UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-23511
Name of Fund:
BlackRock ETF Trust II
iShares High Yield Active ETF
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust II, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
10/31/2026
Date of reporting period:
4/30/2026
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
iShares High Yield Active ETF
BRHY | NASDAQ
Semi-Annual Shareholder Report — April 30, 2026
TSR - BLK BlackRock Logo
This semi-annual shareholder report contains important information about iShares High Yield Active ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares High Yield Active ETF $23 0.45%(a)
​(a)
Annualized.
Key Fund statistics
Net Assets $99,579,201
Number of Portfolio Holdings 869
Portfolio Turnover Rate 26%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds & Notes 91.0 %
Floating Rate Loan Interests 4.9 %
Investment Companies 2.2 %
Common Stocks 0.7 %
Preferred Stocks 0.5 %
Convertible Bonds 0.4 %
Fixed Rate Loan Interests 0.3 %
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
A 1.6 %
BBB/Baa 2.6 %
BB/Ba 42.0 %
B 41.9 %
CCC/Caa 8.0 %
D 0.1 %
N/R 3.8 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares High Yield Active ETF
Semi-Annual Shareholder Report — April 30, 2026
BRHY-04/26-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

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

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

 

April 30, 2026
 
 
2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock ETF Trust II
• iShares High Yield Active ETF | BRHY | NASDAQ
 
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents
 
 
Page
3
4
22
23
24
25
26
36
37
2
Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
3
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Convertible Bonds
Energy - Alternate Sources — 0.2%
XPLR Infrastructure LP, 2.50%, 06/15/26(a)
$199
$198,005
Home Builders — 0.1%
Meritage Homes Corp., 1.75%, 05/15/28
87
85,303
Media — 0.0%
Cable One, Inc., 1.13%, 03/15/28
71
53,002
Real Estate Investment Trusts — 0.0%
Digital Realty Trust LP, 1.88%, 11/15/29(a)
11
12,342
Semiconductors — 0.1%
Microchip Technology, Inc., 0.00%
02/15/30(a)(b)
20
22,850
ON Semiconductor Corp., 0.50%, 03/01/29
38
46,284
 
69,134
Total Convertible Bonds — 0.4%
(Cost: $415,852)
417,786
Corporate Bonds & Notes
Advertising — 1.6%
Clear Channel Outdoor Holdings, Inc.
7.13%, 02/15/31(a)
USD300
311,884
7.50%, 06/01/29(a)
USD150
150,276
7.50%, 03/15/33(a)(c)
USD462
485,319
7.75%, 04/15/28(a)
USD82
82,589
7.88%, 04/01/30(a)
USD77
80,168
CMG Media Corp., 8.88%, 06/18/29(a)(c)
USD9
8,021
Lamar Media Corp., 5.38%, 11/01/33(a)
USD42
41,554
Neptune Bidco U.S., Inc.
9.29%, 04/15/29(a)
USD39
39,443
9.50%, 02/15/33(a)
USD176
176,140
10.38%, 05/15/31(a)(c)
USD59
60,886
Outfront Media Capital LLC/Outfront Media
Capital Corp.
4.25%, 01/15/29(a)
USD111
108,294
4.63%, 03/15/30(a)
USD17
16,541
5.00%, 08/15/27(a)
USD25
24,963
7.38%, 02/15/31(a)
USD22
23,009
 
1,609,087
Aerospace & Defense — 2.8%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(a)
USD17
17,513
ATI, Inc.
5.13%, 10/01/31
USD90
89,652
7.25%, 08/15/30
USD43
44,783
Bombardier, Inc.
6.75%, 06/15/33(a)
USD205
213,754
7.00%, 06/01/32(a)(c)
USD38
39,666
7.25%, 07/01/31(a)(c)
USD11
11,574
8.75%, 11/15/30(a)
USD12
12,741
Efesto Bidco SpA Efesto U.S. LLC, 7.50%,
02/15/32(a)
USD400
398,348
Goat Holdco LLC, 6.75%, 02/01/32(a)
USD38
38,941
Moog, Inc., 5.50%, 10/15/34(a)
USD33
33,029
TransDigm, Inc.
6.00%, 01/15/33(a)
USD191
192,826
6.13%, 07/31/34(a)
USD310
310,341
6.25%, 01/31/34(a)
USD86
87,944
6.38%, 03/01/29(a)
USD97
98,936
Security
Par
(000
)
Value
Aerospace & Defense (continued)
6.38%, 05/31/33(a)
USD627
$631,821
6.63%, 03/01/32(a)
USD174
178,818
6.75%, 01/31/34(a)(c)
USD422
433,519
 
2,834,206
Agriculture — 0.0%
Darling Ingredients, Inc., 6.00%, 06/15/30(a)
USD21
21,182
Airlines — 0.2%
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.75%, 04/20/29(a)
USD7
6,505
JetBlue Airways Corp/JetBlue Loyalty LP,
9.88%, 09/20/31(a)
USD98
91,274
OneSky Flight LLC, 8.88%, 12/15/29(a)
USD35
36,965
United Airlines Holdings, Inc., 5.38%, 03/01/31
USD69
68,007
 
202,751
Apparel — 0.3%
Beach Acquisition Bidco LLC, 10.00%,
07/15/33, (10.00% Cash or 10.75% PIK)(a)(d)
USD211
231,892
Crocs, Inc., 4.13%, 08/15/31(a)(c)
USD20
18,611
Levi Strauss & Co., 3.50%, 03/01/31(a)
USD49
45,101
 
295,604
Auto Manufacturers — 0.5%
Allison Transmission, Inc., 5.88%, 12/01/33(a)
USD40
40,382
Nissan Motor Acceptance Co. LLC, 6.13%,
09/30/30(a)
USD227
223,569
Nissan Motor Co. Ltd., 7.75%, 07/17/32(a)
USD200
208,492
Rivian Holdings LLC/Rivian LLC/Rivian
Automotive LLC, 10.00%, 01/15/31(a)
USD37
36,827
 
509,270
Auto Parts & Equipment — 1.0%
American Axle & Manufacturing, Inc.
6.38%, 10/15/32(a)
USD30
29,946
7.75%, 10/15/33(a)
USD31
30,266
Clarios Global LP/Clarios U.S. Finance Co.
4.75%, 06/15/31(a)
EUR100
117,279
6.75%, 02/15/30(a)
USD153
158,078
6.75%, 09/15/32(a)
USD248
253,689
Cyprium Corp./Cyprium Holdings
Luxembourg SARL, 6.13%, 04/15/31(a)
USD52
52,359
Dana, Inc.
4.25%, 09/01/30
USD8
7,647
4.50%, 02/15/32
USD11
10,390
Garrett Motion Holdings, Inc./Garrett LX
I SARL, 7.75%, 05/31/32(a)
USD33
34,454
Goodyear Tire & Rubber Co. (The), 6.63%,
07/15/30(c)
USD18
17,821
Qnity Electronics, Inc.
5.75%, 08/15/32(a)
USD79
79,760
6.25%, 08/15/33(a)
USD155
158,585
Tenneco, Inc., 8.00%, 11/17/28(a)
USD69
69,820
 
1,020,094
Banks — 2.1%
Bank of America Corp.
6.25%, (5-year CMT + 2.35%)(e)(f)
USD118
119,259
6.63%, (5-year CMT + 2.68%)(e)(f)
USD222
228,963
Barclays PLC, 9.63%, (5-year USD ICE Swap +
5.78%)(e)(f)
USD360
401,746
Brookfield Finance, Inc., 6.30%, 01/15/55,
(5-year CMT + 2.08%)(f)
USD123
119,014
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
Citigroup, Inc.
6.63%, (5-year CMT + 3.00%)(e)(f)
USD55
$55,674
6.88%, (5-year CMT + 2.89%)(e)(f)
USD218
221,336
Series CC, 7.13%, (5-year CMT +
2.69%)(e)(f)
USD186
188,723
Series EE, 6.75%, (5-year CMT +
2.57%)(e)(f)
USD113
113,684
Series FF, 6.95%, (5-year CMT + 2.73%)(e)(f)
USD46
46,814
Goldman Sachs Group, Inc.(The)
6.85%, (5-year CMT + 2.46%)(e)(f)
USD91
93,750
Series Y, 6.13%, (10-year CMT +
2.40%)(c)(e)(f)
USD45
45,336
PNC Financial Services Group, Inc. (The),
Series W, 6.25%, (7-year CMT + 2.81%)(e)(f)
USD17
17,275
UBS Group AG
7.00%, (5-year USD ICE Swap +
3.30%)(a)(e)(f)
USD200
203,531
9.25%, (5-year CMT + 4.76%)(a)(e)(f)
USD200
233,408
Walker & Dunlop, Inc., 6.63%, 04/01/33(a)
USD22
21,878
 
2,110,391
Biotechnology — 0.2%
Genmab A/S/Genmab Finance LLC, 7.25%,
12/15/33(a)
USD200
208,533
Building Materials — 1.7%
AmeriTex HoldCo Intermediate LLC, 7.63%,
08/15/33(a)
USD36
37,422
Builders FirstSource, Inc.
6.38%, 03/01/34(a)
USD11
10,945
6.75%, 05/15/35(a)
USD50
50,494
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
6.63%, 12/15/30(a)
USD376
384,941
6.75%, 07/15/31(a)
USD43
44,453
JELD-WEN Holding, Inc., 7.00%, 09/01/32(a)(c)
USD12
6,072
Jeld-Wen, Inc., 4.88%, 12/15/27(a)
USD54
40,213
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28(a)
USD35
34,697
9.75%, 07/15/28(a)
USD87
87,621
Quikrete Holdings, Inc.
6.38%, 03/01/32(a)
USD270
274,260
6.75%, 03/01/33(a)
USD138
139,941
Standard Building Solutions, Inc.
5.88%, 03/15/34(a)
USD71
69,216
6.25%, 08/01/33(a)
USD255
254,837
6.50%, 08/15/32(a)
USD108
109,067
Standard Industries, Inc./New York
3.38%, 01/15/31(a)
USD34
30,861
4.38%, 07/15/30(a)
USD30
28,643
Wilsonart LLC, 11.00%, 08/15/32(a)(c)
USD58
44,815
 
1,648,498
Chemicals — 3.0%
Advancion Sciences, Inc., 9.25%, 11/01/26,
(9.25% Cash or 10.00% PIK)(a)(c)(d)
USD109
87,325
Celanese U.S. Holdings LLC
6.75%, 04/15/33
USD29
29,869
7.00%, 02/15/31
USD6
6,243
7.38%, 02/15/34
USD45
47,114
Chemours Co.(The)
4.63%, 11/15/29(a)(c)
USD147
141,001
5.75%, 11/15/28(a)
USD174
173,614
7.88%, 03/15/34(a)
USD53
54,199
Security
Par
(000
)
Value
Chemicals (continued)
Element Solutions, Inc., 3.88%, 09/01/28(a)
USD177
$172,565
FMC Corp.
3.45%, 10/01/29(c)
USD48
43,436
4.50%, 10/01/49
USD14
8,746
6.38%, 05/18/53(c)
USD10
7,544
Ingevity Corp., 3.88%, 11/01/28(a)(c)
USD41
39,550
Methanex U.S. Operations, Inc., 6.25%,
03/15/32(a)
USD33
33,958
Minerals Technologies, Inc., 5.00%, 07/01/28(a)
USD36
35,784
Olympus Water U.S. Holding Corp.
6.75%, 08/01/32(a)
USD200
193,855
7.25%, 06/15/31(a)
USD200
201,186
Series 144*, 7.25%, 02/15/33(a)
USD600
586,466
Perimeter Holdings LLC, 6.25%, 01/15/34(a)
USD240
238,843
SK Invictus Intermediate II SARL, 5.00%,
10/30/29(a)
USD60
59,124
Solstice Advanced Materials, Inc., 5.63%,
09/30/33(a)
USD107
106,430
WR Grace Holdings LLC
5.63%, 08/15/29(a)
USD339
323,439
6.63%, 08/15/32(a)
USD244
242,188
7.00%, 08/01/33(a)
USD118
117,214
7.38%, 03/01/31(a)
USD62
62,645
 
3,012,338
Commercial Services — 5.7%
ADT Security Corp. (The), 5.88%, 10/15/33(a)
USD118
116,247
Albion Financing 1 SARL/Aggreko Holdings,
Inc., 7.00%, 05/21/30(a)
USD200
206,600
Allied Universal Holdco LLC, 7.88%,
02/15/31(a)
USD752
788,752
Allied Universal Holdco LLC/Allied Universal
Finance Corp.
6.00%, 06/01/29(a)
USD400
396,905
6.88%, 06/15/30(a)
USD236
242,809
Allied Universal Holdco LLC/Allied Universal
Finance Corp./Atlas Luxco 4 SARL, 4.63%,
06/01/28(a)
USD200
197,158
APi Group DE, Inc., 4.13%, 07/15/29(a)
USD52
50,677
Belron U.K. Finance PLC, 5.75%, 10/15/29(a)
USD200
202,008
Block, Inc.
2.75%, 06/01/26
USD66
65,824
5.63%, 08/15/30(a)
USD60
60,061
6.00%, 08/15/33(a)
USD108
107,792
6.50%, 05/15/32
USD59
60,124
Brink's Co.(The)
6.50%, 06/15/29(a)
USD9
9,208
6.75%, 06/15/32(a)
USD155
159,018
Clarivate Science Holdings Corp.
3.88%, 07/01/28(a)
USD68
65,675
4.88%, 07/01/29(a)
USD191
173,220
CompoSecure Holdings LLC, 5.63%,
02/01/33(a)(c)
USD185
181,335
Deluxe Corp., 8.13%, 09/15/29(a)
USD19
19,814
Garda World Security Corp.
7.75%, 02/15/28(a)
USD61
62,097
8.25%, 08/01/32(a)
USD338
345,823
8.38%, 11/15/32(a)
USD428
441,601
Herc Holdings, Inc.
5.75%, 03/15/31(a)
USD32
32,077
6.00%, 03/15/34(a)(c)
USD33
32,720
7.00%, 06/15/30(a)
USD63
65,544
5
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
7.25%, 06/15/33(a)(c)
USD197
$206,304
ION Platform Finance U.S., Inc., 7.88%,
09/30/32(a)
USD200
155,425
RR Donnelley & Sons Co., 9.50%, 08/01/29(a)
USD169
174,431
Service Corp. International/U.S.
4.00%, 05/15/31
USD50
47,241
5.75%, 10/15/32
USD187
188,649
Shift4 Payments LLC/Shift4 Payments Finance
Sub, Inc.
5.50%, 05/15/33(a)
EUR100
112,577
6.75%, 08/15/32(a)
USD239
238,528
United Rentals North America, Inc., 5.38%,
11/15/33(a)
USD136
134,475
Veritiv Operating Co., 10.50%, 11/30/30(a)
USD21
22,129
Wand NewCo 3, Inc., 7.63%, 01/30/32(a)
USD116
120,760
WEX, Inc., 6.50%, 03/15/33(a)
USD124
123,506
Williams Scotsman, Inc.
6.63%, 04/15/30(a)
USD32
32,958
7.38%, 10/01/31(a)
USD70
72,904
 
5,712,976
Computers — 0.6%
Amentum Holdings, Inc., 7.25%, 08/01/32(a)
USD14
14,491
CACI International, Inc., 6.38%, 06/15/33(a)
USD85
86,959
Fortress Intermediate 3, Inc., 7.50%,
06/01/31(a)
USD246
248,456
KBR, Inc., 4.75%, 09/30/28(a)
USD58
57,062
Science Applications International Corp.
4.88%, 04/01/28(a)
USD28
27,722
5.88%, 11/01/33(a)
USD58
57,208
Seagate Data Storage Technology Pte. Ltd.
5.75%, 12/01/34(a)
USD18
18,309
5.88%, 07/15/30(a)
USD56
57,216
 
567,423
Cosmetics & Personal Care — 0.1%
Perrigo Finance Unlimited Co., 6.13%,
09/30/32(c)
USD100
94,097
Distribution & Wholesale — 0.1%
Gates Corp./DE, 6.88%, 07/01/29(a)
USD38
39,092
Resideo Funding, Inc.
4.00%, 09/01/29(a)
USD41
39,103
6.50%, 07/15/32(a)(c)
USD27
27,248
 
105,443
Diversified Financial Services — 3.9%
Apollo Global Management, Inc., 6.00%,
12/15/54, (5-year CMT + 2.17%)(f)
USD56
54,777
Azorra Finance Ltd.
6.25%, 02/15/34(a)
USD30
28,725
7.25%, 01/15/31(a)
USD39
39,949
7.75%, 04/15/30(a)
USD25
25,867
CrossCountry Intermediate HoldCo LLC
6.50%, 10/01/30(a)
USD17
16,702
6.75%, 12/01/32(a)
USD12
11,599
Focus Financial Partners LLC, 6.75%,
09/15/31(a)
USD142
144,463
Freedom Mortgage Holdings LLC
6.88%, 05/01/31(a)
USD10
9,646
8.38%, 04/01/32(a)
USD7
7,097
9.13%, 05/15/31(a)
USD117
121,184
Security
Par
(000
)
Value
Diversified Financial Services (continued)
GGAM Finance Ltd.
5.88%, 03/15/30(a)
USD43
$43,317
6.88%, 04/15/29(a)
USD73
74,579
Global Aircraft Leasing Co. Ltd., 8.75%,
09/01/27(a)(c)
USD94
95,508
Jane Street Group/JSG Finance, Inc.
6.13%, 11/01/32(a)
USD12
12,063
6.75%, 05/01/33(a)
USD125
128,414
Midcap Financial Issuer Trust, 6.50%,
05/01/28(a)
USD200
198,431
Navient Corp.
7.88%, 06/15/32(c)
USD44
42,354
9.38%, 07/25/30
USD11
11,415
OneMain Finance Corp.
4.00%, 09/15/30
USD69
63,467
5.38%, 11/15/29
USD124
122,233
6.50%, 03/15/33
USD175
171,400
6.63%, 05/15/29
USD30
30,517
6.75%, 03/15/32
USD77
76,978
6.75%, 09/15/33
USD95
93,442
7.13%, 11/15/31
USD28
28,393
7.13%, 09/15/32
USD99
100,392
7.50%, 05/15/31
USD7
7,177
7.88%, 03/15/30
USD138
143,863
Osaic Holdings, Inc.
6.75%, 08/01/32(a)
USD69
70,083
8.00%, 08/01/33(a)
USD150
152,966
PennyMac Financial Services, Inc.
6.75%, 02/15/34(a)
USD65
62,909
6.88%, 05/15/32(a)
USD136
134,507
7.13%, 11/15/30(a)
USD42
42,552
Phoenix Aviation Capital Ltd., 9.25%,
07/15/30(a)
USD315
321,476
Rocket Companies, Inc.
6.13%, 08/01/30(a)
USD317
321,703
6.38%, 08/01/33(a)
USD193
195,354
6.50%, 08/01/29(a)
USD198
201,700
7.13%, 02/01/32(a)
USD164
169,514
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc.
2.88%, 10/15/26(a)
USD49
48,561
3.88%, 03/01/31(a)
USD2
1,857
4.00%, 10/15/33(a)
USD5
4,505
UWM Holdings LLC
6.25%, 03/15/31(a)
USD95
88,098
6.63%, 02/01/30(a)
USD148
142,045
 
3,861,782
Electric — 4.6%
AES Corp. (The), 7.60%, 01/15/55, (5-year
CMT + 3.20%)(f)
USD52
52,974
Alpha Generation LLC, 6.75%, 10/15/32(a)
USD45
46,089
CenterPoint Energy, Inc., Series B, 6.85%,
02/15/55, (5-year CMT + 2.95%)(c)(f)
USD12
12,673
Clearway Energy Operating LLC, 3.75%,
01/15/32(a)(c)
USD43
39,646
ContourGlobal Power Holdings SA, 6.75%,
02/28/30(a)
USD200
203,000
Dominion Energy, Inc., 6.63%, 05/15/55,
(5-year CMT + 2.21%)(f)
USD14
14,318
Duke Energy Corp., 6.45%, 09/01/54, (5-year
CMT + 2.59%)(f)
USD21
21,940
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
April 30, 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%)(f)
USD38
$38,780
6.75%, 06/15/54, (5-year CMT + 2.46%)(f)
USD20
20,943
NRG Energy, Inc.
5.75%, 07/15/29(a)
USD63
62,971
5.75%, 01/15/34(a)
USD237
235,249
5.88%, 05/15/34(a)
USD60
59,784
6.00%, 02/01/33(a)
USD177
178,369
6.00%, 01/15/36(a)
USD338
335,687
6.13%, 05/15/36(a)
USD200
199,244
6.25%, 11/01/34(a)
USD103
104,198
10.25%, (5-year CMT + 5.92%)(a)(e)(f)
USD53
57,574
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 08/15/28(a)
USD19
18,667
PG&E Corp., 6.85%, 09/15/56, (5-year CMT +
3.23%)(f)
USD92
91,982
Talen Energy Supply LLC
6.13%, 05/01/31, (Acquired 04/30/26, Cost:
$553,000)(a)(g)
USD553
553,986
6.38%, 05/01/33, (Acquired 04/30/26, Cost:
$996,000)(a)(g)
USD996
997,296
TransAlta Corp., 5.88%, 02/01/34
USD46
45,885
Vistra Corp.
7.00%, (5-year CMT + 5.74%)(a)(e)(f)
USD234
234,684
8.00%, (5-year CMT + 6.93%)(a)(e)(f)
USD27
27,237
VoltaGrid LLC, 7.38%, 11/01/30(a)
USD459
476,406
XPLR Infrastructure Operating Partners LP
7.75%, 04/15/34(a)
USD319
334,360
8.38%, 01/15/31(a)
USD114
121,817
8.63%, 03/15/33(a)(c)
USD20
21,432
 
4,607,191
Electrical Components & Equipment — 0.2%
WESCO Distribution, Inc.
5.25%, 04/15/31(a)
USD51
50,968
5.50%, 04/15/34(a)
USD81
80,792
6.38%, 03/15/33(a)(c)
USD14
14,461
6.63%, 03/15/32(a)
USD14
14,499
 
160,720
Electronics — 0.5%
Coherent Corp., 5.00%, 12/15/29(a)
USD54
53,416
Sensata Technologies, Inc.
3.75%, 02/15/31(a)
USD114
105,893
4.38%, 02/15/30(a)
USD83
80,474
6.63%, 07/15/32(a)
USD200
206,356
 
446,139
Engineering & Construction — 0.4%
AECOM, 6.00%, 08/01/33(a)
USD177
178,445
Arcosa, Inc.
4.38%, 04/15/29(a)
USD44
42,919
6.88%, 08/15/32(a)
USD8
8,309
Brand Industrial Services, Inc., 10.38%,
08/01/30(a)(c)
USD128
117,838
Dycom Industries, Inc., 4.50%, 04/15/29(a)
USD21
20,512
Weekley Homes LLC/Weekley Finance Corp.,
6.75%, 01/15/34(a)
USD37
36,574
 
404,597
Entertainment — 1.7%
Boyne USA, Inc., 4.75%, 05/15/29(a)
USD40
39,103
Caesars Entertainment, Inc.
4.63%, 10/15/29(a)(c)
USD70
67,563
Security
Par
(000
)
Value
Entertainment (continued)
6.50%, 02/15/32(a)
USD152
$147,691
7.00%, 02/15/30(a)
USD37
37,562
Churchill Downs, Inc.
5.75%, 04/01/30(a)
USD129
128,579
6.75%, 05/01/31(a)(c)
USD147
150,354
Cinemark USA, Inc., 7.00%, 08/01/32(a)(c)
USD12
12,402
Discovery Global Holdings, Inc.
4.28%, 03/15/32
USD156
141,294
5.05%, 03/15/42(c)
USD288
205,497
Great Canadian Gaming Corp./Raptor LLC,
8.75%, 11/15/29(a)
USD51
49,726
Light & Wonder International, Inc.
6.25%, 10/01/33(a)(c)
USD75
74,378
7.50%, 09/01/31(a)
USD18
18,759
Live Nation Entertainment, Inc.
3.75%, 01/15/28(a)
USD14
13,729
4.75%, 10/15/27(a)
USD23
22,931
Midwest Gaming Borrower LLC/Midwest
Gaming Finance Corp., 4.88%, 05/01/29(a)
USD18
17,599
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%,
04/15/30(a)
USD61
63,501
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp., 5.88%,
09/01/31(a)
USD95
54,625
Rivers Enterprise Borrower LLC, 6.25%,
10/15/30(a)
USD28
28,484
Rivers Enterprise Borrower LLC/Rivers
Enterprise Finance Corp., 6.63%,
02/01/33(a)
USD27
27,568
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30(a)
USD43
36,289
Six Flags Entertainment Corp/Canada's
Wonderland Co/Millennium Operations LLC,
8.63%, 01/15/32(a)
USD25
25,416
Vail Resorts, Inc.
5.63%, 07/15/30(a)
USD31
30,815
6.50%, 05/15/32(a)(c)
USD36
36,725
Voyager Parent LLC, 9.25%, 07/01/32(a)
USD64
68,060
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.
5.13%, 10/01/29(a)
USD44
43,708
6.25%, 03/15/33(a)(c)
USD167
167,819
 
1,710,177
Environmental Control — 0.9%
Clean Harbors, Inc., 6.38%, 02/01/31(a)
USD22
22,390
GFL Environmental Holdings U.S., Inc., 5.50%,
02/01/34(a)
USD234
230,181
GFL Environmental, Inc.
4.00%, 08/01/28(a)(c)
USD50
48,865
4.38%, 08/15/29(a)
USD36
35,216
4.75%, 06/15/29(a)
USD2
1,977
6.75%, 01/15/31(a)
USD5
5,184
Madison IAQ LLC
4.13%, 06/30/28(a)
USD12
11,833
5.88%, 06/30/29(a)
USD161
160,564
Waste Pro USA, Inc., 7.00%, 02/01/33(a)
USD383
390,164
 
906,374
7
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Food — 1.9%
Albertsons Companies, Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC
5.50%, 03/31/31(a)
USD111
$110,383
5.63%, 03/31/32(a)
USD32
31,569
5.75%, 03/31/34(a)(c)
USD145
141,160
6.25%, 03/15/33(a)
USD59
59,524
B&G Foods, Inc., 8.00%, 09/15/28(a)
USD16
15,858
Chobani LLC/Chobani Finance Corp, Inc.,
6.38%, 04/15/34(a)
USD405
413,224
Chobani LLC/Chobani Finance Corp., Inc.
4.63%, 11/15/28(a)
USD59
58,431
7.63%, 07/01/29(a)
USD104
107,357
Darling Global Finance BV, 4.50%, 07/15/32(a)
EUR100
118,220
Fiesta Purchaser, Inc.
7.88%, 03/01/31(a)
USD11
11,359
9.63%, 09/15/32(a)
USD12
12,410
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution, Inc.
7.13%, 04/30/33(a)
USD58
58,719
9.00%, 02/15/29(a)
USD23
24,042
Lamb Weston Holdings, Inc.
4.13%, 01/31/30(a)
USD26
24,909
4.38%, 01/31/32(a)
USD68
64,046
Performance Food Group, Inc.
4.25%, 08/01/29(a)
USD10
9,695
5.63%, 03/01/34(a)
USD155
151,770
6.13%, 09/15/32(a)
USD40
40,547
Post Holdings, Inc.
4.50%, 09/15/31(a)
USD31
29,144
6.25%, 10/15/34(a)(c)
USD92
90,819
6.38%, 03/01/33(a)
USD79
78,969
6.50%, 03/15/36(a)
USD130
129,145
Simmons Foods, Inc./Simmons Prepared
Foods, Inc./Simmons Pet Food,
Inc./Simmons Feed, 4.63%, 03/01/29(a)(c)
USD19
18,332
U.S. Foods, Inc., 4.75%, 02/15/29(a)
USD33
32,641
United Natural Foods, Inc., 6.75%, 10/15/28(a)
USD36
36,023
 
1,868,296
Food Service — 0.0%
Aramark Services, Inc., 5.00%, 02/01/28(a)
USD24
23,952
Gas — 0.1%
AltaGas Ltd., 7.20%, 10/15/54, (5-year CMT +
3.57%)(a)(f)
USD33
34,285
AmeriGas Partners LP/AmeriGas Finance
Corp., 9.50%, 06/01/30(a)
USD19
20,287
 
54,572
Health Care - Products — 0.9%
Avantor Funding, Inc., 4.63%, 07/15/28(a)
USD91
89,689
Bausch & Lomb Corp., 8.38%, 10/01/28(a)
USD195
201,338
Insulet Corp., 6.50%, 04/01/33(a)(c)
USD28
28,582
Medline Borrower LP, 5.25%, 10/01/29(a)
USD408
406,046
Medline Borrower LP/Medline Co-Issuer, Inc.,
6.25%, 04/01/29(a)
USD76
77,719
Neogen Food Safety Corp., 8.63%, 07/20/30(a)
USD39
41,002
 
844,376
Health Care - Services — 2.7%
Acadia Healthcare Co., Inc., 7.38%,
03/15/33(a)(c)
USD15
15,343
Security
Par
(000
)
Value
Health Care - Services (continued)
AHP Health Partners, Inc., 5.75%,
07/15/29(a)(c)
USD163
$161,531
Centene Corp., 2.45%, 07/15/28
USD25
23,601
CHS/Community Health Systems, Inc.
4.75%, 02/15/31(a)(c)
USD58
54,270
5.25%, 05/15/30(a)
USD233
220,007
9.75%, 01/15/34(a)
USD549
566,244
10.88%, 01/15/32(a)
USD48
51,552
Concentra Health Services, Inc., 6.88%,
07/15/32(a)(c)
USD58
60,105
DaVita, Inc.
6.75%, 07/15/33(a)
USD11
11,342
6.88%, 09/01/32(a)
USD2
2,064
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)
USD20
19,471
HAH Group Holding Co. LLC, 9.75%,
10/01/31(a)
USD24
21,966
HealthEquity, Inc., 4.50%, 10/01/29(a)
USD93
90,268
IQVIA, Inc., 6.25%, 06/01/32(a)
USD102
103,876
LifePoint Health, Inc.
7.00%, 05/01/34(a)
USD212
206,714
8.38%, 02/15/32(a)
USD41
43,017
10.00%, 06/01/32(a)
USD84
85,974
Molina Healthcare, Inc.
3.88%, 11/15/30(a)
USD44
40,774
6.25%, 01/15/33(a)
USD12
11,987
6.50%, 02/15/31(a)
USD107
108,867
Option Care Health, Inc., 4.38%, 10/31/29(a)
USD30
29,035
Prime Healthcare Services, Inc., 9.38%,
09/01/29(a)
USD18
18,666
Sotera Health Holdings LLC, 7.38%,
06/01/31(a)
USD34
35,341
Star Parent, Inc., 9.00%, 10/01/30(a)(c)
USD34
35,617
Surgery Center Holdings, Inc., 7.25%,
04/15/32(a)(c)
USD388
386,964
Tenet Healthcare Corp.
5.50%, 11/15/32(a)
USD48
47,878
6.00%, 11/15/33(a)(c)
USD34
34,365
6.75%, 05/15/31
USD84
86,316
U.S. Acute Care Solutions LLC, 9.75%,
05/15/29(a)
USD77
72,768
 
2,645,923
Holding Companies - Diversified — 0.5%
Apollo Debt Solutions BDC
5.88%, 08/30/30
USD25
24,769
6.55%, 03/15/32
USD27
27,313
6.70%, 07/29/31
USD14
14,301
Ares Strategic Income Fund, 5.80%,
09/09/30(a)
USD31
30,479
Bain Capital Specialty Finance, Inc., 5.95%,
03/15/30(c)
USD11
10,783
Blue Owl Capital Corp., 6.20%, 07/15/30(c)
USD46
45,685
Compass Group Diversified Holdings LLC,
5.25%, 04/15/29(a)
USD42
39,938
FS KKR Capital Corp., 2.63%, 01/15/27
USD16
15,634
Icahn Enterprises LP/Icahn Enterprises
Finance Corp.
5.25%, 05/15/27
USD214
211,947
9.75%, 01/15/29(c)
USD58
58,295
10.00%, 11/15/29(a)
USD49
49,428
 
528,572
Schedule of Investments
8
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Home Builders — 1.0%
Ashton Woods USA LLC/Ashton Woods
Finance Co.
4.63%, 08/01/29(a)
USD39
$37,329
6.88%, 08/01/33(a)
USD59
57,890
Beazer Homes USA, Inc., 5.88%, 10/15/27
USD16
15,978
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30(a)
USD52
48,752
5.00%, 06/15/29(a)
USD136
130,992
Century Communities, Inc., 6.63%, 09/15/33(a)
USD33
32,834
Empire Communities Corp., 9.75%, 05/01/29(a)
USD12
12,231
Installed Building Products, Inc., 5.63%,
02/01/34(a)
USD48
47,762
K Hovnanian Enterprises, Inc.
8.00%, 04/01/31(a)(c)
USD245
247,046
8.38%, 10/01/33(a)
USD103
103,477
LGI Homes, Inc., 7.00%, 11/15/32(a)(c)
USD36
34,501
Mattamy Group Corp.
4.63%, 03/01/30(a)
USD26
24,830
6.00%, 12/15/33(a)
USD15
14,401
New Home Co., Inc.(The)
8.50%, 11/01/30(a)
USD13
13,282
9.25%, 10/01/29(a)
USD81
84,046
STL Holding Co. LLC, 8.75%, 02/15/29(a)
USD28
29,055
Taylor Morrison Communities, Inc., 5.75%,
11/15/32(a)
USD22
22,235
 
956,641
Home Furnishings — 0.0%
Somnigroup International, Inc., 4.00%,
04/15/29(a)
USD39
37,728
Housewares — 0.1%
Newell Brands, Inc.
6.38%, 05/15/30
USD23
22,526
6.63%, 09/15/29
USD18
17,988
6.63%, 05/15/32
USD28
27,182
8.50%, 06/01/28(a)
USD34
35,529
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29
USD18
17,641
 
120,866
Insurance — 6.1%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer
4.25%, 10/15/27(a)
USD155
152,604
5.88%, 11/01/29(a)
USD188
184,292
6.50%, 10/01/31(a)(c)
USD10
10,085
6.75%, 10/15/27(a)
USD20
19,986
7.00%, 01/15/31(a)
USD331
337,816
7.38%, 10/01/32(a)
USD232
227,961
AmWINS Group, Inc.
4.88%, 06/30/29(a)
USD18
17,408
6.38%, 02/15/29(a)
USD11
11,128
Amynta Agency Borrower, Inc. and Amynta
Warranty Borrower, Inc., 7.50%, 07/15/33(a)
USD187
182,342
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Inves,
7.88%, 11/01/29(a)
USD87
84,229
Ardonagh Finco Ltd., 7.75%, 02/15/31(a)
USD600
612,529
Ardonagh Group Finance Ltd., 8.88%,
02/15/32(a)
USD400
398,114
Asurion LLC/Asurion Co-Issuer, Inc.
8.00%, 12/31/32(a)
USD219
228,765
Security
Par
(000
)
Value
Insurance (continued)
8.38%, 02/01/34(a)
USD266
$262,438
Corebridge Financial, Inc., 6.38%, 09/15/54,
(5-year CMT + 2.65%)(f)
USD38
37,785
Howden U.K. Refinance PLC/Howden U.K.
Refinance 2 PLC/Howden U.S. Refinance
LLC
7.25%, 02/15/31(a)
USD200
201,335
8.13%, 02/15/32(a)
USD200
191,040
HUB International Ltd.
7.25%, 06/15/30(a)(c)
USD607
627,924
7.38%, 01/31/32(a)
USD1,055
1,080,711
Jones Deslauriers Insurance Management, Inc.
6.88%, 10/01/33(a)
USD169
157,901
8.50%, 03/15/30(a)
USD69
71,126
Panther Escrow Issuer LLC, 7.13%,
06/01/31(a)(c)
USD611
613,861
Ryan Specialty LLC
4.38%, 02/01/30(a)
USD18
17,468
5.88%, 08/01/32(a)
USD48
47,993
USI, Inc./New York, 7.50%, 01/15/32(a)
USD252
259,210
 
6,036,051
Internet — 2.0%
Beignet Investor LLC, 6.58%, 05/30/49(a)
USD1,406
1,452,034
Getty Images, Inc.
10.50%, 11/15/30(a)
USD40
35,464
11.25%, 02/21/30(a)(c)
USD29
25,908
ION Platform Finance U.S., Inc./ION Platform
Finance SARL, 5.00%, 05/01/28(a)
USD60
55,413
Match Group Holdings II LLC
3.63%, 10/01/31(a)
USD13
11,650
4.13%, 08/01/30(a)
USD34
31,932
6.13%, 09/15/33(a)
USD70
69,163
Snap, Inc.
6.88%, 03/01/33(a)
USD131
127,533
6.88%, 03/15/34(a)
USD177
171,313
 
1,980,410
Iron & Steel — 0.5%
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(a)
USD112
112,094
Carpenter Technology Corp., 5.63%,
03/01/34(a)
USD60
60,036
Cleveland-Cliffs, Inc., 6.88%, 11/01/29(a)
USD70
71,333
Commercial Metals Co.
5.75%, 11/15/33(a)
USD125
125,209
6.00%, 12/15/35(a)
USD87
86,914
Mineral Resources Ltd.
6.00%, 05/01/32(a)
USD33
32,744
6.25%, 05/01/34(a)
USD33
32,585
 
520,915
Leisure Time — 1.2%
Acushnet Co., 5.63%, 12/01/33(a)
USD23
23,107
Carnival Corp.
5.75%, 08/01/32(a)
USD61
61,307
5.88%, 06/15/31(a)
USD34
34,484
6.13%, 02/15/33(a)(c)
USD165
167,419
Carnival PLC, 4.13%, 07/15/31(a)
EUR100
115,307
Lindblad Expeditions LLC, 7.00%, 09/15/30(a)
USD93
95,537
MajorDrive Holdings IV LLC, 6.38%,
06/01/29(a)(c)
USD46
38,465
9
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Leisure Time (continued)
NCL Corp. Ltd.
5.88%, 01/15/31(a)(c)
USD8
$7,787
6.25%, 09/15/33(a)(c)
USD182
176,145
6.75%, 02/01/32(a)
USD53
52,740
Sabre Financial Borrower LLC, 11.13%,
06/15/29(a)
USD162
166,296
Viking Cruises Ltd.
5.88%, 10/15/33(a)
USD147
147,373
9.13%, 07/15/31(a)
USD73
76,922
Viking Ocean Cruises Ship VII Ltd., 5.63%,
02/15/29(a)
USD17
16,989
 
1,179,878
Lodging — 1.0%
Hilton Domestic Operating Co., Inc.
5.50%, 03/31/34(a)
USD61
60,549
5.75%, 09/15/33(a)(c)
USD9
9,061
5.88%, 03/15/33(a)
USD123
124,547
6.13%, 04/01/32(a)
USD23
23,428
Melco Resorts Finance Ltd., 5.38%, 12/04/29(a)
USD200
195,480
MGM Resorts International, 6.13%, 09/15/29
USD51
51,669
Station Casinos LLC
4.50%, 02/15/28(a)
USD36
35,440
6.63%, 03/15/32(a)(c)
USD54
54,673
Wyndham Hotels & Resorts, Inc., 5.63%,
03/01/33(a)
USD38
37,603
Wynn Macau Ltd., 5.63%, 08/26/28(a)
USD392
389,702
 
982,152
Machinery — 0.7%
ATS Corp., 4.13%, 12/15/28(a)
USD39
38,078
Chart Industries, Inc., 7.50%, 01/01/30(a)
USD28
29,068
Columbus McKinnon Corp/NY, 7.13%,
02/01/33(a)(c)
USD79
79,451
Esab Corp.
5.63%, 04/01/31(a)
USD135
136,243
6.25%, 04/15/29(a)
USD24
24,317
Lsf12 Helix Parent LLC, 7.13%, 02/01/33(a)
USD131
127,874
Manitowoc Co., Inc. (The), 9.25%, 10/01/31(a)
USD19
20,315
Terex Corp.
5.00%, 05/15/29(a)
USD8
7,945
6.25%, 10/15/32(a)
USD72
73,178
TK Elevator U.S. Newco, Inc., 5.25%,
07/15/27(a)
USD200
200,050
 
736,519
Manufacturing — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33(a)
USD19
19,329
Avient Corp., 6.25%, 11/01/31(a)
USD25
25,363
Axon Enterprise, Inc., 6.25%, 03/15/33(a)
USD16
16,418
Enpro, Inc., 6.13%, 06/01/33(a)
USD25
25,478
 
86,588
Media — 4.5%
Block Communications, Inc., 10.25%,
03/01/31(a)
USD21
19,443
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31(a)
USD235
213,442
4.25%, 01/15/34(a)(c)
USD146
122,458
4.50%, 08/15/30(a)
USD52
48,504
4.50%, 05/01/32
USD3
2,634
4.50%, 06/01/33(a)(c)
USD72
61,856
4.75%, 03/01/30(a)
USD140
132,710
4.75%, 02/01/32(a)(c)
USD100
89,543
Security
Par
(000
)
Value
Media (continued)
6.38%, 09/01/29(a)
USD19
$19,033
7.00%, 02/01/33(a)(c)
USD145
142,931
7.38%, 02/01/36(a)(c)
USD215
210,777
CSC Holdings LLC
5.50%, 04/15/27(a)
USD213
179,675
11.25%, 05/15/28(a)
USD200
162,658
Directv Financing LLC, 8.88%, 02/01/30(a)
USD182
185,362
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.
5.88%, 08/15/27(a)
USD67
67,050
10.00%, 02/15/31(a)
USD186
193,531
Discovery Communications LLC, 3.95%,
03/20/28
USD62
60,991
DISH DBS Corp.
5.25%, 12/01/26(a)
USD162
160,458
5.75%, 12/01/28(a)
USD176
172,918
DISH Network Corp., 11.75%, 11/15/27(a)
USD282
291,109
EchoStar Corp.
6.75%, 11/30/30, (6.75% Cash or 6.75%
PIK)(d)
USD515
522,383
10.75%, 11/30/29
USD234
254,214
Gray Media, Inc.
7.25%, 08/15/33(a)
USD153
155,792
9.63%, 07/15/32(a)
USD163
165,724
10.50%, 07/15/29(a)
USD12
12,740
Midcontinent Communications, 8.00%,
08/15/32(a)(c)
USD22
20,705
Sinclair Television Group, Inc., 8.13%,
02/15/33(a)
USD233
241,288
Sirius XM Radio LLC
4.00%, 07/15/28(a)
USD25
24,278
5.00%, 08/01/27(a)
USD47
46,865
Univision Communications, Inc.
8.50%, 07/31/31(a)
USD220
223,278
8.88%, 04/15/33(a)
USD136
136,741
9.38%, 08/01/32(a)
USD74
76,579
Versant Media Group, Inc., 7.25%,
01/30/31(a)(c)
USD27
28,033
 
4,445,703
Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems, Inc., 6.38%,
06/15/30(a)
USD15
15,215
Mining — 1.7%
Arsenal AIC Parent LLC
8.00%, 10/01/30(a)
USD25
26,136
11.50%, 10/01/31(a)
USD242
261,798
Coeur Mining, Inc., 6.88%, 04/01/32(a)
USD90
92,756
Constellium SE, 6.38%, 08/15/32(a)
USD250
256,369
ERO Copper Corp., 6.50%, 02/15/30(a)(c)
USD165
164,668
First Quantum Minerals Ltd., 6.38%,
02/15/36(a)
USD200
196,380
Kaiser Aluminum Corp.
4.50%, 06/01/31(a)(c)
USD133
127,583
5.88%, 03/01/34(a)
USD165
165,258
Novelis Corp.
3.88%, 08/15/31(a)
USD129
117,265
4.75%, 01/30/30(a)
USD12
11,475
6.38%, 08/15/33(a)
USD159
159,667
6.88%, 01/30/30(a)
USD58
59,462
Schedule of Investments
10
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mining (continued)
Skeena Resources Ltd., 8.50%, 04/01/31(a)
USD12
$12,564
 
1,651,381
Office & Business Equipment — 0.0%
Zebra Technologies Corp., 6.50%, 06/01/32(a)
USD35
35,681
Oil & Gas — 3.7%
Aethon United BR LP/Aethon United Finance
Corp., 7.50%, 10/01/29(a)
USD47
49,101
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.
5.88%, 06/30/29(a)
USD15
15,019
6.63%, 07/15/33(a)
USD26
26,712
California Resources Corp., 7.00%, 01/15/34(a)
USD40
40,817
Caturus Energy LLC
7.13%, 05/15/31(a)
USD173
173,477
8.50%, 02/15/30(a)
USD222
232,117
Chord Energy Corp., 6.75%, 03/15/33(a)
USD18
18,730
CITGO Petroleum Corp., 8.38%, 01/15/29(a)
USD113
116,285
CNX Resources Corp.
5.88%, 03/01/34(a)
USD76
75,391
7.25%, 03/01/32(a)
USD13
13,544
Comstock Resources, Inc.
5.88%, 01/15/30(a)
USD67
64,899
6.75%, 03/01/29(a)
USD222
221,611
Crescent Energy Finance LLC
7.63%, 04/01/32(a)
USD163
167,837
7.88%, 04/15/32(a)
USD54
55,982
8.38%, 01/15/34(a)
USD58
61,340
9.75%, 10/15/30(a)
USD59
63,056
CVR Energy, Inc.
7.50%, 02/15/31(a)
USD28
28,356
7.88%, 02/15/34(a)
USD20
20,061
DBR Land Holdings LLC, 6.25%, 12/01/30(a)
USD37
37,879
Diamond Foreign Asset Co./Diamond
Finance LLC, 8.50%, 10/01/30(a)
USD23
24,254
Gulfport Energy Operating Corp., 6.75%,
09/01/29(a)
USD22
22,570
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29(a)
USD42
41,974
6.25%, 04/15/32(a)
USD1
993
6.88%, 05/15/34(a)
USD74
74,368
7.25%, 02/15/35(a)
USD23
23,458
8.38%, 11/01/33(a)
USD84
89,821
Infinity Natural Resources LLC, 7.63%,
04/01/31(a)
USD52
52,879
Magnolia Oil & Gas Operating LLC/Magnolia Oil
& Gas Finance Corp., 6.88%, 12/01/32(a)
USD88
91,052
Matador Resources Co.
6.00%, 04/15/34(a)
USD67
67,255
6.50%, 04/15/32(a)
USD51
52,079
Nabors Industries, Inc., 7.63%, 11/15/32(a)
USD38
39,650
Noble Finance II LLC, 8.00%, 04/15/30(a)
USD9
9,361
Northern Oil & Gas, Inc., 7.88%, 10/15/33(a)
USD71
73,584
PBF Holding Co. LLC/PBF Finance Corp.,
7.88%, 09/15/30(a)(c)
USD35
35,879
Permian Resources Operating LLC
5.88%, 07/01/29(a)
USD17
17,014
6.25%, 02/01/33(a)
USD183
187,371
7.00%, 01/15/32(a)
USD40
41,609
Security
Par
(000
)
Value
Oil & Gas (continued)
SM Energy Co.
6.63%, 04/15/34(a)
USD170
$172,350
8.75%, 07/01/31(a)(c)
USD29
30,423
Sunoco LP
5.63%, 03/15/31(a)
USD24
24,089
5.88%, 03/15/34(a)
USD93
92,666
6.25%, 07/01/33(a)
USD27
27,595
6.63%, 08/15/32(a)
USD31
31,695
7.88%, (5-year CMT + 4.23%)(a)(c)(e)(f)
USD509
527,098
TGNR Intermediate Holdings LLC, 5.50%,
10/15/29(a)
USD48
47,347
Transocean International Ltd.
7.88%, 10/15/32(a)
USD37
39,647
8.25%, 05/15/29(a)
USD20
20,766
8.50%, 05/15/31(a)
USD45
47,586
8.75%, 02/15/30(a)
USD34
35,193
Valaris Ltd., 8.38%, 04/30/30(a)
USD33
34,411
Wildfire Intermediate Holdings LLC, 7.50%,
10/15/29(a)
USD129
132,767
 
3,691,018
Oil & Gas Services — 1.3%
Archrock Partners LP/Archrock Partners
Finance Corp., 6.63%, 09/01/32(a)
USD123
126,562
Archrock Services LP/Archrock Partners
Finance Corp., 6.00%, 02/01/34(a)
USD88
88,573
Enerflex, Inc., 6.88%, 01/15/31(a)
USD8
8,242
Kodiak Gas Services LLC
5.88%, 04/01/31(a)
USD129
129,937
6.50%, 10/01/33(a)
USD173
176,962
6.75%, 10/01/35(a)
USD126
130,881
Oceaneering International, Inc., 6.00%,
02/01/28
USD27
27,189
Tidewater, Inc., 9.13%, 07/15/30(a)
USD34
36,601
USA Compression Partners LP/USA
Compression Finance Corp.
6.25%, 10/01/33(a)
USD255
257,323
7.13%, 03/15/29(a)
USD77
79,574
Weatherford International Ltd., 6.75%,
10/15/33(a)
USD208
215,788
 
1,277,632
Packaging & Containers — 2.4%
Ardagh Group SA, 9.50%, 12/01/30(a)
USD318
337,470
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging
Finance PLC
4.00%, 09/01/29(a)
USD349
326,634
6.25%, 01/30/31(a)
USD200
201,361
Ball Corp., 5.50%, 09/15/33
USD27
27,072
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29(a)
USD18
17,717
6.75%, 04/15/32(a)
USD168
158,057
6.88%, 01/15/30(a)
USD62
60,618
Crown Americas LLC, 5.88%, 06/01/33(c)
USD86
86,625
LABL, Inc.
5.88%, 11/01/28(a)(h)(i)
USD18
7,740
8.63%, 10/01/31(a)(h)(i)
USD28
12,040
9.50%, 11/01/28(a)
USD89
38,270
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/30(a)
USD691
698,715
9.25%, 04/15/30(a)
USD45
42,888
11
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Packaging & Containers (continued)
Silgan Holdings, Inc., 4.25%, 02/15/31(a)
EUR100
$116,014
Sword Purchaser LLC, 8.25%, 04/15/33(a)
USD91
93,107
Trivium Packaging Finance BV, 8.25%,
07/15/30(a)
USD180
187,684
 
2,412,012
Pharmaceuticals — 1.9%
1261229 B.C. Ltd., 10.00%, 04/15/32(a)
USD1,148
1,185,629
Amneal Pharmaceuticals LLC, 6.88%,
08/01/32(a)
USD29
30,118
Bausch Health Companies, Inc.
4.88%, 06/01/28(a)
USD186
174,715
11.00%, 09/30/28(a)
USD363
377,520
Teva Pharmaceutical Finance Netherlands III
BV, 3.15%, 10/01/26
USD107
106,064
 
1,874,046
Pipelines — 4.2%
Antero Midstream Partners LP/Antero
Midstream Finance Corp., 6.63%,
02/01/32(a)
USD40
41,019
Blue Racer Midstream LLC/Blue Racer Finance
Corp., 7.00%, 07/15/29(a)
USD59
61,108
Buckeye Partners LP
5.60%, 10/15/44
USD28
24,853
6.75%, 02/01/30(a)
USD10
10,345
6.88%, 07/01/29(a)
USD5
5,162
CNX Midstream Partners LP, 4.75%,
04/15/30(a)
USD23
22,257
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.50%, 06/15/31(a)
USD250
246,953
Delek Logistics Partners LP/Delek Logistics
Finance Corp., 7.38%, 06/30/33(a)
USD97
100,108
Enbridge, Inc.
7.20%, 06/27/54, (5-year CMT + 2.97%)(f)
USD28
29,938
7.38%, 03/15/55, (5-year CMT + 3.12%)(c)(f)
USD32
33,835
Energy Transfer LP
7.13%, 10/01/54, (5-year CMT + 2.83%)(c)(f)
USD94
96,512
8.00%, 05/15/54, (5-year CMT + 4.02%)(f)
USD60
63,602
Series G, 7.13%, (5-year CMT + 5.31%)(e)(f)
USD58
59,568
Series H, 6.50%, (5-year CMT + 5.69%)(e)(f)
USD109
109,128
Genesis Energy LP/Genesis Energy
Finance Corp.
6.75%, 03/15/34
USD140
141,011
8.00%, 05/15/33
USD21
22,107
Global Partners LP/GLP Finance Corp., 7.13%,
07/01/33(a)
USD19
19,472
Harvest Midstream I LP, 7.50%, 05/15/32(a)
USD18
18,741
Hess Midstream Operations LP
4.25%, 02/15/30(a)
USD19
18,427
6.50%, 06/01/29(a)
USD39
39,958
Howard Midstream Energy Partners LLC
6.63%, 01/15/34(a)
USD123
125,127
7.38%, 07/15/32(a)
USD14
14,599
ITT Holdings LLC, 6.50%, 08/01/29(a)
USD192
189,272
Kinetik Holdings LP, 5.88%, 06/15/30(a)
USD15
15,051
NGL Energy Operating LLC/NGL Energy
Finance Corp.
8.13%, 02/15/29(a)
USD114
118,170
8.38%, 02/15/32(a)
USD174
182,629
Northriver Midstream Finance LP, 6.75%,
07/15/32(a)
USD27
27,645
Security
Par
(000
)
Value
Pipelines (continued)
Prairie Acquiror LP, 9.00%, 08/01/29(a)
USD32
$33,417
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.
5.50%, 01/15/28(a)
USD23
22,945
7.38%, 02/15/29(a)
USD160
164,837
TransMontaigne Partners LLC, 8.50%,
06/15/30(a)
USD16
16,559
Venture Global LNG, Inc.
8.38%, 06/01/31(a)
USD112
116,775
9.00%, (5-year CMT + 5.44%)(a)(c)(e)(f)
USD329
325,395
9.50%, 02/01/29(a)
USD168
183,350
9.88%, 02/01/32(a)(c)
USD457
490,295
Venture Global Plaquemines LNG LLC
6.13%, 12/15/30(a)
USD130
134,066
6.50%, 01/15/34(a)
USD138
144,555
6.75%, 01/15/36(a)(c)
USD289
307,218
7.50%, 05/01/33(a)
USD186
206,267
7.75%, 05/01/35(a)
USD178
200,199
 
4,182,475
Real Estate — 0.5%
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/30(a)
USD31
31,039
Anywhere Real Estate Group LLC/Realogy
Co-Issuer Corp., 9.75%, 04/15/30(a)
USD21
22,425
CoreLogic, Inc., 4.50%, 05/01/28(a)(c)
USD257
249,897
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/31(a)
USD7
7,368
Five Point Operating Co. LP, 8.00%,
10/01/30(a)
USD33
33,839
Howard Hughes Corp.(The)
4.38%, 02/01/31(a)
USD35
32,772
5.88%, 03/01/32(a)
USD36
35,222
6.13%, 03/01/34(a)
USD36
35,275
 
447,837
Real Estate Investment Trusts — 2.6%
Blackstone Mortgage Trust, Inc., 3.75%,
01/15/27(a)(c)
USD44
43,349
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LLC, 4.50%, 04/01/27(a)
USD53
51,872
Diversified Healthcare Trust, 7.25%,
10/15/30(a)
USD26
26,529
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/32(a)
USD42
40,553
Iron Mountain, Inc.
4.75%, 01/15/34(a)
EUR100
113,582
5.63%, 07/15/32(a)
USD106
105,245
6.25%, 01/15/33(a)
USD8
8,124
Millrose Properties, Inc.
6.25%, 09/15/32(a)
USD244
245,069
6.38%, 08/01/30(a)
USD115
116,468
MPT Operating Partnership LP/MPT Finance
Corp., 8.50%, 02/15/32(a)(c)
USD399
414,521
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 7.00%,
02/01/30(a)
USD47
47,984
Pebblebrook Hotel LP/PEB Finance Corp.,
6.38%, 10/15/29(a)(c)
USD18
18,291
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29(a)
USD18
17,695
Schedule of Investments
12
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
5.75%, 03/15/34(a)
USD89
$88,467
6.50%, 04/01/32(a)
USD45
46,175
6.50%, 06/15/33(a)
USD265
272,953
RLJ Lodging Trust LP, 4.00%, 09/15/29(a)
USD20
18,898
SBA Communications Corp., 3.13%, 02/01/29
USD43
41,394
Service Properties Trust
0.00%, 09/30/28(a)(b)
USD114
104,747
8.63%, 11/15/31(a)
USD467
491,423
8.88%, 06/15/32(c)
USD37
37,969
Starwood Property Trust, Inc.
6.00%, 04/15/30(a)
USD24
24,280
6.50%, 07/01/30(a)
USD18
18,442
6.50%, 10/15/30(a)
USD118
121,363
7.25%, 04/01/29(a)
USD30
31,088
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL
Capital LLC, 6.00%, 01/15/30(a)
USD16
15,460
XHR LP, 6.63%, 05/15/30(a)
USD18
18,418
 
2,580,359
Retail — 2.2%
Advance Auto Parts, Inc., 7.00%, 08/01/30(a)(c)
USD27
27,853
Asbury Automotive Group, Inc., 5.00%,
02/15/32(a)(c)
USD23
22,055
Boots Group Finco LP, 5.38%, 08/31/32(a)
EUR100
118,987
Burger King (Restaurant Brands International,
Inc.)/New Red Finance, Inc.
4.00%, 10/15/30(a)
USD43
40,908
4.38%, 01/15/28(a)
USD12
11,849
Carvana Co.
9.00%, 06/01/30, (9.00 % Cash)(a)(d)
USD129
134,570
9.00%, 06/01/31, (9.00 % Cash)(a)(c)(d)
USD444
491,132
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(a)
USD37
38,905
Ferrellgas LP/Ferrellgas Finance Corp., 9.25%,
01/15/31(a)
USD35
36,736
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.
4.63%, 01/15/29(a)
USD51
49,651
6.75%, 01/15/30(a)(c)
USD32
31,006
Group 1 Automotive, Inc., 6.38%, 01/15/30(a)
USD24
24,390
LCM Investments Holdings II LLC
4.88%, 05/01/29(a)
USD17
16,644
8.25%, 08/01/31(a)
USD25
26,189
Lithia Motors, Inc., 5.50%, 10/01/30(a)
USD33
32,825
Michaels Companies, Inc. (The), 8.50%,
03/15/33(a)
USD125
123,444
QXO Building Products, Inc., 6.75%,
04/30/32(a)
USD262
267,251
Staples, Inc., 10.75%, 09/01/29(a)
USD36
34,411
Suburban Propane Partners LP/Suburban
Energy Finance Corp., 5.00%, 06/01/31(a)
USD36
34,562
White Cap Supply Holdings LLC, 7.38%,
11/15/30(a)(c)
USD610
616,800
 
2,180,168
Semiconductors — 0.0%
Amkor Technology, Inc., 5.88%, 10/01/33(a)
USD15
15,082
Software — 2.7%
AthenaHealth Group, Inc., 6.50%, 02/15/30(a)
USD464
442,260
Capstone Borrower, Inc., 8.00%, 06/15/30(a)
USD79
76,206
Central Parent LLC/CDK Global II LLC/CDK
Financing Co., Inc., 8.00%, 06/15/29(a)
USD8
4,800
Security
Par
(000
)
Value
Software (continued)
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(a)
USD141
$84,600
Cloud Software Group, Inc.
6.50%, 03/31/29(a)(c)
USD199
193,758
9.00%, 09/30/29(a)
USD437
429,084
CoreWeave, Inc.
9.00%, 02/01/31(a)
USD29
28,816
9.25%, 06/01/30(a)(c)
USD153
154,929
9.75%, 10/01/31(a)
USD220
221,274
Ellucian Holdings, Inc., 6.50%, 12/01/29(a)
USD84
82,620
Fair Isaac Corp.
4.00%, 06/15/28(a)
USD60
58,496
6.00%, 05/15/33(a)
USD160
157,796
OAK-Eagle Acquireco, Inc.
7.25%, 07/01/33(a)
USD298
307,064
8.75%, 07/01/34(a)
USD283
294,497
Playtika Holding Corp., 4.25%, 03/15/29(a)
USD18
15,505
SS&C Technologies, Inc., 6.50%, 06/01/32(a)
USD2
2,024
UKG, Inc., 6.88%, 02/01/31(a)
USD171
166,437
 
2,720,166
Telecommunications — 8.4%
Altice France SA
6.50%, 10/15/31(a)
USD139
136,189
6.50%, 04/15/32(a)
USD269
265,056
6.88%, 10/15/30(a)
USD13
12,940
6.88%, 07/15/32(a)
USD234
230,215
APLD ComputeCo 2 LLC, 6.75%, 03/15/31(a)
USD194
192,071
APLD ComputeCo LLC, 9.25%, 12/15/30(a)
USD74
79,542
Black Pearl Compute LLC, 6.13%, 02/15/31(a)
USD99
100,444
Cipher Compute LLC, 7.13%, 11/15/30(a)
USD107
110,907
Core Scientific Finance I LLC, 7.75%,
05/15/31(a)
USD211
210,473
Digicel International Finance Ltd./Difl US LLC,
8.63%, 08/01/32(a)
USD200
207,500
Fibercop SpA, Series 2034, 6.00%, 09/30/34(a)
USD200
191,791
Flash Compute LLC, 7.25%, 12/31/30(a)
USD332
338,663
Frontier Communications Holdings LLC, 8.75%,
05/15/30(a)
USD180
184,157
Iliad Holding SAS, 7.00%, 04/15/32(a)
USD200
203,051
Level 3 Financing, Inc.
3.63%, 01/15/29(a)(c)
USD17
16,150
6.88%, 06/30/33(a)
USD657
677,613
7.00%, 03/31/34(a)
USD513
532,098
8.50%, 01/15/36(a)
USD530
567,636
Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)
USD1,132
1,131,742
PR RNO Property Owner 1 LLC, 6.50%,
05/01/31(a)
USD339
336,022
Sable International Finance Ltd., 7.13%,
10/15/32(a)
USD200
200,670
SE COSMOS LLC, 8.88%, 05/01/31(a)
USD235
233,825
SV RNO Property Owner 1 LLC, 5.88%,
03/01/31(a)
USD486
476,838
Telecom Italia Capital SA, 7.72%, 06/04/38
USD93
105,301
Uniti Group LP/Uniti Group Finance 2019,
Inc./CSL Capital LLC
6.50%, 02/15/29(a)
USD22
21,615
Series Feb, 8.63%, 06/15/32(a)
USD220
230,253
Viavi Solutions, Inc., 3.75%, 10/01/29(a)
USD52
49,538
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31(a)
USD200
172,184
4.75%, 07/15/31(a)
USD200
173,019
13
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Telecommunications (continued)
Windstream Services LLC, 7.50%, 10/15/33(a)
USD164
$172,668
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/31(a)
USD414
437,887
WULF Compute LLC, 7.75%, 10/15/30(a)
USD172
180,771
Zayo Group Holdings, Inc.
9.25%, 03/09/30, (5.75% Cash and 0.50%
PIK)(a)(d)
USD79
78,773
13.75%, 09/09/30, (7.13% Cash and 1.88%
PIK)(a)(d)
USD126
124,372
 
8,381,974
Transportation — 0.2%
GB AIT Buyer, Inc., 8.75%, 04/30/34(a)
USD39
39,231
Genesee & Wyoming, Inc., 6.25%, 04/15/32(a)
USD60
61,409
Rand Parent LLC, 8.50%, 02/15/30(a)(c)
USD39
40,511
RXO, Inc., 6.38%, 05/15/31(a)
USD31
30,698
Stonepeak Nile Parent LLC, 7.25%, 03/15/32(a)
USD10
10,463
Watco Companies LLC/Watco Finance Corp.,
7.13%, 08/01/32(a)
USD36
37,388
 
219,700
Trucking & Leasing — 0.8%
FTAI Aviation Investors LLC
5.50%, 05/01/28(a)
USD58
57,976
5.88%, 04/15/33(a)(c)
USD280
278,423
7.00%, 05/01/31(a)
USD284
293,918
7.00%, 06/15/32(a)
USD135
139,352
7.88%, 12/01/30(a)
USD28
29,399
 
799,068
Total Corporate Bonds & Notes — 88.0%
(Cost: $87,097,416)
87,581,829
Fixed Rate Loan Interests
Computers — 0.2%
Clover Holdings 2 LLC, Term Loan B, 7.75%,
12/09/31
185
177,099
Software — 0.1%
Cotiviti, Inc., 2024 Term Loan B, 7.63%,
05/01/31
170
161,482
Total Fixed Rate Loan Interests — 0.3%
(Cost: $354,976)
338,581
Floating Rate Loan Interests(f)
Advertising — 0.2%
Clear Channel Outdoor Holdings, Inc., 2024
Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 4.11%), 7.77%, 08/23/28
$104
104,023
CMG Media Corp., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%),
7.30%, 06/18/29
78
72,925
Neptune Bidco U.S., Inc., 2026 USD Term Loan
B, (3-mo. CME Term SOFR at 0.50% Floor +
5.00%), 8.77%, 02/03/33
37
36,195
Summer BC Holdco B SARL, 2024 USD Term
Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 5.26%), 8.96%, 02/15/29
24
19,889
 
233,032
Security
Par
(000
)
Value
Aerospace & Defense — 0.1%
Kaman Corp., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.25%), 5.95%,
02/26/32
$23
$23,005
Propulsion BC Finco SARL, 2025 Repriced
Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 2.50%), 6.20%, 12/01/32
13
13,360
TransDigm, Inc., 2026 Term Loan N, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%),
6.15%, 02/13/33
42
42,060
 
78,425
Auto Parts & Equipment — 0.1%
Clarios Global LP, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.40%, 01/28/32
54
53,954
Tenneco, Inc.
2022 Term Loan A, (3-mo. CME Term SOFR
at 0.50% Floor + 4.75%), 8.51%,
11/17/28
4
4,169
2022 Term Loan B, (3-mo. CME Term SOFR
+ 5.10%), 8.76%, 11/17/28
73
72,499
 
130,622
Building Materials — 0.1%
Chariot Buyer LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%),
6.40%, 09/08/32
8
8,042
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 5.25%),
8.90%, 07/08/30
17
15,086
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 7.95%,
08/05/31
100
90,761
 
113,889
Chemicals — 0.4%
Advancion Holdings LLC, 2020 2nd Lien Term
Loan, (3-mo. CME Term SOFR + 7.75%),
11.52%, 11/24/28(j)
29
22,620
Aruba Investments Holdings LLC, 2020 USD
Term Loan, (3-mo. CME Term SOFR +
4.10%), 7.77%, 11/24/27(j)
10
9,097
Discovery Purchaser Corp., Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%),
7.41%, 10/04/29
113
111,494
Lonza Group AG, USD Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 4.03%),
7.72%, 07/03/28
43
39,602
Olympus Water U.S. Holding Corp., 2025 USD
Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.95%, 11/03/32
117
115,345
Oxea Holding Drei GmbH, 2017 USD Term
Loan B2, (3-mo. CME Term SOFR at 0.00%
Floor + 4.85%), 8.53%, 04/08/31
12
7,180
WR Grace Holdings LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.70%, 08/19/32
99
98,690
 
404,028
Commercial Services — 0.3%
Allied Universal Holdco LLC, 2025 USD Term
Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 6.90%, 08/20/32
73
73,296
Schedule of Investments
14
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Camelot U.S. Acquisition LLC, 2025
Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.90%,
01/31/31
$38
$36,034
Champions Financing, Inc., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.42%, 02/23/29
42
39,463
Galaxy U.S. Opco, Inc., Term Loan, (3-mo.
CME Term SOFR + 2.00%), 1.91%,
07/31/30
43
37,071
Hertz Corp.(The)
2021 Term Loan B, (3-mo. CME Term SOFR
+ 3.76%), 7.43%, 06/30/28
17
13,714
2021 Term Loan C, (3-mo. CME Term SOFR
+ 3.76%), 7.43%, 06/30/28
3
2,724
Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.00%),
7.70%, 11/01/31
9
9,313
Wand NewCo 3, Inc., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.15%, 01/30/31
51
50,732
 
262,347
Computers — 0.1%
Cubic Corp.
2025 Second Out Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor at 4.76%),
8.43%, 05/25/29
66
12,267
2025 Second Out Term Loan C, (3-mo. CME
Term SOFR at 0.75% Floor at 4.76%),
8.43%, 05/25/29
10
1,826
Fortress Intermediate 3, Inc., 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.66%, 06/27/31(j)
5
5,075
McAfee LLC, 2024 USD 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.65%, 03/01/29
66
58,273
 
77,441
Distribution & Wholesale — 0.2%
BCPE Empire Holdings, Inc., 2026 10th
Amendment Term Loan, (1-mo. CME Term
SOFR + 3.50%), 7.15%, 12/29/32
158
157,654
Diversified Financial Services — 0.1%
Jupiter Borrower, Inc., Term Loan B, 03/25/33(k)
28
28,070
Summit Acquisition, Inc., 2025 Add-on Term
Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 3.50%), 7.15%, 10/16/31
20
19,901
 
47,971
Electric — 0.0%
LSF12 Crown U.S. Commercial Bidco LLC,
2026 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.66%, 12/02/31
40
40,091
Electronics — 0.1%
Resilience Parent LLC, 1st Lien Term Loan,
(6-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.13%, 02/28/33
59
59,118
Security
Par
(000
)
Value
Engineering & Construction — 0.0%
Azuria Water Solutions, Inc., 2026 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.41%, 04/25/33(j)
$38
$38,196
Brand Industrial Services, Inc., 2024 Term Loan
B, (3-mo. CME Term SOFR at 0.50% Floor +
4.50%), 8.16%, 08/01/30
10
8,345
 
46,541
Entertainment — 0.1%
City Football Group Ltd., 2024 Term Loan,
(3-mo. CME Term SOFR at 0.50% Floor +
3.76%), 7.43%, 07/22/30
32
32,126
Great Canadian Gaming Corp., 2024 Term
Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 4.75%), 8.44%, 11/01/29
15
14,919
 
47,045
Environmental Control — 0.0%
Arcwood Environmental, Inc., 2026 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.68%, 04/01/33(j)
19
19,047
Health Care - Products — 0.1%
Hopper Merger Sub, Inc., 2026 USD Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.92%, 04/07/33
90
89,494
Health Care - Services — 0.4%
Bausch & Lomb Corp., 2025 Repriced Term
Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 3.75%), 7.40%, 01/15/31
135
135,837
LifePoint Health, Inc.
2024 Incremental Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor +
3.50%), 7.18%, 05/19/31
54
53,825
2024 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.75%),
7.42%, 05/19/31
108
107,046
Star Parent, Inc., Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.70%,
09/27/30
109
109,492
 
406,200
Holding Companies - Diversified — 0.0%
Acuren Delaware Holdco, Inc., 2025 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.40%, 07/30/31
7
6,972
Housewares — 0.0%
Hunter Douglas, Inc., 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.70%, 01/20/32
9
9,147
SWF Holdings I Corp, 2024 FLFO Delayed
Draw Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 4.50%), 8.15%, 12/19/29
8
7,585
SWF Holdings I Corp., 2024 FLFO A1 Term
Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.50%), 8.15%, 12/19/29
6
5,688
 
22,420
Insurance — 0.2%
Ardonagh Group Finco Pty. Ltd., 2024 USD
Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.75%), 6.37%, 02/15/31
71
69,708
15
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Insurance (continued)
Asurion LLC
2024 Term Loan B12, (3-mo. CME Term
SOFR at 0.00% Floor at 4.25%), 7.91%,
09/19/30
$13
$13,123
2025 Term Loan B13, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%,
09/19/30
77
77,483
CRC Insurance Group LLC, 2nd Lien Term
Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 4.75%), 8.45%, 05/06/32
30
29,527
Hyperion Insurance Group Ltd., 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 6.40%, 04/18/30
5
4,892
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
44
43,776
 
238,509
Internet — 0.0%
Proofpoint, Inc., 2025 Repriced Term Loan,
(3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.70%, 08/31/28
9
8,682
Leisure Time — 0.0%
MajorDrive Holdings IV LLC, Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor +
4.00%), 7.96%, 06/01/28
13
11,984
Sabre GLBL, Inc.
2024 Term Loan B1, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 9.75%,
11/15/29
9
7,353
2024 Term Loan B2, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 9.75%,
11/15/29
5
4,028
2025 11th Amendment Term Loan B2, (1-mo.
CME Term SOFR at 0.50% Floor +
6.25%), 10.00%, 07/30/29
5
4,440
 
27,805
Machinery — 0.0%
Arcline FM Holdings LLC, 2025 1st Lien Term
Loan, 06/23/30(k)
0
(l)
18
Machinery - Diversified — 0.1%
LSF12 Helix Parent LLC, USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.15%, 02/10/33
94
93,704
Manufacturing — 0.1%
CompoSecure Holdings LLC, Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.92%, 01/14/33
60
60,100
Media — 0.4%
Coral-U.S. Co-Borrower LLC, 2025 Term Loan
B7, (3-mo. CME Term SOFR at 0.00% Floor
+ 3.25%), 6.92%, 01/31/32
118
117,934
CSC Holdings LLC, 2019 Term Loan B5, (Prime
+ 1.50%), 8.25%, 04/15/27
53
46,475
Directv Financing LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.75% Floor +
5.50%), 9.16%, 02/17/31
82
82,438
Security
Par
(000
)
Value
Media (continued)
Gray Media, Inc., 2021 Term Loan D, (1-mo.
CME Term SOFR + 3.00%), 6.78%,
12/01/28
$18
$17,675
Numericable US LLC, 2025 USD Term Loan
B14, (3-mo. CME Term SOFR at 0.00% Floor
+ 6.88%), 10.55%, 05/31/31
50
50,679
Radiate Holdco LLC, 2025 FLFO Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor +
3.61% and 1.50% PIK), 8.77%, 09/25/29(d)
65
59,273
 
374,474
Mining — 0.0%
Tega MC Australia Holdings Pty Ltd., Term Loan
B, 03/25/33(j)(k)
23
22,971
Packaging & Containers — 0.2%
LABL, Inc.
2021 USD 1st Lien Term Loan, 0.00%,
10/30/28(h)(i)
36
16,992
2026 USD Interim New Money DIP Term
Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 6.75%), 10.38%, 12/02/26
13
13,106
2026 USD Interim Roll up DIP Term Loan,
(3-mo. CME Term SOFR at 0.50% Floor +
6.75%), 10.41%, 12/02/26
4
3,360
Mauser Packaging Solutions Holding Co., 2025
Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.50%), 7.16%, 04/15/30
192
188,360
 
221,818
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2026 Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.65%, 08/01/32
76
75,970
Endo Finance Holdings LP, 2024 1st Lien Term
Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.75%), 7.40%, 04/23/31
25
24,470
 
100,440
Pipelines — 0.1%
Calcasieu Pass Funding LLC, 2026 Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor +
3.25%), 6.95%, 04/11/33
34
34,080
NGL Energy Partners LP, 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.15%, 03/11/33
30
30,056
 
64,136
Real Estate — 0.0%
CoreLogic, Inc., 2nd Lien Term Loan, (1-mo.
CME Term SOFR + 6.50%), 10.27%,
06/04/29
19
17,955
Retail — 0.5%
Boots Group Finco LP, USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%),
6.92%, 08/30/32
185
185,403
LBM Acquisition LLC, 2024 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.75%
Floor + 3.85%), 7.50%, 06/06/31
74
61,412
Schedule of Investments
16
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Retail (continued)
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
$163
$161,899
2026 Incremental Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%),
7.17%, 02/10/33
76
75,126
 
483,840
Software — 0.1%
CoreLogic, Inc., Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.61%), 7.27%,
06/02/28
68
66,238
Telecommunications — 0.6%
Digicel International Finance Ltd., 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.00%
Floor at 4.50%), 8.16%, 08/06/32
81
80,715
Level 3 Financing, Inc., 2025 Repriced Term
Loan B4, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 6.90%, 03/29/32
116
116,248
Windstream Services LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor +
4.00%), 7.65%, 10/06/32
43
42,893
Zayo Group Holdings, Inc., 2025 USD Term
Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 3.11% and 0.50% PIK), 7.27%,
03/11/30(d)
386
385,032
 
624,888
Transportation — 0.0%
GB AIT Buyer, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor at 4.25%),
7.91%, 04/29/33
43
43,036
Total Floating Rate Loan Interests — 4.7%
(Cost: $4,730,248)
4,690,951
 
Shares
 
Common Stocks
Diversified Consumer Services — 0.0%
Luxco Co. Ltd., NVS
2,037
41,479
Food Products — 0.0%
Lamb Weston Holdings, Inc.
975
42,461
Life Sciences Tools & Services — 0.1%
IQVIA Holdings, Inc.(i)
304
48,145
Metals & Mining — 0.1%
Constellium SE, Class A(i)
3,689
115,392
Oil, Gas & Consumable Fuels — 0.3%
Energy Transfer LP
8,735
176,360
Enterprise Products Partners LP
1,830
70,821
 
247,181
Specialized REITs — 0.2%
VICI Properties, Inc., Class A
5,932
173,214
Total Common Stocks — 0.7%
(Cost $573,416)
667,872
Security
Shares
Value
Investment Companies
Exchange Traded Funds — 2.1%
iShares Broad USD High Yield Corporate Bond
ETF(c)(m)
47,600
$1,772,148
SPDR Blackstone Senior Loan ETF
8,800
357,280
 
2,129,428
Total Investment Companies — 2.1%
(Cost $2,154,000)
2,129,428
Preferred Stocks
Financial Services — 0.0%
Shift4 Payments, Inc., 6.00%, 05/01/28(n)
213
11,924
Insurance — 0.4%
Alliant Cali, Inc., NVS, (Acquired 09/25/24, Cost
$327,020)(g)(j)
332
331,741
Semiconductors & Semiconductor Equipment — 0.1%
Microchip Technology, Inc., 7.50%, 03/15/28(n)
1,367
107,542
Total Preferred Stocks — 0.5%
(Cost $420,356)
451,207
Total Long-Term Investments — 96.7%
(Cost: $95,746,264)
96,277,654
Short-Term Securities
Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL
Agency Shares, 3.83%(m)(o)(p)
9,305,122
9,307,913
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.61%(m)(o)
2,160,000
2,160,000
Total Short-Term Securities — 11.5%
(Cost: $11,467,529)
11,467,913
Total Investments — 108.2%
(Cost: $107,213,793)
107,745,567
Liabilities in Excess of Other Assets — (8.2)%
(8,166,366
)
Net Assets — 100.0%
$99,579,201
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Zero-coupon bond.
(c)
All or a portion of this security is on loan.
(d)
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.
(e)
Perpetual security with no stated maturity date.
(f)
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.
(g)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $1,883,023, representing 1.9% of its net assets as of
period end, and an original cost of $1,876,020.
(h)
Issuer filed for bankruptcy and/or is in default.
(i)
Non-income producing security.
(j)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(k)
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.
(l)
Rounds to less than 1,000.
(m)
Affiliate of the Fund.
17
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
 
(n)
Convertible security.
(o)
Annualized 7-day yield as of period end.
(p)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 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
04/30/26
Shares
Held at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$7,593,995
$1,715,203
(a)
$—
$(1,075
)
$(210
)
$9,307,913
9,305,122
$11,130
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
3,580,000
—
(1,420,000
)(a)
—
—
2,160,000
2,160,000
61,729
—
iShares Broad USD High Yield Corporate Bond
ETF
1,615,940
171,810
—
—
(15,602
)
1,772,148
47,600
57,351
—
 
 
 
 
$(1,075)
$(15,812)
$13,240,061
 
$130,210
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to
and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts
 
 
 
10-Year U.S. Ultra Treasury Note
8
06/18/26
$902
$24,479
U.S. Long Bond
5
06/18/26
564
23,203
 
 
 
$47,682
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
861,728
EUR
747,000
Barclays Bank PLC
06/17/26
$(16,726
)
 
 
 
 
$(16,726
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.46.V1
5.00
%
Quarterly
06/20/31
B
USD
2,376
$183,403
$96,057
$87,346
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Schedule of Investments
18
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
 
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR, 3.66%
Quarterly
Markit iBoxx $ Liquid High
Yield Index
At
Termination
BNP Paribas
S.A.
N/A
09/20/26
USD
3,230
$47,125
$(29,161
)
$76,286
1-day SOFR, 3.66%
Quarterly
Markit iBoxx $ Liquid High
Yield Index
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/20/26
USD
16
233
(142
)
375
1-day SOFR, 3.66%
Quarterly
Markit iBoxx $ Liquid High
Yield Index
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/20/26
USD
19
246
(185
)
431
1-day SOFR, 3.66%
Quarterly
Markit iBoxx USD Liquid
Leveraged Loan Index
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
12/20/26
USD
1,050
1,456
(5,485
)
6,941
 
 
 
 
 
 
 
 
$49,060
$(34,973
)
$84,033
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps 
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally Cleared Swaps
$96,057
$—
$87,346
$—
OTC Swaps
—
(34,973
)
84,033
—
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$—
$—
$47,682
$—
$47,682
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$—
$87,346
$—
$—
$—
$—
$87,346
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$—
$—
$—
$84,033
$—
$84,033
 
$—
$87,346
$—
$—
$131,715
$—
$219,061
Liabilities—Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$—
$—
$—
$16,726
$—
$—
$16,726
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
$—
$—
$—
$—
$34,973
$—
$34,973
 
$—
$—
$—
$16,726
$34,973
$—
$51,699
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets
and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
19
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
 
For the period ended April 30, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$—
$—
$—
$—
$7,824
$—
$7,824
Forward foreign currency exchange contracts
—
—
—
27,443
—
—
27,443
Swaps
—
(15,450
)
—
—
181,621
—
166,171
 
$—
$(15,450
)
$—
$27,443
$189,445
$—
$201,438
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$—
$—
$—
$—
$40,094
$—
$40,094
Forward foreign currency exchange contracts
—
—
—
(36,278
)
—
—
(36,278
)
Swaps
—
82,110
—
—
(173,676
)
—
(91,566
)
 
$—
$82,110
$—
$(36,278
)
$(133,582
)
$—
$(87,750
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — short
$914,750
Forward foreign currency exchange contracts:
Average amounts sold — in USD
$867,345
Credit default swaps:
Average notional value — sell protection
$2,450,488
Total return swaps:
Average notional value
$4,315,000
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$—
$1,374
Forward foreign currency exchange contracts
—
16,726
Swaps - centrally cleared
8,391
—
Swaps - OTC(a)
84,033
34,973
Total derivative assets and liabilities in the Statement of Assets and Liabilities
92,424
53,073
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(8,391
)
(1,374
)
Total derivative assets and liabilities subject to an MNA
$84,033
$51,699
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
BNP Paribas S.A.
$76,286
$(29,161
)
$—
$—
$47,125
Schedule of Investments
20
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares High Yield Active ETF
 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Morgan Stanley & Co. International PLC
$7,747
$(5,812
)
$—
$—
$1,935
 
$84,033
$(34,973
)
$—
$—
$49,060
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
Barclays Bank PLC
$16,726
$—
$—
$—
$16,726
BNP Paribas S.A.
29,161
(29,161
)
—
—
—
Morgan Stanley & Co. International PLC
5,812
(5,812
)
—
—
—
 
$51,699
$(34,973
)
$—
$—
$16,726
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Convertible Bonds
$—
$417,786
$—
$417,786
Corporate Bonds & Notes
—
87,581,829
—
87,581,829
Fixed Rate Loan Interests
—
338,581
—
338,581
Floating Rate Loan Interests
—
4,573,945
117,006
4,690,951
Common Stocks
626,393
41,479
—
667,872
Investment Companies
2,129,428
—
—
2,129,428
Preferred Stocks
—
119,466
331,741
451,207
Short-Term Securities 
Money Market Funds
11,467,913
—
—
11,467,913
Unfunded Floating Rate Loan Interests(a)
—
14
—
14
 
$14,223,734
$93,073,100
$448,747
$107,745,581
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$87,346
$—
$87,346
Interest Rate Contracts
47,682
84,033
—
131,715
Liabilities 
Foreign Currency Exchange Contracts
—
(16,726
)
—
(16,726
)
 
$47,682
$154,653
$—
$202,335
 
(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.   
See notes to financial statements.
21
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statement of Assets and Liabilities (unaudited)
April 30, 2026
 
 
iShares
High Yield
Active ETF
ASSETS
 
Investments, at value—unaffiliated(a)(b)
$94,505,506
Investments, at value—affiliated(c)
13,240,061
Cash
134,402
Cash pledged:
 
Futures contracts
44,000
Centrally cleared swaps
191,238
Foreign currency, at value(d)
8
Receivables:
 
Investments sold
475,582
Securities lending income—affiliated
2,312
Loans
6,784
Dividends—unaffiliated
9,859
Dividends—affiliated
10,209
Interest—unaffiliated
1,420,181
Variation margin on centrally cleared swaps
8,391
Unrealized appreciation on:
 
OTC swaps
84,033
Unfunded floating rate loan interests
14
Total assets
110,132,580
LIABILITIES
 
Collateral on securities loaned, at value
9,310,797
Payables:
 
Investments purchased
1,153,260
Investment advisory fees
36,249
Variation margin on futures contracts
1,374
Swap premiums received
34,973
Unrealized depreciation on forward foreign currency exchange contracts
16,726
Total liabilities
10,553,379
Commitments and contingent liabilities
 
NET ASSETS
$99,579,201
NET ASSETS CONSIST OF
 
Paid-in capital
$98,554,304
Accumulated earnings
1,024,897
NET ASSETS
$99,579,201
NET ASSET VALUE
 
Shares outstanding
1,950,000
Net asset value
$51.07
Shares authorized
Unlimited
Par value
None
(a) Investments, at cost—unaffiliated
$93,958,344
(b) Securities loaned, at value
$8,958,499
(c) Investments, at cost—affiliated
$13,255,449
(d) Foreign currency, at cost
$8
See notes to financial statements.
Statement of Assets and Liabilities
22
Statement of Operations (unaudited)
Six Months Ended April 30, 2026  
 
 
iShares
High Yield
Active ETF
INVESTMENT INCOME
Dividends—unaffiliated
$43,804
Dividends—affiliated
119,080
Interest—unaffiliated
2,983,708
Securities lending income—affiliated—net
11,130
Other income—unaffiliated
33,778
Total investment income
3,191,500
EXPENSES
Investment advisory
203,531
Commitment costs
140
Total expenses
203,671
Less:
Investment advisory fees waived
(2,180
)
Total expenses after fees waived
201,491
Net investment income
2,990,009
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(119,661
)
Investments—affiliated
(1,075
)
Forward foreign currency exchange contracts
27,443
Foreign currency transactions
1,641
Futures contracts
7,824
Swaps
166,171
 
82,343
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
(742,287
)
Investments—affiliated
(15,812
)
Forward foreign currency exchange contracts
(36,278
)
Foreign currency translations
234
Futures contracts
40,094
Swaps
(91,566
)
Unfunded floating rate loan interests
4
 
(845,611
)
Net realized and unrealized loss
(763,268
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$2,226,741
See notes to financial statements.
23
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
iShares
High Yield Active ETF
 
Six Months
Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$2,990,009
$6,143,204
Net realized gain
82,343
1,149,933
Net change in unrealized appreciation (depreciation)
(845,611
)
117,835
Net increase in net assets resulting from operations
2,226,741
7,410,972
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(3,874,444
)(b)
(6,808,325
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
20,590,699
(22,701,665
)
NET ASSETS
Total increase (decrease) in net assets
18,942,996
(22,099,018
)
Beginning of period
80,636,205
102,735,223
End of period
$99,579,201
$80,636,205
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Statements of Changes in Net Assets
24
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares High Yield Active ETF
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Period From
06/17/24(a)
to 10/31/24
Net asset value, beginning of period
$52.02
$51.37
$50.00
Net investment income(b)
1.68
3.49
1.30
Net realized and unrealized gain (loss)(c)
(0.34
)
1.01
1.02
Net increase from investment operations
1.34
4.50
2.32
Distributions(d)
From net investment income
(1.65
)(e)
(3.67
)
(0.95
)
From net realized gain
(0.64
)
(0.18
)
—
Total distributions
(2.29
)
(3.85
)
(0.95
)
Net asset value, end of period
$51.07
$52.02
$51.37
Total Return(f)
Based on net asset value
2.63
%(g)
9.19
%
4.66
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.45
%(i)
0.45
%
0.45
%(i)
Total expenses after fees waived
0.45
%(i)
0.45
%
0.45
%(i)
Net investment income
6.61
%(i)
6.85
%
6.81
%(i)
Supplemental Data
Net assets, end of period (000)
$99,579
$80,636
$102,735
Portfolio turnover rate(j)
26
%
79
%
21
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
25
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited)
1. ORGANIZATION
BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust.  iShares High Yield Active ETF (the “Fund”) is a series of the Trust.  The Fund is classified as a non-diversified fund under the 1940 Act.
The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Cash: The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Segment Reporting: The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements. 
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date.  U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of the Fund has
Notes to Financial Statements
26
Notes to Financial Statements (unaudited) (continued)
approved the designation of BFA, the Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price. 
• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”).  The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
 (i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
 (ii) recapitalizations and other transactions across the capital structure
 (iii) market or relevant indices multiples of comparable issuers
 (iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
 (v) quoted prices for similar investments or assets in active markets
 (vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
 (vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
27
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 (viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.
Fair  Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that 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). 
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions.  The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government.  The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities.  The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day.  During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments.  The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
Notes to Financial Statements
28
Notes to Financial Statements (unaudited) (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
Fund Name and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
iShares High Yield Active ETF
BMO Capital Markets
$19,887
$(19,887)
$—
$—
BNP Paribas Prime Brokerage International Ltd.
1,726,490
(1,726,490)
—
—
BofA Securities, Inc.
186,220
(186,220)
—
—
HSBC Securities (USA), Inc.
31,720
(31,720)
—
—
J.P. Morgan Securities LLC
825,654
(825,654)
—
—
Jefferies LLC
187,733
(187,733)
—
—
Morgan Stanley
527,765
(527,765)
—
—
National Bank Financial Inc.
528,024
(528,024)
—
—
Nomura Securities International, Inc.
44,149
(44,149)
—
—
Pershing LLC
81,531
(81,531)
—
—
RBC Capital Markets LLC
1,701,021
(1,701,021)
—
—
Scotia Capital (USA), Inc.
664,220
(664,220)
—
—
TD Securities (USA) LLC – Cowen
499,254
(499,254)
—
—
UBS AG
218,578
(218,578)
—
—
Wells Fargo Bank, N.A.
184,051
(184,051)
—
—
Wells Fargo Securities LLC
1,532,202
(1,532,202)
—
—
 
$8,958,499
$(8,958,499)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation
29
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
(depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:  
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
iShares High Yield Active ETF
Azuria Water Solutions, Inc.
$5,106
$5,093
$5,093
$—
 
Kaman Corp.
2,657
2,654
2,668
14
 
 
$14
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of  Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed.  Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of  Assets and Liabilities.   A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. 
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund's counterparty on the swap.  The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.  Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
Notes to Financial Statements
30
Notes to Financial Statements (unaudited) (continued)
Total return swaps are entered into by the Fund to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities.  Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. 
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets.  BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
31
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to the Fund, BFA will be paid a management fee from the Fund, based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $5 billion
0.45%
Over 5 billion, up to and including $10 billion
0.44
Over $10 billion
0.42
Expense Waivers: BFA has contractually agreed to waive a portion of its management fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to waive a portion of its management fees to the Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. 
For the six months ended April 30, 2026, the amounts waived in investment advisory fees pursuant to this arrangement were as follows: 
Fund Name
Amounts Waived
iShares High Yield Active ETF
$2,180
Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund. 
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
ETF Servicing Fees: The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.
Securities Lending: The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee.  If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Fixed-Income Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended April 30, 2026, the Fund paid BTC $3,569 for securities lending agent services.
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions: The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.
Notes to Financial Statements
32
Notes to Financial Statements (unaudited) (continued)
7. PURCHASES AND SALES
For the six months ended April 30, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
Fund Name
Purchases
Sales
iShares High Yield Active ETF
$43,504,653
$22,783,738
There were no in-kind transactions for the six months ended April 30, 2026.
8. INCOME TAX INFORMATION
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes.  It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund’s NAV.
As of April 30, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
iShares High Yield Active ETF
$107,259,165
$1,666,308
$(977,571)
$688,737
9. LINE OF CREDIT
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2027 unless extended or renewed. The Fund paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended April 30, 2026, the Fund did not borrow under the credit agreement.
10. PRINCIPAL RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations.  Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk: The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current
33
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
The Fund invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
Notes to Financial Statements
34
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows: 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name
Shares
Amount
Shares
Amount
iShares High Yield Active ETF
Shares sold
400,000
$20,590,699
400,000
$20,773,571
Shares redeemed
—
—
(850,000
)
(43,475,236
)
 
400,000
$20,590,699
(450,000
)
$(22,701,665
)
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund’s custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.
12. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
35
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Fund and Service Providers 
Investment Adviser
Independent Registered Public Accounting Firm
BlackRock Fund Advisors
San Francisco, CA 94105
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Sub-Adviser
Legal Counsel
BlackRock International Limited
Edinburgh, EH3 5PP
United Kingdom
Willkie Farr & Gallagher LLP
New York, NY 10019
Administrator, Custodian and Transfer Agent
Address of the Trust
State Street Bank and Trust Company
Boston, MA, 02114
100 Bellevue Parkway
Wilmington, DE 19809
Distributor
 
BlackRock Investments, LLC
New York, NY 10001
 
Additional Information
36
Glossary of Terms Used in these Financial Statements
 
Portfolio Abbreviation 
CME
Chicago Mercantile Exchange
CMT
Constant Maturity Treasury
DIP
Debtor-In-Possession
NVS
Non-Voting Shares
PIK
Payment-in-kind
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
 
Currency Abbreviation 
EUR
Euro
USD
United States Dollar
37
2026 BlackRock Semi-Annual Financial Statements and Additional Information
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Want to know more?
blackrock.com | 1-800-474-2737
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940

Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

 

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

BlackRock ETF Trust II

 

By:     /s/ John M. Perlowski
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock ETF Trust II

Date: June 22, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:     /s/ John M. Perlowski
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock ETF Trust II

Date: June 22, 2026

 

By:     /s/ Trent Walker
   Trent Walker
   Chief Financial Officer (principal financial officer) of
   BlackRock ETF Trust II
Date: June 22, 2026
ATTACHMENTS / EXHIBITS

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