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2026-04-30 0001524513 iuset:OtherAssetsLessLiabilitiesMember iuset:C000242839Member 2026-04-30 0001524513 iuset:C000242839Member iuset:PreciousMetalsFuturesMember 2026-04-30 0001524513 iuset:USTreasuryObligationsMember iuset:C000242839Member 2026-04-30 iso4217:USD pure iuset:Holding 0001524513 false N-1A N-CSRS NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca CboeBZX CboeBZX CboeBZX iShares U.S. ETF Trust 2026-04-30 iShares Bloomberg Roll Select Commodity Strategy ETF iShares Bloomberg Roll Select Commodity Strategy ETF CMDY This semi-annual shareholder report contains important information about iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What were the Fund costs for the last six months?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">iShares Bloomberg Roll Select Commodity Strategy ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;"><span style="float:none">$</span>15</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; white-space: nowrap;">0.27<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="line-height:0px;font-size:6pt;vertical-align:super">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 15 0.0027 <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: 12%;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;"><span style="float:none">$</span>537,004,852</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;">76</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; white-space: nowrap; width: 12%;">0<span>%</span></td> </tr> </table> 537004852 76 0 <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What did the Fund invest in?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';text-align:justify;color:rgb(0, 0, 0);font-size:9pt;line-height:11.4pt;">(as of April 30, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Portfolio composition</div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;">Asset Type</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); padding-right: 0; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;">Percent of<br/> Net Assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); padding-left: 6pt; width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Commercial Paper</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">47.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">U.S. Treasury Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">29.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Money Market Funds</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">15.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">6.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Cash</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">8.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Other assets, less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">(7.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>)</span><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Commodity exposure</div> <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal;">Sector Exposure<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;">Percent of<br/> Exposure</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; padding-left: 0; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Energy Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">39.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Agriculture Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">26.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Precious Metals Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">15.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Industrial Metals Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">13.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Livestock Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 1.6pt; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.</div></td> </tr> </table> 0.473 0.297 0.157 0.062 0.081 -0.070 0.393 0.266 0.155 0.135 0.051 iShares GSCI Commodity Dynamic Roll Strategy ETF iShares GSCI Commodity Dynamic Roll Strategy ETF COMT NASDAQ This semi-annual shareholder report contains important information about iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What were the Fund costs for the last six months?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">iShares GSCI Commodity Dynamic Roll Strategy ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;"><span style="float:none">$</span>28</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; white-space: nowrap;">0.47<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="line-height:0px;font-size:6pt;vertical-align:super">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 28 0.0047 <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: 12%;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;"><span style="float:none">$</span>1,160,582,105</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;">170</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; white-space: nowrap; width: 12%;">0<span>%</span></td> </tr> </table> 1160582105 170 0 <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What did the Fund invest in?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';text-align:justify;color:rgb(0, 0, 0);font-size:9pt;line-height:11.4pt;">(as of April 30, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Portfolio composition</div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;">Asset Type</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); padding-right: 0; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;">Percent of<br/> Net Assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); padding-left: 6pt; width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Commercial Paper</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">45.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Certificates of Deposit</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">16.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Money Market Funds</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">15.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">U.S. Treasury Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">13.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">11.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Cash</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">8.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Other assets, less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">(11.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>)</span><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Commodity<span style="white-space:nowrap"> </span>linked futures</div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal;">Sector Exposure</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;">Percent of<br/> Notional Amount</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; padding-left: 0; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Energy Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">57.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Agriculture Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Industrial Metals Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">11.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Livestock Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Gold Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Precious Metals Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 1.6pt; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> 0.456 0.168 0.155 0.138 0.115 0.086 -0.118 0.574 0.126 0.115 0.095 0.080 0.010 iShares Inflation Hedged Corporate Bond ETF iShares Inflation Hedged Corporate Bond ETF LQDI This semi-annual shareholder report contains important information about iShares Inflation Hedged Corporate Bond ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Inflation Hedged Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>2<span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;">0.05<span>%</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)(b)</sup></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. </div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; margin-bottom: 0; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 2 0.0005 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>70,115,442</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">120</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">1<span>%</span></td> </tr> </table> 70115442 120 0.01 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-style: italic; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Asset Type</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of</em><br/><em>Net Assets</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Investment Companies</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">94.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Short-term Investments</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">47.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Swaps, net cumulative appreciation</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other assets less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(45.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="3" style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; white-space: normal; width: auto; font-weight: bold; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Credit quality allocation (of the underlying fund)<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal; padding: 1.6pt 0 0 6pt;"><em>Credit Rating<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"><em>Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aaa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">2.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">9.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">47.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">37.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Ba</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">1.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;">0.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.940 0.470 0.049 -0.459 0.022 0.098 0.476 0.379 0.019 0.006 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. iShares Interest Rate Hedged Corporate Bond ETF iShares Interest Rate Hedged Corporate Bond ETF LQDH This semi-annual shareholder report contains important information about iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Interest Rate Hedged Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>5<span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;">0.10<span>%</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)(b)</sup></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. </div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; margin-bottom: 0; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 5 0.0010 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>505,777,128</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">178</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">0<span>%</span></td> </tr> </table> 505777128 178 0 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-style: italic; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Asset Type</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of</em><br/><em>Net Assets</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Investment Companies</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">94.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Short-term Investments</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">50.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Swaps, net cumulative appreciation</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other assets less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(49.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="3" style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; white-space: normal; width: auto; font-weight: bold; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Credit quality allocation (of the underlying fund)<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal; padding: 1.6pt 0 0 6pt;"><em>Credit Rating<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"><em>Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aaa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">2.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">9.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">47.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">37.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Ba</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">1.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;">0.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.940 0.507 0.052 -0.499 0.022 0.098 0.476 0.379 0.019 0.006 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. iShares Interest Rate Hedged High Yield Bond ETF iShares Interest Rate Hedged High Yield Bond ETF HYGH This semi-annual shareholder report contains important information about iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Interest Rate Hedged High Yield Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>3<span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;">0.05<span>%</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)(b)</sup></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; margin-bottom: 0; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 3 0.0005 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>484,767,484</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">174</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">0<span>%</span></td> </tr> </table> 484767484 174 0 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-style: italic; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Asset Type</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of</em><br/><em>Net Assets</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Investment Companies</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">94.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Short-term Investments</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">49.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Swaps, net cumulative appreciation</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">0.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other assets less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(44.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="3" style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; white-space: normal; width: auto; font-weight: bold; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Credit quality allocation (of the underlying fund)<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal; padding: 1.6pt 0 0 6pt;"><em>Credit Rating<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"><em>Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">1.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Ba</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">46.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">39.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Caa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">10.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Ca</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">0.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;">1.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.944 0.498 0.006 -0.448 0.017 0.468 0.391 0.101 0.005 0.018 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. iShares Interest Rate Hedged Long-Term Corporate Bond ETF iShares Interest Rate Hedged Long-Term Corporate Bond ETF IGBH This semi-annual shareholder report contains important information about iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Interest Rate Hedged Long-Term Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>5<span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;">0.10<span>%</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)(b)</sup></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; margin-bottom: 0; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 5 0.0010 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>170,761,443</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">277</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">0<span>%</span></td> </tr> </table> 170761443 277 0 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-style: italic; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Asset Type</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of</em><br/><em>Net Assets</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Investment Companies</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">92.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Short-term Investments</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">48.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Swaps, net cumulative appreciation</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other assets less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(47.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="3" style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; white-space: normal; width: auto; font-weight: bold; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Credit quality allocation (of the underlying fund)<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal; padding: 1.6pt 0 0 6pt;"><em>Credit Rating<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"><em>Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aaa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">2.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">12.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">42.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">39.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Ba</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">1.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;">1.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">The underlying fund is iShares 10+ Year Investment Grade Corporate Bond ETF.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.927 0.486 0.057 -0.470 0.026 0.125 0.426 0.396 0.013 0.014 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. iShares Interest Rate Hedged U.S. Aggregate Bond ETF iShares Interest Rate Hedged U.S. Aggregate Bond ETF AGRH This semi-annual shareholder report contains important information about iShares Interest Rate Hedged U.S. Aggregate Bond ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Interest Rate Hedged U.S. Aggregate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>5<span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; vertical-align: bottom; white-space: nowrap; padding: 4pt 0 2pt 0;">0.10<span>%</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)(b)</sup></td> </tr> </table> <table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. </div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">​<sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; margin-bottom: 0; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 5 0.0010 <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>5,240,414</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">95</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">0<span>%</span></td> </tr> </table> 5240414 95 0 <div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-style: italic; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Asset Type</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of</em><br/><em>Net Assets</em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; font-style: italic; white-space: nowrap; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Investment Companies</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">93.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Short-term Investments</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">3.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Swaps, net cumulative appreciation</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">3.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other assets less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(0.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; width: auto; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="3" style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; white-space: normal; width: auto; font-weight: bold; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; background-color: rgb(118, 188, 33); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Credit quality allocation (of the underlying fund)<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal; padding: 1.6pt 0 0 6pt;"><em>Credit Rating<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"><em>Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></em></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aaa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">26.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Aa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">49.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">11.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">11.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Ba</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;">0.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;">0.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">The underlying fund is iShares Core U.S. Aggregate Bond ETF.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">​<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(c)</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr> </table> 0.933 0.036 0.034 -0.003 0.266 0.498 0.114 0.110 0.004 0.008 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. iShares Short Duration Bond Active ETF iShares Short Duration Bond Active ETF NEAR This semi-annual shareholder report contains important information about iShares Short Duration Bond Active ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What were the Fund costs for the last six months?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">iShares Short Duration Bond Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;"><span style="float:none">$</span>12</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; white-space: nowrap;">0.25<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="line-height:0px;font-size:6pt;vertical-align:super">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 12 0.0025 <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: 12%;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;"><span style="float:none">$</span>4,326,028,831</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;">1,605</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; white-space: nowrap; width: 12%;">42<span>%</span></td> </tr> </table> 4326028831 1605 0.42 <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What did the Fund invest in?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';text-align:justify;color:rgb(0, 0, 0);font-size:9pt;line-height:11.4pt;">(as of April 30, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Portfolio composition</div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;">Investment Type</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); padding-right: 0; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); padding-left: 6pt; width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate Bonds &amp; Notes</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">36.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">U.S. Government &amp; Agency Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">32.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Collateralized Mortgage Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">17.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Asset-Backed Securities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">12.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Foreign Government Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">0.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Investment Companies</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">0.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Municipal Debt Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">0.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Floating Rate Loan Interests</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">0.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Credit quality allocation </div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal;">Moody's Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; padding-left: 0; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Aaa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Aa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">35.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Ba</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Caa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 1.6pt; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Excludes money market funds.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Rounds to less than 0.1%.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr> </table> 0.363 0.323 0.179 0.123 0.009 0.002 0.001 0.000 0.106 0.355 0.143 0.149 0.042 0.018 0.002 0.185 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. iShares Transition-Enabling Metals ETF iShares Transition-Enabling Metals ETF TMET NASDAQ This semi-annual shareholder report contains important information about iShares Transition-Enabling Metals ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What were the Fund costs for the last six months?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">iShares Transition-Enabling Metals ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;"><span style="float:none">$</span>24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; white-space: nowrap;">0.43<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="line-height:0px;font-size:6pt;vertical-align:super">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 24 0.0043 <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: 12%;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;"><span style="float:none">$</span>27,899,425</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;">59</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; white-space: nowrap; width: 12%;">0<span>%</span></td> </tr> </table> 27899425 59 0 <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What did the Fund invest in?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';text-align:justify;color:rgb(0, 0, 0);font-size:9pt;line-height:11.4pt;">(as of April 30, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Portfolio composition</div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;">Asset Type</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); padding-right: 0; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;">Percent of<br/> Net Assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); padding-left: 6pt; width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Commercial Paper</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">34.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Money Market Funds</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">30.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">U.S. Treasury Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">16.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Certificates of Deposit</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">8.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Cash</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">7.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">(3.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>)</span><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Other assets, less liabilities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">6.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Commodity<span style="white-space:nowrap"> </span>linked futures</div> <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal;">Sector Exposure</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;">Percent of<br/> Notional Amount</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; padding-left: 0; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Industrial Metals Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">64.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Precious Metals Futures</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 1.6pt; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">34.6</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> 0.348 0.303 0.160 0.080 0.073 -0.030 0.066 0.647 0.346 iShares Ultra Short Duration Bond Active ETF iShares Ultra Short Duration Bond Active ETF ICSH This semi-annual shareholder report contains important information about iShares Ultra Short Duration Bond Active ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span><b>.</b> You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737). blackrock.com/fundreports 1‑800‑iShares (1‑800‑474‑2737) <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What were the Fund costs for the last six months?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">Fund name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11pt; font-weight: bold; background-color: rgb(118, 188, 33); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; text-align: left;">iShares Ultra Short Duration Bond Active ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom;"><span style="float:none">$</span>4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-align: center; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; vertical-align: bottom; white-space: nowrap;">0.08<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="page-break-inside:avoid;margin-top:2pt;break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; text-align: left; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="line-height:0px;font-size:6pt;vertical-align:super">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); text-align: center; margin-bottom: 0; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 4 0.0008 <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="font-size: 9pt; font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: 12%;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;"><span style="float:none">$</span>7,276,319,700</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; white-space: nowrap; width: 12%;">377</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-align: left; width: 100%; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; white-space: nowrap; width: 12%;">22<span>%</span></td> </tr> </table> 7276319700 377 0.22 <div style="margin-top:0px;margin-right:0px;margin-bottom:-0.18pt;margin-left:0px;font-kerning:none;font-family:'arial';font-size:10pt;font-weight:bold;color:rgb(0, 0, 0);">What did the Fund invest in?</div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';text-align:justify;color:rgb(0, 0, 0);font-size:9pt;line-height:11.4pt;">(as of April 30, 2026)</div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Portfolio composition</div> <table style="break-inside:avoid-page;page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;">Investment Type</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); padding-right: 0; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); padding-left: 6pt; width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate Bonds &amp; Notes</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">38.9</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Commercial Paper</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">24.1</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Certificates of Deposit</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">14.8</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Asset-Backed Securities</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">11.2</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Repurchase Agreements</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">8.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">U.S. Government &amp; Agency Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">2.4</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Municipal Debt Obligations</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;">0.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); padding-left: 0; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';font-weight:bold;font-size:10pt;text-align:left;letter-spacing:normal;text-transform:none;font-kerning:none;color:rgb(0, 0, 0);background-color:rgb(118, 188, 33);border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;padding-top:2pt;padding-right:0px;padding-bottom:1.5pt;padding-left:0px;">Credit quality allocation </div> <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: 100%; white-space: normal;">Moody's Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; padding-left: 0; width: auto; text-align: left; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; font-style: italic;"></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Aaa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Aa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.3</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">37.0</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Baa</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; color: rgb(0, 0, 0); font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; padding-right: 0; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-bottom: 1.6pt; padding-left: 0; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">30.5</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; padding-left: 0; text-align: left; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; color: rgb(0, 0, 0); width: auto; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="page-break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid;margin-top:0px"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Excludes money market funds.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr> </table> 0.389 0.241 0.148 0.112 0.083 0.024 0.003 0.055 0.183 0.370 0.087 0.305 Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Excludes money market funds. The underlying fund is iShares Core U.S. Aggregate Bond ETF. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. Excludes money market funds. Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index. Rounds to less than 0.1%. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. Annualized. Excludes money market funds. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. Annualized. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.  Annualized. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF. Excludes money market funds. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.  Annualized. The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Excludes money market funds. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. Annualized. The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Excludes money market funds. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. Annualized. The underlying fund is iShares 10+ Year Investment Grade Corporate Bond ETF. Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Excludes money market funds. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.  Annualized.