300,390
Zayo Group Holdings, Inc.
9.25%, 03/09/30, (9.25 % Cash)(a)(c)
USD176
171,799
13.75%, 09/09/30, (7.13% Cash and 1.88%
PIK)(a)(c)
USD43
39,643
 
6,336,663
Transportation — 0.2%
Genesee & Wyoming, Inc., 6.25%, 04/15/32(a)
USD60
61,768
Rand Parent LLC, 8.50%, 02/15/30(a)
USD39
40,755
Stonepeak Nile Parent LLC, 7.25%, 03/15/32(a)
USD10
10,564
Watco Companies LLC/Watco Finance Corp.,
7.13%, 08/01/32(a)
USD36
37,739
 
150,826
Trucking & Leasing — 0.9%
FTAI Aviation Investors LLC
5.50%, 05/01/28(a)
USD58
58,056
5.88%, 04/15/33(a)(b)
USD280
283,886
7.00%, 05/01/31(a)
USD161
169,399
7.00%, 06/15/32(a)
USD135
142,079
7.88%, 12/01/30(a)
USD99
104,970
 
758,390
Total Corporate Bonds & Notes — 85.9%
(Cost: $73,805,364)
75,102,511
Fixed Rate Loan Interests
Computers — 0.7%
Clover Holdings 2 LLC, Term Loan B, 7.75%,
12/09/31
199
194,990
X Corp., 2025 Term Loan, 9.50%, 10/26/29
356
367,498
 
562,488
Software — 0.2%
Cotiviti, Inc., 2024 Term Loan B, 7.63%,
05/01/31
202
188,139
Total Fixed Rate Loan Interests — 0.9%
(Cost: $764,716)
750,627
Floating Rate Loan Interests
Advertising — 0.3%
Clear Channel Outdoor Holdings, Inc., 2024
Term Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 4.00%), 7.79%, 08/23/28(e)
$104
103,693
CMG Media Corp., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.27%,
06/18/29(e)
61
56,798
Neptune Bidco U.S., Inc.
2026 USD Term Loan B, 01/28/33(e)(g)
37
36,383
2022 USD Term Loan B, (3-mo. CME Term
SOFR + 5.00%), 8.77%, 04/11/29(e)
49
48,751
Summer BC Holdco B Sarl, 2024 USD Term
Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 5.00%), 8.93%, 02/15/29(e)
24
21,905
 
267,530
 
10
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Aerospace & Defense — 0.1%
Kaman Corp.
2025 Delayed Draw Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 2.50%),
6.15%, 02/26/32(e)
$0
(h)
$423
2025 Term Loan B, (3-mo. CME Term SOFR
at 0.50% Floor + 2.50%), 6.36%,
02/26/32(e)
44
43,938
Propulsion (BC) Finco S.a.r.l., 2025 Repriced
Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 2.50%), 6.17%, 12/01/32(e)
35
34,802
 
79,163
Auto Parts & Equipment — 0.2%
Clarios Global LP, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.42%, 01/28/32(e)
54
53,882
Tenneco, Inc.
2022 Term Loan A, (3-mo. CME Term SOFR
at 0.50% Floor + 4.75%), 8.74%,
11/17/28(e)
4
4,130
2022 Term Loan B, (3-mo. CME Term SOFR +
5.00%), 8.99%, 11/17/28(e)
73
71,788
 
129,800
Building Materials — 0.1%
Chariot Buyer LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%),
6.42%, 09/08/32(e)
8
8,066
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 5.25%),
8.92%, 07/08/30(e)
17
16,627
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 7.92%,
08/05/31(e)
23
22,647
 
47,340
Chemicals — 0.3%
Advancion Holdings LLC, 2020 2nd Lien Term
Loan, (1-mo. CME Term SOFR + 7.75%),
11.52%, 11/24/28(e)
29
25,955
Aruba Investments Holdings LLC, 2020 USD
Term Loan, (1-mo. CME Term SOFR +
4.00%), 7.77%, 11/24/27(e)
10
9,261
Discovery Purchaser Corp., Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%),
7.42%, 10/04/29(e)
113
105,617
Lonza Group AG, USD Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.93%),
7.70%, 07/03/28(e)
43
36,236
Olympus Water U.S. Holding Corp., 2025 USD
Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.92%, 11/03/32(e)
76
74,702
Oxea Holding Drei GmbH, 2017 USD Term Loan
B2, (3-mo. CME Term SOFR at 0.00% Floor +
4.25%), 8.00%, 04/08/31(e)
9
6,741
WR Grace Holdings LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.67%, 08/19/32(e)
25
24,823
 
283,335
Commercial Mbs — 0.0%
Parexel International Corp., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 6.42%, 12/12/31(e)
34
34,037
Security
Par
(000
)
Value
Commercial Services — 0.3%
AlixPartners LLP, 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%),
5.67%, 08/12/32(e)
$12
$11,572
Allied Universal Holdco LLC, 2025 USD Term
Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 6.92%, 08/20/32(e)
73
73,374
Camelot U.S. Acquisition LLC, 2025 Incremental
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.92%, 01/31/31(e)
38
36,178
Champions Financing, Inc., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.57%, 02/23/29(e)
42
38,667
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME
Term SOFR + 5.75% and 3.75% PIK),
13.17%, 07/31/30(c)(e)
60
56,699
Jupiter Buyer, Inc.
2024 Delayed Draw Term Loan B,
11/01/31(e)(g)
1
1,089
2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.25%), 7.92%,
11/01/31(e)
9
9,368
Wand NewCo 3, Inc., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.17%, 01/30/31(e)
51
50,753
 
277,700
Computers — 0.0%
Amentum Holdings Inc, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.67%, 09/29/31(e)
8
7,527
Cubic Corp.
2025 Second Out Term Loan C, (3-mo. CME
Term SOFR at 0.75% Floor + 1.00%),
4.93%, 05/25/29(e)
9
1,935
2025 Second Out Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.25%),
8.18%, 05/25/29(e)
65
13,335
Fortress Intermediate 3, Inc., 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.67%, 06/27/31(e)(i)
5
5,018
 
27,815
Cosmetics & Personal Care — 0.0%
ACP Tara Holdings, Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor +
3.25%), 6.97%, 12/15/32(e)(i)
17
17,064
Diversified Financial Services — 0.0%
Orion U.S. Finco, Inc., 1st Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.15%, 10/08/32(e)
13
12,992
Summit Acquisition, Inc., 2025 Add-on Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor
+ 3.50%), 7.17%, 10/16/31(e)
20
19,954
 
32,946
Electric — 0.1%
LSF12 Crown U.S. Commercial Bidco LLC, 2026
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.00%), 6.68%, 12/02/31(e)
46
45,673
Electronics — 0.2%
LSF12 Helix Parent LLC, USD Term Loan B,
01/21/33(e)(g)
80
79,700
11 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electronics (continued)
Pinnacle Buyer LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.16%,
10/01/32(e)
$23
$22,952
Resilience Parent LLC, 1st Lien Term Loan,
01/21/33(e)(g)
59
58,926
 
161,578
Engineering & Construction — 0.0%
Brand Industrial Services, Inc., 2024 Term Loan
B, (3-mo. CME Term SOFR at 0.50% Floor +
4.50%), 8.35%, 08/01/30(e)
10
8,522
Entertainment — 0.1%
City Football Group Ltd., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%),
7.01%, 07/22/30(e)
32
32,166
Great Canadian Gaming Corp., 2024 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.44%, 11/01/29(e)
15
14,947
 
47,113
Health Care - Products — 0.2%
Hologic, Inc., 2026 USD Term Loan B,
01/14/33(e)(g)
139
137,941
Health Care - Services — 0.4%
Bausch & Lomb Corp., 2025 Repriced Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor
+ 3.75%), 7.42%, 01/15/31(e)
133
133,919
LifePoint Health, Inc.
2024 Incremental Term Loan B1, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%),
7.15%, 05/19/31(e)
54
54,154
2024 1st Lien Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 7.42%,
05/19/31(e)
80
79,863
Star Parent, Inc., Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.67%,
09/27/30(e)
71
70,727
 
338,663
Holding Companies - Diversified — 0.0%
Acuren Delaware Holdco, Inc., 2025 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.42%, 07/30/31(e)
7
6,963
Housewares — 0.0%
Hunter Douglas, Inc., 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.67%, 01/20/32(e)
9
9,240
Springs Windows Fashion LLC, 2024 FLFO
Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 1.00% Floor + 4.50%), 8.17%,
12/19/29(e)
11
11,392
SWF Holdings I Corp., 2024 FLFO A1 Term
Loan, (1-mo. CME Term SOFR at 1.00% Floor
+ 4.50%), 8.17%, 12/19/29(e)
6
5,696
 
26,328
Insurance — 0.2%
Ardonagh Group Finco Pty Ltd, 2024 USD Term
Loan B, (6-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 6.37%, 02/15/31(e)
71
70,607
Security
Par
(000
)
Value
Insurance (continued)
Asurion LLC, 2025 Term Loan B13, (1-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 7.92%,
09/19/30(e)
$25
$24,761
CRC Insurance Group LLC, 2nd Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.42%, 05/06/32(e)
30
29,976
Hyperion Insurance Group Ltd., 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor +
2.75%), 6.42%, 04/18/30(e)
5
4,968
Jones DesLauriers Insurance Management, Inc.,
2026 Repriced Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.66%,
02/02/33(e)
44
44,405
OneDigital Borrower LLC, 2025 Repriced Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.00%), 6.67%, 07/02/31(e)
7
6,941
 
181,658
Internet — 0.1%
MH Sub I LLC, 2023 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 7.92%,
05/03/28(e)
10
9,192
Proofpoint, Inc., 2025 Repriced Term Loan,
(3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.67%, 08/31/28(e)
9
8,904
StubHub Holdco Sub LLC, 2024 Extended Term
Loan B, (1-mo. CME Term SOFR + 4.75%),
8.42%, 03/15/30(e)
26
25,563
 
43,659
Leisure Time — 0.0%
Sabre GLBL, Inc.
2024 Term Loan B1, (1-mo. CME Term SOFR
at 0.50% Floor + 6.00%), 9.77%,
11/15/29(e)
9
7,065
2024 Term Loan B2, (1-mo. CME Term SOFR
at 0.50% Floor + 6.00%), 9.77%,
11/15/29(e)
5
3,853
2025 11th Amendment Term Loan B2, (1-mo.
CME Term SOFR at 0.50% Floor + 6.25%),
10.02%, 07/30/29(e)
5
4,234
 
15,152
Machinery — 0.0%
Arcline FM Holdings LLC, 2025 1st Lien Term
Loan, (3-mo. CME Term SOFR at 0.75% Floor
+ 2.75%), 6.42%, 06/23/30(e)
7
7,010
Manufacturing — 0.1%
CompoSecure Holdings LLC, Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%),
5.93%, 01/14/33(e)
60
59,813
Potters Industries, LLC, 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.17%, 12/23/32(e)
20
19,969
 
79,782
Media — 0.3%
Coral-US Co-Borrower LLC, 2025 Term Loan B7,
(3-mo. CME Term SOFR at 0.00% Floor +
3.25%), 6.92%, 01/31/32(e)
35
34,261
CSC Holdings LLC, 2019 Term Loan B5, (Prime
+ 1.50%), 8.25%, 04/15/27(e)
53
47,095
 
12
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Media (continued)
Directv Financing LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.75% Floor +
5.50%), 9.17%, 02/17/31(e)
$85
$85,226
Gray Media, Inc.
2021 Term Loan D, (1-mo. CME Term SOFR +
3.00%), 6.81%, 12/01/28(e)
18
17,538
2024 Term Loan B, (1-mo. CME Term SOFR +
5.25%), 8.95%, 06/04/29(e)
0
(h)
163
Numericable US LLC, 2025 USD Term Loan
B14, (3-mo. CME Term SOFR at 0.00% Floor
+ 6.88%), 10.55%, 05/31/31(e)
50
50,796
Radiate Holdco, LLC, 2025 FLFO Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor +
3.50% and 1.50% PIK), 8.79%, 09/25/29(c)(e)
65
55,791
 
290,870
Packaging & Containers — 0.2%
BradyPlus Holdings LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.17%, 12/29/32(e)
86
85,427
LABL, Inc., 2021 USD 1st Lien Term Loan,
(3-mo. CME Term SOFR at 0.50% Floor +
5.00%), 8.77%, 10/30/28(e)
36
16,480
Mauser Packaging Solutions Holding Co., 2025
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.50%), 7.23%, 04/15/30(e)
73
71,110
 
173,017
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor +
3.50%), 7.17%, 08/01/32(e)
100
99,999
Endo Finance Holdings, Inc., 2024 1st Lien Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.75%), 7.42%, 04/23/31(e)
25
24,832
 
124,831
Real Estate — 0.0%
CoreLogic, Inc., 2nd Lien Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 6.50%),
10.29%, 06/04/29(e)(i)
30
29,625
Retail — 0.3%
Boots Group Bidco Ltd. (The), USD Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.21%, 08/30/32(e)
185
185,463
White Cap Supply Holdings LLC, 2024 Term
Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 6.92%, 10/19/29(e)
60
59,604
 
245,067
Semiconductors — 0.0%
Gryphon Acquire Newco LLC, Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.88%, 09/13/32(e)
31
30,898
Software — 0.5%
AthenaHealth Group, Inc., 2022 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor +
2.75%), 6.42%, 02/15/29(e)
77
75,588
Boxer Parent Co., Inc.
2025 USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.82%,
07/30/31(e)
87
83,439
Security
Par
(000
)
Value
Software (continued)
2024 2nd Lien Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 5.75%), 9.42%,
07/30/32(e)
$31
$29,166
Central Parent LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%),
6.92%, 07/06/29(e)
20
16,083
CoreLogic, Inc., Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.50%), 7.29%,
06/02/28(e)
68
67,692
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME
Term SOFR + 3.25%), 6.90%, 10/09/31(e)
16
15,521
Ellucian Holdings, Inc., 2024 2nd Lien Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 4.75%), 8.42%, 11/22/32(e)
60
58,575
Finastra USA, Inc.
2025 USD Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 7.72%,
09/15/32(e)(i)
71
62,403
2025 2nd Lien Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 7.00%), 10.72%,
09/15/33(e)(i)
14
12,135
 
420,602
Telecommunications — 0.6%
Digicel International Finance Ltd., 2025 Term
Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 5.25%), 9.02%, 08/06/32(e)
91
91,081
Level 3 Financing, Inc., 2025 Repriced Term
Loan B4, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 6.92%, 03/29/32(e)
116
116,029
Windstream Services LLC
2025 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.67%,
10/06/32(e)(i)
43
43,000
2024 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 4.75%), 8.52%,
10/01/31(e)(i)
38
38,223
Zayo Group Holdings, Inc., 2025 USD Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor
+ 3.00% and 0.50% PIK), 7.29%,
03/11/30(c)(e)
285
274,304
 
562,637
Water — 0.1%
Azuria Water Solutions, Inc.
2026 Term Loan B, 01/27/33(e)(g)(i)
38
38,004
2026 Delayed Draw Term Loan,
01/27/33(e)(g)(i)
5
5,067
 
43,071
Total Floating Rate Loan Interests — 4.8%
(Cost: $4,314,677)
4,217,390
 
Shares
 
Common Stocks
Diversified Consumer Services — 0.0%
Luxco Co. Ltd., NVS
2,037
38,338
Food Products — 0.1%
Lamb Weston Holdings, Inc.
975
44,782
13 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Metals & Mining — 0.1%
Constellium SE, Class A(j)
5,329
$119,743
Oil, Gas & Consumable Fuels — 0.3%
Energy Transfer LP
8,735
161,161
Enterprise Products Partners LP
1,830
60,737
 
221,898
Specialized REITs — 0.2%
VICI Properties, Inc., Class A
5,932
166,571
Total Common Stocks — 0.7%
(Cost $554,195)
591,332
Investment Companies
Exchange Traded Funds — 2.3%
iShares Broad USD High Yield Corporate Bond
ETF(b)(k)
43,000
1,618,520
SPDR Blackstone Senior Loan ETF
8,800
360,448
 
1,978,968
Total Investment Companies — 2.3%
(Cost $1,982,190)
1,978,968
Preferred Stocks
Financial Services — 0.0%
Shift4 Payments, Inc., 6.00%(l)
213
16,005
Insurance — 0.4%
Alliant Cali, Inc., NVS, (Acquired 09/25/24, Cost
$327,020)(i)(m)
332
352,518
Semiconductors & Semiconductor Equipment — 0.1%
Microchip Technology, Inc., 7.50%(l)
1,367
91,370
Total Preferred Stocks — 0.5%
(Cost $420,355)
459,893
Total Long-Term Investments — 95.5%
(Cost: $82,233,962)
83,486,726
Security
Shares
Value
Short-Term Securities
Money Market Funds — 11.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.82%(k)(n)(o)
6,998,421
$7,001,921
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.64%(k)(n)
3,310,000
3,310,000
Total Short-Term Securities — 11.8%
(Cost: $10,311,308)
10,311,921
Total Investments — 107.3%
(Cost: $92,545,270)
93,798,647
Liabilities in Excess of Other Assets — (7.3)%
(6,368,656
)
Net Assets — 100.0%
$87,429,991
 
(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)
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.
(d)
Perpetual security with no stated maturity date.
(e)
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.
(f)
Zero-coupon bond.
(g)
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.
(h)
Rounds to less than 1,000.
(i)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(j)
Non-income producing security.
(k)
Affiliate of the Fund.
(l)
Convertible security.
(m)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $352,518, representing 0.4% of its net assets as of
period end, and an original cost of $327,020.
(n)
Annualized 7-day yield as of period end.
(o)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/26
Shares
Held at
01/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$7,593,995
$—
$(592,115
)(a)
$22
$19
$7,001,921
6,998,421
$4,671
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
3,580,000
—
(270,000
)(a)
—
—
3,310,000
3,310,000
32,511
—
iShares Broad USD High Yield Corporate Bond ETF
1,615,940
—
—
—
2,580
1,618,520
43,000
27,496
—
 
 
 
 
$22
$2,599
$11,930,441
 
$64,678
$—
 
(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.
 
14
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts
 
 
 
10-Year U.S. Ultra Long Treasury Note
10
03/20/26
$1,141
$10,999
Long U.S. Treasury Bond
6
03/20/26
689
10,385
 
 
 
$21,384
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
872,962
EUR
739,000
Morgan Stanley & Co. International PLC
03/18/26
$(4,788
)
 
 
 
 
$(4,788
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.45.V2
5.00
%
Quarterly
12/20/30
B
USD
2,525
$226,025
$175,932
$50,093
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, 3.68%
At
Termination
Markit iBoxx USD Liquid
Leveraged Loan Index
Quarterly
Morgan Stanley
& Co.
International
PLC
N/A
03/20/26
USD
1,050
$15,947
$(4,559
)
$20,506
1-day SOFR, 3.68%
At
Termination
Markit iBoxx $ Liquid High
Yield Index
Quarterly
BNP Paribas
S.A.
N/A
09/20/26
USD
3,230
29,240
(29,161
)
58,401
1-day SOFR, 3.68%
At
Termination
Markit iBoxx $ Liquid High
Yield Index
Quarterly
Morgan Stanley
& Co.
International
PLC
N/A
09/20/26
USD
16
145
(142
)
287
1-day SOFR, 3.68%
At
Termination
Markit iBoxx $ Liquid High
Yield Index
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/20/26
USD
19
141
(185
)
326
 
 
 
 
 
 
 
 
$45,473
$(34,047
)
$79,520
Fair Value Hierarchy as of Period End
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 the 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 the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
15 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares High Yield Active ETF
 
Fair Value Hierarchy as of Period End (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent 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 
Convertible Bonds
$—
$386,005
$—
$386,005
Corporate Bonds & Notes
—
75,102,511
—
75,102,511
Fixed Rate Loan Interests
—
750,627
—
750,627
Floating Rate Loan Interests
—
3,966,851
250,539
4,217,390
Common Stocks
552,994
38,338
—
591,332
Investment Companies
1,978,968
—
—
1,978,968
Preferred Stocks
—
107,375
352,518
459,893
Short-Term Securities 
Money Market Funds
10,311,921
—
—
10,311,921
Unfunded Floating Rate Loan Interests(a)
—
10
—
10
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(31
)
—
(31
)
 
$12,843,883
$80,351,686
$603,057
$93,798,626
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$50,093
$—
$50,093
Interest Rate Contracts
21,384
79,520
—
100,904
Liabilities 
Foreign Currency Exchange Contracts
—
(4,788
)
—
(4,788
)
 
$21,384
$124,825
$—
$146,209
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps and futures contracts and forward foreign currency exchange contracts.  Swaps and futures contracts and forward foreign currency
exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.   
 
Currency Abbreviation
EUR
Euro
USD
United States Dollar
 
Portfolio Abbreviation
CME
Chicago Mercantile Exchange
CMT
Constant Maturity Treasury
 
NVS
Non-Voting Shares
PIK
Payment-in-kind
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
 
16