0001761055 bet:C000249919Member 2025-10-31 2026-04-30 0001761055 bet:C000257655Member 2025-10-31 2026-04-30 0001761055 2025-10-31 2026-04-30 0001761055 bet:C000249919Member 2026-04-30 0001761055 bet:CorporateBondsAndNotesMember bet:C000249919Member 2026-04-30 0001761055 bet:ForeignGovernmentObligationsMember bet:C000249919Member 2026-04-30 0001761055 bet:C000249919Member bet:FranceTreasuryBills223082626Member 2026-04-30 0001761055 bet:C000249919Member bet:ItalyBuoniOrdinariDelTesoroBOT214081426Member 2026-04-30 0001761055 bet:C000249919Member bet:PortugalTreasuryBills232112026Member 2026-04-30 0001761055 bet:C000249919Member bet:SpainLetrasDelTesoro220090426Member 2026-04-30 0001761055 bet:C000249919Member bet:USTreasuryBills367050526Member 2026-04-30 0001761055 bet:C000249919Member bet:USTreasuryBills368070926Member 2026-04-30 0001761055 bet:C000249919Member bet:USTreasuryBills369060426Member 2026-04-30 0001761055 bet:C000249919Member bet:USTreasuryBills369061826Member 2026-04-30 0001761055 bet:C000249919Member bet:USTreasuryBills369063026Member 2026-04-30 0001761055 bet:C000249919Member bet:USTreasuryBills370072126Member 2026-04-30 0001761055 bet:USTreasuryObligationsMember bet:C000249919Member 2026-04-30 0001761055 bet:C000257655Member 2026-04-30 0001761055 bet:ForwardForeignCurrencyExchangeContractsMember bet:C000257655Member 2026-04-30 0001761055 us-gaap:FutureMember bet:C000257655Member 2026-04-30 0001761055 us-gaap:MoneyMarketFundsMember bet:C000257655Member 2026-04-30 0001761055 bet:USTreasuryObligationsMember bet:C000257655Member 2026-04-30 iso4217:USD pure bet:Holding 0001761055 false N-1A NYSEArca N-CSRS CboeBZX BlackRock ETF Trust 2026-04-30 iShares Enhanced Short-Term Bond Active ETF iShares Enhanced Short-Term Bond Active ETF CSHP This semi-annual shareholder report contains important information about iShares Enhanced Short-Term Bond Active ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 474‑2737. blackrock.com/fundreports (800) 474‑2737 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 2pt; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Enhanced Short-Term Bond Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>10</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; white-space: nowrap; padding: 4pt 0 2pt 0;">0.20<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; table-layout: auto; width: auto; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; vertical-align: super; text-align: left; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; text-indent: 0; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 10 0.0020 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>190,394,590</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">56</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">0<span>%</span></td> </tr> </table> 190394590 56 0 <div style="font-family: 'arial'; font-kerning: none; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;">Investment Type</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;">Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">63.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Foreign Government Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">27.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Corporate Bonds &amp; Notes</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 1.6pt 0;">9.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Ten largest holdings</div> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;">Security</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.70%, 07/21/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">20.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.67%, 05/05/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.69%, 06/30/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.69%, 06/18/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.68%, 07/09/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.69%, 06/04/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Italy Buoni Ordinari del Tesoro BOT, 2.14%, 08/14/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">France Treasury Bills, 2.23%, 08/26/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Spain Letras del Tesoro, 2.20%, 09/04/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Portugal Treasury Bills, 2.32%, 11/20/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.630 0.278 0.092 <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Ten largest holdings</div> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;">Security</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.70%, 07/21/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">20.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.67%, 05/05/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.69%, 06/30/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.69%, 06/18/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.68%, 07/09/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Bills, 3.69%, 06/04/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Italy Buoni Ordinari del Tesoro BOT, 2.14%, 08/14/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">France Treasury Bills, 2.23%, 08/26/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Spain Letras del Tesoro, 2.20%, 09/04/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Portugal Treasury Bills, 2.32%, 11/20/26</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">4.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.200 0.098 0.095 0.088 0.056 0.055 0.046 0.046 0.046 0.046 iShares Managed Futures Active ETF iShares Managed Futures Active ETF ISMF This semi-annual shareholder report contains important information about iShares Managed Futures Active ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 474‑2737. blackrock.com/fundreports (800) 474‑2737 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 2pt; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Managed Futures Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>42</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; white-space: nowrap; padding: 4pt 0 2pt 0;">0.80<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; table-layout: auto; width: auto; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; vertical-align: super; text-align: left; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; text-indent: 0; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0080 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>57,160,053</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">92</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">0<span>%</span></td> </tr> </table> 57160053 92 0 <div style="font-family: 'arial'; font-kerning: none; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;">Percent of<br/>Notional Amount</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>  Asset Type</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;">Long</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;">Short</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;">Total</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Forward Foreign Currency Exchange Contracts</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">28.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">30.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">59.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Futures Contracts</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">10.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">13.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">24.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">16.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_31_446abe18_9fb7_43cc_9955_a0d4b433c1c0;">—</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">16.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Money Market Funds</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">0.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_34_fd8fcbdb_731d_4726_9b89_353a8a04515b;">—</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 6pt 0 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">0.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.5pt; padding: 2pt 0 1.6pt 0;">55.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.5pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.5pt; padding: 2pt 0 1.6pt 0;">44.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.5pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.5pt; padding: 2pt 0 1.6pt 0;">100.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.5pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table> 0.286 0.308 0.594 0.109 0.133 0.242 0.163 0.163 0.001 0.001 0.559 0.441 1.000 Excludes money market funds. Annualized. Annualized.