UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-23511
Name of Fund:
BlackRock ETF Trust II
iShares AAA CLO Active ETF
iShares BBB-B CLO Active ETF
iShares Flexible Income Active ETF
iShares Floating Rate Loan Active ETF
iShares Intermediate Muni Income Active ETF
iShares Short Duration High Yield Muni Active ETF
iShares Short-Term California Muni Active ETF
iShares Total Return Active ETF
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust II, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
7/31/2026
Date of reporting period:
7/31/2026
Item 1 — Reports to Stockholders
(a) The Reports to Shareholders are attached herewith
iShares AAA CLO Active ETF
CLOA | NASDAQ
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares AAA CLO Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares AAA CLO Active ETF $21 0.20%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 5.03%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%, and the JP Morgan CLOIE AAA Index returned 5.03%.
What contributed to performance?
Firm demand for senior floating-rate CLO debt supported carry and price stability for portfolio holdings, while greater dispersion in the underlying loan market increased the value of manager and collateral selection. Selected software issuers and borrowers with nearer-term refinancing needs were pressured, favoring higher-quality collateral pools, stronger structural protections, and liquid senior tranches.
The Fund’s core allocation to AAA-rated CLO tranches was the principal positive contributor, while small exposures to AA and A-rated tranches added marginally, along with cash and derivatives positions. No rating category detracted from total return. Base-rate carry and spread income drove most of the return. In factor terms, quality and risk reduction were the most important performance drivers, with relative value also adding to performance through selection across managers, structure, and vintages.
What detracted from performance?
While there were no material detractors for the period, positioning with respect to portfolio duration (and corresponding interest rate sensitivity) had a marginally negative impact on performance, although this was more than offset by positioning along the yield curve. The rolldown effect as issues approach maturity and move toward par value also detracted slightly.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 10, 2023 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 5.03 % 6.80 %
Bloomberg U.S. Universal Index 3.02 3.77
JP Morgan CLOIE AAA Index 5.03 6.67
Key Fund statistics
Net Assets $2,213,607,281
Number of Portfolio Holdings 415
Net Investment Advisory Fees $3,244,918
Portfolio Turnover Rate 101%
The inception date of the Fund was January 10, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Maturity allocation
Maturity Percent of Total
Investments(a)
1-5 Years 0.3 %
5-10 Years 3.5 %
10-15 Years 96.2 %
Ten largest holdings
Security Percent of Total
Investments(a)
TPG CLO Ltd., Series 2025-2A, Class A1, 5.00%, 01/21/39 0.9 %
AB BSL CLO 7 Ltd., Series 2025-7A, Class A1, 4.98%, 01/15/39 0.9 %
Elmwood CLO 28 Ltd., Series 2024-4A, Class AR, 4.97%, 04/17/37 0.9 %
KKR CLO 67 Ltd., Series 2026-67A, Class A, 5.00%, 07/15/39 0.9 %
1988 CLO 2 Ltd., Series 2023-2A, Class A1R, 4.95%, 04/15/38 0.9 %
Ares Loan Funding I Ltd., Series 2021-ALFA, Class AR, 4.92%, 04/15/39 0.9 %
Bain Capital Credit CLO Ltd., Series 2024-1A, Class A1R, 4.96%, 04/16/39 0.9 %
KKR CLO 43 Ltd., Series 2022-43A, Class A1R2, 4.85%, 04/15/38 0.9 %
New Mountain CLO 7 Ltd., Series CLO-7A, Class A1, 4.93%, 03/31/38 0.9 %
Carlyle U.S. CLO Ltd., Series 2022-3A, Class A1R2, 4.89%, 04/20/39 0.8 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, JPMorgan Securities, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares AAA CLO Active ETF
Annual Shareholder Report — July 31, 2026
CLOA-07/26-AR
iShares BBB-B CLO Active ETF
BCLO | NASDAQ
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares BBB-B CLO Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares BBB-B CLO Active ETF $46 0.45%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 6.01%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%, and the J.P. Morgan CLO High Quality Mezzanine Index returned 6.33%.
What contributed to performance?
The largest contributor to return was the Fund’s allocation to BBB-rated tranches, which comprised the bulk of the portfolio. Modest exposure to BB-rated tranches also contributed meaningfully, while holdings of cash and derivatives along with a small position in A-rated tranches added slightly to return. Base-rate carry and spread income drove most of the return. In factor terms, value and relative value were the most important performance drivers. Quality and risk reduction were also helpful, as the portfolio maintained limited exposure below BB and emphasized managers and structures with stronger collateral, higher market-value overcollateralization, and better downside protection.
What detracted from performance?
Positioning with respect to portfolio duration (and corresponding interest rate sensitivity) had a marginally negative impact on performance, although this was more than offset by positioning along the yield curve. The rolldown effect as issues approach maturity and move toward par value also detracted slightly. Trading effects detracted modestly as well, while exposure to unrated issues had a minimal negative impact.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 29, 2025 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 6.01 % 5.91 %
Bloomberg U.S. Universal Index 3.02 4.25
J.P. Morgan CLO High Quality Mezzanine Index 6.33 6.42
Key Fund statistics
Net Assets $84,187,746
Number of Portfolio Holdings 54
Net Investment Advisory Fees $326,904
Portfolio Turnover Rate 23%
The inception date of the Fund was January 29, 2025.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Maturity allocation
Maturity Percent of Total
Investments(a)
5-10 Years 5.9 %
10-15 Years 94.1 %
Ten largest holdings
Security Percent of Total
Investments(a)
Elmwood CLO 29 Ltd., Series 2024-5A, Class CR2, 5.48%, 04/20/37 6.0 %
OHA Credit Partners XIV Ltd., Series 2017-14A, Class D1R, 6.58%, 07/21/37 4.8 %
Palmer Square CLO Ltd., Series 2024-4A, Class D1, 6.40%, 01/15/38 4.0 %
GoldenTree Loan Management U.S. CLO 10 Ltd., Series 2021-10A, Class DR, 6.83%, 10/20/37 3.7 %
Apidos CLO L, Series 2024-50A, Class D1, 6.53%, 01/20/38 3.5 %
Birch Grove CLO 11 Ltd., Series 2024-11A, Class D1, 6.83%, 01/22/38 3.0 %
GoldenTree Loan Management U.S. CLO 17 Ltd., Series 2023-17A, Class DR, 6.53%, 01/20/39 3.0 %
Warwick Capital CLO 7 Ltd., Series 2025-7A, Class D1, 6.48%, 10/21/38 3.0 %
OHA Credit Funding 10-R Ltd., Series 2021-10RA, Class D1, 6.43%, 07/18/38 3.0 %
Golub Capital Partners CLO 74 B Ltd., Series 2024-74A, Class D1, 7.01%, 07/25/37 2.7 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, JPMorgan Securities, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares BBB-B CLO Active ETF
Annual Shareholder Report — July 31, 2026
BCLO-07/26-AR
iShares Flexible Income Active ETF
BINC | NYSE Arca
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares Flexible Income Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Flexible Income Active ETF $40 0.39%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 4.40%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%.
What contributed to performance?
Holdings in securitized credit, including commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities, and non-agency residential mortgage-backed securities were the primary contributors to performance. Positions in U.S. and European high yield bonds also contributed, as did dollar-denominated emerging market debt and agency mortgage-backed securities.
What detracted from performance?
Holdings in U.S. and European government debt hurt results, as yields rose during the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 19, 2023 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 4.40 % 6.94 %
Bloomberg U.S. Universal Index 3.02 4.12
Key Fund statistics
Net Assets $16,118,472,821
Number of Portfolio Holdings 4,653
Net Investment Advisory Fees $58,829,103
Portfolio Turnover Rate 389%
The inception date of the Fund was May 19, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds & Notes 34.9 %
U.S. Government & Agency Obligations 23.1 %
Collateralized Mortgage Obligations 18.5 %
Asset-Backed Securities 13.6 %
Foreign Government Obligations 13.1 %
Investment Companies 2.3 %
Floating Rate Loan Interests 1.9 %
Convertible Bonds 0.2 %
Fixed Rate Loan Interests 0.1 %
Warrants 0.1 %
Other^ (7.8 )%
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 11.5 %
AA/Aa 25.5 %
A 6.8 %
BBB/Baa 11.4 %
BB/Ba 17.0 %
B 11.4 %
CCC/Caa 1.1 %
CC/Ca 0.0 %(b)
C 0.0 %(b)
D 0.1 %
N/R 15.2 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​^
Ten largest investment types are presented. Additional investment types are found in Other.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Flexible Income Active ETF
Annual Shareholder Report — July 31, 2026
BINC-07/26-AR
iShares Floating Rate Loan Active ETF
BRLN | Cboe BZX Exchange
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares Floating Rate Loan Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Floating Rate Loan Active ETF $54 0.53%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 4.20%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%, and the Morningstar LSTA Leveraged Loan Index returned 4.28%.
What contributed to performance?
The Fund’s core allocation to individual bank loans was the primary contributor to the Fund’s return. The overall bank loan market experienced positive performance over the period, returning 4.28%. Exposure to bank loans via indexed products also contributed positively to performance, along with holdings of both high yield and investment grade corporate bonds. In terms of credit categories, issues rated BB led positive contributions, followed by those rated B2 and B3. In sector terms, holdings within property & casualty insurance, diversified manufacturing, and media & entertainment proved most additive.
What detracted from performance?
Holdings of issues rated CCC or lower detracted as this segment of the loans market performed poorly over the period. In sector terms, exposure to both aerospace & defense and cable & satellite weighed on return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 4, 2022 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 4.20 % 8.01 %
Bloomberg U.S. Universal Index 3.02 4.25
Morningstar LSTA Leveraged Loan Index 4.28 8.42
Key Fund statistics
Net Assets $53,664,739
Number of Portfolio Holdings 452
Net Investment Advisory Fees $305,317
Portfolio Turnover Rate 40%
The inception date of the Fund was October 4, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
A 0.0 %(b)
BBB/Baa 10.2 %
BB/Ba 31.9 %
B 51.5 %
CCC/Caa 2.5 %
N/R 3.9 %
Maturity allocation
Maturity Percent of Total
Investments(a)
0-1 Year 0.3 %
1-5 Years 44.4 %
5-10 Years 55.3 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Floating Rate Loan Active ETF
Annual Shareholder Report — July 31, 2026
BRLN-07/26-AR
iShares Intermediate Muni Income Active ETF
INMU | NYSE Arca
Annual Shareholder Report — July 31, 2026
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This annual shareholder report contains important information about iShares Intermediate Muni Income Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Intermediate Muni Income Active ETF $30 0.29%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 5.19%.
  • For the same period, the Fund’s benchmark, the Bloomberg Municipal Bond Index returned 5.27%, the Bloomberg Municipal 3-10 Year Index returned 2.49% and the Bloomberg Custom Blend Benchmark returned 3.86%.
What contributed to performance?
The Fund’s total return reflects contributions from both income and positive price performance.
The municipal curve flattened, with front-end yields higher and intermediate-to-long maturity yields lower over the year. As a result, curve positioning had the largest positive impact on the Fund’s absolute return. The Fund was overweight 10-20 year maturities, the steepest part of the municipal curve. Holdings in lower-rated bonds further contributed to results at a time of tightening credit spreads. At the sector level, healthcare, transportation, and pre-paid gas issues made the largest contributions to the Fund’s return.
What detracted from performance?
At a time of robust returns for the Fund and the broader market, all segments of the portfolio contributed positively. However, a few specific holdings detracted.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 16, 2021 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Fund NAV 5.19 % 1.37 % 1.87 %
Bloomberg Municipal Bond Index 5.27 0.51 0.86
Bloomberg Municipal 3-10 Year Index 2.49 0.82 0.99
Bloomberg Custom Blend Benchmark 3.86 1.03 1.28
Key Fund statistics
Net Assets $538,950,846
Number of Portfolio Holdings 458
Net Investment Advisory Fees $942,507
Portfolio Turnover Rate 47%
The inception date of the Fund was March 16, 2021.
The Bloomberg Custom Blend Benchmark is comprised of the Bloomberg 1-15 Year Municipal Bond Index (90%) and the Bloomberg Municipal High Yield 1-15 Year Index (10%).
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 16.1 %
AA/Aa 47.9 %
A 26.1 %
BBB/Baa 5.3 %
BB/Ba 1.1 %
B 0.1 %
N/R 3.4 %
Ten largest holdings
Security Percent of Total
Investments(a)
State of Connecticut Special Tax Revenue, RB, 5.00%, 07/01/39 1.1 %
Commonwealth of Pennsylvania, GO, 5.00%, 04/01/42 1.0 %
Port of Portland OR Airport Revenue, RB, 5.25%, 07/01/42 1.0 %
State of Connecticut, GO, 5.00%, 08/15/38 0.9 %
Black Belt Energy Gas District, RB, 5.00%, 03/01/55 0.9 %
State of Washington, GO, 5.00%, 02/01/40 0.8 %
California Community Choice Financing Authority, RB, 5.00%, 10/01/56 0.8 %
Massachusetts Clean Water Trust (The), RB, 5.00%, 02/01/43 0.8 %
Minnesota Housing Finance Agency, RB, 6.00%, 01/01/53 0.8 %
California Statewide Communities Development Authority, RB, 5.00%, 10/01/28 0.8 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Intermediate Muni Income Active ETF
Annual Shareholder Report — July 31, 2026
INMU-07/26-AR
iShares Short Duration High Yield Muni Active ETF
SHYM | Cboe BZX Exchange
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares Short Duration High Yield Muni Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Short Duration High Yield Muni Active ETF $35 0.34%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 4.85%.
  • For the same period, the Fund’s benchmark, the Bloomberg Municipal Bond Index returned 5.27%, and the Bloomberg Custom Blend Muni Index returned 5.05%.
What contributed to performance?
At the sector level, industrial development revenue, corporate municipal, education, and healthcare issues were the leading contributors to absolute performance. Holdings in high yield and not-rated securities made the largest contribution from a credit perspective, followed by those rated BBB and A.
The Fund further benefited from its holdings in higher income-producing bonds, led by those with coupons of 5% and above.
In terms of yield curve positioning, holdings in the 5- to 10-year maturity range made the largest contribution, followed by the 15- to 20-year and 10- to 15-year segments.
What detracted from performance?
At a time of robust returns for the Fund and the broader market, there were only a limited number of detractors. Positions in the bonds of Brightline East and Brightline West, which were issued to finance high-speed rail projects, were notable detractors at the individual security level.
The Fund had a higher-than-normal cash balance on July 31 due to a sizable inflow that occurred late in the period. The elevated cash position did not reflect a defensive posture.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 16, 2021 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Fund NAV 4.85 % 0.45 % 1.82 %
Bloomberg Municipal Bond Index 5.27 0.51 0.86
Bloomberg Custom Blend Muni Index 5.05 N/A N/A
Key Fund statistics
Net Assets $802,733,023
Number of Portfolio Holdings 503
Net Investment Advisory Fees $1,711,747
Portfolio Turnover Rate 31%
The inception date of the Fund was March 16, 2021.
The Fund's returns shown prior to July 1, 2025 are the returns of the Fund when it followed different investment strategies under the name iShares High Yield Muni Income Active ETF.
The Bloomberg Custom Blend Muni Index is comprised of the Bloomberg Municipal High Yield (0-18 years) Index (60%), the Bloomberg Muni BBB (0-18 years) Index (20%) and IG ex BBB (0-18 years) Index (20%). The Bloomberg Custom Blend Muni Index commenced on May 1, 2025.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 0.0 %(b)
AA/Aa 9.6 %
A 14.0 %
BBB/Baa 9.9 %
BB/Ba 14.3 %
B 4.8 %
CCC/Caa 0.1 %
N/R 47.3 %
Ten largest holdings
Security Percent of Total
Investments(a)
Commonwealth of Puerto Rico Notes, 0.00%, 11/01/51 2.0 %
Black Belt Energy Gas District, RB, 5.00%, 12/01/31 1.6 %
City of Atlanta GA Water & Wastewater Revenue, RB, 5.00%, 11/01/32 1.5 %
Black Belt Energy Gas District, RB, 5.00%, 12/01/34 1.4 %
City & County of Denver Colorado, RB, AMT, 5.00%, 10/01/32 1.3 %
Metropolitan Pier & Exposition Authority, RB, 4.00%, 12/15/42 1.3 %
New York Transportation Development Corp., RB, AMT, 5.25%, 08/01/31 1.3 %
Black Belt Energy Gas District, RB, 5.00%, 07/01/33 1.1 %
Kentucky Public Energy Authority, RB, 5.00%, 12/01/33 1.1 %
Philadelphia Authority for Industrial Development, RB, 5.50%, 12/01/58 1.1 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Short Duration High Yield Muni Active ETF
Annual Shareholder Report — July 31, 2026
SHYM-07/26-AR
iShares Short-Term California Muni Active ETF
CALI | NASDAQ
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares Short-Term California Muni Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Short-Term California Muni Active ETF $20 0.20%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 2.32%.
  • For the same period, the Fund’s benchmark, the Bloomberg Municipal Bond Index returned 5.27%, and the Bloomberg California Municipal 0-2 Year Index returned 2.31%.
What contributed to performance?
With respect to credit tiers, A rated issues made the largest contribution to performance, followed by those rated AA. At the sector level, corporate-backed and transportation issues were the top contributors. In terms of security types, holdings in municipal variable rate demand notes, commercial paper, and municipal notes made the largest contributions, respectively.
What detracted from performance?
At a time of positive returns for the California municipal market, there were no meaningful detractors from absolute returns.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 11, 2023 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 2.32 % 2.98 %
Bloomberg Municipal Bond Index 5.27 3.16
Bloomberg California Municipal 0-2 Year Index 2.31 2.95
Key Fund statistics
Net Assets $447,817,300
Number of Portfolio Holdings 232
Net Investment Advisory Fees $509,748
Portfolio Turnover Rate 52%
The inception date of the Fund was July 11, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 6.1 %
AA/Aa 67.9 %
A 25.4 %
BBB/Baa 0.2 %
N/R 0.4 %
Ten largest holdings
Security Percent of Total
Investments(a)
City of Modesto Water Revenue, COP, VRDN, 1.70%, 08/07/26 2.6 %
Municipal Water District of Orange County Water Facilities Corp., COP, VRDN, 1.77%, 08/07/26 2.5 %
State of California, GO, 1.50%, 08/07/26 2.2 %
California Housing Finance Agency, RB, 1.50%, 08/07/26 1.8 %
University of California, RB, VRDN, 2.70%, 08/03/26 1.7 %
California Health Facilities Financing Authority, RB, 2.85%, 08/03/26 1.6 %
Bay Area Toll Authority, RB, 2.70%, 08/03/26 1.6 %
Northern California Energy Authority, RB, 5.00%, 05/01/30 1.6 %
California Community Choice Financing Authority, RB, 5.00%, 11/01/30 1.5 %
San Diego Public Facilities Financing Authority, RB, VRDN, 2.85%, 08/03/26 1.5 %
​(a)
Excludes money market funds.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Short-Term California Muni Active ETF
Annual Shareholder Report — July 31, 2026
CALI-07/26-AR
iShares Total Return Active ETF
BRTR | NASDAQ
Annual Shareholder Report — July 31, 2026
TSR - BLK BlackRock Logo
This annual shareholder report contains important information about iShares Total Return Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Total Return Active ETF $38 0.37%
How did the Fund perform last year?
  • For the reporting period ended July 31, 2026, the Fund returned 3.20%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 2.71%.
What contributed to performance?
The Fund’s holdings in agency mortgage backed-securities, structured products, U.S. investment-grade corporates, and emerging market debt were the top contributors to absolute performance.
What detracted from performance?
The Fund’s duration positioning, primarily in the United States, was the largest detractor given that U.S. rates rose during the period. (Duration is a measure of interest rate sensitivity.)
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: December 12, 2023 through July 31, 2026
Initial investment of $10,000
Fund Performance - Growth of 10K
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 3.20 % 4.42 %
Bloomberg U.S. Aggregate Bond Index 2.71 3.93
Key Fund statistics
Net Assets $739,948,893
Number of Portfolio Holdings 2,939
Net Investment Advisory Fees $1,776,493
Portfolio Turnover Rate 864%
The inception date of the Fund was December 12, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Credit quality allocation
Credit Rating* Percent of Total
Investments(a)
AAA/Aaa 19.6 %
AA/Aa 50.4 %
A 4.8 %
BBB/Baa 10.1 %
BB/Ba 3.1 %
B 1.3 %
CCC/Caa 0.4 %
CC/Ca 0.0 %(b)
C 0.1 %
D 0.0 %(b)
N/R 10.2 %
Maturity allocation
Maturity Percent of Total
Investments(a)
0-1 Year 1.4 %
1-5 Years 15.1 %
5-10 Years 30.1 %
10-15 Years 8.7 %
15-20 Years 8.6 %
More than 20 Years 36.1 %
​(a)
Excludes money market funds.
​(b)
Rounds to less than 0.1%.
​*
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares Total Return Active ETF
Annual Shareholder Report — July 31, 2026
BRTR-07/26-AR

(b) Not Applicable

 

Item 2 –

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

 

Item 3 –

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

Lorenzo A. Flores

Arthur P. Steinmetz

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

Item 4 – Principal Accountant Fees and Services

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

 

      (a) Audit Fees   

(b) Audit-Related

Fees1

    (c) Tax Fees2    (d) All Other Fees
                 

Entity Name

   

Current

Fiscal

Year

End

   

Previous

Fiscal

Year

End

   

Current

Fiscal

Year

End

   

Previous

Fiscal

Year

End

   

Current

Fiscal

Year

End

   

Previous

Fiscal

Year

End

   

Current

Fiscal

Year

End

   

Previous

Fiscal

Year

End

iShares AAA CLO Active ETF

    $13,989    $13,989    $0    $0    $10,185    $10,185    $0    $0

iShares BBB-B CLO Active ETF

    $13,989    $12,625    $0    $0    $10,185    $8,148    $0    $0

iShares Flexible Income Active ETF

    $18,584    $18,584    $0    $0    $10,185    $10,185    $0    $0

iShares Floating Rate Loan Active ETF

    $18,584    $18,584    $0    $0    $10,185    $10,185    $0    $0

iShares Intermediate Muni Income Active ETF

    $13,989    $13,989    $0    $0    $10,185    $10,185    $0    $0

iShares Short Duration High Yield Muni Active ETF

    $13,989    $13,989    $0    $0    $10,185    $10,185    $0    $0

iShares Short-Term California Muni Active ETF

    $13,989    $13,989    $0    $0    $10,185    $10,185    $0    $0

iShares Total Return Active ETF

    $16,009    $16,009    $0    $0    $10,185    $10,185    $0    $0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations

or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

 

       Current Fiscal Year End        Previous Fiscal Year End  

(b) Audit-Related Fees1

    $0    $0

(c) Tax Fees2

    $0    $0

(d) All Other Fees3

    $0    $0

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

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

 

Entity Name   

Current Fiscal Year

End

   

Previous Fiscal

Year End

iShares AAA CLO Active ETF

    $10,185    $10,185

iShares BBB-B CLO Active ETF

    $10,185    $8,148

iShares Flexible Income Active ETF

    $10,185    $10,185

iShares Floating Rate Loan Active ETF

    $10,185    $10,185

iShares Intermediate Muni Income Active ETF

    $10,185    $10,185

iShares Short Duration High Yield Muni Active ETF

    $10,185    $10,185

iShares Short-Term California Muni Active ETF

    $10,185    $10,185

iShares Total Return Active ETF

    $10,185    $10,185

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

 

Item 5 –

Audit Committee of Listed Registrant

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

Lorenzo A. Flores

J. Phillip Holloman

Arthur P. Steinmetz

(b) Not Applicable

 

Item 6 –

Investments

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

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

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

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

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

 

July 31, 2026
 
 
2026 Annual Financial Statements
and Additional Information
 
BlackRock ETF Trust II
• iShares AAA CLO Active ETF | CLOA | NASDAQ
• iShares BBB-B CLO Active ETF | BCLO | NASDAQ
• iShares Flexible Income Active ETF | BINC | NYSE Arca
• iShares Floating Rate Loan Active ETF | BRLN | Cboe BZX Exchange
• iShares Intermediate Muni Income Active ETF | INMU | NYSE Arca
• iShares Short-Term California Muni Active ETF | CALI | NASDAQ
• iShares Short Duration High Yield Muni Active ETF | SHYM | Cboe BZX Exchange
• iShares Total Return Active ETF | BRTR | NASDAQ
 
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents
 
 
Page
3
4
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220
222
226
234
252
253
255
256
260
2
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Funds can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
3
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
1988 CLO 2 Ltd. Series 2023-2A, Class A1R,
4.95%, 04/15/38, (3-mo. CME Term SOFR +
1.20%)(a)(b)
$20,000
$19,990,674
37 Capital CLO 3 Ltd. Series 2023-1A, Class A1R,
5.25%, 07/15/38, (3-mo. CME Term SOFR +
1.50%)(a)(b)
1,000
1,003,144
720 East CLO Ltd.
Series 2022-1A, Class A1R, 5.06%,
01/20/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
5,000
5,007,141
Series 2023-IA, Class A1R, 5.12%,
04/15/38, (3-mo. CME Term SOFR +
1.37%)(a)(b)
10,085
10,101,641
720 East CLO VIII Ltd. Series 2025-8A, Class A1,
5.04%, 07/20/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
3,565
3,573,227
AB BSL CLO 3 Ltd. Series 2021-3A, Class A1R,
4.98%, 04/20/38, (3-mo. CME Term SOFR +
1.25%)(a)(b)
5,000
5,002,922
AB BSL CLO 7 Ltd. Series 2025-7A, Class A1,
4.98%, 01/15/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
20,000
20,008,160
Abry Liquid Credit CLO Ltd.
Series 2025-2A, Class A1, 5.06%,
01/15/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
17,000
17,031,331
Series 2026-3A, Class A1, 4.96%,
04/20/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
2,000
2,002,290
AGL CLO 10 Ltd. Series 2021-10A, Class A1R2,
4.92%, 04/15/39, (3-mo. CME Term SOFR +
1.17%)(a)(b)
10,000
9,994,785
AGL CLO 15 Ltd. Series 2021-15A, Class A1R,
4.93%, 01/20/39, (3-mo. CME Term SOFR +
1.20%)(a)(b)
4,000
4,000,065
AGL CLO 22 Ltd. Series 2022-22A, Class A1R,
4.92%, 01/20/37, (3-mo. CME Term SOFR +
1.19%)(a)(b)
5,000
5,002,279
AGL CLO 34 Ltd. Series 2024-34A, Class A1,
5.07%, 01/22/38, (3-mo. CME Term SOFR +
1.34%)(a)(b)
2,100
2,103,641
AGL CLO 37 Ltd. Series 2024-37A, Class A1,
4.97%, 04/22/38, (3-mo. CME Term SOFR +
1.24%)(a)(b)
2,298
2,299,885
AGL CLO 40 Ltd. Series 2025-40A, Class A1,
4.97%, 07/22/38, (3-mo. CME Term SOFR +
1.24%)(a)(b)
250
250,105
AGL CLO 42 Ltd. Series 2025-42A, Class A1,
5.03%, 07/22/38, (3-mo. CME Term SOFR +
1.30%)(a)(b)
7,775
7,793,355
AGL CLO 7 Ltd. Series 2020-7A, Class AR2, 5.00%,
10/15/38, (3-mo. CME Term SOFR + 1.25%)(a)(b)
2,560
2,563,297
AGL CLO Ltd. Series 2023-27A, Class AR, 4.94%,
01/21/39, (3-mo. CME Term SOFR + 1.21%)(a)(b)
10,000
10,005,095
AGL Core CLO 31 Ltd. Series 2024-31A, Class A,
5.13%, 07/20/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
2,550
2,552,724
AGL Core CLO 8 Ltd. Series 2020-8A, Class A1R2,
5.06%, 01/20/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
2,920
2,924,864
Security
Par
(000
)
Value
AIMCO CLO Series 2018-AA, Class AR, 5.06%,
10/17/37, (3-mo. CME Term SOFR + 1.31%)(a)(b)
$5,000
$5,011,654
Aimco CLO 11 Ltd. Series 2020-11A, Class CR2,
5.65%, 07/17/37, (3-mo. CME Term SOFR +
1.90%)(a)(b)
1,025
1,025,486
AIMCO CLO 11 Ltd. Series 2020-11A, Class A1R2,
5.09%, 07/17/37, (3-mo. CME Term SOFR +
1.34%)(a)(b)
4,800
4,807,186
AIMCO CLO 23 Ltd. Series 2025-23A, Class A,
4.86%, 04/20/38, (3-mo. CME Term SOFR +
1.13%)(a)(b)
5,000
4,990,540
Allegro CLO XIII Ltd. Series 2021-1A, Class A1R,
5.07%, 07/20/38, (3-mo. CME Term SOFR +
1.34%)(a)(b)
7,513
7,526,432
Allegro CLO XIV Ltd. Series 2021-2A, Class A1R,
5.09%, 10/15/37, (3-mo. CME Term SOFR +
1.34%)(a)(b)
2,500
2,504,125
Allegro CLO XV Ltd. Series 2022-1A, Class A1R,
4.91%, 04/20/38, (3-mo. CME Term SOFR +
1.18%)(a)(b)
1,568
1,565,846
AMMC CLO 23 Ltd. Series 2020-23A, Class AR3,
5.14%, 07/17/38, (3-mo. CME Term SOFR +
1.39%)(a)(b)
4,200
4,208,581
AMMC CLO 25 Ltd. Series 2022-25A, Class A1R2,
5.05%, 10/15/38, (3-mo. CME Term SOFR +
1.30%)(a)(b)
10,250
10,270,903
AMMC CLO 27 Ltd. Series 2022-27A, Class A1R,
4.81%, 01/20/37, (3-mo. CME Term SOFR +
1.08%)(a)(b)
6,850
6,848,120
AMMC CLO 31 Ltd. Series 2025-31A, Class A1,
5.04%, 02/20/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
3,000
3,006,169
AMMC CLO 32 Ltd. Series 2025-32A, Class A1,
5.11%, 10/17/38, (3-mo. CME Term SOFR +
1.36%)(a)(b)
3,000
3,006,400
AMMC CLO 33 Ltd. Series 2025-33A, Class A,
5.00%, 01/20/39, (3-mo. CME Term SOFR +
1.27%)(a)(b)
10,000
10,012,530
Anchorage Capital CLO 13 LLC Series 2019-13A,
Class BRR, 5.47%, 04/15/38, (3-mo. CME Term
SOFR + 1.72%)(a)(b)
1,000
1,001,890
Anchorage Capital CLO 15 Ltd. Series 2020-15A,
Class A1R2, 5.14%, 07/20/38, (3-mo. CME Term
SOFR + 1.41%)(a)(b)
5,000
5,011,915
Anchorage Capital CLO 16 Ltd. Series 2020-16A,
Class A1R2, 4.98%, 01/19/38, (3-mo. CME Term
SOFR + 1.25%)(a)(b)
16,100
16,117,581
Anchorage Capital CLO 17 Ltd. Series 2021-17A,
Class A1R, 4.98%, 02/15/38, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
2,000
2,000,752
Anchorage Capital CLO 18 Ltd. Series 2021-18A,
Class A1R, 4.94%, 07/15/39, (3-mo. CME Term
SOFR + 1.25%)(a)(b)
5,000
5,000,966
Anchorage Capital CLO 19 Ltd. Series 2021-19A,
Class A1R, 5.10%, 10/15/38, (3-mo. CME Term
SOFR + 1.35%)(a)(b)
3,000
3,004,989
Anchorage Capital CLO 20 Ltd. Series 2021-20A,
Class A1R, 4.83%, 01/20/35, (3-mo. CME Term
SOFR + 1.10%)(a)(b)
1,000
1,000,225
Anchorage Capital CLO 24 Ltd. Series 2022-24A,
Class A1R, 5.18%, 07/15/37, (3-mo. CME Term
SOFR + 1.43%)(a)(b)
3,000
3,004,939
Schedule of Investments
4
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Anchorage Capital CLO 28 LLC Series 2024-28A,
Class BR, 5.23%, 04/20/37, (3-mo. CME Term
SOFR + 1.50%)(a)(b)
$1,356
$1,355,430
Anchorage Capital CLO 30 Ltd. Series 2024-30A,
Class B, 5.48%, 01/20/37, (3-mo. CME Term
SOFR + 1.75%)(a)(b)
2,000
2,003,180
Anchorage Capital CLO 31 Ltd. Series 2025-31A,
Class A1, 5.03%, 10/20/38, (3-mo. CME Term
SOFR + 1.30%)(a)(b)
3,000
3,005,100
Anchorage Capital CLO 6 Ltd. Series 2015-6A,
Class AR4, 5.10%, 07/22/38, (3-mo. CME Term
SOFR + 1.37%)(a)(b)
2,000
2,003,344
Anchorage Capital CLO Ltd. Series 2026-22A,
Class AR4, 4.96%, 01/20/39, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
8,500
8,503,723
Apidos CLO LIII Series 2025-53A, Class A1, 5.05%,
07/20/38, (3-mo. CME Term SOFR + 1.32%)(a)(b)
5,000
5,011,420
Apidos CLO LIV Series 2025-54A, Class A1, 5.03%,
10/20/38, (3-mo. CME Term SOFR + 1.30%)(a)(b)
3,000
3,007,200
Apidos CLO XLVIII Ltd. Series 2024-48A, Class A1,
5.25%, 07/25/37, (3-mo. CME Term SOFR +
1.44%)(a)(b)
5,445
5,445,000
Apidos CLO XVIII-R Series 2018-18A, Class A1R2,
5.06%, 01/22/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
4,570
4,577,570
Apidos CLO XXXVII Series 2021-37A, Class A,
5.12%, 10/22/34, (3-mo. CME Term SOFR +
1.39%)(a)(b)
5,250
5,250,899
Aquarian CLO 1 Ltd. Series 1A, Class A1, 5.15%,
07/20/39, (3-mo. CME Term SOFR + 1.30%)(a)(b)
5,000
4,990,039
Ares LIII CLO Ltd. Series 2019-53A, Class A1R2,
4.87%, 10/24/36, (3-mo. CME Term SOFR +
1.09%)(a)(b)
7,000
7,002,009
Ares Loan Funding I Ltd. Series 2021-ALFA,
Class AR, 4.92%, 04/15/39, (3-mo. CME Term
SOFR + 1.17%)(a)(b)
20,000
19,990,348
Ares Loan Funding IX Ltd. Series 2025-ALF9A,
Class A1, 4.93%, 03/31/38, (3-mo. CME Term
SOFR + 1.18%)(a)(b)
8,950
8,939,869
Ares Loan Funding VI Ltd. Series 2024-ALF6A,
Class A1R, 5.00%, 07/15/39, (3-mo. CME Term
SOFR + 1.25%)(a)(b)
5,000
5,002,500
Ares Loan Funding VIII Ltd. Series 2024-ALF8,
Class A1, 5.03%, 01/24/38, (3-mo. CME Term
SOFR + 1.25%)(a)(b)
3,600
3,604,644
Ares LXIII CLO Ltd. Series 2022-63A, Class A1R,
5.06%, 10/15/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
3,850
3,860,582
Ares LXIX CLO Ltd. Series 2024-69A, Class A1R,
5.00%, 04/15/36, (3-mo. CME Term SOFR +
1.25%)(a)(b)
10,000
10,005,363
Ares LXX CLO Ltd. Series 2023-70A, Class A1R,
5.06%, 01/25/39, (3-mo. CME Term SOFR +
1.25%)(a)(b)
3,000
3,002,035
ARES XLIII CLO Ltd. Series 2017-43A, Class A1R2,
5.10%, 01/15/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
1,400
1,402,518
Ares XXXIV CLO Ltd. Series 2015-2A, Class A1R4,
5.04%, 07/17/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
3,000
3,006,815
Arini U.S. CLO IV Ltd. Series 4A, Class A, 5.01%,
01/15/39, (3-mo. CME Term SOFR + 1.26%)(a)(b)
3,000
3,001,858
Security
Par
(000
)
Value
Arini U.S. CLO V Ltd. Series 5A, Class A, 4.90%,
04/15/39, (3-mo. CME Term SOFR + 1.23%)(a)(b)
$1,000
$1,001,121
Atlantic Avenue Ltd. Series 2025-4A, Class A,
5.13%, 10/15/38, (3-mo. CME Term SOFR +
1.38%)(a)(b)
5,100
5,110,730
Bain Capital Credit Clo Ltd. Series 2024-5A,
Class A1, 5.09%, 10/21/37, (3-mo. CME Term
SOFR + 1.36%)(a)(b)
10,000
10,015,361
Bain Capital Credit CLO Ltd.
Series 2017-2A, Class A1R3, 5.21%,
07/25/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
4,355
4,361,458
Series 2020-3A, Class A1R3, 4.74%,
10/23/34, (3-mo. CME Term SOFR +
0.99%)(a)(b)
2,950
2,949,870
Series 2023-4A, Class A1R, 4.96%,
01/21/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
5,000
5,001,995
Series 2024-1A, Class A1R, 4.96%,
04/16/39, (3-mo. CME Term SOFR +
1.17%)(a)(b)
20,000
19,983,980
Series 2024-6A, Class A1, 5.06%,
01/21/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
1,000
1,001,435
Ballyrock CLO 25 Ltd. Series 2023-25A,
Class A1AR, 4.99%, 01/25/38, (3-mo. CME Term
SOFR + 1.18%)(a)(b)
2,250
2,248,626
Ballyrock CLO 26 Ltd. Series 2024-26A, Class A1A,
5.32%, 07/25/37, (3-mo. CME Term SOFR +
1.51%)(a)(b)
1,000
1,002,574
Ballyrock CLO Ltd. Series 2019-2A, Class A1R3,
5.05%, 10/25/38, (3-mo. CME Term SOFR +
1.24%)(a)(b)
4,184
4,188,872
Ballyrock Ltd.
Series 2024-1AR, Class A1AR, 1.00%, 07/25/39
5,000
5,000,000
Series 2024-1AR, Class A2R, 1.00%, 07/25/39
2,500
2,500,000
Barrow Hanley CLO III Ltd. Series 2024-3A,
Class AR, 5.00%, 04/20/38, (3-mo. CME Term
SOFR + 1.27%)(a)(b)
4,250
4,252,125
Battalion CLO XIX Ltd. Series 2021-19A, Class AR,
4.79%, 04/15/34, (3-mo. CME Term SOFR +
1.04%)(a)(b)
9,717
9,716,078
Battery Park CLO Ltd. Series 2019-1A, Class AR,
5.15%, 07/15/36, (3-mo. CME Term SOFR +
1.40%)(a)(b)
10,000
10,002,594
BBAM U.S. CLO I Ltd.
Series 2022-1A, Class AR, 4.95%,
03/30/38, (3-mo. CME Term SOFR +
1.20%)(a)(b)
3,000
2,998,660
Series 2022-1A, Class CR, 5.75%,
03/30/38, (3-mo. CME Term SOFR +
2.00%)(a)(b)
1,000
1,003,436
Bbam U.S. CLO V Ltd. Series 2025-5A, Class A1,
5.17%, 07/25/38, (3-mo. CME Term SOFR +
1.36%)(a)(b)
5,000
5,008,654
Benefit Street Partners CLO IV Ltd. Series
2014-IVA, Class AR5, 4.98%, 10/20/38, (3-mo.
CME Term SOFR + 1.25%)(a)(b)
11,500
11,514,950
Benefit Street Partners CLO Ltd. Series 2015-6BR,
Class A1R, 4.91%, 04/20/38, (3-mo. CME Term
SOFR + 1.18%)(a)(b)
11,000
10,984,548
5
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Benefit Street Partners CLO V-B Ltd. Series
2018-5BA, Class A1RR, 4.94%, 07/20/39, (3-mo.
CME Term SOFR + 1.21%)(a)(b)
$6,500
$6,496,951
Benefit Street Partners CLO XXVI Ltd. Series
2022-26A, Class AR, 5.11%, 07/20/37, (3-mo.
CME Term SOFR + 1.38%)(a)(b)
1,000
1,001,063
Benefit Street Partners CLO XXVII Ltd. Series
2022-27A, Class AR, 5.10%, 10/20/37, (3-mo.
CME Term SOFR + 1.37%)(a)(b)
2,500
2,503,748
Benefit Street Partners CLO XXXVII Ltd. Series
2024-37A, Class A, 5.16%, 01/25/38, (3-mo. CME
Term SOFR + 1.35%)(a)(b)
6,719
6,730,361
Benefit Street Partners CLO XXXVIII Ltd. Series
2024-38A, Class A, 5.12%, 01/25/38, (3-mo. CME
Term SOFR + 1.31%)(a)(b)
8,100
8,117,509
Birch Grove CLO 11 Ltd. Series 2024-11A, Class B,
5.48%, 01/22/38, (3-mo. CME Term SOFR +
1.75%)(a)(b)
1,000
1,001,760
Birch Grove CLO 15 Ltd. Series 2025-15A,
Class A1, 5.00%, 01/23/39, (3-mo. CME Term
SOFR + 1.25%)(a)(b)
14,000
14,018,665
Birch Grove CLO 2 Ltd. Series 2021-2A, Class A1R,
5.13%, 10/19/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
3,000
3,005,305
Birch Grove CLO 3 Ltd. Series 2021-3A, Class A1R,
4.99%, 01/19/38, (3-mo. CME Term SOFR +
1.26%)(a)(b)
7,939
7,947,484
Birch Grove CLO 4 Ltd. Series 2022-4A,
Class A1R2, 5.23%, 07/15/37, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
5,000
5,000,000
Birch Grove CLO 5 Ltd. Series 2023-5A, Class A1R,
5.14%, 10/20/37, (3-mo. CME Term SOFR +
1.41%)(a)(b)
10,500
10,515,729
Birch Grove CLO 8 Ltd. Series 2024-8A, Class A1R,
5.02%, 04/20/39, (3-mo. CME Term SOFR +
1.29%)(a)(b)
10,000
10,007,877
Birch Grove CLO 9 Ltd. Series 2024-9A, Class A1,
5.13%, 10/22/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
3,620
3,620,000
Blueberry Park CLO Ltd. Series 2024-1A, Class A,
5.08%, 10/20/37, (3-mo. CME Term SOFR +
1.35%)(a)(b)
2,000
2,002,411
BlueMountain CLO XXXV Ltd. Series 2022-35A,
Class A1R, 5.15%, 10/22/37, (3-mo. CME Term
SOFR + 1.42%)(a)(b)
13,550
13,577,080
Bowling Green Park CLO LLC Series 2019-1A,
Class ARR, 4.73%, 04/18/35, (3-mo. CME Term
SOFR + 1.00%)(a)(b)
1,000
999,815
Brant Point CLO Ltd.
Series 2024-4A, Class B, 5.68%,
07/20/37, (3-mo. CME Term SOFR +
1.95%)(a)(b)
1,700
1,701,921
Series 2025-7A, Class A1, 5.19%,
07/25/38, (3-mo. CME Term SOFR +
1.38%)(a)(b)
6,800
6,813,114
Series 2025-9A, Class A1, 4.99%,
01/20/39, (3-mo. CME Term SOFR +
1.26%)(a)(b)
14,000
14,017,290
Bridge Street CLO II Ltd. Series 2021-1A,
Class A1R, 4.99%, 01/20/39, (3-mo. CME Term
SOFR + 1.26%)(a)(b)
13,000
13,007,670
Security
Par
(000
)
Value
Bridge Street CLO III Ltd. Series 2022-1A,
Class A1R, 5.15%, 10/20/37, (3-mo. CME Term
SOFR + 1.42%)(a)(b)
$2,500
$2,505,325
Bridge Street CLO IV Ltd. Series 2024-1A,
Class A1R, 4.93%, 04/20/39, (3-mo. CME Term
SOFR + 1.29%)(a)(b)
11,000
11,011,319
Bridge Street CLO V Ltd. Series 2025-1A, Class A1,
4.95%, 04/20/38, (3-mo. CME Term SOFR +
1.22%)(a)(b)
6,000
6,001,740
Bridge Street CLO VI Ltd. Series 2025-2A, Class A1,
5.03%, 01/15/39, (3-mo. CME Term SOFR +
1.28%)(a)(b)
3,500
3,505,407
Bryant Park CLO Ltd. Series 2025-27A, Class A1,
5.06%, 07/20/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
8,000
8,013,096
Bryant Park Funding Ltd.
Series 2023-21A, Class AR, 5.00%,
10/18/38, (3-mo. CME Term SOFR +
1.27%)(a)(b)
3,000
3,004,587
Series 2024-23A, Class A1R, 4.93%,
05/15/37, (3-mo. CME Term SOFR +
1.28%)(a)(b)
6,750
6,756,262
Series 2024-24A, Class A1, 5.15%,
10/15/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
1,350
1,351,686
Series 2024-25A, Class A1, 5.07%,
01/18/38, (3-mo. CME Term SOFR +
1.34%)(a)(b)
4,800
4,806,693
BRYANT PARK FUNDING Ltd. BRYPK 2025 26A A
144A Series 2025-26A, Class A, 4.93%,
04/20/38(a)(b)
7,500
7,495,410
Carlyle Global Market Strategies CLO Ltd. Series
2016-1A, Class A1R3, 4.82%, 04/20/34, (3-mo.
CME Term SOFR + 1.09%)(a)(b)
4,695
4,698,253
Carlyle U.S. CLO Ltd.
Series 2022-3A, Class A1R2, 4.89%,
04/20/39, (3-mo. CME Term SOFR +
1.16%)(a)(b)
18,375
18,364,563
Series 2022-6A, Class A1R2, 5.04%,
10/25/38, (3-mo. CME Term SOFR +
1.23%)(a)(b)
6,250
6,251,875
Series 2023-3A, Class A1R, 4.98%,
10/15/38, (3-mo. CME Term SOFR +
1.23%)(a)(b)
1,000
1,000,280
CARLYLE U.S. CLO Ltd.
Series 2019-4A, Class A1R2, 4.97%,
06/22/39, (3-mo. CME Term SOFR +
1.22%)(a)(b)
5,000
4,998,681
Series 2021-1A, Class A1AR, 5.12%,
01/15/40, (3-mo. CME Term SOFR +
1.37%)(a)(b)
10,000
10,019,322
Series 2021-6A, Class A1R, 5.04%,
01/15/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
2,000
2,004,426
Series 2021-8A, Class A1R, 5.02%,
10/15/38, (3-mo. CME Term SOFR +
1.27%)(a)(b)
7,180
7,190,677
CarVal CLO I Ltd. Series 2018-1A, Class AR,
5.02%, 07/16/31, (3-mo. CME Term SOFR +
1.23%)(a)(b)
147
147,337
Schedule of Investments
6
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
CarVal CLO II Ltd. Series 2019-1A, Class AR2,
4.75%, 04/20/32, (3-mo. CME Term SOFR +
1.02%)(a)(b)
$841
$841,435
CarVal CLO IV Ltd. Series 2021-1A, Class A1R,
5.03%, 03/31/38, (3-mo. CME Term SOFR +
1.30%)(a)(b)
5,700
5,708,736
CarVal CLO IX-C Ltd.
Series 2024-1A, Class AR, 5.05%,
04/20/37, (3-mo. CME Term SOFR +
1.32%)(a)(b)
3,750
3,754,082
Series 2024-1A, Class BR, 5.33%,
04/20/37, (3-mo. CME Term SOFR +
1.60%)(a)(b)
1,000
1,001,320
CarVal CLO VII-C Ltd. Series 2023-1A, Class A1R,
5.17%, 07/20/37, (3-mo. CME Term SOFR +
1.44%)(a)(b)
1,520
1,521,637
Carval CLO VIII-C Ltd. Series 2022-2A, Class A1R,
5.15%, 10/22/37, (3-mo. CME Term SOFR +
1.42%)(a)(b)
5,000
5,010,000
Carval CLO X-C Ltd. Series 2024-2A, Class A,
5.19%, 07/20/37, (3-mo. CME Term SOFR +
1.46%)(a)(b)
6,750
6,757,271
CarVal CLO XI C Ltd. Series 2024-3A, Class A1,
5.12%, 10/20/37, (3-mo. CME Term SOFR +
1.39%)(a)(b)
7,830
7,844,094
CBAMR Ltd.
Series 2019-9A, Class AR, 5.38%,
07/15/37, (3-mo. CME Term SOFR +
1.63%)(a)(b)
1,700
1,703,289
Series 2021-14A, Class A1R, 5.01%,
10/20/38, (3-mo. CME Term SOFR +
1.28%)(a)(b)
10,550
10,564,084
Cedar Funding V CLO Ltd. Series 2016-5A,
Class AR2, 5.01%, 01/17/39, (3-mo. CME Term
SOFR + 1.26%)(a)(b)
14,000
14,017,192
Cedar Funding VIII CLO Ltd. Series 2017-8A,
Class ARR, 4.97%, 01/17/38, (3-mo. CME Term
SOFR + 1.22%)(a)(b)
4,300
4,298,050
Cedar Funding XII CLO Ltd. Series 2020-12A,
Class ARR, 5.01%, 01/25/38, (3-mo. CME Term
SOFR + 1.20%)(a)(b)
1,015
1,014,393
Cedar Funding XIV CLO Ltd. Series 2021-14A,
Class AR, 5.13%, 10/15/37, (3-mo. CME Term
SOFR + 1.38%)(a)(b)
2,000
2,003,774
CIFC Funding Ltd.
Series 2014-2RA, Class AR, 5.14%,
10/24/37, (3-mo. CME Term SOFR +
1.36%)(a)(b)
1,400
1,402,178
Series 2018-2A, Class A1R, 5.10%,
10/20/37, (3-mo. CME Term SOFR +
1.37%)(a)(b)
2,000
2,003,400
Series 2018-4A, Class AR, 4.97%,
01/17/38, (3-mo. CME Term SOFR +
1.22%)(a)(b)
5,000
5,001,410
Series 2019-1A, Class A1R2, 5.09%,
10/20/37, (3-mo. CME Term SOFR +
1.36%)(a)(b)
2,500
2,502,496
Series 2019-5A, Class A1R2, 5.02%,
10/15/38, (3-mo. CME Term SOFR +
1.27%)(a)(b)
4,947
4,954,383
Security
Par
(000
)
Value
Series 2019-7A, Class A1R, 5.01%,
10/19/38, (3-mo. CME Term SOFR +
1.28%)(a)(b)
$8,645
$8,664,073
Series 2019-7A, Class CR, 5.58%,
10/19/38, (3-mo. CME Term SOFR +
1.85%)(a)(b)
2,500
2,504,495
Series 2020-3A, Class A1R2, 4.94%,
10/20/38, (3-mo. CME Term SOFR +
1.21%)(a)(b)
6,610
6,613,305
Series 2021-3A, Class A1R, 4.98%,
10/15/38, (3-mo. CME Term SOFR +
1.23%)(a)(b)
3,000
3,000,880
Series 2021-4A, Class AR, 5.11%,
07/23/37, (3-mo. CME Term SOFR +
1.36%)(a)(b)
3,000
3,002,737
Series 2021-5A, Class A1R, 5.01%,
01/15/38, (3-mo. CME Term SOFR +
1.26%)(a)(b)
1,000
1,001,330
Series 2021-6A, Class A1R, 4.88%,
07/15/39, (3-mo. CME Term SOFR +
1.21%)(a)(b)
10,000
9,999,999
Series 2023-1A, Class A1R, 4.99%,
10/15/38, (3-mo. CME Term SOFR +
1.24%)(a)(b)
7,000
7,003,248
Series 2024-1A, Class AR, 4.93%,
04/18/37, (3-mo. CME Term SOFR +
1.20%)(a)(b)
5,000
4,999,070
Series 2024-2AR, Class A1R, 1.00%, 04/22/37
5,000
5,000,000
Series 2024-3AR, Class A1R, 5.04%,
07/21/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
10,000
10,000,000
Series 2025-1A, Class A, 4.90%,
04/23/38, (3-mo. CME Term SOFR +
1.15%)(a)(b)
1,500
1,497,596
Creeksource Dunes Creek CLO Ltd. Series
2024-1A, Class B, 5.50%, 01/15/38, (3-mo. CME
Term SOFR + 1.75%)(a)(b)
4,000
4,009,600
Crown City CLO I Series 2020-1A, Class A1RR,
5.10%, 07/20/38, (3-mo. CME Term SOFR +
1.37%)(a)(b)
5,000
5,009,217
Crown Point CLO 9 Ltd. Series 2020-9A,
Class A1RR, 5.02%, 07/14/39, (3-mo. CME Term
SOFR + 1.28%)(a)(b)
2,000
2,001,387
CTM CLO Ltd. Series 2025-1A, Class A1, 5.25%,
07/15/38, (3-mo. CME Term SOFR + 1.50%)(a)(b)
3,350
3,360,531
Dewolf Park CLO Ltd. Series 2017-1A, Class AR2,
4.94%, 01/22/39, (3-mo. CME Term SOFR +
1.21%)(a)(b)
10,000
10,001,105
Diameter Capital CLO Series 2024-7A, Class A1R,
3.74%, 07/20/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
4,000
3,999,452
Diameter Capital CLO 1 Ltd. Series 2021-1A,
Class A1R, 5.14%, 10/15/37, (3-mo. CME Term
SOFR + 1.39%)(a)(b)
4,200
4,207,878
Diameter Capital CLO 10 Ltd. Series 2025-10A,
Class A, 5.04%, 04/20/38, (3-mo. CME Term
SOFR + 1.31%)(a)(b)
3,750
3,758,426
Diameter Capital CLO 12 Ltd. Series 2025-12A,
Class A, 4.97%, 10/20/38, (3-mo. CME Term
SOFR + 1.24%)(a)(b)
10,500
10,511,818
7
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Diameter Capital CLO 13 Ltd. Series 2025-13A,
Class A1, 4.96%, 01/20/39, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
$1,000
$1,000,466
Diameter Capital CLO 2 Ltd. Series 2021-2A,
Class A1R, 5.14%, 10/15/37, (3-mo. CME Term
SOFR + 1.39%)(a)(b)
7,300
7,313,647
Diameter Capital CLO 3 Ltd. Series 2022-3A,
Class A1R, 5.08%, 01/15/38, (3-mo. CME Term
SOFR + 1.33%)(a)(b)
6,831
6,840,416
Diameter Capital CLO 4 Ltd. Series 2022-4A,
Class ARR, 4.98%, 01/15/39, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
7,505
7,508,625
Diameter Capital CLO 5 Ltd. Series 2023-5A,
Class A1R, 4.99%, 01/15/39, (3-mo. CME Term
SOFR + 1.24%)(a)(b)
5,250
5,255,723
Diameter Capital CLO 6 Ltd. Series 2024-6A,
Class A1R, 5.03%, 04/15/39, (3-mo. CME Term
SOFR + 1.28%)(a)(b)
6,000
6,011,994
Diameter Capital CLO 8 Ltd. Series 2024-8A,
Class A1A, 5.13%, 10/20/37, (3-mo. CME Term
SOFR + 1.40%)(a)(b)
2,000
2,003,708
Diameter Capital CLO 9 Ltd. Series 2025-9A,
Class A, 4.90%, 04/20/38, (3-mo. CME Term
SOFR + 1.17%)(a)(b)
15,000
14,977,485
Dryden 106 CLO Ltd. Series 2022-106A, Class A1R,
5.11%, 10/15/37, (3-mo. CME Term SOFR +
1.36%)(a)(b)
7,000
7,006,990
Dryden 119 CLO Ltd. Series 2024-119A, Class A1R,
4.97%, 07/15/39, (3-mo. CME Term SOFR +
1.22%)(a)(b)
10,000
10,001,830
Dryden 37 Senior Loan Fund Series 2015-37A,
Class BR, 5.41%, 01/15/31, (3-mo. CME Term
SOFR + 1.66%)(a)(b)
1,373
1,374,703
Dryden 76 CLO Ltd. Series 2019-76A, Class A1R2,
5.12%, 10/15/37, (3-mo. CME Term SOFR +
1.37%)(a)(b)
5,000
5,008,575
Eldridge CLO Ltd.
Series 2025-1A, Class A1, 5.06%,
10/20/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
10,000
10,014,990
Series 2026-4A, Class A1, 1.00%,
07/23/39, (3-mo. CME Term SOFR +
1.27%)(a)(b)
5,000
5,000,000
Elevation CLO Ltd.
Series 2013-1A, Class A1R3, 5.07%,
07/25/38, (3-mo. CME Term SOFR +
1.40%)(a)(b)
3,000
3,006,466
Series 2026-19A, Class A1, 5.03%,
03/31/38, (3-mo. CME Term SOFR +
1.28%)(a)(b)
3,000
3,004,263
Elmwood CLO 20 Ltd. Series 2022-7A, Class AR2,
4.93%, 01/20/39, (3-mo. CME Term SOFR +
1.20%)(a)(b)
16,000
16,000,000
Elmwood CLO 28 Ltd. Series 2024-4A, Class AR,
4.97%, 04/17/37, (3-mo. CME Term SOFR +
1.22%)(a)(b)
20,000
19,999,400
Elmwood CLO 31 Ltd. Series 2024-7A, Class A1,
5.10%, 07/17/37, (3-mo. CME Term SOFR +
1.35%)(a)(b)
4,000
4,000,000
Elmwood CLO 33 Ltd. Series 2024-9RA, Class AR,
5.11%, 10/21/37, (3-mo. CME Term SOFR +
1.38%)(a)(b)
2,500
2,504,413
Security
Par
(000
)
Value
Elmwood CLO 39 Ltd. Series 2025-2A, Class A1,
4.89%, 04/17/38, (3-mo. CME Term SOFR +
1.14%)(a)(b)
$2,000
$1,996,503
Elmwood CLO 40 Ltd. Series 2025-3A, Class A,
4.99%, 03/22/38, (3-mo. CME Term SOFR +
1.24%)(a)(b)
13,700
13,709,635
Elmwood CLO I Ltd. Series 2019-1A, Class A1R3,
4.85%, 04/20/37, (3-mo. CME Term SOFR +
1.12%)(a)(b)
6,500
6,490,758
Elmwood CLO II Ltd. Series 2019-2A, Class A1RR,
5.08%, 10/20/37, (3-mo. CME Term SOFR +
1.35%)(a)(b)
2,500
2,503,018
Elmwood CLO XII Ltd. Series 2021-5A, Class AR,
5.11%, 10/15/37, (3-mo. CME Term SOFR +
1.36%)(a)(b)
1,010
1,010,000
Empower CLO Ltd.
Series 2024-1A, Class A1R, 5.09%,
04/25/37, (3-mo. CME Term SOFR +
1.28%)(a)(b)
10,000
10,010,000
Series 2025-1A, Class A, 5.04%,
07/20/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
5,860
5,873,512
Flatiron CLO 20 Ltd. Series 2020-1A, Class A1R2,
4.88%, 11/20/38, (3-mo. CME Term SOFR +
1.24%)(a)(b)
1,000
1,000,484
Flatiron CLO 25 Ltd. Series 2024-2A, Class A,
5.10%, 10/17/37, (3-mo. CME Term SOFR +
1.35%)(a)(b)
3,650
3,654,362
Galaxy 35 CLO Ltd. Series 2025-35A, Class A,
4.91%, 04/20/38, (3-mo. CME Term SOFR +
1.18%)(a)(b)
1,050
1,049,124
GoldenTree Loan Management U.S. CLO 22 Ltd.
Series 2024-22A, Class A, 5.06%,
10/20/37, (3-mo. CME Term SOFR + 1.33%)(a)(b)
1,000
1,001,408
GoldenTree Loan Management U.S. CLO 9 Ltd.
Series 2021-9A, Class AR2, 4.96%,
04/20/37, (3-mo. CME Term SOFR + 1.23%)(a)(b)
5,000
5,001,100
Golub Capital Partners 48 LP Series 2020-48A,
Class A1R, 5.06%, 04/17/38, (3-mo. CME Term
SOFR + 1.31%)(a)(b)
1,000
1,002,234
Golub Capital Partners CLO 43B Ltd. Series
2019-43A, Class A1R, 5.02%, 10/20/37, (3-mo.
CME Term SOFR + 1.34%)(a)(b)
5,000
5,007,467
Golub Capital Partners CLO 55B Ltd. Series
2021-55A, Class C1R, 5.63%, 10/20/38, (3-mo.
CME Term SOFR + 1.90%)(a)(b)
1,500
1,498,483
Golub Capital Partners CLO 58B-R Ltd. Series
2021-58A, Class A1R, 5.09%, 10/25/37, (3-mo.
CME Term SOFR + 1.28%)(a)(b)
6,150
6,162,703
Golub Capital Partners CLO 76 B Ltd. Series
2024-76A, Class A1, 5.18%, 10/25/37, (3-mo.
CME Term SOFR + 1.37%)(a)(b)
3,250
3,255,382
Golub Capital Partners CLO 79B Ltd.
Series 2025-79A, Class A, 4.90%,
04/20/38, (3-mo. CME Term SOFR +
1.17%)(a)(b)
12,000
11,982,072
Series 2025-79A, Class B, 5.23%,
04/20/38, (3-mo. CME Term SOFR +
1.50%)(a)(b)
1,727
1,728,482
Green Lakes Park CLO LLC Series 2025-1A,
Class ARR, 4.99%, 01/25/38, (3-mo. CME Term
SOFR + 1.18%)(a)(b)
7,000
6,991,530
Schedule of Investments
8
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
GT Loan Financing I Ltd. Series 2013-1A,
Class AR2, 5.06%, 04/28/39, (3-mo. CME Term
SOFR + 1.22%)(a)(b)
$2,250
$2,250,440
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1R,
5.32%, 07/30/37, (3-mo. CME Term SOFR +
1.48%)(a)(b)
1,240
1,243,571
Halseypoint CLO 5 Ltd. Series 2021-5A, Class A1A,
5.31%, 01/30/35, (3-mo. CME Term SOFR +
1.47%)(a)(b)
1,250
1,250,479
HalseyPoint CLO 6 Ltd. Series 2022-6A, Class CR,
5.78%, 01/20/38, (3-mo. CME Term SOFR +
2.05%)(a)(b)
1,000
1,003,896
Halseypoint CLO 7 Ltd. Series 2023-7A, Class A1R,
5.18%, 07/20/38, (3-mo. CME Term SOFR +
1.45%)(a)(b)
1,500
1,504,056
Harriman Park CLO Ltd. Series 2020-1A,
Class ARR, 5.03%, 07/20/38, (3-mo. CME Term
SOFR + 1.30%)(a)(b)
5,000
5,011,537
ICG U.S. CLO Ltd.
Series 2015-2RA, Class BR, 5.54%,
01/16/33, (3-mo. CME Term SOFR +
1.75%)(a)(b)
2,870
2,871,399
Series 2025-1A, Class A1, 5.14%,
07/25/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
5,000
5,006,515
Series 2026-1A, Class A1, 1.00%,
03/30/39, (3-mo. CME Term SOFR +
1.26%)(a)(b)
5,000
5,000,000
Series 2026-1A, Class C, 1.00%,
03/30/39, (3-mo. CME Term SOFR +
1.80%)(a)(b)
2,000
2,000,000
Kennedy Lewis CLO 11 Ltd. Series 2023-11A,
Class A1R, 5.14%, 10/20/37, (3-mo. CME Term
SOFR + 1.41%)(a)(b)
2,000
2,004,017
Kennedy Lewis CLO 12 Ltd. Series 2023-12A,
Class AR, 5.06%, 07/20/38, (3-mo. CME Term
SOFR + 1.33%)(a)(b)
11,150
11,170,583
Kennedy Lewis CLO 15 Ltd. Series 2024-15A,
Class A, 5.30%, 07/20/37, (3-mo. CME Term
SOFR + 1.57%)(a)(b)
3,000
3,003,278
Kennedy Lewis CLO 17 Ltd. Series 2024-17A,
Class A1, 5.13%, 10/22/37, (3-mo. CME Term
SOFR + 1.40%)(a)(b)
1,500
1,502,808
Kennedy Lewis CLO 8 Ltd. Series 8A, Class A1R2,
5.11%, 01/20/38, (3-mo. CME Term SOFR +
1.38%)(a)(b)
3,000
3,003,535
Kennedy Lewis CLO 9 Ltd. Series 9A, Class AR,
5.08%, 01/20/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
3,000
3,005,096
KKR CLO 35 Ltd. Series 35A, Class AR, 4.93%,
01/20/38, (3-mo. CME Term SOFR + 1.20%)(a)(b)
15,250
15,242,584
KKR CLO 43 Ltd. Series 2022-43A, Class A1R2,
4.85%, 04/15/38, (3-mo. CME Term SOFR +
1.10%)(a)(b)
19,550
19,511,307
KKR CLO 57 Ltd. Series 2025-57A, Class A, 5.15%,
07/15/38, (3-mo. CME Term SOFR + 1.40%)(a)(b)
2,000
2,004,376
KKR CLO 58 Ltd. Series 2025-58A, Class A1,
5.04%, 10/15/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
3,700
3,705,827
KKR CLO 63 Ltd. Series 2026-63A, Class A1,
4.86%, 04/20/39, (3-mo. CME Term SOFR +
1.18%)(a)(b)
5,000
4,995,000
Security
Par
(000
)
Value
KKR CLO 67 Ltd. Series 2026-67A, Class A, 5.00%,
07/15/39, (3-mo. CME Term SOFR + 1.23%)(a)(b)
$20,000
$19,999,296
Madison Park Funding LX Ltd. Series 2022-60A,
Class A1R, 5.18%, 10/25/37, (3-mo. CME Term
SOFR + 1.37%)(a)(b)
5,000
5,008,271
Madison Park Funding LXI Ltd. Series 2023-61A,
Class AR, 4.95%, 01/20/39, (3-mo. CME Term
SOFR + 1.22%)(a)(b)
3,000
2,999,295
Madison Park Funding LXIII Ltd. Series 2023-63A,
Class A1R, 5.13%, 07/21/38, (3-mo. CME Term
SOFR + 1.40%)(a)(b)
2,000
2,004,415
Madison Park Funding LXIX Ltd. Series 2024-69A,
Class A1R, 5.01%, 07/25/37, (3-mo. CME Term
SOFR + 1.20%)(a)(b)
5,000
4,997,900
Madison Park Funding LXXI Ltd. Series 2025-71A,
Class A1, 4.89%, 04/23/38, (3-mo. CME Term
SOFR + 1.14%)(a)(b)
1,300
1,297,401
Madison Park Funding XXX Ltd. Series 2018-30A,
Class A1R, 5.15%, 07/16/37, (3-mo. CME Term
SOFR + 1.36%)(a)(b)
2,600
2,599,932
Madison Park Funding XXXVII Ltd. Series
2019-37A, Class CR2, 6.35%, 04/15/37, (3-mo.
CME Term SOFR + 2.60%)(a)(b)
1,500
1,501,711
Marble Point CLO XVII Ltd. Series 2020-1A,
Class AR, 5.17%, 07/20/37, (3-mo. CME Term
SOFR + 1.44%)(a)(b)
9,200
9,200,000
Marble Point CLO XVIII Ltd. Series 2020-2A,
Class A1R2, 4.96%, 03/15/38, (3-mo. CME Term
SOFR + 1.21%)(a)(b)
2,200
2,198,853
Menlo CLO IV Ltd. Series 2026-4A, Class A1,
4.89%, 03/20/39, (3-mo. CME Term SOFR +
1.21%)(a)(b)
3,000
2,998,452
Menlo CLO V Ltd. Series 2026-5A, Class A, 4.97%,
07/20/39, (3-mo. CME Term SOFR + 1.25%)(a)(b)
3,000
3,001,147
Midocean Credit CLO XXI Series 2025-21A,
Class A1, 4.99%, 10/20/38, (3-mo. CME Term
SOFR + 1.26%)(a)(b)
2,000
2,002,901
Neuberger Berman CLO XVI-S Ltd. Series
2017-16SA, Class A1R2, 4.93%, 04/15/39, (3-mo.
CME Term SOFR + 1.18%)(a)(b)
7,750
7,741,421
Neuberger Berman CLO XXI Ltd. Series 2016-21A,
Class A1R3, 5.05%, 01/20/39, (3-mo. CME Term
SOFR + 1.32%)(a)(b)
2,500
2,503,917
Neuberger Berman Loan Advisers CLO 33 Ltd.
Series 2019-33A, Class AR2, 5.01%,
04/16/39, (3-mo. CME Term SOFR + 1.22%)(a)(b)
11,350
11,355,988
Neuberger Berman Loan Advisers CLO 40 Ltd.
Series 2021-40A, Class AR, 5.02%,
10/16/37, (3-mo. CME Term SOFR + 1.23%)(a)(b)
11,000
11,007,027
Neuberger Berman Loan Advisers CLO 46 Ltd.
Series 2021-46A, Class BR, 5.23%,
01/20/37, (3-mo. CME Term SOFR + 1.50%)(a)(b)
1,000
1,001,370
Neuberger Berman Loan Advisers CLO 50 Ltd.
Series 2022-50A, Class AR2, 4.79%,
07/23/36, (3-mo. CME Term SOFR + 1.04%)(a)(b)
1,500
1,500,100
Neuberger Berman Loan Advisers CLO 59 Ltd.
Series 2024-59A, Class A1, 5.04%,
01/23/39, (3-mo. CME Term SOFR + 1.29%)(a)(b)
3,900
3,908,555
Neuberger Berman Loan Advisers NBLA CLO 52
Ltd. Series 2022-52A, Class AR, 5.13%,
10/24/38, (3-mo. CME Term SOFR + 1.35%)(a)(b)
3,000
3,003,735
9
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Neuberger Berman Loan Advisers NBLA CLO 53
Ltd. Series 2023-53A, Class A1R, 5.12%,
10/24/37, (3-mo. CME Term SOFR + 1.34%)(a)(b)
$3,000
$3,004,648
New Mountain CLO 2 Ltd. Series CLO-2A,
Class A1R, 5.11%, 01/15/38, (3-mo. CME Term
SOFR + 1.36%)(a)(b)
5,000
5,008,777
New Mountain CLO 3 Ltd. Series CLO-3A,
Class A1R, 5.06%, 10/20/38, (3-mo. CME Term
SOFR + 1.33%)(a)(b)
9,830
9,845,384
New Mountain CLO 7 Ltd. Series CLO-7A, Class A1,
4.93%, 03/31/38, (3-mo. CME Term SOFR +
1.20%)(a)(b)
19,000
18,991,921
Northwoods Capital XII-B Ltd. Series 2018-12BA,
Class BR, 5.36%, 06/15/31, (3-mo. CME Term
SOFR + 1.70%)(a)(b)
1,300
1,301,284
Oak Hill Credit Partners X-R Ltd. Series 2014-10RA,
Class AR2, 4.86%, 04/20/38, (3-mo. CME Term
SOFR + 1.13%)(a)(b)
8,470
8,456,525
Oaktree CLO Ltd.
Series 2019-3A, Class A1R2, 5.11%,
01/20/38, (3-mo. CME Term SOFR +
1.38%)(a)(b)
3,000
3,005,739
Series 2020-1A, Class ARR, 4.94%,
01/15/38, (3-mo. CME Term SOFR +
1.19%)(a)(b)
2,000
1,998,500
Series 2025-31A, Class A, 5.07%,
07/15/38, (3-mo. CME Term SOFR +
1.32%)(a)(b)
1,000
1,001,562
Ocean Trails CLO XIV Ltd. Series 2023-14A,
Class AR, 5.07%, 01/20/38, (3-mo. CME Term
SOFR + 1.34%)(a)(b)
1,000
1,001,358
Ocp Clo Ltd. Series 2024-33A, Class A1R, 4.89%,
07/20/39, (3-mo. CME Term SOFR + 1.19%)(a)(b)
10,000
9,995,493
OCP Clo Ltd. Series 2019-17AR, Class AAR3,
5.05%, 07/19/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
5,000
5,000,000
OCP CLO Ltd.
Series 2015-10A, Class AR3, 5.12%,
01/26/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
10,300
10,322,837
Series 2016-11A, Class AR3, 5.11%,
07/26/38, (3-mo. CME Term SOFR +
1.30%)(a)(b)
5,000
5,011,072
Series 2018-15A, Class AR, 4.98%,
01/20/38, (3-mo. CME Term SOFR +
1.25%)(a)(b)
4,000
4,004,428
Series 2021-22A, Class AR, 5.08%,
10/20/37, (3-mo. CME Term SOFR +
1.35%)(a)(b)
3,000
3,004,558
Series 2023-26A, Class AR, 4.83%,
04/17/37, (3-mo. CME Term SOFR +
1.08%)(a)(b)
3,450
3,449,254
Series 2024-31A, Class AR, 4.88%,
04/20/39, (3-mo. CME Term SOFR +
1.15%)(a)(b)
10,000
9,992,680
Series 2024-32A, Class A1R, 4.95%,
07/23/39, (3-mo. CME Term SOFR +
1.20%)(a)(b)
10,000
9,995,838
Series 2025-44A, Class A, 5.08%,
10/24/38, (3-mo. CME Term SOFR +
1.30%)(a)(b)
3,413
3,420,691
Security
Par
(000
)
Value
Octagon 55 Ltd. Series 2021-1A, Class A1R, 4.99%,
03/20/38, (3-mo. CME Term SOFR + 1.26%)(a)(b)
$2,000
$2,002,818
Octagon 75 Ltd. Series 2025-1A, Class A1, 4.93%,
01/22/38, (3-mo. CME Term SOFR + 1.20%)(a)(b)
1,750
1,749,463
Octagon Investment Partners 38 Ltd. Series
2018-1A, Class A3R, 5.53%, 10/20/37, (3-mo.
CME Term SOFR + 1.80%)(a)(b)
1,650
1,649,736
Octagon Investment Partners 47 Ltd. Series
2020-1A, Class A1R2, 5.01%, 01/22/38, (3-mo.
CME Term SOFR + 1.28%)(a)(b)
3,000
3,004,860
OHA Credit Funding 10-R Ltd. Series 2021-10RA,
Class A1, 4.99%, 07/18/37, (3-mo. CME Term
SOFR + 1.26%)(a)(b)
2,500
2,501,546
OHA Credit Funding 16-R Ltd. Series 2023-16RA,
Class A1, 4.93%, 10/20/38, (3-mo. CME Term
SOFR + 1.20%)(a)(b)
5,000
5,001,250
OHA Credit Funding 17-R Ltd. Series 2024-17RA,
Class A1, 4.87%, 04/20/39, (3-mo. CME Term
SOFR + 1.14%)(a)(b)
8,340
8,334,396
OHA Credit Funding 2 Ltd. Series 2019-2A,
Class AR2, 4.97%, 01/21/38, (3-mo. CME Term
SOFR + 1.24%)(a)(b)
3,390
3,391,678
OHA Credit Funding 20 Ltd. Series 2025-20A,
Class A, 4.83%, 04/20/38, (3-mo. CME Term
SOFR + 1.10%)(a)(b)
3,030
3,023,988
OHA Credit Funding 21 Ltd. Series 2025-21A,
Class A1, 4.98%, 10/20/38, (3-mo. CME Term
SOFR + 1.25%)(a)(b)
8,000
8,020,821
OHA Credit Funding 22 Ltd. Series 2025-22A,
Class A1, 5.06%, 07/20/38, (3-mo. CME Term
SOFR + 1.33%)(a)(b)
2,000
2,000,291
OHA Credit Funding 3 Ltd. Series 2019-3A,
Class AR2, 5.05%, 01/20/38, (3-mo. CME Term
SOFR + 1.32%)(a)(b)
12,930
12,950,727
OHA Credit Funding 4 Ltd. Series 2019-4A,
Class AR2, 5.02%, 01/22/38, (3-mo. CME Term
SOFR + 1.29%)(a)(b)
3,294
3,301,062
OHA Credit Funding 6 Ltd. Series 2020-6A,
Class AR2, 5.06%, 10/20/37, (3-mo. CME Term
SOFR + 1.33%)(a)(b)
2,500
2,503,745
OHA Credit Funding 7 Ltd. Series 2020-7A,
Class A1R2, 5.01%, 07/19/38, (3-mo. CME Term
SOFR + 1.28%)(a)(b)
13,750
13,779,688
OHA Credit Partners XIII Ltd. Series 2016-13A,
Class A1R2, 5.11%, 10/21/37, (3-mo. CME Term
SOFR + 1.38%)(a)(b)
3,700
3,706,515
OHA Credit Partners XVI Series 2021-16A,
Class AR, 5.08%, 10/18/37, (3-mo. CME Term
SOFR + 1.35%)(a)(b)
5,050
5,056,066
OHA Credit Partners XVII Ltd. Series 2024-17A,
Class A, 5.05%, 01/18/38, (3-mo. CME Term
SOFR + 1.32%)(a)(b)
2,278
2,281,640
OHA Loan Funding Ltd.
Series 2015-1A, Class A1R4, 4.98%,
10/19/38, (3-mo. CME Term SOFR +
1.25%)(a)(b)
9,000
9,016,186
Series 2016-1A, Class B1R2, 5.43%,
07/20/37, (3-mo. CME Term SOFR +
1.70%)(a)(b)
1,800
1,804,104
Orion CLO Ltd. Series 2023-2A, Class AR, 4.96%,
01/25/37, (3-mo. CME Term SOFR + 1.15%)(a)(b)
10,000
9,994,870
Schedule of Investments
10
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Palmer Square CLO Ltd.
Series 2019-1A, Class A1R2, 4.90%,
08/14/38, (3-mo. CME Term SOFR +
1.25%)(a)(b)
$3,850
$3,854,937
Series 2021-3A, Class A1R, 5.04%,
10/15/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
3,550
3,558,083
Series 2022-1A, Class A1R, 4.98%,
10/20/38, (3-mo. CME Term SOFR +
1.25%)(a)(b)
5,860
5,867,496
Series 2023-1A, Class AR, 4.98%,
01/20/38, (3-mo. CME Term SOFR +
1.25%)(a)(b)
10,075
10,087,856
Series 2023-4A, Class A1R, 5.09%,
10/20/37, (3-mo. CME Term SOFR +
1.36%)(a)(b)
1,000
1,001,321
Series 2024-3A, Class A, 5.08%,
07/20/37, (3-mo. CME Term SOFR +
1.35%)(a)(b)
1,000
1,000,965
Series 2025-3A, Class A, 5.03%,
07/20/37, (3-mo. CME Term SOFR +
1.30%)(a)(b)
5,250
5,262,287
Park Blue CLO Ltd.
Series 2022-2A, Class A1R2, 5.01%,
07/20/39, (3-mo. CME Term SOFR +
1.28%)(a)(b)
10,000
10,008,620
Series 2022-2A, Class C1R2, 5.63%,
07/20/39, (3-mo. CME Term SOFR +
1.90%)(a)(b)
1,000
1,002,494
Series 2023-3A, Class A1R, 5.21%,
04/20/37, (3-mo. CME Term SOFR +
1.48%)(a)(b)
3,000
3,008,821
Series 2024-5A, Class A1, 5.29%,
07/25/37, (3-mo. CME Term SOFR +
1.48%)(a)(b)
1,750
1,754,091
Series 2024-6A, Class A1, 5.15%,
01/25/38, (3-mo. CME Term SOFR +
1.34%)(a)(b)
7,855
7,867,087
Series 2025-10A, Class A1, 5.01%,
01/20/39, (3-mo. CME Term SOFR +
1.28%)(a)(b)
3,000
3,004,740
Series 2025-7A, Class A1, 5.03%,
04/25/38, (3-mo. CME Term SOFR +
1.22%)(a)(b)
3,000
2,998,497
Series 2025-9A, Class A1, 5.08%,
10/20/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
1,000
1,001,750
Peebles Park CLO Ltd. Series 2024-1A, Class AR,
4.95%, 04/21/37, (3-mo. CME Term SOFR +
1.22%)(a)(b)
15,000
14,999,220
Pikes Peak CLO 11 Ltd. Series 2022-11A, Class AR,
5.21%, 07/25/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
1,225
1,226,671
Pikes Peak CLO 12 Ltd. Series 2023-12A,
Class AR, 4.95%, 04/20/38, (3-mo. CME Term
SOFR + 1.22%)(a)(b)
7,000
7,002,240
Pikes Peak CLO 15 Ltd. Series 2023-15A,
Class AR, 4.95%, 10/20/38, (3-mo. CME Term
SOFR + 1.22%)(a)(b)
5,350
5,350,459
Pikes Peak CLO 8 Series 2021-8A, Class A1R,
5.06%, 01/20/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
5,000
5,007,139
Security
Par
(000
)
Value
Polen Capital CLO Ltd.
Series 2025-1A, Class A1, 5.05%,
03/06/38, (3-mo. CME Term SOFR +
1.32%)(a)(b)
$3,750
$3,758,662
Series 2025-2A, Class A1, 5.06%,
01/20/39, (3-mo. CME Term SOFR +
1.33%)(a)(b)
3,775
3,781,097
Post CLO Ltd.
Series 2021-1A, Class AR, 4.83%,
10/15/34, (3-mo. CME Term SOFR +
1.08%)(a)(b)
2,000
2,000,251
Series 2023-1A, Class A1R, 5.03%,
10/20/38, (3-mo. CME Term SOFR +
1.30%)(a)(b)
5,000
5,008,503
Series 2024-1A, Class A1R, 5.00%,
03/30/39, (3-mo. CME Term SOFR +
1.27%)(a)(b)
10,000
10,008,064
Post CLO VI Ltd. Series 2024-2A, Class A1, 5.15%,
01/20/38, (3-mo. CME Term SOFR + 1.42%)(a)(b)
6,350
6,364,068
Post CLO VII Ltd. Series 2025-1A, Class B, 5.33%,
01/20/39, (3-mo. CME Term SOFR + 1.60%)(a)(b)
1,500
1,499,640
PPM CLO 8 Ltd. Series 2025-8A, Class A1, 5.00%,
04/20/38, (3-mo. CME Term SOFR + 1.27%)(a)(b)
6,250
6,261,469
Rad CLO 10 Ltd. Series 2021-10A, Class A, 5.18%,
04/23/34, (3-mo. CME Term SOFR + 1.43%)(a)(b)
2,000
2,001,300
Rad CLO 14 Ltd. Series 2021-14A, Class A, 5.18%,
01/15/35, (3-mo. CME Term SOFR + 1.43%)(a)(b)
1,041
1,041,601
Rad CLO 18 Ltd. Series 2023-18A, Class A1R,
5.15%, 07/15/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
1,600
1,601,106
RAD CLO 27 Ltd. Series 2024-27A, Class A1,
5.07%, 01/15/38, (3-mo. CME Term SOFR +
1.32%)(a)(b)
10,695
10,709,236
Rad CLO 6 Ltd. Series 2019-6A, Class A1R, 5.12%,
10/20/37, (3-mo. CME Term SOFR + 1.39%)(a)(b)
5,530
5,539,955
Rad CLO 9 Ltd. Series 2020-9A, Class A1R, 5.09%,
01/15/38, (3-mo. CME Term SOFR + 1.34%)(a)(b)
8,000
8,011,674
Reese Park CLO Ltd. Series 2020-1A, Class ARR,
5.07%, 01/15/38, (3-mo. CME Term SOFR +
1.32%)(a)(b)
1,000
1,001,563
Regatta 30 Funding Ltd. Series 2024-4A, Class A1,
5.13%, 01/25/38, (3-mo. CME Term SOFR +
1.32%)(a)(b)
6,625
6,635,362
Regatta 32 Funding Ltd. Series 2025-4A, Class A1,
5.15%, 07/25/38, (3-mo. CME Term SOFR +
1.34%)(a)(b)
9,930
9,951,171
Regatta 35 Funding Ltd. Series 2025-5A, Class A1,
5.04%, 10/15/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
3,045
3,051,909
Regatta XVI Funding Ltd. Series 2019-2A,
Class A1R2, 4.94%, 04/15/39, (3-mo. CME Term
SOFR + 1.19%)(a)(b)
13,100
13,097,755
Regatta XVII Funding Ltd. Series 2020-1A,
Class AR, 5.13%, 10/15/37, (3-mo. CME Term
SOFR + 1.38%)(a)(b)
5,000
5,008,975
Regatta XX Funding Ltd. Series 2021-2A, Class AR,
4.93%, 01/15/38, (3-mo. CME Term SOFR +
1.18%)(a)(b)
2,650
2,647,085
Regatta XXV Funding Ltd. Series 2023-1A,
Class A1R, 5.09%, 07/15/38, (3-mo. CME Term
SOFR + 1.34%)(a)(b)
2,000
2,004,188
11
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Regatta XXVIII Funding Ltd. Series 2024-2A,
Class A1R, 4.87%, 07/25/39, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
$10,000
$10,000,000
Rockford Tower CLO Ltd. Series 2022-3A,
Class AR, 5.17%, 07/20/37, (3-mo. CME Term
SOFR + 1.44%)(a)(b)
4,000
4,004,289
RR 14 Ltd. Series 2021-14A, Class A1, 5.13%,
04/15/36, (3-mo. CME Term SOFR + 1.38%)(a)(b)
1,538
1,538,869
RR 18 Ltd. Series 2021-18A, Class A1AR, 5.04%,
07/15/40, (3-mo. CME Term SOFR + 1.29%)(a)(b)
9,500
9,521,571
RR 19 Ltd. Series 2021-19A, Class A1R, 4.93%,
04/15/40, (3-mo. CME Term SOFR + 1.18%)(a)(b)
7,600
7,591,578
RR 21 Ltd. Series 2022-21A, Class A1AR, 5.15%,
07/15/39, (3-mo. CME Term SOFR + 1.40%)(a)(b)
5,570
5,575,161
RR 27 Ltd. Series 2023-27A, Class A1AR, 4.98%,
10/15/40, (3-mo. CME Term SOFR + 1.23%)(a)(b)
2,000
2,000,591
RR 29 Ltd. Series 2024-29RA, Class A1R, 5.06%,
07/15/39, (3-mo. CME Term SOFR + 1.39%)(a)(b)
3,210
3,213,151
RR 32 Ltd. Series 2024-32RA, Class A1R, 5.11%,
10/15/39, (3-mo. CME Term SOFR + 1.36%)(a)(b)
2,490
2,492,405
RR 41 Ltd. Series 2025-41A, Class A1A, 5.00%,
10/15/40, (3-mo. CME Term SOFR + 1.25%)(a)(b)
10,750
10,763,935
RR 7 Ltd. Series 2019-7AR, Class A2R2, 5.36%,
10/15/39, (3-mo. CME Term SOFR + 1.58%)(a)(b)
3,000
3,000,000
Sagard-Halseypoint CLO 10 Ltd. Series 2025-10A,
Class A1, 5.08%, 10/20/38, (3-mo. CME Term
SOFR + 1.35%)(a)(b)
5,000
5,008,770
Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A,
Class A1, 5.23%, 01/30/38, (3-mo. CME Term
SOFR + 1.39%)(a)(b)
3,820
3,824,966
Sandstone Peak II Ltd. Series 2023-1A, Class A1R,
5.14%, 07/20/38, (3-mo. CME Term SOFR +
1.41%)(a)(b)
11,000
11,026,125
Sandstone Peak III Ltd. Series 2024-1A, Class A1R,
5.11%, 04/25/37, (3-mo. CME Term SOFR +
1.30%)(a)(b)
6,000
6,006,238
Sandstone Peak Ltd. Series 2021-1A, Class A1R2,
4.92%, 04/15/38, (3-mo. CME Term SOFR +
1.17%)(a)(b)
1,000
998,938
Sculptor CLO XXIX Ltd. Series 29A, Class AR,
5.10%, 07/22/38, (3-mo. CME Term SOFR +
1.37%)(a)(b)
5,000
5,008,715
Sculptor CLO XXVIII Ltd. Series 28A, Class AR,
4.79%, 01/20/35, (3-mo. CME Term SOFR +
1.06%)(a)(b)
4,500
4,499,097
Sculptor CLO XXX Ltd. Series 30A, Class AR,
5.18%, 07/20/38, (3-mo. CME Term SOFR +
1.45%)(a)(b)
1,000
1,002,700
Sculptor CLO XXXIV Ltd. Series 34A, Class A1,
5.10%, 01/20/38, (3-mo. CME Term SOFR +
1.37%)(a)(b)
5,375
5,383,738
Silver Point CLO 11 Ltd. Series 2025-11A, Class A1,
5.10%, 07/15/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
5,000
5,005,108
Silver Point CLO 14 Ltd. Series 2025-14A, Class A1,
4.98%, 01/15/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
10,000
10,004,010
Silver Point CLO 16 Ltd. Series 2026-16A, Class A1,
4.92%, 04/18/39, (3-mo. CME Term SOFR +
1.23%)(a)(b)
8,500
8,509,809
Security
Par
(000
)
Value
Silver Point CLO 5 Ltd.
Series 2024-5A, Class A1, 5.13%,
10/20/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
$10,920
$10,940,261
Series 2024-5A, Class C, 5.83%,
10/20/37, (3-mo. CME Term SOFR +
2.10%)(a)(b)
1,000
1,001,401
Silver Point CLO 6 Ltd. Series 2024-6A, Class A1,
5.15%, 10/15/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
4,000
4,007,420
Silver Point CLO 7 Ltd. Series 2024-7A, Class A1,
5.11%, 01/15/38, (3-mo. CME Term SOFR +
1.36%)(a)(b)
1,250
1,252,189
Sixth Street CLO XI Ltd. Series 2018-11A,
Class AR2, 5.03%, 04/25/37, (3-mo. CME Term
SOFR + 1.22%)(a)(b)
5,000
5,001,500
Sixth Street CLO XVI Ltd. Series 2020-16A,
Class A1R2, 4.90%, 01/21/39, (3-mo. CME Term
SOFR + 1.17%)(a)(b)
10,000
9,992,500
Sixth Street CLO XX Ltd. Series 2021-20A,
Class A1R, 5.07%, 07/17/38, (3-mo. CME Term
SOFR + 1.32%)(a)(b)
1,900
1,903,241
Sixth Street CLO XXII Ltd. Series 2023-22A,
Class AR, 4.86%, 04/21/38, (3-mo. CME Term
SOFR + 1.13%)(a)(b)
8,000
7,984,014
Sona U.S. CLO 1 Ltd. Series 2026-1A, Class A1,
5.05%, 04/25/39, (3-mo. CME Term SOFR +
1.31%)(a)(b)
10,000
10,018,289
Sona U.S. CLO 2 Ltd. Series 2026-2A, Class B,
5.32%, 07/22/39(a)(b)
2,500
2,500,001
Sound Point CLO XIX Ltd. Series 2018-1A,
Class B1, 5.46%, 04/15/31, (3-mo. CME Term
SOFR + 1.71%)(a)(b)
2,415
2,412,800
Sound Point Clo XXXI Ltd. Series 2021-3A,
Class AR, 4.88%, 10/25/34, (3-mo. CME Term
SOFR + 1.07%)(a)(b)
5,000
5,003,415
Steele Creek CLO Ltd. Series 2018-1A, Class B,
5.49%, 04/15/31, (3-mo. CME Term SOFR +
1.74%)(a)(b)
715
714,393
Sycamore Tree CLO Ltd.
Series 2021-1A, Class AR, 5.12%,
01/20/38, (3-mo. CME Term SOFR +
1.39%)(a)(b)
7,450
7,460,312
Series 2023-2A, Class A1R2, 4.88%,
01/20/37, (3-mo. CME Term SOFR +
1.15%)(a)(b)
1,000
999,662
Symetra CLO Ltd. Series 2025-1A, Class A1,
5.02%, 04/20/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
2,930
2,936,009
Symphony CLO 39 Ltd. Series 2023-39A, Class AR,
5.14%, 01/25/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
6,000
6,010,259
Symphony CLO 40 Ltd. Series 2023-40A, Class AR,
5.05%, 01/05/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
6,500
6,515,307
Symphony CLO 43 Ltd. Series 2024-43A,
Class A1R, 4.98%, 04/15/37, (3-mo. CME Term
SOFR + 1.23%)(a)(b)
5,000
5,001,830
Symphony Clo 47 Ltd. Series 2025-47A, Class A1,
4.87%, 04/20/38, (3-mo. CME Term SOFR +
1.14%)(a)(b)
4,000
3,992,909
Schedule of Investments
12
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Symphony Loan Funding CLO 1 Ltd. Series
2024-1A, Class A1, 5.16%, 01/22/38, (3-mo. CME
Term SOFR + 1.43%)(a)(b)
$4,000
$4,010,740
TCW CLO Ltd.
Series 2019-2A, Class A1R2, 5.00%,
01/20/38, (3-mo. CME Term SOFR +
1.27%)(a)(b)
2,250
2,252,922
Series 2024-3A, Class A1, 5.12%,
10/20/37, (3-mo. CME Term SOFR +
1.39%)(a)(b)
6,750
6,762,147
Series 2025-1A, Class A, 4.92%,
04/20/38, (3-mo. CME Term SOFR +
1.19%)(a)(b)
3,000
2,998,468
Series 2025-2A, Class A, 4.99%,
01/15/39, (3-mo. CME Term SOFR +
1.24%)(a)(b)
10,000
10,011,610
TPG CLO Ltd.
Series 2025-1A, Class A1, 5.12%,
07/15/37, (3-mo. CME Term SOFR +
1.37%)(a)(b)
2,000
2,003,751
Series 2025-2A, Class A1, 5.00%,
01/21/39, (3-mo. CME Term SOFR +
1.27%)(a)(b)
20,000
20,010,968
Series 2026-4A, Class A1, 1.00%,
03/31/39, (3-mo. CME Term SOFR +
1.26%)(a)(b)
4,000
4,000,000
Trestles CLO III Ltd. Series 2020-3A, Class A1R,
5.12%, 10/20/37, (3-mo. CME Term SOFR +
1.39%)(a)(b)
7,800
7,814,116
Trestles CLO IX Ltd. Series 2025-9A, Class A1,
5.01%, 01/15/39, (3-mo. CME Term SOFR +
1.26%)(a)(b)
4,000
4,004,915
Trestles CLO Ltd.
Series 2017-1A, Class A1RR, 5.13%,
07/25/37, (3-mo. CME Term SOFR +
1.46%)(a)(b)
7,400
7,400,000
Series 2017-1AR, Class A1R3, 4.99%,
07/25/39, (3-mo. CME Term SOFR +
1.25%)(a)(b)
7,400
7,400,000
Trestles Clo V Ltd. Series 2021-5A, Class A1R2,
4.90%, 07/20/39, (3-mo. CME Term SOFR +
1.24%)(a)(b)
5,000
5,000,000
Trestles CLO VI Ltd. Series 2023-6A, Class A1R,
4.99%, 04/25/38, (3-mo. CME Term SOFR +
1.18%)(a)(b)
3,000
2,995,867
Trestles CLO X Ltd. Series 2026-10A, Class A1,
4.91%, 04/20/39, (3-mo. CME Term SOFR +
1.18%)(a)(b)
10,500
10,485,673
Trimaran CAVU Ltd.
Series 2022-1A, Class AR, 5.13%,
10/22/37, (3-mo. CME Term SOFR +
1.40%)(a)(b)
2,000
2,003,600
Series 2024-1A, Class A, 5.19%,
01/25/38, (3-mo. CME Term SOFR +
1.38%)(a)(b)
1,500
1,502,949
Trinitas CLO VII Ltd. Series 2017-7A, Class A1R2,
4.87%, 01/25/35, (3-mo. CME Term SOFR +
1.06%)(a)(b)
3,000
2,999,400
Trinitas CLO XIV Ltd. Series 2020-14A, Class A1R2,
4.91%, 01/25/34, (3-mo. CME Term SOFR +
1.10%)(a)(b)
1,522
1,522,973
Security
Par
(000
)
Value
Trinitas CLO XXIX Ltd.
Series 2024-29A, Class A1, 5.24%,
07/23/37, (3-mo. CME Term SOFR +
1.49%)(a)(b)
$3,485
$3,485,000
Series 2024-29AR, Class A1R, 4.97%,
10/23/39, (3-mo. CME Term SOFR +
1.25%)(a)(b)
3,485
3,485,000
Series 2024-29AR, Class CR, 5.57%,
10/23/39, (3-mo. CME Term SOFR +
1.85%)(a)(b)
1,000
1,000,000
Trinitas CLO XXX Ltd. Series 2024-30A, Class A1,
5.12%, 10/23/37, (3-mo. CME Term SOFR +
1.37%)(a)(b)
5,500
5,508,657
Trinitas CLO XXXII Ltd. Series 2025-32A, Class A1,
5.08%, 07/23/38, (3-mo. CME Term SOFR +
1.33%)(a)(b)
1,250
1,252,081
Trinitas CLO XXXIII Ltd. Series 2025-33A, Class C,
5.61%, 07/22/38, (3-mo. CME Term SOFR +
1.88%)(a)(b)
1,350
1,352,598
Trinitas CLO XXXV Ltd. Series 2026-35A, Class A1,
4.95%, 01/22/39, (3-mo. CME Term SOFR +
1.22%)(a)(b)
3,600
3,602,692
Trinitas CLO XXXVI Ltd. Series 2026-36A, Class A1,
4.93%, 08/12/39, (3-mo. CME Term SOFR +
1.24%)(a)(b)
5,000
5,000,000
Trinitas CLO XXXVII Ltd. Series 2025-37A, Class C,
5.68%, 01/22/39, (3-mo. CME Term SOFR +
1.95%)(a)(b)
1,372
1,374,827
Voya CLO Ltd.
Series 2019-3A, Class AR, 5.09%,
10/17/32, (3-mo. CME Term SOFR +
1.34%)(a)(b)
701
701,430
Series 2021-2A, Class A1R, 4.90%,
04/20/38, (3-mo. CME Term SOFR +
1.17%)(a)(b)
5,000
4,993,084
Series 2022-4A, Class A1R, 5.24%,
04/20/37, (3-mo. CME Term SOFR +
1.51%)(a)(b)
5,500
5,504,089
Warwick Capital CLO 1 Ltd. Series 2023-1A,
Class AR, 5.01%, 10/20/38, (3-mo. CME Term
SOFR + 1.28%)(a)(b)
13,000
13,019,571
Warwick Capital CLO 3 Ltd. Series 2024-3A,
Class A1R, 4.93%, 07/20/39, (3-mo. CME Term
SOFR + 1.24%)(a)(b)
10,000
9,999,598
Warwick Capital CLO 4 Ltd. Series 2024-4A,
Class A1, 5.13%, 07/20/37, (3-mo. CME Term
SOFR + 1.40%)(a)(b)
4,900
4,900,000
Warwick Capital CLO 5 Ltd. Series 2024-5A,
Class A1, 5.09%, 01/20/38, (3-mo. CME Term
SOFR + 1.36%)(a)(b)
5,500
5,509,624
Warwick Capital CLO 7 Ltd. Series 2025-7A,
Class A1, 5.03%, 10/21/38, (3-mo. CME Term
SOFR + 1.30%)(a)(b)
13,150
13,172,472
Whitebox CLO III Ltd. Series 2021-3A, Class A1R,
5.02%, 10/15/35, (3-mo. CME Term SOFR +
1.27%)(a)(b)
6,000
6,002,312
Whitebox CLO IV Ltd. Series 2023-4A, Class A1R2,
5.01%, 07/20/39, (3-mo. CME Term SOFR +
1.25%)(a)(b)
8,500
8,500,202
Whitebox CLO V Ltd. Series 2025-5A, Class A1,
5.09%, 07/20/38, (3-mo. CME Term SOFR +
1.36%)(a)(b)
2,000
2,004,056
13
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Wise CLO Ltd.
Series 2023-2A, Class A1R, 4.85%,
04/15/39, (3-mo. CME Term SOFR +
1.10%)(a)(b)
$5,000
$4,994,330
Series 2024-2A, Class A, 5.21%,
07/15/37, (3-mo. CME Term SOFR +
1.46%)(a)(b)
4,000
4,007,373
Series 2025-3A, Class A, 5.10%,
07/15/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
11,550
11,569,488
Series 2025-4A, Class A, 5.08%,
09/20/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
7,000
7,015,429
Total Long-Term Investments — 99.9%
(Cost: $2,212,095,712)
2,211,601,267
 
Shares
 
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.65%(c)(d)
24,240,000
24,240,000
Total Short-Term Securities — 1.1%
(Cost: $24,240,000)
24,240,000
Total Investments — 101.0%
(Cost: $2,236,335,712)
2,235,841,267
Liabilities in Excess of Other Assets — (1.0)%
(22,233,986
)
Net Assets — 100.0%
$2,213,607,281
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency
Shares
$23,120,000
$1,120,000
(a)
$—
$—
$—
$24,240,000
24,240,000
$769,241
$—
 
(a)
Represents net amount purchased (sold).
Schedule of Investments
14
Schedule of Investments (continued)
July 31, 2026
iShares AAA CLO Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$2,211,601,267
$—
$2,211,601,267
Short-Term Securities 
Money Market Funds
24,240,000
—
—
24,240,000
 
$24,240,000
$2,211,601,267
$—
$2,235,841,267
See notes to financial statements.
15
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
July 31, 2026
iShares BBB-B CLO Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
720 East CLO Ltd. Series 2022-1A, Class DR, 6.63%,
01/20/38, (3-mo. CME Term SOFR + 2.90%)(a)(b)
$1,250
$1,253,721
AIMCO CLO 18 Ltd. Series 2022-18A, Class D1R, 6.58%,
07/20/37, (3-mo. CME Term SOFR + 2.85%)(a)(b)
2,000
2,000,000
Anchorage Capital CLO 32 LLC Series 2025-32A,
Class D1R, 6.49%, 07/15/39, (3-mo. CME Term SOFR
+ 2.75%)(a)(b)
1,215
1,213,975
Apidos CLO L Series 2024-50A, Class D1, 6.53%,
01/20/38, (3-mo. CME Term SOFR + 2.80%)(a)(b)
2,890
2,890,564
Apidos CLO LIV Series 2025-54A, Class D2, 7.63%,
10/20/38, (3-mo. CME Term SOFR + 3.90%)(a)(b)
1,000
990,441
Ares Loan Funding IV Ltd. Series 2023-ALF4A,
Class D1R, 6.50%, 10/15/38, (3-mo. CME Term SOFR
+ 2.75%)(a)(b)
1,000
998,742
Ares LXXV CLO Ltd. Series 2024-75A, Class D1, 6.55%,
01/15/37, (3-mo. CME Term SOFR + 2.80%)(a)(b)
2,000
1,999,843
Arini U.S. CLO II Ltd. Series 2A, Class D, 7.00%,
03/31/38, (3-mo. CME Term SOFR + 3.25%)(a)(b)
1,000
1,002,299
Ballyrock CLO 28 Ltd. Series 2024-28A, Class C1, 6.53%,
01/20/38, (3-mo. CME Term SOFR + 2.80%)(a)(b)
2,000
1,998,744
BBAM U.S. CLO VII Ltd. Series 2026-7A, Class D1,
6.38%, 07/27/39, (3-mo. CME Term SOFR +
2.60%)(a)(b)
1,000
996,139
Birch Grove CLO 11 Ltd. Series 2024-11A, Class D1,
6.83%, 01/22/38, (3-mo. CME Term SOFR +
3.10%)(a)(b)
2,500
2,513,913
Birch Grove CLO 12 Ltd. Series 2025-12A, Class D1,
6.48%, 04/22/38, (3-mo. CME Term SOFR +
2.75%)(a)(b)
1,390
1,389,842
Bridge Street CLO V Ltd. Series 2025-1A, Class D1A,
6.58%, 04/20/38, (3-mo. CME Term SOFR +
2.85%)(a)(b)
1,000
999,005
Bryant Park Funding Ltd.
Series 2023-19A, Class ER, 8.75%, 04/15/38, (3-mo.
CME Term SOFR + 5.00%)(a)(b)
1,000
925,538
Series 2023-20A, Class DR, 7.15%, 04/15/38, (3-mo.
CME Term SOFR + 3.40%)(a)(b)
1,000
1,000,263
Elmwood CLO 29 Ltd. Series 2024-5A, Class CR2, 5.48%,
04/20/37, (3-mo. CME Term SOFR + 1.75%)(a)(b)
5,000
4,992,492
Elmwood CLO V Ltd. Series 2020-2A, Class D2RR,
7.98%, 10/20/37, (3-mo. CME Term SOFR +
4.25%)(a)(b)
2,000
1,963,211
Flatiron CLO 23 LLC
Series 2023-1A, Class DR, 6.45%, 04/17/36, (3-mo.
CME Term SOFR + 2.70%)(a)(b)
1,000
1,000,439
Series 2023-1A, Class ER, 8.70%, 04/17/36, (3-mo.
CME Term SOFR + 4.95%)(a)(b)
1,000
997,260
GoldenTree Loan Management U.S. CLO 10 Ltd. Series
2021-10A, Class DR, 6.83%, 10/20/37, (3-mo. CME
Term SOFR + 3.10%)(a)(b)
3,050
3,057,821
GoldenTree Loan Management U.S. CLO 17 Ltd. Series
2023-17A, Class DR, 6.53%, 01/20/39, (3-mo. CME
Term SOFR + 2.80%)(a)(b)
2,500
2,498,218
GoldenTree Loan Management U.S. CLO 22 Ltd. Series
2024-22A, Class D, 6.58%, 10/20/37, (3-mo. CME Term
SOFR + 2.85%)(a)(b)
1,000
1,002,010
Golub Capital Partners CLO 74 B Ltd. Series 2024-74A,
Class D1, 7.01%, 07/25/37, (3-mo. CME Term SOFR +
3.20%)(a)(b)
2,240
2,240,978
Security
Par
(000
)
Value
Golub Capital Partners CLO 76 B Ltd. Series 2024-76A,
Class E, 9.56%, 10/25/37, (3-mo. CME Term SOFR +
5.75%)(a)(b)
$650
$613,670
Invesco U.S. CLO Ltd. Series 2023-3A, Class D1R,
6.80%, 07/15/38, (3-mo. CME Term SOFR +
3.05%)(a)(b)
1,000
986,113
Madison Park Funding XXXVII Ltd. Series 2019-37A,
Class D1A, 7.50%, 04/15/37, (3-mo. CME Term SOFR
+ 3.75%)(a)(b)
2,000
1,967,361
Neuberger Berman Loan Advisers CLO 44 Ltd. Series
2021-44A, Class DR, 6.44%, 10/16/35, (3-mo. CME
Term SOFR + 2.65%)(a)(b)
2,000
1,992,020
Neuberger Berman Loan Advisers CLO 59 Ltd. Series
2024-59A, Class D2, 7.55%, 01/23/39, (3-mo. CME
Term SOFR + 3.80%)(a)(b)
1,650
1,633,162
OCP CLO Ltd.
Series 2023-26A, Class D1R, 6.20%, 04/17/37, (3-mo.
CME Term SOFR + 2.45%)(a)(b)
1,000
1,000,782
Series 2024-35A, Class D1, 6.91%, 10/25/37, (3-mo.
CME Term SOFR + 3.10%)(a)(b)
1,000
1,003,660
OHA Credit Funding 10-R Ltd. Series 2021-10RA,
Class D1, 6.43%, 07/18/38, (3-mo. CME Term SOFR +
2.70%)(a)(b)
2,500
2,491,836
OHA Credit Funding 11 Ltd. Series 2022-11A, Class D1R,
6.58%, 07/19/37, (3-mo. CME Term SOFR +
2.85%)(a)(b)
1,780
1,780,893
OHA Credit Funding 12-R Ltd. Series 2022-12RA,
Class D, 6.48%, 07/20/37, (3-mo. CME Term SOFR +
2.75%)(a)(b)
1,000
997,255
OHA Credit Funding 2 Ltd. Series 2019-2A, Class D1R2,
6.43%, 01/21/38, (3-mo. CME Term SOFR +
2.70%)(a)(b)
2,000
1,982,383
OHA Credit Partners XIV Ltd. Series 2017-14A,
Class D1R, 6.58%, 07/21/37, (3-mo. CME Term SOFR
+ 2.85%)(a)(b)
4,000
4,007,125
Palmer Square CLO Ltd.
Series 2023-1A, Class D1R, 6.38%, 01/20/38, (3-mo.
CME Term SOFR + 2.65%)(a)(b)
2,230
2,223,144
Series 2024-4A, Class D1, 6.40%, 01/15/38, (3-mo.
CME Term SOFR + 2.65%)(a)(b)
3,350
3,351,038
Pikes Peak CLO 6 Series 2020-6A, Class ERR, 8.25%,
05/18/34, (3-mo. CME Term SOFR + 4.60%)(a)(b)
1,000
952,865
RAD CLO 21 Ltd. Series 2023-21A, Class D1R, 6.41%,
01/25/37, (3-mo. CME Term SOFR + 2.60%)(a)(b)
1,000
990,936
Regatta XXI Funding Ltd. Series 2021-3A, Class D1R,
6.85%, 10/15/37, (3-mo. CME Term SOFR +
3.10%)(a)(b)
500
490,408
Sixth Street CLO XX Ltd. Series 2021-20A, Class D1R,
6.70%, 07/17/38, (3-mo. CME Term SOFR +
2.95%)(a)(b)
700
689,251
Sona U.S. CLO 2 Ltd. Series 2026-2A, Class D1, 6.62%,
07/22/39, (3-mo. CME Term SOFR + 2.85%)(a)(b)
1,000
1,001,567
Sycamore Tree CLO Ltd. Series 2023-4A, Class D1R,
6.63%, 10/20/38, (3-mo. CME Term SOFR +
2.90%)(a)(b)
1,000
995,260
Symphony CLO XXXIII Ltd. Series 2022-33A, Class D1R,
6.38%, 01/24/38, (3-mo. CME Term SOFR +
2.60%)(a)(b)
2,000
1,994,601
Trimaran Cavu Ltd. Series 2025-1A, Class D2, 7.71%,
04/25/38, (3-mo. CME Term SOFR + 3.90%)(a)(b)
1,000
988,714
Schedule of Investments
16
Schedule of Investments (continued)
July 31, 2026
iShares BBB-B CLO Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Trinitas CLO XXIX Ltd. Series 2024-29AR, Class ER,
9.76%, 10/23/39, (3-mo. CME Term SOFR +
6.04%)(a)(b)
$1,000
$990,000
Trinitas CLO XXXI Ltd. Series 2024-31A, Class D1, 6.73%,
01/22/38, (3-mo. CME Term SOFR + 3.00%)(a)(b)
1,750
1,759,150
Trinitas CLO XXXII Ltd. Series 2025-32A, Class E, 9.55%,
07/23/38, (3-mo. CME Term SOFR + 5.80%)(a)(b)
750
748,587
Voya CLO Ltd.
Series 2020-2A, Class ERR, 9.08%, 01/20/38, (3-mo.
CME Term SOFR + 5.35%)(a)(b)
1,450
1,446,485
Series 2024-7A, Class D1, 6.58%, 01/20/38, (3-mo.
CME Term SOFR + 2.85%)(a)(b)
1,000
1,001,067
Warwick Capital CLO 7 Ltd. Series 2025-7A, Class D1,
6.48%, 10/21/38, (3-mo. CME Term SOFR +
2.75%)(a)(b)
2,500
2,495,940
Wellington Management CLO 3 Ltd. Series 2024-3AR,
Class ER, 9.81%, 07/31/39, (3-mo. CME Term SOFR +
6.00%)(a)(b)
500
500,000
Whitebox CLO II Ltd. Series 2020-2A, Class E1R2, 9.53%,
10/24/37, (3-mo. CME Term SOFR + 5.75%)(a)(b)
500
497,221
Total Long-Term Investments — 99.2%
(Cost: $84,541,043)
83,497,952
Security
Shares
Value
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.65%(c)(d)
950,000
$950,000
Total Short-Term Securities — 1.1%
(Cost: $950,000)
950,000
Total Investments — 100.3%
(Cost: $85,491,043)
84,447,952
Liabilities in Excess of Other Assets — (0.3)%
(260,206
)
Net Assets — 100.0%
$84,187,746
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$2,160,000
$—
$(1,210,000
)(a)
$—
$—
$950,000
950,000
$63,317
$—
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$83,497,952
$—
$83,497,952
Short-Term Securities 
Money Market Funds
950,000
—
—
950,000
 
$950,000
$83,497,952
$—
$84,447,952
See notes to financial statements.
17
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
1988 Asset Management Euro Clo 1 DAC,
Series 1X, Class D, 5.44%,
04/15/40, (3-mo. EURIBOR + 2.95%)(a)(b)
EUR1,050
$1,209,891
1988 CLO 2 Ltd., Series 2023-2A,
Class A1R, 4.95%, 04/15/38, (3-mo. CME
Term SOFR + 1.20%)(b)(c)
USD3,545
3,543,347
522 Funding CLO Ltd.
Series 2018-3A, Class CR, 6.04%,
10/20/31, (3-mo. CME Term SOFR +
2.31%)(b)(c)
USD250
250,095
Series 2020-6A, Class A1R2, 4.95%,
10/23/34, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD3,010
3,012,922
720 East CLO Ltd., Series 2022-1A,
Class A1R, 5.06%, 01/20/38, (3-mo. CME
Term SOFR + 1.33%)(b)(c)
USD2,755
2,758,935
A10 Issuer LLC, Series 2025-FL6, Class A,
5.14%, 05/15/42, (1-mo. CME Term
SOFR + 1.47%)(b)(c)
USD8,788
8,784,355
AB BSL CLO 3 Ltd., Series 2021-3A,
Class A1R, 4.98%, 04/20/38, (3-mo. CME
Term SOFR + 1.25%)(b)(c)
USD2,480
2,481,450
AB Carval Euro CLO II-C DAC, Series 2X,
Class D, 6.03%, 02/15/37, (3-mo.
EURIBOR + 3.75%)(a)(b)
EUR730
852,704
ACE Securities Corp. Home Equity Loan
Trust, Series 2005-AG1, Class M2,
4.53%, 08/25/35, (1-mo. CME Term
SOFR + 0.80%)(b)
USD1,815
1,597,267
Acore Issuer LLC, Series 2026-FL1,
Class A, 5.12%, 08/20/43, (1-mo. CME
Term SOFR + 1.45%)(b)(c)
USD4,255
4,254,981
ACRES Commercial Realty Issuer LLC,
Series 2026-FL4, Class A, 5.12%,
08/18/44, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD10,000
10,006,582
ACRES LLC, Series 2025-FL3, Class A,
5.29%, 08/18/40, (1-mo. CME Term
SOFR + 1.62%)(b)(c)
USD6,895
6,903,063
Affirm Asset Securitization Trust
Series 2025-X1, Class C, 5.34%,
04/15/30(c)
USD1,294
1,294,456
Series 2025-X2, Class B, 4.56%,
10/15/30(c)
USD819
818,905
Series 2025-X2, Class C, 4.93%,
10/15/30(c)
USD295
295,159
Affirm Master Trust
Series 2025-1A, Class B, 5.13%,
02/15/33(c)
USD3,418
3,422,485
Series 2025-3A, Class A, 4.45%,
10/16/34(c)
USD11,330
11,223,626
Series 2026-1A, Class B, 4.57%,
02/15/34(c)
USD2,683
2,661,190
Series 2026-2A, Class A, 4.67%,
04/16/35(c)
USD5,313
5,270,426
AGL CLO 13 Ltd., Series 2021-13A,
Class A1R, 4.83%, 10/20/34, (3-mo. CME
Term SOFR + 1.10%)(b)(c)
USD1,100
1,100,305
Security
Par
(000
)
Value
AGL CLO 21 Ltd., Series 2022-21A,
Class A1R, 5.09%, 10/21/37, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD3,000
$3,004,553
AGL CLO 33 Ltd., Series 2024-33A,
Class D1, 6.53%, 07/21/37, (3-mo. CME
Term SOFR + 2.80%)(b)(c)
USD1,300
1,287,603
AGL CLO 35 Ltd., Series 2024-35A,
Class A1, 5.07%, 01/21/38, (3-mo. CME
Term SOFR + 1.34%)(b)(c)
USD1,000
1,001,726
AGL CLO 39 Ltd.
Series 2025-39A, Class D1, 6.23%,
04/20/38, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD2,000
1,986,675
Series 2025-39A, Class E, 8.23%,
04/20/38, (3-mo. CME Term SOFR +
4.50%)(b)(c)
USD1,300
1,258,708
AGL CLO 5 Ltd.
Series 2020-5A, Class D1AR, 6.43%,
01/20/39, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD1,000
998,860
Series 2020-5A, Class D2R3, 7.68%,
01/20/39, (3-mo. CME Term SOFR +
3.95%)(b)(c)
USD1,000
986,945
AGL CLO 6 Ltd., Series 2020-6A,
Class A1R2, 5.01%, 04/20/38, (3-mo.
CME Term SOFR + 1.28%)(b)(c)
USD2,000
2,004,199
AIMCO CLO 11 Ltd., Series 2020-11A,
Class BR2, 5.40%, 07/17/37, (3-mo. CME
Term SOFR + 1.65%)(b)(c)
USD550
551,568
AIMCO CLO 23 Ltd., Series 2025-23A,
Class A, 4.86%, 04/20/38, (3-mo. CME
Term SOFR + 1.13%)(b)(c)
USD250
249,527
AIMCO CLO 24 Ltd., Series 2025-24A,
Class B1, 5.58%, 04/19/38, (3-mo. CME
Term SOFR + 1.85%)(b)(c)
USD1,575
1,577,347
Allied Credit ABS Trust
Series 2026-1, Class C, 5.86%,
04/17/34, (1-mo. BB Swap +
1.55%)(a)(b)
AUD525
369,121
Series 2026-1, Class D, 6.06%,
04/17/34, (1-mo. BB Swap +
1.75%)(a)(b)
AUD584
410,393
ALLO Issuer LLC, Series 2026-1A,
Class A2, 5.61%, 06/20/56(c)
USD11,121
11,147,530
AMMC CLO 32 Ltd., Series 2025-32A,
Class A1, 5.11%, 10/17/38, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD2,000
2,004,267
Anchorage Capital CLO 15 Ltd., Series
2020-15A, Class A1R2, 5.14%,
07/20/38, (3-mo. CME Term SOFR +
1.41%)(b)(c)
USD2,000
2,004,766
Anchorage Capital CLO 19 Ltd., Series
2021-19A, Class A1R, 5.10%,
10/15/38, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD2,000
2,003,326
Anchorage Capital CLO 21 Ltd., Series
2021-21A, Class AR, 4.78%,
10/20/34, (3-mo. CME Term SOFR +
1.05%)(b)(c)
USD1,350
1,350,042
Schedule of Investments
18
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Anchorage Capital CLO 34 Ltd., Series
2025-34A, Class D1, 6.65%,
01/15/39, (3-mo. CME Term SOFR +
2.90%)(b)(c)
USD3,000
$3,006,249
Anchorage Capital CLO 6 Ltd., Series
2015-6A, Class AR4, 5.10%,
07/22/38, (3-mo. CME Term SOFR +
1.37%)(b)(c)
USD3,795
3,801,345
Anchorage Capital CLO Ltd., Series
2026-22A, Class AR4, 4.96%,
01/20/39, (3-mo. CME Term SOFR +
1.23%)(b)(c)
USD9,750
9,754,270
Anchorage Capital Europe CLO 10 DAC,
Series 10X, Class DR, 5.41%,
07/22/38, (3-mo. EURIBOR + 2.95%)(a)(b)
EUR1,204
1,388,369
Apidos CLO LIII, Series 2025-53A,
Class A1, 5.05%, 07/20/38, (3-mo. CME
Term SOFR + 1.32%)(b)(c)
USD2,000
2,004,568
Apidos CLO LIV
Series 2025-54A, Class D1, 6.38%,
10/20/38, (3-mo. CME Term SOFR +
2.65%)(b)(c)
USD2,000
2,001,038
Series 2025-54A, Class D2, 7.63%,
10/20/38, (3-mo. CME Term SOFR +
3.90%)(b)(c)
USD1,500
1,485,662
Apidos CLO XL Ltd., Series 2022-40A,
Class AR, 5.10%, 07/15/37, (3-mo. CME
Term SOFR + 1.35%)(b)(c)
USD2,000
2,001,903
Apidos CLO XLIV Ltd., Series 2023-44A,
Class D2R, 7.91%, 10/26/37, (3-mo. CME
Term SOFR + 4.10%)(b)(c)
USD1,000
992,479
Apidos CLO XLVIII Ltd.
Series 2024-48A, Class A1, 5.25%,
07/25/37, (3-mo. CME Term SOFR +
1.44%)(b)(c)
USD489
489,000
Series 2024-48AR, Class CR, 5.44%,
07/25/39, (3-mo. CME Term SOFR +
1.70%)(b)(c)
USD1,000
1,000,000
Series 2024-48AR, Class D1R, 6.29%,
07/25/39, (3-mo. CME Term SOFR +
2.55%)(b)(c)
USD1,000
1,000,000
Apidos CLO XXXII
Series 2019-32A, Class A1R, 4.83%,
01/20/33, (3-mo. CME Term SOFR +
1.10%)(b)(c)
USD1,088
1,089,047
Series 2019-32A, Class B1R, 5.23%,
01/20/33, (3-mo. CME Term SOFR +
1.50%)(b)(c)
USD555
554,500
Apidos CLO XXXIX Ltd., Series 2022-39A,
Class A1R, 4.96%, 10/21/38, (3-mo. CME
Term SOFR + 1.23%)(b)(c)
USD510
510,405
Apidos CLO XXXVII, Series 2021-37A,
Class A, 5.12%, 10/22/34, (3-mo. CME
Term SOFR + 1.39%)(b)(c)
USD1,815
1,815,311
Apidos Loan Fund Ltd., Series 2024-1A,
Class D1R, 6.51%, 10/25/38, (3-mo. CME
Term SOFR + 2.70%)(b)(c)
USD1,930
1,927,172
Arbor Realty Collateralized Loan Obligation
Ltd., Series 2025-BTR1, Class A, 5.59%,
01/20/41, (1-mo. CME Term SOFR +
1.93%)(b)(c)
USD7,424
7,437,847
Security
Par
(000
)
Value
Arbor Realty Commercial Real Estate
Notes LLC, Series 2025-FL1, Class A,
5.02%, 01/20/43, (1-mo. CME Term
SOFR + 1.35%)(b)(c)
USD7,313
$7,315,791
Arbour CLO VI DAC, Series 6X, Class DR,
5.48%, 11/15/37, (3-mo. EURIBOR +
3.20%)(a)(b)
EUR1,150
1,326,123
Arbour CLO XI DAC, Series 11X, Class DR,
6.08%, 05/15/38, (3-mo. EURIBOR +
3.80%)(a)(b)
EUR800
929,876
Arcano Euro Clo II DAC, Series 2X, Class D,
5.77%, 07/25/39, (3-mo. EURIBOR +
3.30%)(a)(b)
EUR1,000
1,153,149
Arcano Euro Clo IV DAC, Series 4X,
Class D, 5.72%, 01/17/39, (3-mo.
EURIBOR + 3.00%)(a)(b)
EUR2,890
3,330,069
AREIT, Series 2025-CRE11, Class A, 5.23%,
07/25/43, (1-mo. CME Term SOFR +
1.55%)(b)(c)
USD14,495
14,542,644
AREIT Ltd., Series 2025-CRE10, Class A,
5.07%, 12/17/29, (1-mo. CME Term
SOFR + 1.39%)(b)(c)
USD10,146
10,153,956
Ares European CLO VIII DAC, Series 8XR,
Class DRR, 5.45%, 04/17/39, (3-mo.
EURIBOR + 2.80%)(a)(b)
EUR1,250
1,441,437
Ares LIV CLO Ltd., Series 2019-54A,
Class AR2, 5.06%, 07/15/38, (3-mo. CME
Term SOFR + 1.31%)(b)(c)
USD2,000
2,004,804
Ares Loan Funding I Ltd.
Series 2021-ALFA, Class AR, 4.92%,
04/15/39, (3-mo. CME Term SOFR +
1.17%)(b)(c)
USD4,000
3,998,070
Series 2021-ALFA, Class D2R, 7.75%,
04/15/39, (3-mo. CME Term SOFR +
4.00%)(b)(c)
USD1,000
989,402
Series 2021-ALFA, Class ER, 8.85%,
04/15/39, (3-mo. CME Term SOFR +
5.10%)(b)(c)
USD1,000
969,397
Ares Loan Funding IV Ltd., Series
2023-ALF4A, Class D1R, 6.50%,
10/15/38, (3-mo. CME Term SOFR +
2.75%)(b)(c)
USD1,000
998,742
Ares Loan Funding VIII Ltd., Series
2024-ALF8, Class A1, 5.03%,
01/24/38, (3-mo. CME Term SOFR +
1.25%)(b)(c)
USD2,500
2,503,225
Ares LXVI CLO Ltd., Series 2022-66A,
Class A1R2, 5.08%, 10/25/38, (3-mo.
CME Term SOFR + 1.27%)(b)(c)
USD2,675
2,679,021
Ares LXX CLO Ltd., Series 2023-70A,
Class A1R, 5.06%, 01/25/39, (3-mo. CME
Term SOFR + 1.25%)(b)(c)
USD5,500
5,503,731
Ares XXVII CLO Ltd., Series 2013-2A,
Class BR3, 5.49%, 10/28/34, (3-mo. CME
Term SOFR + 1.65%)(b)(c)
USD226
226,145
ARI Fleet Lease Trust
Series 2023-A, Class B, 5.69%,
02/17/32(c)
USD2,288
2,303,804
Series 2024-A, Class B, 5.16%,
11/15/32(c)
USD829
833,472
Series 2024-A, Class C, 5.38%,
11/15/32(c)
USD469
472,244
19
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Arini European CLO IV DAC, Series 4X,
Class D, 5.93%, 01/15/38, (3-mo.
EURIBOR + 3.50%)(a)(b)
EUR1,660
$1,914,130
Arini European CLO V DAC, Series 5X,
Class D, 5.23%, 01/15/39, (3-mo.
EURIBOR + 2.80%)(a)(b)
EUR1,560
1,797,467
Arini European Clo X DAC, Series 10X,
Class D, 5.44%, 07/15/40, (3-mo.
EURIBOR + 3.10%)(a)(b)
EUR1,240
1,435,314
Asimi Funding PLC
Series 2025-1, Class A, 4.69%,
05/16/32, (1-day SONIA+ 0.95%)(a)(b)
GBP222
299,920
Series 2025-1, Class B, 5.14%,
05/16/32, (1-day SONIA+ 1.40%)(a)(b)
GBP116
156,449
Series 2025-1, Class C, 5.49%,
05/16/32, (1-day SONIA+ 1.75%)(a)(b)
GBP91
123,053
Series 2025-1, Class D, 6.14%,
05/16/32, (1-day SONIA+ 2.40%)(a)(b)
GBP48
65,610
Series 2025-2, Class B, 4.94%,
12/16/32, (1-day SONIA+ 1.20%)(a)(b)
GBP1,347
1,817,871
Series 2025-2, Class C, 5.24%,
12/16/32, (1-day SONIA+ 1.50%)(a)(b)
GBP275
370,889
Series 2025-2, Class D, 5.49%,
12/16/32, (1-day SONIA+ 1.75%)(a)(b)
GBP282
379,582
Series 2025-2, Class E, 6.54%,
12/16/32, (1-day SONIA+ 2.80%)(a)(b)
GBP544
733,265
Series 2025-2, Class F, 8.54%,
12/16/32, (1-day SONIA+ 4.80%)(a)(b)
GBP556
752,555
Asset-Backed European Securitisation
Transaction Twenty-Five SRL
Series 25, Class B, 3.52%,
11/15/39, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR98
113,499
Series 25, Class C, 3.87%,
11/15/39, (1-mo. EURIBOR +
1.60%)(a)(b)
EUR70
80,496
Series 25, Class D, 4.77%,
11/15/39, (1-mo. EURIBOR +
2.50%)(a)(b)
EUR70
81,145
Series 25, Class E, 6.27%,
11/15/39, (1-mo. EURIBOR +
4.00%)(a)(b)
EUR90
104,050
Asset-Backed European Securitisation
Transaction Twenty-Four Srl
Series 2024-R, Class C, 3.57%,
08/16/40, (1-mo. EURIBOR +
1.30%)(a)(b)
EUR478
549,908
Series 2024-R, Class D, 3.87%,
08/16/40, (1-mo. EURIBOR +
1.60%)(a)(b)
EUR525
608,267
Asset-Backed European Securitisation
Transaction Twenty-Four SRL, Series
2024-R, Class B, 3.42%, 08/16/40, (1-mo.
EURIBOR + 1.15%)(a)(b)
EUR3,352
3,869,591
Asset-Backed European Securitisation
Transaction Twenty-Three SARL
3.51%, 03/21/34(a)(b)
EUR414
479,658
Series 23, Class C, 3.81%,
03/21/34, (1-mo. EURIBOR +
1.60%)(a)(b)
EUR69
80,124
Security
Par
(000
)
Value
Series 23, Class D, 4.11%,
03/21/34, (1-mo. EURIBOR +
1.90%)(a)(b)
EUR69
$80,097
Series 23, Class E, 4.61%,
03/21/34, (1-mo. EURIBOR +
2.40%)(a)(b)
EUR69
80,336
Atrium XV, Series 15A, Class A1R, 5.18%,
07/16/36, (3-mo. CME Term SOFR +
1.39%)(b)(c)
USD1,000
1,000,204
Aurium CLO VII DAC, Series 7X, Class DR,
5.58%, 10/15/38, (3-mo. EURIBOR +
3.15%)(a)(b)
EUR720
827,154
Aurium CLO XIII DAC, Series 13X, Class D,
5.23%, 04/15/38, (3-mo. EURIBOR +
2.80%)(a)(b)
EUR1,100
1,264,033
Auto ABS Italian Stella Loans SRL
Series 2024-1, Class B, 3.38%,
12/29/36, (1-mo. EURIBOR +
1.20%)(a)(b)
EUR209
241,384
Series 2024-1, Class C, 3.88%,
12/29/36, (1-mo. EURIBOR +
1.70%)(a)(b)
EUR58
67,158
Series 2024-1, Class D, 4.48%,
12/29/36, (1-mo. EURIBOR +
2.30%)(a)(b)
EUR58
67,507
Series 2025-1, Class B, 3.20%,
12/28/40, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR561
646,071
Series 2025-1, Class C, 3.45%,
12/28/40, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR140
160,944
Series 2025-1, Class D, 4.10%,
12/28/40, (1-mo. EURIBOR +
1.90%)(a)(b)
EUR86
99,704
Series 2025-2, Class B, 3.17%,
06/25/40, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR2,576
2,963,766
Series 2025-2, Class C, 3.37%,
06/25/40, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR523
599,685
Auto ABS Spanish Loans
Series 2026-1, Class C, 3.25%,
12/28/38, (1-mo. EURIBOR +
1.05%)(a)(b)
EUR500
572,035
Series 2026-1, Class D, 3.80%,
12/28/38, (1-mo. EURIBOR +
1.60%)(a)(b)
EUR300
346,054
Auto ABS Spanish Loans FT, Series 2024-1,
Class B, 3.51%, 09/28/38, (1-mo.
EURIBOR + 1.30%)(a)(b)
EUR270
312,729
Auto1 Car Funding Sarl Compartment
FinanceHero 2
Series 2, Class B, 3.07%,
07/16/35, (1-mo. EURIBOR +
0.85%)(a)(b)
EUR153
176,443
Series 2, Class C, 3.52%,
07/16/35, (1-mo. EURIBOR +
1.30%)(a)(b)
EUR77
88,403
Schedule of Investments
20
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Auto1 Car Funding Sarl Compartment
FinanceHero 3
Series 3, Class C, 3.47%,
07/15/35, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR300
$345,709
Series 3, Class D, 3.92%,
07/15/35, (1-mo. EURIBOR +
1.70%)(a)(b)
EUR100
115,557
AutoFlorence 4 SRL
Series 4, Class B, 3.33%,
12/24/44, (1-mo. EURIBOR +
1.05%)(a)(b)
EUR1,032
1,188,805
Series 4, Class C, 3.73%,
12/24/44, (1-mo. EURIBOR +
1.45%)(a)(b)
EUR572
658,914
AutoNoria Spain FT
Series 2025-SP, Class B, 3.22%,
04/30/43, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR446
513,294
Series 2025-SP, Class C, 3.42%,
04/30/43, (1-mo. EURIBOR +
1.20%)(a)(b)
EUR89
102,884
Series 2025-SP, Class D, 3.72%,
04/30/43, (1-mo. EURIBOR +
1.50%)(a)(b)
EUR89
102,535
Series 2025-SP, Class E, 5.22%,
04/30/43, (1-mo. EURIBOR +
3.00%)(a)(b)
EUR89
103,541
Avoca CLO, Series 36X, Class D, 1.00%,
07/15/40, (3-mo. EURIBOR + 2.80%)(a)(b)
EUR1,350
1,566,436
Avoca CLO XVIII DAC, Series 18X,
Class DR, 5.48%, 01/15/38, (3-mo.
EURIBOR + 3.05%)(a)(b)
EUR1,170
1,354,835
Bain Capital Credit CLO Ltd.
Series 2024-6A, Class A1, 5.06%,
01/21/38, (3-mo. CME Term SOFR +
1.33%)(b)(c)
USD750
751,076
Series 2025-3A, Class C, 5.70%,
07/23/38, (3-mo. CME Term SOFR +
1.95%)(b)(c)
USD1,529
1,533,281
Ballyrock CLO 15 Ltd., Series 2021-1A,
Class A1R, 5.08%, 01/15/38, (3-mo. CME
Term SOFR + 1.33%)(b)(c)
USD250
250,349
Ballyrock CLO 20 Ltd., Series 2022-20A,
Class C1R3, 6.55%, 10/15/36, (3-mo.
CME Term SOFR + 2.80%)(b)(c)
USD1,000
989,136
Ballyrock CLO 25 Ltd., Series 2023-25A,
Class A1AR, 4.99%, 01/25/38, (3-mo.
CME Term SOFR + 1.18%)(b)(c)
USD2,900
2,898,230
Ballyrock CLO 28 Ltd., Series 2024-28A,
Class A2, 5.43%, 01/20/38, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD500
501,625
Barings CLO Ltd., Series 2024-2A,
Class A1, 5.18%, 07/15/39, (3-mo. CME
Term SOFR + 1.43%)(b)(c)
USD1,200
1,202,161
Battalion CLO 17 Ltd., Series 2021-17A,
Class CRR, 5.78%, 03/09/34, (3-mo.
CME Term SOFR + 2.05%)(b)(c)
USD1,000
1,000,395
Battalion CLO VIII Ltd., Series 2015-8A,
Class BR3, 4.98%, 07/18/30, (3-mo. CME
Term SOFR + 1.25%)(b)(c)
USD797
796,841
Security
Par
(000
)
Value
Battalion CLO XII Ltd., Series 2018-12A,
Class CRR, 5.20%, 05/17/31, (3-mo.
CME Term SOFR + 1.55%)(b)(c)
USD1,170
$1,169,415
Battalion CLO XIX Ltd.
Series 2021-19A, Class AR, 4.79%,
04/15/34, (3-mo. CME Term SOFR +
1.04%)(b)(c)
USD891
890,641
Series 2021-19A, Class CR, 5.80%,
04/15/34, (3-mo. CME Term SOFR +
2.05%)(b)(c)
USD1,000
1,002,901
Battalion Clo XV Ltd., Series 2020-15A,
Class BR, 5.25%, 01/17/33, (3-mo. CME
Term SOFR + 1.50%)(b)(c)
USD1,000
998,990
Battalion CLO XV Ltd., Series 2020-15A,
Class A1RR, 4.73%, 01/17/33, (3-mo.
CME Term SOFR + 0.98%)(b)(c)
USD2,197
2,197,371
Battalion CLO XXI Ltd., Series 2021-21A,
Class AR, 4.90%, 07/15/34, (3-mo. CME
Term SOFR + 1.15%)(b)(c)
USD1,623
1,624,330
BBAM European CLO I DAC, Series 1X,
Class DRR, 5.59%, 10/22/38, (3-mo.
EURIBOR + 3.10%)(a)(b)
EUR100
115,659
BBAM European CLO X DAC, Series 10X,
Class D, 1.00%, 07/15/39, (3-mo.
EURIBOR + 2.75%)(a)(b)
EUR1,100
1,268,465
BBAM U.S. CLO VI Ltd., Series 2025-6A,
Class A1, 5.06%, 01/27/39, (3-mo. CME
Term SOFR + 1.25%)(b)(c)
USD5,000
5,007,590
BDS LLC
Series 2024-FL13, Class A, 5.25%,
09/19/39, (1-mo. CME Term SOFR +
1.58%)(b)(c)
USD6,666
6,674,222
Series 2025-FL14, Class A, 4.95%,
10/17/42, (1-mo. CME Term SOFR +
1.28%)(b)(c)
USD7,895
7,895,304
Bear Stearns Asset Backed Securities I
Trust, Series 2006-HE9, Class M1,
4.27%, 11/25/36, (1-mo. CME Term
SOFR + 0.55%)(b)
USD2,036
2,065,112
Benefit Street Partners CLO 42 Ltd., Series
2025-42A, Class A, 5.11%,
10/25/38, (3-mo. CME Term SOFR +
1.30%)(b)(c)
USD5,000
5,010,253
Benefit Street Partners CLO 44 Ltd., Series
2025-44A, Class A1, 4.97%,
01/15/39, (3-mo. CME Term SOFR +
1.22%)(b)(c)
USD2,000
2,001,357
Benefit Street Partners CLO IV Ltd., Series
2014-IVA, Class DTR5, 6.38%,
10/20/38, (3-mo. CME Term SOFR +
2.65%)(b)(c)
USD3,000
2,996,981
Benefit Street Partners Clo XLV Ltd., Series
2025-45A, Class D1, 6.23%,
01/20/39, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD500
497,517
Benefit Street Partners CLO XVI Ltd., Series
2018-16A, Class D1R2, 6.45%,
01/17/38, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD250
249,765
21
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Benefit Street Partners Clo XXII Ltd., Series
2020-22AR, Class D1R3, 6.33%,
07/20/39, (3-mo. CME Term SOFR +
2.60%)(b)(c)
USD1,000
$1,000,000
Benefit Street Partners CLO XXII Ltd.,
Series 2020-22A, Class DRR, 6.48%,
04/20/35, (3-mo. CME Term SOFR +
2.75%)(b)(c)
USD1,000
1,000,000
Benefit Street Partners CLO XXIX Ltd.
Series 2022-29A, Class AR, 4.99%,
01/25/38, (3-mo. CME Term SOFR +
1.18%)(b)(c)
USD6,260
6,254,558
Series 2022-29A, Class BR, 5.31%,
01/25/38, (3-mo. CME Term SOFR +
1.50%)(b)(c)
USD1,000
1,000,700
Benefit Street Partners CLO XXVII Ltd.,
Series 2022-27A, Class AR, 5.10%,
10/20/37, (3-mo. CME Term SOFR +
1.37%)(b)(c)
USD7,500
7,511,242
Benefit Street Partners CLO XXVIII Ltd.,
Series 2022-28A, Class AR, 5.08%,
10/20/37, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD530
530,771
Benefit Street Partners CLO XXXIX Ltd.,
Series 2025-39A, Class D1, 6.30%,
04/15/38, (3-mo. CME Term SOFR +
2.55%)(b)(c)
USD1,550
1,553,750
Benefit Street Partners CLO XXXVIII Ltd.,
Series 2024-38A, Class B, 5.46%,
01/25/38, (3-mo. CME Term SOFR +
1.65%)(b)(c)
USD2,000
2,002,860
Bethpage Park CLO Ltd.
Series 2021-1A, Class CR, 5.75%,
10/15/36, (3-mo. CME Term SOFR +
2.00%)(b)(c)
USD2,500
2,505,854
Series 2021-1A, Class D, 6.96%,
10/15/36, (3-mo. CME Term SOFR +
3.21%)(b)(c)
USD500
479,399
Birch Grove CLO 10 Ltd., Series 2024-10A,
Class A, 5.12%, 01/22/38, (3-mo. CME
Term SOFR + 1.39%)(b)(c)
USD450
450,900
Birch Grove CLO 11 Ltd., Series 2024-11A,
Class A1, 5.09%, 01/22/38, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD1,650
1,652,896
Birch Grove CLO 2 Ltd., Series 2021-2A,
Class D1R, 6.88%, 10/19/37, (3-mo. CME
Term SOFR + 3.15%)(b)(c)
USD1,000
986,126
Birch Grove CLO 4 Ltd., Series 2022-4A,
Class A1R2, 5.23%, 07/15/37, (3-mo.
CME Term SOFR + 1.23%)(b)(c)
USD2,000
2,000,000
Birch Grove CLO 6 Ltd., Series 2023-6A,
Class A1R, 5.11%, 07/20/37, (3-mo. CME
Term SOFR + 1.38%)(b)(c)
USD6,540
6,559,607
Blackthorn Park CLO, Series 1X, Class D,
1.00%, 10/15/39, (3-mo. EURIBOR +
2.75%)(a)(b)
EUR1,320
1,531,639
Blueberry Park CLO Ltd., Series 2024-1A,
Class D1, 6.63%, 10/20/37, (3-mo. CME
Term SOFR + 2.90%)(b)(c)
USD1,000
991,745
Security
Par
(000
)
Value
BlueMountain CLO Ltd.
Series 2015-4A, Class A1R2, 4.68%,
04/20/30, (3-mo. CME Term SOFR +
0.95%)(b)(c)
USD393
$393,399
Series 2016-3A, Class A1R2, 4.85%,
11/15/30, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD183
182,775
Series 2016-3A, Class A2R2, 5.35%,
11/15/30, (3-mo. CME Term SOFR +
1.70%)(b)(c)
USD1,000
1,000,175
Series 2018-2A, Class A, 5.02%,
08/15/31, (3-mo. CME Term SOFR +
1.37%)(b)(c)
USD449
448,787
Series 2018-2A, Class B, 5.61%,
08/15/31, (3-mo. CME Term SOFR +
1.96%)(b)(c)
USD250
249,875
Series 2018-3A, Class A1R, 5.00%,
10/25/30, (3-mo. CME Term SOFR +
1.19%)(b)(c)
USD295
295,609
Series 2018-3A, Class BR, 5.66%,
10/25/30, (3-mo. CME Term SOFR +
1.85%)(b)(c)
USD1,900
1,898,062
BlueMountain CLO XXII Ltd.
Series 2018-22A, Class A1, 5.09%,
07/15/31, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD17
16,558
Series 2018-22A, Class B, 5.51%,
07/15/31, (3-mo. CME Term SOFR +
1.76%)(b)(c)
USD1,250
1,249,313
BlueMountain CLO XXIV Ltd., Series
2019-24A, Class BR, 5.59%,
04/20/34, (3-mo. CME Term SOFR +
1.86%)(b)(c)
USD250
250,035
BlueMountain CLO XXIX Ltd., Series
2020-29A, Class AR2, 4.86%,
07/25/34, (3-mo. CME Term SOFR +
1.05%)(b)(c)
USD1,250
1,249,972
BlueMountain CLO XXX Ltd., Series
2020-30A, Class AR2, 4.90%,
04/15/35, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD2,900
2,900,931
BlueMountain CLO XXXIV Ltd., Series
2022-34A, Class CR, 5.63%,
04/20/35, (3-mo. CME Term SOFR +
1.90%)(b)(c)
USD1,173
1,172,759
Brant Point CLO Ltd.
Series 2024-5A, Class D1, 6.83%,
10/20/37, (3-mo. CME Term SOFR +
3.10%)(b)(c)
USD1,000
1,004,599
Series 2025-9A, Class C, 5.68%,
01/20/39, (3-mo. CME Term SOFR +
1.95%)(b)(c)
USD1,050
1,053,182
BRAVO Residential Funding Trust, Series
2024-CES2, Class A1A, 5.55%,
09/25/54(c)(d)
USD3,264
3,264,456
Bridge Street CLO III Ltd., Series 2022-1A,
Class A1R, 5.15%, 10/20/37, (3-mo. CME
Term SOFR + 1.42%)(b)(c)
USD2,000
2,004,260
Bridge Street CLO IV Ltd., Series 2024-1A,
Class A1R, 4.93%, 04/20/39, (3-mo. CME
Term SOFR + 1.29%)(b)(c)
USD4,250
4,254,373
Schedule of Investments
22
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Bridge Street CLO V Ltd., Series 2025-1A,
Class D1A, 6.58%, 04/20/38, (3-mo. CME
Term SOFR + 2.85%)(b)(c)
USD3,800
$3,796,220
Bridge Street CLO VI Ltd., Series 2025-2A,
Class A1, 5.03%, 01/15/39, (3-mo. CME
Term SOFR + 1.28%)(b)(c)
USD4,000
4,006,179
Bridgepoint Clo XI DAC, Series 11X,
Class D, 5.52%, 07/20/39, (3-mo.
EURIBOR + 2.90%)(a)(b)
EUR548
631,926
Brignole Co.
Series 2024, Class B, 3.38%,
02/24/42, (1-mo. EURIBOR +
1.20%)(a)(b)
EUR63
72,271
Series 2024, Class D, 6.18%,
02/24/42, (1-mo. EURIBOR +
4.00%)(a)(b)
EUR40
45,999
Bryant Park Funding Ltd.
Series 2023-19A, Class A1R, 4.95%,
04/15/38, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD1,000
999,392
Series 2023-19A, Class D1R, 6.55%,
04/15/38, (3-mo. CME Term SOFR +
2.80%)(b)(c)
USD750
748,986
Series 2023-19A, Class D2R, 7.70%,
04/15/38, (3-mo. CME Term SOFR +
3.95%)(b)(c)
USD1,500
1,486,646
Series 2024-25A, Class A1, 5.07%,
01/18/38, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD2,500
2,503,486
BSPDF Issuer LLC
Series 2025-FL2, Class A, 5.20%,
12/15/42, (1-mo. CME Term SOFR +
1.52%)(b)(c)
USD8,217
8,230,577
Series 2026-FL3, Class A, 5.12%,
09/18/43, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD10,000
10,017,460
BVBA Consumer Auto FT
Series 2025-1, Class B, 3.24%,
05/19/42, (3-mo. EURIBOR +
1.00%)(a)(b)
EUR267
307,089
Series 2025-1, Class C, 3.54%,
05/19/42, (3-mo. EURIBOR +
1.30%)(a)(b)
EUR89
102,651
Series 2026-1, Class C, 3.32%,
02/25/42, (3-mo. EURIBOR +
1.10%)(a)(b)
EUR400
460,645
BVBA Consumer Fondo de Titulizacion
Series 2026-1, Class B, 3.17%,
05/20/39, (3-mo. EURIBOR +
0.95%)(a)(b)
EUR1,594
1,828,828
Series 2026-1, Class D, 4.72%,
05/20/39, (3-mo. EURIBOR +
2.50%)(a)(b)
EUR1,219
1,403,377
Series 2026-1, Class E, 5.72%,
05/20/39, (3-mo. EURIBOR +
3.50%)(a)(b)
EUR469
539,878
Series 2026-1, Class F, 7.32%,
05/20/39, (3-mo. EURIBOR +
5.10%)(a)(b)
EUR750
862,257
BXMT Ltd., Series 2025-FL5, Class A,
5.31%, 10/18/42, (1-mo. CME Term
SOFR + 1.64%)(b)(c)
USD13,185
13,210,041
Security
Par
(000
)
Value
California Street CLO IX LP, Series 2012-9A,
Class AR3, 5.15%, 07/16/32, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD165
$164,796
Canyon Capital CLO Ltd.
Series 2016-1A, Class CR2, 5.15%,
07/15/31, (3-mo. CME Term SOFR +
1.05%)(b)(c)
USD250
249,649
Series 2019-2A, Class CR2, 5.65%,
10/15/34, (3-mo. CME Term SOFR +
1.90%)(b)(c)
USD2,000
2,001,940
Series 2021-2A, Class B1, 5.76%,
04/15/34, (3-mo. CME Term SOFR +
2.01%)(b)(c)
USD250
249,955
Series 2022-2A, Class A1R, 4.93%,
04/15/38, (3-mo. CME Term SOFR +
1.18%)(b)(c)
USD2,835
2,831,180
Canyon CLO Ltd.
Series 2018-1A, Class AR1, 4.80%,
10/15/34, (3-mo. CME Term SOFR +
1.05%)(b)(c)
USD1,000
999,979
Series 2021-4A, Class AR, 4.85%,
10/15/34, (3-mo. CME Term SOFR +
1.10%)(b)(c)
USD1,750
1,751,452
Series 2023-2A, Class BR, 5.28%,
07/15/39, (3-mo. CME Term SOFR +
1.60%)(b)(c)
USD1,000
999,660
Series 2026-1A, Class A1, 4.93%,
04/15/39, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD1,000
999,305
Capital Four CLO VIII DAC, Series 8X,
Class D, 5.72%, 10/25/37, (3-mo.
EURIBOR + 3.25%)(a)(b)
EUR1,360
1,574,117
Cardiff Auto Receivables Securitisation PLC
5.63%, 08/20/31(a)(b)
GBP230
311,127
Series 2024-1, Class B, 5.14%,
08/20/31, (1-day SONIA+ 1.40%)(a)(b)
GBP381
514,081
Series 2024-1, Class D, 6.34%,
08/20/31, (1-day SONIA+ 2.60%)(a)(b)
GBP175
237,986
Carlyle Euro CLO DAC, Series 2026-1X,
Class C, 1.00%, 07/15/39, (3-mo.
EURIBOR + 2.85%)(a)(b)
EUR1,250
1,441,437
Carlyle U.S. CLO Ltd.
Series 2017-3A, Class BR2, 5.51%,
10/21/37, (3-mo. CME Term SOFR +
1.78%)(b)(c)
USD1,000
1,001,720
Series 2019-2A, Class AR2, 5.11%,
10/15/37, (3-mo. CME Term SOFR +
1.36%)(b)(c)
USD3,000
3,004,377
Series 2021-2A, Class A1R, 4.88%,
04/20/38, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD1,405
1,403,253
Series 2022-2A, Class A1R, 5.09%,
01/20/38, (3-mo. CME Term SOFR +
1.36%)(b)(c)
USD1,000
1,001,865
Series 2023-1A, Class D1R, 6.58%,
07/20/37, (3-mo. CME Term SOFR +
2.85%)(b)(c)
USD1,750
1,745,557
Carrington Mortgage Loan Trust, Series
2006-RFC1, Class M2, 4.27%,
05/25/36, (1-mo. CME Term SOFR +
0.55%)(b)
USD1,237
1,096,929
23
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
CarVal CLO I Ltd.
Series 2018-1A, Class AR, 5.02%,
07/16/31, (3-mo. CME Term SOFR +
1.23%)(b)(c)
USD310
$310,035
Series 2018-1A, Class BR, 5.64%,
07/16/31, (3-mo. CME Term SOFR +
1.85%)(b)(c)
USD1,750
1,748,233
CarVal CLO II Ltd., Series 2019-1A,
Class AR2, 4.75%, 04/20/32, (3-mo. CME
Term SOFR + 1.02%)(b)(c)
USD673
673,148
Carval Clo X-C Ltd., Series 2024-2A,
Class C, 5.73%, 07/20/37, (3-mo. CME
Term SOFR + 2.00%)(b)(c)
USD1,000
1,001,066
Cascade MH Asset Trust, Series 2021-MH1,
Class A1, 1.75%, 02/25/46(c)
USD217
197,458
Cbam Ltd., Series 2018-7A, Class B1,
5.59%, 07/20/31, (3-mo. CME Term
SOFR + 1.86%)(b)(c)
USD300
299,697
CBAM Ltd., Series 2018-5A, Class A1R,
5.09%, 10/17/38, (3-mo. CME Term
SOFR + 1.34%)(b)(c)
USD3,000
3,004,575
Cedar Funding VII CLO Ltd., Series
2018-7A, Class AR2, 5.01%,
10/20/38, (3-mo. CME Term SOFR +
1.28%)(b)(c)
USD3,500
3,504,673
Cedar Funding XI CLO Ltd., Series
2019-11A, Class A1R2, 4.73%,
05/29/32, (3-mo. CME Term SOFR +
1.06%)(b)(c)
USD1,028
1,028,908
Cedar Funding XIV CLO Ltd., Series
2021-14A, Class AR, 5.13%,
10/15/37, (3-mo. CME Term SOFR +
1.38%)(b)(c)
USD550
551,038
Cedar Funding XIX CLO Ltd., Series
2024-19A, Class A1, 5.08%,
01/23/38, (3-mo. CME Term SOFR +
1.33%)(b)(c)
USD1,000
1,001,272
CIFC European Funding CLO I DAC, Series
1XR, Class DRR, 1.00%,
07/15/40, (3-mo. EURIBOR + 2.90%)(a)(b)
EUR1,350
1,556,752
CIFC European Funding CLO II DAC, Series
2X, Class DR, 5.43%, 10/15/39, (3-mo.
EURIBOR + 3.00%)(a)(b)
EUR1,440
1,660,750
CIFC European Funding CLO III DAC,
Series 3X, Class DR, 4.98%,
01/15/39, (3-mo. EURIBOR + 2.55%)(a)(b)
EUR2,501
2,864,109
CIFC Funding Ltd.
Series 2014-4RA, Class BRR, 5.55%,
01/17/35, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD3,000
3,002,917
Series 2017-5A, Class AR, 5.16%,
07/17/37, (3-mo. CME Term SOFR +
1.41%)(b)(c)
USD4,170
4,173,254
Series 2018-2A, Class A1R, 5.10%,
10/20/37, (3-mo. CME Term SOFR +
1.37%)(b)(c)
USD2,250
2,253,825
Series 2018-2A, Class BR, 5.48%,
10/20/37, (3-mo. CME Term SOFR +
1.75%)(b)(c)
USD2,500
2,507,801
Series 2018-3A, Class BR, 5.38%,
10/18/38, (3-mo. CME Term SOFR +
1.65%)(b)(c)
USD640
641,958
Security
Par
(000
)
Value
Series 2018-3A, Class D1R, 6.43%,
10/18/38, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD3,000
$2,997,506
Series 2018-5A, Class D1R, 6.85%,
07/15/38, (3-mo. CME Term SOFR +
3.10%)(b)(c)
USD2,000
1,999,996
Series 2019-3A, Class D1R2, 6.54%,
01/16/38, (3-mo. CME Term SOFR +
2.75%)(b)(c)
USD1,820
1,822,626
Series 2019-5A, Class D1R2, 6.45%,
10/15/38, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD3,440
3,435,699
Series 2019-6A, Class A1R, 5.24%,
07/16/37, (3-mo. CME Term SOFR +
1.45%)(b)(c)
USD5,200
5,201,740
Series 2021-1A, Class BR, 5.56%,
07/25/37, (3-mo. CME Term SOFR +
1.75%)(b)(c)
USD250
250,792
Series 2021-3A, Class A1R, 4.98%,
10/15/38, (3-mo. CME Term SOFR +
1.23%)(b)(c)
USD1,000
1,000,293
Series 2021-4A, Class AR, 5.11%,
07/23/37, (3-mo. CME Term SOFR +
1.36%)(b)(c)
USD2,250
2,252,052
Series 2021-4A, Class DR, 6.70%,
07/23/37, (3-mo. CME Term SOFR +
2.95%)(b)(c)
USD3,730
3,729,765
Series 2021-6A, Class A1R, 4.88%,
07/15/39, (3-mo. CME Term SOFR +
1.21%)(b)(c)
USD4,500
4,500,000
Series 2022-7A, Class CR, 5.63%,
01/22/38, (3-mo. CME Term SOFR +
1.90%)(b)(c)
USD730
731,574
Series 2024-2AR, Class A1R, 1.00%,
04/22/37
USD2,000
2,000,000
Series 2024-3AR, Class A1R, 5.04%,
07/21/39, (3-mo. CME Term SOFR +
1.23%)(b)(c)
USD1,750
1,750,000
Series 2025-1A, Class A, 4.90%,
04/23/38, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD1,000
998,397
Series 2025-1A, Class D1, 6.25%,
04/23/38, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD2,500
2,501,657
Series 2025-2A, Class A, 4.88%,
04/15/38, (3-mo. CME Term SOFR +
1.13%)(b)(c)
USD1,300
1,297,597
Series 2025-4A, Class A1, 5.07%,
10/24/38, (3-mo. CME Term SOFR +
1.29%)(b)(c)
USD1,000
1,002,307
CIT Mortgage Loan Trust
Series 2007-1, Class 1M2, 5.59%,
10/25/37, (1-mo. CME Term SOFR +
2.74%)(b)(c)
USD4,000
3,916,598
Series 2007-1, Class 1M3, 5.59%,
10/25/37, (1-mo. CME Term SOFR +
2.74%)(b)(c)
USD3,321
3,539,353
Series 2007-1, Class 2M2, 5.59%,
10/25/37, (1-mo. CME Term SOFR +
2.74%)(b)(c)
USD1,516
1,457,857
Schedule of Investments
24
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Citigroup Mortgage Loan Trust, Inc., Series
2007-AHL2, Class A3B, 4.04%,
05/25/37, (1-mo. CME Term SOFR +
0.31%)(b)
USD1,277
$854,693
College Avenue Student Loans LLC
Series 2021-A, Class A2, 1.60%,
07/25/51(c)
USD267
243,584
Series 2021-B, Class A1, 4.64%,
06/25/52, (1-mo. CME Term SOFR +
0.91%)(b)(c)
USD651
646,398
Series 2021-C, Class A1, 4.74%,
07/26/55, (1-mo. CME Term SOFR +
1.01%)(b)(c)
USD851
845,558
Series 2021-C, Class B, 2.72%,
07/26/55(c)
USD123
111,671
Series 2021-C, Class C, 3.06%,
07/26/55(c)
USD60
55,744
Compartment Driver UK Ten, Series 10,
Class B, 4.74%, 04/25/33, (1-day
SONIA+ 1.00%)(a)(b)
GBP500
673,606
Compass Datacenters Issuer II LLC, Series
2025-2A, Class A1, 4.93%, 11/25/50(c)
USD6,203
6,031,658
Compass Datacenters Issuer III LLC
Series 2025-3A, Class A2, 5.29%,
07/25/50(c)
USD3,311
3,238,706
Series 2026-1A, Class A22, 5.29%,
02/25/56(c)
USD4,024
3,940,307
Series 2026-1A, Class A23, 5.44%,
02/25/56(c)
USD3,858
3,754,038
Concord Music Royalties LLC, Series
2024-1A, Class A, 5.64%, 10/20/74(c)
USD1,013
1,016,274
Consolidated Communications LLC/Fidium
Fiber Finance Holdco LLC
Series 2025-4A, Class A2, 5.52%,
12/20/55(c)
USD11,516
11,507,346
Series 2025-4A, Class B, 5.77%,
12/20/55(c)
USD8,626
8,567,172
Series 2026-1A, Class A2, 5.08%,
03/20/56(c)
USD3,544
3,456,628
Series 2026-1A, Class B, 5.42%,
03/20/56(c)
USD2,032
1,973,719
Contego CLO V DAC, Series 5X, Class DR,
5.53%, 10/15/37, (3-mo. EURIBOR +
3.10%)(a)(b)
EUR1,560
1,782,755
Contego CLO VII DAC, Series 7X,
Class DR, 5.62%, 01/23/38, (3-mo.
EURIBOR + 3.45%)(a)(b)
EUR1,980
2,284,282
Contego CLO XI DAC, Series 11X,
Class DR, 5.42%, 11/20/38, (3-mo.
EURIBOR + 3.20%)(a)(b)
EUR850
974,958
Countrywide Asset-Backed Certificates
Trust, Series 2006-26, Class M1, 4.21%,
06/25/37, (1-mo. CME Term SOFR +
0.49%)(b)
USD2,207
2,107,443
CQS U.S. Clo 6 Ltd.
Series 2026-6A, Class A1, 4.98%,
03/31/39, (3-mo. CME Term SOFR +
1.25%)(b)(c)
USD1,000
1,001,110
Series 2026-6A, Class B, 5.28%,
03/31/39, (3-mo. CME Term SOFR +
1.55%)(b)(c)
USD1,000
999,800
Security
Par
(000
)
Value
Credit-Based Asset Servicing and
Securitization LLC, Series 2004-CB2,
Class M1, 4.62%, 07/25/33, (1-mo. CME
Term SOFR + 0.89%)(b)
USD3,121
$3,143,453
Creeksource Dunes Creek CLO Ltd.
Series 2024-1A, Class A1, 5.16%,
01/15/38, (3-mo. CME Term SOFR +
1.41%)(b)(c)
USD1,250
1,252,425
Series 2024-1A, Class D, 6.85%,
01/15/38, (3-mo. CME Term SOFR +
3.10%)(b)(c)
USD250
250,258
Crop26
6.19%, 02/15/30
USD5,000
5,000,000
8.95%, 02/15/30
USD2,300
2,300,000
Cross 2025-CES1 Mortgage Trust, Series
2025-CES1, Class A1A, 5.30%,
11/25/60(c)(d)
USD3,446
3,425,954
Crown City CLO I, Series 2020-1A,
Class A1RR, 5.10%, 07/20/38, (3-mo.
CME Term SOFR + 1.37%)(b)(c)
USD5,800
5,810,692
Crown Point CLO 11 Ltd., Series 2021-11A,
Class A1R, 5.01%, 02/28/38, (3-mo. CME
Term SOFR + 1.26%)(b)(c)
USD2,000
2,002,029
Crown Point CLO 8 Ltd., Series 2019-8A,
Class AR, 5.18%, 10/20/34, (3-mo. CME
Term SOFR + 1.45%)(b)(c)
USD250
250,064
CVC Cordatus Loan Fund IX DAC, Series
9X, Class DRR, 5.42%, 05/20/40, (3-mo.
EURIBOR + 2.90%)(a)(b)
EUR1,000
1,154,415
CWABS Asset-Backed Certificates Trust
Series 2004-9, Class MF3, 5.67%,
08/25/34(b)
USD1,937
1,703,253
Series 2006-22, Class M1, 4.18%,
05/25/47, (1-mo. CME Term SOFR +
0.46%)(b)
USD2,243
2,169,418
CWHEQ Revolving Home Equity Loan Trust
Series, Series 2006-F, Class 1A, 3.93%,
07/15/36, (1-mo. CME Term SOFR +
0.25%)(b)
USD990
940,478
D2 Multifamily Credit Issuer Ltd., Series
2026-FL1, Class A, 5.12%,
11/19/43, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD2,250
2,251,661
DB Master Finance LLC, Series 2025-1A,
Class A2I, 4.89%, 08/20/55(c)
USD5,237
5,149,554
Deephaven Residential Mortgage Trust,
Series 2025-CES1, Class A1A, 5.22%,
10/25/55(c)(d)
USD8,980
8,910,961
Diameter Capital CLO, Series 2024-7A,
Class A1R, 3.74%, 07/20/39, (3-mo. CME
Term SOFR + 1.23%)(b)(c)
USD3,500
3,499,520
Diameter Capital CLO 2 Ltd.
Series 2021-2A, Class A1R, 5.14%,
10/15/37, (3-mo. CME Term SOFR +
1.39%)(b)(c)
USD3,000
3,005,608
Series 2021-2A, Class DR, 9.90%,
10/15/37, (3-mo. CME Term SOFR +
6.15%)(b)(c)
USD1,500
1,502,932
Diameter Capital CLO 3 Ltd., Series
2022-3A, Class A1R, 5.08%,
01/15/38, (3-mo. CME Term SOFR +
1.33%)(b)(c)
USD7,000
7,009,873
25
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
DigitalBridge Issuer LLC, Series 2026-1A,
Class A2, 6.33%, 06/25/56(c)
USD3,637
$3,612,471
Dowson PLC
Series 2024-1, Class B, 4.98%,
08/20/31, (1-day SONIA + 1.25%)(a)(b)
GBP665
896,791
Series 2024-1, Class C, 5.34%,
08/20/31, (1-day SONIA+ 1.60%)(a)(b)
GBP118
159,288
Series 2024-1, Class D, 6.09%,
08/20/31, (1-day SONIA+ 2.35%)(a)(b)
GBP100
135,543
Series 2024-1, Class E, 7.69%,
08/20/31, (1-day SONIA+ 3.95%)(a)(b)
GBP500
680,688
Series 2024-1, Class F, 10.69%,
08/20/31, (1-day SONIA+ 6.95%)(a)(b)
GBP500
682,407
Series 2025-1, Class B, 4.84%,
12/20/32, (1-day SONIA+ 1.10%)(a)(b)
GBP1,946
2,621,784
Series 2025-1, Class C, 5.24%,
12/20/32, (1-day SONIA+ 1.50%)(a)(b)
GBP299
403,620
Series 2025-1, Class D, 5.64%,
12/20/32, (1-day SONIA+ 1.90%)(a)(b)
GBP329
444,420
Series 2025-1, Class E, 6.64%,
12/20/32, (1-day SONIA+ 2.90%)(a)(b)
GBP374
506,958
Series 2025-1, Class F, 8.99%,
12/20/32, (1-day SONIA+ 5.25%)(a)(b)
GBP471
636,845
Series 2026-1, Class C, 5.14%,
05/20/33, (1-day SONIA+ 1.40%)(a)(b)
GBP487
656,641
Series 2026-1, Class D, 5.39%,
05/20/33, (1-day SONIA+ 1.65%)(a)(b)
GBP398
536,638
Series 2026-1, Class E, 6.24%,
05/20/33, (1-day SONIA+ 2.50%)(a)(b)
GBP566
763,985
Series 2026-1, Class F, 8.44%,
05/20/33, (1-day SONIA+ 4.70%)(a)(b)
GBP532
717,289
Series 2026-1, Class X1, 7.49%,
05/20/33, (1-day SONIA+ 3.75%)(a)(b)
GBP1,267
1,709,167
Dryden 115 CLO Ltd., Series 2024-115A,
Class DR, 6.73%, 04/18/37, (3-mo. CME
Term SOFR + 3.00%)(b)(c)
USD3,000
3,009,285
Dryden 121 CLO Ltd., Series 2024-121A,
Class D1, 6.65%, 01/15/37, (3-mo. CME
Term SOFR + 2.90%)(b)(c)
USD1,000
1,004,749
Dryden 40 Senior Loan Fund, Series
2015-40A, Class AR2, 4.80%,
08/15/31, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD2,788
2,789,634
Dryden 41 Senior Loan Fund, Series
2015-41A, Class CR, 5.76%,
04/15/31, (3-mo. CME Term SOFR +
2.01%)(b)(c)
USD1,120
1,122,217
Dryden 53 CLO Ltd., Series 2017-53A,
Class BR, 5.05%, 01/15/31, (3-mo. CME
Term SOFR + 1.30%)(b)(c)
USD1,710
1,709,886
Dryden 64 CLO Ltd., Series 2018-64A,
Class A, 4.96%, 04/18/31, (3-mo. CME
Term SOFR + 1.23%)(b)(c)
USD97
97,371
Dryden 76 CLO Ltd., Series 2019-76A,
Class A1R2, 5.12%, 10/15/37, (3-mo.
CME Term SOFR + 1.37%)(b)(c)
USD15,250
15,276,154
Dwight Issuer LLC, Series 2025-FL1,
Class A, 5.33%, 06/18/42, (1-mo. CME
Term SOFR + 1.66%)(b)(c)
USD1,570
1,571,472
Eaton Vance CLO Ltd., Series 2020-1A,
Class ARR, 5.14%, 10/15/37, (3-mo.
CME Term SOFR + 1.39%)(b)(c)
USD822
823,431
Security
Par
(000
)
Value
ECARAT DE SA Compartment
Series 2025-2, Class B, 3.08%,
02/25/37, (1-mo. EURIBOR +
0.80%)(a)(b)
EUR200
$230,295
Series 2025-2, Class C, 3.33%,
02/25/37, (1-mo. EURIBOR +
1.05%)(a)(b)
EUR100
114,960
ECARAT DE SA Compartment Lease
Series 2025-1, Class B, 3.22%,
05/25/34, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR483
557,717
Series 2025-1, Class C, 3.47%,
05/25/34, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR193
223,445
Series 2026-1, Class B, 3.23%,
10/25/34, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR2,000
2,306,996
Series 2026-1, Class C, 3.43%,
10/25/34, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR500
575,722
Series 2026-1, Class D, 3.73%,
10/25/34, (1-mo. EURIBOR +
1.45%)(a)(b)
EUR500
576,224
E-Carat U.K. PLC
Series 2026-1, Class C, 4.94%,
01/26/34, (1-day SONIA+ 1.20%)(a)(b)
GBP133
179,210
Series 2026-1, Class D, 5.19%,
01/26/34, (1-day SONIA+ 1.45%)(a)(b)
GBP168
226,298
Series 2026-1, Class E, 6.44%,
01/26/34, (1-day SONIA+ 2.70%)(a)(b)
GBP375
505,211
Series 2026-1, Class F, 8.09%,
01/26/34, (1-day SONIA+ 4.35%)(a)(b)
GBP410
556,789
Edenbrook Mortgage Funding PLC
Series 2024-1, Class C, 5.70%,
03/22/57, (1-day SONIA+ 1.95%)(a)(b)
GBP144
195,902
Series 2024-1, Class D, 6.30%,
03/22/57, (1-day SONIA+ 2.55%)(a)(b)
GBP99
135,866
Edgeconnex Data Centers Europe BV,
Series 2026-1X, Class A2, 4.50%,
04/30/56(a)(d)
EUR4,230
4,863,580
EDvestinU Private Education Loan Issue
No. 1 LLC, Series 2019-A, Class A,
3.58%, 11/25/38(c)
USD26
25,410
Eldridge CLO Ltd., Series 2026-4A,
Class D1, 1.00%, 07/23/39, (3-mo. CME
Term SOFR + 2.80%)(b)(c)
USD1,000
1,000,000
Elevation CLO Ltd., Series 2013-1A,
Class A1R3, 5.07%, 07/25/38, (3-mo.
CME Term SOFR + 1.40%)(b)(c)
USD3,500
3,507,544
ELFI Graduate Loan Program LLC
Series 2022-A, Class A, 4.51%,
08/26/47(c)
USD96
93,831
Series 2023-A, Class A, 6.37%,
02/04/48(c)
USD262
266,510
Series 2024-A, Class A, 5.56%,
08/25/49(c)
USD3,997
4,011,489
ELM Park CLO DAC, Series 1X, Class DR3,
5.63%, 01/15/38, (3-mo. EURIBOR +
3.20%)(a)(b)
EUR2,729
3,133,424
Elmwood CLO 23 Ltd., Series 2023-2A,
Class ER2, 9.08%, 07/16/39, (3-mo. CME
Term SOFR + 5.40%)(b)(c)
USD1,000
999,776
Schedule of Investments
26
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Elmwood CLO 25 Ltd., Series 2024-1A,
Class DR, 6.55%, 04/17/37, (3-mo. CME
Term SOFR + 2.80%)(b)(c)
USD1,000
$997,502
Elmwood CLO 31 Ltd., Series 2024-7A,
Class A1, 5.10%, 07/17/37, (3-mo. CME
Term SOFR + 1.35%)(b)(c)
USD1,000
1,000,000
Elmwood CLO 38 Ltd., Series 2025-1A,
Class C, 5.43%, 04/22/38, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD250
249,919
Elmwood CLO 41 Ltd.
Series 2025-4A, Class A, 5.10%,
07/17/38, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD2,000
2,003,703
Series 2025-4A, Class E, 9.75%,
07/17/38, (3-mo. CME Term SOFR +
6.00%)(b)(c)
USD3,000
3,032,057
Elmwood CLO III Ltd., Series 2019-3A,
Class A1RR, 5.11%, 07/18/37, (3-mo.
CME Term SOFR + 1.38%)(b)(c)
USD9,500
9,502,515
Elmwood CLO VII Ltd., Series 2020-4A,
Class A1RR, 5.11%, 10/17/37, (3-mo.
CME Term SOFR + 1.36%)(b)(c)
USD1,000
1,000,000
Elmwood CLO XI Ltd., Series 2021-4A,
Class D1R, 6.43%, 01/20/38, (3-mo. CME
Term SOFR + 2.70%)(b)(c)
USD1,000
997,059
Elmwood European CLO 1, Series 2026-1X,
Class D, 5.43%, 04/16/40, (3-mo.
EURIBOR + 2.80%)(a)(b)
EUR100
115,907
Empower CLO Ltd., Series 2023-2A,
Class AR, 5.07%, 10/15/38, (3-mo. CME
Term SOFR + 1.32%)(b)(c)
USD5,000
5,009,443
Equity One Mortgage Pass-Through Trust,
Series 2003-3, Class M2, 3.80%,
12/25/33(b)
USD517
458,799
FACT SA, Series 2024-1, Class B, 3.26%,
09/22/31, (1-mo. EURIBOR + 1.05%)(a)(b)
EUR300
346,296
Fair Oaks Loan Funding III DAC, Series 3X,
Class DR, 5.43%, 10/15/34, (3-mo.
EURIBOR + 3.00%)(a)(b)
EUR1,160
1,341,794
FCT Noria
Series 2025-1, Class B, 3.12%,
07/25/43, (1-mo. EURIBOR +
0.90%)(a)(b)
EUR300
345,425
Series 2025-1, Class C, 3.37%,
07/25/43, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR100
115,401
Series 2025-1, Class D, 3.62%,
07/25/43, (1-mo. EURIBOR +
1.40%)(a)(b)
EUR100
114,368
Series 2025-1, Class E, 4.97%,
07/25/43, (1-mo. EURIBOR +
2.75%)(a)(b)
EUR100
115,623
Fidelity Grand Harbour CLO DAC
Series 2021-1X, Class D, 6.03%,
10/15/34, (3-mo. EURIBOR +
3.60%)(a)(b)
EUR1,000
1,157,778
Series 2023-1X, Class DR, 4.98%,
02/15/38, (3-mo. EURIBOR +
2.70%)(a)(b)
EUR2,040
2,334,452
FIGRE Trust
Series 2024-HE4, Class A, 5.06%,
09/25/54(b)(c)
USD4,981
4,946,411
Security
Par
(000
)
Value
Series 2025-HE1, Class A, 5.83%,
01/25/55(b)(c)
USD4,130
$4,144,409
Series 2025-HE7, Class A, 5.15%,
11/25/55(b)(c)
USD8,483
8,351,539
Series 2026-HE1, Class A, 4.98%,
01/25/56(b)(c)
USD4,388
4,300,935
Series 2026-HE1, Class B, 5.18%,
01/25/56(b)(c)
USD1,135
1,115,823
Series 2026-HE2, Class A, 5.05%,
01/25/56(b)(c)
USD6,492
6,374,601
Finance Ireland Auto Receivables No. 2
DAC, Series 2, Class B, 3.17%,
11/14/34, (1-mo. EURIBOR + 0.90%)(a)(b)
EUR161
185,631
Finance Ireland Auto Receivables No. 3
DAC
Series 3, Class B, 3.17%,
06/15/34, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR206
237,656
Series 3, Class C, 3.37%,
06/15/34, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR117
134,841
First Franklin Mortgage Loan Trust, Series
2006-FF8, Class M1, 4.21%,
07/25/36, (1-mo. CME Term SOFR +
0.49%)(b)
USD3,048
2,601,646
First Mobility SARL - Compartment Swiss
Lease, Series 2025-1, Class B, 3.12%,
10/14/32(a)(b)
EUR300
345,474
FirstKey Homes Trust, Series 2022-SFR1,
Class E2, 5.00%, 05/19/39(c)
USD500
493,244
Flatiron CLO 19 Ltd., Series 2019-1A,
Class CR2, 5.55%, 11/16/34, (3-mo. CME
Term SOFR + 1.90%)(b)(c)
USD250
250,340
Flatiron CLO 21 Ltd., Series 2021-1A,
Class A1R, 5.09%, 10/19/37, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD250
250,375
Flatiron CLO 25 Ltd., Series 2024-2A,
Class E, 9.00%, 10/17/37, (3-mo. CME
Term SOFR + 5.25%)(b)(c)
USD780
774,885
Flatiron CLO Ltd., Series 2023-2A,
Class D1R, 6.10%, 01/15/39, (3-mo. CME
Term SOFR + 2.35%)(b)(c)
USD1,000
999,758
Fondo de Titulizacion Santander Consumo 9
Series 9, Class B, 3.47%,
10/25/40, (3-mo. EURIBOR +
1.00%)(a)(b)
EUR400
460,651
Series 9, Class C, 3.87%,
10/25/40, (3-mo. EURIBOR +
1.40%)(a)(b)
EUR200
230,054
Series 9, Class F, 7.34%,
10/25/40, (3-mo. EURIBOR +
4.87%)(a)(b)
EUR1,057
1,210,360
Fortuna Consumer Loan Abs DAC
Series 2025-2, Class C, 3.36%,
10/18/35, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR100
115,313
Series 2025-2, Class D, 3.61%,
10/18/35, (1-mo. EURIBOR +
1.40%)(a)(b)
EUR100
115,142
Series 2025-2, Class E, 4.96%,
10/18/35, (1-mo. EURIBOR +
2.75%)(a)(b)
EUR100
115,064
27
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2026-1, Class B, 3.26%,
10/18/37, (1-mo. EURIBOR +
1.05%)(a)(b)
EUR2,000
$2,307,990
Series 2026-1, Class C, 3.51%,
10/18/37, (1-mo. EURIBOR +
1.30%)(a)(b)
EUR600
693,351
Series 2026-1, Class E, 5.71%,
10/18/37, (1-mo. EURIBOR +
3.50%)(a)(b)
EUR1,800
2,077,658
Fortuna Consumer Loan ABS DAC
Series 2024-2, Class B, 3.51%,
10/18/34, (1-mo. EURIBOR +
1.30%)(b)
EUR184
213,109
Series 2024-2, Class C, 3.86%,
10/18/34, (1-mo. EURIBOR +
1.65%)(b)
EUR58
66,950
Series 2024-2, Class E, 6.31%,
10/18/34, (1-mo. EURIBOR +
4.10%)(b)
EUR173
203,101
Series 2025-1, Class B, 3.21%,
04/18/35, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR500
577,065
Series 2025-1, Class C, 3.56%,
04/18/35, (1-mo. EURIBOR +
1.35%)(a)(b)
EUR167
192,446
Series 2026-2, Class C, 3.44%,
02/18/37, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR600
691,890
Series 2026-2, Class D, 3.74%,
02/18/37, (1-mo. EURIBOR +
1.45%)(a)(b)
EUR400
461,260
Series 2026-2, Class E, 5.54%,
02/18/37, (1-mo. EURIBOR +
3.25%)(a)(b)
EUR400
461,260
Foundation Finance Trust
Series 2021-2A, Class A, 2.19%,
01/15/42(c)
USD227
216,580
Series 2023-1A, Class A, 5.67%,
12/15/43(c)
USD2,243
2,267,198
Series 2023-2A, Class A, 6.53%,
06/15/49(c)
USD1,409
1,444,283
Series 2024-2A, Class A, 4.60%,
03/15/50(c)
USD2,439
2,409,861
Series 2024-2A, Class B, 4.93%,
03/15/50(c)
USD3,390
3,364,490
Series 2025-1A, Class A, 4.95%,
04/15/50(c)
USD2,551
2,534,838
Series 2025-2A, Class D, 5.68%,
04/15/52(c)
USD455
448,379
Series 2025-3A, Class A, 4.56%,
08/15/52(c)
USD5,383
5,314,103
Series 2025-3A, Class B, 4.87%,
08/15/52(c)
USD2,370
2,344,298
Series 2025-3A, Class C, 5.07%,
08/15/52(c)
USD4,562
4,513,305
FS Rialto Issuer LLC
Series 2024-FL9, Class A, 5.30%,
10/19/39, (1-mo. CME Term SOFR +
1.63%)(b)(c)
USD4,000
4,006,295
Series 2025-FL10, Class A, 5.05%,
08/19/42, (1-mo. CME Term SOFR +
1.39%)(b)(c)
USD7,370
7,377,232
Security
Par
(000
)
Value
Series 2026-FL11, Class A, 5.12%,
01/19/44, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD7,038
$7,051,140
FT Santander Consumer Spain Auto, Series
2025-1, Class C, 3.58%, 09/17/43, (3-mo.
EURIBOR + 1.20%)(a)(b)
EUR88
100,903
FTA Consumo Santander
Series 7, Class B, 3.79%,
07/20/38, (3-mo. EURIBOR +
1.30%)(a)(b)
EUR101
116,231
Series 7, Class C, 4.14%,
07/20/38, (3-mo. EURIBOR +
1.65%)(a)(b)
EUR101
116,358
Fulvia Spv Srl
Series 2025-1, Class B, 3.23%,
12/23/41, (3-mo. EURIBOR +
0.90%)(a)(b)
EUR330
379,590
Series 2025-1, Class C, 3.48%,
12/23/41, (3-mo. EURIBOR +
1.15%)(a)(b)
EUR82
93,819
Galaxy 34 CLO Ltd., Series 2024-34A,
Class C, 5.63%, 10/20/37, (3-mo. CME
Term SOFR + 1.90%)(b)(c)
USD2,000
2,002,590
GAMMA Sociedade de Titularizacao de
Creditos SA Consumer Totta 3
Series 3, Class B, 3.68%,
10/25/35, (3-mo. EURIBOR +
1.20%)(a)(b)
EUR226
261,053
Series 3, Class C, 3.98%,
10/25/35, (3-mo. EURIBOR +
1.50%)(a)(b)
EUR151
173,552
Series 3, Class D, 5.13%,
10/25/35, (3-mo. EURIBOR +
2.65%)(a)(b)
EUR151
173,558
GAMMA Sociedade de Titularizacao de
Creditos SA Consumer Totta 4
Series 4, Class B, 3.47%,
12/23/36, (3-mo. EURIBOR +
1.05%)(a)(b)
EUR500
575,525
Series 4, Class C, 3.87%,
12/23/36, (3-mo. EURIBOR +
1.45%)(a)(b)
EUR200
230,459
Series 4, Class D, 5.22%,
12/23/36, (3-mo. EURIBOR +
2.80%)(a)(b)
EUR300
345,688
Golden Bar Securitisation SRL
Series 2024-1, Class B, 3.89%,
09/22/43, (3-mo. EURIBOR +
1.50%)(a)(b)
EUR117
135,749
Series 2025-1, Class B, 3.39%,
12/20/44, (3-mo. EURIBOR +
1.00%)(a)(b)
EUR390
449,820
Series 2025-1, Class C, 3.64%,
12/20/44, (3-mo. EURIBOR +
1.25%)(a)(b)
EUR135
155,593
Series 2025-1, Class D, 4.29%,
12/20/44, (3-mo. EURIBOR +
1.90%)(a)(b)
EUR82
94,315
Series 2025-2, Class B, 3.29%,
12/22/44, (3-mo. EURIBOR +
0.90%)(a)(b)
EUR244
280,998
Schedule of Investments
28
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2025-2, Class C, 3.59%,
12/22/44, (3-mo. EURIBOR +
1.20%)(a)(b)
EUR202
$232,309
Series 2025-2, Class D, 3.99%,
12/22/44, (3-mo. EURIBOR +
1.60%)(a)(b)
EUR175
201,336
Golden Ray SA Compartment 1
Series 1, Class A2, 3.02%,
12/27/57, (1-mo. EURIBOR +
0.80%)(a)(b)
EUR560
644,965
Series 1, Class B, 3.72%,
12/27/57, (1-mo. EURIBOR +
1.50%)(a)(b)
EUR100
114,733
Golden Ray SA Compartment 2
Class A, 3.16%, 12/27/58, (1-mo.
EURIBOR + 0.94%)(a)(b)
EUR3,508
4,051,075
Series 2, Class B, 3.32%,
12/27/58, (1-mo. EURIBOR +
1.10%)(a)(b)
EUR500
576,204
Series 2, Class C, 3.72%,
12/27/58, (1-mo. EURIBOR +
1.50%)(a)(b)
EUR200
231,199
Golden Ray SA Compartment 3
Series 3, Class B, 3.32%,
07/28/59, (1-mo. EURIBOR +
1.10%)(a)(b)
EUR500
576,585
Series 3, Class C, 3.72%,
07/28/59, (1-mo. EURIBOR +
1.50%)(a)(b)
EUR200
230,634
GoldenTree Loan Management U.S. CLO 10
Ltd., Series 2021-10A, Class DR, 6.83%,
10/20/37, (3-mo. CME Term SOFR +
3.10%)(b)(c)
USD750
751,923
GoldenTree Loan Management U.S. CLO 21
Ltd., Series 2024-21A, Class DR, 6.33%,
10/20/39, (3-mo. CME Term SOFR +
2.60%)(b)(c)
USD500
497,275
GoldenTree Loan Management U.S. CLO 22
Ltd., Series 2024-22A, Class C, 5.63%,
10/20/37, (3-mo. CME Term SOFR +
1.90%)(b)(c)
USD2,000
2,002,767
GoldenTree Loan Management U.S. CLO 23
Ltd., Series 2024-23A, Class A, 5.00%,
01/20/39, (3-mo. CME Term SOFR +
1.27%)(b)(c)
USD4,000
4,005,307
GoldenTree Loan Management U.S. CLO 25
Ltd., Series 2025-25A, Class A, 5.05%,
04/20/37, (3-mo. CME Term SOFR +
1.32%)(b)(c)
USD3,000
3,006,984
Goldentree Loan Management U.S. CLO 26
Ltd.
Series 2025-26A, Class D, 6.48%,
07/20/38, (3-mo. CME Term SOFR +
2.75%)(b)(c)
USD2,500
2,497,919
Series 2025-26A, Class DJ, 7.63%,
07/20/38, (3-mo. CME Term SOFR +
3.90%)(b)(c)
USD1,000
1,001,111
Goldman Home Improvement Trust
Issuer Trust
Series 2022-GRN1, Class A, 4.50%,
06/25/52(c)
USD1,587
1,582,939
Security
Par
(000
)
Value
Series 2022-GRN2, Class A, 6.80%,
10/25/52(c)
USD4,273
$4,342,920
Golub Capital CLO 84B Ltd., Series
2025-84A, Class C, 5.53%,
01/20/39, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD1,400
1,401,893
Golub Capital CLO 87B Ltd., Series
2026-87A, Class D1, 6.05%,
04/20/39, (3-mo. CME Term SOFR +
2.40%)(b)(c)
USD1,500
1,499,874
Golub Capital Partners 48 LP, Series
2020-48A, Class A1R, 5.06%,
04/17/38, (3-mo. CME Term SOFR +
1.31%)(b)(c)
USD2,500
2,505,584
Golub Capital Partners CLO 19B-R3 Ltd.
Series 2017-19RA, Class C1R3, 5.53%,
10/20/36, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD2,750
2,752,962
Series 2017-19RA, Class D1R3, 6.43%,
10/20/36, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD1,000
990,418
Golub Capital Partners CLO 41B-R Ltd.,
Series 2019-41A, Class D1R2, 6.68%,
07/20/38, (3-mo. CME Term SOFR +
2.95%)(b)(c)
USD3,000
2,957,900
Golub Capital Partners CLO 43B Ltd.,
Series 2019-43A, Class A1R, 5.02%,
10/20/37, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD3,000
3,004,481
Golub Capital Partners CLO 64B Ltd.,
Series 2022-64A, Class D1R, 6.86%,
10/25/37, (3-mo. CME Term SOFR +
3.05%)(b)(c)
USD1,000
980,192
Golub Capital Partners CLO 69M, Series
2023-70A, Class CR, 5.56%,
10/25/37, (3-mo. CME Term SOFR +
1.75%)(b)(c)
USD1,200
1,197,888
Golub Capital Partners CLO 74 B Ltd.,
Series 2024-74A, Class D1, 7.01%,
07/25/37, (3-mo. CME Term SOFR +
3.20%)(b)(c)
USD320
320,140
Golub Capital Partners CLO 76 B Ltd.,
Series 2024-76A, Class A1, 5.18%,
10/25/37, (3-mo. CME Term SOFR +
1.37%)(b)(c)
USD3,030
3,035,018
Golub Capital Private Credit Fund CLO 2,
Series 2025-1A, Class A1, 5.20%,
10/18/39, (3-mo. CME Term SOFR +
1.47%)(b)(c)
USD500
498,549
GoodLeap Home Improvement
Solutions Trust
Series 2024-1A, Class A, 5.35%,
10/20/46(c)
USD2,471
2,466,777
Series 2025-1A, Class A, 5.38%,
02/20/49(c)
USD5,987
5,980,740
Series 2025-2A, Class A, 5.32%,
06/20/49(c)
USD3,518
3,495,380
Series 2025-3A, Class A, 5.00%,
10/20/49(c)
USD8,132
8,007,276
29
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Green Lakes Park CLO LLC, Series
2025-1A, Class ARR, 4.99%,
01/25/38, (3-mo. CME Term SOFR +
1.18%)(b)(c)
USD5,000
$4,993,950
GreenSky Home Improvement Issuer Trust
Series 2024-2, Class A4, 5.15%,
10/27/59(c)
USD495
496,500
Series 2024-2, Class B, 5.26%,
10/27/59(c)
USD4,345
4,346,881
Series 2024-2, Class D, 6.43%,
10/27/59(c)
USD3,147
3,176,300
Series 2025-1A, Class A4, 5.22%,
03/25/60(c)
USD452
452,578
Series 2025-2A, Class C, 5.26%,
06/25/60(c)
USD621
616,987
Series 2025-2A, Class D, 5.56%,
06/25/60(c)
USD493
489,193
Series 2025-2A, Class E, 7.79%,
06/25/60(c)
USD486
492,603
Series 2025-3A, Class A3, 4.52%,
12/27/60(c)
USD2,683
2,654,278
Series 2026-REV1, Class A, 4.93%,
05/15/41(c)
USD13,149
13,110,387
Series 2026-REV1, Class B, 5.20%,
05/15/41(c)
USD1,128
1,120,738
Series 2026-REV1, Class C, 5.45%,
05/15/41(c)
USD1,366
1,356,949
GreenSky Home Improvement Trust
Series 2024-1, Class A4, 5.67%,
06/25/59(c)
USD534
538,863
Series 2024-1, Class B, 5.87%,
06/25/59(c)
USD1,391
1,404,390
Greystone CRE Notes LLC
Series 2025-FL4, Class A, 5.16%,
01/15/43, (1-mo. CME Term SOFR +
1.48%)(b)(c)
USD4,069
4,079,695
Series 2025-HC4, Class A, 5.46%,
10/15/42, (1-mo. CME Term SOFR +
1.78%)(b)(c)
USD8,000
8,022,826
Greywolf CLO II Ltd., Series 2013-1A,
Class A2AR, 5.61%, 04/15/34, (3-mo.
CME Term SOFR + 1.86%)(b)(c)
USD7,450
7,454,171
GS Mortgage-Backed Securities Trust
Series 2026-CES1, Class A1, 4.90%,
05/25/56(c)(d)
USD5,813
5,746,543
Series 2026-CES1, Class A2, 5.27%,
05/25/56(c)(d)
USD1,411
1,390,513
GSAMP Trust, Series 2006-HE4, Class M1,
4.29%, 06/25/36, (1-mo. CME Term
SOFR + 0.56%)(b)
USD1,350
1,166,338
GT Loan Financing I Ltd., Series 2013-1A,
Class AR2, 5.06%, 04/28/39, (3-mo. CME
Term SOFR + 1.22%)(b)(c)
USD4,250
4,250,830
HalseyPoint CLO 3 Ltd., Series 2020-3A,
Class D1R, 8.14%, 07/30/37, (3-mo. CME
Term SOFR + 4.30%)(b)(c)
USD1,340
1,309,783
Halseypoint CLO 5 Ltd., Series 2021-5A,
Class A1A, 5.31%, 01/30/35, (3-mo. CME
Term SOFR + 1.47%)(b)(c)
USD700
700,268
Halseypoint CLO 6 Ltd., Series 2022-6A,
Class A1R, 5.08%, 01/20/38, (3-mo. CME
Term SOFR + 1.35%)(b)(c)
USD1,100
1,101,847
Security
Par
(000
)
Value
Halseypoint CLO II Ltd., Series 2020-2A,
Class BR, 5.68%, 07/20/37, (3-mo. CME
Term SOFR + 1.95%)(b)(c)
USD4,000
$3,999,840
Hambridge Euro Clo 1 DAC, Series 1X,
Class D, 5.79%, 10/20/38, (3-mo.
EURIBOR + 3.30%)(a)(b)
EUR1,440
1,678,416
Harriman Park CLO Ltd., Series 2020-1A,
Class ARR, 5.03%, 07/20/38, (3-mo.
CME Term SOFR + 1.30%)(b)(c)
USD1,150
1,152,654
Harvest CLO XLI DAC, Series 41X, Class D,
1.00%, 07/15/39, (3-mo. EURIBOR +
2.90%)(a)(b)
EUR1,100
1,268,465
Henley CLO IV DAC, Series 4X, Class DR,
5.47%, 07/25/38, (3-mo. EURIBOR +
3.00%)(a)(b)
EUR1,000
1,157,037
Henley CLO XI DAC, Series 11X, Class D,
5.07%, 04/25/39, (3-mo. EURIBOR +
2.60%)(a)(b)
EUR2,280
2,630,739
Henley CLO XII DAC, Series 12X, Class D,
5.53%, 01/15/38, (3-mo. EURIBOR +
3.10%)(a)(b)
EUR850
980,787
Henley CLO XVII DAC, Series 17X, Class D,
5.48%, 07/25/39, (3-mo. EURIBOR +
3.05%)(a)(b)
EUR1,792
2,073,538
Henley Funding Ltd., Series 16X, Class D,
1.00%, 04/25/39, (3-mo. EURIBOR +
2.80%)(a)(b)
EUR2,200
2,536,930
Hermitage PLC
Series 2024-1, Class A, 4.64%,
04/21/33, (1-day SONIA+ 0.90%)(a)(b)
GBP296
399,010
Series 2024-1, Class B, 4.99%,
04/21/33, (1-day SONIA+ 1.25%)(a)(b)
GBP99
133,085
Series 2024-1, Class C, 5.34%,
04/21/33, (1-day SONIA+ 1.60%)(a)(b)
GBP33
44,394
Series 2024-1, Class D, 6.09%,
04/21/33, (1-day SONIA+ 2.35%)(a)(b)
GBP33
44,467
Series 2024-1, Class E, 7.64%,
04/21/33, (1-day SONIA+ 3.90%)(a)(b)
GBP33
44,741
Series 2025-1, Class B, 4.84%,
04/21/33, (1-day SONIA+ 1.10%)(a)(b)
GBP258
346,991
Series 2025-1, Class C, 5.14%,
04/21/33, (1-day SONIA+ 1.40%)(a)(b)
GBP91
122,309
Series 2025-1, Class D, 5.44%,
04/21/33, (1-day SONIA+ 1.70%)(a)(b)
GBP86
115,787
Series 2025-1, Class E, 6.94%,
04/21/33, (1-day SONIA+ 3.20%)(a)(b)
GBP86
117,210
Series 2026-1, Class C, 5.03%,
07/21/46, (1-day SONIA+ 1.30%)(a)(b)
GBP219
294,961
Series 2026-1, Class D, 5.28%,
07/21/46, (1-day SONIA+ 1.55%)(a)(b)
GBP182
245,069
Series 2026-1, Class E, 6.58%,
07/21/46, (1-day SONIA+ 2.85%)(a)(b)
GBP244
328,558
Hill FL BV
Series 2024-2FL, Class D, 4.16%,
10/18/32, (1-mo. EURIBOR +
1.95%)(a)(b)
EUR68
77,972
Series 2025-1FL, Class B, 3.16%,
10/18/32, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR842
970,758
Series 2025-1FL, Class C, 3.46%,
10/18/32, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR1,106
1,274,894
Schedule of Investments
30
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2025-1FL, Class E, 4.85%,
10/18/32, (1-mo. EURIBOR +
2.64%)(a)(b)
EUR1,877
$2,171,958
Series 2026-1FL, Class C, 3.46%,
06/18/34, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR1,510
1,740,016
Series 2026-1FL, Class E, 5.19%,
06/18/34, (1-mo. EURIBOR +
2.98%)(a)(b)
EUR560
645,312
Hive BV
Series 2025-1, Class A, 3.01%,
11/21/45, (1-mo. EURIBOR +
0.80%)(a)(b)
EUR5,156
5,948,969
Series 2025-1, Class C, 3.56%,
11/21/45, (1-mo. EURIBOR +
1.35%)(a)(b)
EUR544
626,254
Series 2026-1, Class B, 3.16%,
06/21/46, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR744
855,789
Series 2026-1, Class C, 3.36%,
06/21/46, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR407
467,702
Series 2026-1, Class D, 3.76%,
06/21/46, (1-mo. EURIBOR +
1.55%)(a)(b)
EUR284
327,026
Honey Hill Park CLO Ltd., Series 2026-1A,
Class A1, 4.87%, 04/24/39, (3-mo. CME
Term SOFR + 1.15%)(b)(c)
USD2,725
2,723,638
Household Capital 2025-1 RMBS, Series
2025-1, Class A, 6.37%, 07/21/87, (3-mo.
BB Swap + 1.90%)(a)(b)
AUD511
359,692
Hoxton Consumer Loan Funding DAC
Series 2026-1, Class B, 4.77%,
06/17/37, (1-day SONIA+ 1.04%)(a)(b)
GBP294
396,220
Series 2026-1, Class C, 4.98%,
06/17/37, (1-day SONIA+ 1.25%)(a)(b)
GBP143
192,723
Series 2026-1, Class D, 5.38%,
06/17/37, (1-day SONIA+ 1.65%)(a)(b)
GBP127
171,169
Huntington Bank Auto Credit-Linked Notes
Series 2024-1, Class B2, 5.02%,
05/20/32, (30-day Avg SOFR +
1.40%)(b)(c)
USD371
371,466
Series 2024-2, Class B2, 4.97%,
10/20/32, (30-day Avg SOFR +
1.35%)(b)(c)
USD749
751,710
Series 2025-2, Class B2, 4.82%,
09/20/33, (30-day Avg SOFR +
1.20%)(b)(c)
USD1,470
1,473,737
ICG U.S. CLO Ltd.
Series 2015-2RA, Class A1R, 4.78%,
01/16/33, (3-mo. CME Term SOFR +
0.99%)(b)(c)
USD508
507,727
Series 2025-1A, Class D1, 6.96%,
07/25/38, (3-mo. CME Term SOFR +
3.15%)(b)(c)
USD2,000
2,001,364
Incref LLC
Series 2025-FL1, Class A, 5.40%,
10/19/42, (1-mo. CME Term SOFR +
1.73%)(b)(c)
USD8,695
8,715,694
Series 2026-FL3, Class A, 5.07%,
01/19/44, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD900
901,021
Security
Par
(000
)
Value
Invesco U.S. CLO Ltd.
Series 2022-1A, Class B, 5.53%,
04/20/35, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD819
$818,902
Series 2025-3A, Class D1, 6.45%,
10/15/38, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD3,000
2,997,869
Iskandar Enterprise LLC
Series 2026-1A, Class A22, 5.34%,
04/17/56(c)
USD4,409
4,326,647
Series 2026-1A, Class A23, 5.54%,
04/17/56(c)
USD5,106
5,006,952
Italian Stella Loans SRL, Series 2024-2,
Class C, 3.62%, 05/27/39, (1-mo.
EURIBOR + 1.40%)(a)(b)
EUR74
85,915
Jersey Mike's Funding LLC, Series 2026-1A,
Class A2II, 5.48%, 02/15/56(c)
USD14,637
14,310,616
Jubilee CLO DAC, Series 2024-29X,
Class D, 5.63%, 01/15/39, (3-mo.
EURIBOR + 3.20%)(a)(b)
EUR1,420
1,641,218
Kennedy Lewis CLO 12 Ltd., Series
2023-12A, Class AR, 5.06%,
07/20/38, (3-mo. CME Term SOFR +
1.33%)(b)(c)
USD5,000
5,009,230
Kennedy Lewis CLO 17 Ltd., Series
2024-17A, Class A1, 5.13%,
10/22/37, (3-mo. CME Term SOFR +
1.40%)(b)(c)
USD1,000
1,001,872
Kennedy Lewis CLO 2 Ltd., Series 2A,
Class X, 4.83%, 10/22/37, (3-mo. CME
Term SOFR + 1.10%)(b)(c)
USD700
700,002
Kennedy Lewis CLO 20 Ltd., Series
2024-20A, Class A, 5.11%,
01/25/38, (3-mo. CME Term SOFR +
1.30%)(b)(c)
USD1,615
1,618,386
Kennedy Lewis CLO 4 Ltd.
Series 4A, Class ARR, 5.16%,
07/20/37, (3-mo. CME Term SOFR +
1.43%)(b)(c)
USD8,125
8,133,712
Series 4A, Class BRR, 5.48%,
07/20/37, (3-mo. CME Term SOFR +
1.75%)(b)(c)
USD2,000
2,004,040
Kennedy Lewis CLO 9 Ltd., Series 9A,
Class AR, 5.08%, 01/20/38, (3-mo. CME
Term SOFR + 1.35%)(b)(c)
USD4,000
4,006,795
KKR CLO 21 Ltd., Series 21, Class B,
5.41%, 04/15/31, (3-mo. CME Term
SOFR + 1.66%)(b)(c)
USD730
731,400
KKR CLO 25 Ltd., Series 25, Class BR2,
5.33%, 07/15/34, (3-mo. CME Term
SOFR + 1.58%)(b)(c)
USD1,300
1,299,701
KKR CLO 28 Ltd., Series 28A, Class AR2,
4.91%, 02/09/35, (3-mo. CME Term
SOFR + 1.12%)(b)(c)
USD5,000
5,004,544
KKR CLO 29 Ltd., Series 29A, Class A1RR,
4.87%, 07/15/39, (3-mo. CME Term
SOFR + 1.25%)(b)(c)
USD5,910
5,911,121
KKR CLO 35 Ltd., Series 35A, Class AR,
4.93%, 01/20/38, (3-mo. CME Term
SOFR + 1.20%)(b)(c)
USD2,500
2,498,784
31
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
KKR CLO 54 Ltd., Series 2024-54A,
Class A, 5.07%, 01/15/38, (3-mo. CME
Term SOFR + 1.32%)(b)(c)
USD2,000
$2,002,662
KKR Financial CLO Ltd., Series 2013-1A,
Class A1R3, 5.00%, 10/15/38, (3-mo.
CME Term SOFR + 1.25%)(b)(c)
USD1,000
1,000,749
Latitude Australia Credit Card Master Trust
Series 2025-1, Class A, 5.47%,
11/22/37, (1-mo. BB Swap +
1.15%)(a)(b)
AUD2,663
1,877,999
Series 2025-1, Class B, 5.72%,
11/22/37, (1-mo. BB Swap +
1.40%)(a)(b)
AUD500
352,114
Series 2026-1, Class A, 5.39%,
09/22/38, (1-mo. BB Swap +
1.07%)(a)(b)
AUD5,568
3,914,946
Series 2026-1, Class B, 5.77%,
09/22/38, (1-mo. BB Swap +
1.45%)(a)(b)
AUD2,009
1,412,361
Series 2026-1, Class C, 5.97%,
09/22/38, (1-mo. BB Swap +
1.65%)(a)(b)
AUD639
448,971
Series 2026-1, Class D, 6.17%,
09/22/38, (1-mo. BB Swap +
1.85%)(a)(b)
AUD1,501
1,054,035
LCM 29 Ltd., Series 29A, Class BR, 5.61%,
04/15/31, (3-mo. CME Term SOFR +
1.86%)(b)(c)
USD1,301
1,300,296
LCM 31 Ltd., Series 31A, Class AR, 5.01%,
07/20/34, (3-mo. CME Term SOFR +
1.28%)(b)(c)
USD2,750
2,750,263
LCM 32 Ltd., Series 32A, Class B, 5.69%,
07/20/34, (3-mo. CME Term SOFR +
1.96%)(b)(c)
USD1,250
1,248,913
LendingClub Rated Notes Issuer Trust
Series 2025-P2, Class A, 5.20%,
02/15/35(c)
USD3,173
3,178,449
Series 2025-P2, Class B, 5.59%,
04/15/35(c)
USD284
281,934
Series 2025-P2, Class C, 6.25%,
09/15/35(c)
USD572
566,678
Series 2025-P2, Class D, 6.47%,
12/15/35(c)
USD229
226,076
Series 2025-P2, Class E, 8.99%,
07/15/36(c)
USD367
361,605
Series 2025-P2, Class F, 13.02%,
01/15/37(c)
USD183
180,240
Series 2025-P2, Class R, 0.01%,
03/15/45(c)
USD80
215,245
Series 2026-P1, Class A, 6.98%,
08/15/37(c)
USD1,663
1,707,454
Series 2026-P1, Class B, 6.86%,
08/15/37(c)
USD425
431,455
Series 2026-P1, Class C, 2.40%,
08/15/37(c)
USD442
418,716
Series 2026-P1, Class D, 1.15%,
08/15/37(c)
USD433
402,480
Series 2026-P1, Class E, 1.00%,
08/15/37(c)
USD193
173,194
Series 2026-P1, Class F, 0.90%,
08/15/37(c)
USD175
150,395
Security
Par
(000
)
Value
Series 2026-P1, Class R, 0.01%,
03/15/41(c)
USD40
$13,693
LendingClub Rated Notes Issuer
Trust Series
Series 2026-P3, Class A, 7.55%,
12/15/37(c)
USD3,709
3,836,554
Series 2026-P3, Class B, 6.25%,
12/15/37(c)
USD685
688,078
Series 2026-P3, Class C, 2.95%,
12/15/37(c)
USD744
708,059
Series 2026-P3, Class D, 1.45%,
12/15/37(c)
USD517
479,239
Series 2026-P3, Class E, 1.01%,
12/15/37(c)
USD365
325,135
Series 2026-P3, Class F, 0.86%,
12/15/37(c)
USD275
231,910
Series 2026-P3, Class R, 0.01%,
06/17/41(c)
USD40
1,947
LendingClub Structured Loan Certificate
Issuer Trust, Series 2025-P16, Class A,
5.19%, 12/15/32(c)
USD4,999
4,979,516
Lendmark Funding Trust
Series 2021-1A, Class A, 1.90%,
11/20/31(c)
USD990
972,926
Series 2021-1A, Class C, 3.41%,
11/20/31(c)
USD710
680,184
Series 2021-2A, Class C, 3.09%,
04/20/32(c)
USD945
890,944
Series 2024-1A, Class A, 5.53%,
06/21/32(c)
USD6,407
6,436,152
Series 2024-1A, Class C, 6.40%,
06/21/32(c)
USD1,957
1,968,795
Series 2024-2A, Class A, 4.47%,
02/21/34(c)
USD1,850
1,838,104
Series 2024-2A, Class C, 5.25%,
02/21/34(c)
USD2,153
2,139,157
Series 2025-1A, Class A, 4.94%,
09/20/34(c)
USD3,295
3,291,906
Series 2025-1A, Class B, 5.33%,
09/20/34(c)
USD5,895
5,905,270
Series 2025-3A, Class A, 4.51%,
05/21/35(c)
USD6,352
6,253,325
Series 2025-3A, Class B, 4.83%,
05/21/35(c)
USD1,083
1,059,439
Series 2025-3A, Class C, 5.04%,
05/21/35(c)
USD305
296,881
Series 2026-1A, Class A, 4.80%,
11/20/35(c)
USD3,668
3,624,987
Series 2026-1A, Class C, 5.40%,
11/20/35(c)
USD561
553,361
Lmdv Issuer Co. LLC
Series 2026-1A, Class A2, 5.38%,
07/17/56(c)
USD6,325
6,278,552
Series 2026-1A, Class B, 5.91%,
07/17/56(c)
USD300
297,635
LoanCore, Series 2025-CRE8, Class A,
5.06%, 08/17/42, (1-mo. CME Term
SOFR + 1.39%)(b)(c)
USD9,050
9,058,247
LoanCore Issuer LLC, Series 2025-CRE9,
Class A, 5.12%, 08/18/42, (1-mo. CME
Term SOFR + 1.45%)(b)(c)
USD11,143
11,165,626
Schedule of Investments
32
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
London Cards No. 3 PLC
Series 3X, Class A, 4.64%,
12/15/35, (1-day SONIA+ 0.90%)(a)(b)
GBP1,544
$2,082,737
Series 3X, Class B, 5.24%,
12/15/35, (1-day SONIA+ 1.50%)(a)(b)
GBP1,077
1,459,208
Series 3X, Class C, 5.74%,
12/15/35, (1-day SONIA+ 2.00%)(a)(b)
GBP1,030
1,403,038
Long Beach Mortgage Loan Trust, Series
2006-2, Class 1A, 4.20%,
03/25/46, (1-mo. CME Term SOFR +
0.47%)(b)
USD101
88,778
LT Rahoitus DAC, Series 6, Class B, 3.11%,
07/18/36, (1-mo. EURIBOR + 0.90%)(a)(b)
EUR200
228,862
Lyra Music Assets Delaware LP
Series 2024-2A, Class A2, 5.76%,
12/22/64(c)
USD2,115
2,124,657
Series 2025-1A, Class A2, 5.60%,
09/20/65(c)
USD1,311
1,315,555
M&T Bank RV Trust, Series 2026-1A,
Class A, 4.35%, 01/15/46(c)
USD2,867
2,804,359
Madison Park Funding LIX Ltd., Series
2021-59A, Class A1R, 5.23%,
04/18/37, (3-mo. CME Term SOFR +
1.50%)(b)(c)
USD6,000
6,008,323
Madison Park Funding LXI Ltd., Series
2023-61A, Class AR, 4.95%,
01/20/39, (3-mo. CME Term SOFR +
1.22%)(b)(c)
USD1,300
1,299,695
Madison Park Funding LXIX Ltd., Series
2024-69A, Class A1R, 5.01%,
07/25/37, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD1,750
1,749,265
Madison Park Funding LXV Ltd., Series
2025-65A, Class A1, 5.09%,
07/16/38, (3-mo. CME Term SOFR +
1.30%)(b)(c)
USD6,000
6,013,247
Madison Park Funding XIV Ltd.
Series 2014-14A, Class BR4, 5.23%,
10/22/30, (3-mo. CME Term SOFR +
1.50%)(b)(c)
USD1,130
1,126,915
Series 2014-14A, Class D1R4, 6.63%,
10/22/30, (3-mo. CME Term SOFR +
2.90%)(b)(c)
USD3,000
3,006,625
Madison Park Funding XL-R Ltd., Series
2025-40RA, Class D1, 6.74%,
10/16/38, (3-mo. CME Term SOFR +
2.95%)(b)(c)
USD3,500
3,513,049
Madison Park Funding XXIV Ltd., Series
2016-24A, Class DR2, 6.68%,
10/20/29, (3-mo. CME Term SOFR +
2.95%)(b)(c)
USD850
852,705
Madison Park Funding XXIX Ltd., Series
2018-29A, Class A1R2, 4.91%,
03/25/38, (3-mo. CME Term SOFR +
1.18%)(b)(c)
USD3,250
3,245,619
Madison Park Funding XXX Ltd., Series
2018-30A, Class A1R, 5.15%,
07/16/37, (3-mo. CME Term SOFR +
1.36%)(b)(c)
USD1,375
1,374,964
Security
Par
(000
)
Value
Madison Park Funding XXXI Ltd., Series
2018-31A, Class B1R, 5.55%,
07/23/37, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD1,000
$1,000,250
Madison Park Funding XXXIII Ltd., Series
2019-33A, Class BR2, 5.20%,
10/15/32, (3-mo. CME Term SOFR +
1.45%)(b)(c)
USD1,000
1,000,270
Madison Park Funding XXXIV Ltd., Series
2019-34A, Class D1RR, 7.14%,
10/16/37, (3-mo. CME Term SOFR +
3.35%)(b)(c)
USD1,500
1,474,059
Madison Park Funding XXXIX Ltd., Series
2021-39A, Class CR, 5.78%,
10/22/34, (3-mo. CME Term SOFR +
2.05%)(b)(c)
USD1,000
998,000
Madison Park Funding XXXVI Ltd., Series
2019-36A, Class A1RR, 4.81%,
04/15/35, (3-mo. CME Term SOFR +
1.06%)(b)(c)
USD250
249,968
Madison Park Funding XXXVII Ltd.
Series 2019-37A, Class CR2, 6.35%,
04/15/37, (3-mo. CME Term SOFR +
2.60%)(b)(c)
USD1,500
1,501,711
Series 2019-37A, Class D1A, 7.50%,
04/15/37, (3-mo. CME Term SOFR +
3.75%)(b)(c)
USD500
491,840
Mariner Finance Issuance Trust
Series 2021-AA, Class A, 1.86%,
03/20/36(c)
USD232
229,701
Series 2021-AA, Class B, 2.33%,
03/20/36(c)
USD350
341,104
Series 2021-BA, Class D, 3.42%,
11/20/36(c)
USD1,177
1,119,266
Series 2024-AA, Class A, 5.13%,
09/22/36(c)
USD1,600
1,604,103
Series 2024-AA, Class D, 6.77%,
09/22/36(c)
USD1,592
1,609,901
Series 2024-BA, Class C, 5.73%,
11/20/38(c)
USD2,340
2,340,075
Series 2024-BA, Class D, 6.36%,
11/20/38(c)
USD2,102
2,116,730
Series 2025-AA, Class A, 4.98%,
05/20/38(c)
USD4,429
4,421,560
Series 2025-BA, Class A, 4.59%,
11/22/38(c)
USD5,113
5,050,636
Series 2026-AA, Class A, 5.01%,
05/20/39(c)
USD5,000
4,981,373
Menlo CLO IV Ltd., Series 2026-4A,
Class A1, 4.89%, 03/20/39, (3-mo. CME
Term SOFR + 1.21%)(b)(c)
USD2,000
1,998,968
Mercury Financial Credit Card Master Trust,
Series 2026-2A, Class A, 5.07%,
06/21/32(c)
USD6,189
6,143,851
Metro Finance Trust
Series 2025-1, Class B, 5.86%,
10/15/31, (1-mo. BB Swap +
1.55%)(a)(b)
AUD510
359,780
Series 2026-1, Class C, 5.92%,
02/16/33, (1-mo. BB Swap +
1.60%)(a)(b)
AUD570
400,756
33
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
MF1 LLC
Series 2025-FL19, Class A, 5.16%,
05/18/42, (1-mo. CME Term SOFR +
1.49%)(b)(c)
USD8,617
$8,621,869
Series 2025-FL20, Class A, 5.12%,
02/18/43, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD10,159
10,169,902
Series 2026-FL21, Class A, 5.02%,
02/18/41, (1-mo. CME Term SOFR +
1.35%)(b)(c)
USD10,060
10,067,734
MFA Trust, Series 2024-NPL1, Class A1,
6.33%, 09/25/54(c)(d)
USD1,485
1,487,169
MidOcean Credit CLO XI Ltd., Series
2022-11A, Class A1R2, 4.94%,
01/18/36, (3-mo. CME Term SOFR +
1.21%)(b)(c)
USD1,000
1,000,334
MidOcean Credit CLO XII Ltd., Series
2023-12A, Class A1RR, 5.07%,
07/18/38, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD2,500
2,502,223
Midocean Credit CLO XXI, Series 2025-21A,
Class A1, 4.99%, 10/20/38, (3-mo. CME
Term SOFR + 1.26%)(b)(c)
USD1,200
1,201,740
Mila BV
Series 2024-1, Class B, 3.18%,
09/16/41, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR61
70,560
Series 2025-1, Class B, 3.12%,
10/12/42, (1-mo. EURIBOR +
0.85%)(a)(b)
EUR100
114,984
Series 2025-1, Class C, 3.37%,
10/12/42, (1-mo. EURIBOR +
1.10%)(a)(b)
EUR100
114,609
Series 2025-1, Class D, 3.62%,
10/12/42, (1-mo. EURIBOR +
1.35%)(a)(b)
EUR100
115,204
Series 2025-1, Class E, 4.99%,
10/12/42, (1-mo. EURIBOR +
2.72%)(a)(b)
EUR300
345,045
Montgomery Square Consumer Funding 1
PLC
Class A, 4.64%, 03/17/36, (1-day SONIA+
0.90%)(a)(b)
GBP4,826
6,505,994
Series 1, Class B, 4.99%,
03/17/36, (1-day SONIA+ 1.25%)(a)(b)
GBP316
425,824
Series 1, Class C, 5.29%,
03/17/36, (1-day SONIA+ 1.55%)(a)(b)
GBP143
192,953
Morgan Stanley Eaton Vance CLO Ltd.,
Series 2022-18A, Class CR, 5.68%,
10/20/37, (3-mo. CME Term SOFR +
1.95%)(b)(c)
USD2,000
2,005,404
Morglas Abs PLC
Series 2025-1, Class A, 4.54%,
09/15/40, (1-day SONIA+ 0.80%)(a)(b)
GBP1,315
1,771,469
Series 2026-1, Class C, 4.98%,
09/15/40, (1-day SONIA+ 1.25%)(a)(b)
GBP234
314,967
Series 2026-1, Class D, 5.28%,
09/15/40, (1-day SONIA+ 1.55%)(a)(b)
GBP111
149,400
Mosaic Solar Loan Trust
Series 2018-1A, Class A, 4.01%,
06/22/43(c)
USD30
27,815
Security
Par
(000
)
Value
Series 2018-2GS, Class A, 4.20%,
02/22/44(c)
USD97
$90,412
Series 2021-2A, Class A, 1.64%,
04/22/47(c)
USD251
206,563
Series 2023-4A, Class A, 6.40%,
05/20/53(c)
USD100
98,688
Mtp Abs Funding LLC
Series 2026-1A, Class A2, 5.20%,
04/25/56(c)
USD6,490
6,418,792
Series 2026-1A, Class B, 5.88%,
04/25/56(c)
USD1,410
1,399,984
Navient Education Loan Trust
Series 2025-A, Class B, 5.32%,
07/15/55(c)
USD1,039
1,035,432
Series 2025-A, Class C, 5.53%,
07/15/55(c)
USD2,500
2,487,381
Series 2026-A, Class A, 4.86%,
09/15/56(c)
USD1,920
1,893,958
Series 2026-A, Class B, 5.06%,
09/15/56(c)
USD583
572,045
Navient Private Education Loan Trust,
Series 2015-BA, Class A3, 5.24%,
07/16/40, (1-mo. CME Term SOFR +
1.56%)(b)(c)
USD618
619,300
Navient Private Education Refi Loan Trust
Series 2019-A, Class A2A, 3.42%,
01/15/43(c)
USD0
445
Series 2019-A, Class A2B, 4.69%,
01/15/43, (1-mo. CME Term SOFR +
1.01%)(b)(c)
USD9
8,554
Series 2019-CA, Class A2, 3.13%,
02/15/68(c)
USD520
516,723
Series 2019-D, Class A2B, 4.84%,
12/15/59, (1-mo. CME Term SOFR +
1.16%)(b)(c)
USD1,114
1,114,623
Series 2020-CA, Class A2A, 2.15%,
11/15/68(c)
USD2,535
2,446,482
Series 2020-CA, Class A2B, 5.39%,
11/15/68, (1-mo. CME Term SOFR +
1.71%)(b)(c)
USD1,275
1,286,117
Series 2020-DA, Class B, 3.33%,
05/15/69(c)
USD100
87,346
Series 2020-IA, Class A1A, 1.33%,
04/15/69(c)
USD566
516,530
Series 2020-IA, Class A1B, 4.79%,
04/15/69, (1-mo. CME Term SOFR +
1.11%)(b)(c)
USD2,173
2,163,828
Series 2021-A, Class A, 0.84%,
05/15/69(c)
USD208
190,899
Series 2021-CA, Class A, 1.06%,
10/15/69(c)
USD2,856
2,582,677
Series 2021-DA, Class A, 4.76%,
04/15/60, (PRIME -1.99%)(b)(c)
USD309
300,596
Series 2021-EA, Class A, 0.97%,
12/16/69(c)
USD6,146
5,456,201
Series 2023-A, Class A, 5.51%,
10/15/71(c)
USD179
180,647
Schedule of Investments
34
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Navient Student Loan Trust
Series 2019-BA, Class A2A, 3.39%,
12/15/59(c)
USD347
$341,745
Series 2023-BA, Class A1B, 5.33%,
03/15/72, (30-day Avg SOFR +
1.70%)(b)(c)
USD1,014
1,019,177
Nelnet Student Loan Trust
Series 2021-A, Class A1, 4.58%,
04/20/62, (1-mo. CME Term SOFR +
0.91%)(b)(c)
USD273
273,070
Series 2021-A, Class A2, 4.81%,
04/20/62, (1-mo. CME Term SOFR +
1.14%)(b)(c)
USD5,383
5,387,018
Series 2021-A, Class APT1, 1.36%,
04/20/62(c)
USD1,146
1,089,946
Series 2021-A, Class APT2, 1.36%,
04/20/62(c)
USD633
601,755
Series 2021-A, Class B1, 2.85%,
04/20/62(c)
USD3,869
3,462,684
Series 2021-A, Class B2, 2.85%,
04/20/62(c)
USD300
268,495
Series 2021-BA, Class AFL, 4.56%,
04/20/62, (1-mo. CME Term SOFR +
0.89%)(b)(c)
USD840
835,799
Series 2021-CA, Class AFL, 4.52%,
04/20/62, (1-mo. CME Term SOFR +
0.85%)(b)(c)
USD2,245
2,234,131
Series 2021-CA, Class C, 3.36%,
04/20/62(c)
USD664
575,336
Series 2021-DA, Class AFL, 4.47%,
04/20/62, (1-mo. CME Term SOFR +
0.80%)(b)(c)
USD164
163,247
Series 2021-DA, Class AFX, 1.63%,
04/20/62(c)
USD1,402
1,338,548
Series 2021-DA, Class B, 2.90%,
04/20/62(c)
USD500
444,456
Series 2023-PL1A, Class A1A, 5.87%,
11/25/53, (30-day Avg SOFR +
2.25%)(b)(c)
USD170
171,994
Series 2025-AA, Class A1B, 4.73%,
03/15/57, (30-day Avg SOFR +
1.10%)(b)(c)
USD4,720
4,697,823
Series 2025-AA, Class B, 5.27%,
03/15/57(c)
USD4,550
4,525,990
Series 2025-AA, Class D, 6.05%,
03/15/57(c)
USD5,670
5,522,789
Series 2025-BA, Class A1B, 4.98%,
05/17/55, (30-day Avg SOFR +
1.35%)(b)(c)
USD6,601
6,640,913
Series 2025-BA, Class B, 4.98%,
05/17/55(c)
USD4,285
4,214,809
Series 2025-BA, Class C, 5.38%,
05/17/55(c)
USD2,406
2,325,389
Series 2025-BA, Class D, 6.04%,
05/17/55(c)
USD688
662,709
Series 2025-CA, Class A1B, 4.97%,
06/22/65, (30-day Avg SOFR +
1.35%)(b)(c)
USD4,002
4,007,064
Series 2025-CA, Class D, 5.82%,
06/22/65(c)
USD888
848,551
Security
Par
(000
)
Value
Neuberger Berman CLO XVI-S Ltd., Series
2017-16SA, Class A1R2, 4.93%,
04/15/39, (3-mo. CME Term SOFR +
1.18%)(b)(c)
USD4,000
$3,995,572
Neuberger Berman CLO XXI Ltd., Series
2016-21A, Class A1R3, 5.05%,
01/20/39, (3-mo. CME Term SOFR +
1.32%)(b)(c)
USD9,000
9,014,102
Neuberger Berman Loan Advisers CLO 30
Ltd., Series 2018-30A, Class D1R2,
6.53%, 01/20/39, (3-mo. CME Term
SOFR + 2.80%)(b)(c)
USD1,000
996,515
Neuberger Berman Loan Advisers CLO 36R
Ltd., Series 2020-36RA, Class D, 6.48%,
07/20/39, (3-mo. CME Term SOFR +
2.75%)(b)(c)
USD3,690
3,680,485
Neuberger Berman Loan Advisers CLO 40
Ltd., Series 2021-40A, Class BR, 5.44%,
10/16/37, (3-mo. CME Term SOFR +
1.65%)(b)(c)
USD5,000
5,009,249
Neuberger Berman Loan Advisers CLO 44
Ltd., Series 2021-44A, Class DR, 6.44%,
10/16/35, (3-mo. CME Term SOFR +
2.65%)(b)(c)
USD425
423,304
Neuberger Berman Loan Advisers CLO 46
Ltd., Series 2021-46A, Class DR, 6.38%,
01/20/37, (3-mo. CME Term SOFR +
2.65%)(b)(c)
USD2,250
2,239,530
Neuberger Berman Loan Advisers CLO 48
Ltd., Series 2022-48A, Class DR, 6.51%,
04/25/36, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD1,500
1,493,363
Neuberger Berman Loan Advisers CLO 51
Ltd., Series 2022-51A, Class D1R2,
6.55%, 10/23/36, (3-mo. CME Term
SOFR + 2.80%)(b)(c)
USD1,500
1,486,370
Neuberger Berman Loan Advisers CLO 58
Ltd., Series 2024-58A, Class A, 5.07%,
10/18/38, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD1,125
1,126,676
New Mountain CLO 2 Ltd., Series CLO-2A,
Class A1R, 5.11%, 01/15/38, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD3,000
3,005,266
New Mountain CLO 3 Ltd., Series CLO-3A,
Class A1R, 5.06%, 10/20/38, (3-mo. CME
Term SOFR + 1.33%)(b)(c)
USD3,000
3,004,695
New Mountain CLO 7 Ltd., Series CLO-7A,
Class A1, 4.93%, 03/31/38, (3-mo. CME
Term SOFR + 1.20%)(b)(c)
USD2,500
2,498,937
New Mountain CLO 8 Ltd., Series CLO-8A,
Class A1, 5.00%, 10/20/38, (3-mo. CME
Term SOFR + 1.27%)(b)(c)
USD2,020
2,022,750
New Residential Mortgage Loan Trust,
Series 2022-SFR1, Class F, 4.44%,
02/17/39(c)
USD258
254,681
Newbridge Park CLO DAC, Series 1X,
Class D, 4.70%, 04/15/40, (3-mo.
EURIBOR + 2.50%)(a)(b)
EUR3,400
3,869,319
NewDay Funding
Series 2026-1X, Class C, 5.03%,
07/15/34, (1-day SONIA+ 1.30%)(a)(b)
GBP213
286,939
35
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2026-1X, Class D, 5.43%,
07/15/34, (1-day SONIA+ 1.70%)(a)(b)
GBP453
$610,085
Series 2026-1X, Class E, 6.48%,
07/15/34, (1-day SONIA+ 2.75%)(a)(b)
GBP421
566,839
Newday Funding Master Issuer PLC
Series 2024-2X, Class B, 5.14%,
07/15/32, (1-day SONIA+ 1.40%)(a)(b)
GBP100
135,204
Series 2024-2X, Class C, 5.64%,
07/15/32, (1-day SONIA+ 1.90%)(a)(b)
GBP100
135,423
Series 2024-2X, Class D, 6.39%,
07/15/32, (1-day SONIA+ 2.65%)(a)(b)
GBP142
192,845
Series 2024-3X, Class A, 4.63%,
11/15/32, (1-day SONIA + 0.90%)(a)(b)
GBP1,047
1,412,080
Series 2024-3X, Class B, 5.03%,
11/15/32, (1-day SONIA + 1.30%)(a)(b)
GBP438
592,132
Series 2024-3X, Class C, 5.33%,
11/15/32, (1-day SONIA + 1.60%)(a)(b)
GBP151
203,981
Series 2025-1X, Class A, 4.58%,
04/15/33, (1-day SONIA+ 0.85%)(a)(b)
GBP1,989
2,680,191
Series 2025-1X, Class B, 4.88%,
04/15/33, (1-day SONIA + 1.15%)(a)(b)
GBP194
261,757
Series 2025-1X, Class C, 5.18%,
04/15/33, (1-day SONIA+ 1.45%)(a)(b)
GBP317
427,324
Series 2025-2X, Class A, 4.54%,
07/15/33, (1-day SONIA+ 0.80%)(a)(b)
GBP1,490
2,005,978
Series 2025-2X, Class B, 4.79%,
07/15/33, (1-day SONIA+ 1.05%)(a)(b)
GBP475
640,185
Series 2025-2X, Class C, 5.24%,
07/15/33, (1-day SONIA+ 1.50%)(a)(b)
GBP152
204,990
Series 2026-1X, Class A, 4.56%,
03/15/34, (1-day SONIA+ 0.82%)(a)(b)
GBP3,642
4,905,062
Series 2026-1X, Class B, 4.84%,
03/15/34, (1-day SONIA+ 1.10%)(a)(b)
GBP1,448
1,952,288
Series 2026-1X, Class C, 5.19%,
03/15/34, (1-day SONIA+ 1.45%)(a)(b)
GBP587
791,237
Noria DE
Series 2024-DE1, Class B, 3.17%,
02/25/43, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR253
291,338
Series 2024-DE1, Class C, 3.47%,
02/25/43, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR126
145,603
Series 2024-DE1, Class D, 3.87%,
02/25/43, (1-mo. EURIBOR +
1.65%)(a)(b)
EUR63
72,662
Series 2024-DE1, Class E, 5.77%,
02/25/43, (1-mo. EURIBOR +
3.55%)(a)(b)
EUR63
73,700
NYMT Trust, Series 2024-RR1, Class A,
7.38%, 05/25/64(c)(d)
USD4,322
4,291,362
Oak Hill Credit Partners X-R Ltd.
Series 2014-10RA, Class AR2, 4.86%,
04/20/38, (3-mo. CME Term SOFR +
1.13%)(b)(c)
USD7,500
7,488,068
Series 2014-10RA, Class D1R2, 6.23%,
04/20/38, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD2,950
2,898,328
Series 2014-10RA, Class D2R2, 7.33%,
04/20/38, (3-mo. CME Term SOFR +
3.60%)(b)(c)
USD1,500
1,491,070
Security
Par
(000
)
Value
Oaktree CLO Ltd.
Series 2019-3A, Class A1R2, 5.11%,
01/20/38, (3-mo. CME Term SOFR +
1.38%)(b)(c)
USD3,000
$3,005,739
Series 2024-27A, Class D1, 6.73%,
10/22/37, (3-mo. CME Term SOFR +
3.00%)(b)(c)
USD270
270,799
Oban Cards PLC
Series 2026-1, Class C, 5.24%,
06/17/35, (1-day SONIA+ 1.50%)(a)(b)
GBP289
389,466
Series 2026-1, Class D, 5.74%,
06/17/35, (1-day SONIA+ 2.00%)(a)(b)
GBP543
731,825
OCP Clo Ltd., Series 2019-17AR,
Class AAR3, 5.05%, 07/19/39, (3-mo.
CME Term SOFR + 1.23%)(b)(c)
USD1,000
1,000,000
OCP CLO Ltd.
Series 2015-10A, Class AR3, 5.12%,
01/26/38, (3-mo. CME Term SOFR +
1.31%)(b)(c)
USD2,000
2,004,434
Series 2015-9A, Class D1R3, 6.25%,
01/15/37, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD250
249,914
Series 2016-12A, Class A1R3, 5.10%,
10/18/37, (3-mo. CME Term SOFR +
1.37%)(b)(c)
USD2,000
2,003,183
Series 2016-12A, Class BAR3, 5.41%,
10/18/37, (3-mo. CME Term SOFR +
1.68%)(b)(c)
USD4,750
4,754,276
Series 2017-13A, Class AR2, 5.07%,
11/26/37, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD6,750
6,760,125
Series 2017-14A, Class B1R, 5.43%,
07/20/37, (3-mo. CME Term SOFR +
1.70%)(b)(c)
USD680
681,197
Series 2017-14A, Class D1R, 6.83%,
07/20/37, (3-mo. CME Term SOFR +
3.10%)(b)(c)
USD1,260
1,259,559
Series 2020-19A, Class D1R2, 6.43%,
04/20/38, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD1,000
997,400
Series 2024-31A, Class AR, 4.88%,
04/20/39, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD500
499,634
Series 2024-35A, Class E, 9.71%,
10/25/37, (3-mo. CME Term SOFR +
5.90%)(b)(c)
USD2,500
2,503,021
Series 2024-37A, Class A1, 5.11%,
10/15/37, (3-mo. CME Term SOFR +
1.36%)(b)(c)
USD2,750
2,754,206
Series 2025-44A, Class A, 5.08%,
10/24/38, (3-mo. CME Term SOFR +
1.30%)(b)(c)
USD1,000
1,002,254
Series 2025-45A, Class A, 4.98%,
10/15/38, (3-mo. CME Term SOFR +
1.23%)(b)(c)
USD1,025
1,025,256
OCP Euro CLO DAC, Series 2017-2X,
Class DRR, 5.58%, 04/15/37, (3-mo.
EURIBOR + 3.15%)(a)(b)
EUR742
851,520
Octagon 59 Ltd., Series 2022-1A, Class B,
5.60%, 05/15/35, (3-mo. CME Term
SOFR + 1.95%)(b)(c)
USD2,200
2,198,416
Schedule of Investments
36
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Octagon 75 Ltd., Series 2025-1A, Class A1,
4.93%, 01/22/38, (3-mo. CME Term
SOFR + 1.20%)(b)(c)
USD2,000
$1,999,386
Octagon Investment Partners 41 Ltd., Series
2019-2A, Class A1R2, 4.84%,
10/15/33, (3-mo. CME Term SOFR +
1.09%)(b)(c)
USD4,250
4,251,065
OHA Credit Funding 10-R Ltd.
Series 2021-10RA, Class A1, 4.99%,
07/18/37, (3-mo. CME Term SOFR +
1.26%)(b)(c)
USD4,000
4,002,474
Series 2021-10RA, Class D1, 6.43%,
07/18/38, (3-mo. CME Term SOFR +
2.70%)(b)(c)
USD3,000
2,990,204
OHA Credit Funding 13 Ltd.
Series 2022-13A, Class AR, 5.08%,
07/20/37, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD751
751,693
Series 2022-13A, Class D1R, 6.53%,
07/20/37, (3-mo. CME Term SOFR +
2.80%)(b)(c)
USD1,000
1,000,732
OHA Credit Funding 14-R Ltd., Series
2023-14RA, Class D1, 6.63%,
04/20/38, (3-mo. CME Term SOFR +
2.90%)(b)(c)
USD1,000
1,003,064
OHA Credit Funding 17-R Ltd., Series
2024-17RA, Class A1, 4.87%,
04/20/39, (3-mo. CME Term SOFR +
1.14%)(b)(c)
USD8,000
7,994,624
OHA Credit Funding 2 Ltd., Series 2019-2A,
Class D1R2, 6.43%, 01/21/38, (3-mo.
CME Term SOFR + 2.70%)(b)(c)
USD2,050
2,031,943
OHA Credit Funding 22 Ltd., Series
2025-22A, Class A1, 5.06%,
07/20/38, (3-mo. CME Term SOFR +
1.33%)(b)(c)
USD2,050
2,050,298
OHA Credit Funding 3 Ltd., Series 2019-3A,
Class AR2, 5.05%, 01/20/38, (3-mo. CME
Term SOFR + 1.32%)(b)(c)
USD750
751,202
OHA Credit Funding 4 Ltd., Series 2019-4A,
Class AR2, 5.02%, 01/22/38, (3-mo. CME
Term SOFR + 1.29%)(b)(c)
USD700
701,501
OHA Credit Funding 5 Ltd., Series 2020-5A,
Class B1R, 5.43%, 10/18/37, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD1,750
1,753,990
OHA Credit Funding 6 Ltd., Series 2020-6A,
Class AR2, 5.06%, 10/20/37, (3-mo. CME
Term SOFR + 1.33%)(b)(c)
USD3,250
3,254,869
OHA Credit Funding 9 Ltd.
Series 2021-9A, Class A1R, 5.08%,
10/19/37, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD5,000
5,006,007
Series 2021-9A, Class CR, 5.68%,
10/19/37, (3-mo. CME Term SOFR +
1.95%)(b)(c)
USD1,000
1,001,446
Series 2021-9A, Class D1R, 6.73%,
10/19/37, (3-mo. CME Term SOFR +
3.00%)(b)(c)
USD3,000
3,006,632
OHA Credit Partners XIV Ltd., Series
2017-14A, Class D1R, 6.58%,
07/21/37, (3-mo. CME Term SOFR +
2.85%)(b)(c)
USD3,000
3,005,343
Security
Par
(000
)
Value
OHA Credit Partners XVI
Series 2021-16A, Class AR, 5.08%,
10/18/37, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD625
$625,751
Series 2021-16A, Class D1R, 6.73%,
10/18/37, (3-mo. CME Term SOFR +
3.00%)(b)(c)
USD1,250
1,232,462
OHA Loan Funding Ltd.
Series 2015-1A, Class A1R4, 4.98%,
10/19/38, (3-mo. CME Term SOFR +
1.25%)(b)(c)
USD3,715
3,721,681
Series 2015-1A, Class BR4, 5.30%,
10/19/38, (3-mo. CME Term SOFR +
1.57%)(b)(c)
USD500
501,095
Series 2016-1A, Class A1R2, 5.19%,
07/20/37, (3-mo. CME Term SOFR +
1.46%)(b)(c)
USD250
250,271
OHS Issuer LLC, Series 2026-1A, Class A2,
5.98%, 02/25/61(c)
USD7,173
6,981,735
Onemain Financial Issuance Trust
Series 2025-1A, Class A, 4.82%,
07/14/38(c)
USD3,150
3,139,934
Series 2025-1A, Class D, 5.79%,
07/14/38(c)
USD1,072
1,068,315
OneMain Financial Issuance Trust
Series 2019-2A, Class A, 3.14%,
10/14/36(c)
USD350
346,099
Series 2020-2A, Class A, 1.75%,
09/14/35(c)
USD190
188,533
Series 2020-2A, Class B, 2.21%,
09/14/35(c)
USD392
381,462
Series 2020-2A, Class C, 2.76%,
09/14/35(c)
USD575
560,470
Series 2021-1A, Class B, 1.95%,
06/16/36(c)
USD200
190,563
Series 2021-1A, Class D, 2.47%,
06/16/36(c)
USD500
464,002
Series 2023-1A, Class A, 5.50%,
06/14/38(c)
USD3,088
3,129,745
Series 2023-2A, Class B, 6.17%,
09/15/36(c)
USD5,323
5,411,203
Series 2023-2A, Class D, 7.52%,
09/15/36(c)
USD595
609,687
Series 2024-1A, Class A, 5.79%,
05/14/41(c)
USD17,087
17,527,284
Orchard Park CLO Ltd., Series 2024-1A,
Class A, 5.09%, 10/20/37, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD1,000
1,001,000
OWL Rock CLO V LLC, Series 2020-5A,
Class A1R, 5.51%, 04/20/34, (3-mo. CME
Term SOFR + 1.78%)(b)(c)
USD1,474
1,473,644
OZLM Funding II Ltd., Series 2012-2A,
Class AR4, 5.04%, 07/30/37, (3-mo. CME
Term SOFR + 1.20%)(b)(c)
USD3,000
3,000,898
OZLM XIX Ltd., Series 2017-19A,
Class A2R3, 5.15%, 01/15/35, (3-mo.
CME Term SOFR + 1.40%)(b)(c)
USD2,500
2,496,200
OZLM XVIII Ltd., Series 2018-18A, Class B,
5.56%, 04/15/31, (3-mo. CME Term
SOFR + 1.81%)(b)(c)
USD31
30,967
37
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Palmer Square CLO Ltd.
Series 2021-4A, Class A1R, 5.07%,
07/15/38, (3-mo. CME Term SOFR +
1.32%)(b)(c)
USD2,000
$2,004,602
Series 2022-3A, Class A1R, 5.08%,
07/20/37, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD250
250,301
Series 2022-3A, Class B1R, 5.33%,
07/20/37, (3-mo. CME Term SOFR +
1.60%)(b)(c)
USD250
250,080
Series 2023-1A, Class D1R, 6.38%,
01/20/38, (3-mo. CME Term SOFR +
2.65%)(b)(c)
USD830
827,448
Series 2025-1A, Class D1, 6.18%,
04/20/38, (3-mo. CME Term SOFR +
2.45%)(b)(c)
USD1,000
1,001,140
Series 2025-1A, Class E, 8.23%,
04/20/38, (3-mo. CME Term SOFR +
4.50%)(b)(c)
USD750
737,805
Series 2025-4A, Class A, 5.00%,
10/20/38, (3-mo. CME Term SOFR +
1.27%)(b)(c)
USD3,000
3,004,514
Series 2025-5A, Class D1, 6.28%,
10/20/38, (3-mo. CME Term SOFR +
2.55%)(b)(c)
USD3,000
2,986,137
Palmer Square European CLO DAC
Series 2024-2XR, Class DR, 1.00%,
10/15/39, (3-mo. EURIBOR +
2.80%)(a)(b)
EUR1,000
1,153,150
Series 2026-2X, Class D, 1.00%,
08/15/39, (3-mo. EURIBOR +
2.80%)(a)(b)
EUR1,100
1,268,465
Palmer Square European Loan
Funding DAC
Series 2024-2X, Class D, 5.43%,
05/15/34, (3-mo. EURIBOR +
3.15%)(a)(b)
EUR730
842,668
Series 2024-3X, Class D, 5.33%,
05/15/34, (3-mo. EURIBOR +
3.05%)(a)(b)
EUR850
984,366
Palmer Square Loan Funding Ltd.
Series 2024-2A, Class D, 8.45%,
01/15/33, (3-mo. CME Term SOFR +
4.70%)(b)(c)
USD750
746,242
Series 2024-3A, Class A1R, 4.47%,
08/08/32, (3-mo. CME Term SOFR +
0.82%)(b)(c)
USD4,642
4,639,876
Series 2024-3A, Class A2R, 4.80%,
08/08/32, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD6,075
6,067,534
Series 2024-3A, Class BR, 5.10%,
08/08/32, (3-mo. CME Term SOFR +
1.45%)(b)(c)
USD2,200
2,198,900
Series 2024-3A, Class CR, 5.50%,
08/08/32, (3-mo. CME Term SOFR +
1.85%)(b)(c)
USD3,000
2,986,967
Series 2025-1A, Class C, 5.90%,
02/15/33, (3-mo. CME Term SOFR +
2.25%)(b)(c)
USD1,000
999,000
Series 2025-2A, Class C, 6.25%,
07/15/33, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD4,000
4,000,000
Security
Par
(000
)
Value
Series 2025-3A, Class A1, 4.70%,
01/15/34, (3-mo. CME Term SOFR +
0.95%)(b)(c)
USD2,569
$2,568,134
Series 2025-3A, Class C, 6.15%,
01/15/34, (3-mo. CME Term SOFR +
2.40%)(b)(c)
USD1,000
975,762
Series 2025-3A, Class D, 8.15%,
01/15/34, (3-mo. CME Term SOFR +
4.40%)(b)(c)
USD1,000
994,991
Panorama Auto Trust
Series 2025-1, Class A, 5.28%,
03/15/33, (1-mo. BB Swap +
0.97%)(a)(b)
AUD2,064
1,452,439
Series 2025-1, Class B, 5.66%,
03/15/33, (1-mo. BB Swap +
1.35%)(a)(b)
AUD576
405,821
Series 2025-3, Class A, 5.18%,
09/15/33, (1-mo. BB Swap +
0.87%)(a)(b)
AUD1,742
1,223,669
Series 2025-3, Class B, 5.46%,
09/15/33, (1-mo. BB Swap +
1.15%)(a)(b)
AUD500
350,520
Series 2025-3, Class C, 5.66%,
09/15/33, (1-mo. BB Swap +
1.35%)(a)(b)
AUD500
351,280
Series 2025-4, Class A, 5.24%,
04/20/34, (1-mo. BB Swap +
0.93%)(a)(b)
AUD9,120
6,410,930
Series 2025-4, Class B, 5.66%,
04/20/34, (1-mo. BB Swap +
1.35%)(a)(b)
AUD2,531
1,780,929
Series 2025-4, Class C, 5.81%,
04/20/34, (1-mo. BB Swap +
1.50%)(a)(b)
AUD2,726
1,915,966
Series 2026-1, Class A, 5.33%,
03/15/34, (1-mo. BB Swap +
1.02%)(a)(b)
AUD8,984
6,319,629
Series 2026-1, Class B, 5.66%,
03/15/34, (1-mo. BB Swap +
1.35%)(a)(b)
AUD972
683,743
Series 2026-1, Class C, 5.81%,
03/15/34, (1-mo. BB Swap +
1.50%)(a)(b)
AUD1,285
903,440
Series 2026-2, Class C, 5.97%,
05/20/34, (1-mo. BB Swap +
1.60%)(a)(b)
AUD860
604,485
Series 2026-2, Class D, 6.17%,
05/20/34, (1-mo. BB Swap +
1.80%)(a)(b)
AUD707
496,690
Series 2026-2, Class E, 7.42%,
05/20/34, (1-mo. BB Swap +
3.05%)(a)(b)
AUD716
502,771
PAR 2026-3 Issuer Trust
5.89%, 05/15/34
USD10,925
10,923,186
8.51%, 05/15/34
USD5,100
5,099,827
Park Blue CLO Ltd.
Series 2023-3A, Class A1R, 5.21%,
04/20/37, (3-mo. CME Term SOFR +
1.48%)(b)(c)
USD1,615
1,619,749
Series 2023-4A, Class A1R, 5.06%,
01/25/39, (3-mo. CME Term SOFR +
1.25%)(b)(c)
USD2,500
2,501,777
Schedule of Investments
38
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2024-5A, Class A1, 5.29%,
07/25/37, (3-mo. CME Term SOFR +
1.48%)(b)(c)
USD9,240
$9,261,598
Series 2024-6A, Class A1, 5.15%,
01/25/38, (3-mo. CME Term SOFR +
1.34%)(b)(c)
USD5,200
5,208,002
Series 2025-10A, Class A1, 5.01%,
01/20/39, (3-mo. CME Term SOFR +
1.28%)(b)(c)
USD6,000
6,009,480
Series 2025-7A, Class A1, 5.03%,
04/25/38, (3-mo. CME Term SOFR +
1.22%)(b)(c)
USD4,000
3,997,996
Pavillion Consumer PLC
Series 2025-1X, Class B, 4.94%,
01/25/36, (1-day SONIA+ 1.20%)(a)(b)
GBP4,106
5,539,387
Series 2025-1X, Class C, 5.34%,
01/25/36, (1-day SONIA+ 1.60%)(a)(b)
GBP1,277
1,719,050
PCL Funding IX PLC, Series 2024-1,
Class B, 5.03%, 07/16/29, (1-day SONIA
+ 1.30%)(a)(b)
GBP100
134,930
PCL Funding XII PLC, Series 2026-1,
Class B, 4.89%, 06/15/30, (1-day
SONIA+ 1.15%)(a)(b)
GBP242
326,036
Penta CLO 14 DAC, Series 2023-14X,
Class DRR, 5.38%, 04/20/40, (3-mo.
EURIBOR + 2.90%)(a)(b)
EUR1,260
1,454,905
Penta CLO 17 DAC, Series 2024-17X,
Class DR, 4.88%, 02/15/39, (3-mo.
EURIBOR + 2.60%)(a)(b)
EUR2,700
3,096,150
Penta CLO 18 DAC, Series 2024-18X,
Class DR, 5.28%, 01/15/39, (3-mo.
EURIBOR + 2.85%)(a)(b)
EUR1,100
1,268,432
Perimeter Master Note Business Trust
Series 2026-1A, Class A, 6.01%,
01/15/32(c)
USD12,600
12,566,262
Series 2026-1A, Class B, 6.50%,
01/15/32(c)
USD2,100
2,092,464
Series 2026-1A, Class C, 8.73%,
01/15/32(c)
USD1,700
1,694,083
Series 2026-1A, Class D, 11.51%,
01/15/32(c)
USD1,300
1,295,217
PFP Ltd.
Series 2024-11, Class A, 5.50%,
09/17/39, (1-mo. CME Term SOFR +
1.83%)(b)(c)
USD810
810,374
Series 2026-13, Class A, 5.17%,
08/18/43, (1-mo. CME Term SOFR +
1.50%)(b)(c)
USD3,200
3,209,607
Series 2026-14, Class A, 4.99%,
12/18/43, (1-mo. CME Term SOFR +
1.32%)(b)(c)
USD3,020
3,022,523
PFS Financing Corp., Series 2025-B,
Class B, 5.14%, 02/15/30(c)
USD8,050
8,069,161
Pikes Peak CLO 15 Ltd., Series 2023-15A,
Class AR, 4.95%, 10/20/38, (3-mo. CME
Term SOFR + 1.22%)(b)(c)
USD3,500
3,500,300
Planet Fitness Master Issuer LLC, Series
2025-1A, Class A2II, 5.65%, 12/06/55(c)
USD4,940
4,816,008
Point Broadband Funding LLC
Series 2025-1A, Class A2, 5.34%,
07/20/55(c)
USD4,410
4,340,197
Security
Par
(000
)
Value
Series 2025-1A, Class B, 5.73%,
07/20/55(c)
USD2,510
$2,476,690
Polen Capital CLO Ltd., Series 2025-2A,
Class A1, 5.06%, 01/20/39, (3-mo. CME
Term SOFR + 1.33%)(b)(c)
USD1,750
1,752,826
Pony SA
Series 2024-1, Class B, 3.12%,
01/14/33, (1-mo. EURIBOR +
0.85%)(a)(b)
EUR71
82,099
Series 2024-1, Class C, 3.47%,
01/14/33, (1-mo. EURIBOR +
1.20%)(a)(b)
EUR71
82,191
Post CLO VI Ltd., Series 2024-2A, Class A1,
5.15%, 01/20/38, (3-mo. CME Term
SOFR + 1.42%)(b)(c)
USD1,750
1,753,877
Progress Residential Trust
Series 2021-SFR10, Class F, 4.61%,
12/17/40(c)
USD412
400,522
Series 2026-SFR1, Class E, 4.10%,
02/17/43(c)
USD1,795
1,634,364
Providus CLO II DAC, Series 2X,
Class DRR, 5.63%, 10/15/38, (3-mo.
EURIBOR + 3.20%)(a)(b)
EUR910
1,049,631
Providus CLO VI DAC, Series 6X, Class D,
5.42%, 05/20/34, (3-mo. EURIBOR +
3.20%)(a)(b)
EUR1,000
1,158,283
Providus CLO XIV DAC, Series 14X,
Class D, 4.92%, 04/18/40, (3-mo.
EURIBOR + 2.65%)(a)(b)
EUR2,773
3,186,686
PRPM Issuer LLC, Series 2026-CRE1,
Class A, 5.34%, 03/19/43, (1-mo. CME
Term SOFR + 1.67%)(b)(c)
USD3,200
3,208,000
QTS Issuer ABS II LLC
Series 2025-1A, Class A2, 5.04%,
10/05/55(c)
USD3,747
3,624,779
Series 2026-1A, Class B, 6.73%,
01/05/56(c)
USD1,114
1,098,566
Series 2026-2A, Class A2, 5.85%,
01/05/56(c)
USD2,431
2,348,883
Series 2026-5A, Class A2, 6.18%,
03/06/56(c)
USD3,453
3,436,878
Series 2026-6A, Class A21, 5.34%,
07/05/56(c)
USD3,584
3,544,588
Series 2026-7A, Class A21, 5.59%,
07/05/56(c)
USD10,809
10,600,203
Quarzo Srl
Series 2026-1, Class B, 3.40%,
09/15/43, (3-mo. EURIBOR +
1.00%)(a)(b)
EUR1,775
2,036,738
Series 2026-1, Class C, 3.80%,
09/15/43, (3-mo. EURIBOR +
1.40%)(a)(b)
EUR416
478,255
Quarzo SRL
Series 2024-1, Class B, 4.00%,
06/15/41, (3-mo. EURIBOR +
1.60%)(a)(b)
EUR159
185,008
Series 2024-1, Class C, 4.70%,
06/15/41, (3-mo. EURIBOR +
2.30%)(a)(b)
EUR53
61,627
39
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Rad CLO 10 Ltd.
Series 2021-10A, Class A, 5.18%,
04/23/34, (3-mo. CME Term SOFR +
1.43%)(b)(c)
USD3,510
$3,512,281
Series 2021-10A, Class B, 5.41%,
04/23/34, (3-mo. CME Term SOFR +
1.66%)(b)(c)
USD250
249,955
Rad CLO 18 Ltd., Series 2023-18A,
Class A1R, 5.15%, 07/15/37, (3-mo. CME
Term SOFR + 1.40%)(b)(c)
USD1,000
1,000,691
Rad CLO 24 Ltd., Series 2024-24A, Class B,
5.73%, 07/20/37, (3-mo. CME Term
SOFR + 2.00%)(b)(c)
USD1,000
1,001,080
RAD CLO 28 Ltd., Series 2024-28A,
Class D1, 6.53%, 04/20/38, (3-mo. CME
Term SOFR + 2.80%)(b)(c)
USD750
749,721
Rad CLO 6 Ltd., Series 2019-6A,
Class A1R, 5.12%, 10/20/37, (3-mo. CME
Term SOFR + 1.39%)(b)(c)
USD3,000
3,005,401
RAF ABS Trust, 5.26%, 12/09/31(a)(b)
AUD1,512
1,063,844
RCKT Mortgage Trust, Series 2024-CES1,
Class M2, 6.77%, 02/25/44(b)(c)
USD138
138,341
Red & Black Auto Italy SRL, Series 3,
Class B, 3.30%, 07/28/36, (1-mo.
EURIBOR + 1.10%)(a)(b)
EUR68
78,554
Regatta 30 Funding Ltd., Series 2024-4A,
Class A1, 5.13%, 01/25/38, (3-mo. CME
Term SOFR + 1.32%)(b)(c)
USD3,000
3,004,692
Regatta 31 Funding Ltd., Series 2025-1A,
Class C1, 6.61%, 03/25/38, (3-mo. CME
Term SOFR + 2.80%)(b)(c)
USD2,000
1,996,490
Regatta XII Funding Ltd., Series 2019-1A,
Class ARR, 5.14%, 10/15/37, (3-mo.
CME Term SOFR + 1.39%)(b)(c)
USD3,540
3,546,816
Regatta XVII Funding Ltd., Series 2020-1A,
Class AR, 5.13%, 10/15/37, (3-mo. CME
Term SOFR + 1.38%)(b)(c)
USD3,900
3,907,000
Regatta XVIII Funding Ltd.
Series 2021-1A, Class A1R, 4.91%,
04/15/38, (3-mo. CME Term SOFR +
1.16%)(b)(c)
USD1,473
1,470,678
Series 2021-1A, Class BR, 5.30%,
04/15/38, (3-mo. CME Term SOFR +
1.55%)(b)(c)
USD670
671,910
Regatta XXVIII Funding Ltd., Series
2024-2A, Class A1R, 4.87%,
07/25/39, (3-mo. CME Term SOFR +
1.23%)(b)(c)
USD2,620
2,620,000
Regional Management Issuance Trust
Series 2021-2, Class A, 1.90%,
08/15/33(c)
USD4,477
4,388,986
Series 2021-2, Class B, 2.35%,
08/15/33(c)
USD1,710
1,617,965
Series 2022-1, Class B, 3.71%,
03/15/32(c)
USD137
137,216
Series 2024-1, Class A, 5.83%,
07/15/36(c)
USD1,371
1,382,660
Series 2024-2, Class B, 5.49%,
12/15/33(c)
USD1,033
1,035,282
Series 2024-2, Class C, 5.74%,
12/15/33(c)
USD3,736
3,744,971
Security
Par
(000
)
Value
Series 2024-2, Class D, 6.33%,
12/15/33(c)
USD750
$752,338
Series 2025-2, Class A, 4.59%,
11/16/37(c)
USD5,400
5,357,491
Republic Finance Issuance Trust
Series 2024-A, Class A, 5.91%,
08/20/32(c)
USD6,024
6,028,052
Series 2024-A, Class B, 6.47%,
08/20/32(c)
USD1,801
1,802,496
Series 2024-A, Class C, 7.28%,
08/20/32(c)
USD1,665
1,666,866
Series 2024-B, Class A, 5.42%,
11/20/37(c)
USD7,613
7,637,862
Series 2025-A, Class A, 4.59%,
11/20/34(c)
USD6,466
6,376,638
Retained Vantage Data Centers Issuer LLC,
Series 2025-1A, Class A2A, 5.09%,
08/15/50(c)
USD3,017
2,931,951
RevoCar SA - Compartment
Series 2025-2, Class B, 3.02%,
08/25/38, (1-mo. EURIBOR +
0.80%)(a)(b)
EUR183
210,054
Series 2025-2, Class C, 3.27%,
08/25/38, (1-mo. EURIBOR +
1.05%)(a)(b)
EUR91
104,812
Rockford Tower CLO Ltd.
Series 2018-2A, Class D, 7.09%,
10/20/31, (3-mo. CME Term SOFR +
3.36%)(b)(c)
USD1,000
1,000,579
Series 2022-1A, Class A1R, 4.93%,
07/20/35, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD1,000
1,000,337
Series 2022-1A, Class CR, 5.68%,
07/20/35, (3-mo. CME Term SOFR +
1.95%)(b)(c)
USD1,250
1,250,625
Series 2025-3A, Class A1, 5.05%,
03/31/38, (3-mo. CME Term SOFR +
1.30%)(b)(c)
USD2,000
2,001,687
Rockford Tower Europe CLO DAC
Series 2025-1X, Class D, 5.47%,
10/25/37, (3-mo. EURIBOR +
3.00%)(a)(b)
EUR1,980
2,256,759
Series 2025-3X, Class D, 5.53%,
01/15/40, (3-mo. EURIBOR +
3.10%)(a)(b)
EUR2,550
2,929,650
Romark CLO II Ltd., Series 2018-2A,
Class CR, 6.81%, 07/25/31, (3-mo. CME
Term SOFR + 3.00%)(b)(c)
USD1,000
1,000,063
Romark CLO III Ltd., Series 2019-3A,
Class A2AR, 5.76%, 10/15/34, (3-mo.
CME Term SOFR + 2.01%)(b)(c)
USD1,250
1,249,200
RR 19 Ltd.
Series 2021-19A, Class A1R, 4.93%,
04/15/40, (3-mo. CME Term SOFR +
1.18%)(b)(c)
USD1,630
1,628,194
Series 2021-19A, Class A2R, 5.30%,
04/15/40, (3-mo. CME Term SOFR +
1.55%)(b)(c)
USD750
752,025
Series 2021-19A, Class DR, 8.45%,
04/15/40, (3-mo. CME Term SOFR +
4.70%)(b)(c)
USD4,000
3,975,216
Schedule of Investments
40
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
RR 20 Ltd., Series 2022-20A, Class CR,
6.35%, 07/15/37, (3-mo. CME Term
SOFR + 2.60%)(b)(c)
USD750
$743,143
RR 32 Ltd., Series 2024-32RA, Class A1R,
5.11%, 10/15/39, (3-mo. CME Term
SOFR + 1.36%)(b)(c)
USD250
250,242
RR 38 Ltd.
Series 2025-38A, Class A1A, 4.90%,
04/15/40, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD1,125
1,123,162
Series 2025-38A, Class A2, 5.25%,
04/15/40, (3-mo. CME Term SOFR +
1.50%)(b)(c)
USD750
750,360
RR 43 Ltd., Series 2026-43A, Class C1,
6.05%, 10/15/39, (3-mo. CME Term
SOFR + 2.40%)(b)(c)
USD1,000
1,001,905
RR 5 Ltd., Series 2018-5A, Class A1A2,
4.82%, 07/15/39, (3-mo. CME Term
SOFR + 1.20%)(b)(c)
USD1,000
999,900
RR 7 Ltd.
Series 2019-7A, Class C1B, 6.85%,
01/15/37, (3-mo. CME Term SOFR +
3.10%)(b)(c)
USD1,000
1,000,000
Series 2019-7AR, Class A1A2, 5.02%,
10/15/39, (3-mo. CME Term SOFR +
1.24%)(b)(c)
USD1,750
1,750,000
Sagard-Halseypoint CLO 10 Ltd., Series
2025-10A, Class A1, 5.08%,
10/20/38, (3-mo. CME Term SOFR +
1.35%)(b)(c)
USD5,000
5,008,770
SAIF Securitization Trust
Series 2025-CES1, Class A2, 5.64%,
06/25/65(c)(d)
USD2,232
2,223,144
Series 2026-CES1, Class A1A, 5.40%,
02/25/56(c)(d)
USD3,553
3,522,122
Sandstone Peak II Ltd., Series 2023-1A,
Class A1R, 5.14%, 07/20/38, (3-mo. CME
Term SOFR + 1.41%)(b)(c)
USD1,000
1,002,375
Sandstone Peak III Ltd., Series 2024-1A,
Class A1R, 5.11%, 04/25/37, (3-mo. CME
Term SOFR + 1.30%)(b)(c)
USD2,500
2,502,599
Sandstone Peak IV Ltd., Series 2025-1A,
Class A1, 5.02%, 01/20/39, (3-mo. CME
Term SOFR + 1.29%)(b)(c)
USD3,000
3,004,934
Santander Consumo 10 FT
Series 10, Class B, 3.34%,
05/22/41, (3-mo. EURIBOR +
1.10%)(a)(b)
EUR3,100
3,583,351
Series 10, Class C, 3.74%,
05/22/41, (3-mo. EURIBOR +
1.50%)(a)(b)
EUR1,600
1,846,213
Series 10, Class D, 4.14%,
05/22/41, (3-mo. EURIBOR +
1.90%)(a)(b)
EUR1,800
2,094,548
Santander Consumo 11 FT
Series 11, Class C, 3.80%,
04/24/42, (3-mo. EURIBOR +
1.30%)(a)(b)
EUR1,000
1,154,536
Series 11, Class E, 6.05%,
04/24/42, (3-mo. EURIBOR +
3.55%)(a)(b)
EUR1,500
1,734,577
Security
Par
(000
)
Value
Santander Consumo 8 Fondo de Titulizacion
Series 8, Class B, 3.68%,
01/21/40, (3-mo. EURIBOR +
1.20%)(a)(b)
EUR360
$416,156
Series 8, Class C, 3.98%,
01/21/40, (3-mo. EURIBOR +
1.50%)(a)(b)
EUR180
207,628
Series 8, Class D, 5.23%,
01/21/40, (3-mo. EURIBOR +
2.75%)(a)(b)
EUR90
103,836
SC Austria SARL
Series 2025-1, Class B, 3.27%,
07/25/41, (3-mo. EURIBOR +
1.10%)(a)(b)
EUR3,805
4,399,126
Series 2025-1, Class C, 3.62%,
07/25/41, (3-mo. EURIBOR +
1.45%)(a)(b)
EUR1,321
1,531,252
Series 2025-1, Class D, 3.97%,
07/25/41, (3-mo. EURIBOR +
1.80%)(a)(b)
EUR1,128
1,304,869
SC Germany SA Compartment Consumer
Series 2024-2, Class B, 3.37%,
05/14/38, (1-mo. EURIBOR +
1.10%)(a)(b)
EUR580
670,795
Series 2024-2, Class C, 3.67%,
05/14/38, (1-mo. EURIBOR +
1.40%)(a)(b)
EUR97
111,741
Series 2024-2, Class D, 3.97%,
05/14/38, (1-mo. EURIBOR +
1.70%)(a)(b)
EUR97
111,793
Series 2025-1, Class B, 3.22%,
12/14/38, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR400
461,260
Series 2025-1, Class C, 3.47%,
12/14/38, (1-mo. EURIBOR +
1.20%)(a)(b)
EUR100
115,410
Series 2025-1, Class D, 4.02%,
12/14/38, (1-mo. EURIBOR +
1.75%)(a)(b)
EUR100
114,703
Series 2025-2, Class B, 3.22%,
12/15/38, (1-mo. EURIBOR +
0.95%)(a)(b)
EUR3,800
4,373,543
Series 2025-2, Class C, 3.42%,
12/15/38, (1-mo. EURIBOR +
1.15%)(a)(b)
EUR800
919,201
Series 2025-2, Class D, 3.77%,
12/15/38, (1-mo. EURIBOR +
1.50%)(a)(b)
EUR1,200
1,379,217
SC Germany SA Compartment Leasing
Series 2025-1, Class B, 3.12%,
09/14/36, (1-mo. EURIBOR +
0.85%)(a)(b)
EUR200
230,285
Series 2025-1, Class C, 3.27%,
09/14/36, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR100
114,912
SC Sweden I SARL, Series 1, Class B,
3.37%, 12/25/39, (3-mo. STIBOR +
1.39%)(a)(b)
SEK21,730
2,281,303
Sculptor CLO XXXVI Ltd., Series 36A,
Class A1, 4.92%, 01/30/39, (3-mo. CME
Term SOFR + 1.25%)(b)(c)
USD6,400
6,404,755
41
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Sculptor European CLO VIII DAC, Series
8X, Class DR, 5.13%, 01/17/39, (3-mo.
EURIBOR + 2.95%)(a)(b)
EUR1,000
$1,155,299
Secucor Finance 2013-1 DAC
Series 2025-1, Class B, 3.66%,
09/20/36, (1-mo. EURIBOR +
1.45%)(a)(b)
EUR500
577,012
Series 2025-1, Class C, 3.91%,
09/20/36, (1-mo. EURIBOR +
1.70%)(a)(b)
EUR100
115,032
Series 2025-1, Class D, 5.61%,
09/20/36, (1-mo. EURIBOR +
3.40%)(a)(b)
EUR400
459,529
Series 2025-1, Class E, 6.71%,
09/20/36, (1-mo. EURIBOR +
4.50%)(a)(b)
EUR100
114,832
Series 2025-1, Class F, 8.41%,
09/20/36, (1-mo. EURIBOR +
6.20%)(a)(b)
EUR700
808,230
Serval PLC, Series 2026-1X, Class E,
7.00%, 01/20/76(a)(b)
GBP1,449
1,942,497
Service Experts Issuer LLC
Series 2021-1A, Class A, 2.67%,
02/02/32(c)
USD11
10,949
Series 2024-1A, Class A, 6.39%,
11/20/35(c)
USD696
705,582
Sesac Finance LLC, Series 2025-1,
Class A2, 5.50%, 07/25/55(c)
USD3,866
3,763,597
Shentel Issuer LLC, Series 2025-1A,
Class A2, 5.64%, 12/20/55(c)
USD4,771
4,776,860
Signal Harmonic CLO I DAC, Series 1X,
Class DR, 5.93%, 07/15/38, (3-mo.
EURIBOR + 3.50%)(a)(b)
EUR1,320
1,521,290
Signal Peak CLO 11 Ltd., Series 2024-11A,
Class A1, 5.18%, 07/18/37, (3-mo. CME
Term SOFR + 1.45%)(b)(c)
USD2,500
2,502,873
Signal Peak CLO 4 Ltd., Series 2017-4A,
Class AR2, 4.93%, 10/26/34, (3-mo. CME
Term SOFR + 1.12%)(b)(c)
USD2,300
2,300,545
Signal Peak CLO 7 Ltd., Series 2019-1A,
Class A1R, 5.15%, 10/20/37, (3-mo. CME
Term SOFR + 1.42%)(b)(c)
USD1,000
1,001,975
Signal Peak CLO 8 Ltd., Series 2020-8A,
Class A1R, 5.12%, 10/20/37, (3-mo. CME
Term SOFR + 1.39%)(b)(c)
USD8,700
8,717,400
Silver Point CLO 13 Ltd., Series 2025-13A,
Class D1, 6.40%, 10/15/38, (3-mo. CME
Term SOFR + 2.65%)(b)(c)
USD2,000
1,999,196
Silver Point CLO 5 Ltd., Series 2024-5A,
Class D1, 6.98%, 10/20/37, (3-mo. CME
Term SOFR + 3.25%)(b)(c)
USD2,500
2,452,669
Silver Point CLO 6 Ltd., Series 2024-6A,
Class A1, 5.15%, 10/15/37, (3-mo. CME
Term SOFR + 1.40%)(b)(c)
USD5,000
5,009,274
Silver Point CLO 8 Ltd., Series 2025-8A,
Class A1, 4.96%, 04/15/38, (3-mo. CME
Term SOFR + 1.21%)(b)(c)
USD3,000
2,998,026
Silver Point Euro CLO 1 DAC, Series 1X,
Class D, 5.43%, 01/15/39, (3-mo.
EURIBOR + 3.00%)(a)(b)
EUR1,257
1,455,870
Security
Par
(000
)
Value
Silver Point Euro CLO 2 DAC, Series 2X,
Class D, 5.54%, 01/15/39, (3-mo.
EURIBOR + 3.20%)(a)(b)
EUR885
$1,022,977
Sixth Street CLO LTD. SIXST 2016 6AR
A1R3 144A, Series 2016-6A,
Class A1R3, 4.97%, 07/01/39, (3-mo.
CME Term SOFR + 1.22%)(b)(c)
USD1,000
999,744
Sixth Street CLO XII Ltd., Series 2018-12A,
Class BR2, 5.35%, 01/17/39, (3-mo. CME
Term SOFR + 1.60%)(b)(c)
USD1,025
1,027,358
Sixth Street CLO XIII Ltd., Series 2019-13A,
Class A1R2, 4.95%, 01/21/38, (3-mo.
CME Term SOFR + 1.22%)(b)(c)
USD1,000
999,611
Sixth Street CLO XIX Ltd., Series 2021-19A,
Class BR, 5.35%, 07/17/38, (3-mo. CME
Term SOFR + 1.60%)(b)(c)
USD500
501,075
Sixth Street CLO XVII Ltd., Series
2021-17A, Class A1R, 4.90%,
04/17/38, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD1,750
1,747,380
Sixth Street CLO XXII Ltd., Series
2023-22A, Class AR, 4.86%,
04/21/38, (3-mo. CME Term SOFR +
1.13%)(b)(c)
USD5,000
4,990,009
Sixth Street CLO XXV Ltd.
Series 2024-25A, Class BR, 5.28%,
07/24/37, (3-mo. CME Term SOFR +
1.50%)(b)(c)
USD2,000
2,003,360
Series 2024-25A, Class CR, 5.58%,
07/24/37, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD2,000
2,000,000
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 4.33%,
06/15/33, (3-mo. CME Term SOFR +
0.66%)(b)
USD81
80,535
Series 2004-B, Class A4, 4.36%,
09/15/33, (3-mo. CME Term SOFR +
0.69%)(b)
USD144
142,838
Series 2005-A, Class A4, 4.24%,
12/15/38, (3-mo. CME Term SOFR +
0.57%)(b)
USD905
891,279
Series 2006-A, Class A5, 4.22%,
06/15/39, (3-mo. CME Term SOFR +
0.55%)(b)
USD62
60,051
Series 2007-A, Class A4A, 4.17%,
12/16/41, (3-mo. CME Term SOFR +
0.50%)(b)
USD244
239,217
SLM Private Education Loan Trust, Series
2010-C, Class A5, 8.54%,
10/15/41, (1-mo. CME Term SOFR +
4.86%)(b)(c)
USD2,105
2,181,293
SMB Private Education Loan Trust
Series 2017-A, Class B, 3.50%,
06/17/41(c)
USD43
43,127
Series 2018-A, Class A2A, 3.50%,
02/15/36(c)
USD7
6,788
Series 2018-A, Class A2B, 4.59%,
02/15/36, (1-mo. CME Term SOFR +
0.91%)(b)(c)
USD37
37,446
Series 2018-B, Class A2B, 4.51%,
01/15/37, (1-mo. CME Term SOFR +
0.83%)(b)(c)
USD45
44,515
Schedule of Investments
42
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2019-A, Class A2A, 3.44%,
07/15/36(c)
USD41
$40,552
Series 2019-A, Class A2B, 4.66%,
07/15/36, (1-mo. CME Term SOFR +
0.98%)(b)(c)
USD315
314,521
Series 2019-B, Class A2A, 2.84%,
06/15/37(c)
USD93
91,318
Series 2019-B, Class A2B, 4.79%,
06/15/37, (1-mo. CME Term SOFR +
1.11%)(b)(c)
USD265
264,874
Series 2019-B, Class B, 3.56%,
06/15/43(c)
USD9,155
8,715,145
Series 2020-A, Class A2A, 2.23%,
09/15/37(c)
USD63
61,555
Series 2020-A, Class A2B, 4.62%,
09/15/37, (1-mo. CME Term SOFR +
0.94%)(b)(c)
USD636
635,109
Series 2020-A, Class B, 3.00%,
08/15/45(c)
USD3,600
3,343,398
Series 2020-B, Class A1B, 4.89%,
07/15/53, (1-mo. CME Term SOFR +
1.21%)(b)(c)
USD109
109,435
Series 2020-B, Class B, 2.76%,
07/15/53(c)
USD1,016
920,593
Series 2020-PTA, Class A2B, 4.69%,
09/15/54, (1-mo. CME Term SOFR +
0.96%)(b)(c)
USD380
378,769
Series 2020-PTA, Class B, 2.50%,
09/15/54(c)
USD380
336,029
Series 2020-PTB, Class A2B, 4.69%,
09/15/54, (1-mo. CME Term SOFR +
0.96%)(b)(c)
USD2,338
2,325,916
Series 2021-A, Class A2B, 1.59%,
01/15/53(c)
USD4,331
3,994,301
Series 2021-A, Class APL, 4.47%,
01/15/53(b)(c)
USD1,603
1,589,518
Series 2021-A, Class APT1, 1.07%,
01/15/53(c)
USD901
831,008
Series 2021-A, Class B, 2.31%,
01/15/53(c)
USD925
898,076
Series 2021-C, Class A2, 4.59%,
01/15/53, (1-mo. CME Term SOFR +
0.91%)(b)(c)
USD1,276
1,267,224
Series 2021-C, Class APT1, 1.39%,
01/15/53(c)
USD186
169,528
Series 2021-C, Class B, 2.30%,
01/15/53(c)
USD438
425,181
Series 2021-D, Class A1A, 1.34%,
03/17/53(c)
USD83
78,690
Series 2022-A, Class B, 3.25%,
11/16/54(c)
USD371
336,997
Series 2022-B, Class A1B, 5.08%,
02/16/55, (30-day Avg SOFR +
1.45%)(b)(c)
USD1,022
1,024,675
Series 2022-C, Class A1A, 4.48%,
05/16/50(c)
USD650
639,485
Series 2022-C, Class B, 5.09%,
05/16/50(c)
USD5,072
4,854,890
Series 2022-D, Class B, 6.15%,
10/15/58(c)
USD1,220
1,230,645
Security
Par
(000
)
Value
Series 2023-A, Class A1B, 5.13%,
01/15/53, (30-day Avg SOFR +
1.50%)(b)(c)
USD1,261
$1,265,705
Series 2023-B, Class A1B, 5.43%,
10/16/56, (30-day Avg SOFR +
1.80%)(b)(c)
USD2,089
2,125,293
Series 2023-C, Class A1A, 5.67%,
11/15/52(c)
USD1,453
1,468,198
Series 2023-C, Class A1B, 5.17%,
11/15/52, (30-day Avg SOFR +
1.55%)(b)(c)
USD3,322
3,347,477
Series 2024-A, Class A1B, 5.08%,
03/15/56, (30-day Avg SOFR +
1.45%)(b)(c)
USD1,334
1,343,382
Series 2024-A, Class B, 5.88%,
03/15/56(c)
USD334
336,116
Series 2024-C, Class A1B, 4.72%,
06/17/52, (30-day Avg SOFR +
1.10%)(b)(c)
USD1,383
1,380,421
Series 2024-D, Class A1B, 4.72%,
07/15/53, (30-day Avg SOFR +
1.10%)(b)(c)
USD363
360,507
Sofi Consumer Loan Program Trust
Series 2026-B, Class A, 4.40%,
02/25/36(c)
USD12,828
12,817,779
Series 2026-B, Class B, 4.90%,
02/25/36(c)
USD1,427
1,416,517
Series 2026-B, Class C, 5.20%,
02/25/36(c)
USD1,362
1,353,339
Series 2026-B, Class D, 5.56%,
02/25/36(c)
USD1,337
1,330,021
SoFi Personal Loan Trust
Series 2023-1A, Class A, 6.00%,
11/12/30(c)
USD30
29,952
Series 2024-1A, Class A, 6.06%,
02/12/31(c)
USD129
128,831
Sofi Professional Loan Program LLC, Series
2019-B, Class A2FX, 3.09%, 08/17/48(c)
USD482
475,635
SoFi Professional Loan Program LLC
Series 2018-C, Class A2FX, 3.59%,
01/25/48(c)
USD7
6,505
Series 2020-A, Class BFX, 3.12%,
05/15/46(c)
USD365
325,590
Series 2020-C, Class AFX, 1.95%,
02/15/46(c)
USD1,436
1,344,053
Series 2020-C, Class BFX, 3.36%,
02/15/46(c)
USD537
456,458
Series 2021-B, Class AFX, 1.14%,
02/15/47(c)
USD1,343
1,166,282
SoFi Professional Loan Program Trust
Series 2020-B, Class A2FX, 2.17%,
05/15/46(c)
USD1,107
1,043,270
Series 2020-B, Class BFX, 2.73%,
05/15/46(c)
USD1,350
1,114,966
Sona Fios CLO III DAC, Series 3X, Class D,
5.74%, 04/20/37, (3-mo. EURIBOR +
3.25%)(a)(b)
EUR1,800
2,088,323
Sona Fios CLO V DAC, Series 5X, Class D,
5.50%, 08/25/38, (3-mo. EURIBOR +
3.30%)(a)(b)
EUR1,200
1,388,392
43
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Sound Point CLO Ltd., Series 2025-2A,
Class C, 5.65%, 04/15/38, (3-mo. CME
Term SOFR + 1.90%)(b)(c)
USD1,050
$1,052,308
Sound Point CLO V-R Ltd.
Series 2014-1RA, Class A, 5.14%,
07/18/31, (3-mo. CME Term SOFR +
1.41%)(b)(c)
USD114
114,128
Series 2014-1RA, Class B, 5.74%,
07/18/31, (3-mo. CME Term SOFR +
2.01%)(b)(c)
USD1,000
999,120
Sound Point Clo XXI Ltd., Series 2018-3A,
Class A1AR, 5.11%, 10/26/31, (3-mo.
CME Term SOFR + 1.30%)(b)(c)
USD545
545,310
Sound Point CLO XXV Ltd., Series 2019-4A,
Class A1R, 5.09%, 04/25/33, (3-mo. CME
Term SOFR + 1.28%)(b)(c)
USD677
677,322
Sounds Point CLO IV-R Ltd., Series
2013-3RA, Class A, 5.14%,
04/18/31, (3-mo. CME Term SOFR +
1.41%)(b)(c)
USD1,088
1,088,725
Soundview Home Loan Trust, Series
2007-NS1, Class M1, 4.36%,
01/25/37, (1-mo. CME Term SOFR +
0.64%)(b)
USD269
277,616
STAR Trust, Series 2025-SFR5, Class D,
6.13%, 02/17/42, (1-mo. CME Term
SOFR + 2.45%)(b)(c)
USD1,667
1,672,140
Stream Innovations Issuer Trust, Series
2025-1A, Class A, 5.05%, 09/15/45(c)
USD1,485
1,471,315
Subway Funding LLC, Series 2024-1A,
Class A2I, 6.03%, 07/30/54(c)
USD1,093
1,094,802
Summit Issuer LLC, Series 2025-1A,
Class A2, 5.21%, 11/20/55(c)
USD4,456
4,384,128
Sunrise Spv 97 Srl
Series 2025-2, Class B, 3.22%,
10/27/50, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR669
770,187
Series 2025-2, Class C, 3.47%,
10/27/50, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR215
246,750
Series 2025-2, Class D, 3.77%,
10/27/50, (1-mo. EURIBOR +
1.55%)(a)(b)
EUR100
114,991
Sunrise Spv 98 Srl
Series 2026-1, Class B, 3.22%,
04/27/51, (1-mo. EURIBOR +
1.00%)(a)(b)
EUR2,803
3,215,038
Series 2026-1, Class C, 3.47%,
04/27/51, (1-mo. EURIBOR +
1.25%)(a)(b)
EUR2,195
2,514,554
Series 2026-1, Class D, 3.72%,
04/27/51, (1-mo. EURIBOR +
1.50%)(a)(b)
EUR1,008
1,157,029
Series 2026-1, Class E, 5.07%,
04/27/51, (1-mo. EURIBOR +
2.85%)(a)(b)
EUR1,069
1,234,172
Sunshine Mortgage Funding 1 PLC, Series
1X, Class A1, 5.25%, 04/30/91(a)
GBP4,792
6,314,638
Sycamore Tree CLO Ltd.
Series 2023-4A, Class D1R, 6.63%,
10/20/38, (3-mo. CME Term SOFR +
2.90%)(b)(c)
USD3,000
2,985,781
Security
Par
(000
)
Value
Series 2025-6A, Class A1, 4.93%,
04/20/38, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD3,000
$3,000,731
Symphony CLO 40 Ltd., Series 2023-40A,
Class AR, 5.05%, 01/05/38, (3-mo. CME
Term SOFR + 1.31%)(b)(c)
USD2,000
2,004,710
Symphony CLO 43 Ltd., Series 2024-43A,
Class A1R, 4.98%, 04/15/37, (3-mo. CME
Term SOFR + 1.23%)(b)(c)
USD2,000
2,000,732
Symphony CLO 44 Ltd.
Series 2024-44A, Class BR, 5.34%,
07/14/37, (3-mo. CME Term SOFR +
1.60%)(b)(c)
USD1,750
1,754,830
Series 2024-44A, Class E, 9.82%,
07/14/37, (3-mo. CME Term SOFR +
6.15%)(b)(c)
USD1,000
993,484
Symphony CLO 49 Ltd., Series 2025-49A,
Class B, 5.43%, 07/20/38, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD1,200
1,202,400
Symphony CLO XX Ltd., Series 2018-20A,
Class BR2, 5.34%, 01/16/32, (3-mo. CME
Term SOFR + 1.55%)(b)(c)
USD1,000
998,200
Symphony CLO XXIII Ltd., Series 2020-23A,
Class D1R2, 6.35%, 01/15/34, (3-mo.
CME Term SOFR + 2.60%)(b)(c)
USD2,000
2,000,512
Symphony CLO XXXIII Ltd., Series
2022-33A, Class AR, 5.04%,
01/24/38, (3-mo. CME Term SOFR +
1.26%)(b)(c)
USD1,000
1,001,358
Taco Bell Funding LLC, Series 2025-1A,
Class A2I, 4.82%, 08/25/55(c)
USD5,528
5,415,510
TAGUS-Sociedade de Titularizacao de
Creditos SA/Silk Finance No. 6
Series 6, Class B, 3.51%,
12/25/39, (3-mo. EURIBOR +
1.20%)(a)(b)
EUR300
346,979
Series 6, Class C, 4.01%,
12/25/39, (3-mo. EURIBOR +
1.70%)(a)(b)
EUR100
115,983
TAGUS-Sociedade de Titularizacao de
Creditos SA/Vasco Finance No. 2
Series 2, Class B, 4.02%,
10/27/42, (1-mo. EURIBOR +
1.80%)(a)(b)
EUR55
64,054
Series 2, Class C, 4.82%,
10/27/42, (1-mo. EURIBOR +
2.60%)(a)(b)
EUR55
64,277
Series 2, Class D, 6.22%,
10/27/42, (1-mo. EURIBOR +
4.00%)(a)(b)
EUR55
64,357
TAGUS-Sociedade de Titularizacao de
Creditos SA/Vasco Finance No. 3
Class A, 3.15%, 10/27/43, (1-mo.
EURIBOR + 0.93%)(a)(b)
EUR2,200
2,539,979
Series 3, Class B, 3.62%,
10/27/43, (1-mo. EURIBOR +
1.40%)(a)(b)
EUR100
115,123
Series 3, Class C, 3.87%,
10/27/43, (1-mo. EURIBOR +
1.65%)(a)(b)
EUR100
115,660
Schedule of Investments
44
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 3, Class D, 5.22%,
10/27/43, (1-mo. EURIBOR +
3.00%)(a)(b)
EUR300
$346,136
TCW CLO AMR Ltd., Series 2019-1A,
Class ASNR, 4.95%, 08/16/34, (3-mo.
CME Term SOFR + 1.30%)(b)(c)
USD4,450
4,449,527
TCW CLO Ltd., Series 2019-2A,
Class A1R2, 5.00%, 01/20/38, (3-mo.
CME Term SOFR + 1.27%)(b)(c)
USD750
750,974
Terwin Mortgage Trust, Series 2005-10HE,
Class M5, 4.86%, 06/25/36, (1-mo. CME
Term SOFR + 1.13%)(b)
USD1,323
1,241,554
Texas Debt Capital CLO Ltd., Series
2024-2A, Class B, 5.48%,
01/24/37, (3-mo. CME Term SOFR +
1.70%)(b)(c)
USD2,000
2,006,420
Texas Debt Capital Euro CLO DAC, Series
2024-1X, Class DR, 5.12%,
07/16/40, (3-mo. EURIBOR + 3.00%)(a)(b)
EUR2,087
2,399,790
Thetis Finance Auto 2026, Series 3,
Class E, 5.61%, 12/25/44, (1-mo.
EURIBOR + 3.40%)(a)(b)
EUR200
231,090
Tikehau CLO VI DAC, Series 6X, Class D,
6.03%, 01/15/35, (3-mo. EURIBOR +
3.60%)(a)(b)
EUR1,000
1,153,496
Tikehau CLO XII DAC, Series 12X, Class D,
5.74%, 10/20/38, (3-mo. EURIBOR +
3.25%)(a)(b)
EUR1,300
1,508,241
Tikehau U.S. CLO VI Ltd., Series 2024-1A,
Class C, 5.93%, 07/18/37, (3-mo. CME
Term SOFR + 2.20%)(b)(c)
USD7,500
7,507,023
Towd Point Mortgage Trust
Series 2025-CRM1, Class A1, 5.80%,
01/25/65(c)(d)
USD3,942
3,947,782
Series 2026-FIX1, Class A2, 5.30%,
12/25/65(c)(d)
USD2,694
2,643,052
Trestles CLO III Ltd.
Series 2020-3A, Class A1R, 5.12%,
10/20/37, (3-mo. CME Term SOFR +
1.39%)(b)(c)
USD2,500
2,504,524
Series 2020-3A, Class ER, 9.83%,
10/20/37, (3-mo. CME Term SOFR +
6.10%)(b)(c)
USD1,000
1,000,461
Trestles CLO IX Ltd., Series 2025-9A,
Class A1, 5.01%, 01/15/39, (3-mo. CME
Term SOFR + 1.26%)(b)(c)
USD3,750
3,754,608
Trestles CLO Ltd., Series 2017-1A,
Class D1RR, 6.82%, 07/25/37, (3-mo.
CME Term SOFR + 3.15%)(b)(c)
USD500
500,000
Trestles CLO VI Ltd., Series 2023-6A,
Class A1R, 4.99%, 04/25/38, (3-mo. CME
Term SOFR + 1.18%)(b)(c)
USD5,670
5,662,188
Trestles CLO VII Ltd., Series 2024-7A,
Class A1, 5.19%, 10/25/37, (3-mo. CME
Term SOFR + 1.38%)(b)(c)
USD2,300
2,303,921
TREVA Equipment Finance SA -
Compartment, Series 2024-1, Class B,
3.11%, 01/20/35, (1-mo. EURIBOR +
0.90%)(a)(b)
EUR38
43,287
Security
Par
(000
)
Value
Trimaran CAVU Ltd.
Series 2019-2A, Class DR, 6.78%,
03/18/38, (3-mo. CME Term SOFR +
3.05%)(b)(c)
USD3,000
$2,938,268
Series 2021-2A, Class D1R, 6.31%,
10/25/34, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD3,300
3,274,504
Series 2022-1A, Class AR, 5.13%,
10/22/37, (3-mo. CME Term SOFR +
1.40%)(b)(c)
USD2,250
2,254,050
Series 2022-2A, Class AR, 4.97%,
03/27/38, (3-mo. CME Term SOFR +
1.24%)(b)(c)
USD2,000
2,001,721
Series 2023-2A, Class D1R, 6.48%,
01/20/39, (3-mo. CME Term SOFR +
2.75%)(b)(c)
USD2,000
1,998,352
Series 2024-1A, Class A, 5.19%,
01/25/38, (3-mo. CME Term SOFR +
1.38%)(b)(c)
USD4,000
4,007,865
Series 2024-1A, Class E, 10.06%,
01/25/38, (3-mo. CME Term SOFR +
6.25%)(b)(c)
USD3,750
3,754,287
Trinitas CLO VI Ltd., Series 2017-6A,
Class D1R4, 7.11%, 01/25/34, (3-mo.
CME Term SOFR + 3.30%)(b)(c)
USD1,200
1,168,824
Trinitas CLO XI Ltd., Series 2019-11A,
Class CR2, 5.75%, 07/15/34, (3-mo. CME
Term SOFR + 2.00%)(b)(c)
USD2,000
2,005,356
Trinitas CLO XIV Ltd., Series 2020-14A,
Class BR2, 5.51%, 01/25/34, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD1,245
1,245,212
Trinitas CLO XIX Ltd., Series 2022-19A,
Class BR, 5.28%, 10/20/33, (3-mo. CME
Term SOFR + 1.55%)(b)(c)
USD1,000
999,350
Trinitas CLO XVI Ltd., Series 2021-16A,
Class B1R, 5.43%, 07/20/34, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD2,500
2,501,275
Trinitas CLO XXIII Ltd., Series 2023-23A,
Class A1R, 5.04%, 10/20/38, (3-mo. CME
Term SOFR + 1.31%)(b)(c)
USD3,000
3,006,475
Trinitas CLO XXIX Ltd.
Series 2024-29A, Class D1, 7.15%,
07/23/37, (3-mo. CME Term SOFR +
3.40%)(b)(c)
USD1,000
1,000,000
Series 2024-29AR, Class A1R, 4.97%,
10/23/39, (3-mo. CME Term SOFR +
1.25%)(b)(c)
USD1,750
1,750,000
Series 2024-29AR, Class D1R, 6.60%,
10/23/39, (3-mo. CME Term SOFR +
2.88%)(b)(c)
USD2,750
2,750,000
Trinitas CLO XXV Ltd., Series 2023-25A,
Class A1R, 4.99%, 01/23/39, (3-mo. CME
Term SOFR + 1.24%)(b)(c)
USD1,000
1,000,944
Trinitas CLO XXX Ltd., Series 2024-30A,
Class E, 10.65%, 10/23/37, (3-mo. CME
Term SOFR + 6.90%)(b)(c)
USD1,500
1,502,135
45
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Trinitas CLO XXXII Ltd.
Series 2025-32A, Class A1, 5.08%,
07/23/38, (3-mo. CME Term SOFR +
1.33%)(b)(c)
USD3,000
$3,004,995
Series 2025-32A, Class E, 9.55%,
07/23/38, (3-mo. CME Term SOFR +
5.80%)(b)(c)
USD1,000
998,115
Trinitas CLO XXXV Ltd.
Series 2026-35A, Class A1, 4.95%,
01/22/39, (3-mo. CME Term SOFR +
1.22%)(b)(c)
USD2,500
2,501,688
Series 2026-35A, Class D1, 6.23%,
01/22/39, (3-mo. CME Term SOFR +
2.50%)(b)(c)
USD500
498,485
Truist Bank Auto Credit-Linked Notes Series,
Series 2025-1, Class B, 4.73%,
09/26/33(c)
USD2,385
2,376,392
Turquoise V Trust, Series 2026-1, Class A2,
5.51%, 06/12/67, (1-mo. BB Swap +
1.20%)(a)(b)
AUD1,440
1,011,869
U.S. Bank N.A., Series 2026-RVM1,
Class B1, 4.96%, 12/25/46(c)
USD5,924
5,822,626
Unique Pub Finance Co. PLC (The),
Series N, 6.46%, 03/30/32(a)
GBP3,393
4,726,538
UPG HI Issuer Trust, Series 2025-2,
Class A, 5.00%, 09/25/47(c)
USD1,667
1,658,294
Upgrade Master Pass-Thru Trust, Series
2026-ST1, Class A, 4.24%, 03/15/34(c)
USD1,697
1,694,230
Upgrade Master Pass-Thru Trust Series
Series 2025-ST5, Class B, 5.25%,
09/15/32(c)
USD517
514,553
Series 2025-ST6, Class B, 5.10%,
10/15/32(c)
USD2,342
2,325,949
Series 2026-ST2, Class A, 4.41%,
06/15/34(c)
USD3,956
3,952,847
UPX HIL Issuer Trust, Series 2025-1,
Class A, 5.16%, 01/25/47(c)
USD3,986
3,957,634
Vantage Data Centers Germany Borrower
Lux SARL, 4.29%, 06/28/50(a)
EUR597
683,742
Vantage Data Centers Jersey Borrower
Spv Ltd.
Series 2024-1X, Class A2, 6.17%,
05/28/39(a)
GBP3,116
4,229,891
Series 2024-1X, Class B, 6.34%,
05/28/39(a)
GBP1,889
2,500,459
VB-S1 Issuer LLC
Series 2026-1A, Class C2, 4.69%,
03/15/56(c)
USD13,113
12,708,493
Series 2026-1A, Class D, 5.19%,
03/15/56(c)
USD2,436
2,380,789
Vehis Auto Leasing DAC, Series 2026-1,
Class B, 9.33%, 06/25/34, (3-mo. WIBOR
+ 5.50%)(a)(b)
PLN9,104
2,441,370
Velocity PLC
Series 2026-1, Class A, 4.62%,
02/25/37, (1-day SONIA+ 0.88%)(a)(b)
GBP2,419
3,261,749
Series 2026-1, Class B, 4.89%,
02/25/37, (1-day SONIA+ 1.15%)(a)(b)
GBP1,282
1,727,595
Series 2026-1, Class C, 5.29%,
02/25/37, (1-day SONIA+ 1.55%)(a)(b)
GBP262
352,546
Series 2026-1, Class D, 5.54%,
02/25/37, (1-day SONIA+ 1.80%)(a)(b)
GBP312
421,011
Security
Par
(000
)
Value
Series 2026-1, Class E, 6.94%,
02/25/37, (1-day SONIA+ 3.20%)(a)(b)
GBP222
$299,462
Venture 34 CLO Ltd., Series 2018-34A,
Class AR, 5.03%, 10/15/31, (3-mo. CME
Term SOFR + 1.28%)(b)(c)
USD1,639
1,639,891
Venture 38 CLO Ltd., Series 2019-38A,
Class ARR, 4.84%, 07/30/32, (3-mo.
CME Term SOFR + 1.00%)(b)(c)
USD74
74,230
Vibrant CLO XII Ltd., Series 2021-12A,
Class BRR, 5.68%, 04/20/34, (3-mo.
CME Term SOFR + 1.95%)(b)(c)
USD1,007
1,009,660
Victory Street CLO I DAC, Series 1X,
Class D, 5.88%, 01/15/38, (3-mo.
EURIBOR + 3.45%)(a)(b)
EUR1,250
1,450,824
Victory Street CLO II DAC, Series 2X,
Class D, 5.20%, 01/15/39, (3-mo.
EURIBOR + 3.10%)(a)(b)
EUR4,200
4,865,673
Vista Point Securitization Trust
Series 2024-CES1, Class A1, 6.68%,
05/25/54(c)(d)
USD963
967,610
Series 2025-CES3, Class A1, 5.30%,
11/25/55(c)(d)
USD9,899
9,824,157
VMC Finance LLC, Series 2026-FL6,
Class A, 5.27%, 11/19/43, (1-mo. CME
Term SOFR + 1.60%)(b)(c)
USD4,866
4,871,698
Voya CLO Ltd.
Series 2013-2A, Class A2BR, 5.47%,
04/25/31, (3-mo. CME Term SOFR +
1.66%)(b)(c)
USD170
170,019
Series 2019-3A, Class BR, 5.66%,
10/17/32, (3-mo. CME Term SOFR +
1.91%)(b)(c)
USD250
250,235
Series 2020-2A, Class A1RR, 5.04%,
01/20/38, (3-mo. CME Term SOFR +
1.31%)(b)(c)
USD1,000
1,002,356
Voya Euro CLO IV DAC, Series 4X,
Class DR, 5.53%, 10/15/34, (3-mo.
EURIBOR + 3.10%)(a)(b)
EUR500
576,963
Warwick Capital CLO 1 Ltd.
Series 2023-1A, Class AR, 5.01%,
10/20/38, (3-mo. CME Term SOFR +
1.28%)(b)(c)
USD2,000
2,003,011
Series 2023-1A, Class D1R, 6.53%,
10/20/38, (3-mo. CME Term SOFR +
2.80%)(b)(c)
USD2,000
1,993,110
Warwick Capital CLO 5 Ltd., Series
2024-5A, Class A1, 5.09%,
01/20/38, (3-mo. CME Term SOFR +
1.36%)(b)(c)
USD500
500,875
Warwick Capital CLO 6 Ltd., Series
2025-6A, Class A1, 5.16%,
07/20/38, (3-mo. CME Term SOFR +
1.43%)(b)(c)
USD1,620
1,624,121
Washington Mutual Asset-Backed
Certificates Trust, Series 2007-HE2,
Class 2A2, 4.28%, 02/25/37, (1-mo. CME
Term SOFR + 0.55%)(b)
USD1,432
420,126
Wellfleet CLO Ltd.
Series 2020-1A, Class BRR, 5.55%,
04/15/33, (3-mo. CME Term SOFR +
1.80%)(b)(c)
USD1,500
1,500,920
Schedule of Investments
46
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2021-3A, Class AR, 4.95%,
01/15/35, (3-mo. CME Term SOFR +
1.20%)(b)(c)
USD1,750
$1,750,979
Series 2022-1A, Class A1RN, 5.17%,
07/15/37, (3-mo. CME Term SOFR +
1.42%)(b)(c)
USD2,000
2,003,099
Wellington Management CLO 4 Ltd., Series
2025-4A, Class A, 4.88%,
04/18/38, (3-mo. CME Term SOFR +
1.15%)(b)(c)
USD1,582
1,579,795
Whitebox CLO I Ltd., Series 2019-1A,
Class A1R3, 4.96%, 01/24/37, (3-mo.
CME Term SOFR + 1.18%)(b)(c)
USD4,435
4,433,089
Whitebox CLO III Ltd.
Series 2021-3A, Class DR, 6.60%,
10/15/35, (3-mo. CME Term SOFR +
2.85%)(b)(c)
USD750
750,084
Series 2021-3A, Class ER, 9.40%,
10/15/35, (3-mo. CME Term SOFR +
5.65%)(b)(c)
USD1,500
1,484,784
Whitebox CLO V Ltd., Series 2025-5A,
Class B, 5.43%, 07/20/38, (3-mo. CME
Term SOFR + 1.70%)(b)(c)
USD1,000
1,001,860
Wildwood Park CLO Ltd., Series 2024-1A,
Class A, 5.09%, 10/20/37, (3-mo. CME
Term SOFR + 1.36%)(b)(c)
USD3,000
3,003,903
Wireless PropCo Funding LLC, Series
2025-1A, Class C, 8.51%, 06/25/55(c)
USD9,225
9,312,777
Wonder Lake Park CLO Ltd., Series
2025-1A, Class A, 5.07%,
07/24/38, (3-mo. CME Term SOFR +
1.29%)(b)(c)
USD5,000
5,011,389
Youni Italy SRL
Series 2025-2, Class C, 3.97%,
01/25/36, (1-mo. EURIBOR +
1.75%)(a)(b)
EUR187
215,322
Series 2025-2, Class D, 5.12%,
01/25/36, (1-mo. EURIBOR +
2.90%)(a)(b)
EUR352
405,859
Total Asset-Backed Securities — 14.7%
(Cost: $2,368,739,828)
2,372,655,724
Collateralized Mortgage Obligations
Asset-Backed Securities — 0.6%
Atlas Funding, Series 2026-1, Class C,
5.09%, 01/20/68, (1-day SONIA+
1.35%)(a)(b)
GBP206
278,230
Atlas Funding PLC
Series 2024-1, Class B, 5.04%,
09/20/61, (1-day SONIA+ 1.30%)(a)(b)
GBP101
136,622
Series 2024-1, Class C, 5.29%,
09/20/61, (1-day SONIA+ 1.55%)(a)(b)
GBP100
135,618
Series 2025-2, Class A, 4.53%,
07/20/67, (1-day SONIA+ 0.79%)(a)(b)
GBP5,022
6,761,444
Series 2025-2, Class B, 4.84%,
07/20/67, (1-day SONIA+ 1.10%)(a)(b)
GBP632
853,046
Series 2025-2, Class C, 5.14%,
07/20/67, (1-day SONIA+ 1.40%)(a)(b)
GBP195
262,243
Series 2025-2, Class E, 6.81%,
07/20/67, (1-day SONIA+ 3.07%)(a)(b)
GBP499
677,634
Security
Par
(000
)
Value
Asset-Backed Securities (continued)
Series 2025-2, Class X1, 6.71%,
07/20/67, (1-day SONIA+ 2.97%)(a)(b)
GBP529
$712,244
Bletchley Park Funding PLC
Series 2025-1, Class B, 4.94%,
01/27/70, (1-day SONIA+ 1.20%)(a)(b)
GBP366
494,019
Series 2025-1, Class C, 5.24%,
01/27/70, (1-day SONIA+ 1.50%)(a)(b)
GBP100
135,197
Series 2025-1, Class D, 5.62%,
01/27/70, (1-day SONIA+ 1.88%)(a)(b)
GBP131
177,442
Series 2025-1, Class E, 7.12%,
01/27/70, (1-day SONIA+ 3.38%)(a)(b)
GBP180
242,784
Braccan Mortgage Funding PLC
Series 2024-1, Class A, 4.59%,
02/15/67, (1-day SONIA+ 0.84%)(a)(b)
GBP998
1,344,390
Series 2024-1, Class B, 4.95%,
02/15/67, (1-day SONIA+ 1.20%)(a)(b)
GBP405
547,015
Series 2024-1, Class X, 8.09%,
02/15/67, (1-day SONIA+ 4.34%)(a)(b)
GBP238
321,106
Domi BV
Series 2026-1, Class B, 3.15%,
02/15/57, (3-mo. EURIBOR +
0.90%)(a)(b)
EUR534
610,597
Series 2026-1, Class C, 3.35%,
02/15/57, (3-mo. EURIBOR +
1.10%)(a)(b)
EUR319
361,735
Edenbrook Mortgage Funding PLC, Series
2024-1, Class A, 4.62%, 03/22/57, (1-day
SONIA+ 0.87%)(a)(b)
GBP540
727,603
Fairbridge BV
Series 2025-1, Class A, 3.15%,
02/24/62, (3-mo. EURIBOR +
0.95%)(a)(b)
EUR3,045
3,519,300
Series 2025-1, Class B, 3.45%,
02/24/62, (3-mo. EURIBOR +
1.25%)(a)(b)
EUR349
401,347
Series 2025-1, Class C, 4.00%,
02/24/62, (3-mo. EURIBOR +
1.80%)(a)(b)
EUR283
326,192
FIGRE Trust
Series 2024-HE6, Class A, 5.72%,
12/25/54(b)(c)
USD5,409
5,413,811
Series 2024-SL1, Class A1, 5.75%,
07/25/53(b)(c)
USD4,609
4,596,873
Hops Hill No. 5 PLC
Class A, 4.47%, 06/21/56, (1-day SONIA+
0.73%)(a)(b)
GBP885
1,189,285
Series 5, Class B, 4.74%,
06/21/56, (1-day SONIA+ 1.00%)(a)(b)
GBP249
335,590
Series 5, Class C, 5.19%,
06/21/56, (1-day SONIA+ 1.45%)(a)(b)
GBP100
134,671
Hops Hill No. 6 PLC
Class A, 4.57%, 12/21/58, (1-day SONIA+
0.84%)(a)(b)
GBP5,671
7,643,102
Series 6, Class B, 4.73%,
12/21/58, (1-day SONIA+ 1.00%)(a)(b)
GBP469
632,088
Series 6, Class C, 5.03%,
12/21/58, (1-day SONIA+ 1.30%)(a)(b)
GBP272
366,580
47
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Asset-Backed Securities (continued)
Jubilee Place 9 BV
Series 9, Class B, 3.39%,
10/17/61, (3-mo. EURIBOR +
0.90%)(a)(b)
EUR835
$956,759
Series 9, Class C, 3.59%,
10/17/61, (3-mo. EURIBOR +
1.10%)(a)(b)
EUR458
522,258
London Bridge Mortgages PLC
Series 2025-1, Class B, 4.79%,
03/20/67, (1-day SONIA+ 1.05%)(a)(b)
GBP310
417,848
Series 2025-1, Class C, 5.14%,
03/20/67, (1-day SONIA+ 1.40%)(a)(b)
GBP100
134,633
London Wall Mortgage Capital PLC
Series 2024-1, Class B, 5.25%,
05/15/57, (1-day SONIA + 1.50%)(a)(b)
GBP358
484,970
Series 2024-1, Class C, 5.75%,
05/15/57, (1-day SONIA + 2.00%)(a)(b)
GBP267
359,578
Mortimer PLC
Series 2025-1, Class A, 4.56%,
09/22/70, (1-day SONIA+ 0.81%)(a)(b)
GBP2,214
2,980,028
Series 2025-1, Class B, 5.00%,
09/22/70, (1-day SONIA+ 1.25%)(a)(b)
GBP344
464,809
Series 2025-1, Class C, 5.30%,
09/22/70, (1-day SONIA+ 1.55%)(a)(b)
GBP429
580,163
Series 2025-1, Class D, 5.60%,
09/22/70, (1-day SONIA+ 1.85%)(a)(b)
GBP353
476,576
Series 2025-1, Class X, 7.62%,
09/22/70, (1-day SONIA+ 3.87%)(a)(b)
GBP1,353
1,812,937
Pierpont Btl PLC
Series 2026-1, Class A, 4.52%,
12/21/62, (1-day SONIA+ 0.77%)(a)(b)
GBP4,864
6,539,460
Series 2026-1, Class D, 5.50%,
12/21/62, (1-day SONIA+ 1.75%)(a)(b)
GBP106
142,968
Pierpont BTL PLC
Series 2025-1, Class A, 4.55%,
03/21/62, (1-day SONIA+ 0.80%)(a)(b)
GBP548
736,866
Series 2025-1, Class B, 4.80%,
03/21/62, (1-day SONIA+ 1.05%)(a)(b)
GBP289
388,771
Series 2025-1, Class C, 5.05%,
03/21/62, (1-day SONIA+ 1.30%)(a)(b)
GBP100
133,921
RCKT Mortgage Trust
Series 2024-CES3, Class A1A, 6.59%,
05/25/44(b)(c)
USD925
930,148
Series 2024-CES8, Class A1A, 5.49%,
11/25/44(c)(d)
USD4,035
4,037,042
Together Asset-Backed Securitisation 15
PLC, Series 2026-1ST1X, Class B,
4.89%, 03/12/67, (1-day SONIA+
1.15%)(a)(b)
GBP2,496
3,384,452
Together Asset-Backed Securitisation 16
PLC
Series 2026-1ST2X, Class B, 4.78%,
12/12/67, (1-day SONIA+ 1.05%)(a)(b)
GBP517
696,780
Series 2026-1ST2X, Class C, 5.03%,
12/12/67, (1-day SONIA+ 1.30%)(a)(b)
GBP109
146,903
Towd Point Mortgage Trust
Series 2024-CES4, Class A1, 5.12%,
09/25/64(c)(d)
USD2,708
2,696,926
Series 2024-CES4, Class A2, 5.17%,
09/25/64(c)(d)
USD3,000
2,982,480
Security
Par
(000
)
Value
Asset-Backed Securities (continued)
Series 2024-CES6, Class A1, 5.73%,
11/25/64(c)(d)
USD7,293
$7,308,574
Tower Bridge Funding PLC
Series 2024-3X, Class B, 4.84%,
12/20/66, (1-day SONIA + 1.10%)(a)(b)
GBP333
448,761
Series 2026-1, Class A, 4.50%,
01/20/73, (1-day SONIA+ 0.75%)(a)(b)
GBP2,088
2,805,885
Vista Point Securitization Trust
Series 2024-CES2, Class A1, 5.25%,
10/25/54(c)(d)
USD4,315
4,295,391
Series 2024-CES3, Class A1, 5.68%,
01/25/55(c)(d)
USD5,081
5,081,748
Series 2024-CES3, Class A2, 6.00%,
01/25/55(c)(d)
USD1,000
1,002,288
 
92,287,731
Financial — 0.0%
Taurus 2025-4 UK DAC, 5.69%,
08/18/35(a)(b)
GBP129
174,032
Mortgage Securities — 0.1%
PENN Commercial Mortgage Trust
Series 2025-P11, Class A, 5.52%,
08/10/42(b)(c)
USD6,364
6,377,925
Series 2025-P11, Class C, 6.51%,
08/10/42(b)(c)
USD3,101
3,172,609
PRPM 2025-NQM3 Trust
Series 2025-NQM3, Class A1, 5.61%,
05/25/70(b)(c)
USD9,737
9,717,264
Series 2025-NQM3, Class B1, 6.85%,
05/25/70(b)(c)
USD3,018
3,006,919
 
22,274,717
Mortgage-Backed Securities — 19.4%
1301 Trust, Series 2025-1301, Class F,
8.10%, 08/11/42(b)(c)
USD6,445
6,627,294
1345T
Series 2025-AOA, Class A, 5.28%,
06/15/42, (1-mo. CME Term SOFR +
1.60%)(b)(c)
USD13,575
13,565,312
Series 2025-AOA, Class E, 8.18%,
06/15/42, (1-mo. CME Term SOFR +
4.50%)(b)(c)
USD11,711
11,791,295
2023-MIC Trust (The), Series 2023-MIC,
Class A, 8.44%, 12/05/38(b)(c)
USD6,040
6,332,361
280 Park Avenue Mortgage Trust, Series
2017-280P, Class A, 4.85%, 09/15/34,
(1-mo. CME Term SOFR + 1.18%)(b)(c)
USD2,941
2,935,486
425 Trust
Series 2026-LEX, Class A, 5.35%,
07/15/43, (1-mo. CME Term SOFR +
1.67%)(b)(c)
USD2,851
2,849,730
Series 2026-LEX, Class B, 5.78%,
07/15/43, (1-mo. CME Term SOFR +
2.10%)(b)(c)
USD1,800
1,799,205
Series 2026-LEX, Class C, 6.38%,
07/15/43, (1-mo. CME Term SOFR +
2.70%)(b)(c)
USD900
899,607
Series 2026-LEX, Class D, 7.18%,
07/15/43, (1-mo. CME Term SOFR +
3.50%)(b)(c)
USD1,300
1,299,440
Schedule of Investments
48
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-LEX, Class E, 8.28%,
07/15/43, (1-mo. CME Term SOFR +
4.60%)(b)(c)
USD5,000
$4,997,885
Series 2026-LEX, Class F, 9.53%,
07/15/43, (1-mo. CME Term SOFR +
5.85%)(b)(c)
USD2,000
1,999,170
A&D Mortgage Trust
Series 2024-NQM1, Class A1, 6.20%,
02/25/69(c)(d)
USD483
483,810
Series 2024-NQM4, Class A1, 5.46%,
08/25/69(c)
USD1,114
1,111,237
Series 2024-NQM5, Class A1, 5.70%,
11/25/69(c)
USD4,909
4,914,365
Series 2025-NQM2, Class A1, 5.79%,
06/25/70(b)(c)
USD3,841
3,853,231
Series 2026-NQM1, Class A1, 4.91%,
02/25/71(b)(c)
USD5,889
5,814,188
ACRA Trust, Series 2024-NQM1, Class A1,
5.61%, 10/25/64(c)(d)
USD4,684
4,682,270
ADMT, Series 2024-NQM6, Class A1,
5.67%, 01/25/70(b)(c)
USD7,994
7,993,772
Aesir European Loan Conduit No. 41 DAC
Series 41X, Class A, 4.98%,
01/23/36, (1-day SONIA+ 1.23%)(a)(b)
GBP3,619
4,837,679
Series 41X, Class B, 5.15%,
01/23/36, (1-day SONIA+ 1.40%)(a)(b)
GBP870
1,168,032
AFG Trust
Series 2026-1, Class A1L, 5.26%,
10/10/57, (1-mo. BB Swap +
0.95%)(a)(b)
AUD11,592
8,142,192
Series 2026-1, Class A2, 5.39%,
10/10/57, (1-mo. BB Swap +
1.08%)(a)(b)
AUD1,420
994,107
Aira Force PLC, Series 2026-1, Class C,
5.33%, 01/27/72, (1-day SONIA+
1.60%)(a)(b)
GBP149
200,813
Ajax Mortgage Loan Trust, Series 2022-B,
Class A1, 3.50%, 03/27/62(c)(d)
USD2,638
2,542,714
ALA Trust
Series 2025-OANA, Class A, 5.42%,
06/15/40, (1-mo. CME Term SOFR +
1.74%)(b)(c)
USD7,577
7,605,414
Series 2025-OANA, Class D, 6.77%,
06/15/40, (1-mo. CME Term SOFR +
3.09%)(b)(c)
USD4,559
4,573,086
Alternative Loan Trust, Series 2004-J13,
Class B, 6.46%, 02/25/35, (1-mo. CME
Term SOFR + 2.74%)(b)
USD3,259
3,029,720
Angel Oak Mortgage Trust
Series 2020-4, Class A1, 1.47%,
06/25/65(b)(c)
USD87
85,203
Series 2020-4, Class A2, 2.04%,
06/25/65(b)(c)
USD191
186,750
Series 2021-2, Class A1, 0.99%,
04/25/66(b)(c)
USD7,289
6,259,826
Series 2021-2, Class A2, 1.19%,
04/25/66(b)(c)
USD212
182,777
Series 2021-2, Class A3, 1.45%,
04/25/66(b)(c)
USD2,217
1,923,716
Series 2021-3, Class A1, 1.07%,
05/25/66(b)(c)
USD5,863
5,048,140
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2021-3, Class A2, 1.31%,
05/25/66(b)(c)
USD1,867
$1,619,712
Series 2021-5, Class A1, 0.95%,
07/25/66(b)(c)
USD21,042
18,172,756
Series 2021-5, Class A2, 1.21%,
07/25/66(b)(c)
USD2,527
2,188,805
Series 2021-5, Class A3, 1.31%,
07/25/66(b)(c)
USD1,195
1,034,462
Series 2022-1, Class A1, 3.88%,
12/25/66(c)(d)
USD1,368
1,263,557
Series 2022-2, Class A1, 4.07%,
01/25/67(b)(c)
USD517
484,181
Series 2022-2, Class A3, 3.86%,
01/25/67(b)(c)
USD1,927
1,760,617
Series 2022-3, Class A3, 4.12%,
01/25/67(b)(c)
USD7,631
6,985,461
Series 2023-1, Class A1, 4.75%,
09/26/67(c)(d)
USD3,906
3,896,145
Series 2023-6, Class A2, 6.50%,
12/25/67(c)(d)
USD164
163,866
Series 2024-1, Class A1, 5.21%,
08/25/68(c)(d)
USD1,019
1,016,074
Series 2024-11, Class A1, 5.70%,
08/25/69(c)(d)
USD2,362
2,364,215
Series 2024-2, Class A1, 5.99%,
01/25/69(c)(d)
USD1,215
1,215,312
Series 2024-3, Class A1, 4.80%,
11/26/68(c)(d)
USD2,228
2,215,399
Series 2024-4, Class A1, 6.20%,
01/25/69(c)(d)
USD1,305
1,308,963
Series 2024-9, Class A1, 5.14%,
09/25/69(c)(d)
USD4,739
4,728,176
Series 2025-1, Class A1, 5.69%,
01/25/70(c)(d)
USD2,674
2,676,606
Series 2025-2, Class A1, 5.64%,
02/25/70(c)(d)
USD3,475
3,475,730
AOMT 2024-6, Series 2024-6, Class A1,
4.65%, 11/25/67(c)(d)
USD791
778,026
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class E, 1.75%,
05/15/53(c)
USD190
155,711
Ares Commercial Mortgage Trust
Series 2024-IND, Class A, 5.37%,
07/15/41, (1-mo. CME Term SOFR +
1.69%)(b)(c)
USD8,030
8,045,056
Series 2024-IND, Class E, 7.61%,
07/15/41, (1-mo. CME Term SOFR +
3.94%)(b)(c)
USD1,500
1,504,515
Series 2026-AZURE, Class E, 6.93%,
03/15/38, (1-mo. CME Term SOFR +
3.25%)(b)(c)
USD2,500
2,500,768
ARES1 2024-IND2, Series 2024-IND2,
Class A, 5.12%, 10/15/34, (1-mo. CME
Term SOFR + 1.44%)(b)(c)
USD7,970
7,992,416
Arroyo Mortgage Trust
Series 2019-1, Class A1, 3.81%,
01/25/49(b)(c)
USD302
293,848
Series 2019-3, Class A1, 2.96%,
10/25/48(b)(c)
USD283
272,945
ARZ Trust, Series 2024-BILT, Class A,
5.77%, 06/11/39(c)
USD4,292
4,303,304
49
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Atlas Funding PLC, 4.58%, 09/20/61(a)(b)
GBP397
$534,622
ATLX Trust, Series 2024-RPL1, Class A1,
3.85%, 04/25/64(c)(d)
USD5,864
5,634,917
Atrium Hotel Portfolio Trust
Series 2024-ATRM, Class A, 5.41%,
11/10/29(b)(c)
USD7,900
7,886,212
Series 2024-ATRM, Class E, 9.21%,
11/10/29(b)(c)
USD4,855
4,965,944
Series 2025-ATRM, Class A, 5.33%,
08/15/42, (1-mo. CME Term SOFR +
1.65%)(b)(c)
USD5,431
5,431,368
Series 2025-ATRM, Class F, 9.18%,
08/15/42, (1-mo. CME Term SOFR +
5.50%)(b)(c)
USD8,168
8,198,341
Series 2025-ATRM, Class G, 10.43%,
08/15/42, (1-mo. CME Term SOFR +
6.75%)(b)(c)
USD1,467
1,469,881
BAHA Trust
Series 2024-MAR, Class A, 5.97%,
12/10/41(b)(c)
USD11,295
11,451,839
Series 2024-MAR, Class B, 6.84%,
12/10/41(b)(c)
USD2,160
2,218,960
Series 2024-MAR, Class C, 7.52%,
12/10/41(b)(c)
USD8,225
8,423,973
Series 2024-MAR, Class D, 8.91%,
12/10/41(b)(c)
USD2,000
2,074,026
BAMLL Commercial Mortgage
Securities Trust
Series 2025-NASH, Class A, 5.48%,
09/15/40, (1-mo. CME Term SOFR +
1.80%)(b)(c)
USD8,437
8,444,901
Series 2026-HRHB, Class A, 5.19%,
05/05/40(b)(c)
USD2,390
2,354,648
BAMLL Trust, Series 2024-BHP, Class A,
6.03%, 08/15/39, (1-mo. CME Term
SOFR + 2.35%)(b)(c)
USD1,800
1,805,532
Bank of America Merrill Lynch Commercial
Mortgage Trust, Series 2017-BNK3,
Class AS, 3.75%, 02/15/50
USD420
416,622
Bank5, Series 2024-5YR6, Class A3, 6.23%,
05/15/57
USD2,081
2,133,686
Barclays Mortgage Loan Trust
Series 2024-NQM1, Class A1, 5.90%,
01/25/64(c)(d)
USD1,949
1,949,741
Series 2025-NQM3, Class A1, 5.64%,
05/25/65(b)(c)
USD17,021
17,006,003
Series 2025-NQM5, Class PT2, 5.14%,
10/25/55(b)(c)
USD14,551
14,386,055
Series 2025-NQM7, Class PT2, 5.23%,
12/25/64(b)(c)
USD17,297
17,453,947
Series 2026-NQM3, Class PT2, 0.00%,
01/25/66(b)(c)
USD24,682
24,786,217
Series 2026-NQM4, Class PT2, 5.54%,
05/25/56(b)(c)
USD27,057
27,287,745
Series 2026-NQM5, Class A1, 5.52%,
05/25/66(b)(c)
USD866
863,566
Series 2026-NQM5, Class B1, 6.58%,
05/25/66(b)(c)
USD1,000
972,814
BAY Mortgage Trust, Series 2025-LIVN,
Class A, 5.48%, 05/15/35, (1-mo. CME
Term SOFR + 1.80%)(b)(c)
USD9,140
9,136,493
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Bayview Commercial Mortgage
Pass-Through Trust, Series 2006-SP1,
Class B1, 5.49%, 04/25/36, (1-mo. CME
Term SOFR + 1.76%)(b)(c)
USD575
$568,416
BBCMS Mortgage Trust
Series 2018-TALL, Class A, 4.60%,
03/15/37, (1-mo. CME Term SOFR +
0.92%)(b)(c)
USD4,000
3,780,324
Series 2022-C17, Class A5, 4.44%,
09/15/55
USD1,100
1,052,967
Series 2025-C35, Class D, 4.50%,
07/15/58(c)
USD2,385
1,816,319
Benchmark Mortgage Trust, Series 2023-V3,
Class XA, 0.81%, 07/15/56(b)
USD2,995
38,237
BFLD Commercial Mortgage Trust
Series 2024-UNIV, Class A, 5.17%,
11/15/41, (1-mo. CME Term SOFR +
1.49%)(b)(c)
USD5,340
5,350,012
Series 2025-5MW, Class A, 4.67%,
10/10/42(b)(c)
USD1,791
1,756,496
Series 2025-5MW, Class F, 9.83%,
10/10/42(b)(c)
USD12,050
12,616,910
Series 2025-660F, Class A, 5.18%,
11/15/42, (1-mo. CME Term SOFR +
1.50%)(b)(c)
USD7,248
7,257,061
Series 2025-660F, Class D, 6.43%,
11/15/42, (1-mo. CME Term SOFR +
2.75%)(b)(c)
USD2,108
2,113,267
BFLD Trust
Series 2025-EWEST, Class A, 5.23%,
06/15/42, (1-mo. CME Term SOFR +
1.55%)(b)(c)
USD8,385
8,384,999
Series 2025-EWEST, Class C, 5.78%,
06/15/42, (1-mo. CME Term SOFR +
2.10%)(b)(c)
USD1,210
1,209,993
Series 2025-FPM, Class C, 6.66%,
10/10/40(b)(c)
USD1,877
1,840,773
BHMS Commercial Mortgage Trust, Series
2025-ATLS, Class A, 5.53%, 08/15/42,
(1-mo. CME Term SOFR + 1.85%)(b)(c)
USD16,846
16,867,290
BINOM Securitization Trust, Series
2021-INV1, Class A1, 2.03%,
06/25/56(b)(c)
USD1,183
1,078,038
Blackwattle Series RMBS Trust No.7, Series
7, Class C, 5.98%, 02/12/58, (1-mo. BB
Swap + 1.65%)(a)(b)
AUD500
351,174
Bletchley Park Funding PLC
Series 2026-1, Class B, 4.74%,
01/27/70, (1-day SONIA+ 1.00%)(a)(b)
GBP471
633,695
Series 2026-1, Class C, 5.04%,
01/27/70, (1-day SONIA+ 1.30%)(a)(b)
GBP294
395,836
Series 2026-1, Class D, 5.69%,
01/27/70, (1-day SONIA+ 1.95%)(a)(b)
GBP147
197,851
BLP Commercial Mortgage Trust, Series
2024-IND2, Class A, 5.02%, 03/15/41,
(1-mo. CME Term SOFR + 1.34%)(b)(c)
USD3,813
3,817,462
BMP Commercial Mortgage Trust
Series 2024-MF23, Class A, 5.05%,
06/15/41, (1-mo. CME Term SOFR +
1.37%)(b)(c)
USD6,555
6,561,145
Schedule of Investments
50
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-MF23, Class E, 7.07%,
06/15/41, (1-mo. CME Term SOFR +
3.39%)(b)(c)
USD2,380
$2,382,763
BOCA Commercial Mortgage Trust, Series
2025-BOCA, Class A, 5.28%, 12/15/42,
(1-mo. CME Term SOFR + 1.60%)(b)(c)
USD13,350
13,375,013
BOS Trust
Series 2026-LYRK, Class A, 5.05%,
05/11/41(b)(c)
USD2,323
2,282,548
Series 2026-LYRK, Class E, 7.78%,
05/11/41(b)(c)
USD1,000
988,193
BPR Commercial Mortgage Trust
Series 2024-PARK, Class D, 7.00%,
11/05/39(b)(c)
USD4,050
4,112,028
Series 2025-STAR, Class A, 4.95%,
11/05/42(b)(c)
USD12,500
12,297,834
BPR Mortgage Trust, Series 2023-STON,
Class A, 7.50%, 12/05/39(c)
USD5,250
5,352,948
Braccan Mortgage Funding PLC
Series 2025-1X, Class A, 4.58%,
05/17/67, (1-day SONIA + 0.84%)(a)(b)
GBP865
1,165,005
Series 2025-1X, Class B, 4.85%,
05/17/67, (1-day SONIA+ 1.10%)(a)(b)
GBP182
245,220
Series 2025-1X, Class C, 5.15%,
05/17/67, (1-day SONIA+ 1.40%)(a)(b)
GBP104
139,971
Series 2025-2X, Class A, 4.61%,
01/17/68, (1-day SONIA+ 0.86%)(a)(b)
GBP9,784
13,187,126
Series 2025-2X, Class B, 4.85%,
01/17/68, (1-day SONIA+ 1.10%)(a)(b)
GBP1,446
1,947,865
Series 2025-2X, Class C, 5.25%,
01/17/68, (1-day SONIA+ 1.50%)(a)(b)
GBP382
515,133
Series 2025-2X, Class D, 5.65%,
01/17/68, (1-day SONIA+ 1.90%)(a)(b)
GBP336
453,577
Series 2026-1X, Class A, 4.58%,
04/17/68, (1-day SONIA+ 0.85%)(a)(b)
GBP6,497
8,756,345
Series 2026-1X, Class B, 4.88%,
04/17/68, (1-day SONIA+ 1.15%)(a)(b)
GBP2,168
2,922,219
Series 2026-1X, Class C, 5.18%,
04/17/68, (1-day SONIA+ 1.45%)(a)(b)
GBP894
1,203,747
Series 2026-1X, Class D, 5.58%,
04/17/68, (1-day SONIA+ 1.85%)(a)(b)
GBP544
732,261
BRAVO Residential Funding Trust
Series 2021-NQM2, Class A3, 1.44%,
03/25/60(b)(c)
USD65
64,924
Series 2021-NQM3, Class A3, 1.96%,
04/25/60(b)(c)
USD1,206
1,122,184
Series 2023-NQM8, Class B1, 8.29%,
10/25/63(b)(c)
USD4,186
4,202,373
Series 2024-NQM2, Class B1, 7.91%,
02/25/64(c)
USD1,300
1,311,014
Series 2024-NQM3, Class A1, 6.19%,
03/25/64(c)(d)
USD759
761,888
Series 2024-NQM4, Class A1A, 4.35%,
01/25/60(c)(d)
USD1,230
1,211,630
Series 2024-NQM4, Class A1B, 4.35%,
01/25/60(c)(d)
USD820
803,080
Series 2025-NQM2, Class A1, 5.68%,
11/25/64(c)(d)
USD2,334
2,340,197
Series 2025-NQM3, Class A1, 5.57%,
03/25/65(c)(d)
USD937
939,244
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-NQM4, Class A1, 5.61%,
02/25/65(c)(d)
USD9,463
$9,482,677
Series 2026-NQM2, Class A1LC, 4.77%,
11/25/65(c)(d)
USD3,200
3,140,347
Series 2026-NQMR1, Class A1, 5.40%,
08/25/62(b)(c)
USD2,412
2,397,298
BRCK Trust
Series 2025-830B, Class A, 4.80%,
12/10/42(b)(c)
USD5,355
5,270,414
Series 2025-830B, Class E, 7.26%,
12/10/42(b)(c)
USD9,099
8,962,681
Series 2025-830B, Class F, 8.13%,
12/10/42(b)(c)
USD4,100
4,125,070
BRES Commercial Mortgage Trust, Series
2025-ATCAP, Class A, 5.17%, 11/15/42,
(1-mo. CME Term SOFR + 1.49%)(b)(c)
USD6,581
6,567,958
BSTN Commercial Mortgage Trust, Series
2025-HUB, Class A, 4.90%, 04/13/41(b)(c)
USD1,820
1,787,821
BWAY Mortgage Trust
Series 2013-1515, Class A2, 3.45%,
03/10/33(c)
USD625
603,025
Series 2013-1515, Class C, 3.45%,
03/10/33(c)
USD2,750
2,537,689
Series 2013-1515, Class D, 3.63%,
03/10/33(c)
USD1,600
1,458,689
Series 2013-1515, Class F, 3.93%,
03/10/33(b)(c)
USD1,000
877,721
Series 2025-1535, Class A, 6.31%,
05/05/42(b)(c)
USD5,867
5,878,580
BX Commercial Mortgage Trust
Series 2024-AIR2, Class A, 5.17%,
10/15/41, (1-mo. CME Term SOFR +
1.49%)(b)(c)
USD6,043
6,059,830
Series 2024-AIR2, Class B, 5.47%,
10/15/41, (1-mo. CME Term SOFR +
1.79%)(b)(c)
USD3,837
3,847,511
Series 2024-AIRC, Class A, 5.37%,
08/15/41, (1-mo. CME Term SOFR +
1.69%)(b)(c)
USD10,009
10,051,804
Series 2024-BRBK, Class A, 6.58%,
10/15/41, (1-mo. CME Term SOFR +
2.88%)(b)(c)
USD6,465
6,477,122
Series 2024-GPA2, Class A, 5.22%,
11/15/41, (1-mo. CME Term SOFR +
1.54%)(b)(c)
USD5,604
5,614,663
Series 2024-GPA3, Class B, 5.32%,
12/15/39, (1-mo. CME Term SOFR +
1.64%)(b)(c)
USD2,364
2,370,209
Series 2024-GPA3, Class C, 5.57%,
12/15/39, (1-mo. CME Term SOFR +
1.89%)(b)(c)
USD683
684,805
Series 2024-MDHS, Class A, 5.32%,
05/15/41, (1-mo. CME Term SOFR +
1.64%)(b)(c)
USD7,200
7,211,270
Series 2024-MF, Class A, 5.12%,
02/15/39, (1-mo. CME Term SOFR +
1.44%)(b)(c)
USD8,239
8,249,453
Series 2024-MF, Class E, 7.41%,
02/15/39, (1-mo. CME Term SOFR +
3.74%)(b)(c)
USD1,328
1,322,865
51
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-WPT, Class A, 5.22%,
03/15/34, (1-mo. CME Term SOFR +
1.54%)(b)(c)
USD1,383
$1,379,728
Series 2024-XL4, Class A, 5.12%,
02/15/39, (1-mo. CME Term SOFR +
1.44%)(b)(c)
USD1,714
1,717,467
Series 2024-XL5, Class A, 5.07%,
03/15/41, (1-mo. CME Term SOFR +
1.39%)(b)(c)
USD1,501
1,503,166
Series 2024-XL5, Class D, 6.37%,
03/15/41, (1-mo. CME Term SOFR +
2.69%)(b)(c)
USD3,238
3,256,723
Series 2025-JDI, Class A, 5.08%,
11/15/42, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD14,610
14,646,229
Series 2025-JDI, Class E, 7.08%,
11/15/42, (1-mo. CME Term SOFR +
3.40%)(b)(c)
USD4,012
4,034,839
Series 2025-SPOT, Class A, 5.12%,
04/15/40, (1-mo. CME Term SOFR +
1.44%)(b)(c)
USD7,988
7,992,823
Series 2025-SPOT, Class B, 5.42%,
04/15/40, (1-mo. CME Term SOFR +
1.74%)(b)(c)
USD5,492
5,495,232
Series 2026-VLT9, Class A, 5.38%,
03/15/45, (1-mo. CME Term SOFR +
1.70%)(b)(c)
USD8,942
8,919,666
Series 2026-XL6, Class E, 6.68%,
03/15/43, (1-mo. CME Term SOFR +
3.00%)(b)(c)
USD5,335
5,371,557
BX Trust
Series 2021-LBA, Class AV, 4.84%,
02/15/36, (1-mo. CME Term SOFR +
1.16%)(b)(c)
USD73
73,009
Series 2022-IND, Class A, 5.17%,
04/15/37, (1-mo. CME Term SOFR +
1.49%)(b)(c)
USD858
858,000
Series 2022-VAMF, Class C, 5.26%,
01/15/39, (1-mo. CME Term SOFR +
1.58%)(b)(c)
USD42
41,987
Series 2024-CNYN, Class A, 5.12%,
04/15/41, (1-mo. CME Term SOFR +
1.44%)(b)(c)
USD3,631
3,639,366
Series 2024-CNYN, Class D, 6.37%,
04/15/41, (1-mo. CME Term SOFR +
2.69%)(b)(c)
USD1,246
1,250,670
Series 2024-PALM, Class A, 5.22%,
06/15/37, (1-mo. CME Term SOFR +
1.54%)(b)(c)
USD8,694
8,688,087
Series 2024-VLT4, Class A, 5.17%,
06/15/41, (1-mo. CME Term SOFR +
1.49%)(b)(c)
USD4,487
4,481,026
Series 2024-VLT4, Class F, 7.61%,
06/15/41, (1-mo. CME Term SOFR +
3.94%)(b)(c)
USD5,675
5,619,884
Series 2025-LIFE, Class A, 5.88%,
06/13/47(b)(c)
USD10,000
9,770,604
Series 2025-LUNR, Class A, 5.18%,
06/15/40, (1-mo. CME Term SOFR +
1.50%)(b)(c)
USD3,580
3,586,710
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-OMG, Class A, 5.03%,
10/15/42, (1-mo. CME Term SOFR +
1.35%)(b)(c)
USD5,394
$5,397,371
Series 2025-ROIC, Class E, 6.62%,
03/15/30, (1-mo. CME Term SOFR +
2.94%)(b)(c)
USD3,364
3,364,201
Series 2025-TAIL, Class E, 6.98%,
06/15/35, (1-mo. CME Term SOFR +
3.30%)(b)(c)
USD5,130
5,105,792
Series 2025-VLT6, Class A, 5.12%,
03/15/42, (1-mo. CME Term SOFR +
1.44%)(b)(c)
USD8,242
8,226,590
Series 2025-VOLT, Class A, 5.38%,
12/15/44, (1-mo. CME Term SOFR +
1.70%)(b)(c)
USD15,885
15,845,268
Series 2025-VOLT, Class B, 5.78%,
12/15/44, (1-mo. CME Term SOFR +
2.10%)(b)(c)
USD1,000
1,000,311
Series 2026-CIP, Class E, 6.78%,
05/15/38, (1-mo. CME Term SOFR +
3.10%)(b)(c)
USD1,665
1,676,899
Series 2026-ORBT, Class A, 5.08%,
07/15/43, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD2,387
2,391,479
Series 2026-ORBT, Class E, 6.68%,
07/15/43, (1-mo. CME Term SOFR +
3.00%)(b)(c)
USD716
718,239
BXP Trust, Series 2021-601L, Class D,
2.78%, 01/15/44(b)(c)
USD3,000
2,398,637
CAFL Issuer LLC, Series 2024-RTL1,
Class A1, 6.75%, 11/28/31(c)(d)
USD3,000
3,007,971
Cali, Series 2024-SUN, Class A, 5.56%,
07/15/41, (1-mo. CME Term SOFR +
1.89%)(b)(c)
USD4,580
4,580,112
Castell PLC
Series 2025-1, Class A, 4.71%,
01/27/62, (1-day SONIA+ 0.97%)(a)(b)
GBP521
703,800
Series 2025-1, Class B, 4.99%,
01/27/62, (1-day SONIA+ 1.25%)(a)(b)
GBP134
181,338
Series 2025-1, Class C, 5.29%,
01/27/62, (1-day SONIA+ 1.55%)(a)(b)
GBP100
136,115
Series 2025-1, Class D, 5.74%,
01/27/62, (1-day SONIA+ 2.00%)(a)(b)
GBP100
136,392
Series 2025-1, Class E, 7.24%,
01/27/62, (1-day SONIA+ 3.50%)(a)(b)
GBP121
165,147
Series 2025-1, Class X1, 7.89%,
01/27/62, (1-day SONIA+ 4.15%)(a)(b)
GBP32
43,537
Series 2026-1, Class A, 4.63%,
12/27/62, (1-day SONIA+ 0.89%)(a)(b)
GBP3,875
5,222,902
Series 2026-1, Class C, 5.24%,
12/27/62, (1-day SONIA+ 1.50%)(a)(b)
GBP521
705,121
CD Mortgage Trust, Series 2018-CD7,
Class AM, 4.51%, 08/15/51(b)
USD430
419,777
CEDR Commercial Mortgage Trust, Series
2022-SNAI, Class A, 4.66%, 02/15/39,
(1-mo. CME Term SOFR + 0.99%)(b)(c)
USD3,780
3,759,848
CFK Trust, Series 2020-MF2, Class A,
2.39%, 03/15/39(c)
USD500
472,025
Schedule of Investments
52
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
CFMT LLC
Series 2024-HB14, Class M2, 3.00%,
06/25/34(b)(c)
USD315
$307,192
Series 2024-R1, Class A1, 4.00%,
10/25/54(c)(d)
USD3,216
3,145,515
Chase Home Lending Mortgage Trust
Series 2024-1, Class A3, 6.00%,
01/25/55(b)(c)
USD1,006
1,007,915
Series 2024-1, Class A6, 6.50%,
01/25/55(b)(c)
USD236
235,905
Series 2024-2, Class A4A, 6.00%,
02/25/55(b)(c)
USD866
864,083
Series 2024-3, Class A4, 6.00%,
02/25/55(b)(c)
USD2,430
2,420,145
Series 2024-8, Class A5A, 5.50%,
08/25/55(b)(c)
USD2,068
2,027,205
Chase Home Lending Mortgage Trust
2026-CINV2
Series 2026-CNV2, Class A4A, 1.00%,
06/25/57
USD14,812
14,583,365
Series 2026-CNV2, Class A5A, 1.00%,
06/25/57
USD4,938
4,449,532
Chase Home Lending Mortgage Trust Series
Series 2026-HYB1, Class A2A, 5.38%,
03/25/57(b)(c)
USD9,000
8,996,656
Series 2026-HYB1, Class A5A, 5.38%,
03/25/57(b)(c)
USD6,369
6,285,573
Chase Home Lending Mortgage Trust Series
2025-12, Series 2025-12, Class A5B,
5.00%, 09/25/56(b)(c)
USD1,500
1,383,605
Cheshire PLC
Series 2025-1, Class A, 4.54%,
06/28/48, (1-day SONIA+ 0.80%)(a)(b)
GBP1,559
2,099,257
Series 2025-1, Class B, 4.79%,
06/28/48, (1-day SONIA+ 1.05%)(a)(b)
GBP386
520,687
Series 2025-1, Class C, 5.09%,
06/28/48, (1-day SONIA+ 1.35%)(a)(b)
GBP166
224,120
CHI Commercial Mortgage Trust, Series
2025-110W, Class A, 5.10%,
12/13/40(b)(c)
USD9,708
9,550,551
CHL Mortgage Pass-Through Trust, Series
2007-J1, Class 2A1, 6.00%, 02/25/37
USD4,845
1,649,823
CHNGE Mortgage Trust, Series 2022-1,
Class A1, 4.01%, 01/25/67(b)(c)
USD1,629
1,534,165
CIM Trust
Series 2021-R6, Class A1, 1.43%,
07/25/61(b)(c)
USD5,164
4,732,625
Series 2023-I1, Class B1, 7.01%,
04/25/58(b)(c)
USD5,095
5,074,995
Series 2023-I2, Class A1, 6.64%,
12/25/67(c)(d)
USD524
521,920
Series 2023-I2, Class B1, 6.75%,
12/25/67(b)(c)
USD5,095
4,856,705
Series 2025-I1, Class A1, 5.66%,
10/25/69(c)(d)
USD2,435
2,437,295
Series 2025-I1, Class M1, 6.44%,
10/25/69(b)(c)
USD3,561
3,577,709
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
CIP Commercial Mortgage Trust
Series 2025-SBAY, Class A, 5.08%,
10/15/37, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD9,606
$9,629,996
Series 2025-SBAY, Class E, 7.43%,
10/15/37, (1-mo. CME Term SOFR +
3.75%)(b)(c)
USD4,905
4,914,737
Citadel PLC
Series 2024-1, Class A, 4.75%,
04/28/60, (1-day SONIA + 1.02%)(a)(b)
GBP1,089
1,469,394
Series 2024-1, Class B, 5.19%,
04/28/60, (1-day SONIA+ 1.45%)(a)(b)
GBP100
135,552
Series 2024-1, Class C, 5.49%,
04/28/60, (1-day SONIA+ 1.75%)(a)(b)
GBP100
135,659
Series 2024-1, Class D, 6.19%,
04/28/60, (1-day SONIA+ 2.45%)(a)(b)
GBP100
136,416
Series 2024-1, Class E, 7.49%,
04/28/60, (1-day SONIA+ 3.75%)(a)(b)
GBP100
136,638
Citigroup Commercial Mortgage Trust
Series 2018-C5, Class AS, 4.41%,
06/10/51(b)
USD425
417,366
Series 2020-420K, Class A, 2.46%,
11/10/42(c)
USD833
743,918
COLT Mortgage Loan Trust
Series 2020-2R, Class A1, 1.33%,
10/26/65(b)(c)
USD551
523,219
Series 2021-2R, Class A3, 1.21%,
07/27/54(c)
USD752
673,902
Series 2021-3, Class A1, 0.96%,
09/27/66(b)(c)
USD1,509
1,249,483
Series 2022-1, Class A1, 2.28%,
12/27/66(b)(c)
USD495
461,192
Series 2022-1, Class B2, 4.15%,
12/27/66(b)(c)
USD582
504,676
Series 2022-2, Class A3, 3.45%,
02/25/67(c)
USD3,785
3,449,172
Series 2022-3, Class A1, 4.90%,
02/25/67(b)(c)
USD124
119,440
Series 2023-3, Class A2, 7.43%,
09/25/68(c)(d)
USD56
55,680
Series 2023-3, Class M1, 7.76%,
09/25/68(b)(c)
USD2,000
1,997,728
Series 2023-4, Class M1, 8.20%,
10/25/68(b)(c)
USD2,000
2,003,961
Series 2024-1, Class A1, 5.84%,
02/25/69(c)(d)
USD796
795,939
Series 2024-3, Class B1, 7.79%,
06/25/69(b)(c)
USD2,000
2,026,415
Series 2024-5, Class A1, 5.12%,
08/25/69(c)(d)
USD4,285
4,260,875
Series 2024-6, Class A1, 5.39%,
11/25/69(c)(d)
USD3,721
3,709,976
Series 2024-INV2, Class B1, 8.06%,
05/25/69(b)(c)
USD1,900
1,924,063
Series 2024-INV4, Class A1, 5.61%,
05/25/69(c)(d)
USD6,182
6,190,146
Series 2025-10, Class B1, 6.86%,
10/25/70(b)(c)
USD3,000
2,987,057
Series 2025-11, Class A1, 5.05%,
11/25/70(b)(c)
USD11,306
11,185,056
53
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-11, Class B1, 6.90%,
11/25/70(b)(c)
USD2,000
$1,984,945
Series 2025-7, Class B1, 6.92%,
06/25/70(b)(c)
USD1,400
1,396,143
Series 2025-8, Class B1, 7.10%,
08/25/70(b)(c)
USD2,671
2,667,439
Series 2025-9, Class B1, 6.83%,
09/25/70(b)(c)
USD2,900
2,879,849
Series 2026-1, Class B1, 6.46%,
02/25/71(b)(c)
USD282
279,603
COLT Pass-Through Certificates, Series
2021-1R, Class A1, 0.86%, 05/25/65(b)(c)
USD2,354
2,120,150
Commission Mortgage Trust
Series 2024-CBM, Class A2, 5.87%,
12/10/41(b)(c)
USD8,550
8,597,836
Series 2024-WCL1, Class A, 5.52%,
06/15/41, (1-mo. CME Term SOFR +
1.84%)(b)(c)
USD7,215
7,209,677
Series 2024-WCL1, Class B, 6.27%,
06/15/41, (1-mo. CME Term SOFR +
2.59%)(b)(c)
USD2,866
2,863,904
Series 2025-167G, Class A, 5.50%,
08/10/40(c)
USD5,783
5,710,796
Series 2025-167G, Class E, 8.20%,
08/10/40(b)(c)
USD2,395
2,353,261
Series 2025-SBX, Class B, 5.55%,
08/10/41(b)(c)
USD3,731
3,684,998
CONE Trust
Series 2024-DFW1, Class A, 5.32%,
08/15/41, (1-mo. CME Term SOFR +
1.64%)(b)(c)
USD6,278
6,248,572
Series 2024-DFW1, Class B, 5.97%,
08/15/41, (1-mo. CME Term SOFR +
2.29%)(b)(c)
USD500
498,639
Series 2024-DFW1, Class E, 7.56%,
08/15/41, (1-mo. CME Term SOFR +
3.89%)(b)(c)
USD690
689,997
Creafin Credits SA, Series 2026-1, Class C,
3.80%, 06/20/60, (3-mo. EURIBOR +
1.35%)(a)(b)
EUR250
288,575
Cross, Series 2026-NQM6, Class B1,
6.85%, 05/25/71(b)(c)
USD3,374
3,308,071
Cross 2025-CES1 Mortgage Trust, Series
2025-H8, Class A1A, 5.00%,
11/25/70(c)(d)
USD4,223
4,173,770
Cross Mortgage Trust
Series 2024-H1, Class A1, 6.09%,
12/25/68(c)(d)
USD518
518,392
Series 2024-H2, Class A1, 6.09%,
04/25/69(c)(d)
USD2,905
2,910,476
Series 2024-H5, Class A1, 5.85%,
08/26/69(c)(d)
USD3,701
3,709,479
Series 2024-H6, Class A1, 5.13%,
09/25/69(b)(c)
USD5,252
5,232,852
Series 2024-H7, Class A1, 5.59%,
11/25/69(b)(c)
USD4,446
4,448,558
Series 2025-H1, Class M1, 6.48%,
02/25/70(b)(c)
USD2,979
2,993,499
Series 2025-H2, Class M1, 6.13%,
03/25/70(b)(c)
USD2,091
2,087,391
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-H6, Class B1B, 7.54%,
07/25/70(b)(c)
USD1,636
$1,621,672
Series 2025-H7, Class B1B, 7.49%,
09/25/70(b)(c)
USD2,878
2,850,677
CROSS Mortgage Trust, Series
2026-NQM9, Class B1, 7.03%,
08/25/71(b)(c)
USD2,200
2,181,493
CRSNT Trust, Series 2026-MOON, Class A,
5.08%, 02/15/43, (1-mo. CME Term
SOFR + 1.40%)(b)(c)
USD14,460
14,464,519
CSAIL Commercial Mortgage Trust
Series 2019-C16, Class AS, 3.61%,
06/15/52
USD915
867,891
Series 2019-C18, Class B, 3.59%,
12/15/52
USD72
66,238
Csmc Trust
Series 2021-NQM6, Class A1, 1.17%,
07/25/66(b)(c)
USD4,745
4,030,566
Series 2022-NQM1, Class A1, 3.27%,
11/25/66(b)(c)
USD9,642
8,645,275
CSMC Trust
Series 2013-TH1, Class A1, 2.13%,
02/25/43(b)(c)
USD1,066
931,841
Series 2015-3, Class A4, 3.50%,
03/25/45(b)(c)
USD117
107,338
Series 2015-WIN1, Class A10, 3.50%,
12/25/44(b)(c)
USD125
114,233
Series 2016-NXSR, Class AS, 4.05%,
12/15/49(b)
USD900
889,359
Series 2020-AFC1, Class A1, 3.24%,
02/25/50(b)(c)
USD3,053
2,910,647
Series 2021-AFC1, Class A1, 0.83%,
03/25/56(b)(c)
USD6,176
5,321,835
Series 2021-BHAR, Class A, 4.94%,
11/15/38, (1-mo. CME Term SOFR +
1.26%)(b)(c)
USD1,505
1,490,420
Series 2022-NQM3, Class A2, 4.27%,
03/25/67(b)(c)
USD9,000
7,951,393
CSTL Commercial Mortgage Trust
Series 2025-GATE2, Class A, 4.56%,
11/10/42(b)(c)
USD2,910
2,840,961
Series 2026-GATE3, Class E, 6.34%,
02/10/43(b)(c)
USD3,011
2,962,758
CVLR Trust, Series 2026-R3LX, Class A,
5.23%, 06/15/43, (1-mo. CME Term
SOFR + 1.55%)(b)(c)
USD1,647
1,638,792
DBC Mortgage Trust, Series 2025-DBC,
Class A, 5.03%, 11/15/42, (1-mo. CME
Term SOFR + 1.35%)(b)(c)
USD11,348
11,362,192
DBGS, Series 2024-SBL, Class A, 5.56%,
08/15/34, (1-mo. CME Term SOFR +
1.88%)(b)(c)
USD6,009
6,005,444
DBJPM Mortgage Trust, Series 2017-C6,
Class AM, 3.56%, 06/10/50(b)
USD250
244,026
DBMS DAC
Series 2025-1X, Class A, 5.03%,
02/18/36, (1-day SONIA+ 1.28%)(a)(b)
GBP4,129
5,559,679
Series 2025-1X, Class B, 5.25%,
02/18/36, (1-day SONIA+ 1.50%)(a)(b)
GBP735
988,339
Series 2025-1X, Class C, 5.55%,
02/18/36, (1-day SONIA+ 1.80%)(a)(b)
GBP497
668,592
Schedule of Investments
54
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
DBWF Mortgage Trust, Series 2024-LCRS,
Class A, 5.42%, 04/15/37, (1-mo. CME
Term SOFR + 1.74%)(b)(c)
USD2,000
$1,999,376
DC Trust
Series 2024-HLTN, Class A, 5.73%,
04/13/40(b)(c)
USD2,440
2,435,604
Series 2024-HLTN, Class D, 7.71%,
04/13/40(b)(c)
USD3,250
3,209,209
Deephaven Residential Mortgage Trust
Series 2021-3, Class A1, 1.19%,
08/25/66(b)(c)
USD596
524,349
Series 2025-INV1, Class A1, 5.09%,
11/25/60(b)(c)
USD10,592
10,489,072
Series 2025-INV1, Class B1, 6.68%,
11/25/60(b)(c)
USD1,857
1,841,305
Series 2026-INV1, Class A1, 4.80%,
12/25/70(b)(c)
USD10,559
10,398,003
Series 2026-INV1, Class B1, 6.57%,
12/25/70(b)(c)
USD574
564,073
Series 2026-INV1, Class B2, 6.85%,
12/25/70(b)(c)
USD1,614
1,557,301
Series 2026-INV2, Class A1B, 5.48%,
02/25/71(c)(d)
USD1,628
1,618,677
DGWD Trust, Series 2025-INFL, Class A,
5.28%, 08/15/35, (1-mo. CME Term
SOFR + 1.60%)(b)(c)
USD7,366
7,398,343
DK Trust
Series 2024-SPBX, Class A, 5.18%,
03/15/34, (1-mo. CME Term SOFR +
1.50%)(b)(c)
USD4,910
4,913,069
Series 2024-SPBX, Class D, 6.43%,
03/15/34, (1-mo. CME Term SOFR +
2.75%)(b)(c)
USD1,400
1,400,875
Series 2025-LXP, Class A, 5.30%,
08/15/37, (1-mo. CME Term SOFR +
1.59%)(b)(c)
USD8,303
8,326,352
Series 2025-LXP, Class D, 6.60%,
08/15/37, (1-mo. CME Term SOFR +
2.89%)(b)(c)
USD3,764
3,779,291
Durst Commercial Mortgage Trust
Series 2025-151, Class A, 5.15%,
08/10/42(b)(c)
USD3,861
3,849,844
Series 2025-151, Class D, 6.79%,
08/10/42(b)(c)
USD2,095
2,138,859
East One PLC
Series 2025-1, Class A, 4.71%,
02/25/58, (1-day SONIA+ 0.97%)(a)(b)
GBP6,611
8,917,105
Series 2025-1, Class B, 5.14%,
02/25/58, (1-day SONIA+ 1.40%)(a)(b)
GBP383
517,290
Series 2025-1, Class C, 5.64%,
02/25/58, (1-day SONIA+ 1.90%)(a)(b)
GBP848
1,150,003
Easy Street Mortgage Loan Trust, Series
2025-RTL2, Class A1, 5.61%,
10/25/40(c)(d)
USD5,682
5,662,110
EFMT
Series 2023-1, Class B1, 6.60%,
02/25/68(b)(c)
USD972
967,895
Series 2024-NQM1, Class A1A, 5.71%,
11/25/69(c)(d)
USD3,456
3,460,699
Series 2025-INV2, Class A1, 5.39%,
05/26/70(c)(d)
USD7,466
7,448,908
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-INV3, Class A1, 5.44%,
07/25/70(c)(d)
USD10,224
$10,208,434
Series 2025-INV4, Class A1, 5.10%,
10/25/70(c)(d)
USD13,755
13,606,254
Series 2025-INV4, Class B1, 6.84%,
10/25/70(b)(c)
USD3,125
3,108,502
Series 2025-INV4, Class B2, 7.57%,
10/25/70(b)(c)
USD1,983
1,953,945
Series 2025-NQM1, Class B1B, 7.43%,
01/25/70(b)(c)
USD3,232
3,223,884
Series 2025-NQM1, Class M1, 6.59%,
01/25/70(b)(c)
USD3,388
3,394,765
Series 2025-NQM3, Class M1B, 6.45%,
08/25/70(b)(c)
USD3,000
3,006,907
Series 2026-NQM1, Class A1, 4.77%,
02/25/71(b)(c)
USD7,647
7,545,226
Series 2026-NQM1, Class A1LC, 4.96%,
02/25/71(c)(d)
USD1,122
1,104,180
Series 2026-NQM1, Class B1, 6.54%,
02/25/71(b)(c)
USD1,000
985,613
Ellington Financial Mortgage Trust
Series 2021-3, Class A1, 1.24%,
09/25/66(b)(c)
USD504
414,855
Series 2022-2, Class A1, 5.30%,
04/25/67(b)(c)
USD6,836
6,726,795
Series 2022-2, Class A2, 4.30%,
04/25/67(b)(c)
USD1,519
1,420,088
Series 2022-3, Class A1, 6.00%,
08/25/67(c)(d)
USD4,607
4,592,381
Series 2022-4, Class B2, 5.84%,
09/25/67(b)(c)
USD837
830,758
Series 2024-INV2, Class A1, 5.04%,
10/25/69(c)(d)
USD6,997
6,962,236
ELM Trust
Series 2024-ELM, Class A10, 5.80%,
06/10/39(b)(c)
USD3,690
3,689,311
Series 2024-ELM, Class A15, 5.80%,
06/10/39(b)(c)
USD3,320
3,317,311
Series 2024-ELM, Class D10, 6.63%,
06/10/39(b)(c)
USD1,250
1,248,600
Elstree 2026-1 Mix PLC
Series 261-MIX, Class A, 4.59%,
09/21/66, (1-day SONIA+ 0.85%)(a)(b)
GBP4,402
5,928,965
Series 261-MIX, Class B, 4.89%,
09/21/66, (1-day SONIA+ 1.15%)(a)(b)
GBP1,447
1,947,633
Series 261-MIX, Class C, 5.24%,
09/21/66, (1-day SONIA+ 1.50%)(a)(b)
GBP737
993,954
Elstree Funding, Series 251-1ST, Class A,
4.46%, 01/21/65, (1-day SONIA+
0.72%)(a)(b)
GBP924
1,243,657
Elstree Funding No. 5 PLC, , Class A,
4.59%, 08/21/61, (1-day SONIA+
0.85%)(a)(b)
GBP402
541,174
ESTN Trust, Series 2026-TOWN, Class A,
5.36%, 05/12/46(b)(c)
USD708
701,348
EverBank Mortgage Loan Trust, Series
2013-1, Class A2, 2.50%, 03/25/43(b)(c)
USD122
110,727
Exmoor Funding PLC
Series 2024-1, Class A, 4.63%,
03/25/94, (1-day SONIA+ 0.88%)(a)(b)
GBP441
593,874
55
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-1, Class B, 5.25%,
03/25/94, (1-day SONIA+ 1.50%)(a)(b)
GBP157
$212,586
Series 2024-1, Class C, 5.65%,
03/25/94, (1-day SONIA+ 1.90%)(a)(b)
GBP100
135,748
Series 2025-1, Class A, 4.51%,
03/25/95, (1-day SONIA+ 0.76%)(a)(b)
GBP946
1,271,155
Series 2025-1, Class B, 5.00%,
03/25/95, (1-day SONIA+ 1.25%)(a)(b)
GBP240
322,940
Series 2025-1, Class C, 5.50%,
03/25/95, (1-day SONIA+ 1.75%)(a)(b)
GBP101
135,936
Series 2025-1, Class D, 6.13%,
03/25/95, (1-day SONIA+ 2.38%)(a)(b)
GBP100
134,591
Fannie Mae REMICS
Series 2024-91, Class FA, 4.82%,
12/25/54, (30-day Avg SOFR +
1.20%)(b)
USD6,960
7,032,665
Series 2024-94, Class FB, 5.04%,
12/25/54, (30-day Avg SOFR +
1.42%)(b)
USD1,551
1,572,213
Series 2025-2, Class FG, 5.07%,
02/25/55, (30-day Avg SOFR +
1.45%)(b)
USD7,442
7,486,995
Federal Home Loan Mortgage Corp.
Series 5478, Class FD, 5.02%,
02/25/54, (30-day Avg SOFR +
1.40%)(b)
USD2,622
2,654,529
Series 5479, Class FB, 5.02%,
12/25/54, (30-day Avg SOFR +
1.40%)(b)
USD2,017
2,041,840
Series 5500, Class DF, 4.97%,
10/25/54, (30-day Avg SOFR +
1.35%)(b)
USD3,598
3,638,656
Series 5502, Class EF, 5.02%,
02/25/55, (30-day Avg SOFR +
1.40%)(b)
USD2,855
2,891,090
Series 5505, Class FB, 5.12%,
02/25/55, (30-day Avg SOFR +
1.50%)(b)
USD4,151
4,216,749
Series 5505, Class JF, 5.07%,
02/25/55, (30-day Avg SOFR +
1.45%)(b)
USD10,579
10,730,400
Series 5508, Class FE, 5.22%,
02/25/55, (30-day Avg SOFR +
1.60%)(b)
USD3,809
3,879,935
Series 5515, Class FB, 5.02%,
03/25/55, (30-day Avg SOFR +
1.40%)(b)
USD2,886
2,923,091
Series 5539, Class FC, 5.12%,
05/25/55, (30-day Avg SOFR +
1.50%)(b)
USD3,644
3,702,185
Series 5543, Class FC, 5.12%,
06/25/55, (30-day Avg SOFR +
1.50%)(b)
USD2,767
2,811,384
Series 5543, Class FG, 5.12%,
06/25/55, (30-day Avg SOFR +
1.50%)(b)
USD2,827
2,872,128
Series 5543, Class FH, 5.12%,
06/25/55, (30-day Avg SOFR +
1.50%)(b)
USD4,065
4,130,903
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 5543, Class FM, 5.12%,
06/25/55, (30-day Avg SOFR +
1.50%)(b)
USD3,729
$3,788,987
Series 5570, Class FA, 5.02%,
05/25/55, (30-day Avg SOFR +
1.40%)(b)
USD4,145
4,198,405
Series 5574, Class FB, 4.97%,
09/25/55, (30-day Avg SOFR +
1.35%)(b)
USD3,698
3,740,485
Federal Home Loan Mortgage Corp.
Multifamily Structured
Pass-Through Certificates
Series K741, Class X1, 0.54%,
12/25/27(b)
USD64,840
421,573
Series KPLB2, Class X, 0.26%,
06/25/33(b)
USD4,245
76,871
Federal Home Loan Mortgage
Corp. REMICS
Series 5386, Class FD, 4.87%,
03/25/54, (30-day Avg SOFR +
1.25%)(b)
USD1,096
1,102,010
Series 5424, Class FA, 4.82%,
06/25/54, (30-day Avg SOFR +
1.20%)(b)
USD2,375
2,399,128
Series 5448, Class CF, 4.62%,
09/25/54, (30-day Avg SOFR +
1.00%)(b)
USD7,636
7,670,255
Series 5458, Class DF, 4.72%,
10/25/54, (30-day Avg SOFR +
1.10%)(b)
USD16,391
16,458,891
Series 5458, Class FB, 4.77%,
10/25/54, (30-day Avg SOFR +
1.15%)(b)
USD8,939
8,986,328
Series 5467, Class FC, 4.68%,
10/25/54, (30-day Avg SOFR +
1.06%)(b)
USD15,520
15,570,312
Series 5468, Class WF, 4.72%,
11/25/54, (30-day Avg SOFR +
1.10%)(b)
USD4,942
4,962,316
Series 5469, Class F, 4.72%,
09/25/54, (30-day Avg SOFR +
1.10%)(b)
USD4,161
4,178,219
Series 5470, Class AF, 4.72%,
11/25/54, (30-day Avg SOFR +
1.10%)(b)
USD5,384
5,406,846
Series 5478, Class FH, 5.07%,
04/25/54, (30-day Avg SOFR +
1.45%)(b)
USD4,128
4,185,008
Series 5480, Class FA, 5.07%,
03/25/54, (30-day Avg SOFR +
1.45%)(b)
USD4,091
4,114,030
Series 5482, Class FB, 5.12%,
12/25/54, (30-day Avg SOFR +
1.50%)(b)
USD5,354
5,439,948
Series 5511, Class QF, 4.97%,
03/25/55, (30-day Avg SOFR +
1.35%)(b)
USD17,553
17,747,783
Series 5563, Class FA, 4.97%,
08/25/55, (30-day Avg SOFR +
1.35%)(b)
USD7,430
7,513,891
Schedule of Investments
56
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Federal Home Loan Mortgage Corp.
STRIPS, Series 413, Class F26, 4.82%,
05/25/54, (30-day Avg SOFR + 1.20%)(b)
USD2,076
$2,097,551
Federal National Mortgage Association
Series 2023-35, Class FC, 4.72%,
08/25/53, (30-day Avg SOFR +
1.10%)(b)
USD6,024
6,068,708
Series 2023-68, Class FB, 4.67%,
01/25/54, (30-day Avg SOFR +
1.05%)(b)
USD5,871
5,905,805
Series 2024-63, Class FH, 4.72%,
09/25/54, (30-day Avg SOFR +
1.10%)(b)
USD4,098
4,128,480
Series 2024-88, Class FC, 5.02%,
12/25/54, (30-day Avg SOFR +
1.40%)(b)
USD3,351
3,393,257
Series 2024-95, Class FC, 5.02%,
12/25/54, (30-day Avg SOFR +
1.40%)(b)
USD1,156
1,170,640
Series 2024-96, Class FA, 5.02%,
12/25/54, (30-day Avg SOFR +
1.40%)(b)
USD5,413
5,467,730
Series 2025-1, Class FX, 4.97%,
02/25/55, (30-day Avg SOFR +
1.35%)(b)
USD3,857
3,899,312
Series 2025-18, Class FH, 5.02%,
08/25/54, (30-day Avg SOFR +
1.40%)(b)
USD1,898
1,922,104
Series 2025-35, Class FJ, 5.22%,
05/25/55, (30-day Avg SOFR +
1.60%)(b)
USD4,382
4,466,498
Series 2025-42, Class FA, 5.12%,
06/25/55, (30-day Avg SOFR +
1.50%)(b)
USD2,629
2,671,012
Series 2025-42, Class FE, 5.17%,
06/25/55, (30-day Avg SOFR +
1.55%)(b)
USD4,924
5,011,967
Series 2025-63, Class DF, 5.02%,
08/25/55, (30-day Avg SOFR +
1.40%)(b)
USD2,968
3,006,566
Series 2025-9, Class FG, 4.97%,
03/25/55, (30-day Avg SOFR +
1.35%)(b)
USD2,277
2,301,564
Federal National Mortgage
Association REMICS
Series 2024-30, Class FC, 4.67%,
06/25/54, (30-day Avg SOFR +
1.05%)(b)
USD3,101
3,119,551
Series 2024-38, Class FE, 4.67%,
06/25/54, (30-day Avg SOFR +
1.05%)(b)
USD2,879
2,896,008
Series 2024-54, Class FE, 4.72%,
08/25/54, (30-day Avg SOFR +
1.10%)(b)
USD2,095
2,110,675
Series 2024-75, Class FC, 4.57%,
10/25/54, (30-day Avg SOFR +
0.95%)(b)
USD11,459
11,470,452
Series 2025-13, Class FB, 4.92%,
03/25/55, (30-day Avg SOFR +
1.30%)(b)
USD21,043
21,247,384
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-21, Class FB, 4.92%,
07/25/53, (30-day Avg SOFR +
1.30%)(b)
USD4,251
$4,291,400
Series 2025-31, Class FA, 4.92%,
06/25/54, (30-day Avg SOFR +
1.30%)(b)
USD16,187
16,341,299
Series 2025-32, Class FA, 4.87%,
05/25/55, (30-day Avg SOFR +
1.25%)(b)
USD14,039
14,151,678
First Horizon Alternative Mortgage Securities
Trust, Series 2006-AA7, Class A1, 4.42%,
01/25/37(b)
USD806
615,689
Flagstar Mortgage Trust
Series 2019-1INV, Class A13, 3.50%,
10/25/49(b)(c)
USD104
91,928
Series 2019-1INV, Class A3, 3.50%,
10/25/49(b)(c)
USD122
107,250
Fontainebleau Miami Beach Mortgage Trust
Series 2024-FBLU, Class A, 5.13%,
12/15/39, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD3,530
3,534,413
Series 2024-FBLU, Class F, 7.93%,
12/15/39, (1-mo. CME Term SOFR +
4.25%)(b)(c)
USD6,600
6,645,375
Frontier Mortgage Funding PLC
Series 2025-1, Class A, 4.47%,
12/20/66, (1-day SONIA+ 0.73%)(a)(b)
GBP1,148
1,544,840
Series 2025-1, Class B, 4.74%,
12/20/66, (1-day SONIA+ 1.00%)(a)(b)
GBP866
1,163,778
Series 2026-1, Class B, 4.74%,
12/20/66, (1-day SONIA+ 1.00%)(a)(b)
GBP1,078
1,447,931
FS
Series 2026-ORL, Class A, 5.03%,
02/15/41, (1-mo. CME Term SOFR +
1.35%)(b)(c)
USD9,900
9,909,281
Series 2026-ORL, Class E, 6.93%,
02/15/41, (1-mo. CME Term SOFR +
3.25%)(b)(c)
USD2,900
2,905,332
FS Trust
Series 2026-HULA, Class A, 5.13%,
03/15/41, (1-mo. CME Term SOFR +
1.45%)(b)(c)
USD6,000
6,011,250
Series 2026-PALM, Class A, 5.05%,
07/15/41, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD1,000
1,000,938
Galton Funding Mortgage Trust
Series 2019-H1, Class A3, 2.96%,
10/25/59(b)(c)
USD87
86,928
Series 2020-H1, Class A2, 2.41%,
01/25/60(b)(c)
USD3,449
3,280,395
GCAT Trust
Series 2019-NQM3, Class A1, 3.69%,
11/25/59(b)(c)
USD638
625,697
Series 2020-NQM2, Class A1, 2.56%,
04/25/65(c)(d)
USD1,559
1,496,374
Series 2020-NQM2, Class A2, 3.27%,
04/25/65(c)(d)
USD170
164,922
Series 2020-NQM2, Class A3, 3.94%,
04/25/65(c)(d)
USD110
107,319
Series 2021-NQM3, Class B1, 3.47%,
05/25/66(b)(c)
USD578
432,145
57
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2021-NQM4, Class A1, 1.09%,
08/25/66(b)(c)
USD2,043
$1,709,528
Series 2021-NQM7, Class A1, 1.92%,
08/25/66(b)(c)
USD39
36,368
Series 2022-HX1, Class A1, 2.89%,
12/27/66(b)(c)
USD762
688,500
Series 2022-NQM1, Class A1, 3.92%,
02/25/67(b)(c)
USD4,160
3,935,619
Series 2022-NQM2, Class A3, 4.21%,
02/25/67(b)(c)
USD1,105
1,030,093
Series 2022-NQM3, Class A3, 4.35%,
04/25/67(b)(c)
USD4,722
4,423,439
Series 2022-NQM5, Class A1, 5.71%,
08/25/67(c)(d)
USD265
262,698
Series 2023-NQM1, Class A1, 4.25%,
10/25/57(b)(c)
USD3,751
3,519,313
Series 2024-INV1, Class 2A6, 6.50%,
01/25/54(b)(c)
USD162
162,608
Series 2024-INV4, Class A2, 5.50%,
12/25/54(b)(c)
USD4,250
4,187,881
Series 2025-INV2, Class A1, 6.00%,
05/25/55(b)(c)
USD8,531
8,576,393
Series 2025-NQM4, Class B1, 7.20%,
06/25/70(b)(c)
USD3,000
3,001,202
Series 2025-NQM6, Class A1, 4.94%,
10/25/70(b)(c)
USD9,096
8,999,819
GGP Trust, Series 2026-TY, Class A, 4.67%,
03/05/43(b)(c)
USD1,834
1,793,501
Government National Mortgage Association
Series 2024-125, Class HF, 4.62%,
08/20/54, (30-day Avg SOFR +
1.00%)(b)
USD4,965
4,982,276
Series 2024-51, Class TF, 4.62%,
03/20/54, (30-day Avg SOFR +
1.00%)(b)
USD1,562
1,569,500
Series 2024-96, Class FL, 4.77%,
06/20/54, (30-day Avg SOFR +
1.15%)(b)
USD2,926
2,934,056
Series 2025-9, Class FE, 4.87%,
01/20/55, (30-day Avg SOFR +
1.25%)(b)
USD3,339
3,368,049
Great Wolf Trust, Series 2024-WOLF,
Class A, 5.22%, 03/15/39, (1-mo. CME
Term SOFR + 1.54%)(b)(c)
USD1,370
1,371,713
GS Mortgage-Backed Securities Corp. Trust
Series 2017-375H, Class C, 3.48%,
09/10/37(b)(c)
USD1,000
961,175
Series 2024-RVR, Class D, 6.46%,
08/10/41(b)(c)
USD2,870
2,826,478
Series 2024-RVR, Class E, 7.47%,
08/10/41(b)(c)
USD2,636
2,582,329
Series 2025-800D, Class A, 6.32%,
11/25/41, (1-mo. CME Term SOFR +
2.65%)(b)(c)
USD6,874
6,850,216
Series 2025-NQM6, Class B1, 6.60%,
02/25/66(b)(c)
USD1,000
986,227
GS Mortgage-Backed Securities Trust
Series 2021-INV1, Class A6, 2.50%,
12/25/51(b)(c)
USD1,869
1,645,058
Series 2022-GR1, Class A5, 2.50%,
06/25/52(b)(c)
USD1,129
991,450
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-RPL2, Class A1, 3.75%,
07/25/61(b)(c)
USD789
$762,453
Series 2025-DSC1, Class A1, 4.97%,
06/25/65(b)(c)
USD11,577
11,469,177
Series 2025-DSC1, Class B1, 6.74%,
06/25/65(b)(c)
USD1,873
1,868,211
Series 2025-DSC2, Class A1, 5.04%,
01/25/66(c)(d)
USD12,598
12,451,578
Series 2025-DSC2, Class B1, 6.74%,
01/25/66(b)(c)
USD1,780
1,775,736
Series 2025-NQM3, Class B1, 6.87%,
11/25/65(c)
USD1,475
1,467,826
Series 2025-NQM3, Class B2, 7.23%,
11/25/65(b)(c)
USD1,568
1,542,133
Series 2025-NQM4, Class B1, 6.77%,
10/25/65(b)(c)
USD1,658
1,645,970
Series 2025-NQM4, Class B2, 7.14%,
10/25/65(b)(c)
USD1,326
1,309,037
Series 2025-NQM5, Class B1, 6.74%,
07/25/65(b)(c)
USD1,667
1,655,324
Series 2026-NQM1, Class A1, 4.87%,
03/25/66(b)(c)
USD3,195
3,145,241
Series 2026-NQM1, Class B1, 6.63%,
03/25/66(b)(c)
USD373
369,158
Series 2026-NQM1, Class B2, 7.53%,
03/25/66(b)(c)
USD708
700,205
Series 2026-NQM5, Class B1, 7.06%,
11/25/66(b)(c)
USD2,750
2,724,334
GSAT Trust, Series 2025-BMF, Class A,
5.18%, 07/15/40, (1-mo. CME Term
SOFR + 1.50%)(b)(c)
USD9,475
9,470,358
GWT Trust, Series 2024-WLF2, Class A,
5.37%, 05/15/41, (1-mo. CME Term
SOFR + 1.69%)(b)(c)
USD3,805
3,812,134
HarborView Mortgage Loan Trust, Series
2007-6, Class 1A1A, 3.98%, 08/19/37,
(1-mo. CME Term SOFR + 0.31%)(b)
USD1,848
1,634,780
Harvest Commercial Capital Loan Trust,
Series 2024-1, Class A, 6.16%,
10/25/56(c)
USD2,140
2,161,142
HIH Trust, Series 2024-61P, Class A, 5.52%,
10/15/41, (1-mo. CME Term SOFR +
1.84%)(b)(c)
USD3,359
3,365,765
HILT Commercial Mortgage Trust
Series 2024-ORL, Class A, 5.22%,
05/15/37, (1-mo. CME Term SOFR +
1.54%)(b)(c)
USD8,791
8,793,747
Series 2024-ORL, Class C, 6.12%,
05/15/37, (1-mo. CME Term SOFR +
2.44%)(b)(c)
USD3,100
3,100,969
Hilton USA Trust, Series 2016-HHV, Class A,
3.72%, 11/05/38(c)
USD200
199,493
HLTN Commercial Mortgage Trust, Series
2026-DPLO, Class A, 5.38%, 04/15/41,
(1-mo. CME Term SOFR + 1.70%)(b)(c)
USD3,000
3,005,625
HOMES Trust
Series 2024-AFC1, Class A1, 5.22%,
08/25/59(c)(d)
USD4,087
4,070,942
Series 2025-AFC1, Class M1, 6.39%,
01/25/60(b)(c)
USD2,286
2,284,283
Schedule of Investments
58
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-AFC4, Class A1A, 5.15%,
11/25/60(c)(d)
USD3,071
$3,048,576
Series 2025-NQM1, Class M1, 6.52%,
01/25/70(b)(c)
USD2,000
2,002,252
Series 2025-NQM2, Class A1, 5.43%,
02/25/70(c)(d)
USD11,854
11,827,007
Series 2025-NQM3, Class A1, 5.63%,
02/25/70(b)(c)
USD4,788
4,792,498
Series 2025-NQM4, Class B1, 6.90%,
08/25/70(b)(c)
USD3,000
2,986,327
Series 2025-NQM5, Class A1, 5.03%,
09/25/70(b)(c)
USD12,503
12,366,293
Series 2025-NQM5, Class B1, 6.79%,
09/25/70(b)(c)
USD2,900
2,872,446
HONO Mortgage Trust, Series 2021-LULU,
Class A, 4.94%, 10/15/36, (1-mo. CME
Term SOFR + 1.26%)(b)(c)
USD5,690
5,642,691
HTL Commercial Mortgage Trust
Series 2024-T53, Class A, 5.88%,
05/10/39(b)(c)
USD2,840
2,850,478
Series 2024-T53, Class E, 10.26%,
05/10/39(b)(c)
USD3,000
3,023,400
Hudson Yards Mortgage Trust, Series
2019-55HY, Class A, 2.94%,
12/10/41(b)(c)
USD400
372,187
Idun European Loan Conduit No 42 SARL
Series 42X, Class A, 3.76%,
07/28/38, (3-mo. EURIBOR +
1.35%)(a)(b)
EUR1,523
1,749,819
Series 42X, Class B, 4.01%,
07/28/38, (3-mo. EURIBOR +
1.60%)(a)(b)
EUR628
723,550
Series 42X, Class D, 5.31%,
07/28/38, (3-mo. EURIBOR +
2.90%)(a)(b)
EUR317
364,913
Series 42X, Class E, 6.31%,
07/28/38, (3-mo. EURIBOR +
3.90%)(a)(b)
EUR523
603,058
ILPT Commercial Mortgage Trust, Series
2025-LPF2, Class A, 5.29%,
07/13/42(b)(c)
USD6,709
6,694,428
INV Mortgage Trust, Series 2024-IND,
Class A, 5.42%, 11/15/41, (1-mo. CME
Term SOFR + 1.74%)(b)(c)
USD7,342
7,273,169
J.P. Morgan Chase Commercial Mortgage
Securities Trust, Series 2024-OMNI,
Class A, 5.80%, 10/05/39(b)(c)
USD5,000
5,023,687
J.P. Morgan Mortgage Trust
Series 2021-1, Class A11, 4.28%,
06/25/51, (30-day Avg SOFR +
0.65%)(b)(c)
USD1,010
937,947
Series 2022-7, Class 2A5A, 4.00%,
12/25/52(b)(c)
USD2,000
1,561,405
Series 2026-NQM4, Class A1LC, 5.84%,
12/01/66(c)(d)
USD1,716
1,715,969
Japan Housing Finance Agency/Kiko
Series 164, Class 1, 0.33%, 01/10/56
JPY75,564
330,814
Series 170, Class 1, 0.36%, 07/10/56
JPY75,701
333,029
Series 176, Class 1, 0.32%, 01/10/57
JPY79,131
342,044
Series 180, Class 1, 0.50%, 05/10/57
JPY79,138
350,576
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2024-IGLG, Class A, 5.17%,
11/09/39(b)(c)
USD6,020
$6,013,310
Series 2024-IGLG, Class D, 6.48%,
11/09/39(b)(c)
USD3,450
3,428,848
Series 2024-IGLG, Class E, 7.25%,
11/09/39(b)(c)
USD1,841
1,828,493
Series 2024-IGLG, Class F, 8.22%,
11/09/39(b)(c)
USD1,533
1,521,206
Series 2025-BHR5, Class A, 5.37%,
03/15/40, (1-mo. CME Term SOFR +
1.69%)(b)(c)
USD2,635
2,635,958
JP Morgan Mortgage Trust
Series 2015-5, Class A9, 5.14%,
05/25/45(b)(c)
USD789
787,000
Series 2017-3, Class 1A13, 3.50%,
08/25/47(b)(c)
USD862
771,059
Series 2017-5, Class A2, 4.76%,
10/26/48(b)(c)
USD1,243
1,254,321
Series 2019-1, Class A11, 4.79%,
05/25/49, (1-mo. CME Term SOFR +
1.06%)(b)(c)
USD18
17,305
Series 2020-3, Class A11, 5.76%,
08/25/50, (1-mo. CME Term SOFR +
2.11%)(b)(c)
USD361
361,885
Series 2020-3, Class A11X, 0.24%,
08/25/50, (1-mo. CME Term SOFR +
3.89%)(b)(c)
USD361
4,138
Series 2021-1, Class A4, 2.50%,
06/25/51(b)(c)
USD638
581,419
Series 2021-LTV2, Class A3, 2.93%,
05/25/52(b)(c)
USD4,420
3,757,329
Series 2022-LTV1, Class A2, 3.51%,
07/25/52(b)(c)
USD534
472,349
Series 2024-2, Class A3, 6.00%,
08/25/54(b)(c)
USD456
456,322
Series 2024-CCM1, Class A8A, 5.50%,
04/25/55(b)(c)
USD1,000
1,000,616
Series 2024-NQM1, Class M1A, 6.41%,
02/25/64(b)(c)
USD2,800
2,802,645
Series 2024-VIS1, Class A1, 5.99%,
07/25/64(b)(c)
USD1,596
1,597,327
Series 2024-VIS1, Class B2, 8.04%,
07/25/64(b)(c)
USD940
947,103
Series 2025-DSC2, Class B1, 6.92%,
10/25/65(b)(c)
USD3,000
3,034,080
Series 2025-NQM3, Class A1, 5.50%,
11/25/65(b)(c)
USD3,909
3,901,290
Series 2025-NQM3, Class M1B, 6.42%,
11/25/65(b)(c)
USD1,300
1,294,619
Series 2025-VIS1, Class M1, 6.41%,
08/25/55(b)(c)
USD2,344
2,343,854
Series 2025-VIS2, Class A1B, 5.39%,
12/25/55(c)(d)
USD8,292
8,239,942
Series 2025-VIS3, Class A1, 5.06%,
02/25/66(b)(c)
USD13,895
13,749,513
Series 2025-VIS3, Class B1, 6.76%,
02/25/66(b)(c)
USD2,643
2,612,981
Series 2025-VIS3, Class B2, 7.20%,
02/25/66(b)(c)
USD1,680
1,638,074
59
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-NQM1, Class A1, 4.75%,
06/25/66(b)(c)
USD2,917
$2,872,881
Series 2026-NQM1, Class A1LC, 4.93%,
06/25/66(c)(d)
USD8,906
8,744,656
Jubilee Place 7 BV
Series 7, Class B, 3.46%,
09/18/62, (3-mo. EURIBOR +
1.05%)(a)(b)
EUR257
295,547
Series 7, Class C, 3.81%,
09/18/62, (3-mo. EURIBOR +
1.40%)(a)(b)
EUR100
115,131
Jubilee Place 8 BV, Series 8, Class C,
3.66%, 03/17/62, (3-mo. EURIBOR +
1.25%)(a)(b)
EUR100
114,479
JW Trust, Series 2024-BERY, Class A,
5.27%, 11/15/39, (1-mo. CME Term
SOFR + 1.59%)(b)(c)
USD4,360
4,365,450
KELR Trust
Series 2026-MF, Class A, 5.00%,
08/15/43, (1-mo. CME Term SOFR +
1.35%)(b)(c)
USD3,236
3,237,011
Series 2026-MF, Class E, 6.45%,
08/15/43, (1-mo. CME Term SOFR +
2.80%)(b)(c)
USD2,250
2,250,000
KRE Commercial Mortgage Trust, Series
2026-ICNA, Class A, 5.53%, 05/15/43,
(1-mo. CME Term SOFR + 1.85%)(b)(c)
USD500
500,618
KSL Commercial Mortgage Trust
Series 2025-MAK, Class A, 5.55%,
06/15/42(c)
USD7,483
7,496,938
Series 2025-MAK, Class E, 7.74%,
06/05/42(c)
USD8,585
8,610,735
La Trobe Financial Capital Markets Trust,
Series 2025-1, Class A1L, 5.36%,
05/15/57, (1-mo. BB Swap + 1.05%)(b)
AUD1,168
821,340
Lagarino European Loan Conduit No. 40
DAC
Series 40X, Class A, 3.89%,
06/22/37, (3-mo. EURIBOR +
1.50%)(a)(b)
EUR1,921
2,208,892
Series 40X, Class B, 4.54%,
06/22/37, (3-mo. EURIBOR +
2.15%)(a)(b)
EUR526
603,455
Series 40X, Class C, 5.04%,
06/22/37, (3-mo. EURIBOR +
2.65%)(a)(b)
EUR334
383,465
Series 40X, Class D, 5.94%,
06/22/37, (3-mo. EURIBOR +
3.55%)(a)(b)
EUR948
1,081,561
LBA Trust, Series 2024-7IND, Class A,
5.12%, 10/15/41, (1-mo. CME Term
SOFR + 1.44%)(b)(c)
USD4,389
4,393,102
LEX Trust
Series 2026-450, Class A, 5.03%,
03/15/43, (1-mo. CME Term SOFR +
1.35%)(b)(c)
USD5,457
5,463,821
Series 2026-450, Class E, 7.38%,
03/15/43, (1-mo. CME Term SOFR +
3.70%)(b)(c)
USD4,900
4,855,075
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
LQR Trust
Series 2025-CALI, Class A, 5.28%,
01/15/43, (1-mo. CME Term SOFR +
1.60%)(b)(c)
USD3,542
$3,537,573
Series 2025-CALI, Class E, 7.63%,
01/15/43, (1-mo. CME Term SOFR +
3.95%)(b)(c)
USD7,320
7,319,921
LUX, Series 2023-LION, Class A, 6.37%,
08/15/40, (1-mo. CME Term SOFR +
2.69%)(b)(c)
USD882
882,724
MAC Trust, Series 2025-801B, Class A,
5.38%, 10/15/40, (1-mo. CME Term
SOFR + 1.70%)(b)(c)
USD10,700
10,683,124
MAD Commercial Mortgage Trust, Series
2025-11MD, Class E, 7.33%,
10/15/42(b)(c)
USD3,992
3,967,587
MAIN Trust
Series 2026-OLAS, Class A, 5.38%,
01/15/41, (1-mo. CME Term SOFR +
1.70%)(b)(c)
USD9,900
9,899,947
Series 2026-OLAS, Class E, 7.93%,
01/15/41, (1-mo. CME Term SOFR +
4.25%)(b)(c)
USD1,400
1,399,984
Series 2026-OLAS, Class F, 8.93%,
01/15/41, (1-mo. CME Term SOFR +
5.25%)(b)(c)
USD1,400
1,399,979
Series 2026-OLAS, Class G, 10.93%,
01/15/41, (1-mo. CME Term SOFR +
7.25%)(b)(c)
USD1,600
1,599,965
Manhattan West Mortgage Trust, Series
2026-2MW, Class A, 5.32%,
06/10/48(b)(c)
USD1,287
1,270,275
MCR Mortgage Trust
Series 2024-HF1, Class A, 5.47%,
12/15/41, (1-mo. CME Term SOFR +
1.79%)(b)(c)
USD5,261
5,267,580
Series 2024-HTL, Class A, 5.44%,
02/15/37, (1-mo. CME Term SOFR +
1.76%)(b)(c)
USD894
894,302
Series 2024-HTL, Class C, 6.78%,
02/15/37, (1-mo. CME Term SOFR +
3.11%)(b)(c)
USD1,813
1,811,444
Series 2024-HTL, Class D, 7.58%,
02/15/37, (1-mo. CME Term SOFR +
3.91%)(b)(c)
USD1,652
1,648,546
Series 2024-TWA, Class A, 5.92%,
06/12/39(c)
USD4,800
4,810,010
Meridian Funding PLC
Series 2025-1, Class A, 4.59%,
02/20/68, (1-day SONIA+ 0.85%)(a)(b)
GBP2,393
3,222,699
Series 2025-1, Class B, 5.04%,
02/20/68, (1-day SONIA+ 1.30%)(a)(b)
GBP497
669,352
Series 2025-1, Class C, 5.34%,
02/20/68, (1-day SONIA+ 1.60%)(a)(b)
GBP570
766,679
Series 2025-1, Class D, 5.79%,
02/20/68, (1-day SONIA+ 2.05%)(a)(b)
GBP470
632,711
Series 2025-1, Class E, 6.99%,
02/20/68, (1-day SONIA+ 3.25%)(a)(b)
GBP559
750,221
Schedule of Investments
60
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
MF1 Trust
Series 2021-W10, Class A, 4.75%,
12/15/34, (1-mo. CME Term SOFR +
1.07%)(b)(c)
USD130
$129,370
Series 2021-W10, Class B, 5.05%,
12/15/34, (1-mo. CME Term SOFR +
1.37%)(b)(c)
USD100
99,405
MFA Trust
Series 2020-NQM1, Class A3, 3.30%,
08/25/49(b)(c)
USD169
164,327
Series 2021-NQM2, Class A3, 1.47%,
11/25/64(b)(c)
USD3,397
3,049,483
Series 2022-NQM1, Class M1, 4.28%,
12/25/66(b)(c)
USD2,703
2,378,905
Series 2023-NQM4, Class A1, 6.11%,
12/25/68(c)(d)
USD1,613
1,616,865
Series 2024-NQM1, Class A1, 6.58%,
03/25/69(c)(d)
USD887
892,087
Series 2024-NQM2, Class A1, 5.27%,
08/25/69(c)(d)
USD3,168
3,155,859
Series 2025-NQM3, Class B1, 6.93%,
08/25/70(b)(c)
USD1,850
1,864,322
Series 2025-NQM3, Class M1, 6.13%,
08/25/70(b)(c)
USD632
629,747
Series 2026-NQM1, Class A1, 5.05%,
02/25/71(b)(c)
USD9,460
9,370,308
Series 2026-NQMR1, Class A1LC,
5.50%, 11/25/67(c)(d)
USD5,300
5,254,675
MFRA Trust, Series 2024-NQM3, Class M1,
6.67%, 12/25/69(b)(c)
USD3,529
3,555,711
MHP Commercial Mortgage Trust, Series
2025-MHIL2, Class E, 7.18%, 09/15/40,
(1-mo. CME Term SOFR + 3.50%)(b)(c)
USD5,000
5,015,613
Mill City Mortgage Loan Trust, Series
2026-R1, Class A1, 5.46%, 10/25/62(b)(c)
USD15,918
15,819,012
Miltonia Mortgage Finance SRL, Series 1,
Class B, 3.79%, 04/28/62, (3-mo.
EURIBOR + 1.30%)(a)(b)
EUR200
231,094
MIRA Trust, Series 2023-MILE, Class A,
6.75%, 06/10/38(c)
USD103
104,776
MLTI Trust
Series 2026-MLTI, Class A10, 5.08%,
06/15/39, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD4,900
4,911,928
Series 2026-MLTI, Class A2, 5.33%,
06/15/39, (1-mo. CME Term SOFR +
1.65%)(b)(c)
USD1,000
998,912
Series 2026-SF75, Class A, 5.08%,
03/15/36, (1-mo. CME Term SOFR +
1.40%)(b)(c)
USD8,838
8,843,518
Molossus Btl PLC
Series 2025-1, Class A, 4.58%,
03/17/63, (1-day SONIA+ 0.83%)(a)(b)
GBP8,156
10,981,201
Series 2025-1, Class B, 4.80%,
03/17/63, (1-day SONIA+ 1.05%)(a)(b)
GBP1,626
2,187,221
Series 2025-1, Class C, 5.10%,
03/17/63, (1-day SONIA+ 1.35%)(a)(b)
GBP161
216,414
Series 2025-1, Class D, 5.40%,
03/17/63, (1-day SONIA+ 1.65%)(a)(b)
GBP156
210,205
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust
Series 2017-HR2, Class AS, 3.89%,
12/15/50(b)
USD230
$225,959
Series 2018-H3, Class AS, 4.43%,
07/15/51(b)
USD650
637,466
Series 2018-H3, Class B, 4.62%,
07/15/51(b)
USD182
176,783
Series 2019-H6, Class AS, 3.70%,
06/15/52
USD895
846,894
Series 2019-H7, Class AS, 3.52%,
07/15/52
USD895
842,879
Series 2021-230P, Class B, 5.24%,
12/15/38, (1-mo. CME Term SOFR +
1.56%)(b)(c)
USD3,338
3,066,203
Morgan Stanley Residential Mortgage
Loan Trust
Series 2024-NQM3, Class A1, 5.04%,
07/25/69(b)(c)
USD4,158
4,143,939
Series 2024-NQM3, Class B1B, 7.50%,
07/25/69(b)(c)
USD1,000
997,281
Series 2025-DSC2, Class A1, 5.44%,
07/25/70(b)(c)
USD12,420
12,379,260
Series 2025-DSC2, Class B1, 7.06%,
07/25/70(b)(c)
USD1,500
1,499,484
Series 2025-NQM1, Class A1, 5.74%,
11/25/69(b)(c)
USD2,136
2,138,007
Series 2025-NQM1, Class M1, 6.50%,
11/25/69(b)(c)
USD1,830
1,836,379
Series 2025-NQM10, Class A1LC, 5.24%,
11/25/70(c)(d)
USD2,560
2,517,286
Series 2025-NQM5, Class A1, 5.44%,
07/25/70(b)(c)
USD11,397
11,342,845
Series 2025-NQM7, Class B1, 6.59%,
09/25/70(b)(c)
USD2,712
2,680,430
Series 2025-SPL1, Class A1, 4.25%,
02/25/65(b)(c)
USD18,615
17,948,815
Series 2025-SPL1, Class M1, 4.25%,
02/25/65(c)(d)
USD1,641
1,524,113
Series 2026-DSC1, Class A1LC, 4.93%,
01/25/71(c)(d)
USD9,900
9,709,834
Mortimer PLC
Series 2024-MIX, Class A, 4.57%,
09/22/67, (1-day SONIA + 0.83%)(a)(b)
GBP955
1,286,356
Series 2024-MIX, Class B, 4.89%,
09/22/67, (1-day SONIA + 1.15%)(a)(b)
GBP561
756,589
Series 2024-MIX, Class C, 5.29%,
09/22/67, (1-day SONIA + 1.55%)(a)(b)
GBP100
135,564
Series 2024-MIX, Class D, 5.84%,
09/22/67, (1-day SONIA + 2.10%)(a)(b)
GBP100
135,774
National Commercial Mortgage Trust, Series
2026-IND, Class A, 5.03%, 06/15/43,
(1-mo. CME Term SOFR + 1.35%)(b)(c)
USD3,411
3,415,260
National RMBS Trust
Series 2026-1, Class A1, 5.25%,
10/20/57, (1-mo. BB Swap +
0.94%)(a)(b)
AUD6,518
4,590,647
Series 2026-1, Class A2, 5.56%,
10/20/57, (1-mo. BB Swap +
1.25%)(a)(b)
AUD1,500
1,057,987
61
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-1, Class B, 5.81%,
10/20/57, (1-mo. BB Swap +
1.50%)(a)(b)
AUD3,900
$2,748,928
Series 2026-1, Class C, 6.06%,
10/20/57, (1-mo. BB Swap +
1.75%)(a)(b)
AUD1,200
845,081
Series 2026-1, Class D, 6.31%,
10/20/57, (1-mo. BB Swap +
2.00%)(a)(b)
AUD500
351,051
NCMF Trust, Series 2025-MFS, Class E,
7.53%, 06/10/33(b)(c)
USD5,993
5,980,070
New Residential Mortgage Loan Trust
Series 2014-2A, Class A2, 3.75%,
05/25/54(b)(c)
USD131
122,995
Series 2015-1A, Class A1, 3.75%,
05/28/52(b)(c)
USD31
29,091
Series 2015-1A, Class A2, 3.75%,
05/28/52(b)(c)
USD79
74,835
Series 2015-1A, Class A3, 3.75%,
05/28/52(b)(c)
USD387
366,633
Series 2017-2A, Class A4, 4.00%,
03/25/57(b)(c)
USD104
99,172
Series 2018-2A, Class A1, 4.50%,
02/25/58(b)(c)
USD71
69,185
Series 2018-5A, Class A1, 4.75%,
12/25/57(b)(c)
USD115
112,279
Series 2019-NQM4, Class A1, 2.49%,
09/25/59(b)(c)
USD1,242
1,194,677
Series 2019-NQM4, Class A3, 2.80%,
09/25/59(b)(c)
USD2,059
1,982,844
Series 2019-NQM5, Class A1, 2.71%,
11/25/59(b)(c)
USD1,265
1,201,223
Series 2020-NQM1, Class A2, 2.72%,
01/26/60(b)(c)
USD532
499,494
Series 2020-NQM1, Class A3, 2.77%,
01/26/60(b)(c)
USD1,552
1,453,986
Series 2021-NQ1R, Class A2, 1.10%,
07/25/55(b)(c)
USD150
136,575
Series 2021-NQ2R, Class A1, 0.94%,
10/25/58(b)(c)
USD597
574,907
Series 2022-NQM3, Class A2, 3.98%,
04/25/62(b)(c)
USD833
760,150
Series 2024-NQM1, Class A1, 6.13%,
03/25/64(c)(d)
USD1,197
1,199,172
Series 2024-NQM1, Class B1, 7.91%,
03/25/64(b)(c)
USD1,900
1,915,278
Series 2024-NQM2, Class A1, 5.12%,
09/25/64(b)(c)
USD4,537
4,487,696
Series 2024-NQM3, Class A1, 5.47%,
11/25/64(c)(d)
USD7,450
7,431,718
Series 2025-NQM1, Class A1, 5.64%,
01/25/65(c)(d)
USD2,886
2,890,148
Series 2025-NQM1, Class M1, 6.47%,
01/25/65(b)(c)
USD2,172
2,185,768
Series 2025-NQM2, Class A1, 5.57%,
04/25/65(c)(d)
USD1,755
1,749,581
Series 2025-NQM4, Class A1, 5.35%,
07/25/65(b)(c)
USD3,826
3,805,095
Series 2025-NQM4, Class B1, 6.99%,
07/25/65(b)(c)
USD3,500
3,417,317
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-NQM5, Class A1, 5.11%,
08/25/65(b)(c)
USD9,539
$9,424,842
Series 2025-NQM5, Class B1, 6.83%,
08/25/65(b)(c)
USD1,300
1,310,042
Series 2025-NQM5, Class B2, 7.39%,
08/25/65(b)(c)
USD833
844,411
Series 2026-NQM3, Class A1, 4.83%,
02/25/66(b)(c)
USD4,670
4,598,251
NLT Trust, Series 2021-INV2, Class A2,
1.32%, 08/25/56(b)(c)
USD2,995
2,609,830
Nomura Resecuritization Trust, Series
2014-8R, Class 1A2, 4.17%,
10/26/36(b)(c)
USD811
771,699
NRP Mortgage Trust, Series 2013-1,
Class A9, 3.25%, 07/25/43(b)(c)
USD10,648
9,543,304
NRTH Commercial Mortgage Trust, Series
2025-PARK, Class A, 5.07%, 10/15/40,
(1-mo. CME Term SOFR + 1.39%)(b)(c)
USD11,031
11,058,577
NYC Commercial Mortgage Trust
Series 2025-11X, Class A, 5.42%,
10/15/40, (1-mo. CME Term SOFR +
1.74%)(b)(c)
USD3,910
3,922,219
Series 2025-300P, Class E, 7.39%,
07/13/42(b)(c)
USD3,179
3,181,825
Series 2026-1325, Class A, 5.33%,
05/09/41(b)(c)
USD7,400
7,270,485
NYCT Trust 2024-3ELV
Series 2024-3ELV, Class A, 5.67%,
08/15/29, (1-mo. CME Term SOFR +
1.99%)(b)(c)
USD7,790
7,805,503
Series 2024-3ELV, Class C, 6.52%,
08/15/29, (1-mo. CME Term SOFR +
2.84%)(b)(c)
USD1,000
995,342
Series 2024-3ELV, Class D, 7.51%,
08/15/29, (1-mo. CME Term SOFR +
3.84%)(b)(c)
USD4,000
3,976,684
NYMT Loan Trust
Series 2024-INV1, Class A1, 5.38%,
06/25/69(b)(c)
USD5,871
5,866,087
Series 2025-CP1, Class A1, 3.75%,
11/25/69(b)(c)
USD8,563
8,202,835
Series 2026-INV1, Class A1, 4.77%,
02/25/61(b)(c)
USD6,104
5,998,675
Series 2026-INV1, Class A1LC, 4.95%,
02/25/61(c)(d)
USD2,426
2,387,536
Series 2026-INV1, Class B1, 6.47%,
02/25/61(b)(c)
USD1,000
976,609
OBX Trust
Series 2019-INV1, Class A3, 4.50%,
11/25/48(b)(c)
USD213
199,284
Series 2021-NQM1, Class A1, 1.07%,
02/25/66(b)(c)
USD1,158
1,020,547
Series 2021-NQM2, Class A3, 1.56%,
05/25/61(b)(c)
USD2,190
1,797,860
Series 2022-NQM1, Class A2, 3.00%,
11/25/61(b)(c)
USD1,260
979,810
Series 2022-NQM7, Class A1, 5.11%,
08/25/62(c)(d)
USD365
363,859
Series 2023-NQM5, Class M1, 7.39%,
06/25/63(b)(c)
USD850
847,080
Schedule of Investments
62
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-NQM11, Class A1, 5.88%,
06/25/64(c)(d)
USD955
$960,219
Series 2024-NQM14, Class A1, 4.94%,
09/25/64(c)(d)
USD2,053
2,043,870
Series 2024-NQM3, Class A1, 6.13%,
12/25/63(c)(d)
USD799
800,025
Series 2024-NQM4, Class A1, 6.07%,
01/25/64(c)(d)
USD2,233
2,239,831
Series 2024-NQM4, Class M1, 6.62%,
01/25/64(b)(c)
USD1,000
1,002,270
Series 2024-NQM5, Class A1, 5.99%,
01/25/64(c)(d)
USD843
843,833
One New York Plaza Trust
Series 2020-1NYP, Class A, 4.74%,
01/15/36, (1-mo. CME Term SOFR +
1.06%)(b)(c)
USD944
916,771
Series 2020-1NYP, Class AJ, 5.04%,
01/15/36, (1-mo. CME Term SOFR +
1.36%)(b)(c)
USD519
490,455
Series 2020-1NYP, Class B, 5.29%,
01/15/36, (1-mo. CME Term SOFR +
1.61%)(b)(c)
USD1,000
932,500
ONNI Commercial Mortgage Trust, Series
2024-APT, Class A, 5.57%, 07/15/39(b)(c)
USD5,605
5,619,739
Onslow Bay Financial LLC, Series 2026-R3,
Class A1LC, 5.73%, 07/25/63
USD4,500
4,484,013
ORL Trust, Series 2024-GLKS, Class A,
5.17%, 12/15/39, (1-mo. CME Term
SOFR + 1.49%)(b)(c)
USD4,400
4,405,500
Pepper Prime Trust
Series 2025-1, Class A1A, 5.26%,
04/12/67, (1-mo. BB Swap +
0.95%)(a)(b)
AUD8,400
5,905,163
Series 2025-1, Class A2, 5.41%,
04/12/67, (1-mo. BB Swap +
1.10%)(a)(b)
AUD770
540,461
Series 2025-1, Class B, 5.56%,
04/12/67, (1-mo. BB Swap +
1.25%)(a)(b)
AUD540
378,318
Pepper Residential Securities Trust No. 41
Series 41, Class A1A, 5.31%,
07/12/67, (1-mo. BB Swap +
1.00%)(a)(b)
AUD4,123
2,896,063
Series 41, Class A2, 5.46%,
07/12/67, (1-mo. BB Swap +
1.15%)(a)(b)
AUD799
561,715
PGA Trust, Series 2024-RSR2, Class A,
5.57%, 06/15/39, (1-mo. CME Term
SOFR + 1.89%)(b)(c)
USD8,463
8,460,358
PMT Loan Trust
Series 2024-INV1, Class A3, 5.50%,
10/25/59(b)(c)
USD5,858
5,783,636
Series 2025-INV2, Class A1, 6.00%,
02/25/56(b)(c)
USD6,048
6,079,580
Series 2025-INV4, Class A3, 5.50%,
03/25/56(b)(c)
USD2,898
2,858,876
Series 2026-CNF1, Class A7, 5.00%,
01/25/57(b)(c)
USD2,475
2,291,612
Polaris PLC
Series 2025-1, Class A, 4.56%,
02/26/68, (1-day SONIA+ 0.82%)(a)(b)
GBP1,630
2,196,647
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-1, Class B, 4.79%,
02/26/68, (1-day SONIA+ 1.05%)(a)(b)
GBP413
$557,356
Series 2025-1, Class C, 5.14%,
02/26/68, (1-day SONIA+ 1.40%)(a)(b)
GBP108
146,652
Series 2025-1, Class D, 5.54%,
02/26/68, (1-day SONIA+ 1.80%)(a)(b)
GBP100
136,117
Series 2025-2, Class B, 4.79%,
08/25/68, (1-day SONIA+ 1.05%)(a)(b)
GBP196
263,790
Series 2025-2, Class C, 5.14%,
08/25/68, (1-day SONIA+ 1.40%)(a)(b)
GBP100
135,432
Series 2025-3X, Class A, 4.56%,
10/27/69, (1-day SONIA+ 0.82%)(a)(b)
GBP8,758
11,789,794
Series 2025-3X, Class B, 4.84%,
10/27/69, (1-day SONIA+ 1.10%)(a)(b)
GBP689
930,353
Series 2025-3X, Class C, 5.14%,
10/27/69, (1-day SONIA+ 1.40%)(a)(b)
GBP225
304,480
Series 2025-3X, Class D, 5.39%,
10/27/69, (1-day SONIA+ 1.65%)(a)(b)
GBP377
510,198
Series 2026-1X, Class A, 4.47%,
06/27/70, (1-day SONIA+ 0.73%)(a)(b)
GBP1,940
2,606,657
Series 2026-2X, Class B, 4.74%,
03/27/69, (1-day SONIA+ 1.00%)(a)(b)
GBP427
575,202
Series 2026-2X, Class C, 5.04%,
03/27/69, (1-day SONIA+ 1.30%)(a)(b)
GBP219
294,909
PRET Trust
Series 2025-RPL1, Class A1, 4.00%,
07/25/69(c)(d)
USD6,403
6,193,071
Series 2025-RPL2, Class A1, 4.00%,
08/25/64(c)(d)
USD1,100
1,061,512
PRKCM, Series 2025-HOME1, Class A1A,
5.55%, 02/25/60(c)(d)
USD2,591
2,590,716
PRKCM Trust
Series 2021-AFC1, Class A3, 2.07%,
08/25/56(b)(c)
USD1,439
1,242,803
Series 2021-AFC2, Class A1, 2.07%,
11/25/56(b)(c)
USD3,196
2,779,750
Series 2023-AFC3, Class B1, 7.77%,
09/25/58(b)(c)
USD1,000
996,720
Series 2024-AFC1, Class A1, 6.33%,
03/25/59(c)(d)
USD567
568,596
Series 2024-HOME1, Class A1, 6.43%,
05/25/59(c)(d)
USD874
878,384
Series 2025-AFC1, Class A1, 5.10%,
10/25/60(b)(c)
USD2,684
2,664,794
Series 2026-AFC1, Class A1, 4.68%,
02/25/61(b)(c)
USD9,379
9,193,149
PRM5 Trust
Series 2025-PRM5, Class A, 4.47%,
03/10/33(b)(c)
USD7,507
7,432,410
Series 2025-PRM5, Class D, 5.62%,
03/10/33(b)(c)
USD3,200
3,164,284
PRM8 Trust, Series 2026-PRM8, Class E,
6.32%, 05/10/41(b)(c)
USD2,100
2,056,823
PRPM, Series 2024-NQM3, Class A1,
5.23%, 08/25/69(c)(d)
USD5,012
4,981,770
PRPM LLC
Series 2024-RCF4, Class A1, 4.00%,
07/25/54(c)(d)
USD1,095
1,076,986
Series 2024-RCF5, Class M2, 4.00%,
08/25/54(c)(d)
USD2,250
2,134,702
63
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-RCF4, Class A3, 4.50%,
08/25/55(c)(d)
USD1,167
$1,122,118
Series 2025-RCF4, Class M1A, 4.50%,
08/25/55(c)(d)
USD1,400
1,336,049
Series 2025-RCF4, Class M2, 4.50%,
08/25/55(c)(d)
USD1,333
1,245,828
Series 2026-RCF3, Class M2, 5.25%,
05/25/56(b)(c)
USD1,000
953,968
PRPM Trust
Series 2024-NQM1, Class A1, 6.27%,
12/25/68(c)(d)
USD993
995,128
Series 2024-NQM4, Class M1A, 6.52%,
12/26/69(b)(c)
USD5,000
5,037,415
Series 2025-NQM1, Class A1, 5.80%,
11/25/69(c)(d)
USD3,366
3,377,273
Series 2025-NQM1, Class M1A, 6.65%,
11/25/69(b)(c)
USD2,027
2,033,680
Series 2025-NQM2, Class A1, 5.69%,
04/25/70(c)(d)
USD9,373
9,396,890
Series 2025-NQM4, Class B1, 6.72%,
07/25/70(b)(c)
USD1,705
1,691,510
Series 2025-NQM5, Class A1A, 5.18%,
10/25/70(c)(d)
USD9,804
9,708,284
Series 2026-NQM1, Class A1, 5.13%,
02/25/71(b)(c)
USD8,946
8,846,083
Series 2026-NQM1, Class A1LC, 5.22%,
02/25/71(c)(d)
USD2,019
1,974,026
Series 2026-NQM1, Class B1, 7.01%,
02/25/71(b)(c)
USD2,000
1,973,827
Series 2026-NQM3, Class B1, 7.27%,
07/25/71(b)(c)
USD2,750
2,731,172
Series 2026-R1, Class A1, 5.00%,
01/25/68(b)(c)
USD1,516
1,489,896
Series 2026-RCF1, Class A2, 5.21%,
01/25/56(c)(d)
USD1,625
1,601,147
Series 2026-RCF1, Class M2, 5.50%,
01/25/56(c)(d)
USD945
902,986
Radian Mortgage Capital Trust
Series 2024-J1, Class A8, 6.00%,
11/25/54(b)(c)
USD408
407,471
Series 2024-J2, Class A4, 5.50%,
03/25/55(b)(c)
USD1,025
1,008,901
Residential Mortgage Loan Trust
Series 2019-2, Class B2, 6.04%,
05/25/59(b)(c)
USD895
872,589
Series 2020-1, Class B1, 3.95%,
01/26/60(b)(c)
USD2,250
2,127,164
Series 2020-1, Class B2, 4.67%,
01/26/60(b)(c)
USD1,528
1,397,092
Series 2021-1R, Class A1, 0.86%,
01/25/65(b)(c)
USD429
418,533
RESIMAC Premier Series
Series 2025-1, Class A, 5.41%,
09/12/56, (1-mo. BB Swap +
1.10%)(a)(b)
AUD1,006
709,522
Series 2025-2, Class A2, 5.26%,
04/08/57, (1-mo. BB Swap +
0.95%)(a)(b)
AUD10,877
7,642,256
RFMSI Series Trust, Series 2007-SA4,
Class 3A1, 5.67%, 10/25/37(b)
USD110
62,121
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
RUN Trust, Series 2022-NQM1, Class A1,
5.00%, 03/25/67(c)
USD1,865
$1,829,588
RWC Commercial Mortgage Trust, Series
2026-1, Class A, 5.62%, 07/25/41(c)(e)
USD2,500
2,499,946
Sage AR Funding
Series 2025-1X, Class A2, 5.05%,
05/17/37, (1-day SONIA+ 1.30%)(a)(b)
GBP1,841
2,483,858
Series 2025-1X, Class B, 5.75%,
05/17/37, (1-day SONIA+ 2.00%)(a)(b)
GBP934
1,253,569
Series 2025-1X, Class C, 6.15%,
05/17/37, (1-day SONIA+ 2.40%)(a)(b)
GBP369
494,858
Series 2025-1X, Class D, 7.65%,
05/17/37, (1-day SONIA+ 3.90%)(a)(b)
GBP319
427,275
Series 2026-1X, Class A, 5.01%,
05/18/38, (1-day SONIA+ 1.25%)(a)(b)
GBP5,548
7,436,345
Series 2026-1X, Class B, 5.26%,
05/18/38, (1-day SONIA+ 1.50%)(a)(b)
GBP5,790
7,753,862
Series 2026-1X, Class C, 5.51%,
05/18/38, (1-day SONIA+ 1.75%)(a)(b)
GBP4,067
5,369,461
Series 2026-1X, Class D, 6.26%,
05/18/38, (1-day SONIA+ 2.50%)(a)(b)
GBP1,072
1,415,348
SAIF Securitization Trust, Series
2024-CES1, Class A1, 5.97%,
07/25/54(c)(d)
USD1,864
1,867,322
Santander Mortgage Asset Receivable Trust
Series 2025-NQM2, Class A1, 5.73%,
02/25/65(c)(d)
USD2,569
2,571,799
Series 2025-NQM5, Class B1, 6.89%,
08/25/65(b)(c)
USD3,170
3,133,377
Series 2025-NQM6, Class A1, 5.14%,
11/25/65(b)(c)
USD11,512
11,402,180
Series 2026-NQM1, Class A1, 4.95%,
11/25/65(b)(c)
USD4,167
4,111,946
Santander Residential 1 FT
Class A, 3.34%, 10/18/68, (3-mo.
EURIBOR + 0.85%)(a)(b)
EUR1,372
1,584,018
Series 1, Class B, 3.59%,
10/18/68, (3-mo. EURIBOR +
1.10%)(a)(b)
EUR400
459,285
Sapphire XXXIII Trust
Series 2025-2, Class A1L, 5.31%,
02/12/67, (1-mo. BB Swap +
1.00%)(a)(b)
AUD3,980
2,797,558
Series 2025-2, Class A2, 5.41%,
02/12/67, (1-mo. BB Swap +
1.10%)(a)(b)
AUD1,450
1,019,099
SCG Commercial Mortgage Trust
Series 2025-DLFN, Class E, 6.63%,
03/15/35, (1-mo. CME Term SOFR +
2.95%)(b)(c)
USD7,410
7,433,156
Series 2025-FLWR, Class E, 6.43%,
08/15/42, (1-mo. CME Term SOFR +
2.75%)(b)(c)
USD1,259
1,247,747
SCG Mortgage Trust, Series 2024-MSP,
Class A, 5.42%, 04/15/41, (1-mo. CME
Term SOFR + 1.74%)(b)(c)
USD8,700
8,724,297
SCG Trust, Series 2025-SNIP, Class A,
5.18%, 09/15/42, (1-mo. CME Term
SOFR + 1.50%)(b)(c)
USD6,460
6,472,100
Schedule of Investments
64
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
SDAL Trust, Series 2025-DAL, Class A,
6.12%, 04/15/42, (1-mo. CME Term
SOFR + 2.44%)(b)(c)
USD10,496
$10,498,034
Sequoia Mortgage Trust
Series 2021-4, Class A10, 2.50%,
06/25/51(b)(c)
USD10,397
9,655,870
Series 2024-HYB1, Class A1A, 4.51%,
11/25/63(b)(c)
USD4,712
4,692,921
Series 2024-INV1, Class A3, 5.50%,
10/25/54(b)(c)
USD3,702
3,638,323
Series 2025-7, Class A1, 6.00%,
08/25/55(b)(c)
USD6,741
6,730,208
Series 2026-4, Class A8, 5.00%,
03/25/56(b)(c)
USD3,250
2,986,432
Series 2026-8, Class A8, 5.00%,
06/26/56(b)(c)
USD6,000
5,548,929
Series 2026-HYB2, Class A1A, 4.63%,
07/25/56(b)(c)
USD14,251
14,005,694
Series 2026-MED1, Class A1A, 5.12%,
04/25/56(b)(c)
USD4,494
4,420,546
SG Residential Mortgage Trust
Series 2019-3, Class B1, 4.08%,
09/25/59(b)(c)
USD3,000
2,810,952
Series 2021-1, Class A1, 1.16%,
07/25/61(b)(c)
USD8,545
7,022,789
Series 2022-1, Class A3, 3.68%,
03/27/62(b)(c)
USD2,263
2,054,594
Series 2025-1, Class A1, 5.10%,
12/25/65(b)(c)
USD5,942
5,893,783
SHR Trust, Series 2024-LXRY, Class A,
5.63%, 10/15/41, (1-mo. CME Term
SOFR + 1.95%)(b)(c)
USD5,130
5,138,010
Sirius Logistics UK DAC, Series 2026-1X,
Class A, 5.00%, 11/17/35, (1-day SONIA+
1.25%)(a)(b)
GBP3,502
4,713,772
SLG Commercial Mortgage Trust, Series
2026-PAT, Class A, 4.77%, 02/15/39(b)(c)
USD5,368
5,259,216
SLG Office Trust
Series 2026-OMA, Class E, 6.96%,
04/15/41(b)(c)
USD2,000
1,974,744
Series 2026-OMA, Class F, 7.92%,
04/15/41(b)(c)
USD4,000
3,965,485
SMR Mortgage Trust, Series 2022-IND,
Class A, 5.33%, 02/15/39, (1-mo. CME
Term SOFR + 1.65%)(b)(c)
USD2,104
2,104,122
Spruce Hill Mortgage Loan Trust, Series
2020-SH1, Class B2, 4.68%,
01/28/50(b)(c)
USD5,020
4,696,393
SREIT Trust, Series 2021-MFP2, Class C,
5.16%, 11/15/36, (1-mo. CME Term
SOFR + 1.49%)(b)(c)
USD265
264,917
Starwood Mortgage Residential Trust
Series 2020-1, Class M1, 2.88%,
02/25/50(b)(c)
USD940
847,541
Series 2021-2, Class M1, 2.18%,
05/25/65(b)(c)
USD500
463,006
Stratton Mortgage Funding PLC
Series 2024-3, Class A, 4.72%,
06/25/49, (1-day SONIA+ 0.98%)(a)(b)
GBP295
397,121
Series 2024-3, Class B, 5.10%,
06/25/49, (1-day SONIA+ 1.35%)(a)(b)
GBP179
241,076
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
SWCH Commercial Mortgage Trust, Series
2025-DATA, Class A, 5.12%, 02/15/42,
(1-mo. CME Term SOFR + 1.44%)(b)(c)
USD522
$518,098
Taurus 2025-4 UK DAC
Series 2025-UK4, Class A, 5.00%,
08/18/35, (1-day SONIA+ 1.25%)(a)(b)
GBP782
1,051,153
Series 2025-UK4, Class B, 5.35%,
08/18/35, (1-day SONIA+ 1.60%)(a)(b)
GBP100
134,388
Taurus U.K. DAC
Series 2025-UK2X, Class A, 5.25%,
02/18/35, (1-day SONIA+ 1.50%)(a)(b)
GBP1,736
2,341,125
Series 2025-UK2X, Class B, 5.75%,
02/18/35, (1-day SONIA+ 2.00%)(a)(b)
GBP343
462,252
Series 2025-UK2X, Class C, 6.25%,
02/18/35, (1-day SONIA+ 2.50%)(a)(b)
GBP424
571,683
TCO Commercial Mortgage Trust, Series
2024-DPM, Class D, 6.42%, 12/15/39,
(1-mo. CME Term SOFR + 2.74%)(b)(c)
USD2,500
2,503,121
Think Tank Commercial Series 2025, Series
2025-3, Class A1, 5.41%, 12/10/57,
(1-mo. BB Swap + 1.10%)(a)(b)
AUD1,181
832,169
THPT Mortgage Trust, Series 2023-THL,
Class A, 6.99%, 12/10/34(b)(c)
USD6,252
6,266,284
Thunder Logistics DAC
Series 2024-1X, Class A, 3.75%,
11/17/36, (3-mo. EURIBOR +
1.50%)(a)(b)
EUR585
671,466
Series 2024-1X, Class B, 4.30%,
11/17/36, (3-mo. EURIBOR +
2.05%)(a)(b)
EUR52
60,295
Together Asset-Backed Securitisation
Series 2026-CRE1, Class A, 4.74%,
02/20/58, (1-day SONIA+ 1.00%)(a)(b)
GBP1,780
2,398,624
Series 2026-CRE1, Class B, 4.94%,
02/20/58, (1-day SONIA+ 1.20%)(a)(b)
GBP681
917,430
Series 2026-CRE1, Class C, 5.24%,
02/20/58, (1-day SONIA+ 1.50%)(a)(b)
GBP235
317,149
Together Asset-Backed Securitisation 14
PLC, Series 2025-1ST1X, Class A,
4.50%, 08/15/66, (1-day SONIA+
0.76%)(a)(b)
GBP547
735,081
Together Asset-Backed Securitisation PLC
Series 2024-1ST2X, Class A, 4.70%,
10/12/65, (1-day SONIA+ 0.96%)(a)(b)
GBP838
1,130,347
Series 2025-2ND1X, Class A, 4.67%,
09/12/56, (1-day SONIA+ 0.93%)(a)(b)
GBP556
749,470
Series 2025-2ND1X, Class B, 4.94%,
09/12/56, (1-day SONIA+ 1.20%)(a)(b)
GBP424
573,989
Series 2025-2ND1X, Class C, 5.24%,
09/12/56, (1-day SONIA+ 1.50%)(a)(b)
GBP100
135,222
Series 2025-2ND1X, Class D, 5.69%,
09/12/56, (1-day SONIA+ 1.95%)(a)(b)
GBP100
135,297
Series 2025-CRE1, Class A, 4.94%,
01/15/57, (1-day SONIA+ 1.20%)(a)(b)
GBP1,261
1,706,624
Series 2025-CRE1, Class B, 5.24%,
01/15/57, (1-day SONIA+ 1.50%)(a)(b)
GBP182
246,478
Series 2025-CRE1, Class C, 5.54%,
01/15/57, (1-day SONIA+ 1.80%)(a)(b)
GBP109
148,218
Towd Point Mortgage Trust
Series 2015-2, Class 2B2, 4.77%,
11/25/57(b)(c)
USD85
84,173
65
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2018-2, Class A2, 3.50%,
03/25/58(b)(c)
USD1,500
$1,461,989
Series 2022-1, Class A1, 3.75%,
07/25/62(b)(c)
USD721
673,568
Series 2022-3, Class A1, 3.75%,
08/01/62(b)(c)
USD1,787
1,663,943
Triton Bond Trust, Series 2026-1, Class A2,
5.46%, 02/15/58, (1-mo. BB Swap +
1.15%)(b)
AUD9,020
6,326,169
TRK Trust
Series 2021-INV1, Class A1, 1.15%,
07/25/56(b)(c)
USD1,772
1,594,829
Series 2021-INV1, Class B1, 3.29%,
07/25/56(b)(c)
USD255
208,733
Series 2022-INV1, Class A1, 2.58%,
02/25/57(b)(c)
USD5,752
5,343,464
Series 2022-INV1, Class A2, 3.44%,
02/25/57(b)(c)
USD5,975
5,181,976
Series 2022-INV2, Class A3, 4.33%,
06/25/57(c)(d)
USD1,230
1,163,657
Trustee for Progress Trust (The), Series
2026-1, Class D, 6.41%, 11/07/57, (1-mo.
BB Swap + 2.10%)(b)
AUD500
350,896
Trustee for the Pepper Prime Trust(The)
Series 2026-1, Class C, 5.96%,
12/14/67, (1-mo. BB Swap +
1.60%)(a)(b)
AUD500
351,174
Series 2026-1, Class E, 7.31%,
12/14/67, (1-mo. BB Swap +
2.95%)(a)(b)
AUD530
371,756
Turquoise VII Trust
Series 2026-3, Class C, 6.05%,
11/12/67, (1-mo. BB Swap +
1.70%)(a)(b)
AUD1,080
759,942
Series 2026-3, Class D, 6.25%,
11/12/67, (1-mo. BB Swap +
1.90%)(a)(b)
AUD540
379,971
Series 2026-3, Class F, 8.60%,
11/12/67, (1-mo. BB Swap +
4.25%)(a)(b)
AUD960
675,504
Twin Bridges PLC
Series 2026-1X, Class B, 4.74%,
10/17/71, (1-day SONIA+ 1.00%)(a)(b)
GBP659
887,757
Series 2026-1X, Class C, 5.04%,
10/17/71, (1-day SONIA+ 1.30%)(a)(b)
GBP208
280,076
TYSN Mortgage Trust, Series 2023-CRNR,
Class A, 6.58%, 12/10/33(b)(c)
USD4,304
4,404,841
U.K. Logistics DAC
Series 2024-1, Class A, 5.39%,
05/17/34, (1-day SONIA + 1.65%)(a)(b)
GBP115
154,688
Series 2025-1X, Class D, 7.75%,
05/17/35, (1-day SONIA+ 4.00%)(a)(b)
GBP562
757,080
UBS Commercial Mortgage Trust
Series 2017-C4, Class AS, 3.84%,
10/15/50(b)
USD565
550,378
Series 2019-C17, Class C, 3.76%,
10/15/52(b)
USD1,201
1,071,461
UK Logistics DAC
Series 2024-2X, Class A, 5.10%,
02/17/35, (1-day SONIA+ 1.35%)(a)(b)
GBP1,152
1,540,178
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-2X, Class B, 5.45%,
02/17/35, (1-day SONIA+ 1.70%)(a)(b)
GBP162
$216,122
Series 2024-2X, Class C, 5.85%,
02/17/35, (1-day SONIA+ 2.10%)(a)(b)
GBP82
109,715
Series 2024-2X, Class D, 6.85%,
02/17/35, (1-day SONIA+ 3.10%)(a)(b)
GBP180
240,321
Series 2025-2X, Class A, 5.08%,
08/17/35, (1-day SONIA+ 1.33%)(a)(b)
GBP2,104
2,835,555
Series 2025-2X, Class B, 5.40%,
08/17/35, (1-day SONIA+ 1.65%)(a)(b)
GBP1,079
1,454,973
Series 2025-2X, Class C, 5.70%,
08/17/35, (1-day SONIA+ 1.95%)(a)(b)
GBP448
603,524
Series 2026-3X, Class B, 5.48%,
05/18/36, (1-day SONIA+ 1.75%)(a)(b)
GBP2,102
2,830,601
Series 2026-3X, Class C, 5.78%,
05/18/36, (1-day SONIA+ 2.05%)(a)(b)
GBP1,256
1,690,657
University Trust
Series 2025-APTS, Class A, 5.33%,
11/15/42, (1-mo. CME Term SOFR +
1.65%)(b)(c)
USD11,464
11,423,259
Series 2025-APTS, Class B, 5.93%,
11/15/42, (1-mo. CME Term SOFR +
2.25%)(b)(c)
USD9,700
9,654,016
Vanir Logistics Finance SARL
Series 1X, Class A, 3.79%,
07/23/37, (3-mo. EURIBOR +
1.30%)(a)(b)
EUR1,633
1,878,430
Series 1X, Class B, 4.09%,
07/23/37, (3-mo. EURIBOR +
1.60%)(a)(b)
EUR650
749,550
Series 1X, Class C, 4.39%,
07/23/37, (3-mo. EURIBOR +
1.90%)(a)(b)
EUR1,025
1,182,982
VCC Trust
Series 2025-MC1, Class A1, 8.16%,
05/25/55(c)(d)
USD886
880,943
Series 2026-MC2, Class A1, 7.60%,
06/25/56(c)(d)
USD3,934
3,922,083
VEGAS, Series 2024-GCS, Class D, 6.22%,
07/10/36(b)(c)
USD2,316
2,291,652
VEGAS Trust, Series 2024-TI, Class A,
5.52%, 11/10/39(c)
USD2,423
2,417,423
Velocity Commercial Capital Loan Trust
Series 2020-1, Class AFX, 2.61%,
02/25/50(b)(c)
USD974
919,448
Series 2021-1, Class M6, 5.03%,
05/25/51(b)(c)
USD1,360
998,547
Series 2021-4, Class M4, 4.48%,
12/26/51(b)(c)
USD337
270,332
Series 2022-1, Class M4, 5.20%,
02/25/52(b)(c)
USD202
165,422
Series 2022-3, Class A, 5.22%,
06/25/52(b)(c)
USD3,841
3,753,944
Series 2022-3, Class M4, 6.49%,
06/25/52(b)(c)
USD1,346
1,260,941
Series 2022-4, Class M4, 7.50%,
08/25/52(b)(c)
USD834
783,171
Series 2023-1, Class M5, 9.64%,
01/25/53(b)(c)
USD2,823
2,616,484
Series 2024-2, Class A, 6.58%,
04/25/54(b)(c)
USD540
543,544
Schedule of Investments
66
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-3, Class M2, 7.23%,
06/25/54(b)(c)
USD1,250
$1,256,632
Series 2024-5, Class A, 5.49%,
10/25/54(c)
USD2,001
1,986,648
Series 2024-5, Class M3, 6.76%,
10/25/54(c)
USD283
277,735
Series 2024-5, Class M4, 9.47%,
10/25/54(c)
USD181
179,385
Series 2024-6, Class A, 5.81%,
12/25/54(b)(c)
USD4,794
4,770,555
Series 2024-6, Class M3, 6.92%,
12/25/54(b)(c)
USD207
206,161
Series 2024-6, Class M4, 9.67%,
12/25/54(b)(c)
USD2,973
2,967,788
Series 2024-6, Class M5, 10.28%,
12/25/54(b)(c)
USD2,480
2,338,794
Series 2025-1, Class A, 6.03%,
02/25/55(b)(c)
USD1,629
1,627,781
Series 2025-1, Class M2, 6.98%,
02/25/55(b)(c)
USD1,991
1,995,877
Series 2025-1, Class M3, 7.33%,
02/25/55(b)(c)
USD848
848,434
Series 2025-1, Class M4, 10.15%,
02/25/55(c)
USD312
311,682
Series 2025-3, Class A, 5.87%,
06/25/55(b)(c)
USD10,511
10,474,062
Series 2025-4, Class M2, 6.17%,
09/25/55(b)(c)
USD1,868
1,843,733
Series 2025-4, Class M3, 6.31%,
09/25/55(b)(c)
USD1,087
1,056,926
Series 2025-4, Class M4, 9.35%,
09/25/55(b)(c)
USD996
966,205
Series 2025-P2, Class A, 5.46%,
10/25/55(b)(c)
USD5,572
5,542,780
Series 2025-P2, Class M1, 6.04%,
10/25/55(b)(c)
USD529
527,182
Series 2025-P2, Class M2, 6.56%,
10/25/55(b)(c)
USD591
588,722
Series 2025-P2, Class M3, 6.85%,
10/25/55(b)(c)
USD1,035
1,030,137
Series 2025-P2, Class M4, 9.45%,
10/25/55(b)(c)
USD289
284,248
Series 2025-P2, Class M5, 10.23%,
10/25/55(b)(c)
USD105
95,859
Series 2026-1, Class A, 5.10%,
02/25/56(b)(c)
USD9,253
9,064,488
Series 2026-1, Class M3, 6.26%,
02/25/56(b)(c)
USD1,244
1,208,425
Series 2026-1, Class M4, 8.48%,
02/25/56(b)(c)
USD497
482,757
Series 2026-2, Class M2, 6.18%,
05/25/56(b)(c)
USD4,872
4,801,922
Series 2026-2, Class M3, 6.67%,
05/25/56(b)(c)
USD2,968
2,934,263
Series 2026-2, Class M4, 9.16%,
05/25/56(b)(c)
USD3,877
3,829,267
Series 2026-3, Class M4, 9.05%,
07/25/56(b)(c)
USD430
428,545
Series 2026-P1, Class A, 5.54%,
03/25/56(b)(c)
USD11,734
11,532,173
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-P1, Class M1, 5.98%,
03/25/56(b)(c)
USD1,019
$998,767
Series 2026-P1, Class M2, 6.46%,
03/25/56(b)(c)
USD947
927,865
Series 2026-P1, Class M3, 6.94%,
03/25/56(b)(c)
USD1,804
1,757,608
Series 2026-P1, Class M4, 9.53%,
03/25/56(b)(c)
USD1,209
1,176,009
Verus Securitization Trust
Series 2021-3, Class B1, 3.20%,
06/25/66(b)(c)
USD712
537,343
Series 2021-8, Class A1, 2.82%,
11/25/66(b)(c)
USD4,250
3,823,302
Series 2021-R1, Class A1, 0.82%,
10/25/63(b)(c)
USD591
575,512
Series 2022-3, Class A1, 5.13%,
02/25/67(c)(d)
USD1,629
1,537,411
Series 2022-3, Class B1, 4.03%,
02/25/67(b)(c)
USD1,334
1,094,558
Series 2022-5, Class A3, 3.80%,
04/25/67(b)(c)
USD2,353
2,151,339
Series 2023-6, Class B2, 7.75%,
09/25/68(b)(c)
USD3,450
3,443,868
Series 2023-8, Class M1, 7.45%,
12/25/68(b)(c)
USD1,510
1,512,095
Series 2023-INV3, Class M1, 8.16%,
11/25/68(b)(c)
USD1,500
1,505,853
Series 2024-1, Class A1, 5.71%,
01/25/69(c)(d)
USD3,353
3,360,352
Series 2024-2, Class A1, 6.10%,
02/25/69(c)(d)
USD164
163,990
Series 2024-3, Class A1, 6.34%,
04/25/69(c)(d)
USD1,626
1,631,963
Series 2024-3, Class B1, 8.03%,
04/25/69(b)(c)
USD680
688,428
Series 2024-3, Class B2, 8.39%,
04/25/69(b)(c)
USD1,240
1,253,587
Series 2024-4, Class B1, 7.64%,
06/25/69(b)(c)
USD1,765
1,785,147
Series 2024-INV1, Class A1, 6.12%,
03/25/69(c)(d)
USD1,480
1,483,707
Series 2024-INV1, Class B1, 8.09%,
03/25/69(b)(c)
USD1,000
1,013,262
Series 2024-INV2, Class A1, 5.33%,
08/26/69(c)(d)
USD1,369
1,366,988
Series 2025-11, Class B1, 6.41%,
11/25/70(b)(c)
USD1,359
1,345,749
Series 2025-4, Class B2, 7.45%,
05/25/70(b)(c)
USD500
500,389
Series 2025-6, Class A1, 5.42%,
07/25/70(c)(d)
USD11,781
11,748,803
Series 2025-7, Class A1, 5.13%,
08/25/70(c)(d)
USD4,941
4,925,831
Series 2025-7, Class B1, 6.62%,
08/25/70(b)(c)
USD1,850
1,843,792
Series 2025-7, Class B2, 7.49%,
08/25/70(b)(c)
USD1,414
1,417,323
Series 2025-8, Class B1, 6.48%,
09/25/70(c)
USD1,338
1,329,023
Series 2025-8, Class B2, 7.48%,
09/25/70(b)(c)
USD1,967
1,969,492
67
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-9, Class B1, 6.54%,
10/27/70(b)(c)
USD1,735
$1,724,155
Series 2025-9, Class B2, 7.37%,
10/27/70(b)(c)
USD700
699,599
Series 2025-R1, Class B1, 6.40%,
05/25/65(b)(c)
USD584
577,648
Series 2026-1, Class A1LC, 5.02%,
01/25/71(c)(d)
USD2,070
2,031,219
Series 2026-2, Class A1LC, 4.75%,
02/25/71(c)(d)
USD7,357
7,171,539
Series 2026-2, Class B1, 6.33%,
02/25/71(b)(c)
USD486
478,038
Series 2026-R1, Class A1, 4.83%,
10/25/67(b)(c)
USD2,367
2,329,238
Series 2026-R1, Class A1LC, 4.94%,
10/25/67(c)(d)
USD9,407
9,196,707
Series 2026-R6, Class A1LC, 5.77%,
07/25/68(c)(d)
USD5,000
4,998,142
Visio Trust
Series 2020-1R, Class A1, 1.31%,
11/25/55(c)
USD31
30,133
Series 2026-1, Class B1, 5.87%,
08/25/61(b)(c)
USD1,300
1,277,655
Series 2026-1, Class B2, 5.87%,
08/25/61(b)(c)
USD1,000
951,896
VTR Commercial Mortgage Trust
Series 2025-STEM, Class A, 5.03%,
10/13/39(b)(c)
USD11,426
11,168,487
Series 2025-STEM, Class D, 6.49%,
10/13/39(b)(c)
USD3,904
3,791,521
WaMu Mortgage Pass-Through Certificates
Series Trust, Series 2006-AR11, Class
1A, 4.36%, 09/25/46, (12-mo. MTA +
0.96%)(b)
USD32
26,701
Washington Mutual Mortgage Pass-Through
Certificates WMALT Series Trust, Series
2007-OA3, Class 5A, 4.65%, 04/25/47,
(12-mo. MTA + 1.25%)(b)
USD236
209,842
Wells Fargo Commercial Mortgage Trust
Series 2016-C37, Class AS, 4.00%,
12/15/49(b)
USD440
437,756
Series 2018-AUS, Class A, 4.06%,
08/17/36(b)(c)
USD210
204,822
Series 2018-C46, Class AS, 4.38%,
08/15/51
USD660
645,277
Series 2019-C50, Class AS, 4.02%,
05/15/52
USD870
834,178
Wells Fargo Mortgage-Backed Securities
Trust, Series 2018-1, Class A1, 3.50%,
07/25/47(b)(c)
USD148
134,486
WEST Trust, Series 2025-ROSE, Class A,
5.28%, 04/10/35(b)(c)
USD4,126
4,096,916
Wharf Commercial Mortgage Trust
Series 2025-DC, Class A, 5.35%,
07/15/40(b)(c)
USD1,084
1,090,319
Series 2025-DC, Class E, 7.72%,
07/15/40(b)(c)
USD2,897
2,900,674
Winchester 1 PLC
4.62%, 10/21/56(a)(b)
GBP566
762,791
Class B, 4.93%, 10/21/56, (1-day SONIA
+ 1.20%)(a)(b)
GBP340
459,973
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Class C, 5.28%, 10/21/56, (1-day SONIA
+ 1.55%)(a)(b)
GBP100
$137,906
Class D, 5.73%, 10/21/56, (1-day SONIA
+ 2.00%)(a)(b)
GBP100
135,836
WinWater Mortgage Loan Trust
Series 2014-1, Class A1, 3.93%,
06/20/44(b)(c)
USD372
352,633
Series 2014-2, Class A1, 4.00%,
09/20/44(b)(c)
USD90
86,002
Series 2014-3, Class A3, 3.50%,
11/20/44(b)(c)
USD287
267,005
Series 2014-3, Class B5, 4.00%,
11/20/44(b)(c)
USD250
185,865
Series 2015-1, Class A10, 3.50%,
01/20/45(b)(c)
USD122
112,599
Series 2015-2, Class A11, 3.50%,
02/20/45(b)(c)
USD339
308,987
Series 2015-2, Class A3, 3.50%,
02/20/45(b)(c)
USD136
123,117
Series 2015-5, Class B5, 3.75%,
08/20/45(b)(c)
USD450
304,566
WST Trust, Series 2026-1, Class A, 5.14%,
09/19/57, (1-mo. BB Swap + 0.83%)(a)(b)
AUD8,432
5,926,175
 
3,119,794,491
Municipal Debt Obligations — 0.0%
Tower Bridge Funding PLC, 4.53%,
12/20/66(a)(b)
GBP415
559,753
Total Collateralized Mortgage Obligations — 20.1%
(Cost: $3,238,059,681)
3,235,090,724
Convertible Bonds
Commercial Services — 0.1%
Nexi SpA, 0.00% 02/24/28(a)(f)(g)
EUR9,000
9,767,173
Lodging — 0.0%
Wynn Macau Ltd., 4.50%, 03/07/29(c)(f)
USD800
793,600
Real Estate — 0.0%
Vonovia SE, Series B, 0.88%, 05/20/32(a)(f)
EUR6,300
6,758,414
Semiconductors — 0.0%
ams-OSRAM AG, 2.13%, 11/03/27(a)(f)
EUR1,100
1,243,095
Transportation — 0.1%
Ocado Group PLC, 0.75%, 01/18/27(a)(f)
GBP6,900
9,054,994
Total Convertible Bonds — 0.2%
(Cost: $27,987,320)
27,617,276
Corporate Bonds & Notes
Advertising — 0.4%
Clear Channel Outdoor Holdings, Inc.
7.13%, 02/15/31(c)(h)
USD1,693
1,746,338
7.50%, 03/15/33(c)
USD362
379,447
7.88%, 04/01/30(c)
USD6,509
6,759,746
Lamar Media Corp.
3.75%, 02/15/28
USD972
951,233
4.00%, 02/15/30
USD530
505,549
4.88%, 01/15/29
USD1,776
1,750,212
5.38%, 11/01/33(c)
USD100
97,176
Schedule of Investments
68
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Advertising (continued)
Neptune Bidco U.S., Inc.
9.50%, 02/15/33(c)(h)
USD6,381
$6,500,159
10.38%, 05/15/31(c)
USD4,759
4,982,407
Outfront Media Capital LLC/Outfront Media
Capital Corp.
4.25%, 01/15/29(c)
USD282
273,970
4.63%, 03/15/30(c)
USD190
183,502
7.38%, 02/15/31(c)
USD2,484
2,569,681
Stagwell Global LLC, 5.63%, 08/15/29(c)
USD2,790
2,713,148
Summer BC Holdco B SARL
5.88%, 02/15/30(a)
EUR6,869
6,728,811
6.53%, 02/15/30, (3-mo. EURIBOR +
4.25%)(a)(b)
EUR4,451
4,342,450
WPP Finance 2013, 3.63%, 06/09/31(a)
EUR21,514
24,109,580
 
64,593,409
Aerospace & Defense — 0.3%
ATI, Inc., 7.25%, 08/15/30
USD4,286
4,419,085
Bombardier, Inc.
5.88%, 01/15/35(c)
USD1,541
1,524,939
7.25%, 07/01/31(c)(h)
USD491
511,411
8.75%, 11/15/30(c)
USD2,734
2,880,870
TransDigm, Inc.
4.63%, 01/15/29(h)
USD3,333
3,267,174
4.88%, 05/01/29
USD110
108,050
6.00%, 01/15/33(c)(h)
USD372
371,961
6.38%, 03/01/29(c)
USD95
96,143
6.38%, 05/31/33(c)
USD6,504
6,502,353
6.63%, 03/01/32(c)(h)
USD3,593
3,653,111
6.75%, 08/15/28(c)
USD17,315
17,423,406
7.13%, 12/01/31(c)
USD2,133
2,200,061
 
42,958,564
Agriculture — 0.0%
Darling Ingredients, Inc., 5.25%, 04/15/27(c)
USD3,283
3,282,457
MHP Lux SA, 10.50%, 07/28/29(c)
USD535
555,731
Tereos Finance Groupe I SA, 7.25%,
04/15/28(a)
EUR2,559
2,974,157
 
6,812,345
Airlines — 0.3%
ABRA Global Finance, 14.00%, 10/22/29,
(6.00% cash + 8.00% PIK)(c)(i)
USD598
584,826
Air Canada, 3.88%, 08/15/26(c)
USD1,066
1,064,732
Air France-KLM, 5.75%, (5-year EURIBOR
ICE Swap + 3.58%)(a)(b)(j)
EUR5,200
5,983,243
Alaska Airlines, Inc., 6.50%, 06/01/31(c)
USD1,869
1,856,919
American Airlines, Inc., 7.25%, 02/15/28(c)(h)
USD3,395
3,423,369
American Airlines, Inc./AAdvantage Loyalty
IP Ltd., 5.75%, 04/20/29(c)
USD4,692
4,665,702
Avianca Midco 2 PLC
9.50%, 01/28/31(c)
USD425
398,641
9.63%, 02/14/30(a)
USD1,871
1,801,399
Azul Secured Finance LLP, 9.88%,
02/15/31(a)
USD450
415,161
Deutsche Lufthansa AG, 5.25%, 01/15/55,
(5-year EURIBOR ICE Swap +
2.86%)(a)(b)
EUR9,000
10,429,097
Garuda Indonesia Persero Tbk PT, 6.50%,
12/28/31, (6.50% Cash or 7.25% PIK)(a)(i)
USD1,385
1,166,602
Grupo Aeromexico SAB de CV, 8.25%,
11/15/29(a)
USD5,523
5,520,128
Security
Par
(000
)
Value
Airlines (continued)
JetBlue Airways Corp./JetBlue Loyalty LP,
9.88%, 09/20/31(c)(h)
USD7,200
$6,265,035
United Airlines Holdings, Inc., 4.88%,
03/01/29
USD4,546
4,476,395
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.
6.38%, 02/01/30(c)(h)
USD100
94,359
9.50%, 06/01/28(c)(h)
USD290
294,496
 
48,440,104
Apparel — 0.2%
Beach Acquisition Bidco LLC
5.25%, 07/15/32(a)
EUR14,249
16,525,034
10.00%, 07/15/33, (10.00 % PIK)(c)(i)
USD4,033
4,329,217
PrestigeBidCo GmbH, 6.18%, 07/01/29,
(3-mo. EURIBOR + 3.75%)(a)(b)
EUR1,253
1,461,927
VF Corp.
0.63%, 02/25/32
EUR4,100
3,861,372
2.80%, 04/23/27(h)
USD1,514
1,491,300
2.95%, 04/23/30
USD619
556,114
4.25%, 03/07/29
EUR4,800
5,538,700
 
33,763,664
Auto Manufacturers — 1.0%
Allison Transmission, Inc., 4.75%,
10/01/27(c)
USD2,624
2,611,379
Aston Martin Capital Holdings Ltd., 10.38%,
03/31/29(a)
GBP7,022
5,092,478
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27(c)
USD551
543,810
5.50%, 07/15/29(c)
USD2,463
2,436,503
5.88%, 01/15/28(c)
USD814
812,359
Nissan Motor Acceptance Co. LLC
1.85%, 09/16/26(c)
USD827
823,668
6.13%, 09/30/30(c)
USD3,727
3,639,813
7.05%, 09/15/28(c)
USD200
204,081
Nissan Motor Co. Ltd.
4.81%, 09/17/30(c)(h)
USD8,896
8,246,117
5.25%, 07/17/29(a)
EUR8,687
10,166,588
6.38%, 07/17/33(a)
EUR12,468
14,699,854
7.75%, 07/17/32(c)
USD4,347
4,490,351
8.13%, 07/17/35(c)(h)
USD4,119
4,346,200
RCI Banque SA
4.75%, 03/24/37, (5-year EURIBOR ICE
Swap + 2.20%)(a)(b)
EUR6,000
6,875,808
5.50%, 10/09/34, (5-year EURIBOR ICE
Swap + 2.75%)(a)(b)
EUR12,500
14,789,914
6.13%, (5-year EURIBOR ICE Swap +
3.84%)(a)(b)(j)
EUR3,800
4,379,664
Renault SA, 3.88%, 09/30/30(a)
EUR3,700
4,234,051
Stellantis NV
5.13%, 01/12/37(a)
EUR15,000
16,680,255
6.25%, (5-year EURIBOR ICE Swap +
3.77%)(a)(b)(j)
EUR9,794
10,915,497
6.88%, (5-year EURIBOR ICE Swap +
4.24%)(a)(b)(j)
EUR10,000
11,088,687
8.25%, (5-year UK Government Bond +
4.08%)(a)(b)(j)
GBP8,050
10,494,322
Volkswagen Bank GmbH, 4.00%,
11/26/30(a)
EUR4,300
4,947,887
69
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Auto Manufacturers (continued)
Volkswagen International Finance NV
3.88%, (10-year EUR Swap +
3.37%)(a)(b)(j)
EUR5,000
$5,756,305
5.99%, (8-year EURIBOR ICE Swap +
3.49%)(a)(b)(j)
EUR15,500
17,980,254
 
166,255,845
Auto Parts & Equipment — 0.9%
Adient Global Holdings Ltd.
7.00%, 04/15/28(c)
USD923
936,845
7.50%, 02/15/33(c)(h)
USD3,572
3,686,404
American Axle & Manufacturing, Inc.
5.00%, 10/01/29(h)
USD79
76,330
7.75%, 10/15/33(c)(h)
USD6,942
6,835,940
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54,
(5-year CMT + 3.39%)(b)
USD1,564
1,586,118
Clarios Global LP/Clarios U.S. Finance Co.
4.75%, 06/15/31(a)
EUR13,399
15,479,567
6.75%, 05/15/28(c)
USD235
237,948
6.75%, 02/15/30(c)
USD767
786,478
6.75%, 09/15/32(c)
USD4,048
4,078,405
Cooper-Standard Automotive, Inc., 9.25%,
03/01/31(c)(h)
USD4,317
4,394,113
Cyprium Corp./Cyprium Holdings
Luxembourg SARL
6.13%, 04/15/31(c)
USD1,294
1,282,522
6.38%, 04/15/34(c)
USD1,862
1,834,427
Forvia SE
5.50%, 06/15/31(a)
EUR5,785
6,807,049
5.63%, 06/15/30(a)
EUR3,217
3,803,734
6.75%, 09/15/33(c)(h)
USD4,774
4,750,393
8.00%, 06/15/30(c)(h)
USD768
807,150
Goodyear Tire & Rubber Co.(The)
5.25%, 04/30/31(h)
USD239
214,625
5.25%, 07/15/31(h)
USD5,033
4,470,538
5.63%, 04/30/33(h)
USD2,771
2,420,634
8.88%, 07/15/32(h)
USD1,439
1,476,935
Grupo Antolin Irausa SA
3.50%, 04/30/28(a)(k)(l)
EUR217
117,917
10.38%, 01/30/30(a)(k)(l)
EUR1,646
893,319
IHO Verwaltungs GmbH
7.00%, 11/15/31, (7.00% Cash and
7.75% PIK)(a)(i)
EUR7,140
8,789,351
7.38%, 05/15/33, (7.38 % PIK)(c)(i)
USD1,000
1,036,520
Mahle GmbH
2.38%, 05/14/28(a)
EUR100
112,872
6.50%, 05/02/31(a)
EUR12,057
14,422,928
Schaeffler AG
5.00%, 05/13/33(a)
EUR3,100
3,575,156
5.38%, 04/01/31(a)
EUR2,200
2,618,113
Tenneco, Inc., 8.00%, 11/17/28(c)
USD4,676
4,687,735
ZF Europe Finance BV
3.00%, 10/23/29(a)
EUR4,300
4,763,677
5.50%, 02/17/32(a)
EUR14,400
16,454,064
6.13%, 03/13/29(a)
EUR2,200
2,621,913
7.00%, 06/12/30(a)
EUR13,200
16,159,238
ZF North America Capital, Inc.
6.88%, 04/14/28(c)
USD300
305,402
6.88%, 04/23/32(c)
USD3,577
3,514,293
7.13%, 04/14/30(c)
USD4,799
4,830,040
Security
Par
(000
)
Value
Auto Parts & Equipment (continued)
7.50%, 03/24/31(c)(h)
USD1,747
$1,759,183
 
152,627,876
Banks — 2.9%
AIB Group PLC
6.00%, (5-year EURIBOR ICE Swap +
3.71%)(a)(b)(j)
EUR3,500
4,140,929
7.13%, (5-year EURIBOR ICE Swap +
4.39%)(a)(b)(j)
EUR3,553
4,373,335
Axis Bank Ltd./Gandhinagar
4.10%, (5-year CMT + 3.32%)(a)(b)(j)
USD4,500
4,484,531
5.35%, 06/30/31(a)
USD4,000
3,990,120
6.88%, (5-year CMT + 2.60%)(a)(b)(j)
USD4,000
4,007,560
B&M European Value Retail PLC, 6.50%,
11/27/31(a)
GBP6,185
8,259,957
Banco Bilbao Vizcaya Argentaria SA
6.88%, (5-year EUR Swap +
4.27%)(a)(b)(j)
EUR1,000
1,235,940
7.75%, (5-year CMT + 3.25%)(b)(h)(j)
USD2,227
2,328,752
Banco Mercantil del Norte SA/Grand
Cayman, 8.00%, (5-year CMT +
3.73%)(b)(c)(j)
USD402
400,593
Banco Nacional de Mexico SA, 6.70%,
08/07/36, (5-year CMT + 2.68%)(b)(c)
USD399
394,611
Bank Hapoalim BM, 4.72%, 07/14/29(c)
USD213
209,070
Bank Negara Indonesia Persero Tbk PT,
7.15%, (5-year CMT + 3.26%)(a)(b)(j)
USD3,600
3,568,500
Banque Federative du Credit Mutuel SA
1.25%, 06/03/30(a)
EUR7,700
8,109,217
3.63%, 03/07/35(a)
EUR4,200
4,679,341
4.13%, 05/26/35, (3-mo. EURIBOR +
1.08%)(a)(b)
EUR10,000
11,467,915
Barclays PLC, 6.13%, (5-year EURIBOR
ICE Swap + 3.56%)(a)(b)(j)
EUR1,246
1,436,196
BNP Paribas SA, 3.74%, 04/20/34, (3-mo.
EURIBOR + 1.05%)(a)(b)
EUR5,000
5,655,145
BPCE SA, 3.88%, 02/26/36, (3-mo.
EURIBOR + 1.45%)(a)(b)
EUR7,000
7,852,089
BPER Banca SpA, 6.50%, (5-year
EURIBOR ICE Swap + 4.35%)(a)(b)(j)
EUR5,000
5,985,642
CaixaBank SA, 6.25%, (5-year EURIBOR
ICE Swap + 3.93%)(a)(b)(j)
EUR2,200
2,660,553
Citigroup, Inc.
3.49%, 10/22/34, (3-mo. EURIBOR +
1.03%)(b)
EUR2,995
3,334,489
3.75%, 05/14/32, (3-mo. EURIBOR +
1.05%)(a)(b)
EUR10,654
12,274,419
5.92%, 12/11/30(b)
USD24,587
22,890,448
6.35%, 09/09/30(b)
USD40,455
39,005,012
Commerzbank AG
3.75%, 06/03/33, (3-mo. EURIBOR +
0.97%)(a)(b)
EUR6,000
6,850,200
6.63%, (5-year EURIBOR ICE Swap +
4.24%)(a)(b)(j)
EUR200
244,830
7.88%, (5-year EURIBOR ICE Swap +
5.13%)(a)(b)(j)
EUR1,200
1,555,431
Commonwealth Bank of Australia, 3.79%,
08/26/37, (5-year EURIBOR ICE Swap +
1.32%)(a)(b)
EUR3,575
4,038,284
Deutsche Bank AG
4.63%, (5-year EURIBOR ICE Swap +
4.74%)(a)(b)(j)
EUR7,200
8,269,385
Schedule of Investments
70
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
6.75%, (5-year EURIBOR ICE Swap +
4.04%)(a)(b)(j)
EUR1,800
$2,127,073
7.13%, (5-year EURIBOR ICE Swap +
4.60%)(a)(b)(j)
EUR1,000
1,215,076
8.13%, (5-year USD ICE Swap +
4.36%)(a)(b)(j)
USD2,800
2,948,812
Eurobank SA, 4.25%, 04/30/35, (5-year
EURIBOR ICE Swap + 2.00%)(a)(b)
EUR3,172
3,626,626
Freedom Mortgage Corp., 12.25%,
10/01/30(c)
USD100
107,134
Fubon Bank Hong Kong Ltd., 5.38%,
07/14/36, (5-year CMT + 1.23%)(a)(b)
USD1,237
1,225,471
Goldman Sachs Bank USA/New York,
6.60%, 09/12/30(b)(e)
USD40,455
39,160,440
Goldman Sachs Group, Inc., 3.51%,
08/17/33, (3-mo. EURIBOR + 0.95%)(a)(b)
EUR10,000
11,243,939
Goldman Sachs Group, Inc. (The), 4.10%,
07/22/34, (3-mo. EURIBOR + 1.05%)(a)(b)
EUR3,524
4,059,281
HDFC Bank Ltd., 3.70%, (5-year CMT +
2.93%)(a)(b)(j)
USD4,000
3,983,750
HSBC Holdings PLC, 5.25%(a)(b)(j)
SGD2,750
2,216,704
Intesa Sanpaolo SpA, 6.38%, (5-year EUR
Swap + 5.56%)(a)(b)(j)
EUR8,600
10,220,155
LG Electronics, Inc., 5.63%, 04/24/27(a)
USD2,866
2,883,984
Macquarie Bank Ltd., 5.77%, 08/20/36,
(3-mo. BB Swap + 1.32%)(a)(b)
AUD3,000
2,108,227
Morgan Stanley
3.75%, 11/07/36, (3-mo. EURIBOR +
1.12%)(b)
EUR10,303
11,451,302
3.96%, 03/21/35(b)
EUR6,429
7,365,194
Morgan Stanley Finance LLC, 5.00%,
05/08/31(b)(c)(e)
EUR107,223
121,325,856
National Bank of Greece SA
5.80%, (5-year EURIBOR ICE Swap +
3.32%)(a)(b)(j)
EUR2,575
2,941,862
5.88%, 06/28/35, (5-year EURIBOR ICE
Swap + 3.15%)(a)(b)
EUR2,584
3,143,450
Societe Generale SA, 3.75%, 09/02/33,
(3-mo. EURIBOR + 1.40%)(a)(b)
EUR3,500
3,958,406
Standard Chartered PLC
7.00%, (5-year CMT + 2.67%)(a)(b)(j)
USD3,175
3,148,806
7.00%, (5-year CMT + 2.87%)(b)(c)(h)(j)
USD5,000
4,961,600
Sumitomo Mitsui Financial Group, Inc.,
6.45%, (5-year CMT + 1.90%)(b)(j)
USD2,700
2,646,499
UBS Group AG
4.75%, 03/17/32, (1-year EURIBOR ICE
Swap + 1.60%)(a)(b)
EUR3,176
3,815,478
6.88%, (5-year USD ICE Swap +
3.09%)(b)(c)(h)(j)
USD10,881
10,798,080
7.13%(a)(b)(j)
AUD1,000
698,858
UniCredit SpA, 4.30%, 01/23/31, (3-mo.
EURIBOR + 1.80%)(a)(b)
EUR4,627
5,455,324
United Overseas Bank Ltd., 3.00%(a)(b)(j)
SGD1,750
1,365,651
Wells Fargo & Co., 3.90%, 07/22/32, (3-mo.
EURIBOR + 1.22%)(a)(b)
EUR5,306
6,147,920
 
460,053,452
Beverages — 0.0%
Primo Water Holdings, Inc./Triton Water
Holdings, Inc., 4.38%, 04/30/29(c)
USD1,206
1,168,404
Security
Par
(000
)
Value
Biotechnology — 0.0%
Biocon Biologics Global PLC, 6.67%,
10/09/29(a)
USD300
$300,795
Genmab A/S/Genmab Finance LLC
6.25%, 12/15/32(c)
USD773
780,075
7.25%, 12/15/33(c)
USD3,699
3,814,054
 
4,894,924
Building Materials — 0.3%
Builders FirstSource, Inc.
4.25%, 02/01/32(c)
USD169
153,788
5.00%, 03/01/30(c)
USD323
313,026
6.38%, 06/15/32(c)(h)
USD1,876
1,864,972
6.38%, 03/01/34(c)
USD3,288
3,226,326
6.75%, 05/15/35(c)
USD2,864
2,835,529
EMRLD Borrower LP/Emerald
Co-Issuer, Inc.
6.38%, 12/15/30(a)
EUR8,019
9,516,879
6.63%, 12/15/30(c)(h)
USD4,802
4,880,738
HT Troplast GmbH, 7.63%, 07/15/31(a)
EUR1,842
2,145,536
Quikrete Holdings, Inc.
6.38%, 03/01/32(c)(h)
USD5,622
5,690,611
6.75%, 03/01/33(c)
USD3,858
3,909,008
Sisecam U.K. PLC
8.25%, 05/02/29(a)
USD3,407
3,473,334
8.38%, 01/23/33(a)
USD963
968,730
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28(c)
USD100
99,858
8.88%, 11/15/31(c)
USD5,531
5,791,477
Standard Building Solutions, Inc.
6.25%, 08/01/33(c)(h)
USD2,834
2,803,031
6.50%, 08/15/32(c)(h)
USD3,208
3,214,137
Standard Industries, Inc./New York
3.38%, 01/15/31(c)
USD286
256,724
4.38%, 07/15/30(c)
USD3,338
3,151,358
4.75%, 01/15/28(c)
USD960
954,151
 
55,249,213
Chemicals — 1.1%
Axalta Coating Systems LLC/Axalta Coating
Systems Dutch Holding B BV, 4.75%,
06/15/27(c)
USD3,029
3,021,038
Bond U.S. Bidco 1 Inc/Bidco 2/Bidco
3/German Bidco 1 GmbH/German Bidco
2, 6.50%, 06/15/33(a)
EUR3,984
4,621,177
Brenntag Finance BV, 3.38%, 10/02/31(a)
EUR3,800
4,278,189
Celanese U.S. Holdings LLC
6.50%, 04/15/30(h)
USD365
369,486
7.00%, 02/15/31
USD4,586
4,701,998
7.17%, 07/15/27(h)
USD174
175,848
7.33%, 07/15/29(h)
USD3,533
3,672,727
7.38%, 07/15/32(h)
USD3,868
4,047,139
7.38%, 02/15/34(h)
USD2,015
2,072,720
Chemours Co.(The)
4.63%, 11/15/29(c)(h)
USD250
235,921
7.88%, 03/15/34(c)
USD3,201
3,114,885
8.00%, 01/15/33(c)
USD3,976
3,913,608
Equate Petrochemical Co KSCC, 4.25%,
11/03/26(a)
USD678
674,949
FIS Fabbrica Italiana Sintetici SpA, 5.72%,
02/05/31, (3-mo. EURIBOR + 3.25%)(a)(b)
EUR1,446
1,679,002
71
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Chemicals (continued)
FMC Corp.
5.65%, 05/18/33(h)
USD4,299
$3,840,279
8.00%, 06/01/31(c)(h)
USD421
435,326
GC Treasury Center Co. Ltd.
6.50%, (5-year CMT + 2.82%)(a)(b)(j)
USD6,455
6,327,191
7.13%, (5-year CMT + 3.16%)(a)(b)(j)
USD4,000
3,926,000
Herens Holdco SARL, 4.75%, 05/15/28(c)(h)
USD1,682
1,501,969
Huntsman International LLC
2.95%, 06/15/31
USD663
591,010
4.50%, 05/01/29
USD1,835
1,766,129
Ineos Finance PLC, 6.38%, 04/15/29(a)
EUR5,397
6,109,749
INEOS Finance PLC
6.75%, 05/15/28(c)
USD400
398,456
7.25%, 03/31/31(a)
EUR3,018
3,267,482
7.50%, 04/15/29(c)(h)
USD5,382
5,284,400
Ineos Quattro Finance 2 PLC, 8.50%,
03/15/29(a)
EUR4,639
4,594,054
Italmatch Chemicals SpA, 6.42%, 02/05/31,
(3-mo. EURIBOR + 4.13%)(a)(b)
EUR3,986
4,627,173
Itelyum Regeneration SpA, 5.75%,
04/15/30(a)
EUR12,414
14,551,743
Kronos International, Inc., 9.50%,
03/15/29(a)
EUR8,309
9,221,904
Lenzing AG, 9.00%, (3-year EURIBOR ICE
Swap + 12.11%)(a)(b)(j)
EUR4,800
5,659,521
Lune Holdings SARL, 5.63%, 11/15/28(a)
EUR4,892
2,821
Methanex Corp., 5.13%, 10/15/27
USD3,590
3,595,178
Methanex U.S. Operations, Inc., 6.25%,
03/15/32(c)(h)
USD167
168,650
Nouryon Finance BV, 6.13%, 07/15/31(a)
EUR2,944
3,442,378
NOVA Chemicals Corp.
5.25%, 06/01/27(c)
USD1,840
1,841,034
7.00%, 12/01/31(c)(h)
USD608
637,673
9.00%, 02/15/30(c)
USD2,786
2,918,614
OCP SA
5.13%, 06/23/51(a)
USD521
397,549
7.50%, 05/02/54(c)
USD989
1,014,130
Olin Corp.
5.00%, 02/01/30(h)
USD1,370
1,315,724
5.63%, 08/01/29
USD992
981,242
6.63%, 04/01/33(c)
USD2,085
2,040,365
Olympus Water U.S. Holding Corp.
5.38%, 10/01/29(a)
EUR1,421
1,601,706
6.13%, 02/15/33(a)
EUR5,819
6,694,355
6.25%, 10/01/29(c)
USD2,439
2,408,229
7.25%, 02/15/33(c)
USD7,834
7,673,945
Orbia Advance Corp. SAB de CV, 6.75%,
09/19/42(c)(h)
USD449
397,477
Qnity Electronics, Inc.
5.75%, 08/15/32(c)
USD634
629,490
6.25%, 08/15/33(c)
USD1,288
1,294,000
Sasol Financing USA LLC, 8.75%,
04/10/33(c)
USD400
415,796
SCIH Salt Holdings, Inc., 4.88%, 05/01/28(c)
USD3,382
3,381,831
SCIL IV LLC/SCIL USA Holdings LLC,
9.50%, 07/15/28(a)
EUR2,852
3,389,706
SK Invictus Intermediate II SARL, 5.00%,
10/30/29(c)
USD2,485
2,426,605
SNF Group SACA, 4.50%, 03/15/32(a)
EUR6,000
7,007,408
Solstice Advanced Materials, Inc., 5.63%,
09/30/33(c)
USD170
166,232
Security
Par
(000
)
Value
Chemicals (continued)
Stonepeak Motion Holdco Ltd./Stonepeak
Motion Finco LLC, 5.00%, 07/15/33(a)
EUR2,437
$2,813,481
Synthomer PLC, 7.38%, 05/02/29(a)
EUR2,039
1,930,979
WR Grace Holdings LLC
6.63%, 08/15/32(c)
USD351
334,158
7.00%, 08/01/33(c)
USD5,739
5,497,067
 
175,098,896
Commercial Services — 2.4%
Adani Ports & Special Economic Zone Ltd.,
5.00%, 08/02/41(a)
USD1,000
862,830
ADT Security Corp.(The)
4.13%, 08/01/29(c)
USD3,318
3,178,198
5.88%, 10/15/33(c)
USD1,136
1,101,492
Albion Financing 1 SARL/Aggreko
Holdings, Inc.
5.38%, 05/21/30(a)
EUR8,885
10,526,082
7.00%, 05/21/30(c)
USD3,520
3,585,729
Allied Universal Holdco LLC, 7.88%,
02/15/31(c)(h)
USD3,826
3,972,352
Allied Universal Holdco LLC/Allied Universal
Finance Corp.
6.00%, 06/01/29(c)(h)
USD7,871
7,801,722
6.88%, 06/15/30(c)
USD1,882
1,923,039
Allied Universal Holdco LLC/Allied Universal
Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28(c)
USD200
196,692
4.88%, 06/01/28(a)
GBP8,172
10,896,821
Amber Finco PLC, 6.63%, 07/15/29(a)
EUR9,425
11,215,215
APCOA GmbH, 6.00%, 04/15/31(a)
EUR10,996
12,727,981
Avis Budget Car Rental LLC/Avis Budget
Finance, Inc.
5.38%, 03/01/29(c)
USD100
97,355
8.00%, 02/15/31(c)
USD5,321
5,312,912
8.38%, 06/15/32(c)(h)
USD3,953
3,934,127
Babcock International Group PLC, 5.13%,
07/14/31(a)
GBP8,200
10,907,419
BCP V Modular Services Finance II PLC
4.75%, 11/30/28(a)
EUR4,195
4,535,468
6.13%, 11/30/28(a)
GBP15,500
19,505,990
6.50%, 07/10/31(a)
EUR14,691
14,203,193
Belron U.K. Finance PLC, 5.75%,
10/15/29(c)
USD2,011
2,010,364
Bidvest Group UK PLC (The), 6.20%,
09/17/32(c)
USD468
470,925
Block, Inc.
5.63%, 08/15/30(c)
USD4,889
4,863,988
6.00%, 08/15/33(c)
USD304
301,474
6.50%, 05/15/32(h)
USD3,441
3,476,456
Boels Topholding BV, 5.75%, 05/15/30(a)
EUR8,865
10,409,904
Brink's Co.(The)
4.63%, 10/15/27(c)
USD886
880,300
6.50%, 06/15/29(c)
USD1,497
1,524,060
6.75%, 06/15/32(c)
USD251
255,604
Carrix, Inc., 6.13%, 08/01/33(c)
USD1,580
1,572,703
Clarivate Science Holdings Corp., 3.88%,
07/01/28(c)(h)
USD3,624
3,501,324
EC Finance PLC, 3.25%, 10/15/26(a)
EUR9,584
10,999,686
EquipmentShare.com, Inc.
7.13%, 07/01/34(c)(h)
USD2,077
1,983,799
8.63%, 05/15/32(c)
USD4,182
4,277,049
9.00%, 05/15/28(c)
USD1,664
1,689,359
Schedule of Investments
72
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Garda World Security Corp.
6.00%, 06/01/29(c)(h)
USD50
$49,275
7.75%, 02/15/28(c)(h)
USD101
102,393
8.25%, 08/01/32(c)
USD4,965
5,034,907
8.38%, 11/15/32(c)(h)
USD3,529
3,585,436
GEO Group, Inc. (The), 8.63%, 04/15/29
USD3,594
3,746,720
Herc Holdings, Inc.
6.63%, 06/15/29(c)(h)
USD244
248,375
7.00%, 06/15/30(c)
USD3,938
4,061,137
7.25%, 06/15/33(c)(h)
USD4,161
4,293,574
ION Platform Finance SARL
6.50%, 09/30/30(a)
EUR10,515
10,312,630
6.88%, 09/30/32(a)
EUR9,372
8,719,032
7.88%, 05/01/29(a)
EUR13,758
14,845,281
ION Platform Finance U.S., Inc., 7.88%,
09/30/32(c)
USD10,004
7,923,297
Kapla Holding SAS
5.00%, 04/30/31(a)
EUR17,777
20,545,830
5.13%, 04/30/32(a)
EUR374
432,050
5.20%, 04/30/33, (3-mo. EURIBOR +
3.00%)(a)(b)
EUR733
849,552
Kaspi.KZ JSC
5.90%, 04/28/31(c)
USD4,720
4,675,019
6.25%, 03/26/30(c)
USD3,583
3,599,589
6.25%, 03/26/30(a)
USD1,217
1,222,635
Loxam SAS, 4.25%, 02/15/31(a)
EUR14,511
16,550,438
Multiversity SpA
6.70%, 05/17/31, (3-mo. EURIBOR +
4.25%)(a)(b)
EUR4,011
4,642,155
7.13%, 05/17/31(a)
EUR17,613
20,833,401
Prime Security Services
Borrower LLC/Prime Finance, Inc.,
3.38%, 08/31/27(c)
USD2,411
2,367,955
Q-Park Holding I BV
5.13%, 03/01/29(a)
EUR1,229
1,431,175
5.13%, 02/15/30(a)
EUR3,200
3,749,120
Service Corp. International/U.S.
3.38%, 08/15/30
USD1,590
1,467,622
4.00%, 05/15/31
USD280
261,783
4.63%, 12/15/27
USD2,023
2,010,008
5.13%, 06/01/29
USD2,251
2,230,349
5.75%, 10/15/32
USD100
99,182
Shift4 Payments LLC/Shift4 Payments
Finance Sub, Inc.
5.50%, 05/15/33(a)
EUR12,743
14,401,538
6.75%, 08/15/32(c)
USD4,020
4,025,692
Synergy Infrastructure Holdings LLC
7.00%, 07/15/34(c)
USD1,625
1,639,311
7.88%, 12/01/30(c)
USD137
142,910
Techem Verwaltungsgesellschaft 675 mbH,
4.63%, 07/15/32(a)
EUR5,559
6,388,377
United Rentals North America, Inc.
3.88%, 11/15/27
USD187
184,840
3.88%, 02/15/31(h)
USD323
301,924
4.00%, 07/15/30(h)
USD311
295,325
4.88%, 01/15/28(h)
USD9,359
9,322,028
5.25%, 01/15/30(h)
USD766
762,276
5.38%, 11/15/33(c)
USD1,488
1,448,874
Wand NewCo 3, Inc., 7.63%, 01/30/32(c)
USD4,016
4,123,183
WestConnex Finance Co. Pty Ltd., 6.41%,
04/30/36
AUD2,600
1,840,851
Security
Par
(000
)
Value
Commercial Services (continued)
Williams Scotsman, Inc.
4.63%, 08/15/28(c)
USD58
$57,292
6.63%, 06/15/29(c)(h)
USD2,851
2,899,168
6.63%, 04/15/30(c)
USD95
97,137
7.38%, 10/01/31(c)
USD25
25,776
Worldline SA/France
4.13%, 09/12/28(a)
EUR3,700
3,951,624
5.25%, 11/27/29(a)
EUR6,800
6,994,447
 
383,494,105
Computers — 0.3%
Almaviva-The Italian Innovation Co. SpA,
5.00%, 10/30/30(a)
EUR10,891
12,268,847
Amentum Holdings, Inc., 7.25%, 08/01/32(c)
USD2,348
2,412,319
Atos Group, 8.13%, 05/21/31(a)
EUR8,932
9,954,699
CACI International, Inc., 6.38%, 06/15/33(c)
USD2,615
2,635,236
Cedacri SpA, 6.91%, 05/15/28, (3-mo.
EURIBOR + 4.63%)(a)(b)
EUR7,782
8,840,538
McAfee Corp., 7.38%, 02/15/30(c)(h)
USD540
457,852
NCR Atleos Corp., 9.50%, 04/01/29(c)
USD3,098
3,285,568
NCR Voyix Corp., 5.13%, 04/15/29(c)(h)
USD2,504
2,427,928
OVH Groupe SA, 4.75%, 02/05/31(a)
EUR3,896
4,488,107
Seagate Data Storage Technology Pte Ltd.,
9.63%, 12/01/32
USD267
292,699
 
47,063,793
Cosmetics & Personal Care — 0.2%
Edgewell Personal Care Co.
4.13%, 04/01/29(c)
USD935
899,702
5.50%, 06/01/28(c)
USD1,137
1,133,767
Opal Bidco SAS
5.50%, 03/31/32(a)
EUR11,436
13,471,158
6.50%, 03/31/32(c)
USD968
973,563
Perrigo Finance Unlimited Co.
5.15%, 06/15/30
USD2,646
2,501,801
5.38%, 09/30/32
EUR2,000
2,239,438
6.13%, 09/30/32(h)
USD1,206
1,145,788
Prestige Brands, Inc., 3.75%, 04/01/31(c)
USD1,887
1,730,153
 
24,095,370
Distribution & Wholesale — 0.2%
American Builders & Contractors Supply
Co., Inc.
3.88%, 11/15/29(c)
USD580
550,367
4.00%, 01/15/28(c)
USD412
405,712
Cesar SpA
6.50%, 09/30/31(a)
EUR6,288
7,438,218
6.54%, 09/30/31, (3-mo. EURIBOR +
4.25%)(a)(b)
EUR3,894
4,539,873
IMCD NV, 3.63%, 04/30/30(a)
EUR12,765
14,620,879
Posco International Corp., 5.13%,
06/29/31(a)
USD3,000
2,956,350
RB Global Holdings, Inc.
6.75%, 03/15/28(c)
USD2,188
2,207,519
7.75%, 03/15/31(c)
USD204
210,518
 
32,929,436
Diversified Financial Services — 3.4%
Ally Financial, Inc.
6.65%, 01/17/40, (5-year CMT +
2.45%)(b)
USD1,617
1,579,498
6.70%, 02/14/33
USD609
620,768
Aretec Group, Inc., 10.00%, 08/15/30(c)
USD2,245
2,368,181
73
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Diversified Financial Services (continued)
Azorra Finance Ltd.
6.25%, 02/15/34(c)(h)
USD1,703
$1,668,983
7.25%, 01/15/31(c)
USD540
556,160
7.75%, 04/15/30(c)
USD2,376
2,458,637
Caturus LLC, 12.00%, 05/14/31(c)(e)
USD101,115
91,388,025
Citigroup Global Markets Holdings
Inc/United States, 5.89%, 06/17/29(b)(c)
USD16,457
16,457,000
Credit Acceptance Corp.
6.63%, 03/15/30(c)(h)
USD3,724
3,719,997
9.25%, 12/15/28(c)
USD1,645
1,702,925
CrossCountry Intermediate HoldCo LLC
6.50%, 10/01/30(c)
USD2,237
2,163,327
6.75%, 12/01/32(c)
USD3,221
3,073,576
CS Treasury Management Services P Ltd.,
9.00%(a)(j)
USD3,000
3,082,020
Encore Capital Group, Inc.
4.25%, 06/01/28(a)
GBP3,445
4,536,720
6.63%, 04/15/31(c)
USD820
823,483
6.63%, 06/01/32(c)(h)
USD1,813
1,815,487
8.50%, 05/15/30(c)
USD1,616
1,710,956
Flourishing Trade & Investment Ltd.,
11.04%, 04/02/30(e)
USD8,220
8,446,148
Focus Financial Partners LLC, 6.75%,
09/15/31(c)
USD2,969
2,950,444
Freedom Mortgage Holdings LLC
6.88%, 05/01/31(c)
USD4,786
4,613,643
7.88%, 04/01/33(c)
USD6,033
5,818,366
9.13%, 05/15/31(c)
USD822
842,662
Garfunkelux Holdco 3 SA, 9.00%,
09/01/28(a)
EUR9,904
11,395,382
GGAM Finance Ltd.
5.88%, 03/15/30(c)
USD1,141
1,135,226
8.00%, 02/15/27(c)
USD2,597
2,593,987
8.00%, 06/15/28(c)
USD78
80,683
GS Finance Corp.
2.25%, 05/14/31(b)(c)(e)
EUR65,585
75,788,153
5.95%, 01/15/31(b)
USD47,090
43,657,280
6.11%, 02/17/31(b)
USD27,072
25,748,531
7.35%, 02/17/31(b)
USD56,226
53,546,263
Hyundai Card Co. Ltd., 5.75%, 04/24/29(a)
USD6,315
6,407,515
IIFL Finance Ltd.
7.60%, 09/10/29(a)
USD2,550
2,558,925
7.60%, 07/10/30
USD1,500
1,485,758
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29(c)(h)
USD2,935
2,847,613
6.13%, 11/01/32(c)(h)
USD3,100
3,084,498
6.75%, 05/01/33(c)
USD700
713,383
7.13%, 04/30/31(c)
USD3,137
3,237,456
Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/28(c)
USD2,144
2,072,808
6.63%, 10/15/31(c)
USD2,100
2,062,543
Jerrold Finco PLC, 7.88%, 04/15/30(a)
GBP4,382
5,989,739
Mercury Finance Co., 14.50%, 07/20/29(a)
USD5,000
4,957,000
Muangthai Capital PCL
6.88%, 09/30/28(a)
USD4,500
4,505,625
7.55%, 07/21/30(a)
USD2,360
2,382,703
Muthoot Finance Ltd.
5.75%, 08/04/30(a)(h)
USD2,500
2,432,525
6.38%, 04/23/29(a)
USD2,000
1,992,500
6.38%, 03/02/30(a)
USD2,376
2,351,765
Security
Par
(000
)
Value
Diversified Financial Services (continued)
Oceana 11
Class A, 11.00%, 07/31/28
AUD10,817
$7,611,383
Class A, 11.00%, 07/31/29
AUD21,634
15,222,765
Osaic Holdings, Inc., 6.75%, 08/01/32(c)
USD4,798
4,815,155
PennyMac Financial Services, Inc.
5.75%, 09/15/31(c)(h)
USD3,106
2,879,051
6.75%, 02/15/34(c)
USD7,006
6,498,239
6.88%, 02/15/33(c)
USD397
376,692
7.13%, 11/15/30(c)
USD772
769,591
7.88%, 12/15/29(c)
USD342
351,143
Power Finance Corp. Ltd., 5.32%,
06/30/31(a)
USD5,000
4,995,550
PRA Group Europe Holding II SARL, 6.25%,
09/30/32(a)
EUR5,953
6,766,176
Rocket Companies, Inc.
6.13%, 08/01/30(c)
USD1,334
1,344,815
6.38%, 08/01/33(c)
USD2,391
2,405,208
Rocket Cos, Inc.
6.13%, 08/01/31(c)(h)
USD1,991
2,000,073
6.50%, 08/01/29(c)
USD5,407
5,478,021
7.13%, 02/01/32(c)
USD4,209
4,313,998
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc.
3.63%, 03/01/29(c)
USD1,120
1,071,259
3.88%, 03/01/31(c)
USD2,633
2,439,255
Sammaan Capital Ltd.
7.50%, 10/16/30(a)
USD4,745
4,776,032
9.70%, 07/03/27(a)
USD4,000
4,110,000
SLM Corp., 6.50%, 01/31/30(h)
USD1,223
1,237,029
SRC Sukuk Ltd.
4.38%, 04/02/29(a)
USD2,740
2,682,803
5.38%, 07/14/36(a)
USD2,950
2,880,334
Stonebriar ABF Issuer LLC, 7.00%,
08/15/31(c)
USD1,849
1,850,396
Stonex Escrow Issuer LLC, 6.88%,
07/15/32(c)
USD1,470
1,492,138
StoneX Group, Inc., 7.88%, 03/01/31(c)
USD2,557
2,663,151
Synchrony Financial, 7.25%, 02/02/33
USD2,244
2,306,306
Tata Capital Ltd., 5.33%, 01/21/30(a)
USD3,490
3,490,977
TER Finance Jersey Ltd., 4.50%, 03/31/32
EUR7,169
8,239,819
Titanium 2l Bondco SARL, 6.25%, 01/14/31,
(6.75% PIK)(i)
EUR2,698
428,483
Trust Fibra Uno, 7.70%, 01/23/32(a)
USD1,860
1,958,561
United Wholesale Mortgage LLC
5.50%, 04/15/29(c)
USD5,429
5,070,320
5.75%, 06/15/27(c)
USD150
148,778
UWM Holdings LLC
6.25%, 03/15/31(c)(h)
USD5,688
5,075,107
6.63%, 02/01/30(c)
USD590
547,311
 
543,720,786
Electric — 2.5%
ACEN Finance Ltd., 4.00%(a)(j)
USD1,198
678,667
AES Andes SA, 6.30%, 03/15/29(a)
USD4,930
5,013,859
AES Corp. (The), 6.95%, 07/15/55, (5-year
CMT + 2.89%)(b)
USD7,324
7,192,549
AES Panama Generation Holdings SRL,
4.38%, 05/31/30(a)
USD3,493
3,284,995
AGL Energy Ltd., 5.77%, 09/30/35(a)
AUD5,000
3,383,923
Alpha Generation LLC
6.25%, 01/15/34(c)(h)
USD1,328
1,297,716
6.75%, 10/15/32(c)
USD2,589
2,611,571
Schedule of Investments
74
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
Atlantica Sustainable Infrastructure Ltd.,
4.13%, 06/15/28(c)
USD200
$196,232
Atsol Global Ifsc Ltd., 7.62%, 04/09/41(a)(d)
USD5,400
5,297,535
AusNet Services Holdings Pty. Ltd.
6.14%, 02/04/56, (3-mo. BB Swap +
1.77%)(a)(b)
AUD2,170
1,517,438
6.50%, 02/04/56, (3-mo. BB Swap +
1.77%)(b)
AUD1,680
1,165,393
6.69%, 02/12/55, (3-mo. BB Swap +
2.25%)(b)
AUD2,780
2,000,767
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC
5.63%, 02/15/32(a)
EUR18,356
21,433,585
6.38%, 02/15/32(c)
USD2,612
2,575,506
CGE Treasury Ifsc Pvt Ltd., 7.88%,
07/28/31(a)
USD4,225
4,214,438
Clean Renewable Power Mauritius Pte. Ltd.,
4.25%, 03/25/27(a)
USD3,307
3,262,022
Clearway Energy Operating LLC
3.75%, 02/15/31(c)
USD513
470,574
4.75%, 03/15/28(c)
USD3,972
3,920,016
5.75%, 01/15/34(c)
USD1,065
1,026,927
Continuum Energy Aura Pte. Ltd., 9.50%,
02/24/27(a)
USD4,500
4,511,250
Continuum Green Energy India
Pvt./Co-Issuers, 7.50%, 06/26/33(a)
USD1,854
1,886,686
ContourGlobal Power Holdings SA
4.38%, 07/31/31(a)
EUR14,682
16,444,290
5.00%, 02/28/30(a)
EUR10,451
12,147,563
DPL LLC, 4.35%, 04/15/29(h)
USD889
865,853
Edison International
7.88%, 06/15/54, (5-year CMT +
3.66%)(b)(h)
USD1,113
1,148,571
8.13%, 06/15/53, (5-year CMT +
3.86%)(b)
USD2,790
2,854,427
EDP SA
1.50%, 03/14/82, (5-year EUR Swap +
1.89%)(a)(b)
EUR3,000
3,423,953
4.38%, 12/02/55, (5-year EURIBOR ICE
Swap + 1.92%)(a)(b)
EUR3,600
4,043,181
4.75%, 05/29/54, (5-year EURIBOR ICE
Swap + 2.05%)(a)(b)
EUR4,700
5,467,733
Electricite de France SA
3.38%, (a)(b)(j)
EUR13,000
14,236,795
4.38%, (5-year EURIBOR ICE Swap +
2.07%)(a)(b)(j)
EUR7,700
8,650,837
5.13%, (5-year EURIBOR ICE Swap +
2.94%)(a)(b)(j)
EUR3,000
3,501,083
5.63%, (5-year EURIBOR ICE Swap +
3.28%)(a)(b)(j)
EUR2,600
3,070,477
5.88%, (15-year GBP Swap +
3.32%)(a)(b)(j)
GBP4,500
6,019,148
7.38%, (5-year UK Government Bond +
3.78%)(a)(b)(j)
GBP3,800
5,292,474
Elia Group SA/NV, 4.63%, (5-year
EURIBOR ICE Swap + 1.86%)(a)(b)(j)
EUR6,100
7,022,854
Engie Energia Chile SA, 3.40%, 01/28/30(a)
USD1,295
1,212,832
Engie SA
4.37%, (5-year EURIBOR ICE Swap +
1.56%)(a)(b)(j)
EUR12,000
13,786,658
6.48%(b)(j)
AUD2,160
1,520,097
Security
Par
(000
)
Value
Electric (continued)
EUSHI Finance, Inc.
6.25%, 04/01/56, (5-year CMT +
2.51%)(b)
USD1,433
$1,414,535
7.63%, 12/15/54, (5-year CMT +
3.14%)(b)
USD820
848,889
FIEMEX Energia - Banco Actinver SA
Institucion de Banca Multiple, 7.25%,
01/31/41(c)
USD579
574,315
India Clean Energy Holdings, 4.50%,
04/18/27(a)
USD4,000
3,940,000
LLPL Capital Pte. Ltd., 6.88%, 02/04/39(a)
USD1,011
1,015,147
Minejesa Capital BV, 5.63%, 08/10/37(c)
USD722
673,005
Mong Duong Finance Holdings BV, 5.13%,
05/07/29(a)
USD1,749
1,724,977
MVM Energetika Zrt
6.50%, 03/13/31(a)
USD2,841
2,953,589
7.50%, 06/09/28(a)
USD13,445
13,921,894
Neoen Finco PLC, 5.50%, 06/15/31(a)
EUR6,160
7,236,514
NextEra Energy Capital Holdings, Inc.,
4.00%, 05/15/56, (5-year EURIBOR ICE
Swap + 1.59%)(b)
EUR14,245
15,944,801
NRG Energy, Inc.
3.63%, 02/15/31(c)
USD100
92,143
3.88%, 02/15/32(c)
USD1,501
1,373,119
5.25%, 06/15/29(c)
USD5,641
5,587,493
5.75%, 07/15/29(c)
USD6,799
6,795,089
5.75%, 01/15/34(c)
USD1,697
1,652,714
5.88%, 05/15/34(c)(h)
USD2,268
2,226,496
6.00%, 01/15/36(c)
USD1,268
1,240,579
6.13%, 05/15/36(c)
USD100
98,711
6.25%, 11/01/34(c)(h)
USD2,251
2,245,068
NSW Electricity Networks Finance Pty. Ltd.
6.25%, 11/20/55(a)(b)
AUD2,900
2,057,747
6.28%, 03/11/55(a)(b)
AUD2,600
1,810,280
6.30%, 11/20/55, (3-mo. BB Swap +
2.20%)(a)(b)
AUD2,420
1,655,035
6.52%, 03/11/55(a)(b)
AUD2,000
1,431,281
Oncor Electric Delivery Co. LLC, 4.55%,
11/26/56, (5-year EURIBOR ICE Swap +
1.53%)(a)(b)
EUR5,850
6,740,644
Orsted A/S
2.50%, (5-year UK Government Bond +
2.14%)(a)(b)
GBP9,738
10,320,106
5.13%, (5-year EURIBOR ICE Swap +
2.59%)(a)(b)
EUR375
438,487
PacifiCorp
7.13%, 08/15/56, (5-year CMT +
3.29%)(b)
USD3,519
3,464,601
7.38%, 09/15/55, (5-year CMT +
3.32%)(b)
USD1,974
1,963,316
PG&E Corp.
6.85%, 09/15/56, (5-year CMT +
3.23%)(b)(h)
USD2,604
2,576,832
7.38%, 03/15/55, (5-year CMT +
3.88%)(b)
USD8,209
8,335,575
Powerco Ltd., 6.43%, 04/28/36
AUD2,010
1,427,405
Public Power Corp. SA, 4.25%, 10/31/30(a)
EUR2,706
3,125,734
Puget Energy, Inc.
7.00%, 09/15/56, (5-year CMT +
2.96%)(b)
USD297
297,806
75
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
7.25%, 09/15/56, (5-year CMT +
2.85%)(b)
USD371
$372,199
Renew Treasury Ifsc Pvt Ltd., 6.50%,
02/02/31(c)
USD662
654,553
RWE Finance Europe BV, 4.00%,
07/06/37(a)
EUR9,755
11,012,266
San Miguel Global Power Holdings Corp.
8.13%, (5-year CMT + 6.40%)(a)(b)(j)
USD2,035
2,022,078
8.38%, (5-year CMT + 7.12%)(a)(b)(j)
USD5,127
5,084,395
Saudi Electricity Sukuk Programme Co.
4.94%, 02/13/29(a)
USD2,794
2,773,045
5.23%, 02/18/30(a)
USD7,640
7,635,798
5.68%, 04/11/53(a)
USD4,257
3,999,452
Southern Co. (The), 1.88%, 09/15/81,
(5-year EUR Swap + 2.11%)(b)
EUR19,027
21,516,143
Star Energy Geothermal Wayang Windu
Ltd., 6.75%, 04/24/33(a)
USD2,109
2,116,658
Talen Energy Supply LLC
6.13%, 05/01/31(c)(h)(m)
USD3,811
3,788,299
6.38%, 05/01/33(c)(h)(m)
USD8,801
8,667,276
6.50%, 02/01/36(c)
USD708
699,168
Tennet GmbH & Co. KG, 4.13%, 07/15/38(a)
EUR11,540
13,230,570
Vistra Operations Co. LLC
4.38%, 05/01/29(c)(h)
USD1,498
1,461,669
5.00%, 07/31/27(c)
USD1,670
1,669,441
7.75%, 10/15/31(c)(h)
USD190
198,078
VoltaGrid LLC, 7.38%, 11/01/30(c)
USD3,491
3,508,352
XPLR Infrastructure Operating Partners LP
4.50%, 09/15/27(c)
USD163
161,125
7.75%, 04/15/34(c)
USD270
282,752
8.38%, 01/15/31(c)(h)
USD2,095
2,226,623
8.63%, 03/15/33(c)(h)
USD3,984
4,256,446
 
402,190,788
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc.
4.38%, 03/31/29(c)(h)
USD366
352,490
4.75%, 06/15/28(c)
USD50
49,486
6.00%, 09/15/33(c)(h)
USD2,921
2,767,926
WESCO Distribution, Inc.
5.25%, 04/15/31(c)(h)
USD693
681,457
5.50%, 04/15/34(c)
USD18
17,486
6.38%, 03/15/29(c)
USD3,791
3,844,483
6.38%, 03/15/33(c)(h)
USD2,237
2,274,521
6.63%, 03/15/32(c)
USD631
643,764
 
10,631,613
Electronics — 0.0%
Ingram Micro, Inc., 4.75%, 05/15/29(c)
USD3,281
3,192,612
Sensata Technologies BV
4.00%, 04/15/29(c)
USD1,034
995,028
5.88%, 09/01/30(c)
USD416
416,342
Sensata Technologies, Inc.
4.38%, 02/15/30(c)
USD1,757
1,694,296
6.63%, 07/15/32(c)(h)
USD400
409,499
 
6,707,777
Energy - Alternate Sources — 0.1%
Adani Renewable Energy RJ Ltd./Kodangal
Solar Parks Pvt Ltd./Wardha Solar
Maharash, 4.63%, 10/15/39(a)
USD969
817,836
Greenko Wind Projects Mauritius Ltd.
7.25%, 09/27/28(c)
USD3,555
3,583,535
Security
Par
(000
)
Value
Energy - Alternate Sources (continued)
7.25%, 09/27/28(a)
USD1,934
$1,950,142
India Cleantech Energy, 4.70%, 08/10/26(a)
USD1,977
1,974,628
India Green Power Holdings, 4.00%,
02/22/27(a)
USD3,200
3,166,688
ReNew Pvt Ltd., 5.88%, 03/05/27(a)
USD3,500
3,495,625
 
14,988,454
Engineering & Construction — 0.1%
AECOM, 6.00%, 08/01/33(c)(h)
USD1,369
1,361,187
Celestial Dynasty Ltd., 6.38%, 08/22/28(a)
USD1,300
1,291,875
Heathrow Finance PLC, 6.63%, 03/01/31(a)
GBP2,914
3,921,218
IHS Holding Ltd., 6.25%, 11/29/28(c)(h)
USD507
504,830
IRB Infrastructure Developers Ltd., 7.11%,
03/11/32(a)
USD4,000
4,025,000
TAV Havalimanlari Holding A/S, 8.50%,
12/07/28(a)
USD625
640,625
Weekley Homes LLC/Weekley Finance
Corp., 4.88%, 09/15/28(c)
USD30
29,483
 
11,774,218
Entertainment — 1.0%
Allwyn Entertainment Financing U.K. PLC
4.13%, 02/15/31(a)
EUR8,472
9,601,928
4.63%, 08/15/31(a)
EUR5,112
5,838,857
7.25%, 04/30/30(a)
EUR10,879
13,000,116
Banijay Entertainment SAS, 7.00%,
05/01/29(a)
EUR3,293
3,890,713
Banijay Gaming SAS, 5.13%, 12/10/31(a)
EUR4,890
5,702,723
Brightstar Lottery PLC, 5.25%, 01/15/29(c)
USD2,915
2,881,270
Brightstar Lottery PLC/Brightstar Global
Solutions Corp., 5.75%, 01/15/33(c)
USD650
627,225
Caesars Entertainment, Inc.
4.63%, 10/15/29(c)(h)
USD1,676
1,592,596
6.00%, 10/15/32(c)
USD8,579
7,524,342
6.50%, 02/15/32(c)(h)
USD3,073
2,936,464
7.00%, 02/15/30(c)
USD692
694,289
Churchill Downs, Inc.
4.75%, 01/15/28(c)
USD2,423
2,399,275
5.50%, 04/01/27(c)
USD1,276
1,276,694
5.75%, 04/01/30(c)
USD1,730
1,724,882
Cinemark USA, Inc.
5.25%, 07/15/28(c)
USD2,152
2,136,756
7.00%, 08/01/32(c)(h)
USD944
967,738
Cirsa Finance International SARL
5.40%, 10/15/32, (3-mo. EURIBOR +
3.00%)(a)(b)
EUR3,004
3,485,352
6.50%, 03/15/29(a)
EUR4,886
5,814,672
Entain PLC, 4.88%, 11/30/31(a)
EUR3,147
3,654,127
Flutter Treasury DAC, 4.00%, 06/04/31(a)
EUR14,019
15,860,429
Light & Wonder International, Inc.
6.25%, 10/01/33(c)(h)
USD3,495
3,433,838
7.25%, 11/15/29(c)
USD159
161,602
7.50%, 09/01/31(c)
USD901
928,085
Live Nation Entertainment, Inc.
3.75%, 01/15/28(c)
USD1,352
1,323,716
4.75%, 10/15/27(c)(h)
USD1,707
1,698,214
Lottomatica Group SpA, 4.63%, 04/30/32(a)
EUR2,655
3,039,999
Penn Entertainment, Inc., 6.75%,
04/01/31(c)(h)
USD2,559
2,568,248
Pinewood Finco PLC, 6.00%, 03/27/30(a)
GBP8,402
11,310,164
Pioneer Opco LLC, 7.00%, 05/15/33(c)
USD2,226
2,247,507
Schedule of Investments
76
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Entertainment (continued)
Resorts World Las Vegas LLC/RWLV
Capital, Inc.
4.63%, 04/16/29(c)
USD3,000
$2,685,000
4.63%, 04/16/29(a)
USD2,000
1,790,000
8.45%, 07/27/30(c)
USD2,200
2,164,965
Rivers Enterprise Borrower LLC/Rivers
Enterprise Finance Corp., 6.63%,
02/01/33(c)
USD178
179,106
Six Flags Entertainment Corp., 7.25%,
05/15/31(c)(h)
USD200
196,119
Six Flags Entertainment Corp./Canada's
Wonderland Co./Magnum Management
Corp., 5.25%, 07/15/29(h)
USD190
181,954
Six Flags Entertainment Corp/Canada's
Wonderland Co/Millennium
Operations LLC, 8.63%, 01/15/32(c)(h)
USD9,089
9,192,733
Tabcorp Finance Pty. Ltd., 5.99%,
05/28/31(a)
AUD4,960
3,411,821
Universal Music Group NV, 4.13%,
06/16/36(a)
EUR8,450
9,570,570
Vail Resorts, Inc.
5.63%, 07/15/30(c)
USD1,064
1,059,350
6.50%, 05/15/32(c)
USD543
549,788
Voyager Parent LLC, 9.25%, 07/01/32(c)
USD4,699
4,992,581
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.
5.13%, 10/01/29(c)(h)
USD610
603,663
6.25%, 03/15/33(c)(h)
USD2,022
2,004,295
7.13%, 02/15/31(c)(h)
USD1,723
1,805,449
 
158,709,215
Environmental Control — 0.3%
Biffa Group Holdings Ltd.
5.25%, 06/15/31(a)
EUR15,589
17,853,431
7.38%, 06/15/31(a)
GBP4,795
6,500,264
Clean Harbors, Inc., 6.38%, 02/01/31(c)(h)
USD230
232,359
GFL Environmental Holdings U.S., Inc.,
5.50%, 02/01/34(c)(h)
USD2,446
2,262,689
GFL Environmental, Inc.
4.00%, 08/01/28(c)(h)
USD660
643,604
4.38%, 08/15/29(c)
USD2,496
2,399,807
4.75%, 06/15/29(c)
USD3,713
3,617,884
6.75%, 01/15/31(c)
USD1,331
1,347,106
Luna 2.5 SARL, 5.50%, 07/01/32(a)
EUR13,995
16,245,601
Madison IAQ LLC, 4.13%, 06/30/28(c)
USD2,721
2,663,706
Reworld Holding Corp., 4.88%, 12/01/29(c)
USD1,485
1,409,328
Wrangler Holdco Corp., 6.63%, 04/01/32(c)
USD100
100,150
 
55,275,929
Food — 0.6%
Albertsons Companies, Inc./Safeway,
Inc./New Albertsons LP/Albertsons LLC
3.50%, 03/15/29(c)
USD2,103
1,979,221
4.88%, 02/15/30(c)
USD2,870
2,739,562
5.50%, 03/31/31(c)(h)
USD176
169,113
5.63%, 03/31/32(c)(h)
USD4,718
4,487,771
5.75%, 03/31/34(c)(h)
USD1,908
1,773,948
6.50%, 02/15/28(c)
USD2,180
2,193,588
Bellis Acquisition Co. PLC, 8.13%,
05/14/30(a)
GBP6,849
8,649,318
Boparan Finance PLC, 9.38%, 11/07/29(a)
GBP3,677
5,205,481
Security
Par
(000
)
Value
Food (continued)
Cencosud SA
5.75%, 04/15/36(c)
USD330
$326,053
5.95%, 05/28/31(c)
USD364
370,945
Chobani LLC/Chobani Finance Corp., Inc.,
7.63%, 07/01/29(c)(h)
USD3,594
3,706,208
Co-Operative Group Ltd., 8.25%,
12/15/31(a)
GBP3,744
5,210,253
Froneri Lux FinCo SARL, 4.75%,
08/01/32(a)
EUR14,530
16,251,982
J&F Luxembourg Finance SARL, 8.50%,
12/01/32(c)(h)
USD2,148
2,131,890
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution, Inc.
7.13%, 04/30/33(c)(h)
USD1,327
1,349,227
9.00%, 02/15/29(c)
USD1,794
1,868,471
Lamb Weston Holdings, Inc.
4.13%, 01/31/30(c)
USD2,371
2,257,403
4.38%, 01/31/32(c)(h)
USD806
755,444
4.88%, 05/15/28(c)(h)
USD211
209,195
Market Bidco Finco PLC
6.75%, 01/31/31(a)
EUR4,564
5,182,637
8.75%, 01/31/31(a)
GBP2,938
3,900,348
Minerva Luxembourg SA, 7.50%,
04/22/36(c)
USD390
372,041
Nomad Foods Bondco PLC, 5.25%,
07/15/33(a)
EUR6,236
7,176,920
Performance Food Group, Inc.
4.25%, 08/01/29(c)
USD4,189
4,049,845
5.63%, 03/01/34(c)
USD348
337,559
Pilgrim's Pride Corp.
3.50%, 03/01/32
USD780
701,937
4.25%, 04/15/31
USD2,745
2,609,972
6.88%, 05/15/34
USD358
381,152
Post Holdings, Inc.
4.50%, 09/15/31(c)(h)
USD5,711
5,292,882
6.25%, 10/15/34(c)(h)
USD1,605
1,560,488
6.38%, 03/01/33(c)
USD2,906
2,861,849
6.50%, 03/15/36(c)
USD2,678
2,612,107
U.S. Foods, Inc.
4.75%, 02/15/29(c)
USD1,743
1,717,449
6.88%, 09/15/28(c)
USD3,180
3,243,800
 
103,636,059
Food Service — 0.1%
Aramark International Finance SARL,
4.38%, 04/15/33(a)
EUR6,965
7,844,254
Aramark Services, Inc., 5.00%, 02/01/28(c)
USD2,588
2,579,572
Gategroup Finance Luxembourg SA, 3.00%,
02/28/27(a)
CHF8,025
9,931,116
 
20,354,942
Forest Products & Paper — 0.3%
Ahlstrom Holding 3 OY, 4.88%, 02/04/28(c)
USD9,689
9,662,282
Fedrigoni SpA, 6.13%, 06/15/31(a)
EUR10,647
12,168,895
Fiber Bidco SpA, 6.29%, 01/15/30, (3-mo.
EURIBOR + 4.00%)(a)(b)
EUR2,514
2,902,049
Fiber Midco SpA, 10.75%, 06/15/29, (6.25%
PIK)(a)(i)
EUR1,110
1,235,453
LD Celulose International GmbH, 7.95%,
01/26/32(c)(h)
USD608
632,715
Magnera Corp.
4.75%, 11/15/29(c)
USD260
242,245
77
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Forest Products & Paper (continued)
7.25%, 11/15/31(c)(h)
USD3,598
$3,521,543
Sappi Papier Holding GmbH, 4.50%,
03/15/32(a)
EUR9,697
9,361,383
Suzano Austria GmbH
5.00%, 01/15/30
USD4,890
4,786,332
6.00%, 01/15/29
USD4,833
4,899,260
 
49,412,157
Gas — 0.2%
AmeriGas Partners LP/AmeriGas
Finance Corp.
6.88%, 06/01/31(c)(h)
USD1,673
1,698,913
9.38%, 06/01/28(c)
USD100
102,236
9.50%, 06/01/30(c)
USD1,974
2,116,476
APA Infrastructure Ltd.
6.42%, 04/28/36
AUD2,400
1,704,077
6.55%, 04/28/56, (3-mo. BB Swap +
2.00%)(b)
AUD3,190
2,273,016
Centrica PLC, 6.50%, 05/21/55, (5-year UK
Government Bond + 2.51%)(a)(b)
GBP5,312
7,247,291
EP Infrastructure A/S, 4.38%, 01/29/34(a)
EUR8,100
9,167,527
Promigas SA ESP/Gases del Pacifico SAC
3.75%, 10/16/29(a)
USD7,412
6,973,061
7.75%, 06/24/56, (5-year CMT +
3.63%)(b)(c)(h)
USD788
800,372
 
32,082,969
Hand & Machine Tools — 0.0%
Dynamo Newco II GmbH, 6.25%,
10/15/31(a)
EUR4,591
4,936,564
Health Care - Products — 0.1%
Avantor Funding, Inc.
3.88%, 11/01/29(c)(h)
USD95
90,628
4.63%, 07/15/28(c)(h)
USD5,000
4,931,319
Bausch & Lomb Corp., 8.38%, 10/01/28(c)
USD4,956
5,079,900
Dentsply Sirona, Inc., 8.38%, 09/12/55,
(5-year CMT + 4.38%)(b)(h)
USD3,722
3,713,252
Medline Borrower LP/Medline Co-Issuer,
Inc., 5.25%, 10/01/29(c)
USD5,590
5,537,727
Teleflex, Inc., 4.25%, 06/01/28(c)
USD2,168
2,123,590
 
21,476,416
Health Care - Services — 1.1%
Acadia Healthcare Co., Inc.
5.00%, 04/15/29(c)(h)
USD110
107,683
5.50%, 07/01/28(c)
USD855
849,488
7.38%, 03/15/33(c)
USD1,683
1,735,589
Centene Corp.
2.50%, 03/01/31
USD1,934
1,681,584
3.38%, 02/15/30
USD9,900
9,156,400
4.63%, 12/15/29
USD7,025
6,815,214
Charles River Laboratories
International, Inc.
3.75%, 03/15/29(c)
USD1,177
1,124,654
4.25%, 05/01/28(c)(h)
USD1,688
1,655,967
CHS/Community Health Systems, Inc.
4.75%, 02/15/31(c)
USD95
84,739
9.75%, 01/15/34(c)(h)
USD14,761
14,953,808
10.88%, 01/15/32(c)(h)
USD1,152
1,215,125
Clariane SE, 6.88%, 04/15/31(a)
EUR5,141
6,036,889
DaVita, Inc.
4.63%, 06/01/30(c)
USD1,864
1,796,772
Security
Par
(000
)
Value
Health Care - Services (continued)
6.75%, 07/15/33(c)(h)
USD8,652
$8,869,909
6.88%, 09/01/32(c)
USD1,599
1,643,232
Encompass Health Corp.
4.50%, 02/01/28
USD3,143
3,109,522
4.63%, 04/01/31
USD110
105,879
Ephios Subco 3 SARL, 7.88%, 01/31/31(a)
EUR11,147
13,476,940
Global Medical Response, Inc., 7.38%,
10/01/32(c)
USD3,050
3,103,745
Gruppo San Donato SpA, 6.50%,
10/31/31(a)
EUR5,959
6,723,462
HomeVi SASU, 6.63%, 10/31/31(a)
EUR3,944
4,587,305
Humana, Inc., 6.63%, 09/15/56, (5-year
CMT + 2.89%)(b)
USD3,180
3,129,028
IQVIA, Inc.
4.63%, 06/15/33(a)
EUR6,245
7,209,706
5.00%, 10/15/26(c)
USD3,672
3,670,088
5.00%, 05/15/27(c)(h)
USD2,561
2,557,851
6.50%, 05/15/30(c)
USD200
203,783
LifePoint Health, Inc.
7.00%, 05/01/34(c)(h)
USD4,847
4,527,294
8.38%, 02/15/32(c)
USD2,768
2,786,803
9.88%, 08/15/30(c)
USD2,529
2,654,924
Mehilainen Yhtiot Oy
5.13%, 06/30/32(a)
EUR21,706
25,146,605
5.67%, 06/30/32, (3-mo. EURIBOR +
3.38%)(a)(b)
EUR896
1,040,126
Molina Healthcare, Inc.
3.88%, 11/15/30(c)
USD3,111
2,876,781
4.38%, 06/15/28(c)
USD1,017
995,375
6.25%, 01/15/33(c)
USD1,528
1,510,989
6.50%, 02/15/31(c)(h)
USD881
889,101
Star Parent, Inc., 9.00%, 10/01/30(c)
USD4,182
4,391,581
Tenet Healthcare Corp.
4.25%, 06/01/29
USD2,260
2,191,426
4.38%, 01/15/30
USD2,329
2,246,367
4.63%, 06/15/28(h)
USD8,263
8,180,616
5.13%, 11/01/27
USD2,345
2,343,649
6.13%, 10/01/28
USD953
953,607
6.13%, 06/15/30
USD4,548
4,571,027
 
172,910,633
Holding Companies - Diversified — 0.3%
FS KKR Capital Corp.
6.13%, 01/15/30
USD2,425
2,363,773
6.13%, 01/15/31(h)
USD1,063
1,022,898
6.88%, 08/15/29
USD1,643
1,649,796
7.50%, 08/01/31(h)
USD2,931
2,935,969
7.88%, 01/15/29
USD196
201,588
Gaci First Investment Co.
4.88%, 05/14/29(a)
USD3,483
3,458,932
5.25%, 05/14/33(a)
USD832
815,601
HA Sustainable Infrastructure Capital, Inc.
7.13%, 11/15/56, (5-year CMT +
3.48%)(b)
USD878
884,715
8.00%, 06/01/56, (5-year CMT +
4.30%)(b)
USD2,486
2,609,671
MDGH GMTN RSC Ltd., 4.38%, 11/22/33(c)
USD542
507,502
Progroup AG
5.13%, 04/15/29(a)
EUR3,129
3,673,568
5.38%, 04/15/31(a)
EUR15,982
18,787,155
Stena International SA
7.25%, 01/15/31(c)
USD1,623
1,651,933
Schedule of Investments
78
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Holding Companies - Diversified (continued)
7.63%, 02/15/31(c)
USD1,966
$2,026,525
Turkiye Varlik Fonu Yonetimi A/S, 8.25%,
02/14/29(a)
USD468
483,795
TVF Varlik Kiralama A/S, 6.95%, 01/23/30(a)
USD6,809
6,811,928
 
49,885,349
Home Builders — 0.2%
Ashton Woods USA LLC/Ashton Woods
Finance Co.
4.63%, 04/01/30(c)
USD932
884,893
6.88%, 08/01/33(c)
USD2,023
2,018,286
Beazer Homes USA, Inc., 8.00%,
01/15/32(c)
USD1,447
1,475,570
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC,
4.88%, 02/15/30(c)(h)
USD4,790
4,463,276
Century Communities, Inc.
3.88%, 08/15/29(c)
USD530
502,609
6.63%, 09/15/33(c)
USD813
815,669
LGI Homes, Inc., 7.00%, 11/15/32(c)(h)
USD3,620
3,528,529
Maison Finco PLC, 7.25%, 04/30/32(a)
GBP4,055
5,161,446
Mattamy Group Corp.
4.63%, 03/01/30(c)
USD668
640,187
6.00%, 12/15/33(c)(h)
USD1,622
1,543,940
Taylor Morrison Communities, Inc.
5.13%, 08/01/30(c)
USD698
696,245
5.75%, 01/15/28(c)
USD2,522
2,544,274
 
24,274,924
Home Furnishings — 0.1%
Somnigroup International, Inc., 4.00%,
04/15/29(c)
USD2,744
2,637,506
Whirlpool Corp.
6.13%, 06/15/30(h)
USD1,633
1,483,887
6.50%, 06/15/33(h)
USD6,486
5,495,895
7.88%, 07/01/34(c)(h)
USD2,458
2,323,791
 
11,941,079
Hotels, Restaurants & Leisure — 0.1%
Big Sky Funding LLC
5.75%, 10/20/35(e)(i)
USD16,761
16,760,993
5.75%, 10/20/35(c)
USD668
665,515
 
17,426,508
Household Products & Wares — 0.0%
Ontex Group NV, 5.25%, 04/15/30(a)
EUR1,802
1,853,169
Housewares — 0.1%
Central Garden & Pet Co., 4.13%,
04/30/31(c)
USD1,218
1,135,425
Newell Brands, Inc.
6.38%, 09/15/27
USD203
203,616
6.38%, 05/15/30(h)
USD2,146
2,169,565
6.63%, 09/15/29(h)
USD1,119
1,132,459
6.63%, 05/15/32(h)
USD2,037
2,060,880
8.50%, 06/01/28(c)(h)
USD872
910,137
Scotts Miracle-Gro Co.(The)
4.00%, 04/01/31(h)
USD974
905,121
4.38%, 02/01/32
USD123
113,753
4.50%, 10/15/29(h)
USD181
177,456
 
8,808,412
Security
Par
(000
)
Value
Insurance — 0.9%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer
4.25%, 10/15/27(c)
USD200
$197,720
5.88%, 11/01/29(c)
USD1,193
1,174,488
6.50%, 10/01/31(c)
USD1,522
1,520,715
6.75%, 04/15/28(c)
USD948
952,276
7.00%, 01/15/31(c)(h)
USD1,605
1,628,674
7.38%, 10/01/32(c)(h)
USD6,906
6,944,743
American National Group, Inc., 7.00%,
12/01/55, (5-year CMT + 3.18%)(b)
USD2,831
2,723,519
AmWINS Group, Inc.
4.88%, 06/30/29(c)
USD3,344
3,218,813
6.38%, 02/15/29(c)
USD629
631,543
Ardonagh Finco Ltd.
6.88%, 02/15/31(a)
EUR24,668
28,691,559
7.75%, 02/15/31(c)
USD6,508
6,607,787
AXA SA, 4.38%, 07/24/55, (3-mo. EURIBOR
+ 2.90%)(a)(b)
EUR9,300
10,641,286
BNP Paribas Cardif SA, 6.00%, (5-year
EURIBOR ICE Swap + 3.37%)(a)(b)(j)
EUR21,800
25,014,129
CRC Insurance Group LLC, 7.13%,
06/01/31(c)
USD6,673
6,660,434
Global Atlantic Fin Co.
7.25%, 03/01/56, (5-year CMT +
3.55%)(b)(c)(h)
USD3,092
2,970,564
7.95%, 10/15/54, (5-year CMT +
3.61%)(b)(c)
USD1,227
1,228,101
Howden U.K. Refinance PLC/Howden U.K.
Refinance 2 PLC/Howden U.S. Refinance
LLC
7.25%, 02/15/31(c)
USD377
373,399
8.13%, 02/15/32(c)
USD7,649
7,111,530
HUB International Ltd., 7.25%, 06/15/30(c)
USD9,564
9,847,754
Insurance Australia Group Ltd., 6.15%,
06/15/37, (3-mo. BB Swap + 1.68%)(a)(b)
AUD840
597,207
Jones Deslauriers Insurance Management,
Inc., 8.50%, 03/15/30(c)
USD1,796
1,854,228
Just Group PLC, 6.50%, 09/30/37, (5-year
UK Government Bond + 2.05%)(a)(b)
GBP1,625
2,172,072
Nanshan Life Pte. Ltd., 5.88%, 03/17/41,
(5-year CMT + 1.85%)(a)(b)
USD3,995
3,836,638
Peak RE Bvi Holding Ltd., 5.63%, (5-year
CMT + 3.00%)(a)(b)(j)
USD2,250
2,216,250
RLGH Finance Bermuda Ltd., 6.88%,
(5-year CMT + 3.02%)(a)(b)(j)
USD4,000
3,980,619
Ryan Specialty LLC
4.38%, 02/01/30(c)(h)
USD1,691
1,632,732
5.88%, 08/01/32(c)
USD1,576
1,554,322
Shin Kong Life Singapore Pte. Ltd., 6.95%,
06/26/35(a)
USD3,200
3,291,456
Sompo Holdings, Inc., 5.41%, 04/22/37,
(1-year CMT + 2.13%)(a)(b)
USD4,325
4,153,533
 
143,428,091
Internet — 0.9%
Alphabet, Inc., 4.80%, 05/11/63
EUR9,895
10,864,917
Arches Buyer, Inc., 4.25%, 06/01/28(c)(h)
USD2,087
2,021,714
Beignet Investor LLC, 6.58%, 05/30/49(c)(h)
USD47,214
45,772,242
Cogent Communications Group LLC/Cogent
Finance, Inc., 6.50%, 07/01/32(c)(h)
USD5,446
4,847,049
Engineering - Ingegneria Informatica - SpA,
11.13%, 05/15/28(a)
EUR2,930
3,514,490
79
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Internet (continued)
Gen Digital, Inc.
6.25%, 04/01/33(c)
USD126
$124,034
6.75%, 09/30/27(c)
USD2,846
2,850,380
7.13%, 09/30/30(c)(h)
USD1,030
1,045,651
Go Daddy Operating Co. LLC/GD Finance
Co., Inc.
3.50%, 03/01/29(c)(h)
USD1,229
1,149,905
5.25%, 12/01/27(c)
USD1,445
1,442,588
Iliad Holding SAS, 4.25%, 01/09/32(a)
EUR5,400
6,232,987
ION Platform Finance U.S., Inc./ION
Platform Finance SARL
5.75%, 05/15/28(c)(h)
USD190
179,710
9.00%, 08/01/29(c)
USD2,407
2,243,608
Match Group Holdings II LLC
4.13%, 08/01/30(c)
USD2,485
2,325,045
4.63%, 06/01/28(c)
USD1,162
1,143,508
5.00%, 12/15/27(c)
USD1,513
1,508,545
6.13%, 09/15/33(c)
USD357
347,591
Prosus NV
3.06%, 07/13/31(a)
USD7,090
6,352,640
3.68%, 01/21/30(a)
USD1,835
1,735,653
3.83%, 02/08/51(a)
USD1,300
837,369
4.03%, 08/03/50(a)
USD935
631,013
5.53%, 07/13/33
USD3,000
2,964,750
Rakuten Group, Inc.
4.25%, (5-year EUR Swap +
4.74%)(a)(b)(j)
EUR10,853
12,357,119
6.25%, (5-year CMT + 4.96%)(b)(c)(j)
USD2,197
2,082,835
8.13%, (5-year CMT + 4.25%)(b)(c)(h)(j)
USD4,540
4,640,140
9.75%, 04/15/29(c)
USD500
542,885
9.75%, 04/15/29(a)
USD4,000
4,343,082
Snap, Inc.
6.88%, 03/01/33(c)(h)
USD360
351,657
6.88%, 03/15/34(c)
USD4,910
4,756,258
United Group BV, 5.25%, 02/01/30(a)
EUR6,636
7,655,176
Wayfair LLC
7.13%, 05/31/34(c)
USD1,137
1,168,030
7.25%, 10/31/29(c)
USD1,000
1,029,785
7.75%, 09/15/30(c)
USD3,615
3,788,148
 
142,850,504
Iron & Steel — 0.3%
Cleveland-Cliffs, Inc.
6.88%, 11/01/29(c)
USD366
369,903
7.00%, 03/15/32(c)
USD3,154
3,160,608
7.50%, 09/15/31(c)
USD1,043
1,064,472
7.63%, 01/15/34(c)(h)
USD8,703
8,806,479
Commercial Metals Co.
5.75%, 11/15/33(c)(h)
USD2,220
2,180,424
6.00%, 12/15/35(c)(h)
USD200
196,540
Fortescue Treasury Pty. Ltd.
4.38%, 04/01/31(c)
USD80
75,397
4.50%, 09/15/27(c)
USD3,728
3,696,185
5.88%, 04/15/30(c)
USD1,267
1,270,102
6.13%, 04/15/32(c)
USD100
101,054
Krakatau Posco PT
6.38%, 06/11/27(a)
USD2,000
2,006,580
6.38%, 06/11/29(a)
USD2,000
2,001,280
Mineral Resources Ltd.
6.00%, 05/01/32(c)
USD246
241,482
6.25%, 05/01/34(c)(h)
USD4,036
3,933,723
7.00%, 04/01/31(c)
USD294
302,546
Security
Par
(000
)
Value
Iron & Steel (continued)
9.25%, 10/01/28(c)
USD1,555
$1,599,383
Samarco Mineracao SA, 9.50%, 06/30/31,
(9.00 % PIK)(a)(i)
USD8,889
8,928,911
Vale Overseas Ltd.
6.00%, 02/25/56, (5-year CMT +
2.43%)(b)(c)
USD790
786,208
6.40%, 06/28/54(h)
USD304
301,340
 
41,022,617
Leisure Time — 0.4%
Carnival Corp. Ltd., 5.75%, 08/01/32(c)
USD1,611
1,596,153
Deuce Finco PLC
5.90%, 11/20/32, (3-mo. EURIBOR +
3.50%)(a)(b)
EUR3,895
4,529,268
7.00%, 11/20/31(a)
GBP8,332
11,403,985
Dometic Group AB, 5.00%, 09/11/30(a)
EUR6,075
6,854,040
Gaia Purchaser, Inc., 7.63%, 07/15/33(c)
USD2,076
2,082,383
NCL Corp. Ltd.
5.88%, 01/15/31(c)(h)
USD4,477
4,278,765
6.25%, 09/15/33(c)(h)
USD347
329,841
6.75%, 02/01/32(c)(h)
USD4,862
4,765,554
7.75%, 02/15/29(c)(h)
USD319
331,196
NCL Finance Ltd., 6.13%, 03/15/28(c)
USD110
110,651
Pinnacle Bidco PLC, 10.00%, 10/11/28(a)
GBP7,725
10,775,761
TUI Cruises GmbH
5.00%, 05/15/30(a)
EUR3,837
4,465,545
6.25%, 04/15/29(a)
EUR1,000
1,187,766
Viking Cruises Ltd.
7.00%, 02/15/29(c)(h)
USD1,453
1,455,989
9.13%, 07/15/31(c)
USD1,436
1,503,537
VOC Escrow Ltd., 5.00%, 02/15/28(c)
USD2,623
2,614,857
 
58,285,291
Lodging — 0.7%
Boyd Gaming Corp., 4.75%, 12/01/27
USD2,202
2,190,271
Essendi SA
5.38%, 05/15/30(a)
EUR7,133
8,341,916
5.50%, 11/15/31(a)
EUR1,360
1,583,765
5.63%, 05/15/32(a)
EUR11,253
13,126,583
6.03%, 05/15/32, (3-mo. EURIBOR +
3.75%)(a)(b)
EUR2,804
3,262,998
6.38%, 10/15/29(a)
EUR800
954,780
Fortune Star BVI Ltd.
3.95%, 10/02/26(a)
EUR5,500
6,275,539
5.88%, 11/20/30(a)
EUR830
925,798
Gohl Capital Holdings Ltd.
7.63%, (5-year CMT + 3.71%)(a)(b)(j)
USD3,396
3,243,180
8.30%, (5-year CMT + 4.26%)(a)(b)(j)
USD4,400
4,174,808
Hilton Domestic Operating Co., Inc.
3.63%, 02/15/32(c)
USD409
370,084
3.75%, 05/01/29(c)
USD796
762,850
4.00%, 05/01/31(c)
USD2,981
2,797,380
4.88%, 01/15/30
USD332
327,296
5.50%, 09/15/31(c)
USD3,038
3,010,044
5.75%, 09/15/33(c)
USD584
578,684
5.88%, 04/01/29(c)
USD4,587
4,621,811
6.13%, 04/01/32(c)
USD1,493
1,506,029
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc.
4.88%, 07/01/31(c)(h)
USD1,860
1,720,352
5.00%, 06/01/29(c)(h)
USD2,966
2,876,007
6.63%, 01/15/32(c)
USD1,116
1,118,561
Schedule of Investments
80
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Lodging (continued)
Hilton Worldwide Finance LLC/Hilton
Worldwide Finance Corp., 4.88%,
04/01/27
USD1,192
$1,191,610
Marriott Ownership Resorts, Inc.
4.50%, 06/15/29(c)
USD1,540
1,484,538
6.50%, 10/01/33(c)(h)
USD985
968,686
Melco Resorts Finance Ltd.
5.75%, 07/21/28(a)
USD6,000
5,937,000
6.50%, 09/24/33(c)(h)
USD673
649,176
7.63%, 04/17/32(c)(h)
USD643
653,449
MGM Resorts International
5.50%, 04/15/27
USD1,638
1,639,736
6.50%, 04/15/32(h)
USD3,356
3,322,890
Station Casinos LLC
4.50%, 02/15/28(c)
USD561
551,635
6.63%, 03/15/32(c)(h)
USD3,002
3,033,431
Studio City Co. Ltd., 6.13%, 05/15/31(a)
USD2,500
2,470,225
Studio City Finance Ltd., 5.00%, 01/15/29(a)
USD7,211
6,894,725
Travel and Leisure Co.
4.50%, 12/01/29(c)(h)
USD1,612
1,553,231
6.00%, 04/01/27
USD150
150,507
6.13%, 09/01/33(c)(h)
USD769
755,138
6.25%, 06/01/31(c)
USD2,590
2,593,983
Wyndham Hotels & Resorts, Inc., 4.38%,
08/15/28(c)
USD2,630
2,575,019
Wynn Macau Ltd.
5.13%, 12/15/29(c)
USD200
193,010
5.50%, 10/01/27(c)(h)
USD2,336
2,324,320
5.63%, 08/26/28(c)
USD5,058
4,990,729
5.63%, 08/26/28(a)(h)
USD1,500
1,480,050
6.75%, 02/15/34(c)
USD1,180
1,155,810
 
110,337,634
Machinery — 0.1%
Esab Corp.
5.63%, 04/01/31(c)
USD1,808
1,786,141
6.25%, 04/15/29(c)
USD937
946,918
Solaris Energy Infrastructure LLC, 6.38%,
05/15/31(c)
USD3,818
3,750,502
Terex Corp., 5.00%, 05/15/29(c)
USD1,719
1,694,918
TK Elevator U.S. Newco, Inc., 5.25%,
07/15/27(c)(h)
USD1,259
1,258,842
 
9,437,321
Manufacturing — 0.3%
Alstom SA, 5.25%, (5-year EURIBOR ICE
Swap + 2.38%)(a)(b)(j)
EUR4,600
5,315,045
Avient Corp.
6.25%, 11/01/31(c)
USD399
401,936
7.13%, 08/01/30(c)
USD2,143
2,174,761
Axon Enterprise, Inc., 6.13%, 03/15/30(c)
USD2,398
2,425,846
Dyno Nobel Ltd., 5.82%, 08/08/35
AUD4,000
2,706,463
Maxam Prill SARL, 6.00%, 07/15/30(a)
EUR23,320
27,444,014
 
40,468,065
Media — 1.5%
AMC Global Media, Inc., 10.50%,
07/15/32(c)
USD4,687
4,827,984
CCO Holdings LLC/CCO Holdings
Capital Corp.
4.25%, 02/01/31(c)
USD6,743
5,968,427
4.25%, 01/15/34(c)(h)
USD1,463
1,194,522
4.50%, 06/01/33(c)(h)
USD7,012
5,965,732
Security
Par
(000
)
Value
Media (continued)
4.75%, 03/01/30(c)
USD8,255
$7,712,858
4.75%, 02/01/32(c)(h)
USD5,542
4,842,560
5.00%, 02/01/28(c)
USD190
187,576
5.13%, 05/01/27(c)(h)
USD231
230,521
5.38%, 06/01/29(c)
USD4,284
4,160,469
7.00%, 02/01/33(c)(h)
USD7,010
6,717,896
7.38%, 03/01/31(c)(h)
USD1,709
1,702,306
7.38%, 02/01/36(c)(h)
USD6,414
6,097,723
Directv Financing LLC 8.88%, 02/01/30(c)
USD1,425
1,450,326
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.
9.25%, 06/01/32(c)
USD7,043
7,206,996
10.00%, 02/15/31(c)(h)
USD4,797
5,012,553
Discovery Communications LLC
3.63%, 05/15/30
USD110
101,750
6.35%, 06/01/40
USD10,013
7,835,172
5.00%, 09/20/37
USD8,337
6,106,852
EchoStar Corp.
6.75%, 11/30/30, (6.00 % Cash and 0.75
% PIK)(i)
USD9,834
9,973,633
10.75%, 11/30/29
USD4,107
4,442,553
Gray Media, Inc., 9.63%, 07/15/32(c)(h)
USD9,117
9,214,980
Grupo Televisa SAB, 6.63%, 01/15/40
USD443
385,410
iHeartCommunications, Inc.
7.75%, 08/15/30(c)
USD5,264
4,617,002
9.13%, 05/01/29(c)(h)
USD1,116
1,034,247
McGraw-Hill Education, Inc.
5.75%, 08/01/28(c)
USD500
496,139
7.38%, 09/01/31(c)
USD4,489
4,545,741
Nexstar Media, Inc.
4.75%, 11/01/28(c)(h)
USD1,770
1,735,589
6.50%, 09/15/33(c)
USD3,951
3,930,750
7.25%, 04/15/34(c)(h)
USD5,517
5,529,364
Paramount Global
4.20%, 05/19/32(h)
USD2,404
2,044,145
4.95%, 01/15/31
USD6,216
5,696,354
6.25%, 02/28/57, (3-mo. SOFR US +
4.16%)(b)
USD429
333,133
6.38%, 03/30/62, (5-year CMT +
4.00%)(b)(h)
USD5,731
4,740,536
Sinclair Television Group, Inc., 8.13%,
02/15/33(c)(h)
USD4,741
4,861,772
Sirius XM Radio LLC
4.00%, 07/15/28(c)
USD3,369
3,276,981
4.13%, 07/01/30(c)(h)
USD5,246
4,903,383
5.00%, 08/01/27(c)
USD5,888
5,879,471
5.50%, 07/01/29(c)(h)
USD532
529,574
Sunrise FinCo I BV
4.63%, 05/15/32(a)
EUR5,354
6,080,102
4.88%, 07/15/31(c)
USD9,344
8,760,388
Univision Communications, Inc.
4.50%, 05/01/29(c)
USD454
429,916
8.50%, 07/31/31(c)
USD1,513
1,509,651
8.88%, 04/15/33(c)
USD8,043
7,787,430
9.38%, 08/01/32(c)
USD3,788
3,783,584
Versant Media Group, Inc., 7.25%,
01/30/31(c)(h)
USD3,547
3,656,386
Virgin Media O2 Vendor Financing Notes V
DAC, 7.88%, 03/15/32(a)
GBP6,448
5,861,042
Virgin Media O2 Vendor Financing Notes VI
DAC, 8.50%, 03/15/33(c)(h)
USD12,779
8,008,045
81
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Media (continued)
Virgin Media Secured Finance PLC
4.13%, 08/15/30(a)
GBP900
$1,020,836
4.25%, 01/15/30(a)
GBP1,500
1,725,192
4.50%, 08/15/30(c)
USD1,294
1,063,496
VZ Secured Financing BV
5.00%, 01/15/32(c)
USD9,002
7,381,668
5.25%, 01/15/33(a)
EUR24,977
26,270,818
7.50%, 01/15/33(c)
USD2,893
2,596,603
Ziggo Bond Co. BV
3.38%, 02/28/30(a)
EUR3,896
3,787,954
5.13%, 02/28/30(c)
USD300
243,749
6.13%, 11/15/32(a)
EUR2,392
2,314,814
Ziggo BV, 4.88%, 01/15/30(c)
USD200
180,108
 
247,954,762
Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems, Inc., 6.38%,
06/15/30(c)(h)
USD844
850,396
SKF AB, 0.88%, 11/15/29(a)
EUR776
859,999
 
1,710,395
Mining — 0.3%
Alcoa Nederland Holding BV
4.13%, 03/31/29(c)
USD430
415,231
7.13%, 03/15/31(c)
USD3,088
3,177,175
Alumina Pty. Ltd.
6.13%, 03/15/30(c)
USD1,391
1,402,573
6.38%, 09/15/32(c)
USD200
201,303
AngloGold Ashanti Holdings PLC, 3.75%,
10/01/30
USD468
440,622
Arcosa, Inc.
4.38%, 04/15/29(c)
USD280
273,592
6.88%, 08/15/32(c)
USD664
684,652
Arsenal AIC Parent LLC
8.00%, 10/01/30(c)
USD1,178
1,223,861
11.50%, 10/01/31(c)
USD2,315
2,463,125
Corp. Nacional del Cobre de Chile, 3.15%,
01/14/30(a)
USD8,146
7,560,140
Freeport Indonesia PT, 4.76%, 04/14/27(a)
USD4,889
4,870,666
Industrias Penoles SAB de CV, 4.15%,
09/12/29(a)
USD2,859
2,753,532
Kaiser Aluminum Corp., 4.50%,
06/01/31(c)(h)
USD993
938,666
Marcobre SAC, 5.75%, 01/22/36(c)(h)
USD588
575,958
Navoi Mining & Metallurgical Combinat
6.70%, 10/17/28(c)
USD722
736,678
6.70%, 10/17/28(a)
USD6,574
6,707,649
6.75%, 05/14/30(c)
USD1,903
1,949,395
Nickel Industries Ltd., 9.00%, 09/30/30(a)
USD2,480
2,523,698
Novelis Corp.
3.88%, 08/15/31(c)
USD80
72,615
4.75%, 01/30/30(c)
USD6,148
5,900,082
6.88%, 01/30/30(c)
USD1,579
1,620,092
Sibanye-Stillwater UK Financing PLC
6.25%, 11/15/31(c)(h)
USD1,316
1,296,471
6.25%, 11/15/31(a)
USD752
740,840
Stillwater Mining Co.
4.50%, 11/16/29(c)
USD125
119,179
4.50%, 11/16/29(a)
USD1,361
1,297,618
Security
Par
(000
)
Value
Mining (continued)
Vedanta Resources Finance II PLC
7.00%, 07/13/32(a)
USD3,000
$2,997,000
7.38%, 07/13/34(a)
USD2,000
1,993,040
 
54,935,453
Office & Business Equipment — 0.0%
Xerox Corp., 10.25%, 10/15/30(c)
USD7,077
6,386,992
Oil & Gas — 2.0%
Aethon United BR LP/Aethon United
Finance Corp., 7.50%, 10/01/29(c)
USD3,909
4,055,603
Ampol Ltd.
5.85%, 10/30/55, (3-mo. BB Swap +
2.00%)(a)(b)
AUD1,950
1,313,213
6.97%, 12/11/54, (3-mo. BB Swap +
2.50%)(a)(b)
AUD1,400
1,012,072
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.
5.88%, 06/30/29(c)
USD3,668
3,655,080
6.63%, 07/15/33(c)
USD230
231,010
Azule Energy Finance PLC
8.25%, 01/22/31(c)
USD7,963
8,076,473
8.25%, 01/22/31(a)
USD1,448
1,468,634
BP Capital Markets PLC, 4.25%, (5-year UK
Government Bond + 3.89%)(a)(b)(j)
GBP19,200
25,681,042
Breakwater Energy Holdings SARL
9.25%, 11/15/30(a)
USD6,024
6,360,977
9.25%, 11/15/30(c)
USD4,525
4,778,124
California Resources Corp.
7.00%, 01/15/34(c)
USD2,892
2,832,518
7.25%, 01/15/35(c)(h)
USD1,180
1,165,932
Chord Energy Corp.
6.00%, 10/01/30(c)
USD1,510
1,515,058
6.75%, 03/15/33(c)(h)
USD797
811,763
CNX Resources Corp.
5.88%, 03/01/34(c)
USD688
666,565
7.25%, 03/01/32(c)(h)
USD1,014
1,042,789
7.38%, 01/15/31(c)
USD2,205
2,253,226
Comstock Resources, Inc.
5.88%, 01/15/30(c)
USD909
856,379
6.75%, 03/01/29(c)
USD7,662
7,527,326
Crescent Energy Finance LLC
7.38%, 01/15/33(c)
USD2,198
2,207,926
7.63%, 04/01/32(c)
USD2,349
2,373,777
7.88%, 04/15/32(c)
USD1,831
1,864,650
8.38%, 01/15/34(c)
USD4,058
4,187,048
CVR Energy, Inc., 7.88%, 02/15/34(c)
USD3,562
3,619,580
Energean PLC, 5.63%, 05/12/31(a)
EUR3,009
3,441,483
Hilcorp Energy I LP/Hilcorp Finance Co.
6.00%, 04/15/30(c)
USD530
524,448
6.00%, 02/01/31(c)
USD650
633,621
6.25%, 11/01/28(c)
USD311
311,920
6.88%, 05/15/34(c)
USD1,640
1,606,312
7.25%, 02/15/35(c)(h)
USD3,659
3,629,111
8.38%, 11/01/33(c)
USD5,249
5,507,070
Ithaca Energy North Sea PLC, 5.50%,
10/01/31(a)
EUR11,892
13,755,790
Kosmos Energy Ltd., 7.50%, 03/01/28(a)
USD1,531
1,506,366
Matador Resources Co.
6.00%, 04/15/34(c)
USD1,527
1,476,892
6.25%, 04/15/33(c)(h)
USD124
122,014
6.50%, 04/15/32(c)(h)
USD2,668
2,663,009
Schedule of Investments
82
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oil & Gas (continued)
MC Brazil Downstream Trading SARL,
7.25%, 06/30/31(a)
USD745
$730,338
Medco Cypress Tree Pte. Ltd., 8.63%,
05/19/30(a)
USD500
517,500
Medco Laurel Tree Pte. Ltd., 6.95%,
11/12/28(a)
USD4,000
4,005,000
Medco Maple Tree Pte. Ltd.
8.96%, 04/27/29(c)(h)
USD592
608,614
8.96%, 04/27/29(a)
USD1,963
2,018,092
Murphy Oil Corp., 6.50%, 02/15/34
USD1,479
1,462,498
Noble Finance II LLC, 8.00%, 04/15/30(c)
USD3,362
3,475,589
Northern Oil & Gas, Inc.
7.88%, 10/15/33(c)(h)
USD4,387
4,390,141
8.75%, 06/15/31(c)
USD390
401,935
Parex Resources, Inc., 8.50%, 05/11/31(c)
USD611
618,637
Permian Resources Operating LLC
5.88%, 07/01/29(c)
USD380
380,142
7.00%, 01/15/32(c)
USD5,742
5,944,107
Petroleos Mexicanos
5.35%, 02/12/28(h)
USD696
694,504
5.95%, 01/28/31
USD10,322
10,126,398
6.49%, 01/23/27(h)
USD1,392
1,402,162
6.50%, 01/23/29
USD6,965
7,063,903
6.70%, 02/16/32
USD10,322
10,304,453
6.84%, 01/23/30
USD12,816
13,019,134
6.95%, 01/28/60
USD1,848
1,486,938
8.75%, 06/02/29(h)
USD28,381
30,189,285
Pluspetrol Camisea SA/Pluspetrol Lote 56
SA, 6.24%, 07/03/36(c)(h)
USD636
652,898
PRIO Luxembourg Holding SARL, 6.75%,
10/15/30(c)
USD594
585,535
Puma International Financing SA, 7.75%,
04/25/29(a)
USD4,000
4,083,200
Raizen Fuels Finance SA, 6.70%,
02/25/37(a)(k)(l)
USD1,656
873,540
Range Resources Corp., 4.75%,
02/15/30(c)(h)
USD300
292,055
Saudi Arabian Oil Co.
4.00%, 02/02/29(a)
USD1,866
1,824,015
4.75%, 06/02/30(c)(h)
USD2,840
2,793,396
SM Energy Co.
6.63%, 04/15/34(c)(h)
USD1,886
1,874,356
6.75%, 08/01/29(c)
USD1,807
1,833,218
7.00%, 08/01/32(c)(h)
USD2,111
2,144,725
8.63%, 11/01/30(c)(h)
USD1,159
1,216,646
8.75%, 07/01/31(c)
USD1,303
1,362,352
9.63%, 06/15/33(c)
USD4,024
4,426,509
Sunoco LP
4.50%, 10/01/29(c)(h)
USD4,253
4,119,284
4.63%, 05/01/30(c)
USD6,141
5,912,990
5.63%, 07/15/34(c)
USD100
96,685
5.88%, 03/15/34(c)
USD100
97,875
6.25%, 07/01/33(c)(h)
USD244
244,557
6.63%, 08/15/32(c)
USD2,220
2,241,108
7.00%, 05/01/29(c)(h)
USD2,208
2,256,081
7.25%, 05/01/32(c)(h)
USD312
321,672
Sunoco LP/Sunoco Finance Corp., 7.00%,
09/15/28(c)
USD2,651
2,697,106
Thaioil Treasury Center Co. Ltd.,
6.10%(a)(b)(j)
USD5,015
4,908,431
Security
Par
(000
)
Value
Oil & Gas (continued)
TotalEnergies SE, 2.00%, (5-year EUR
Swap + 1.90%)(a)(b)(j)
EUR4,500
$5,139,010
TPAO Varlik Kiralama ASA, 6.30%,
03/04/31(a)
USD2,261
2,180,441
Trafigura Funding SA, 5.63%, 07/01/31(a)
USD3,470
3,405,452
Transocean International Ltd., 7.88%,
10/15/32(c)
USD4,777
4,975,542
Trident Energy Finance PLC, 12.50%,
11/30/29(a)
USD472
498,810
Tullow Holdco 2 Ltd., 15.00%, 11/15/28,
(12.00 % Cash and 3.00 % PIK)(a)(i)
USD1,914
1,966,786
Valaris Ltd., 8.38%, 04/30/30(c)
USD3,234
3,348,163
Var Energi ASA
4.95%, 04/29/86, (5-year EURIBOR ICE
Swap + 2.31%)(a)(b)
EUR3,875
4,424,230
7.86%, 11/15/83, (5-year EURIBOR ICE
Swap + 4.77%)(a)(b)
EUR8,900
11,085,672
Wintershall Dea Finance 2 BV, 6.12%,
(5-year EURIBOR ICE Swap +
3.94%)(a)(b)(j)
EUR8,203
9,698,550
 
317,155,061
Oil & Gas Services — 0.4%
Archrock Partners LP/Archrock Partners
Finance Corp., 6.63%, 09/01/32(c)
USD2,110
2,140,213
Deepocean Ltd., 6.00%, 04/08/31(a)
EUR12,880
15,262,302
Kodiak Gas Services LLC, 5.88%,
04/01/31(c)
USD4,225
4,177,518
Oceanica Lux, 11.25%, 05/08/31(c)
USD2,477
2,484,926
OEG Finance PLC, 7.25%, 09/27/29(a)
EUR21,292
25,497,110
USA Compression Partners LP/USA
Compression Finance Corp.
6.25%, 10/01/33(c)(h)
USD232
228,309
7.13%, 03/15/29(c)
USD3,270
3,340,459
WBI Operating LLC, 6.25%, 10/15/30(c)
USD3,699
3,698,334
 
56,829,171
Packaging & Containers — 0.6%
Ardagh Group SA
9.50%, 12/01/30(a)
USD15,671
16,606,485
9.50%, 12/01/30(c)
USD1,156
1,225,022
11.00%, 12/01/30, (5.00 % Cash and 6.00
% PIK)(a)(i)
EUR12,320
13,213,546
11.00%, 12/01/30, (5.50% Cash + 6.50%
PIK)(c)(i)
USD6,355
5,885,579
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging
Finance PLC
2.00%, 09/01/28(a)
EUR1,199
1,346,185
3.00%, 09/01/29(a)
EUR5,837
6,510,552
4.00%, 09/01/29(c)
USD4,238
4,023,367
Ball Corp.
2.88%, 08/15/30
USD749
677,314
5.50%, 09/15/33(h)
USD100
99,353
6.00%, 06/15/29
USD4,773
4,837,574
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29(c)
USD265
263,401
6.75%, 04/15/32(c)(h)
USD236
224,743
8.75%, 04/15/30(c)(h)
USD8,214
7,850,154
Crown Americas LLC/Crown Americas
Capital Corp. V, 4.25%, 09/30/26
USD2,851
2,842,043
83
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Packaging & Containers (continued)
Graphic Packaging International LLC
3.75%, 02/01/30(c)(h)
USD1,885
$1,757,091
6.38%, 07/15/32(c)(h)
USD1,202
1,200,065
Kleopatra Finco SARL, 6.00%, 01/30/31,
(2.00% Cash + 5.00% PIK)(i)(n)
EUR5,884
5,903,308
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/30(c)
USD95
96,891
9.25%, 04/15/30(c)
USD9,465
9,381,270
Owens-Brockway Glass Container, Inc.
7.25%, 05/15/31(c)(h)
USD1,940
1,836,644
9.50%, 06/01/33(c)(h)
USD3,928
3,864,456
Stora Enso OYJ
5.63%, (5-year EURIBOR ICE Swap +
2.84%)(a)(b)(j)
EUR1,275
1,486,735
5.88%, (5-year EURIBOR ICE Swap +
3.12%)(a)(b)(j)
EUR1,575
1,837,138
Sword Purchaser LLC
8.25%, 04/15/33(c)(h)
USD1,750
1,789,961
10.50%, 04/15/34(c)(h)
USD4,754
4,914,638
Trivium Packaging Finance BV, 12.25%,
01/15/31(c)
USD2,137
2,364,747
 
102,038,262
Pharmaceuticals — 0.9%
AdaptHealth LLC
4.63%, 08/01/29(c)
USD1,980
1,908,958
5.13%, 03/01/30(c)
USD2,575
2,482,982
Bayer AG
3.13%, 11/12/79, (5-year EUR Swap +
3.18%)(a)(b)
EUR13,900
15,841,756
5.38%, 03/25/82, (5-year EUR Swap +
4.46%)(a)(b)
EUR12,800
14,993,487
7.00%, 09/25/83, (5-year EUR Swap +
3.90%)(a)(b)
EUR6,800
8,493,206
CVS Health Corp.
6.75%, 12/10/54, (5-year CMT +
2.52%)(b)
USD1,496
1,541,377
7.00%, 03/10/55, (5-year CMT +
2.89%)(b)
USD5,282
5,438,580
Dolcetto Holdco SpA, 5.63%, 07/14/32(a)
EUR17,518
20,272,062
Endo Finance Holdings LP, 8.50%,
04/15/31(c)(h)
USD4,483
4,721,137
Grifols SA
7.13%, 05/01/30(a)
EUR4,195
5,035,934
7.50%, 05/01/30(a)
EUR6,132
7,361,132
Gruenenthal GmbH, 6.75%, 05/15/30(a)
EUR4,489
5,352,166
Hikma Finance USA LLC, 5.13%,
07/08/30(a)
USD5,126
5,095,449
HLF Financing SARL LLC/Herbalife
International, Inc.
4.88%, 06/01/29(c)(h)
USD2,891
2,688,599
7.75%, 05/01/33(c)(h)
USD2,734
2,751,328
Jazz Securities DAC, 4.38%, 01/15/29(c)(h)
USD3,302
3,232,571
Nidda Healthcare Holding GmbH
5.38%, 10/23/30(a)
EUR2,500
2,881,774
5.53%, 10/15/32, (3-mo. EURIBOR +
3.25%)(a)(b)
EUR14,205
16,360,767
7.00%, 02/21/30(a)
EUR5,917
6,996,322
Rossini SARL
6.17%, 12/31/29, (3-mo. EURIBOR +
3.88%)(a)(b)
EUR825
958,346
6.75%, 12/31/29(a)
EUR1,868
2,229,754
Security
Par
(000
)
Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands II
BV, 4.13%, 06/01/31
EUR229
$263,411
Teva Pharmaceutical Finance Netherlands
III BV
3.15%, 10/01/26
USD1,776
1,767,653
4.75%, 05/09/27(h)
USD2,382
2,373,067
6.75%, 03/01/28(h)
USD1,225
1,243,694
7.88%, 09/15/29
USD1,846
1,963,682
 
144,249,194
Pipelines — 0.7%
Antero Midstream Partners LP/Antero
Midstream Finance Corp.
5.38%, 06/15/29(c)
USD3,733
3,721,336
5.75%, 01/15/28(c)
USD69
68,947
6.63%, 02/01/32(c)
USD1,483
1,509,378
Blue Racer Midstream LLC/Blue Racer
Finance Corp.
7.00%, 07/15/29(c)
USD635
651,422
7.25%, 07/15/32(c)
USD591
607,145
Buckeye Partners LP
4.13%, 12/01/27
USD2,916
2,866,777
6.88%, 07/01/29(c)
USD440
450,000
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31(c)
USD2,617
2,548,013
7.50%, 12/15/33(c)(h)
USD764
800,701
Delek Logistics Partners LP/Delek Logistics
Finance Corp.
6.88%, 06/01/34(c)
USD634
637,051
7.38%, 06/30/33(c)
USD2,846
2,910,465
8.63%, 03/15/29(c)(h)
USD1,678
1,741,487
Energy Transfer LP
6.50%, 02/15/56, (5-year CMT +
2.68%)(b)
USD3,097
3,097,344
6.75%, 02/15/56, (5-year CMT +
2.48%)(b)
USD1,523
1,527,721
7.13%, 10/01/54, (5-year CMT +
2.83%)(b)
USD1,484
1,515,418
8.00%, 05/15/54, (5-year CMT +
4.02%)(b)
USD358
375,707
Genesis Energy LP/Genesis Energy
Finance Corp.
6.75%, 03/15/34
USD173
172,547
7.88%, 05/15/32(h)
USD2,393
2,471,569
8.00%, 05/15/33
USD4,020
4,182,076
8.25%, 01/15/29
USD108
111,378
Global Partners LP/GLP Finance Corp.
7.13%, 07/01/33(c)(h)
USD798
808,115
8.25%, 01/15/32(c)
USD1,002
1,044,564
Harvest Midstream I LP, 7.50%,
05/15/32(c)(h)
USD2,902
2,975,380
Hess Midstream Operations LP
4.25%, 02/15/30(c)
USD200
191,502
5.13%, 06/15/28(c)
USD1,152
1,147,303
5.50%, 10/15/30(c)
USD1,095
1,091,109
5.88%, 03/01/28(c)(h)
USD925
929,697
6.50%, 06/01/29(c)
USD163
165,765
Howard Midstream Energy Partners LLC
6.63%, 01/15/34(c)(h)
USD615
621,860
7.38%, 07/15/32(c)
USD1,918
1,982,570
ITT Holdings LLC, 6.50%, 08/01/29(c)
USD4,924
4,868,671
Schedule of Investments
84
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pipelines (continued)
Kinetik Holdings LP
5.88%, 06/15/30(c)
USD215
$215,238
6.63%, 12/15/28(c)
USD4,543
4,618,205
NuStar Logistics LP, 5.63%, 04/28/27(h)
USD1,440
1,444,290
Rockies Express Pipeline LLC
4.95%, 07/15/29(c)
USD2,147
2,117,738
6.75%, 03/15/33(c)
USD1,048
1,065,494
South Bow Canadian Infrastructure
Holdings Ltd.
7.50%, 03/01/55, (5-year CMT +
3.67%)(b)(h)
USD2,113
2,229,743
7.63%, 03/01/55, (5-year CMT +
3.95%)(b)
USD654
680,176
Tallgrass Energy Partners LP/Tallgrass
Energy Finance Corp.
5.50%, 01/15/28(c)
USD2,002
1,999,635
6.00%, 12/31/30(c)
USD652
647,342
6.00%, 09/01/31(c)(h)
USD721
709,451
6.75%, 03/15/34(c)
USD1,696
1,706,536
7.38%, 02/15/29(c)
USD1,260
1,288,644
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33(c)(h)
USD336
294,741
6.00%, 05/01/36(c)
USD232
229,290
6.25%, 01/15/30(c)
USD50
50,893
3.88%, 08/15/29(c)
USD8,426
8,012,841
4.13%, 08/15/31(c)
USD1,486
1,376,526
Venture Global LNG, Inc.
6.38%, 12/15/34(c)
USD1,093
1,064,493
6.63%, 06/15/36(c)(h)
USD916
897,738
7.00%, 01/15/30(c)
USD1,303
1,323,726
8.38%, 06/01/31(c)
USD356
368,032
9.50%, 02/01/29(c)
USD8,889
9,514,963
9.88%, 02/01/32(c)(h)
USD7,887
8,397,115
Venture Global Plaquemines LNG LLC
6.13%, 12/15/30(c)
USD4,651
4,724,684
6.50%, 06/15/34(c)
USD4,654
4,799,815
7.50%, 05/01/33(c)(h)
USD2,858
3,100,984
7.75%, 05/01/35(c)(h)
USD4,725
5,236,491
 
115,907,842
Real Estate — 1.1%
Adler Financing SARL, Series 1L, 8.25%,
12/31/28, (8.25% PIK)(i)
EUR19,554
25,597,968
Alexandrite Lake Lux Holdings SARL,
6.75%, 07/30/30(a)
EUR5,762
6,695,457
Alpha Star Holding IX Ltd., 7.00%,
08/26/28(a)
USD2,028
1,978,821
Alpha Star Holding X Ltd., 6.13%,
08/05/29(a)
USD4,957
4,696,708
alstria SARL, 5.50%, 03/20/31(a)
EUR22,300
25,559,967
Aroundtown Finance SARL
5.00%, (5-year EURIBOR ICE Swap +
2.35%)(b)(j)
EUR4,895
5,479,981
5.13%, (5-year EURIBOR ICE Swap +
3.04%)(a)(b)(j)
EUR9,648
10,344,099
5.25%, (5-year EURIBOR ICE Swap +
3.43%)(a)(b)(j)
EUR18,175
19,927,589
Central Plaza Development Ltd., 6.80%,
04/07/29(a)
USD870
867,553
Citycon Treasury BV, 1.63%, 03/12/28(a)
EUR2,140
2,327,508
CoreLogic, Inc.
9.00%, 08/01/31(c)
USD3,445
3,396,842
Security
Par
(000
)
Value
Real Estate (continued)
12.00%, 02/01/32(c)(h)
USD1,699
$1,591,721
CPI Property Group SA, 5.88%, 07/07/32(a)
EUR8,941
9,677,053
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28(c)
USD281
280,995
8.88%, 09/01/31(c)
USD230
240,561
Elect Global Investments Ltd., 4.85%(a)(j)
USD1,067
788,897
Heimstaden Bostad AB, 3.63%, (5-year EUR
Swap + 3.90%)(a)(b)(j)
EUR3,397
3,898,862
Howard Hughes Corp.(The)
4.13%, 02/01/29(c)
USD2,242
2,161,075
4.38%, 02/01/31(c)
USD914
854,152
5.88%, 03/01/32(c)(h)
USD821
801,957
6.13%, 03/01/34(c)(h)
USD1,362
1,327,717
Kennedy-Wilson, Inc., 7.25%, 06/01/33(c)
USD3,973
4,022,027
Nan Fung Treasury III Ltd., 5.00%(a)(j)
USD800
582,288
New Immo Holding SA
4.88%, 12/08/28(a)
EUR9,800
11,338,654
4.95%, 11/14/30(a)
EUR5,500
6,306,043
5.50%, 04/23/31(a)
EUR2,400
2,779,806
New World China Land Ltd., 4.75%,
01/23/27(a)
USD2,600
2,499,900
NWD Finance BVI Ltd.
4.13%, 12/31/49, (5-year CMT +
5.86%)(a)(j)(k)(l)
USD200
171,300
6.25%(a)(j)(k)(l)
USD400
262,600
10.13%, (3-year CMT + 6.201%)(a)(j)(k)(l)
USD200
199,000
12.18%, 12/31/49, (5-year CMT +
7.889%)(a)(j)(k)(l)
USD200
194,130
Sobha Sukuk I Holding Ltd., 7.13%,
09/11/30(a)
USD1,411
1,291,771
Vivion Investments SARL
5.63%, 06/08/30(a)
EUR7,668
8,475,892
6.50%, 02/28/29, (6.50% PIK)(a)(i)
EUR8,964
10,386,087
VLL International, Inc., 9.38%, 07/29/29(a)
USD200
111,100
 
177,116,081
Real Estate Investment Trusts — 0.7%
Alexandrite Monnet U.K. Holdco PLC,
6.88%, 05/31/31(a)
EUR3,632
4,252,045
Equinix Asia Financing Corp. Pte Ltd.,
2.90%, 09/15/32(a)
SGD3,500
2,660,922
Frasers Centrepoint Trust, 3.98%(a)(b)(j)
SGD3,000
2,391,906
Iron Mountain, Inc.
4.75%, 01/15/34(a)
EUR14,661
16,450,120
4.88%, 09/15/27(c)
USD700
697,708
4.88%, 09/15/29(c)
USD4,793
4,676,196
5.00%, 07/15/28(c)
USD1,850
1,832,087
5.25%, 03/15/28(c)
USD1,647
1,641,047
5.25%, 07/15/30(c)
USD5,749
5,617,988
5.63%, 07/15/32(c)
USD294
287,727
7.00%, 02/15/29(c)
USD3,693
3,751,541
Keppel REIT, 3.78%(a)(b)(j)
SGD3,500
2,760,416
Ladder Capital Finance
Holdings LLLP/Ladder Capital Finance
Corp., 4.75%, 06/15/29(c)(h)
USD2,119
2,063,647
Millrose Properties, Inc.
6.25%, 09/15/32(c)
USD1,974
1,972,331
6.38%, 08/01/30(c)
USD2,437
2,455,017
MPT Operating Partnership LP/MPT
Finance Corp.
0.99%, 10/15/26
EUR6,118
6,979,438
7.00%, 02/15/32(a)
EUR11,947
13,858,829
85
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK Finance
Co-Issuer
4.88%, 05/15/29(c)
USD853
$831,406
5.88%, 10/01/28(c)
USD4,034
4,028,559
7.00%, 02/01/30(c)
USD350
355,657
RHP Hotel Properties LP/RHP
Finance Corp.
4.50%, 02/15/29(c)
USD3,978
3,886,086
5.75%, 03/15/34(c)
USD189
185,084
6.50%, 06/15/33(c)
USD50
50,873
7.25%, 07/15/28(c)
USD1,256
1,279,167
SBA Communications Corp.
3.13%, 02/01/29
USD334
318,905
3.88%, 02/15/27
USD2,131
2,116,932
Service Properties Trust
3.95%, 01/15/28(h)
USD110
106,285
4.38%, 02/15/30(h)
USD4,972
4,504,653
4.95%, 10/01/29(h)
USD1,180
1,102,875
8.88%, 06/15/32(h)
USD2,501
2,569,843
Starwood Property Trust, Inc.
5.25%, 10/15/28(c)
USD1,369
1,356,801
5.75%, 01/15/31(c)
USD951
936,574
5.88%, 08/15/29(c)(h)
USD1,263
1,265,115
6.00%, 04/15/30(c)
USD3,457
3,465,885
6.13%, 06/01/31(c)
USD1,406
1,402,671
6.50%, 10/15/30(c)(h)
USD532
539,329
Suntec Real Estate Investment Trust,
4.48%(a)(b)(j)
SGD2,750
2,176,498
Trust 2401
4.87%, 01/15/30(c)(h)
USD1,613
1,539,899
7.70%, 01/23/32(c)(h)
USD1,236
1,299,036
Trust Fibra Uno, 4.87%, 01/15/30(a)
USD1,272
1,216,032
 
110,883,130
Retail — 1.1%
Advance Auto Parts, Inc.
3.90%, 04/15/30(h)
USD1,899
1,776,179
7.00%, 08/01/30(c)(h)
USD4,086
4,186,659
7.38%, 08/01/33(c)(h)
USD312
322,025
Asbury Automotive Group, Inc.
4.50%, 03/01/28
USD1,224
1,210,551
4.63%, 11/15/29(c)
USD2,076
2,013,382
4.75%, 03/01/30(h)
USD786
762,365
5.00%, 02/15/32(c)(h)
USD686
653,613
Bath & Body Works, Inc.
6.63%, 10/01/30(c)(h)
USD2,604
2,646,096
7.50%, 06/15/29(h)
USD1,190
1,206,257
Boots Group Finco LP
5.38%, 08/31/32(a)
EUR1,116
1,312,689
7.38%, 08/31/32(a)
GBP8,088
11,147,071
Burger King (Restaurant Brands
International, Inc.)/New Red Finance, Inc.
3.50%, 02/15/29(c)
USD344
329,497
3.88%, 01/15/28(c)(h)
USD4,302
4,215,174
4.00%, 10/15/30(c)(h)
USD369
346,713
4.38%, 01/15/28(c)
USD3,402
3,354,147
5.63%, 09/15/29(c)
USD1,045
1,042,373
6.13%, 06/15/29(c)
USD2,174
2,196,665
Carvana Co., 9.00%, 06/01/31, (9.00 %
Cash)(c)(i)
USD5,009
5,509,497
Security
Par
(000
)
Value
Retail (continued)
CD&R Firefly Bidco PLC
8.63%, 04/30/29(a)
GBP17,916
$24,865,491
Series JUL, 8.63%, 04/30/29(a)
GBP2,614
3,629,979
Dufry One BV, 4.63%, 06/11/33(a)
EUR7,083
8,169,237
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc., 6.75%,
01/15/30(c)(h)
USD6,851
6,727,779
FirstCash, Inc.
4.63%, 09/01/28(c)
USD2,135
2,095,546
5.63%, 01/01/30(c)
USD1,609
1,583,968
6.13%, 05/01/34(c)(h)
USD607
598,377
6.88%, 03/01/32(c)(h)
USD1,296
1,314,622
Gap, Inc.(The)
3.63%, 10/01/29(c)
USD2,197
2,066,805
3.88%, 10/01/31(c)
USD294
266,472
Goldstory SAS
6.47%, 02/01/30, (3-mo. EURIBOR +
4.00%)(a)(b)
EUR4,511
5,242,434
6.75%, 02/01/30(a)
EUR10,555
12,411,676
Group 1 Automotive, Inc.
4.00%, 08/15/28(c)
USD2,660
2,567,088
6.38%, 01/15/30(c)
USD611
613,813
KFC Holding Co./Pizza Hut
Holdings LLC/Taco Bell of America LLC,
4.75%, 06/01/27(c)(h)
USD4,460
4,442,387
Kiko SpA, 5.68%, 01/15/32, (3-mo.
EURIBOR + 3.25%)(a)(b)
EUR7,570
8,786,049
Kohl's Corp., 5.13%, 05/01/31(h)
USD2,758
2,471,816
LCM Investments Holdings II LLC
4.88%, 05/01/29(c)
USD660
643,795
8.25%, 08/01/31(c)
USD5,077
5,289,401
Lithia Motors, Inc.
3.88%, 06/01/29(c)
USD577
553,973
4.38%, 01/15/31(c)(h)
USD203
192,163
4.63%, 12/15/27(c)
USD512
509,534
5.50%, 10/01/30(c)
USD1,935
1,907,291
Michaels Companies, Inc. (The), 8.50%,
03/15/33(c)
USD6,063
6,006,167
Murphy Oil USA, Inc., 4.75%, 09/15/29
USD1,427
1,401,635
Nordstrom, Inc.
4.25%, 08/01/31(h)
USD382
355,366
4.38%, 04/01/30(h)
USD689
658,499
Park River Holdings, Inc., 8.00%,
03/15/31(c)
USD25
24,885
PetSmart LLC/PetSmart Finance Corp.
7.50%, 09/15/32(c)
USD250
252,602
10.00%, 09/15/33(c)(h)
USD7,777
7,737,448
QXO Building Products, Inc.
6.50%, 07/15/31(c)(h)
USD670
672,717
6.75%, 04/30/32(c)(h)
USD6,584
6,723,978
6.88%, 07/15/34(c)(h)
USD2,837
2,841,238
Sonic Automotive, Inc., 4.88%, 11/15/31(c)(h)
USD704
672,427
Stonegate Pub Co. Financing PLC
8.91%, 07/31/29, (3-mo. EURIBOR +
6.63%)(a)(b)
EUR4,595
5,329,849
10.75%, 07/31/29(a)
GBP1,374
1,881,638
Suburban Propane Partners LP/Suburban
Energy Finance Corp., 5.00%,
06/01/31(c)
USD1,366
1,287,080
Schedule of Investments
86
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Retail (continued)
Yum! Brands, Inc.
4.63%, 01/31/32
USD150
$142,501
4.75%, 01/15/30(c)
USD3,034
2,967,962
 
180,136,641
Savings & Loans — 0.1%
Nationwide Building Society
3.77%, 01/27/36, (3-mo. EURIBOR +
1.23%)(a)(b)
EUR4,105
4,628,094
7.50%, (5-year UK Government Bond +
3.85%)(a)(b)(j)
GBP3,225
4,479,281
7.88%, (5-year UK Government Bond +
3.59%)(a)(b)(j)
GBP850
1,189,441
 
10,296,816
Semiconductors — 0.2%
ams-OSRAM AG
7.25%, 05/31/32(a)
EUR5,002
5,818,054
10.50%, 03/30/29(a)
EUR2,031
2,473,216
Entegris, Inc.
3.63%, 05/01/29(c)
USD299
284,340
4.38%, 04/15/28(c)(h)
USD77
75,585
4.75%, 04/15/29(c)
USD2,781
2,734,599
5.95%, 06/15/30(c)
USD176
176,059
Kioxia Holdings Corp.
6.25%, 07/24/30(c)
USD3,282
3,356,288
6.25%, 07/24/30(a)
USD4,000
4,090,540
MKS, Inc., 4.25%, 02/15/34(a)
EUR16,110
17,952,703
SK Hynix, Inc., 6.38%, 01/17/28(a)
USD1,204
1,233,089
 
38,194,473
Software — 0.9%
Cloud Software Group LLC
6.63%, 08/15/33(c)
USD7,369
6,424,662
8.25%, 06/30/32(c)
USD7,820
7,397,624
9.00%, 09/30/29(c)(h)
USD10,066
9,862,181
Cloud Software Group, Inc., 6.50%,
03/31/29(c)
USD794
775,867
Continuum Energy Pte. Ltd., 12.85%,
09/11/27(e)(h)
USD1,890
1,885,727
CoreWeave, Inc.
8.50%, 07/15/32(a)
EUR18,120
18,725,382
9.00%, 02/01/31(c)(h)
USD6,599
5,956,876
9.25%, 06/01/30(c)(h)
USD3,448
3,222,350
9.63%, 07/15/32(c)
USD4,910
4,394,604
9.75%, 10/01/31(c)
USD11,435
10,375,696
Fair Isaac Corp.
4.00%, 06/15/28(c)
USD363
350,798
6.00%, 05/15/33(c)(h)
USD3,326
3,219,092
6.25%, 09/15/34(c)
USD1,578
1,524,430
Fiserv, Inc., 4.25%, 06/23/34
EUR11,381
12,760,306
IPD 3 BV, 5.50%, 06/15/31(a)
EUR10,452
11,597,050
OAK-Eagle Acquireco, Inc.
7.25%, 07/01/33(c)
USD1,750
1,813,303
8.75%, 07/01/34(c)
USD8,132
8,566,956
Open Text Corp., 3.88%, 12/01/29(c)
USD3,641
3,348,795
Open Text Holdings, Inc.
4.13%, 02/15/30(c)
USD1,884
1,738,067
4.13%, 12/01/31(c)(h)
USD1,792
1,581,206
ROBLOX Corp., 3.88%, 05/01/30(c)(h)
USD935
870,677
Rocket Software, Inc., 9.00%, 11/28/28(c)(h)
USD4,126
4,083,860
Security
Par
(000
)
Value
Software (continued)
SS&C Technologies, Inc.
5.50%, 09/30/27(c)
USD5,088
$5,080,998
6.50%, 06/01/32(c)
USD940
946,955
TeamSystem SpA
5.00%, 07/01/31(a)
EUR3,200
3,545,155
5.68%, 07/01/32, (3-mo. EURIBOR +
3.25%)(a)(b)
EUR4,252
4,817,044
5.93%, 07/31/31, (3-mo. EURIBOR +
3.50%)(a)(b)
EUR1,842
2,107,354
6.50%, 07/01/32(a)
EUR4,900
5,608,241
Twilio, Inc., 3.63%, 03/15/29
USD992
951,458
UKG, Inc., 6.88%, 02/01/31(c)(h)
USD5,980
5,858,983
 
149,391,697
Telecommunications — 2.1%
Altice France SA
4.75%, 10/15/30(a)
EUR748
837,302
5.38%, 04/15/32(a)
EUR673
758,084
5.50%, 10/15/31(a)
EUR1,496
1,692,440
5.63%, 07/15/32(a)
EUR737
834,320
7.25%, 11/01/29(a)
EUR5,354
6,213,741
APLD ComputeCo 2 LLC, 6.75%,
03/15/31(c)(h)
USD6,094
5,956,937
APLD ComputeCo 3 LLC, 7.00%,
06/15/31(c)
USD3,253
3,172,570
APLD ComputeCo LLC, 9.25%, 12/15/30(c)
USD6,476
6,882,408
Athomstart Invest 1083 A/S, 8.28%,
06/04/30, (3-mo. EURIBOR + 6.00%)(b)(c)
EUR12,300
13,140,345
Bell Telephone Co. of Canada or
Bell Canada
6.88%, 09/15/55, (5-year CMT +
2.39%)(b)(h)
USD4,001
4,034,320
7.00%, 09/15/55, (5-year CMT +
2.36%)(b)
USD1,259
1,269,022
Black Pearl Compute LLC, 6.13%,
02/15/31(c)(h)
USD3,246
3,240,560
British Telecommunications PLC
4.25%, 11/23/81, (5-year CMT +
2.99%)(b)(c)
USD2,339
2,327,621
4.88%, 11/23/81, (5-year CMT +
3.49%)(b)(c)
USD1,442
1,378,266
8.38%, 12/20/83, (5-year UK Government
Bond + 3.82%)(a)(b)
GBP4,200
5,954,973
Cas Capital No. 2 Ltd., 6.25%, (5-year CMT
+ 2.53%)(a)(b)(j)
USD1,667
1,660,465
Cdc Data Centres Australia Pty. Ltd., 6.87%,
06/12/56, (3-mo. BB Swap + 2.40%)(b)
AUD2,570
1,828,598
Cipher Compute LLC, 7.13%, 11/15/30(c)(h)
USD2,584
2,635,708
Connect Finco SARL/Connect U.S. Finco
LLC, 9.00%, 09/15/29(c)
USD1,889
1,981,522
Core Scientific Finance I LLC, 7.75%,
05/15/31(c)
USD8,070
7,902,348
Digicel International Finance Ltd./Difl U.S.
LLC, 8.63%, 08/01/32(a)
USD369
379,839
Fibercop SpA
4.75%, 06/30/30(a)
EUR702
818,257
5.38%, 04/15/31(a)
EUR12,800
15,174,589
Series 2033, 6.38%, 11/15/33(c)
USD892
876,203
Series 2034, 6.00%, 09/30/34(c)
USD294
283,318
Series 2036, 7.20%, 07/18/36(c)
USD4,403
4,468,737
Series 2038, 7.72%, 06/04/38(c)
USD1,878
1,947,554
87
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Telecommunications (continued)
Iliad Holding SAS
6.88%, 04/15/31(a)
EUR5,195
$6,272,852
7.00%, 10/15/28(c)
USD3,932
3,941,512
7.00%, 04/15/32(c)
USD2,000
2,017,288
8.50%, 04/15/31(c)
USD1,320
1,388,509
Level 3 Financing, Inc.
6.88%, 06/30/33(c)
USD5,435
5,499,853
7.00%, 03/31/34(c)
USD403
409,939
7.50%, 02/15/37(c)(h)
USD1,762
1,750,011
8.50%, 01/15/36(c)
USD6,997
7,279,553
Liquid Telecommunications Financing PLC,
10.75%, 04/14/31(c)
USD321
334,399
Meridian Arc Holdco LLC, 6.25%,
04/30/31(c)
USD11,539
11,087,050
NEXTDC Ltd., 8.00%, 04/30/30, (3-mo. BB
Swap + 3.50%)(b)
AUD5,000
3,593,365
Odido Group Holding BV, 5.50%,
01/15/30(a)
EUR9,275
10,668,054
Optics Bidco SpA, 5.25%, 03/17/55
EUR3,200
3,125,160
PR RNO Property Owner 1 LLC, 6.50%,
05/01/31(c)
USD9,694
9,128,056
Rogers Communications, Inc.
5.25%, 03/15/82, (5-year CMT +
3.59%)(b)(c)(h)
USD2,630
2,619,600
7.00%, 04/15/55, (5-year CMT +
2.65%)(b)
USD3,252
3,271,515
7.13%, 04/15/55, (5-year CMT +
2.62%)(b)
USD1,564
1,578,470
SoftBank Group Corp.
3.38%, 07/06/29(a)
EUR2,322
2,550,324
5.25%, 10/10/29(a)
EUR11,861
13,586,543
5.38%, 01/08/29(a)
EUR2,358
2,739,105
5.75%, 07/08/32(a)
EUR7,050
7,774,625
5.88%, 07/10/31(a)
EUR600
683,444
6.38%, 04/22/30(a)
EUR6,139
7,114,709
6.38%, 07/10/33(a)
EUR8,125
9,155,022
6.88%, (5-year USD ICE Swap +
4.85%)(a)(b)(j)
USD2,000
1,987,232
7.00%, 04/22/32(a)
EUR3,439
3,998,839
7.25%, 07/10/32(a)
USD1,000
949,455
7.38%, 04/22/34(a)
EUR5,759
6,700,168
SV RNO Property Owner 1 LLC, 5.88%,
03/01/31(c)
USD8,077
7,500,268
TDC Brands A/S, 8.00%, 04/30/31(a)
EUR5,801
6,647,975
Telecom Argentina SA, 9.25%, 05/28/33(c)(h)
USD622
666,199
Telecom Italia Capital SA, 7.72%, 06/04/38
USD1,162
1,299,853
Telecommunications Co. Telekom Srbija AD
Belgrade, 7.25%, 05/18/31(c)
USD516
509,550
Telefonica Emisiones SA
4.38%, (5-year EURIBOR ICE Swap +
1.84%)(a)(b)(j)
EUR6,800
7,681,568
4.88%, (8-year EURIBOR ICE Swap +
2.13%)(a)(b)(j)
EUR5,200
5,863,545
Telefonica Europe BV, 2.50%, (7-year EUR
Swap + 2.66%)(a)(b)(j)
EUR2,500
2,859,483
TELUS Corp.
6.63%, 10/15/55, (5-year CMT +
2.77%)(b)
USD2,677
2,668,289
6.63%, 06/09/56, (5-year CMT +
2.52%)(b)
USD3,710
3,623,445
Security
Par
(000
)
Value
Telecommunications (continued)
7.00%, 10/15/55, (5-year CMT +
2.71%)(b)
USD409
$412,273
Turk Telekomunikasyon A/S
6.95%, 10/07/32(c)(h)
USD870
857,028
7.38%, 05/20/29(a)
USD1,479
1,500,593
Turkcell Iletisim Hizmetleri A/S, 7.65%,
01/24/32(c)(h)
USD620
636,963
Uniti Group LP/Uniti Group Finance 2019,
Inc./CSL Capital LLC, 4.75%,
04/15/28(c)(h)
USD2,935
2,923,869
Uniti Services LLC, 7.50%, 10/15/33(c)
USD1,969
2,012,092
VF Ukraine PAT via VFU Funding PLC,
9.63%, 02/11/27(c)
USD961
957,783
Viasat, Inc., 5.63%, 04/15/27(c)(h)
USD4,465
4,455,244
VMED O2 U.K. Financing I PLC
4.50%, 07/15/31(a)
GBP2,854
3,151,222
4.75%, 07/15/31(c)
USD4,139
3,272,079
5.63%, 04/15/32(a)
EUR14,547
14,547,949
6.75%, 01/15/33(c)
USD3,726
2,982,938
7.75%, 04/15/32(c)
USD400
336,401
Vodafone Group PLC
4.13%, 06/04/81, (5-year CMT +
2.77%)(b)
USD5,655
5,183,068
7.00%, 04/04/79, (5-year USD Swap +
4.87%)(b)
USD3,598
3,695,146
8.00%, 08/30/86, (5-year UK Government
Bond + 3.84%)(a)(b)
GBP2,388
3,420,301
Windstream Services LLC/Windstream
Escrow Finance Corp., 8.25%,
10/01/31(c)
USD9,532
9,923,088
WULF Compute LLC, 7.75%, 10/15/30(c)(h)
USD6,502
6,755,363
Zayo Group Holdings, Inc., 9.25%, 03/09/30,
(5.75 % Cash and 0.50 % PIK)(c)(i)
USD2,569
2,565,799
Zegona Finance PLC, 4.25%, 01/15/32(a)
EUR6,445
7,378,532
 
345,142,605
Transportation — 0.4%
Edge Finco PLC, 8.13%, 08/15/31(a)
GBP21,754
30,400,976
Mobico Group PLC, 4.88%, 09/26/31(a)
EUR3,151
3,087,153
Ocado Group PLC, 10.50%, 08/08/29(a)
GBP2,600
3,602,188
Pacific National Finance Pty. Ltd., 7.75%,
12/11/54(a)(b)
AUD6,030
4,302,115
Patrick Terminals Finance Pty Ltd., 5.55%,
10/22/35(a)
AUD4,000
2,674,940
SGL Group ApS
6.45%, 02/24/31, (3-mo. EURIBOR +
4.25%)(b)
EUR2,945
3,359,537
7.24%, 04/22/30, (3-mo. EURIBOR +
4.75%)(b)
EUR8,703
9,926,405
Transnet, 8.25%, 02/06/28(a)
USD3,150
3,254,454
XPO, Inc., 7.13%, 02/01/32(c)(h)
USD364
375,280
 
60,983,048
Trucking & Leasing — 0.0%
FTAI Aviation Investors LLC
5.50%, 05/01/28(c)
USD800
797,342
7.00%, 05/01/31(c)
USD1,302
1,338,180
7.00%, 06/15/32(c)
USD110
112,313
7.88%, 12/01/30(c)
USD5,318
5,540,957
 
7,788,792
Schedule of Investments
88
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
WL Collateral CMO — 0.1%
Turquoise V Trust
5.36%, 06/12/67, (1-mo. BB Swap +
1.05%)(a)(b)
AUD5,900
$4,145,838
5.76%, 06/12/67, (1-mo. BB Swap +
1.45%)(a)(b)
AUD2,890
2,030,407
5.91%, 06/12/67, (1-mo. BB Swap +
1.60%)(a)(b)
AUD2,470
1,732,671
6.16%, 06/12/67, (1-mo. BB Swap +
1.85%)(a)(b)
AUD950
667,441
 
8,576,357
Total Corporate Bonds & Notes — 37.9%
(Cost: $6,168,533,903)
6,104,003,656
Fixed Rate Loan Interests
Chemicals — 0.0%
AM Green BV, Term Loan, 8.00%,
04/11/27(e)
$4,700
5,343,900
Software — 0.1%
Coreweave Compute Acquisition Co.
IV LLC, 2026 Delayed Draw Term Loan,
5.83%, 03/31/32(e)(n)
16,968
16,967,439
Total Fixed Rate Loan Interests — 0.1%
(Cost: $21,919,294)
22,311,339
Foreign Government Obligations
Angola — 0.0%
Angolan Government International Bonds
8.00%, 11/26/29(a)
USD816
833,340
9.24%, 01/15/31(a)
USD2,553
2,671,127
9.88%, 03/31/37(c)
USD536
555,945
 
4,060,412
Argentina — 0.1%
Argentina Treasury Bond BONCER
0.00%, 12/15/27(g)
ARS1,863,891
3,208,177
0.00%, 09/29/28(g)
ARS5,132,868
2,734,890
Argentine Republic Government
International Bonds
0.75%, 07/09/30(d)
USD677
591,725
4.75%, 07/09/35(d)
USD519
409,751
 
6,944,543
Armenia — 0.0%
Republic of Armenia International Bonds,
6.75%, 03/12/35(c)(h)
USD547
567,671
Bahrain — 0.0%
Bahrain Government International Bonds,
5.45%, 09/16/32(a)
USD608
543,187
Barbados — 0.0%
Barbados Government International Bonds,
8.00%, 06/26/35(c)
USD1,291
1,372,759
Benin — 0.0%
Benin Government International Bonds,
7.96%, 02/13/38(c)(h)
USD1,380
1,427,458
Benin Sukuk SA, 6.20%, 01/29/33(a)
USD4,469
4,304,899
 
5,732,357
Security
Par
(000
)
Value
Bolivia — 0.1%
Bolivian Government International Bonds
4.50%, 03/20/28(a)
USD2,878
$2,773,092
9.45%, 05/14/31(c)(h)
USD3,483
3,535,245
 
6,308,337
Brazil — 1.2%
Brazil Letras do Tesouro Nacional
0.00%, 10/01/26(g)
BRL444,906
85,901,772
0.00%, 04/01/27(g)
BRL127,818
23,195,167
Brazil Notas do Tesouro Nacional
6.00%, 08/15/30
BRL6
4,975,976
Series F, 10.00%, 01/01/27
BRL425,821
82,809,611
Series F, 10.00%, 01/01/29
BRL5,468
997,666
Brazilian Government International Bonds,
5.50%, 04/23/36
EUR321
364,757
 
198,244,949
Bulgaria — 0.0%
Bulgaria Government International Bonds,
5.00%, 03/05/37(a)
USD776
738,845
Cameroon, United Republic of — 0.0%
Republic of Cameroon International Bonds,
8.88%, 01/30/33(a)
USD2,418
2,349,204
Chile — 0.3%
Bonos de la Tesoreria de la Republica en
pesos, 5.00%, 10/01/28(c)
CLP28,475,000
30,680,764
Chile Government International Bonds
2.55%, 07/27/33
USD7,962
6,684,099
2.75%, 01/31/27
USD3,464
3,421,462
3.75%, 01/14/32
EUR596
680,405
 
41,466,730
Colombia — 0.5%
Colombia Government International Bonds
5.38%, 01/21/29
USD2,376
2,368,872
7.50%, 02/02/34
USD2,765
2,899,932
8.00%, 04/20/33
USD1,901
2,049,905
Colombian TES
12.50%, 02/27/30
COP26,636,900
8,403,129
13.25%, 02/09/33
COP48,510,800
15,995,585
Series B, 6.25%, 07/09/36
COP38,489,900
8,215,651
Series B, 7.00%, 06/30/32
COP13,423,900
3,334,680
Series B, 7.25%, 10/26/50
COP20,945,100
4,157,460
Series B, 7.75%, 09/18/30
COP143,995,700
38,822,683
 
86,247,897
Congo — 0.0%
Congolese International Bonds, 9.50%,
02/17/35(a)
USD1,265
1,226,772
DRC International Bonds, 8.75%,
04/16/32(a)
USD1,618
1,665,682
 
2,892,454
Czech Republic — 0.0%
Czech Republic Government Bonds, 4.00%,
04/04/44
CZK46,080
1,875,549
Dominican Republic — 0.1%
Dominican Republic International Bonds
4.50%, 01/30/30(a)
USD4,100
3,932,884
5.88%, 01/30/60(a)
USD440
371,800
5.95%, 01/25/27(a)
USD4,837
4,857,654
10.75%, 06/01/36(c)
DOP475,500
8,931,035
89
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Dominican Republic (continued)
10.75%, 06/01/36(a)
DOP93,700
$1,759,912
 
19,853,285
Ecuador — 0.0%
Ecuador Government International Bonds
6.90%, 07/31/35(a)(d)
USD1,627
1,465,399
8.75%, 01/29/34(c)
USD4,748
4,710,491
 
6,175,890
Egypt — 0.3%
Egypt Government International Bonds
5.63%, 04/16/30(a)
EUR16,181
18,360,572
6.59%, 02/21/28(a)
USD1,642
1,648,026
7.50%, 01/31/27(a)
USD4,072
4,104,902
7.50%, 02/16/61(c)
USD779
645,012
7.90%, 02/21/48(a)
USD16,845
14,823,600
8.50%, 01/31/47(a)
USD2,454
2,301,852
8.50%, 01/31/47(c)(h)
USD685
642,530
8.63%, 02/04/30(a)
USD3,284
3,452,387
9.45%, 02/04/33(c)
USD627
681,373
 
46,660,254
El Salvador — 0.0%
El Salvador Government International Bonds
8.63%, 02/28/29(a)
USD4,649
4,896,908
9.25%, 04/17/30(a)
USD764
818,809
 
5,715,717
Ethiopia — 0.0%
Ethiopia International Bonds, 6.63%,
12/11/24(a)(k)(l)
USD3,252
3,501,559
France — 0.5%
French Republic Government Bonds OAT,
2.75%, 02/25/29(c)
EUR67,542
77,348,710
Gabon — 0.1%
Gabon Government International Bonds,
9.50%, 02/18/29(a)
USD10,048
9,802,326
Ghana — 0.1%
Ghana Government International Bonds
0.00%, 01/03/30(a)(g)
USD989
864,214
5.00%, 07/03/29(a)(d)
USD14,900
14,554,676
5.00%, 07/03/35(a)(d)
USD2,101
1,922,842
 
17,341,732
Hungary — 0.4%
Hungary Government Bonds
3.00%, 10/27/38
HUF2,272,460
5,558,485
6.25%, 09/23/37
HUF1,511,940
5,038,876
7.00%, 10/24/35
HUF5,810,660
20,187,443
Hungary Government International Bonds
3.50%, 03/23/32(a)
EUR1,515
1,710,247
5.00%, 02/22/27(a)
EUR10,072
11,727,302
5.25%, 06/16/29(c)
USD856
859,980
5.50%, 06/16/34(a)
USD1,731
1,723,713
5.50%, 03/26/36(c)(h)
USD468
458,462
6.25%, 09/22/32(a)
USD6,456
6,736,449
6.75%, 09/23/55(c)
USD662
681,661
Magyar Export-Import Bank Zrt, 6.00%,
05/16/29(a)
EUR6,458
7,870,927
MFB Magyar Fejlesztesi Bank Zrt, 6.50%,
06/29/28(a)
USD6,561
6,714,987
 
69,268,532
Security
Par
(000
)
Value
Indonesia — 0.1%
Indonesia Government International Bonds
3.88%, 01/15/33
EUR589
$656,031
4.50%, 05/29/33
EUR555
636,599
Indonesia Treasury Bonds, 7.00%, 05/15/27
IDR356,905,000
19,821,378
 
21,114,008
Italy — 2.9%
Italy Buoni Poliennali Del Tesoro
2.40%, 03/15/29(a)
EUR67,542
76,577,560
2.85%, 02/01/31(a)
EUR187,987
212,494,744
3.45%, 02/01/36(a)
EUR107,714
119,629,502
3.65%, 08/01/35(a)(c)
EUR50,682
57,486,160
 
466,187,966
Ivory Coast — 0.1%
Ivory Coast Government International Bonds
5.88%, 10/17/31(a)
EUR1,314
1,538,453
6.38%, 03/03/28(a)
USD3,598
3,620,392
6.75%, 02/25/41(c)(h)
USD1,793
1,686,621
7.63%, 01/30/33(a)
USD728
761,459
8.08%, 04/01/36(c)
USD797
847,410
 
8,454,335
Jordan — 0.1%
Jordan Government International Bonds
5.85%, 07/07/30(a)
USD677
676,221
7.50%, 01/13/29(c)
USD542
559,973
7.50%, 01/13/29(a)
USD6,854
7,081,279
7.75%, 01/15/28(a)
USD2,023
2,073,575
 
10,391,048
Kazakhstan — 0.0%
Baiterek National Managing Holding JSC,
5.45%, 05/08/28(a)
USD1,331
1,333,396
Development Bank of Kazakhstan JSC
13.49%, 05/23/28(c)
KZT337,500
678,124
13.49%, 05/23/28(a)
KZT115,500
232,069
17.30%, 07/03/28(a)
KZT328,500
699,872
 
2,943,461
Kenya — 0.1%
Republic of Kenya Government
International Bonds
7.88%, 10/09/33(a)
USD6,806
6,649,666
7.88%, 02/26/34(c)
USD2,959
2,862,714
9.75%, 02/16/31(c)(h)
USD599
635,383
9.75%, 02/16/31(a)
USD3,393
3,599,091
 
13,746,854
Kuwait — 0.0%
Kuwait International Government Bonds,
5.04%, 07/29/29(a)
USD1,360
1,359,592
Kyrgyzstan — 0.0%
Kyrgyz Republic International Bonds
7.75%, 06/03/30(c)
USD2,137
2,155,101
7.75%, 06/03/30(a)
USD4,028
4,062,117
 
6,217,218
Latvia — 0.0%
Latvia Government International Bonds,
5.13%, 07/30/34(c)
USD1,295
1,283,449
Lebanon — 0.1%
Lebanon Government International Bonds
6.00%, 01/27/23(a)(k)(l)
USD1,555
414,423
6.10%, 10/04/22(a)(k)(l)
USD2,178
576,146
Schedule of Investments
90
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Lebanon (continued)
6.20%, 02/26/25(a)(k)(l)
USD8,993
$2,392,138
6.60%, 11/27/26(a)(k)(l)
USD17,986
4,811,255
6.65%, 04/22/24(a)(k)(l)
USD1,103
295,053
6.65%, 04/22/24(a)
USD247
66,073
6.85%, 03/23/27(a)(k)(l)
USD1,965
535,013
7.00%, 03/23/32(a)(k)(l)
USD6,329
1,727,817
 
10,817,918
Macedonia — 0.0%
North Macedonia Government International
Bonds, 6.96%, 03/13/27(a)
EUR547
637,087
Mexico — 0.8%
Eagle Funding Luxco SARL
5.50%, 08/17/30(c)
USD2,897
2,892,865
5.50%, 08/17/30(a)
USD8,276
8,264,186
Mexican Bonos
7.00%, 09/03/26
MXN916,086
52,908,235
8.00%, 04/29/55
MXN86,617
4,178,459
8.50%, 03/01/29
MXN377,549
22,122,683
Series M, 7.75%, 11/13/42
MXN271,440
13,196,127
Series M 20, 8.50%, 05/31/29
MXN58,577
3,427,842
Mexico Government International Bonds
5.38%, 03/22/33
USD6,946
6,702,890
6.00%, 05/13/30
USD3,547
3,629,911
7.38%, 05/13/55
USD12,738
12,827,166
 
130,150,364
Mongolia — 0.0%
City of Ulaanbaatar Mongolia, 7.75%,
08/21/27(a)
USD2,500
2,536,425
Development Bank of Mongolia LLC, 6.90%,
07/02/31(c)(h)
USD1,927
1,902,431
Mongolia Government International Bonds,
6.63%, 02/25/30(a)
USD1,368
1,397,904
 
5,836,760
Montenegro — 0.0%
Montenegro Government International
Bonds, 2.88%, 12/16/27(a)
EUR575
650,735
Morocco — 0.0%
Morocco Government International Bonds
2.38%, 12/15/27(a)
USD823
793,545
4.75%, 04/02/35(c)
EUR938
1,076,927
5.95%, 03/08/28(c)
USD468
473,429
 
2,343,901
Mozambique — 0.0%
Mozambique International Bonds, 9.00%,
09/15/31(a)(d)
USD1,377
1,245,152
Nigeria — 0.2%
Nigeria Government International Bonds
6.13%, 09/28/28(a)
USD8,600
8,614,276
7.14%, 02/23/30(a)
USD4,260
4,353,188
8.38%, 03/24/29(a)
USD5,843
6,158,522
9.13%, 01/13/46(c)
USD3,948
4,366,488
10.38%, 12/09/34(c)
USD734
874,891
 
24,367,365
Oman — 0.1%
Oman Government International Bonds,
6.00%, 08/01/29(a)
USD6,614
6,744,825
Security
Par
(000
)
Value
Pakistan — 0.1%
Pakistan Global Sukuk Programme Co. Ltd.
(The), 7.95%, 01/31/29(a)
USD2,173
$2,208,311
Pakistan Government International Bonds
6.88%, 12/05/27(a)
USD9,342
9,396,184
6.98%, 04/24/29(a)
USD1,248
1,229,941
7.38%, 04/08/31(a)
USD5,657
5,543,860
 
18,378,296
Panama — 0.1%
Panama Government International Bonds,
2.25%, 09/29/32
USD8,114
6,689,182
Paraguay — 0.1%
Paraguay Government International Bonds
5.85%, 08/21/33(a)
USD6,598
6,692,616
8.50%, 04/04/38(c)
PYG26,884,000
4,320,140
 
11,012,756
Peru — 0.2%
Corp. Financiera de Desarrollo SA, 2.40%,
09/28/27(a)
USD9,128
8,849,596
Fondo MIVIVIENDA SA, 4.63%, 04/12/27(a)
USD1,148
1,144,418
Peruvian Government International Bonds
3.00%, 01/15/34
USD7,867
6,666,417
6.20%, 06/30/55
USD386
380,017
7.60%, 08/12/39(a)
PEN29,013
9,169,816
 
26,210,264
Philippines — 0.3%
Philippines Government Bonds, 6.00%,
08/20/30
PHP2,045,465
31,968,767
Philippines Government International Bonds
4.63%, 07/17/28
USD3,419
3,421,393
6.38%, 07/27/30
PHP689,620
10,938,048
 
46,328,208
Poland — 0.5%
Republic of Poland Government Bonds
2.00%, 08/25/36
PLN12,104
2,909,049
4.00%, 07/25/31
PLN22,284
5,653,456
4.75%, 07/25/29
PLN23,259
6,239,228
5.00%, 10/25/34
PLN64,392
16,585,596
5.00%, 10/25/35
PLN100,742
25,612,523
5.75%, 04/25/29
PLN40,914
11,271,790
Republic of Poland Government
International Bonds
4.88%, 02/12/30
USD6,108
6,140,372
4.88%, 10/04/33
USD519
507,364
5.50%, 04/04/53
USD786
705,734
 
75,625,112
Romania — 0.4%
Romania Government Bonds
4.25%, 04/28/36
RON37,025
6,699,329
6.75%, 04/25/35
RON35,430
7,772,395
Romanian Government International Bonds
2.12%, 07/16/31(a)
EUR1,515
1,547,215
2.75%, 04/14/41(a)
EUR3,160
2,396,665
3.00%, 02/14/31(a)
USD4,392
3,915,512
3.63%, 03/27/32(a)
USD4,158
3,705,194
4.63%, 03/04/33(c)
EUR846
933,737
5.25%, 11/25/27(c)
USD314
313,601
5.25%, 11/25/27(a)
USD5,796
5,788,639
5.25%, 03/10/30(a)
EUR7,342
8,715,254
5.75%, 09/16/30(c)
USD2,234
2,230,146
91
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Romania (continued)
5.88%, 01/30/29(a)
USD18,668
$18,780,195
6.25%, 09/10/34(c)
EUR1,221
1,464,055
6.50%, 10/07/45(c)
EUR755
856,872
6.63%, 02/17/28(a)
USD896
911,779
6.75%, 07/11/39(c)
EUR540
644,408
 
66,674,996
Saudi Arabia — 0.1%
Saudi Government International Bonds
4.75%, 01/18/28(a)
USD7,908
7,896,059
5.00%, 01/18/53(c)
USD1,206
983,396
5.00%, 01/18/53(a)
USD2,937
2,394,889
5.13%, 01/13/28(c)
USD4,367
4,382,066
5.38%, 01/13/31(a)
USD6,685
6,738,480
 
22,394,890
Senegal — 0.0%
Senegal Government International Bonds,
4.75%, 03/13/28(a)
EUR4,517
2,958,367
Serbia — 0.0%
Serbia International Bonds
4.25%, 05/06/31(c)
EUR441
500,946
6.00%, 06/12/34(c)
USD746
747,149
6.50%, 09/26/33(a)
USD528
546,422
 
1,794,517
South Africa — 0.9%
Republic of South Africa Government Bonds
7.00%, 02/28/31
ZAR1,070,377
62,070,062
8.00%, 01/31/30
ZAR1,096,019
66,472,101
8.75%, 02/28/48
ZAR196,292
11,264,121
8.88%, 02/28/35
ZAR28,439
1,749,214
Republic of South Africa Government
International Bonds
5.00%, 10/12/46
USD765
576,328
5.75%, 09/30/49
USD1,365
1,108,012
7.10%, 11/19/36(c)
USD741
774,908
7.25%, 12/11/55(c)
USD468
446,411
7.95%, 11/19/54(c)
USD945
979,729
 
145,440,886
Spain — 2.8%
Spain Government Bonds
2.35%, 03/31/29
EUR64,175
72,902,819
2.60%, 05/31/31
EUR109,860
123,887,916
2.70%, 01/31/30
EUR35,629
40,697,308
3.30%, 04/30/36(c)
EUR138,913
156,513,023
3.40%, 10/31/36(c)
EUR30,914
34,953,529
3.45%, 10/31/34(a)(c)
EUR16,842
19,419,796
 
448,374,391
Sri Lanka — 0.1%
Sri Lanka Government International Bonds
3.10%, 01/15/30(a)(d)
USD212
215,335
3.10%, 01/15/30(c)(d)
USD1,775
1,799,827
3.35%, 03/15/33(c)(d)
USD3,522
3,332,489
3.35%, 03/15/33(a)(d)
USD405
383,327
3.60%, 06/15/35(a)(d)
USD2,600
2,138,110
3.60%, 06/15/35(c)(d)
USD2,344
1,927,068
3.60%, 05/15/36(c)(d)
USD1,665
1,669,327
3.60%, 02/15/38(c)(d)
USD3,243
3,263,423
4.00%, 04/15/28(a)
USD5,348
5,131,190
4.00%, 04/15/28(c)
USD1,239
1,188,806
 
21,048,902
Security
Par
(000
)
Value
Supranational — 0.0%
African Export-Import Bank(The)
3.99%, 09/21/29(a)
USD3,353
$3,190,916
6.25%, 01/23/32(c)
USD1,507
1,504,428
European Bank for Reconstruction &
Development, 0.00%, 03/03/28(g)
TRY101,500
1,235,184
 
5,930,528
Suriname — 0.0%
Suriname Government International Bonds,
8.50%, 11/06/35(c)
USD657
707,464
Trinidad and Tobago — 0.0%
Trinidad & Tobago Government International
Bonds, 6.50%, 01/28/36(c)
USD669
677,088
Turkey — 0.2%
Turkiye Government Bonds
26.20%, 10/05/33
TRY234,670
4,012,195
27.70%, 09/27/34
TRY202,846
3,630,845
30.00%, 09/12/29
TRY107,779
1,976,686
33.90%, 10/02/30
TRY57,000
1,143,224
Turkiye Government International Bonds
6.30%, 03/14/33
USD652
625,007
6.95%, 09/16/35
USD2,527
2,466,099
7.13%, 02/12/32
USD1,265
1,275,158
9.13%, 07/13/30
USD3,815
4,139,733
9.38%, 01/19/33
USD4,935
5,505,437
 
24,774,384
Ukraine — 0.0%
Ukraine Government International Bonds
3.00%, 02/01/30(a)(d)
USD25
18,213
3.00%, 02/01/34(a)(d)
USD64
36,307
3.00%, 02/01/35(a)(d)
USD54
32,373
3.00%, 02/01/36(a)(d)
USD54
32,305
4.50%, 02/01/29(a)(d)
USD225
190,751
4.50%, 02/01/34(a)(d)
USD150
104,626
 
414,575
United Arab Emirates — 0.0%
Abu Dhabi Government International Bonds,
4.88%, 04/30/29(a)
USD4,322
4,327,100
Emirate of Dubai Government International
Bonds, 3.90%, 09/09/50(a)
USD891
598,975
 
4,926,075
United Kingdom — 0.1%
United Kingdom Gilt, 4.38%, 03/07/30(a)
GBP15,219
20,400,799
Uzbekistan — 0.1%
Republic of Uzbekistan International Bonds
5.38%, 05/29/27(c)
EUR704
819,611
7.85%, 10/12/28(c)
USD517
542,255
7.85%, 10/12/28(a)
USD6,700
7,027,295
16.63%, 05/29/27(a)
UZS15,430,000
1,346,370
 
9,735,531
Zambia — 0.0%
Zambia Government International Bonds,
5.75%, 06/30/33(a)(d)
USD3,675
3,588,071
Total Foreign Government Obligations — 14.2%
(Cost: $2,293,570,246)
2,293,590,219
Schedule of Investments
92
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Municipal Debt Obligations
Arizona — 0.0%
Maricopa County Industrial Development
Authority, RB, 7.38%, 10/01/29(c)
$1,330
$1,380,418
Total Municipal Debt Obligations — 0.0%
(Cost: $1,330,000)
1,380,418
U.S. Government Agency Obligations
Mortgage-Backed Securities — 25.0%
Uniform Mortgage-Backed Securities
2.50%, 08/13/56(o)
624,239
508,845,582
2.50%, 09/14/56(o)
558,839
455,338,616
3.00%, 08/13/56(o)
48,200
41,084,837
3.00%, 09/14/56(o)
48,200
41,052,830
3.50%, 08/13/56(o)
1,477,084
1,310,161,520
3.50%, 09/14/56(o)
356,100
315,621,444
4.00%, 08/13/56(o)
277,077
252,915,353
4.50%, 08/13/56(o)
46,634
43,785,965
5.50%, 08/13/56(o)
129,548
128,201,380
5.50%, 09/14/56(o)
566,736
560,003,664
6.00%, 08/13/56(o)
373,469
377,581,536
 
4,034,592,727
U.S. Government Agency Obligations — 0.1%
Tennessee Valley Authority, 5.25%,
02/01/55(h)
6,290
5,908,102
Total U.S. Government Agency Obligations — 25.1%
(Cost: $4,090,141,292)
4,040,500,829
Floating Rate Loan Interests(b)
Advertising — 0.0%
Neptune Bidco U.S., Inc., 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 5.00%), 7.38%, 02/03/33
EUR1,500
1,721,941
Summer BC Holdco B SARL, 2024 USD
Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 5.26%), 8.99%, 02/15/29
USD2,985
2,468,973
 
4,190,914
Aerospace & Defense — 0.0%
Aernnova Aerospace S.A.U, 2024 EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 4.00%), 6.55%, 02/27/30
EUR1,000
1,160,841
Auto Parts & Equipment — 0.1%
Autodoc Holding SE, EUR Term Loan B,
07/15/33(n)
EUR2,000
2,260,174
Clarios Global LP, 2026 EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
2.75%), 4.94%, 01/28/32
EUR3,000
3,461,421
Foxtrott Bidco Gmbh, EUR Term Loan B,
07/07/33(n)
EUR2,000
2,302,264
 
8,023,859
Beverages — 0.0%
Blitz 26-281 SE, EUR Term Loan B,
05/27/33(n)
EUR1,000
1,158,339
Building Materials — 0.1%
Endeavour Trade Invt Ltd., Term Loan,
0.00%, 10/30/26
USD4,000
3,994,000
Security
Par
(000
)
Value
Building Materials (continued)
Hestiafloor 2 SASU, 2026 EUR Repriced
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.00%), 5.29%, 02/27/30
EUR1,500
$1,738,373
Tulip Holdco DE LLC, EUR Term Loan B,
07/22/33(n)
EUR7,283
8,234,622
 
13,966,995
Chemicals — 0.1%
BASF Coatings, EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.75%),
6.04%, 06/29/33
EUR1,000
1,157,682
INEOS Quattro Holdings U.K. Ltd., 2023
EUR 1st Lien Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 4.50%),
6.69%, 04/02/29
EUR3,000
2,784,857
Nobian Finance BV, 2024 EUR Term Loan
B, (6-mo. EURIBOR at 0.00% Floor +
3.65%), 6.16%, 07/02/29
EUR1,750
1,958,097
Rain Carbon GmbH, 2023 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
5.00%), 7.39%, 10/31/28
EUR1,808
2,072,373
 
7,973,009
Commercial Services — 0.4%
Albion Financing 3 SARL, 2025 EUR Term
Loan, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.48%, 05/21/31
EUR1,500
1,741,919
AlixPartners LLP, 2025 EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.29%, 08/12/32
EUR2,957
3,419,745
Allied Universal Holdco LLC, 2025 USD
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 08/20/32
USD1,102
1,104,967
Anticimex Global AB, 2025 AUD Term Loan
B, (3-mo. BBSY at 0.50% Floor + 4.00%),
8.47%, 11/17/31(n)
AUD12,000
8,317,144
Anticimex International AB, 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.15%), 5.38%, 11/16/31
EUR1,350
1,564,053
Atlas Luxco 4 SARL, EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
3.75%), 5.94%, 08/20/32
EUR1,526
1,766,113
Belron U.K. Finance PLC, 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 2.25%), 4.47%, 10/16/31
EUR3,377
3,896,871
Boluda Towage, S.L., 2026 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
2.75%), 5.04%, 06/30/33
EUR1,067
1,234,135
Cervantes Bidco SL, 2026 EUR Term Loan
B, (6-mo. EURIBOR at 0.00% Floor +
3.00%), 5.52%, 12/03/31
EUR1,483
1,718,303
Eagle Bidco Ltd., 2026 EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
3.25%), 5.44%, 02/29/32
EUR3,000
3,440,838
Financiere Pax SAS, 2025 EUR Repriced
Term Loan B, (6-mo. EURIBOR at 0.00%
Floor + 3.50%), 6.09%, 12/31/29
EUR4,133
4,782,225
Fugue Finance BV, 2026 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
2.75%), 4.98%, 01/09/32
EUR2,000
2,301,203
93
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Holding Socotec SAS, 2026 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.29%, 06/02/31
EUR1,938
$2,244,595
Inspired FinCo Holdings Ltd., 2026 EUR
Term Loan B8, (1-mo. EURIBOR at
0.00% Floor + 3.00%), 5.19%, 02/28/31
EUR1,923
2,222,805
ION Platform Finance Sarl, EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
4.00%), 6.29%, 10/07/32
EUR2,957
2,596,495
Modulaire Group Holdings Ltd., 2025 EUR
Term Loan, (3-mo. EURIBOR at 0.00%
Floor + 4.43%), 6.72%, 07/10/31
EUR2,500
2,442,343
Obol France 3 SAS, 2024 EUR Term Loan
B, (6-mo. EURIBOR at 0.00% Floor +
5.00%), 7.53%, 12/31/28
EUR917
1,059,248
OCS Group Holdings Ltd.
2025 EUR Term Loan B4, (6-mo.
EURIBOR at 0.00% Floor + 4.25%),
6.74%, 11/28/31
EUR2,076
2,410,274
2026 GBP Term Loan B5, (6-mo. SONIA
at 0.00% Floor + 5.25%), 8.98%,
11/28/31
GBP1,000
1,351,120
Sector Alarm Holding A/S, 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.00%), 5.23%, 06/14/32
EUR1,000
1,149,909
Techem Verwaltungsgesellschaft 675 mbH,
2026 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 2.75%),
4.98%, 07/15/32
EUR2,000
2,303,647
TMF Group Holding BV, 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.25%), 5.57%, 05/30/33
EUR1,300
1,494,103
Trevise Holdings 1 SAS, 2025 EUR Term
Loan B, (1-mo. EURIBOR at 0.00% Floor
+ 3.45%), 5.64%, 07/09/29
EUR1,000
1,163,447
Verisure Holding AB, 2025 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
2.00%), 4.20%, 11/03/32
EUR2,000
2,316,793
 
58,042,295
Computers — 0.0%
McAfee Corp., 2024 EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
3.50%), 5.69%, 03/01/29
EUR1,595
1,689,065
Cosmetics & Personal Care — 0.0%
Rainbow U.K. Bidco Ltd., EUR Term Loan B,
(6-mo. EURIBOR at 0.00% Floor +
3.25%), 5.39%, 02/23/29
EUR1,000
1,161,153
Distribution & Wholesale — 0.0%
Parts Europe SA, 2026 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
2.50%), 4.99%, 02/06/31
EUR2,000
2,308,214
Diversified Financial Services — 0.2%
Garfunkelux Holdco 3 SA, EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
4.75%), 7.04%, 08/01/28
EUR8,000
8,971,506
NWL Co. LLC, Term Loan, (3-mo. CME Term
SOFR + 6.00%), 9.66%, 03/09/31(e)
USD3,200
3,171,371
Sapiencia Bidco SL, EUR Term Loan B,
02/18/33(n)
EUR1,300
1,500,744
Security
Par
(000
)
Value
Diversified Financial Services (continued)
Talbot Participation SAS, EUR Refinance
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.00%), 5.29%, 07/07/32
EUR1,000
$1,156,932
Upswing Trustee Co. Ltd., Term Loan,
0.00%, 07/09/28
USD8,061
8,060,533
Vehis Auto Leasing 2025 Designated Activity
Co., PLN Mezzanine Revolver, (3-mo.
WIBOR + 5.50%), 9.33%, 06/10/32(e)
PLN13,663
3,657,503
 
26,518,589
Electrical Components & Equipment — 0.0%
Saphira Holdings SARL, 2026 EUR Term
Loan B, 06/10/33(n)
EUR2,000
2,313,518
SGB-SMIT Midco GmbH, EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
3.75%), 5.94%, 03/10/33
EUR1,500
1,734,049
 
4,047,567
Engineering & Construction — 0.0%
Platea BC Bidco AB
EUR Term Loan, (3-mo. EURIBOR at
0.00% Floor + 3.50%), 5.79%,
04/03/31
EUR1,667
1,935,523
EUR Delayed Draw Term Loan, (3-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.79%, 04/03/31
EUR333
387,105
 
2,322,628
Entertainment — 0.4%
Allwyn Entertainment Financing U.K. PLC,
2026 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 2.50%),
4.69%, 03/30/32
EUR5,679
6,523,263
Banijay Gaming SAS, 2026 EUR Term Loan
B2, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.23%, 12/10/31
EUR12,219
14,102,758
Discovery Global Holdings, Inc., 2026 USD
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.23%, 06/03/33
USD32,967
32,987,365
Entain Holdings Gibraltar Ltd., 2024 EUR
Term Loan B4, (3-mo. EURIBOR at
0.00% Floor + 3.50%), 5.79%, 06/30/28
EUR974
1,133,576
Qsrp Finco SARL, 2025 EUR 1st Lien Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 3.75%), 6.44%, 06/19/31
EUR1,000
1,138,159
 
55,885,121
Food — 0.1%
Bellis Acquisition Co. PLC, 2024 EUR Term
Loan B, (6-mo. EURIBOR at 0.00% Floor
+ 4.00%), 6.49%, 05/14/31
EUR2,000
2,189,255
Froneri Lux FinCo SARL
2024 EUR Term Loan B3, (6-mo.
EURIBOR at 0.00% Floor + 2.75%),
5.43%, 09/30/31
EUR1,500
1,714,953
2025 EUR Term Loan, (6-mo. EURIBOR
at 0.00% Floor + 3.00%), 5.68%,
09/30/32
EUR4,128
4,726,394
Market Bidco Ltd., 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
4.50%), 6.73%, 11/04/30
EUR2,000
2,307,983
Schedule of Investments
94
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Food (continued)
Platform Bidco Ltd., 2026 EUR Term Loan B,
(6-mo. EURIBOR at 0.00% Floor +
4.00%), 6.50%, 09/30/31
EUR3,000
$3,420,531
 
14,359,116
Food Service — 0.0%
Gategroup Finance International SARL,
EUR Repriced Term Loan, (3-mo.
EURIBOR at 0.00% Floor + 3.50%),
5.82%, 06/10/32
EUR1,478
1,712,120
Seashell Bidco SL, 2026 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.81%, 12/17/32
EUR3,107
3,599,412
 
5,311,532
Forest Products & Paper — 0.0%
Ahlstrom Holding 3 OY, 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.75%), 6.04%, 05/27/30
EUR3,000
3,466,818
Health Care - Products — 0.0%
Argent Bidco SAS, EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.25%), 5.54%, 04/14/33(n)
EUR1,300
1,507,924
Health Care - Services — 0.1%
Elsan SAS, 2025 EUR Term Loan B6,
(3-mo. EURIBOR at 0.00% Floor +
3.40%), 5.78%, 06/16/31
EUR2,000
2,247,351
Median BV, 2026 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 5.25%),
7.54%, 10/14/30
EUR2,000
2,303,993
Mehilainen Yhtiot Oy, 2026 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.19%, 08/05/31
EUR1,000
1,157,474
Ramsay Generale de Sante SA, 2026 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.50%), 5.96%, 07/22/33
EUR1,000
1,134,896
Schoen Klinik SE, 2026 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
2.75%), 5.05%, 01/12/31
EUR3,110
3,585,806
Vivalto Sante Investissement SA, 2026 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.00%), 5.29%, 07/21/31
EUR3,000
3,452,046
 
13,881,566
Home Furnishings — 0.0%
Osmosis Buyer Ltd., 2026 EUR Term Loan
B, 07/05/33(n)
EUR1,400
1,614,410
Hotels, Restaurants & Leisure — 0.0%
Elvis UK Holdco Ltd., 2026 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
2.93%), 5.33%, 10/31/31
EUR2,500
2,886,478
Internet — 0.0%
ZF Invest SAS, 2026 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.75%), 5.95%, 05/06/33
EUR1,000
1,145,458
Machinery — 0.1%
Engineered Machinery Holdings, Inc., 2026
EUR Term Loan B, (3-mo. EURIBOR at
0.00% Floor + 3.00%), 5.41%, 11/26/32
EUR1,979
2,282,523
Security
Par
(000
)
Value
Machinery (continued)
Rubix Group Midco 3 Ltd., 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.50%), 5.73%, 09/30/31
EUR2,000
$2,305,008
TK Elevator Midco GmbH, 2025 EUR Term
Loan B1, (6-mo. EURIBOR at 0.00%
Floor + 3.00%), 5.68%, 04/30/30
EUR4,900
5,676,144
 
10,263,675
Machinery - Diversified — 0.0%
INNIO Group Holding GmbH, 2026 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 2.00%), 4.25%, 11/02/31
EUR2,266
2,605,361
Manufacturing — 0.1%
Kersia International SAS, 2026 EUR Term
Loan, (3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.79%, 12/18/30
EUR2,414
2,799,888
Syntegon TopCo GmbH, 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.50%), 5.79%, 12/30/32
EUR3,900
4,511,631
VDK Groep BV, EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.44%, 02/23/32
EUR1,300
1,508,779
 
8,820,298
Media — 0.0%
Discovery Global Holdings, Inc., 2026 EUR
Term Loan B, (1-mo. EURIBOR at 0.00%
Floor + 2.50%), 4.69%, 06/03/33
EUR1,300
1,498,630
Ziggo BV, 2026 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.75%),
5.97%, 05/31/33
EUR4,650
5,050,177
 
6,548,807
Oil & Gas — 0.1%
Golden Energy and Resources Ltd., PIK
Term Loan, 0.00%, 07/18/29(e)
USD6,500
6,435,000
Vital Bidco AB, 2026 EUR Term Loan B,
07/22/33(n)
EUR3,000
3,459,450
 
9,894,450
Oil & Gas Services — 0.0%
EG Finco Ltd., 2026 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.73%, 02/10/31
EUR5,000
5,764,596
Packaging & Containers — 0.0%
Proampac PG Borrower LLC, 2026 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 4.00%), 6.31%, 03/07/33
EUR2,000
2,306,300
Sword Purchaser LLC, EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor +
4.25%), 6.44%, 04/11/33
EUR3,559
4,053,585
 
6,359,885
Pharmaceuticals — 0.1%
Aenova Holding GmbH, 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 2.75%), 5.07%, 08/22/31
EUR1,000
1,163,032
Althea Acquisition Bidco SARL (3-mo.
EURIBOR at 0.00% Floor + 3.25%),
5.54%, 01/20/33(b)(n)
EUR1,678
1,933,476
Boots Group Bidco Ltd. (The), EUR Term
Loan, (3-mo. EURIBOR at 0.00% Floor +
3.25%), 5.63%, 08/30/32
EUR3,200
3,714,914
95
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pharmaceuticals (continued)
Ceva Sante Animale, 2025 EUR Term Loan
B, (3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.29%, 11/12/30
EUR2,000
$2,323,182
Loire Finco Luxembourg S.a.r.l., 2025 USD
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 4.00%), 7.73%, 01/21/30
USD1,898
1,903,690
Nidda Healthcare Holding GmbH, 2026 EUR
Term Loan B, (3-mo. EURIBOR at 0.00%
Floor + 3.00%), 5.20%, 12/09/32
EUR5,696
6,525,864
Septodont Holding SAS, EUR Term Loan B,
06/30/33(n)
EUR1,300
1,509,094
 
19,073,252
Retail — 0.0%
CD&R Firefly Bidco Ltd., 2026 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.00%), 5.46%, 07/03/31
EUR1,000
1,154,903
Peer Holding III B V, 2025 EUR Term Loan
B7, (3-mo. EURIBOR at 0.00% Floor +
2.75%), 5.04%, 11/26/31
EUR2,800
3,237,892
SP Motion Holdco Ltd., EUR Term Loan B,
06/24/33(n)
EUR2,000
2,300,949
 
6,693,744
Software — 0.1%
Cloud Software Group, Inc., 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor
+ 3.00%), 5.29%, 08/13/32
EUR4,547
4,934,738
Coreweave Financing DDTL V LLC, Delayed
Draw Term Loan, (1-mo. SOFR + 4.50%),
8.14%, 11/17/31
USD1,162
1,159,005
Finastra USA, Inc., 2025 EUR Term Loan,
(3-mo. EURIBOR at 0.00% Floor +
4.50%), 6.90%, 09/15/32
EUR2,797
3,058,978
OAK-Eagle Acquireco, Inc., EUR Term Loan
B, 08/04/33(n)
EUR2,500
2,892,013
 
12,044,734
Telecommunications — 0.1%
Eircom Finco S.a.r.l., 2026 EUR Term Loan
B, (1-mo. EURIBOR + 2.50%), 4.76%,
05/15/32
EUR1,000
1,150,140
NJJ Continental SA, EUR Term Loan B3,
(3-mo. EURIBOR at 0.00% Floor +
2.25%), 4.52%, 01/30/32
EUR1,362
1,566,478
Odido Holding BV
2025 EUR Term Loan B2, (3-mo.
EURIBOR at 0.00% Floor + 2.65%),
4.94%, 03/30/29
EUR2,000
2,297,651
2026 EUR Term Loan B, 03/30/32(n)
EUR1,000
1,148,826
Telenet International Finance SARL, 2020
EUR Term Loan AQ, (1-mo. EURIBOR at
0.00% Floor + 2.25%), 4.47%, 04/30/29
EUR2,000
2,282,914
VMED O2 UK Holdco 4 Ltd., 2025 EUR
Term Loan AE, (1-mo. EURIBOR at
0.00% Floor + 3.25%), 5.47%, 01/31/33
EUR1,500
1,512,073
Zegona Holdco Ltd., 2026 EUR Term Loan
B, (6-mo. EURIBOR at 0.00% Floor +
1.75%), 4.63%, 01/14/32
EUR1,500
1,722,460
 
11,680,542
Security
Par
(000
)
Value
Transportation — 0.0%
Edge Finco PLC, 2025 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor +
3.00%), 5.20%, 08/22/31
EUR1,000
$1,158,097
Trucking & Leasing — 0.0%
Leased & Tenanted Pubs 1 Ltd., GBP 2nd
Lien Term Loan, (6-mo. SONIA at 0.00%
Floor + 9.38%), 13.10%, 10/31/29(e)
GBP5,249
6,720,165
Total Floating Rate Loan Interests — 2.1%
(Cost: $342,946,824)
340,249,497
 
Shares
 
Common Stocks
Beverages — 0.0%
New Kleo Holding Co.(e)
586,449
1,318,714
Real Estate Management & Development — 0.0%
Estately Opco, NVS(e)(p)
719
359,500
Estately Opco, NVS
359,500
359,500
Estately Opco, NVS, 479.59%(e)
337
—
Estately Propco, NVS(e)
99,409
99,409
 
818,409
Total Common Stocks — 0.0%
(Cost $4,949,518)
2,137,123
Investment Companies
Exchange Traded Funds — 2.5%
iShares iBoxx $ High Yield Corporate Bond
ETF(h)(q)
2,950,371
234,495,487
iShares iBoxx $ Investment Grade
Corporate Bond ETF(h)(q)
1,604,700
170,499,375
 
404,994,862
Total Investment Companies — 2.5%
(Cost $409,307,053)
404,994,862
Preferred Stocks
Aerospace & Defense — 0.0%
Boeing Co. (The), 6.00%, 10/15/27(f)
12,300
821,763
Interactive Media & Services — 0.0%
Alphabet, Inc., Series A, 6.25%, 05/15/29(f)
24,350
1,221,396
Alphabet, Inc., Series B, 6.25%, 05/15/29(f)
24,350
1,222,370
 
2,443,766
Total Preferred Stocks — 0.0%
(Cost $3,022,325)
3,265,529
Warrants
Oil & Gas — 0.1%
Caturus LLC (e)(p)
258,630
5,255,362
Total Warrants — 0.1%
(Cost $3,010,380)
5,255,362
Total Long-Term Investments — 117.0%
(Cost: $18,973,517,664)
18,853,052,558
Schedule of Investments
96
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Short-Term Securities
Money Market Funds — 8.2%
BlackRock Cash Funds: Institutional, SL
Agency Shares, 3.81%(q)(r)(s)
1,321,500,748
$1,321,897,199
BlackRock Cash Funds: Treasury, SL
Agency Shares, 3.65%(q)(r)
100,000
100,000
Total Short-Term Securities — 8.2%
(Cost: $1,321,903,494)
1,321,997,199
Options Purchased — 0.0%
(Cost: $5,636,949)
4,369,994
Total Investments  Before TBA Sales Commitments and
Options Written — 125.2%
(Cost: $20,301,058,107)
20,179,419,751
 
Par
(000
)
 
TBA Sales Commitments(o)
Mortgage-Backed Securities — (8.4)%
Uniform Mortgage-Backed Securities
2.50%, 08/13/56
(558,839
)
(455,535,082
)
2.50%, 09/14/56
(518,536
)
(422,499,866
)
3.00%, 08/13/56
(48,200
)
(41,084,837
)
3.00%, 09/14/56
(48,200
)
(41,052,830
)
3.50%, 08/13/56
(445,852
)
(395,467,237
)
Total TBA Sales Commitments — (8.4)%
(Proceeds: $(1,359,585,315))
(1,355,639,852
)
Options Written — (0.1%)
(Premiums Received: $(13,067,241))
(17,782,222
)
Total Investments, Net of TBA Sales Commitments and Options
Written — 116.7%
(Cost: $18,928,405,551)
18,805,997,677
Liabilities in Excess of Other Assets — (16.7)%
(2,687,524,856
)
Net Assets — 100.0%
$16,118,472,821
 
(a)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(f)
Convertible security.
(g)
Zero-coupon bond.
(h)
All or a portion of this security is on loan.
(i)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(j)
Perpetual security with no stated maturity date.
(k)
Issuer filed for bankruptcy and/or is in default.
(l)
Non-income producing security.
(m)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $12,455,575, representing 0.1% of its net assets as of
period end, and an original cost of $12,588,381.
(n)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(o)
Represents or includes a TBA transaction.
(p)
All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the
Notes to Financial Statements for details on the wholly-owned subsidiary.
(q)
Affiliate of the Fund.
(r)
Annualized 7-day yield as of period end.
(s)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
97
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Insti-
tutional, SL Agency
Shares
$1,088,388,845
$233,862,882
(a)
$—
$(424,756
)
$70,228
$1,321,897,199
1,321,500,748
$27,741,218
$—
BlackRock Cash
Funds: Treasury, SL
Agency Shares
100,000
0
(a)
—
—
—
100,000
100,000
3,779
—
iShares iBoxx $ High Yield
Corporate Bond ETF
178,854,824
1,139,304,072
(1,078,550,920
)
615,052
(5,727,541
)
234,495,487
2,950,371
9,463,201
—
iShares iBoxx $ Investment
Grade Corporate Bond
ETF
—
519,827,889
(343,524,497
)
(2,504,189
)
(3,299,828
)
170,499,375
1,604,700
3,858,391
—
 
 
 
 
$(2,313,893)
$(8,957,141)
$1,726,992,061
 
$41,066,589
$—
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
Euro BTP
414
09/08/26
$55,484
$(877,885
)
Euro OAT
552
09/08/26
74,558
(739,814
)
Euro-Schatz
7,391
09/08/26
898,786
(2,071,871
)
Short-Term Euro BTP
505
09/08/26
61,929
(169,851
)
10-Year Japanese Government Treasury Bonds
60
09/14/26
47,919
(150,914
)
Ultra U.S. Treasury Bonds
308
09/21/26
33,899
(1,954,174
)
Long Gilt
165
09/28/26
19,233
(371,851
)
2-Year U.S. Treasury Notes
8,231
09/30/26
1,693,078
(3,625,594
)
3-mo. SOFR
871
03/14/28
208,790
(1,763,419
)
3-mo. SOFR
871
03/20/29
208,866
(1,207,948
)
 
 
 
(12,933,321
)
Short Contracts
 
 
Euro BOBL
3,485
09/08/26
457,492
568,750
Euro BUXL
176
09/08/26
21,477
416,828
Euro-Bond
341
09/08/26
48,901
261,596
Australian 10-Year Treasury Bonds
445
09/15/26
33,856
(84,601
)
10-Year U.S. Treasury Notes
11,740
09/21/26
1,270,488
9,360,959
10-Year U.S. Ultra Treasury Notes
130
09/21/26
14,296
224,198
U.S. Long Bonds
951
09/21/26
103,302
2,237,777
5-Year U.S. Treasury Notes
10,109
09/30/26
1,072,739
6,074,038
3-mo. SOFR
137
03/16/27
32,859
4,814
 
 
 
19,064,359
 
 
 
$6,131,038
Schedule of Investments
98
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
COP
62,743,600,000
USD
18,454,000
Barclays Bank PLC
08/03/26
$1,432,910
USD
20,030,392
COP
62,743,600,000
Barclays Bank PLC
08/03/26
143,481
BRL
1,854,937,337
USD
363,739,278
Barclays Bank PLC
08/04/26
2,187,423
BRL
35,652,288
USD
7,021,899
Citibank N.A.
08/04/26
11,290
BRL
104,292,699
USD
20,021,635
Goldman Sachs International
08/04/26
552,366
PEN
106,515,203
USD
31,117,500
Citibank N.A.
08/12/26
214,915
MXN
105,709,500
USD
5,922,603
BNP Paribas SA
08/18/26
173,664
MXN
66,671,600
USD
3,633,153
Goldman Sachs International
08/18/26
211,799
MXN
79,234,300
USD
4,291,374
HSBC Bank PLC
08/18/26
278,068
MXN
911,189,000
USD
48,388,758
Morgan Stanley & Co. International PLC
08/18/26
4,159,514
AUD
2,089,000
USD
1,446,619
Barclays Bank PLC
08/19/26
22,920
COP
654,463,938
USD
188,648
Citibank N.A.
08/19/26
18,079
JPY
139,302,430
USD
873,085
Goldman Sachs International
08/19/26
3,461
USD
541,964
CNH
3,646,973
State Street Bank & Trust Company
08/19/26
1,310
USD
771,589
EUR
663,450
Deutsche Bank AG
08/19/26
6,078
USD
73,092
HUF
22,053,941
HSBC Bank PLC
08/19/26
3,438
USD
35,727
TWD
1,129,085
HSBC Bank PLC
08/19/26
713
CNH
7,766,770
USD
1,149,849
Morgan Stanley & Co. International PLC
08/24/26
1,951
CZK
120,207,292
USD
5,665,185
Citibank N.A.
08/24/26
59,055
PEN
49,319,082
USD
14,483,719
Barclays Bank PLC
08/24/26
17,753
PHP
311,069,556
USD
5,076,200
Deutsche Bank AG
08/24/26
3,730
PLN
8,600,699
USD
2,284,933
State Street Bank & Trust Company
08/24/26
17,298
TRY
72,130,646
USD
1,475,039
BNP Paribas SA
08/24/26
17,178
USD
1,149,947
CNH
7,740,732
Deutsche Bank AG
08/24/26
2,009
USD
382,749
CZK
7,965,609
Societe Generale
08/24/26
3,429
USD
20,426,999
HUF
6,190,095,609
HSBC Bank PLC
08/24/26
880,954
USD
4,878,585
HUF
1,530,251,702
UBS AG
08/24/26
46,613
USD
64,530,033
IDR
1,145,859,792,063
Barclays Bank PLC
08/24/26
1,093,258
USD
94,927,044
MXN
1,641,544,893
Goldman Sachs International
08/24/26
307,029
USD
22,064,634
PEN
74,781,606
Citibank N.A.
08/24/26
76,322
USD
58,012,599
PHP
3,503,380,854
Barclays Bank PLC
08/24/26
800,533
USD
95,355,169
PLN
349,049,991
Citibank N.A.
08/24/26
1,921,635
USD
127,622,848
ZAR
2,074,152,059
BNP Paribas SA
08/24/26
2,271,819
AUD
26,479,000
USD
18,470,286
JPMorgan Chase Bank N.A.
08/26/26
154,425
CNH
318,700,088
USD
47,147,006
Barclays Bank PLC
08/26/26
122,225
COP
59,263,506,963
USD
18,092,689
Citibank N.A.
08/26/26
596,359
CZK
240,658,020
USD
11,354,375
Citibank N.A.
08/26/26
105,896
EUR
2,201,100
HUF
802,910,875
UBS AG
08/26/26
5,343
GBP
276,400
USD
369,608
BNP Paribas SA
08/26/26
2,902
HUF
11,447,863,216
USD
35,849,633
Deutsche Bank AG
08/26/26
295,229
KRW
9,112,327,171
USD
6,159,350
HSBC Bank PLC
08/26/26
155,045
MXN
511,524,214
USD
29,310,853
Goldman Sachs International
08/26/26
168,858
MYR
38,108,050
USD
9,321,930
Barclays Bank PLC
08/26/26
11,658
PHP
422,190,040
USD
6,836,200
Morgan Stanley & Co. International PLC
08/26/26
57,824
PLN
92,427,481
USD
24,361,307
Goldman Sachs International
08/26/26
379,529
RON
45,448,514
USD
9,877,024
BNP Paribas SA
08/26/26
95,537
THB
50,324,580
USD
1,508,300
Bank of America N.A.
08/26/26
1,348
THB
463,735,010
USD
13,711,857
HSBC Bank PLC
08/26/26
199,367
USD
51,943
AUD
73,800
UBS AG
08/26/26
34
USD
2,816,570
CAD
3,942,722
UBS AG
08/26/26
1,427
USD
2,450,025
EUR
2,122,310
Barclays Bank PLC
08/26/26
551
USD
3,639,200
MXN
63,134,548
HSBC Bank PLC
08/26/26
686
UYU
209,145,300
USD
5,185,849
Citibank N.A.
08/26/26
4,504
99
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
INR
5,613,265,477
USD
58,127,293
BNP Paribas SA
08/27/26
$597,575
BRL
211,699,010
USD
41,273,139
Barclays Bank PLC
09/02/26
175,551
USD
3,045,666
CLP
2,726,480,000
Goldman Sachs International
09/02/26
112,594
USD
3,674,773
CLP
3,271,772,000
HSBC Bank PLC
09/02/26
155,090
USD
1,289,626
CLP
1,145,123,659
Morgan Stanley & Co. International PLC
09/02/26
57,734
USD
17,344,496
CZK
360,625,373
HSBC Bank PLC
09/09/26
169,028
USD
17,344,496
PLN
63,135,995
HSBC Bank PLC
09/09/26
444,651
USD
13,710,136
THB
447,555,599
Citibank N.A.
09/09/26
269,282
BRL
882,330,573
USD
166,745,000
Goldman Sachs International
09/16/26
5,508,299
BRL
153,479,078
USD
28,961,322
HSBC Bank PLC
09/16/26
1,001,685
CNH
7,766,770
USD
1,152,899
Morgan Stanley & Co. International PLC
09/16/26
745
COP
34,320,323,689
USD
9,458,105
Citibank N.A.
09/16/26
1,312,668
PLN
318,000
USD
84,613
Deutsche Bank AG
09/16/26
507
TRY
342,584,680
USD
6,800,000
Barclays Bank PLC
09/16/26
152,505
USD
87,673,958
AUD
124,289,000
UBS AG
09/16/26
283,803
USD
7,043,824
CHF
5,572,355
UBS AG
09/16/26
118,881
USD
256,435,561
EUR
213,457,051
BNP Paribas SA
09/16/26
9,868,828
USD
256,431,292
EUR
213,457,051
Deutsche Bank AG
09/16/26
9,864,559
USD
3,416,579,332
EUR
2,931,345,000
HSBC Bank PLC
09/16/26
30,548,480
USD
467,184
GBP
345,000
HSBC Bank PLC
09/16/26
2,221
USD
68,281,268
IDR
1,228,653,136,392
Citibank N.A.
09/16/26
409,012
USD
2,317,777
SEK
21,730,000
Deutsche Bank AG
09/16/26
30,558
USD
8,393,951
SGD
10,699,000
State Street Bank & Trust Company
09/16/26
25,629
ZAR
410,175,300
USD
24,669,713
Barclays Bank PLC
09/16/26
74,249
ZAR
361,741,401
USD
21,720,992
Citibank N.A.
09/16/26
101,179
AUD
19,200,000
USD
13,275,747
Goldman Sachs International
09/17/26
223,949
AUD
10,900,000
USD
7,563,710
HSBC Bank PLC
09/17/26
100,180
AUD
1,890,000
USD
1,315,875
JPMorgan Chase Bank N.A.
09/17/26
13,001
EGP
187,190,884
USD
3,585,345
Citibank N.A.
09/17/26
6,601
MXN
187,052,078
USD
10,666,735
HSBC Bank PLC
09/17/26
93,524
MXN
2,257,759,004
USD
128,501,823
UBS AG
09/17/26
1,376,832
SGD
2,490,000
USD
1,937,823
Bank of America N.A.
09/17/26
9,897
USD
1,425,284
AUD
2,023,000
Barclays Bank PLC
09/17/26
2,894
USD
11,730,839
EUR
10,118,000
JPMorgan Chase Bank N.A.
09/17/26
42,960
USD
9,822,707
CLP
8,699,975,443
Citibank N.A.
10/09/26
460,378
USD
14,364,309
CLP
12,767,226,768
Morgan Stanley & Co. International PLC
10/09/26
625,077
EUR
1,548,741
USD
1,777,334
Deutsche Bank AG
10/16/26
13,744
EGP
407,667,504
USD
7,671,272
Citibank N.A.
10/22/26
46,144
NGN
9,204,807,892
USD
6,521,295
Societe Generale
10/26/26
14,727
 
 
 
 
83,615,963
TWD
445,117,815
USD
13,931,700
Goldman Sachs International
08/03/26
$(159,064
)
USD
13,716,191
TWD
445,117,815
Goldman Sachs International
08/03/26
(56,445
)
USD
361,674,872
BRL
1,854,937,337
Barclays Bank PLC
08/04/26
(4,251,829
)
USD
6,888,000
BRL
35,652,288
Citibank N.A.
08/04/26
(145,189
)
USD
20,540,976
BRL
104,292,699
Goldman Sachs International
08/04/26
(33,025
)
USD
4,784,836
BRL
24,530,899
State Street Bank & Trust Company
08/04/26
(54,417
)
MXN
120,233,970
USD
6,935,715
Goldman Sachs International
08/18/26
(1,822
)
USD
4,014,793
MXN
69,768,300
BNP Paribas SA
08/18/26
(8,745
)
AUD
1,007,609
USD
711,446
BNP Paribas SA
08/19/26
(2,628
)
CLP
345,321,800
USD
388,661
Citibank N.A.
08/19/26
(17,214
)
MXN
3,875,350
USD
224,079
UBS AG
08/19/26
(606
)
USD
254,862
BRL
1,311,113
HSBC Bank PLC
08/19/26
(2,779
)
Schedule of Investments
100
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
1,297
GBP
967
Goldman Sachs International
08/19/26
$(6
)
ZAR
1,713,262
USD
105,403
HSBC Bank PLC
08/19/26
(1,820
)
IDR
524,566,903,320
USD
29,084,437
Goldman Sachs International
08/24/26
(43,508
)
PHP
338,361,773
USD
5,559,857
Bank of America N.A.
08/24/26
(34,230
)
PHP
363,342,443
USD
5,979,961
Deutsche Bank AG
08/24/26
(46,387
)
TRY
7,840,297
USD
162,250
BNP Paribas SA
08/24/26
(52
)
USD
43,624,442
COP
151,708,358,969
Citibank N.A.
08/24/26
(4,239,936
)
USD
7,386,584
COP
25,727,349,121
State Street Bank & Trust Company
08/24/26
(730,461
)
USD
3,572,212
CZK
76,086,363
BNP Paribas SA
08/24/26
(51,001
)
USD
2,229,557
CZK
47,562,753
Citibank N.A.
08/24/26
(35,369
)
USD
1,745,718
CZK
37,132,117
UBS AG
08/24/26
(22,504
)
USD
961,225
PEN
3,270,000
Morgan Stanley & Co. International PLC
08/24/26
(265
)
USD
6,569,784
RON
30,227,860
BNP Paribas SA
08/24/26
(63,688
)
USD
5,072,446
RON
23,378,842
Citibank N.A.
08/24/26
(58,016
)
USD
1,524,723
RON
7,010,705
HSBC Bank PLC
08/24/26
(13,769
)
USD
59,878
TRY
2,929,970
Morgan Stanley & Co. International PLC
08/24/26
(737
)
USD
1,751
UYU
70,836
HSBC Bank PLC
08/24/26
(7
)
CLP
16,934,213,902
USD
18,258,700
Morgan Stanley & Co. International PLC
08/26/26
(42,339
)
CLP
8,459,313,600
USD
9,168,000
UBS AG
08/26/26
(68,203
)
CNH
34,964,671
USD
5,186,170
UBS AG
08/26/26
(250
)
COP
14,347,985,000
USD
4,613,500
BNP Paribas SA
08/26/26
(88,790
)
COP
29,078,429,150
USD
9,227,000
Citibank N.A.
08/26/26
(56,970
)
COP
14,449,482,000
USD
4,613,500
Deutsche Bank AG
08/26/26
(56,783
)
CZK
26,219,363
USD
1,248,980
Goldman Sachs International
08/26/26
(399
)
EUR
242,120
HUF
88,522,898
Goldman Sachs International
08/26/26
(53
)
GBP
30,400
USD
40,992
JPMorgan Chase Bank N.A.
08/26/26
(21
)
HUF
1,248,733,835
USD
3,943,460
JPMorgan Chase Bank N.A.
08/26/26
(776
)
JPY
742,922,529
USD
4,683,500
Barclays Bank PLC
08/26/26
(6,193
)
MYR
345,462,071
USD
84,744,774
Barclays Bank PLC
08/26/26
(132,709
)
PEN
31,280,497
USD
9,208,000
Barclays Bank PLC
08/26/26
(11,134
)
PHP
46,029,448
USD
751,980
Morgan Stanley & Co. International PLC
08/26/26
(356
)
PLN
3,980,301
USD
1,065,930
Morgan Stanley & Co. International PLC
08/26/26
(490
)
RON
4,950,380
USD
1,086,470
Morgan Stanley & Co. International PLC
08/26/26
(231
)
USD
6,619,768
AUD
9,426,800
Barclays Bank PLC
08/26/26
(10,824
)
USD
12,376,382
AUD
17,723,107
BNP Paribas SA
08/26/26
(89,638
)
USD
25,605,200
CAD
36,032,800
Deutsche Bank AG
08/26/26
(122,581
)
USD
9,164,000
COP
30,112,904,000
Citibank N.A.
08/26/26
(332,257
)
USD
9,277,400
COP
30,176,598,980
UBS AG
08/26/26
(238,944
)
USD
22,047,334
EUR
19,293,699
UBS AG
08/26/26
(220,579
)
USD
4,683,500
JPY
761,882,601
BNP Paribas SA
08/26/26
(113,176
)
USD
6,159,350
KRW
8,996,346,610
Barclays Bank PLC
08/26/26
(74,676
)
USD
62,394,494
MXN
1,096,029,476
Bank of America N.A.
08/26/26
(770,908
)
USD
14,671,000
PLN
55,646,634
Citibank N.A.
08/26/26
(224,399
)
USD
9,175,000
ZAR
153,458,298
Citibank N.A.
08/26/26
(97,746
)
ZAR
1,467,406,891
USD
89,163,821
HSBC Bank PLC
08/26/26
(495,484
)
INR
611,138,520
USD
6,394,000
Barclays Bank PLC
08/27/26
(390
)
USD
347,308
PHP
21,472,000
Bank of America N.A.
09/01/26
(3,226
)
USD
852,802
PHP
52,886,496
Citibank N.A.
09/01/26
(10,581
)
USD
5,346,552
PHP
331,128,731
Deutsche Bank AG
09/01/26
(59,190
)
BRL
14,940,357
USD
2,926,240
Barclays Bank PLC
09/02/26
(1,058
)
USD
128,067,917
BRL
656,888,522
Barclays Bank PLC
09/02/26
(544,723
)
USD
16,541,037
COP
56,322,230,879
State Street Bank & Trust Company
09/08/26
(1,166,958
)
USD
25,984,370
BRL
133,999,577
Deutsche Bank AG
09/09/26
(211,948
)
101
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
22,528,420
IDR
407,843,251,470
Deutsche Bank AG
09/09/26
$(15,807
)
USD
8,639,874
PEN
29,658,441
Morgan Stanley & Co. International PLC
09/09/26
(75,399
)
IDR
19,688,465,000
USD
1,095,766
BNP Paribas SA
09/16/26
(8,152
)
IDR
258,391,162,608
USD
14,359,851
Citibank N.A.
09/16/26
(86,017
)
PLN
113,409,282
USD
30,763,143
Barclays Bank PLC
09/16/26
(406,370
)
USD
16,646,341
AUD
23,791,000
Goldman Sachs International
09/16/26
(81,601
)
USD
14,480,661
BRL
76,807,627
Bank of America N.A.
09/16/26
(514,135
)
USD
14,480,661
BRL
75,002,584
Barclays Bank PLC
09/16/26
(161,745
)
USD
25,695,048
BRL
136,124,656
Deutsche Bank AG
09/16/26
(879,936
)
USD
34,629,032
BRL
183,135,636
Goldman Sachs International
09/16/26
(1,123,687
)
USD
23,895,000
BRL
125,950,545
Morgan Stanley & Co. International PLC
09/16/26
(693,740
)
USD
1,151,629
CNH
7,766,770
Morgan Stanley & Co. International PLC
09/16/26
(2,015
)
USD
4,059,007
EUR
3,547,000
BNP Paribas SA
09/16/26
(38,174
)
USD
39,611,246
EUR
34,519,000
Citibank N.A.
09/16/26
(262,054
)
USD
215,644,925
EUR
188,402,000
Deutsche Bank AG
09/16/26
(1,980,426
)
USD
13,558,593
EUR
11,831,000
JPMorgan Chase Bank N.A.
09/16/26
(107,533
)
USD
13,250,320
EUR
11,560,000
Morgan Stanley & Co. International PLC
09/16/26
(102,771
)
USD
35,848,753
EUR
31,311,000
State Street Bank & Trust Company
09/16/26
(318,949
)
USD
13,726,970
GBP
10,247,000
Bank of America N.A.
09/16/26
(83,115
)
USD
6,094,843
GBP
4,561,000
Barclays Bank PLC
09/16/26
(52,107
)
USD
718,913
GBP
536,000
BNP Paribas SA
09/16/26
(3,465
)
USD
3,387,492
GBP
2,536,000
Citibank N.A.
09/16/26
(30,326
)
USD
621,580,746
GBP
463,090,000
Deutsche Bank AG
09/16/26
(2,534,846
)
USD
28,504,276
GBP
21,398,000
Goldman Sachs International
09/16/26
(334,234
)
USD
4,500,157
GBP
3,358,000
HSBC Bank PLC
09/16/26
(25,486
)
USD
4,605,256
GBP
3,455,000
UBS AG
09/16/26
(51,116
)
USD
14,490,000
IDR
263,239,830,000
JPMorgan Chase Bank N.A.
09/16/26
(51,680
)
USD
7,914,074
INR
761,001,528
Morgan Stanley & Co. International PLC
09/16/26
(31,909
)
USD
7,865,146
JPY
1,250,386,000
Barclays Bank PLC
09/16/26
(20,206
)
USD
903,367
JPY
144,849,000
BNP Paribas SA
09/16/26
(10,099
)
USD
7,629,534
SGD
9,815,000
State Street Bank & Trust Company
09/16/26
(47,360
)
USD
6,440,000
THB
215,804,400
BNP Paribas SA
09/16/26
(44,611
)
USD
829,577
TRY
40,989,000
BNP Paribas SA
09/16/26
(2,264
)
USD
21,720,992
ZAR
366,137,730
Citibank N.A.
09/16/26
(366,389
)
ZAR
330,045,000
USD
20,028,816
HSBC Bank PLC
09/16/26
(118,741
)
AUD
19,866,000
USD
13,975,034
Barclays Bank PLC
09/17/26
(7,067
)
IDR
106,553,205,626
USD
5,889,210
Citibank N.A.
09/17/26
(3,625
)
IDR
962,671,632,870
USD
53,538,270
HSBC Bank PLC
09/17/26
(364,027
)
USD
38,712,833
AUD
55,363,500
Bank of America N.A.
09/17/26
(213,750
)
USD
8,036,326
AUD
11,500,000
Goldman Sachs International
09/17/26
(49,429
)
USD
6,005,081
AUD
8,579,000
HSBC Bank PLC
09/17/26
(26,892
)
USD
38,727,111
AUD
55,363,500
JPMorgan Chase Bank N.A.
09/17/26
(199,472
)
USD
4,601,235
EUR
4,000,000
JPMorgan Chase Bank N.A.
09/17/26
(19,393
)
USD
25,107,236
MXN
440,631,992
Citibank N.A.
09/17/26
(240,328
)
USD
21,720,992
MXN
381,474,922
Goldman Sachs International
09/17/26
(223,533
)
USD
1,556,028
SGD
2,000,000
HSBC Bank PLC
09/17/26
(8,406
)
USD
8,389,827
SGD
10,730,000
JPMorgan Chase Bank N.A.
09/17/26
(3,362
)
USD
6,185,785
SGD
7,940,000
UBS AG
09/17/26
(25,018
)
USD
18,563,223
EUR
16,175,693
Deutsche Bank AG
10/16/26
(143,546
)
USD
19,035,382
BRL
104,485,211
Goldman Sachs International
04/02/27
(552,456
)
 
 
 
 
(28,077,271
)
 
 
 
 
$55,538,692
Schedule of Investments
102
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Exchange-Traded Options Purchased 
Description
 
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
iShares iBoxx $ High Yield Corporate Bond ETF
21,605
09/18/26
USD
80.00
USD
171,717
$195,530
OTC Barrier Options Purchased 
Description
Type of Option
Counterparty
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
 
 
 
EUR Currency
One Touch
UBS AG
09/28/26
USD
1.17
USD
1.17
EUR
1,412
$462,378
Put
 
 
 
 
 
 
 
 
 
 
EUR Currency
One Touch
Morgan Stanley & Co. International PLC
08/05/26
HUF
350.00
HUF
350.00
EUR
1,022
33
EUR Currency
One Touch
Barclays Bank PLC
08/13/26
USD
1.13
USD
1.13
EUR
1,204
31,619
EUR Currency
Down-and-out
UBS AG
08/26/26
USD
1.13
USD
1.11
EUR
16,083
8,327
EUR Currency
One Touch
BNP Paribas SA
10/19/26
HUF
351.00
HUF
351.00
EUR
1,213
122,883
EUR Currency
One Touch
Barclays Bank PLC
11/05/26
HUF
345.00
HUF
345.00
EUR
1,022
41,169
EUR Currency
One Touch
JPMorgan Chase Bank N.A.
11/11/26
HUF
339.00
HUF
339.00
EUR
1,023
13,754
 
 
 
 
 
 
 
 
 
 
217,785
 
 
 
 
 
 
 
 
 
 
$680,163
OTC Currency Options Purchased 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
AUD Currency
Morgan Stanley & Co. International PLC
08/04/26
USD
0.70
AUD
18,854
$86,550
USD Currency
BNP Paribas SA
08/06/26
COP
4,150.00
USD
578
1
USD Currency
JPMorgan Chase Bank N.A.
08/10/26
CLP
975.00
USD
13,748
6,269
USD Currency
BNP Paribas SA
08/11/26
COP
4,150.00
USD
18,113
18
USD Currency
Goldman Sachs International
08/11/26
COP
4,150.00
USD
578
1
USD Currency
Deutsche Bank AG
08/20/26
MXN
17.60
USD
20,723
63,433
USD Currency
JPMorgan Chase Bank N.A.
10/01/26
KRW
1,460.00
USD
18,336
230,502
 
 
 
386,774
Put
 
 
AUD Currency
Morgan Stanley & Co. International PLC
08/06/26
USD
0.69
AUD
39,714
6,483
USD Currency
Citibank N.A.
08/06/26
BRL
4.88
USD
28,043
421
USD Currency
HSBC Bank PLC
08/06/26
ZAR
16.25
USD
18,368
12,362
USD Currency
Bank of America N.A.
08/11/26
THB
33.50
USD
18,369
119,343
EUR Currency
Citibank N.A.
08/13/26
USD
1.14
EUR
40,095
46,420
EUR Currency
UBS AG
08/25/26
USD
1.13
EUR
24,135
26,356
USD Currency
JPMorgan Chase Bank N.A.
08/27/26
HUF
315.00
USD
18,369
164,770
USD Currency
BNP Paribas SA
09/11/26
COP
3,300.00
USD
18,320
794,740
 
 
 
1,170,895
 
 
 
$1,557,669
OTC Interest Rate Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
30-Year Interest Rate Swap,
08/09/56
1-day SOFR,
3.66%
Annual
4.15%
Annual
Deutsche Bank AG
08/07/26
4.15
USD
152,275
$368
103
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaptions Purchased (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Put
 
 
 
 
 
 
 
2-Year Interest Rate Swap,
08/29/28
4.15%
Annual
1-day SOFR,
3.66%
Annual
Citibank N.A.
08/27/26
4.15
USD
332,049
$553,018
2-Year Interest Rate Swap,
08/30/28
2.90%
Annual
6-mo.
EURIBOR,
2.71%
Semi-Annual
Citibank N.A.
08/28/26
2.90
EUR
332,049
1,314,136
2-Year Interest Rate Swap,
11/11/28
5.50%
Annual
1-day SONIA,
3.73%
Annual
Citibank N.A.
11/09/26
5.50
GBP
149,164
69,110
 
 
 
 
 
 
 
 
1,936,264
 
 
 
 
 
 
 
 
$1,936,632
Exchange-Traded Options Written 
Description
   
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
iShares iBoxx $ Investment Grade Corporate Bond ETF
5,364
09/18/26
USD
109.00
USD
56,993
$(50,671
)
iShares iBoxx $ Investment Grade Corporate Bond ETF
7,706
10/16/26
USD
109.00
USD
81,876
(164,466
)
 
 
 
(215,137
)
Put
 
 
3-Month SOFR Future
230
12/11/26
USD
96.06
USD
55,166
(143,750
)
 
 
 
$(358,887
)
OTC Currency Options Written 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
USD Currency
BNP Paribas SA
08/06/26
COP
4,150.00
USD
9,631
$(10
)
USD Currency
Morgan Stanley & Co. International PLC
08/10/26
CLP
975.00
USD
13,748
(6,269
)
USD Currency
Goldman Sachs International
08/11/26
COP
4,150.00
USD
9,638
(10
)
USD Currency
Barclays Bank PLC
08/14/26
INR
95.00
USD
20,733
(153,694
)
USD Currency
UBS AG
09/04/26
TRY
49.00
USD
9,170
(71,443
)
USD Currency
Goldman Sachs International
09/08/26
INR
96.15
USD
10,347
(52,211
)
USD Currency
Citibank N.A.
09/18/26
COP
3,500.00
USD
9,229
(21,254
)
EUR Currency
JPMorgan Chase Bank N.A.
09/28/26
HUF
370.00
EUR
8,067
(89,443
)
USD Currency
Barclays Bank PLC
10/01/26
COP
3,500.00
USD
9,227
(32,442
)
USD Currency
JPMorgan Chase Bank N.A.
10/01/26
KRW
1,500.00
USD
27,504
(146,074
)
USD Currency
BNP Paribas SA
10/13/26
COP
3,400.00
USD
9,160
(76,367
)
EUR Currency
JPMorgan Chase Bank N.A.
11/11/26
HUF
380.00
EUR
9,616
(83,111
)
 
 
 
(732,328
)
Put
 
 
USD Currency
BNP Paribas SA
08/06/26
MXN
17.02
USD
28,043
(4,010
)
USD Currency
BNP Paribas SA
08/06/26
BRL
4.88
USD
28,043
(421
)
USD Currency
BNP Paribas SA
08/06/26
ZAR
16.03
USD
28,043
(1,402
)
USD Currency
Deutsche Bank AG
08/06/26
ZAR
16.25
USD
18,368
(12,362
)
USD Currency
Citibank N.A.
08/31/26
BRL
5.25
USD
11,551
(374,622
)
USD Currency
Deutsche Bank AG
09/08/26
ZAR
16.09
USD
79,500
(214,729
)
USD Currency
Deutsche Bank AG
09/08/26
MXN
17.35
USD
79,480
(734,634
)
USD Currency
UBS AG
09/08/26
BRL
5.10
USD
79,480
(961,549
)
USD Currency
BNP Paribas SA
09/11/26
COP
3,200.00
USD
18,320
(384,885
)
USD Currency
Bank of America N.A.
10/02/26
MXN
17.11
USD
39,745
(220,466
)
 
 
 
(2,909,080
)
 
 
 
$(3,641,408
)
Schedule of Investments
104
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaptions Written 
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
Put
 
 
 
 
 
 
 
2-Year Interest Rate Swap,
08/29/28
1-day SOFR,
3.66%
Annual
4.45%
Annual
Citibank N.A.
08/27/26
4.45
USD
664,098
$(196,002
)
2-Year Interest Rate Swap,
08/30/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.20%
Annual
Citibank N.A.
08/28/26
3.20
EUR
664,098
(521,926
)
10-Year Interest Rate Swap,
10/10/36
1-day SOFR,
3.66%
Annual
4.50%
Annual
BNP Paribas SA
10/08/26
4.50
USD
193,593
(1,107,787
)
30-Year Interest Rate Swap,
10/11/56
1-day SOFR,
3.66%
Annual
4.65%
Annual
Morgan Stanley & Co.
International PLC
10/09/26
4.65
USD
82,719
(951,188
)
2-Year Interest Rate Swap,
10/14/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.08%
Annual
Morgan Stanley & Co.
International PLC
10/12/26
3.08
EUR
230,637
(720,872
)
5-Year Interest Rate Swap,
10/14/31
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.13%
Annual
Morgan Stanley & Co.
International PLC
10/12/26
3.13
EUR
98,554
(589,113
)
2-Year Interest Rate Swap,
10/23/28
1-day SOFR,
3.66%
Annual
3.85%
Annual
Goldman Sachs Inter-
national
10/21/26
3.85
USD
630,344
(4,607,997
)
5-Year Interest Rate Swap,
10/23/31
1-day SOFR,
3.66%
Annual
4.35%
Annual
Citibank N.A.
10/21/26
4.35
USD
167,224
(746,871
)
2-Year Interest Rate Swap,
11/04/28
1-day SOFR,
3.66%
Annual
4.50%
Annual
Goldman Sachs Inter-
national
11/02/26
4.50
USD
388,890
(604,724
)
10-Year Interest Rate Swap,
11/08/36
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.52%
Annual
Goldman Sachs Inter-
national
11/06/26
3.52
EUR
208,547
(1,078,404
)
2-Year Interest Rate Swap,
11/11/28
1-day SONIA,
3.73%
Annual
4.80%
Annual
Citibank N.A.
11/09/26
4.80
GBP
99,443
(188,420
)
2-Year Interest Rate Swap,
12/10/29
1-day SOFR,
3.66%
Annual
4.00%
Annual
Deutsche Bank AG
12/08/27
4.00
USD
260,459
(2,468,623
)
 
 
 
 
 
 
 
 
$(13,781,927
)
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
 
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.44.V4
5.00%
Quarterly
06/20/30
 
USD
13,923
$(1,181,670
)
$(768,141
)
$(413,529
)
Republic of Philippines
1.00
Quarterly
06/20/31
 
USD
2,500
(37,579
)
(25,050
)
(12,529
)
 
 
 
 
 
 
 
$(1,219,249
)
$(793,191
)
$(426,058
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx.XO.42.V4
5.00%
Quarterly
12/20/29
CC
EUR
10,304
$1,114,044
$622,513
$491,531
CDX.NA.HY.45.V4
5.00
Quarterly
12/20/30
CCC+
USD
129,759
10,603,467
8,427,192
2,176,275
 
 
 
 
 
 
 
$11,717,511
$9,049,705
$2,667,806
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
105
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day
TIIEFONDEO,
6.55%
Monthly
7.49%
Monthly
N/A
08/04/26
MXN
63,784
$2,869
$(2
)
$2,871
1-day
TIIEFONDEO,
6.55%
Monthly
7.31%
Monthly
N/A
08/26/26
MXN
75,922
2,761
—
2,761
1-day
TIIEFONDEO,
6.55%
Monthly
7.30%
Monthly
N/A
08/27/26
MXN
11,621
417
1
416
1-day
TIIEFONDEO,
6.55%
Monthly
7.29%
Monthly
N/A
08/31/26
MXN
81,893
5,688
1
5,687
6.80%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
09/05/26
ZAR
40,192
1,235
1
1,234
6.91%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
09/11/26
MXN
1,300,569
(45,140
)
15
(45,155
)
4.18%
At Termination
3-mo. WIBOR,
3.82%
Quarterly
N/A
09/17/26
PLN
2,348
(20,654
)
(1
)
(20,653
)
4.19%
At Termination
3-mo. WIBOR,
3.82%
Quarterly
N/A
09/17/26
PLN
15,339
(134,946
)
1
(134,947
)
4.21%
At Termination
3-mo. WIBOR,
3.82%
Quarterly
N/A
09/17/26
PLN
25,718
(163,888
)
3
(163,891
)
4.22%
At Termination
3-mo. WIBOR,
3.82%
Quarterly
N/A
09/17/26
PLN
12,887
(114,601
)
1
(114,602
)
4.27%
At Termination
3-mo. WIBOR,
3.82%
Quarterly
N/A
09/17/26
PLN
16,545
(149,361
)
2
(149,363
)
4.31%
At Termination
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
09/17/26
PLN
12,858
(83,568
)
1
(83,569
)
6.81%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
09/17/26
ZAR
140,092
3,864
2
3,862
6.81%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
09/17/26
ZAR
21,443
597
1
596
6.82%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
09/17/26
ZAR
151,111
4,091
2
4,089
1-day
TIIEFONDEO,
6.55%
Monthly
7.16%
Monthly
N/A
09/17/26
MXN
15,605
906
1
905
3.43%
Annual
1-day SOFR,
3.66%
Annual
N/A
10/03/26
USD
160,000
606,332
908
605,424
6.96%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
10/19/26
MXN
310,096
(18,120
)
5
(18,125
)
1-day SOFR,
3.66%
At Termination
4.17%
At Termination
N/A
10/23/26
USD
1,786
6,984
—
6,984
1-day SOFR,
3.66%
At Termination
4.21%
At Termination
N/A
10/27/26
USD
3,655
16,024
2
16,022
1-day
TIIEFONDEO,
6.55%
Monthly
6.92%
Monthly
N/A
10/28/26
MXN
117,490
8,245
3
8,242
1-day
TIIEFONDEO,
6.55%
Monthly
7.62%
Monthly
N/A
11/18/26
MXN
24,901
4,818
2
4,816
1-day
TIIEFONDEO,
6.55%
Monthly
9.26%
Monthly
N/A
11/18/26
MXN
62,232
30,199
2
30,197
3.91%
At Termination
3-mo. WIBOR,
3.82%
Quarterly
N/A
12/17/26
PLN
31,172
(167,770
)
10
(167,780
)
Schedule of Investments
106
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6.64%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
12/17/26
ZAR
675,143
$83,888
$44
$83,844
6.66%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
12/17/26
ZAR
77,713
9,229
6
9,223
13.70%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
8,432
8,309
3
8,306
1-day BZDIOVER,
0.05%
At Termination
13.78%
At Termination
N/A
01/04/27
BRL
2,479
(1,875
)
1
(1,876
)
13.79%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
18,413
13,607
6
13,601
13.81%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
22,283
(332
)
4
(336
)
13.84%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
17,389
14,345
11
14,334
13.88%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
158,199
152,433
134
152,299
6-mo. BUBOR,
5.55%
Semi-Annual
6.50%
Annual
N/A
03/19/27
HUF
817,826
11,401
1
11,400
1-day SOFR,
3.66%
At Termination
3.50%
At Termination
N/A
06/10/27
USD
618,591
(2,954,799
)
950
(2,955,749
)
3-mo. JIBAR,
6.98%
Quarterly
7.31%
Quarterly
9/16/26(a)
09/16/27
ZAR
466,621
(34,775
)
93
(34,868
)
3.96%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
09/17/27
PLN
3,271
(17,557
)
1
(17,558
)
3.97%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
09/17/27
PLN
35,825
(193,584
)
26
(193,610
)
3.99%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
09/17/27
PLN
21,367
(117,719
)
15
(117,734
)
4.03%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
09/17/27
PLN
17,951
(102,694
)
14
(102,708
)
4.04%
Annual
3-mo. WIBOR,
3.82%
Quarterly
N/A
09/17/27
PLN
9,266
(77,849
)
(338
)
(77,511
)
4.05%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
09/17/27
PLN
17,911
(104,105
)
13
(104,118
)
6.72%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
09/17/27
ZAR
31,548
14,446
6
14,440
6.72%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
09/17/27
ZAR
4,829
2,214
2
2,212
6.72%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
09/17/27
ZAR
34,030
15,587
6
15,581
1-day SOFR,
3.66%
Annual
4.20%
Annual
N/A
10/23/27
USD
930
4,137
3
4,134
1-day SOFR,
3.66%
Annual
3.92%
Annual
N/A
11/03/27
USD
479
(458
)
2
(460
)
1-day SOFR,
3.66%
Annual
3.95%
Annual
N/A
11/03/27
USD
479
(176
)
1
(177
)
1-day SOFR,
3.66%
Annual
3.99%
Annual
N/A
11/03/27
USD
957
309
3
306
1-day SOFR,
3.66%
Annual
3.84%
Annual
N/A
11/17/27
USD
2,226
(5,651
)
7
(5,658
)
1-day SOFR,
3.66%
At Termination
3.23%
At Termination
12/11/26(a)
12/11/27
USD
307,090
(2,894,562
)
557
(2,895,119
)
3.90%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/27
PLN
52,561
(244,227
)
47
(244,274
)
3.90%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/27
PLN
20,779
(96,060
)
19
(96,079
)
4.02%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/27
PLN
22,364
(117,742
)
20
(117,762
)
107
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. BUBOR,
5.55%
Semi-Annual
6.15%
Annual
N/A
12/17/27
HUF
1,407,861
$165,166
$13
$165,153
6-mo. BUBOR,
5.55%
Semi-Annual
6.17%
Annual
N/A
12/17/27
HUF
8,131,720
968,495
78
968,417
6-mo. BUBOR,
5.55%
Semi-Annual
6.18%
Annual
N/A
12/17/27
HUF
1,192,205
142,368
13
142,355
6.53%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/27
ZAR
186,800
137,335
36
137,299
6.55%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
12/17/27
ZAR
29,606
21,305
5
21,300
1-day BZDIOVER,
0.05%
At Termination
13.31%
At Termination
N/A
01/03/28
BRL
216,190
(421,909
)
186
(422,095
)
1-day BZDIOVER,
0.05%
At Termination
13.36%
At Termination
N/A
01/03/28
BRL
216,190
(385,630
)
187
(385,817
)
1-day BZDIOVER,
0.05%
At Termination
13.40%
At Termination
N/A
01/03/28
BRL
515,620
(851,830
)
449
(852,279
)
1-day BZDIOVER,
0.05%
At Termination
13.75%
At Termination
N/A
01/03/28
BRL
447,566
(293,198
)
386
(293,584
)
1-day BZDIOVER,
0.05%
At Termination
13.81%
At Termination
N/A
01/03/28
BRL
179,998
(78,653
)
153
(78,806
)
1-day BZDIOVER,
0.05%
At Termination
13.96%
At Termination
N/A
01/03/28
BRL
53,819
11,510
52
11,458
14.04%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/03/28
BRL
282,328
(121,491
)
269
(121,760
)
3.48%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
03/18/28
PLN
15,998
49,076
17
49,059
3.49%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
03/18/28
PLN
6,868
20,802
7
20,795
6-mo. BUBOR,
5.55%
Semi-Annual
5.76%
Annual
N/A
03/18/28
HUF
396,152
99
4
95
6-mo. BUBOR,
5.55%
Semi-Annual
5.87%
Annual
N/A
03/18/28
HUF
929,643
6,655
11
6,644
6.32%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
03/18/28
ZAR
28,698
31,362
7
31,355
1.32%
Annual
Tokyo Overnight
Average Rate,
0.98%
Annual
N/A
03/30/28
JPY
5,650,683
45,176
140
45,036
1.32%
Annual
Tokyo Overnight
Average Rate,
0.98%
Annual
N/A
03/30/28
JPY
5,561,834
46,016
138
45,878
1.34%
Annual
Tokyo Overnight
Average Rate,
0.98%
Annual
N/A
03/30/28
JPY
5,592,312
32,585
138
32,447
1.38%
Annual
Tokyo Overnight
Average Rate,
0.98%
Annual
N/A
03/30/28
JPY
5,164,550
1,941
128
1,813
1.39%
Annual
Tokyo Overnight
Average Rate,
0.98%
Annual
N/A
03/30/28
JPY
5,594,929
(2,056
)
139
(2,195
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.16%
Monthly
N/A
04/10/28
MXN
371,880
58,670
81
58,589
1-day
TIIEFONDEO,
6.55%
Monthly
7.17%
Monthly
N/A
04/11/28
MXN
1,600,120
265,087
353
264,734
6.98%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
06/15/28
MXN
883,409
93,736
217
93,519
Schedule of Investments
108
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3-mo. KRW CDC,
2.95%
Quarterly
3.71%
Quarterly
N/A
06/17/28
KRW
18,680,242
$18,095
$61
$18,034
3-mo. KRW CDC,
2.95%
Quarterly
3.77%
Quarterly
N/A
06/26/28
KRW
129,708,000
200,066
400
199,666
3-mo. KRW CDC,
2.95%
Quarterly
3.97%
Quarterly
9/16/26(a)
09/16/28
KRW
37,092,806
96,355
116
96,239
6-mo. PRIBOR,
3.95%
Semi-Annual
4.31%
Annual
9/16/26(a)
09/16/28
CZK
504,042
(54,096
)
115
(54,211
)
1-day COOIS,
11.19%
Quarterly
11.74%
Quarterly
9/16/26(a)
09/16/28
COP
99,128,211
272,347
124
272,223
1-day BZDIOVER,
0.05%
At Termination
12.90%
At Termination
N/A
01/02/29
BRL
14,327
(98,501
)
12
(98,513
)
1-day BZDIOVER,
0.05%
At Termination
13.11%
At Termination
N/A
01/02/29
BRL
10,990
(80,824
)
18
(80,842
)
1-day BZDIOVER,
0.05%
At Termination
13.12%
At Termination
N/A
01/02/29
BRL
415,000
(2,706,684
)
710
(2,707,394
)
1-day BZDIOVER,
0.05%
At Termination
13.15%
At Termination
N/A
01/02/29
BRL
1,682
(11,873
)
2
(11,875
)
1-day BZDIOVER,
0.05%
At Termination
13.16%
At Termination
N/A
01/02/29
BRL
2,794
(14,771
)
2
(14,773
)
1-day BZDIOVER,
0.05%
At Termination
13.17%
At Termination
N/A
01/02/29
BRL
31,286
(164,566
)
26
(164,592
)
1-day BZDIOVER,
0.05%
At Termination
13.23%
At Termination
N/A
01/02/29
BRL
148,969
(885,500
)
255
(885,755
)
1-day BZDIOVER,
0.05%
At Termination
13.29%
At Termination
N/A
01/02/29
BRL
29,548
(143,710
)
42
(143,752
)
1-day BZDIOVER,
0.05%
At Termination
13.39%
At Termination
N/A
01/02/29
BRL
28,819
(144,389
)
50
(144,439
)
1-day BZDIOVER,
0.05%
At Termination
14.12%
At Termination
N/A
01/02/29
BRL
37,864
14,725
33
14,692
1-day BZDIOVER,
0.05%
At Termination
14.41%
At Termination
N/A
01/02/29
BRL
344,327
598,571
349
598,222
1-day MIBOR,
6.64%
Semi-Annual
5.98%
Semi-Annual
N/A
06/29/29
INR
5,536,960
(303,123
)
469
(303,592
)
7.44%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
07/31/29
MXN
59,051
(1,359
)
15
(1,374
)
7.57%
Annual
1-day ZARONIA,
6.86%
Annual
9/16/26(a)
09/16/29
ZAR
870,275
70,584
517
70,067
1-day
TIIEFONDEO,
6.55%
Monthly
7.77%
Monthly
N/A
11/14/29
MXN
11,015
5,328
6
5,322
1-day
TIIEFONDEO,
6.55%
Monthly
9.04%
Monthly
N/A
11/14/29
MXN
129,270
342,566
37
342,529
7.78%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
12/14/29
MXN
13,457
(6,316
)
6
(6,322
)
1-day MIBOR,
6.64%
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
560,722
(16,932
)
74
(17,006
)
1-day MIBOR,
6.64%
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
560,722
(18,196
)
75
(18,271
)
8.65%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
02/07/30
MXN
41,509
(83,145
)
13
(83,158
)
1-day SOFR,
3.66%
Annual
3.92%
Annual
N/A
02/26/30
USD
100,000
(585,621
)
695
(586,316
)
109
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. BUBOR,
5.55%
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
336,357
$39,883
$4
$39,879
7.82%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
05/06/30
MXN
16,609
(7,841
)
8
(7,849
)
7.82%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
05/27/30
MXN
8,914
(3,753
)
5
(3,758
)
6-mo. EURIBOR,
2.71%
Semi-Annual
2.20%
Annual
N/A
06/04/30
EUR
17,390
(628,032
)
153
(628,185
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
49,435
22,386
20
22,366
1-day
TIIEFONDEO,
6.55%
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
19,780
8,977
7
8,970
1-day
TIIEFONDEO,
6.55%
Monthly
7.72%
Monthly
N/A
06/24/30
MXN
47,541
9,582
20
9,562
1-day
TIIEFONDEO,
6.55%
Monthly
7.67%
Monthly
N/A
07/30/30
MXN
35,820
3,782
14
3,768
1-day
TIIEFONDEO,
6.55%
Monthly
7.69%
Monthly
N/A
07/30/30
MXN
93,047
13,645
36
13,609
1-day
TIIEFONDEO,
6.55%
Monthly
7.51%
Monthly
N/A
08/21/30
MXN
42,637
(12,039
)
18
(12,057
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.49%
Monthly
N/A
08/22/30
MXN
6,526
(2,194
)
3
(2,197
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.46%
Monthly
N/A
08/26/30
MXN
45,990
(16,364
)
19
(16,383
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.28%
Monthly
N/A
09/12/30
MXN
8,763
(6,714
)
4
(6,718
)
11.19%
Quarterly
1-day COOIS,
11.19%
Quarterly
9/16/26(a)
09/16/30
COP
54,708,984
(338,346
)
141
(338,487
)
6-mo. PRIBOR,
3.95%
Semi-Annual
3.70%
Semi-Annual
N/A
09/17/30
CZK
89,079
(116,735
)
41
(116,776
)
6-mo. PRIBOR,
3.95%
Semi-Annual
3.81%
Annual
N/A
09/17/30
CZK
69,381
(17,448
)
30
(17,478
)
6-mo. BUBOR,
5.55%
Semi-Annual
6.27%
Annual
N/A
09/17/30
HUF
168,542
33,116
6
33,110
1-day
TIIEFONDEO,
6.55%
Monthly
7.29%
Monthly
N/A
10/03/30
MXN
48,982
(37,944
)
22
(37,966
)
7.16%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
10/14/30
MXN
109,946
118,329
46
118,283
1-day
TIIEFONDEO,
6.55%
Monthly
7.18%
Monthly
N/A
10/23/30
MXN
53,705
(55,283
)
24
(55,307
)
6-mo. PRIBOR,
3.95%
Semi-Annual
3.82%
Annual
N/A
12/17/30
CZK
145,157
(50,004
)
69
(50,073
)
6-mo. PRIBOR,
3.95%
Semi-Annual
3.90%
Annual
N/A
12/17/30
CZK
145,477
(22,593
)
69
(22,662
)
Schedule of Investments
110
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. WIBOR,
3.84%
Semi-Annual
4.02%
Annual
N/A
12/17/30
PLN
3,231
$6,377
$8
$6,369
6-mo. WIBOR,
3.84%
Semi-Annual
4.04%
Annual
N/A
12/17/30
PLN
69,348
157,952
187
157,765
6-mo. BUBOR,
5.55%
Semi-Annual
6.23%
Annual
N/A
12/17/30
HUF
225,516
45,950
7
45,943
6-mo. BUBOR,
5.55%
Semi-Annual
6.24%
Annual
N/A
12/17/30
HUF
224,158
45,901
7
45,894
6-mo. BUBOR,
5.55%
Semi-Annual
6.26%
Annual
N/A
12/17/30
HUF
1,216,984
252,380
35
252,345
6.86%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
12/17/30
ZAR
99,804
180,839
57
180,782
6.88%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/30
ZAR
770,712
1,356,503
435
1,356,068
7.04%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
12/17/30
ZAR
96,345
133,889
55
133,834
1-day BZDIOVER,
0.05%
At Termination
13.24%
At Termination
N/A
01/02/31
BRL
23,499
(198,656
)
43
(198,699
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.53%
Monthly
N/A
01/03/31
MXN
23,794
(9,046
)
11
(9,057
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.78%
Monthly
N/A
01/16/31
MXN
48,419
9,725
24
9,701
3.58%
Annual
6-mo. PRIBOR,
3.95%
Semi-Annual
N/A
03/18/31
CZK
67,965
124,939
34
124,905
3.62%
Annual
6-mo. PRIBOR,
3.95%
Semi-Annual
N/A
03/18/31
CZK
68,177
120,102
34
120,068
6-mo. PRIBOR,
3.95%
Semi-Annual
3.72%
Annual
N/A
03/18/31
CZK
149,605
(230,463
)
75
(230,538
)
6-mo. PRIBOR,
3.95%
Semi-Annual
3.74%
Annual
N/A
03/18/31
CZK
66,327
(98,545
)
33
(98,578
)
6-mo. PRIBOR,
3.95%
Semi-Annual
3.97%
Annual
N/A
03/18/31
CZK
154,573
(152,586
)
77
(152,663
)
6-mo. BUBOR,
5.55%
Semi-Annual
5.98%
Annual
N/A
03/18/31
HUF
104,278
7,894
3
7,891
6-mo. BUBOR,
5.55%
Semi-Annual
6.07%
Annual
N/A
03/18/31
HUF
227,713
20,172
8
20,164
6.67%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
03/18/31
ZAR
108,289
262,615
68
262,547
6.69%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
03/18/31
ZAR
47,115
112,418
29
112,389
6.75%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
03/18/31
ZAR
106,278
236,238
65
236,173
1-day SOFR,
3.66%
Annual
3.88%
Annual
N/A
04/01/31
USD
20,000
(208,799
)
176
(208,975
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.68%
Monthly
N/A
06/10/31
MXN
674,768
(130,847
)
356
(131,203
)
2.00%
Quarterly
1-day THOR,
0.99%
Quarterly
N/A
06/17/31
THB
177,648
(72,745
)
61
(72,806
)
2.00%
Quarterly
1-day THOR,
0.99%
Quarterly
N/A
06/17/31
THB
414,511
(171,121
)
142
(171,263
)
4.12%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
06/17/31
PLN
63,672
193,062
190
192,872
4.22%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
06/17/31
PLN
77,551
144,075
236
143,839
111
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. PRIBOR,
3.95%
Semi-Annual
4.31%
Annual
N/A
06/17/31
CZK
225,840
$(81,312
)
$118
$(81,430
)
6-mo. PRIBOR,
3.95%
Semi-Annual
4.31%
Annual
N/A
06/17/31
CZK
111,234
(41,254
)
58
(41,312
)
6-mo. PRIBOR,
3.95%
Semi-Annual
4.44%
Annual
N/A
06/17/31
CZK
182,905
(15,929
)
96
(16,025
)
6-mo. PRIBOR,
3.95%
Semi-Annual
4.59%
Annual
N/A
06/17/31
CZK
79,913
19,700
42
19,658
6-mo. PRIBOR,
3.95%
Semi-Annual
4.61%
Annual
N/A
06/17/31
CZK
79,913
23,162
41
23,121
1-day MIBOR,
6.64%
Semi-Annual
6.51%
Semi-Annual
N/A
06/17/31
INR
1,823,857
124,652
217
124,435
7.66%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
07/09/31
MXN
275,419
72,050
142
71,908
3.98%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
9/16/26(a)
09/16/31
PLN
96,232
482,942
285
482,657
6-mo. PRIBOR,
3.95%
Semi-Annual
4.23%
Annual
9/16/26(a)
09/16/31
CZK
433,704
(277,478
)
228
(277,706
)
4.57%
Annual
6-mo. PRIBOR,
3.95%
Semi-Annual
9/16/26(a)
09/16/31
CZK
328,391
(28,748
)
173
(28,921
)
3-mo. JIBAR,
6.98%
Quarterly
7.41%
Quarterly
9/16/26(a)
09/16/31
ZAR
301,938
(267,506
)
207
(267,713
)
3-mo. JIBAR,
6.98%
Quarterly
7.47%
Quarterly
9/16/26(a)
09/16/33
ZAR
110,165
(193,825
)
103
(193,928
)
3-mo. JIBAR,
6.98%
Quarterly
7.62%
Quarterly
9/16/26(a)
09/16/33
ZAR
257,052
(324,338
)
240
(324,578
)
1-day MIBOR,
6.64%
Semi-Annual
6.44%
Semi-Annual
N/A
09/18/34
INR
379,219
(10,250
)
82
(10,332
)
1-day SOFR,
3.66%
Annual
3.70%
Annual
N/A
01/06/35
USD
34,657
(1,372,676
)
497
(1,373,173
)
1-day
TIIEFONDEO,
6.55%
Monthly
8.27%
Monthly
N/A
12/05/35
MXN
103,514
12,086
90
11,996
1.49%
Quarterly
1-day THOR,
0.99%
Quarterly
N/A
12/17/35
THB
50,085
83,107
18,132
64,975
1-day THOR,
0.99%
Quarterly
1.59%
Quarterly
N/A
12/17/35
THB
50,085
(69,687
)
28
(69,715
)
1-day
TIIEFONDEO,
6.55%
Monthly
8.00%
Monthly
N/A
12/28/35
MXN
6,443
(5,948
)
6
(5,954
)
1-day
TIIEFONDEO,
6.55%
Monthly
8.23%
Monthly
N/A
01/10/36
MXN
14,071
88
13
75
3.87%
Quarterly
3-mo. KRW CDC,
2.95%
Quarterly
N/A
06/17/36
KRW
4,359,054
51,217
54
51,163
6-mo. BUBOR,
5.55%
Semi-Annual
5.49%
Annual
6/18/31(a)
06/18/36
HUF
1,263,589
63,380
57
63,323
6-mo. BUBOR,
5.55%
Semi-Annual
5.54%
Annual
6/18/31(a)
06/18/36
HUF
1,258,119
69,987
57
69,930
6-mo. BUBOR,
5.55%
Semi-Annual
5.65%
Annual
6/18/31(a)
06/18/36
HUF
1,283,106
86,113
58
86,055
1-day THOR,
0.99%
Quarterly
2.07%
Quarterly
9/16/26(a)
09/16/36
THB
258,110
(87,689
)
143
(87,832
)
1-day THOR,
0.99%
Quarterly
2.09%
Quarterly
9/16/26(a)
09/16/36
THB
69,581
(20,174
)
38
(20,212
)
1-day SOFR,
3.66%
Annual
4.08%
Annual
N/A
12/12/55
USD
296,000
(19,654,577
)
(143,374
)
(19,511,203
)
Schedule of Investments
112
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
4.08%
Annual
1-day SOFR,
3.66%
Annual
N/A
12/12/55
USD
296,000
$19,704,635
$212,992
$19,491,643
Tokyo Overnight
Average Rate,
0.98%
Annual
2.87%
Annual
N/A
03/30/56
JPY
1,596,640
(1,250,424
)
355
(1,250,779
)
Tokyo Overnight
Average Rate,
0.98%
Annual
2.88%
Annual
N/A
03/30/56
JPY
1,598,453
(1,221,156
)
356
(1,221,512
)
Tokyo Overnight
Average Rate,
0.98%
Annual
2.89%
Annual
N/A
03/30/56
JPY
1,608,825
(1,216,532
)
358
(1,216,890
)
Tokyo Overnight
Average Rate,
0.98%
Annual
2.95%
Annual
N/A
03/30/56
JPY
1,595,485
(1,096,365
)
354
(1,096,719
)
Tokyo Overnight
Average Rate,
0.98%
Annual
2.98%
Annual
N/A
03/30/56
JPY
1,880,517
(1,213,255
)
417
(1,213,672
)
 
 
 
 
 
 
 
 
$(17,179,001
)
$105,925
$(17,284,926
)
 
(a)
Forward Swap.
OTC Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Faurecia SE
5.00
%
Quarterly
Morgan Stanley & Co.
International PLC
12/20/30
BB-
EUR
1,927
$274,408
$220,021
$54,387
Worldline SA
5.00
%
Quarterly
Deutsche Bank AG
12/20/30
BB
EUR
891
(149,949
)
(197,825
)
47,876
Worldline SA
5.00
%
Quarterly
Goldman Sachs International
12/20/30
BB
EUR
6,900
(1,161,103
)
(1,625,480
)
464,377
Worldline SA
5.00
%
Quarterly
JPMorgan Chase Bank N.A.
12/20/30
BB
EUR
909
(152,948
)
(211,686
)
58,738
 
 
 
 
 
 
$(1,189,592
)
$(1,814,970
)
$625,378
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
8.07%
At Termination
1-day COOIS,
11.19%
At Termination
Barclays Bank PLC
N/A
09/17/26
COP
$1,912,726
$14,137
$—
$14,137
8.40%
At Termination
1-day COOIS,
11.19%
At Termination
Barclays Bank PLC
N/A
09/17/26
COP
956,306
6,070
—
6,070
8.61%
At Termination
1-day COOIS,
11.19%
At Termination
Barclays Bank PLC
N/A
09/17/26
COP
1,913,281
10,873
—
10,873
8.64%
At Termination
1-day COOIS,
11.19%
At Termination
Barclays Bank PLC
N/A
09/17/26
COP
958,429
5,371
—
5,371
8.69%
At Termination
1-day COOIS,
11.19%
At Termination
Barclays Bank PLC
N/A
09/17/26
COP
480,012
2,606
—
2,606
8.73%
At Termination
1-day COOIS,
11.19%
At Termination
Morgan Stanley &
Co. International
PLC
N/A
09/17/26
COP
1,140,814
6,050
—
6,050
113
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
8.75%
At Termination
1-day COOIS,
11.19%
At Termination
Citibank N.A.
N/A
09/17/26
COP
$174,620
$918
$—
$918
8.78%
At Termination
1-day COOIS,
11.19%
At Termination
Citibank N.A.
N/A
09/17/26
COP
1,230,540
6,331
—
6,331
8.80%
At Termination
1-day COOIS,
11.19%
At Termination
JPMorgan Chase
Bank N.A.
N/A
09/17/26
COP
234,476
1,195
—
1,195
7.25%
Quarterly
1-day COOIS,
11.19%
Quarterly
Barclays Bank PLC
N/A
09/25/26
COP
1,912,726
6,543
—
6,543
1-day BZDIOVER,
0.06%
At Termination
13.42%
At Termination
Morgan Stanley &
Co. International
PLC
N/A
01/04/27
BRL
1,971
(6,394
)
—
(6,394
)
1-day BZDIOVER,
0.06%
At Termination
14.58%
At Termination
Bank of America
N.A.
N/A
01/04/27
BRL
2,662
1,761
—
1,761
1-day COOIS,
11.19%
Quarterly
10.78%
Quarterly
Goldman Sachs
International
N/A
03/18/28
COP
5,633,786
(21,416
)
—
(21,416
)
1-day COOIS,
11.19%
Quarterly
11.00%
Quarterly
HSBC Bank PLC
N/A
03/18/28
COP
12,302,521
(33,091
)
—
(33,091
)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
4.77%
Semi-Annual
Barclays Bank PLC
9/16/26(a)
09/16/28
CLP
22,999,335
(56,597
)
—
(56,597
)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
4.89%
Semi-Annual
HSBC Bank PLC
9/16/26(a)
09/16/28
CLP
2,531,701
(430
)
—
(430
)
1-day COOIS,
11.19%
Quarterly
11.00%
Quarterly
Citibank N.A.
9/16/26(a)
09/16/28
COP
34,862,177
(46,604
)
—
(46,604
)
1-day COOIS,
11.19%
Quarterly
11.20%
Quarterly
HSBC Bank PLC
9/16/26(a)
09/16/28
COP
23,969,274
(5,584
)
—
(5,584
)
1-day COOIS,
11.19%
Quarterly
11.28%
Quarterly
HSBC Bank PLC
9/16/26(a)
09/16/28
COP
17,387,746
3,627
—
3,627
1-day BZDIOVER,
0.05%
At Termination
13.31%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
4,624
(30,962
)
—
(30,962
)
1-day BZDIOVER,
0.06%
At Termination
13.33%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
8,079
(56,817
)
—
(56,817
)
1-day BZDIOVER,
0.06%
At Termination
13.34%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
25,866
(169,670
)
—
(169,670
)
1-day BZDIOVER,
0.05%
At Termination
13.34%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
9,233
(56,231
)
—
(56,231
)
1-day BZDIOVER,
0.06%
At Termination
13.42%
At Termination
Bank of America
N.A.
N/A
01/02/29
BRL
18,431
(110,363
)
—
(110,363
)
1-day BZDIOVER,
0.06%
At Termination
13.43%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
4,039
(24,732
)
—
(24,732
)
1-day BZDIOVER,
0.06%
At Termination
14.03%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
8,079
(8,556
)
—
(8,556
)
1-day COOIS,
11.19%
Quarterly
10.45%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/29
COP
24,126,983
(69,097
)
—
(69,097
)
1-day COOIS,
11.19%
Quarterly
10.46%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/29
COP
72,635,808
(204,207
)
—
(204,207
)
1-day COOIS,
11.19%
Quarterly
10.47%
Quarterly
Citibank N.A.
9/16/26(a)
09/16/29
COP
48,745,848
(132,441
)
—
(132,441
)
1-day COOIS,
11.19%
Quarterly
10.81%
Quarterly
HSBC Bank PLC
9/16/26(a)
09/16/29
COP
20,648,571
(887
)
—
(887
)
10.60%
Quarterly
1-day COOIS,
11.19%
Quarterly
Goldman Sachs
International
N/A
03/18/30
COP
3,116,150
4,380
—
4,380
10.67%
Quarterly
1-day COOIS,
11.19%
Quarterly
HSBC Bank PLC
N/A
03/18/30
COP
6,804,749
4,622
—
4,622
Schedule of Investments
114
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
OTC Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
10.63%
Quarterly
1-day COOIS,
11.19%
Quarterly
HSBC Bank PLC
9/16/26(a)
09/16/30
COP
$6,022,208
$(3,388
)
$—
$(3,388
)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
5.24%
Semi-Annual
Citibank N.A.
N/A
03/18/36
CLP
372,427
(8,360
)
—
(8,360
)
5.42%
Semi-Annual
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
BNP Paribas SA
N/A
06/17/36
CLP
4,426,716
49,481
—
49,481
5.60%
Semi-Annual
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
HSBC Bank PLC
9/16/26(a)
09/16/36
CLP
487,280
(116
)
—
(116
)
 
 
 
 
 
 
 
 
$(921,978
)
$—
$(921,978
)
 
(a)
Forward Swap.
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR minus
0.40%, 3.66%
At
Termination
iShares iBoxx $
Investment Grade
Corporate Bond ETF
At
Termination
Goldman Sachs
International
N/A
09/18/26
USD
42,000
$(1,123,697)
$—
$(1,123,697)
1-day SOFR minus
0.40%, 3.66%
At
Termination
iShares iBoxx $ High
Yield Corporate
Bond ETF
At
Termination
JPMorgan
Chase Bank
N.A.
N/A
09/18/26
USD
167,874
(1,553,015)
—
(1,553,015)
1-day SOFR minus
0.40%, 3.66%
At
Termination
iShares iBoxx $
Investment Grade
Corporate Bond ETF
At
Termination
JPMorgan
Chase Bank
N.A.
N/A
09/18/26
USD
49,767
(1,331,498)
—
(1,331,498)
1-day SOFR minus
0.50%, 3.66%
At
Termination
iShares iBoxx $ High
Yield Corporate
Bond ETF
At
Termination
BNP Paribas SA
N/A
09/18/26
USD
55,958
(511,610)
—
(511,610)
1-day SOFR minus
0.50%, 3.66%
At
Termination
iShares iBoxx $ High
Yield Corporate
Bond ETF
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/18/26
USD
156,155
(1,427,683)
—
(1,427,683)
iShares iBoxx $ High
Yield Corporate
Bond ETF
At
Termination
1-day SOFR minus
0.85%, 3.66%
At
Termination
Bank of America
N.A.
N/A
09/18/26
USD
102,588
899,039
—
899,039
 
 
 
 
 
 
 
 
 
$(5,048,464)
$—
$(5,048,464)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written 
Description
Premiums
Paid
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally Cleared Swaps(a)
$9,299,345
$(936,906
)
$31,624,567
$(46,667,745
)
$—
OTC Swaps
220,021
(2,034,991
)
1,648,382
(6,993,446
)
—
Options Written
N/A
(13,067,241
)
3,173,602
(7,888,583
)
(17,782,222
)
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported
within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
115
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$—
$—
$19,148,960
$—
$19,148,960
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
$—
$—
$—
$83,615,963
$—
$—
$83,615,963
Options Purchased
Investments at value — unaffiliated(b)
$—
$—
$195,530
$2,237,832
$1,936,632
$—
$4,369,994
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$—
$2,667,806
$—
$—
$28,956,761
$—
$31,624,567
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$845,399
$899,039
$—
$123,965
$—
$1,868,403
 
$—
$3,513,205
$1,094,569
$85,853,795
$50,166,318
$—
$140,627,887
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$—
$—
$13,017,922
$—
$13,017,922
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
$—
$—
$—
$28,077,271
$—
$—
$28,077,271
Options written
Options written at value
$—
$—
$215,137
$3,641,408
$13,925,677
$—
$17,782,222
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
$—
$426,058
$—
$—
$46,241,687
$—
$46,667,745
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums re-
ceived
$—
$2,034,991
$5,947,503
$—
$1,045,943
$—
$9,028,437
 
$—
$2,461,049
$6,162,640
$31,718,679
$74,231,229
$—
$114,573,597
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the
Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is
included in accumulated earnings (loss).
(b)
Includes options purchased at value as reported in the Schedule of Investments.
Schedule of Investments
116
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
For the period ended July 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$—
$—
$—
$—
$2,874,820
$—
$2,874,820
Forward foreign currency exchange contracts
—
—
—
20,159,049
—
—
20,159,049
Options purchased(a)
—
(889,003
)
(482,123
)
(3,127,301
)
(2,178,411
)
—
(6,676,838
)
Options written
—
965,100
11,935,298
8,959,163
13,941,313
—
35,800,874
Swaps
—
(412,376
)
(2,393,213
)
—
(6,996,892
)
—
(9,802,481
)
 
$—
$(336,279
)
$9,059,962
$25,990,911
$7,640,830
$—
$42,355,424
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$—
$—
$—
$—
$5,710,573
$—
$5,710,573
Forward foreign currency exchange contracts
—
—
—
(12,288,943
)
—
—
(12,288,943
)
Options purchased(b)
—
34,003
(433,458
)
(653,342
)
629,952
—
(422,845
)
Options written
—
3,431
940,622
1,079,926
(8,152,139
)
—
(6,128,160
)
Swaps
—
1,365,240
(5,517,864
)
—
(19,072,997
)
—
(23,225,621
)
 
$—
$1,402,674
$(5,010,700
)
$(11,862,359
)
$(20,884,611
)
$—
$(36,354,996
)
 
(a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b)
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$4,239,707,295
Average notional value of contracts — short
$2,057,258,085
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$6,462,841,784
Average amounts sold — in USD
$1,551,239,569
Options:
Average value of option contracts purchased
$1,010,647
Average market value of option contracts purchased
$5,920,693
Average notional value of swaption contracts purchased
$777,243,989
Average notional value of swaption contracts written
3,330,958,868
Credit default swaps:
Average notional value — buy protection
$24,104,838
Average notional value — sell protection
$134,391,974
Interest rate swaps:
Average notional value — pays fixed rate
$993,844,835
Average notional value — receives fixed rate
$3,770,507,316
Total return swaps:
Average notional value
$360,478,556
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$4,834,294
$—
Forward foreign currency exchange contracts
83,615,963
28,077,271
Options
4,369,994
(a)
17,782,222
Swaps - centrally cleared
—
988,966
Swaps - OTC(b)
1,868,403
9,028,437
Total derivative assets and liabilities in the Statements of Assets and Liabilities
94,688,654
55,876,896
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(5,029,824
)
(1,347,853
)
117
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Derivative Financial Instruments - Offsetting as of Period End (continued)
 
Assets
Liabilities
Total derivative assets and liabilities subject to an MNA
$89,658,830
$54,529,043
 
(a)
Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.
(b)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$1,031,388
$(1,031,388
)
$—
$—
$—
Barclays Bank PLC
6,356,299
(6,270,732
)
—
(85,567
)
—
BNP Paribas SA
13,994,626
(2,610,975
)
—
—
11,383,651
Citibank N.A.
7,603,673
(7,603,673
)
—
—
—
Deutsche Bank Securities Inc.
10,328,091
(6,163,127
)
—
—
4,164,964
Goldman Sachs International
7,936,642
(3,128,020
)
—
—
4,808,622
HSBC Bank PLC
34,053,741
(1,100,907
)
—
(850,000
)
32,102,834
JPMorgan Chase Bank N.A.
685,614
(685,614
)
—
—
—
Morgan Stanley & Co. International PLC
5,276,369
(4,593,823
)
—
—
682,546
Societe Generale
18,156
—
—
—
18,156
State Street Bank & Trust Company
44,237
(44,237
)
—
—
—
UBS AG
2,329,994
(1,660,212
)
—
—
669,782
 
$89,658,830
$(34,892,708
)
—
$(935,567
)
$53,830,555
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Bank of America N.A.
$1,950,193
$(1,031,388
)
$—
$(130,000
)
$788,805
Barclays Bank PLC
6,270,732
(6,270,732
)
—
—
—
BNP Paribas SA
2,610,975
(2,610,975
)
—
—
—
Citibank N.A.
8,442,916
(7,603,673
)
—
(839,243
)
—
Deutsche Bank Securities Inc.
9,679,623
(6,163,127
)
—
(3,516,496
)
—
Goldman Sachs International
11,773,201
(3,128,020
)
—
(3,170,000
)
5,475,181
HSBC Bank PLC
1,100,907
(1,100,907
)
—
—
—
JPMorgan Chase Bank N.A.
3,797,064
(685,614
)
—
(2,060,000
)
1,051,450
Morgan Stanley & Co. International PLC
4,925,075
(4,593,823
)
—
(331,252
)
—
State Street Bank & Trust Company
2,318,145
(44,237
)
—
(2,050,000
)
223,908
UBS AG
1,660,212
(1,660,212
)
—
—
—
 
$54,529,043
$(34,892,708
)
$—
$(12,096,991
)
$7,539,344
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the
Statements of Assets and Liabilities.
Schedule of Investments
118
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$2,372,655,724
$—
$2,372,655,724
Collateralized Mortgage Obligations
—
3,232,590,778
2,499,946
3,235,090,724
Convertible Bonds
26,823,676
793,600
—
27,617,276
Corporate Bonds & Notes
—
5,749,248,314
354,755,342
6,104,003,656
Fixed Rate Loan Interests
—
—
22,311,339
22,311,339
Floating Rate Loan Interests
—
320,265,458
19,984,039
340,249,497
Foreign Government Obligations
—
2,293,590,219
—
2,293,590,219
Municipal Debt Obligations
—
1,380,418
—
1,380,418
U.S. Government Agency Obligations
—
4,040,500,829
—
4,040,500,829
Common Stocks
—
359,500
1,777,623
2,137,123
Investment Companies
404,994,862
—
—
404,994,862
Preferred Stocks
3,265,529
—
—
3,265,529
Warrants
—
—
5,255,362
5,255,362
Short-Term Securities 
Money Market Funds
1,321,997,199
—
—
1,321,997,199
Options Purchased 
Equity Contracts
195,530
—
—
195,530
Foreign Currency Exchange Contracts
—
2,237,832
—
2,237,832
Interest Rate Contracts
—
1,936,632
—
1,936,632
Unfunded Floating Rate Loan Interests(a)
—
11,386
81,384
92,770
Liabilities
Investments 
TBA Sales Commitments
—
(1,355,639,852
)
—
(1,355,639,852
)
Unfunded Floating Rate Loan Interests(a)
—
—
(27,172
)
(27,172
)
 
$1,757,276,796
$16,659,930,838
406,637,863
$18,823,845,497
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$3,293,184
$—
$3,293,184
Equity Contracts
—
899,039
—
899,039
Foreign Currency Exchange Contracts
—
83,615,963
—
83,615,963
Interest Rate Contracts
19,148,960
29,080,726
—
48,229,686
Liabilities 
Credit Contracts
—
(426,058
)
—
(426,058
)
Equity Contracts
(215,137
)
(5,947,503
)
—
(6,162,640
)
Foreign Currency Exchange Contracts
—
(31,718,679
)
—
(31,718,679
)
Interest Rate Contracts
(13,161,672
)
(61,069,557
)
—
(74,231,229
)
 
$5,772,151
$17,727,115
$—
$23,499,266
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written.  Swaps, futures contracts and forward foreign
currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.   
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used
119
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Flexible Income Active ETF
 
in determining fair value: 
 
Asset-Backed
Securities
Collateralized
Mortgage
Obliga-
tions
Common
Stocks
Corporate
Bonds
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Unfunded
Fixed
Rate
Loan
Interests
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Assets:
Opening balance, as of July 31, 2025
$4,009,850
$—
$—
$1,749,061
$—
$9,931,988
$—
$—
$—
$15,690,899
Accrued discounts/premiums
—
(22
)
—
159,002
(206,745
)
(832
)
—
—
—
(48,597
)
Net realized gain (loss)
1,055
—
—
(2
)
—
—
—
—
—
1,053
Net change in unrealized appreciation
(depreciation)(a)(b)
(9,850
)
22
(2,812,395
)
(10,442,196
)
392,044
(385,697
)
81,384
(27,172
)
2,244,982
(10,958,878
)
Purchases
—
2,499,946
4,590,018
363,957,484
22,126,040
14,316,698
—
—
3,010,380
410,500,566
Sales
(4,001,055
)
—
—
(668,007
)
—
(3,878,118
)
—
—
—
(8,547,180
)
Closing balance, as of July 31, 2026
$—
$2,499,946
$1,777,623
$354,755,342
$22,311,339
$19,984,039
$81,384
$(27,172
)
$5,255,362
$406,637,863
Net change in unrealized appreciation
(depreciation) on investment still held
at July 31, 2026(b)
$—
$22
$(2,812,395
)
$(10,442,196
)
$392,044
$(296,821
)
$81,384
$(27,172
)
$2,244,982
$(10,860,152
)
(a) Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.
(b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2026 is gener-
ally due to investments no longer held or categorized as Level 3 at period end.
 
The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.  Such valuations are based on unobservable inputs.  A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
Schedule of Investments
120
Schedule of Investments
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Food — 0.1%
Chobani LLC/Chobani Finance Corp., Inc., 7.63%,
07/01/29(a)
$55
$56,717
Pharmaceuticals — 0.4%
1261229 BC Ltd., 10.00%, 04/15/32(a)
200
204,450
Real Estate — 0.0%
CoreLogic, Inc., 12.00%, 02/01/32(a)
40
37,474
Retail — 0.3%
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 6.75%, 01/15/30(a)(b)
160
157,122
Total Corporate Bonds & Notes — 0.8%
(Cost: $437,567)
455,763
Fixed Rate Loan Interests
Computers — 0.1%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
61
58,297
Software — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%,
05/01/31
88
82,934
Total Fixed Rate Loan Interests — 0.3%
(Cost: $149,576)
141,231
Floating Rate Loan Interests(c)
Advertising — 0.3%
Clear Channel Outdoor Holdings, Inc., 2024 Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
4.11%), 7.85%, 08/23/28
24
23,839
CMG Media Corp., 2024 Term Loan, 06/18/29(d)
4
4,040
Neptune Bidco U.S., Inc., 2026 USD Term Loan B,
02/03/33(d)
20
19,868
Outfront Media Capital LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.49%,
09/24/32
68
67,971
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
8.99%, 02/15/29
27
22,053
 
137,771
Aerospace & Defense — 2.9%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/31/30
159
159,541
Cobham Ultra SeniorCo SARL, USD Term Loan B,
(6-mo. CME Term SOFR at 0.50% Floor + 4.01%),
7.79%, 08/03/29
114
114,243
Dynasty Acquisition Co., Inc.
2024 1st Lien Term Loan B1, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 5.73%,
10/31/31
255
255,378
2024 1st Lien Term Loan B2, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 5.73%,
10/31/31
97
97,479
Kaman Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32
44
44,052
Security
Par
(000
)
Value
Aerospace & Defense (continued)
Propulsion BC Finco SARL, 2025 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.23%, 12/01/32
$57
$57,428
TransDigm, Inc.
2025 Term Loan K, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 03/22/30
116
115,667
2023 Term Loan J, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.23%, 02/28/31
295
295,533
2024 Term Loan L, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.23%, 01/19/32
56
55,701
2025 Term Loan M, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.23%, 08/19/32
181
180,884
2026 Term Loan N, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.23%, 02/13/33
89
88,862
United Airlines, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
02/22/31
107
106,400
 
1,571,168
Airlines — 1.2%
AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
04/20/28
44
44,194
Air Canada, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.57%, 03/21/31
131
130,579
American Airlines, Inc.
2023 1st Lien Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 5.91%, 06/04/29
108
106,722
2024 1st Lien Term Loan B, (6-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.94%,
02/15/28
145
144,327
2026 1st Lien Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.67%,
05/29/33
66
65,477
AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
05/12/33
70
69,651
JetBlue Airways Corp., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 4.75%), 8.43%,
08/27/29
111
96,602
 
657,552
Apparel — 0.4%
ABG Intermediate Holdings 2 LLC
2024 1st Lien Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.98%,
12/21/28
104
104,342
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.98%,
02/13/32
59
59,140
Beach Acquisition Bidco LLC, USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.48%, 09/12/32
31
30,935
 
194,417
Auto Manufacturers — 0.2%
Allison Transmission, Inc., 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.43%, 01/02/33
85
84,858
121
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Auto Parts & Equipment — 1.1%
Clarios Global LP
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.23%, 05/06/30
$264
$264,209
2026 USD Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.23%, 01/28/32
149
149,436
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.57%,
01/30/32
11
10,931
RealTruck Group, Inc.
2026 FLSO Tranche A Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 5.01%), 8.65%,
01/31/31
14
8,493
2026 FLSO Tranche B Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 6.26%), 9.90%,
01/31/31
35
20,709
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28
139
138,892
 
592,670
Banks — 0.2%
Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
11/25/32
100
97,568
Beverages — 0.3%
Naked Juice LLC
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.35%), 7.08%, 01/24/29
20
13,658
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.23%, 01/24/29
76
77,366
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.10%), 9.83%, 01/24/30
47
17,520
Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
07/09/32
43
42,650
 
151,194
Biotechnology — 0.4%
BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.43%,
04/27/33
75
74,897
Grifols International Services USA, Inc., 2026 USD
Term Loan B, (6-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.19%, 04/14/33
113
112,906
 
187,803
Building Materials — 3.5%
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.73%,
09/08/32
272
271,831
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 5.25%), 8.98%,
07/08/30
43
37,494
CP Iris Holdco I, Inc., 2025 Delayed Draw Term Loan,
0.00%, 10/27/32(d)
0
(e)
275
CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.73%,
10/27/32
153
146,533
Emrld Borrower LP
Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.92%, 05/31/30
238
237,422
2024 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.07%, 08/04/31
186
185,953
Security
Par
(000
)
Value
Building Materials (continued)
Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.91%,
02/02/33(f)
$14
$13,846
Hobbs & Associates LLC, Term Loan B, 07/23/31(d)
80
79,800
Legence Holdings LLC, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 2.00%), 5.73%,
12/16/31
172
171,766
Quikrete Holdings, Inc.
2024 Term Loan B2, (1-mo. CME Term SOFR +
2.25%), 5.98%, 03/19/29
118
118,092
2025 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 02/10/32
108
107,676
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 04/14/31
135
134,744
SCIH Salt Holdings, Inc., 2026 Term Loan B,
07/30/31(d)
139
138,131
Standard Industries, Inc./New York, 2021 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.42%, 09/22/28
12
12,340
Tulip Holdco DE LLC, USD Term Loan B, 07/22/33(d)
30
29,906
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31
184
166,643
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.11%), 5.85%, 10/04/28
20
20,163
 
1,872,615
Chemicals — 4.7%
Aruba Investments Holdings LLC, 2020 USD Term
Loan, (3-mo. CME Term SOFR + 4.10%), 7.77%,
11/24/27
62
58,289
Ascend Performance Materials Operations LLC, 2021
Term Loan B, 0.00%, 08/27/26(g)(h)
16
21
Axalta Coating Systems U.S. Holdings, Inc., 2024
Term Loan B7, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.48%, 12/20/29
160
160,281
BASF Coatings, USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.24%, 06/29/33
147
147,578
Chemours Co. (The), 2025 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
10/15/32
201
200,048
Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.43%, 11/01/30
119
119,461
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 7.48%,
10/04/29
131
130,381
ECO Services Operations Corp., 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 06/12/31
95
94,592
Element Solutions, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
12/18/30
204
203,757
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32
89
88,362
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.48%, 02/15/30
143
143,102
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
7.98%, 10/07/31
15
11,860
Lonza Group AG, USD Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.03%), 7.76%,
07/03/28
112
106,130
Schedule of Investments
122
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Chemicals (continued)
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
11/26/31(f)
$72
$71,354
Olympus Water U.S. Holding Corp.
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.00%), 6.73%, 06/20/31
113
113,084
2025 USD Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.98%, 11/03/32
141
141,246
Oxea Holding Drei GmbH, 2017 USD Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 4.85%),
8.60%, 04/08/31
57
37,387
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.65%,
10/09/31
64
64,199
Qnity Electronics, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
11/01/32
228
227,666
Solstice Advanced Materials, Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.57%,
10/29/32
109
108,803
SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(d)
38
38,008
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 6.66%,
08/02/30
129
128,348
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/19/32
143
142,915
 
2,536,872
Commercial Mbs — 0.4%
Parexel International Corp., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.23%, 12/12/31
228
228,739
Commercial Services — 7.7%
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.63%,
05/21/31
159
159,062
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.73%,
08/12/32
82
81,408
Allied Universal Holdco LLC, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 08/20/32
378
378,879
Anticimex International AB, 2025 USD Term Loan,
(3-mo. SOFR + 2.90%), 6.41%, 11/17/31
54
53,750
API Group DE, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
05/16/33
338
338,070
Belron Finance 2019 LLC, 2026 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.50% Floor +
2.00%), 5.66%, 10/16/31
372
371,468
Bright Horizons Family Solutions LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor +
1.75%), 5.48%, 08/23/32
84
83,498
Camelot U.S. Acquisition LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR + 2.75%), 6.48%,
01/31/31
57
53,133
CHG Healthcare Services, Inc., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.82%, 09/29/31
127
126,773
Security
Par
(000
)
Value
Commercial Services (continued)
Citrin Cooperman Advisors LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.73%, 04/01/32
$114
$111,057
Corpay Technologies Operating Co. LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.48%, 11/05/32
109
108,523
Creative Artists Agency LLC, 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 10/01/31
186
185,382
Dycom Industries, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/27/33
42
42,013
Element Materials Technology Group U.S. Holdings,
Inc., 2022 USD Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.50%), 7.23%, 07/06/29
75
75,011
Galaxy U.S. Opco, Inc., Term Loan, 0.00%, 07/31/30(i)
66
60,858
Garda World Security Corp., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.51%, 02/01/29
110
109,559
Grant Thornton Advisors LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.48%, 06/02/31
182
170,864
Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.43%,
06/02/32
27
26,850
Hertz Corp.(The)
2021 Term Loan B, (3-mo. CME Term SOFR +
3.76%), 7.58%, 06/30/28
52
28,722
2021 Term Loan C, (3-mo. CME Term SOFR +
3.76%), 7.58%, 06/30/28
10
5,239
Ingenovis Health, Inc., 2026 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 5.25%), 8.91%,
05/27/32
10
6,980
ION Platform Finance U.S., Inc., USD Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.48%, 10/07/32
196
154,162
Mavis Tire Express Services Topco Corp., 2025
Repriced Term Loan, (6-mo. CME Term SOFR at
0.75% Floor + 3.00%), 6.67%, 05/04/28
185
184,132
Medical Solutions Holdings, Inc.
2026 Exchange FLSO Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.60%), 7.42%,
11/01/30
11
1,261
2026 Class A-1 First Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 5.35%), 9.17%,
11/01/30
5
3,141
2026 Class A-2 First Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 5.35%), 9.17%,
11/01/30
10
6,946
2026 Exchange FLTO Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 7.10%), 10.92%,
11/03/31
5
643
Neon Maple US Debt Mergersub, Inc., 2025 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.23%, 11/17/31
50
48,681
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.42%,
12/31/32
44
43,617
123
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Prime Security Services Borrower LLC
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.41%,
03/07/32
$120
$118,631
2024 1st Lien Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 5.66%,
10/13/30
26
26,324
Pye-Barker Fire & Safety LLC
2025 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.23%, 12/16/32
97
96,892
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%,
12/16/32
2
2,272
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
11/19/31
81
80,107
Rosen International SARL, 2025 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.73%, 03/26/31
157
156,932
Shift4 Payments LLC, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 07/03/32
96
95,551
Trans Union LLC
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.48%, 06/24/31
177
176,528
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.48%, 06/24/31
88
88,122
Wand NewCo 3, Inc., 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.23%, 01/30/31
162
162,506
WEX, Inc.
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.48%, 03/31/28
30
29,500
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%,
03/05/32
59
59,155
 
4,112,202
Computers — 0.7%
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 7.43%,
12/09/31
91
88,539
Cubic Corp.
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 3.25%), 7.32%,
05/25/29
38
2,214
2025 Second Out Term Loan B, (Prime + 1.75%),
9.25%, 05/25/29
281
16,377
McAfee Corp., 2024 USD 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.73%, 03/01/29
127
114,148
Peraton Corp., Term Loan B, (3-mo. CME Term SOFR
at 0.75% Floor + 3.85%), 7.67%, 02/01/28
144
130,840
Ping Identity Holding Corp., 2025 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.43%,
11/15/32(f)
50
48,877
 
400,995
Cosmetics & Personal Care — 0.1%
Opal U.S. LLC, 2026 USD Term Loan B, 04/28/32(d)
80
80,114
Security
Par
(000
)
Value
Distribution & Wholesale — 2.2%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.48%, 01/31/31
$166
$165,966
BCPE Empire Holdings, Inc.
2025 Term Loan B, 12/11/30(d)
30
29,597
2026 10th Amendment Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.50%), 7.23%,
12/29/32
204
201,931
Core & Main LP
2026 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.48%, 07/01/33
87
87,037
2024 Term Loan E, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.66%, 02/09/31
213
213,106
Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
07/02/31
117
114,752
Fluid-Flow Products, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 6.98%,
03/04/33
18
18,028
Gates Global LLC, 2024 Term Loan B5, (1-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.48%,
06/04/31
250
249,280
Resideo Funding, Inc., 2025 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.67%, 08/13/32
78
78,407
 
1,158,104
Diversified Financial Services — 4.3%
AllSpring Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.75%,
11/01/30
25
24,839
Apex Group Treasury LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.15%, 02/27/32
168
159,271
Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
08/09/30
68
67,778
Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.42%, 06/24/30
30
30,019
Chicago U.S. Midco III LP, Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
11/01/32
155
154,903
Citadel Securities Global Holdings LLC, 2026 Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.66%, 06/10/33
248
247,390
CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
05/19/31
294
292,994
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 09/15/31
296
291,824
GTCR Everest Borrower LLC, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 09/05/31
45
44,465
Hudson River Trading LLC, 2026 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.17%, 03/18/30
238
237,599
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.67%,
12/15/31
368
366,676
Schedule of Investments
124
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Diversified Financial Services (continued)
Jump Financial LLC, 2025 1st Lien Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.23%, 02/26/32(f)
$10
$9,974
Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33
57
57,285
NEXUS Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.23%,
07/31/31
20
19,335
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.26%,
10/08/32
90
90,025
Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
07/30/32
163
161,488
Project Aurora US Finco, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
12/06/32
23
22,961
Setanta Aircraft Leasing DAC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.48%, 11/05/28
11
10,523
Summit Acquisition, Inc., 2025 Add-on Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.23%, 10/16/31
26
25,955
 
2,315,304
Electric — 1.9%
Alpha Generation LLC, Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
09/30/31
105
104,230
Calpine Construction Finance Co., L.P., 2025 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.48%, 07/31/30
175
174,735
Constellation Renewables LLC, 2020 Term Loan,
(3-mo. CME Term SOFR at 1.00% Floor + 2.00%),
5.67%, 12/15/27
84
84,031
NRG Energy, Inc.
2026 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%,
04/28/33
29
28,864
2024 Term Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.49%, 04/16/31
299
298,221
Pathfinder Power LLC, Term Loan B, 06/22/33(d)
108
107,730
Talen Energy Supply LLC
2024-1 Incremental Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%,
12/15/31
68
67,792
2025 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.82%, 11/26/32
163
160,504
 
1,026,107
Electrical Components & Equipment — 0.2%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.48%, 05/13/29
17
16,633
Belden, Inc., Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 07/01/33(f)
83
83,311
 
99,944
Electronics — 1.3%
Amber Acquisitionco LLC
2026 Term Loan B, 07/25/33(d)
38
38,420
2026 Delayed Draw Term Loan, 07/25/33(d)
3
2,620
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.47%, 06/20/31(f)
68
68,535
Security
Par
(000
)
Value
Electronics (continued)
Coherent Corp., 2025 Term Loan B2, (1-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.48%,
07/02/29
$98
$97,738
LSF12 Crown U.S. Commercial Bidco LLC, 2026 1st
Lien Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.24%, 12/02/31
58
57,772
MX Holdings US, Inc., 2025 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
03/17/32(f)
50
50,187
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 10/01/32
81
81,289
Resilience Parent LLC, 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.23%,
02/28/33
195
194,594
Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 10/27/32
89
89,174
 
680,329
Energy - Alternate Sources — 0.1%
Whitewater Matterhorn Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR + 1.75%), 5.50%,
06/16/32
80
79,260
Engineering & Construction — 1.9%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 09/23/31
293
294,021
Asplundh Tree Expert LLC, 2026 5th Amendment Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.48%, 05/30/33
123
122,723
Azuria Water Solutions, Inc.
2026 Delayed Draw Term Loan, 04/25/33(d)
4
4,082
2026 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.75%), 6.48%, 04/25/33
187
186,613
Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term
SOFR + 3.00%), 6.75%, 09/29/32
86
85,732
Brand Industrial Services, Inc., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.16%, 08/01/30
183
145,372
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.48%,
03/27/31
7
7,019
Construction Partners, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.75%,
11/03/31
109
108,926
DG Investment Intermediate Holdings 2, Inc., 2025
Term Loan, 07/09/32(d)
48
48,477
 
1,002,965
Entertainment — 5.5%
Caesars Entertainment, Inc.
Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.25%), 5.98%, 02/06/30
53
51,054
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.98%, 02/06/31
153
145,877
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.11%), 6.85%,
07/19/30
98
97,569
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.17%,
12/02/31
69
69,042
Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.48%,
09/30/31
293
292,649
125
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Entertainment (continued)
Discovery Global Holdings, Inc., 2026 USD Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 06/03/33
$145
$145,245
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.43%,
03/04/32
108
107,435
ECL Entertainment LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
08/30/30
29
29,436
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.48%, 03/24/32
256
256,262
Flutter Financing BV
2024 Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.48%, 11/30/30
210
207,552
2025 Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 2.00%), 5.73%, 06/04/32
91
90,449
Great Canadian Gaming Corp., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.43%, 11/01/29
126
124,151
Herschend Entertainment Co. LLC, 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.23%, 05/27/32
92
92,335
Light & Wonder International, Inc., 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.67%, 04/16/29
199
199,482
Live Nation Entertainment, Inc., 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.67%, 10/21/32
121
121,238
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
11/12/29
158
129,805
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 7.98%,
08/01/30
44
42,486
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 5.73%,
05/30/33
90
89,707
Scientific Games Holdings LP, 2024 USD Term Loan
B, (3-mo. CME Term SOFR at 0.50% Floor +
3.00%), 6.75%, 04/04/29
93
90,594
SeaWorld Parks & Entertainment, Inc., 2024 Term
Loan B3, (1-mo. CME Term SOFR at 0.50% Floor +
2.00%), 5.73%, 12/04/31
82
81,436
Six Flags Entertainment Corp., 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 05/01/31
38
37,573
TKO Worldwide Holdings LLC, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.41%, 11/21/31
353
352,642
Voyager Parent LLC, Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.98%,
07/01/32
109
109,263
 
2,963,282
Environmental Control — 1.4%
Action Environmental Group, Inc. (The), 2023 Term
Loan B, (3-mo. CME Term SOFR + 3.00%), 6.73%,
10/24/30
99
97,948
Arcwood Environmental, Inc., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.82%, 04/01/33(f)
26
26,098
Security
Par
(000
)
Value
Environmental Control (continued)
Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 1.50%), 5.23%,
10/08/32
$44
$43,862
EnergySolutions LLC, 2026 Term Loan B, 07/23/33(d)
58
58,072
Filtration Group Corp., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.23%,
10/21/28
106
106,187
GFL ES U.S. LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.16%,
03/03/32
233
233,315
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
10/17/30
60
59,705
Reworld Holding Corp.
2025 1st Lien Term Loan C, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 5.92%,
01/15/31
10
9,986
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.92%, 01/15/31
61
61,297
Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.25%), 5.97%, 11/30/28
35
34,804
2025 1st Lien Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 5.99%,
01/15/31
37
36,769
 
768,043
Food — 1.4%
Chobani LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.98%, 10/28/32
237
237,613
Froneri US, Inc.
2024 USD Term Loan B4, (6-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.20%, 09/30/31
173
171,931
2025 USD Term Loan B6, (6-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.45%, 09/30/32
69
68,398
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo.
CME Term SOFR at 2.00% Floor + 6.50%), 10.23%,
03/29/30
4
4,495
Treehouse Foods, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.98%,
02/11/33
95
95,205
US Foods, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
10/03/31
160
160,588
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.23%,
01/29/32
27
26,788
 
765,018
Food Service — 0.0%
Aramark Services, Inc., 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.48%, 04/06/28
17
17,262
Gas — 0.0%
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
09/22/32
25
25,006
Health Care - Products — 1.4%
Hopper Merger Sub, Inc., 2026 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.99%, 04/07/33
465
457,123
Schedule of Investments
126
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Health Care - Products (continued)
Medline Borrower, LP, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 1.50%), 5.23%,
05/30/33
$214
$213,024
QuidelOrtho Corp., Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 7.73%, 08/20/32
67
66,733
 
736,880
Health Care - Services — 2.7%
AHP Health Partners, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.98%,
09/20/32
17
17,388
Bausch & Lomb Corp., 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.48%, 01/15/31
265
265,295
Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.14%,
06/30/31
50
50,037
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.73%, 07/26/31
69
68,965
DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%, 05/09/31
51
50,808
Examworks Bidco, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.23%,
02/06/33
105
105,729
ICON Luxembourg SARL, 2024 LUX Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
24
23,716
LifePoint Health, Inc., 2024 1st Lien Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.50%, 05/19/31
219
208,235
McKesson Medical-Surgical Top Holdings, Inc., Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.98%, 06/09/32
54
54,000
Option Care Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
09/22/32
112
112,418
Sotera Health Holdings LLC, 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 05/30/31
168
168,819
Star Parent, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.23%, 09/27/30
95
95,562
Surgery Center Holdings, Inc., 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.23%, 12/19/30
168
167,470
Team Health Holdings, Inc., 2026 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
4.00%), 7.82%, 06/30/28
40
39,616
 
1,428,058
Holding Companies - Diversified — 0.1%
Clue Opco LLC, Term Loan B, 12/19/30(d)
30
28,814
Home Furnishings — 0.7%
AI Aqua Merger Sub, Inc., 2026 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.15%, 07/05/33
250
250,000
Somnigroup International, Inc., Term Loan B, (1-mo.
SOFR + 2.25%), 5.89%, 10/24/31
15
14,898
Security
Par
(000
)
Value
Home Furnishings (continued)
Weber-Stephen Products LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.48%, 10/01/32
$112
$110,621
 
375,519
Hotels, Restaurants & Leisure — 0.5%
Allwyn Entertainment Financing U.S. LLC, 2025 Term
Loan B, 06/02/31(d)
30
29,456
Gaia Purchaser, Inc., Term Loan B, 06/25/33(d)
55
54,862
GVC Holdings (Gibraltar) Ltd., 2025 Term Loan B6
(2029), (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.98%, 10/31/29
50
50,032
Pioneer Opco LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 7.00%, 05/16/33
114
114,611
 
248,961
Household Products & Wares — 0.2%
Fortrex Sanitation LLC, 2025 Takeback Term Loan,
(1-mo. CME Term SOFR at 1.00% Floor + 1.10%),
4.83%, 03/10/31
6
5,759
Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 6.98%,
12/30/32
79
78,448
Reynolds Consumer Products LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.48%, 03/04/32
28
28,079
 
112,286
Housewares — 0.5%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
01/20/32
197
196,477
Restoration Hardware, Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.61%), 6.35%,
10/20/28
19
18,761
SWF Holdings I Corp.
2024 FLFO Delayed Draw Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 4.50%), 8.23%,
12/19/29
22
21,678
2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR
at 1.00% Floor + 4.50%), 8.23%, 12/19/29
16
16,258
 
253,174
Insurance — 5.5%
Acrisure LLC, 2024 1st Lien Term Loan B6, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
11/06/30
30
27,405
Alliant Holdings Intermediate LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.23%, 09/19/31
319
318,030
AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.73%,
01/30/32
208
205,947
Amynta Agency Borrower, Inc., 2026 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 12/29/31
205
204,001
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.83%, 02/15/31
207
204,302
Asurion LLC
2026 Term Loan B14, (3-mo. CME Term SOFR at
0.00% Floor + 3.75%), 7.57%, 02/23/33
70
65,391
2024 Term Loan B12, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.07%, 09/19/30
40
38,593
127
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Insurance (continued)
2025 Term Loan B13, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.07%, 09/19/30
$201
$195,714
2023 Term Loan B11, (3-mo. CME Term SOFR at
0.00% Floor + 4.35%), 8.17%, 08/19/28
11
10,570
CRC Insurance Group LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
05/06/31
229
224,874
HUB International Ltd., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/20/30
298
298,494
Hyperion Insurance Group Ltd., 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.48%, 04/18/30
10
9,622
Hyperion Refinance SARL, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.48%, 02/15/31
214
204,897
Jones DesLauriers Insurance Management, Inc., 2026
Repriced Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.00%), 6.82%, 02/02/33
184
180,130
OneDigital Borrower LLC, 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.73%, 07/02/31
21
20,359
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
09/15/31
106
105,419
Sedgwick Claims Management Services, Inc., 2023
Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.23%, 07/31/31
255
253,544
USI, Inc./New York
2024 Term Loan C, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 09/29/30
192
191,220
2024 Term Loan D, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 11/21/29
213
212,544
 
2,971,056
Internet — 1.5%
Barracuda Networks, Inc., 2022 Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 4.50%), 8.32%,
08/15/29
82
54,434
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.07%,
11/08/32
127
127,657
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.48%, 09/12/29
195
193,117
Go Daddy Operating Co. LLC, 2024 Term Loan B8,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.48%, 11/09/29
84
82,914
MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.98%, 12/31/31
42
37,880
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/31/28
197
193,866
StubHub Holdco Sub LLC, 2024 Extended Term Loan
B, (1-mo. CME Term SOFR + 4.75%), 8.48%,
03/15/30
136
135,956
 
825,824
Leisure Time — 0.5%
Alterra Mountain Co., 2025 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.23%,
05/31/30
94
93,504
Security
Par
(000
)
Value
Leisure Time (continued)
Bombardier Recreational Products, Inc., 2024 Term
Loan B4, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.98%, 01/22/31
$51
$51,512
Hayward Industries, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 5.73%,
06/23/33
46
46,280
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.23%,
08/03/28
73
72,881
 
264,177
Lodging — 1.3%
Aimbridge Acquisition Co., Inc.
2025 First Out Term Loan, (1-mo. CME Term SOFR
at 1.00% Floor + 5.61%), 9.28%, 03/11/30
20
19,685
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 7.61%), 11.28%,
03/11/30
19
18,454
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 6.98%,
01/27/29
158
157,626
Four Seasons Hotels Ltd., 2026 Term Loan B,
09/22/32(d)
26
26,006
Hilton Domestic Operating Co., Inc., 2023 Term Loan
B4, (1-mo. CME Term SOFR + 1.75%), 5.47%,
11/08/30
129
129,120
Hilton Grand Vacations Borrower LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.73%, 07/18/33
10
9,898
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.73%,
03/14/31
161
161,290
Turquoise Topco Ltd., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32
89
88,223
Wyndham Hotels & Resorts, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.48%, 05/24/30
110
109,653
 
719,955
Machinery — 2.3%
Arcline FM Holdings LLC, 2025 1st Lien Term Loan,
(6-mo. CME Term SOFR at 0.75% Floor + 2.75%),
6.60%, 06/23/30
100
100,242
Columbus McKinnon Corp., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.23%,
02/03/33
128
127,889
ESCO Technologies, Inc., Term Loan B, 05/27/33(d)(f)
36
35,910
Generac Power Systems, Inc., 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.40%, 07/03/31
49
49,347
Indicor LLC, 2026 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
11/22/29
73
73,495
INNIO North America Holding, Inc., 2026 USD Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.40%, 11/02/31
137
135,891
Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.47%,
05/06/32
70
69,901
Tega MC Australia Holdings Pty Ltd., Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.16%, 06/01/33
54
54,237
Schedule of Investments
128
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Machinery (continued)
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B,
(6-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.70%, 04/30/30
$360
$361,472
WEC US Holdings, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.65%,
01/27/31
236
235,245
 
1,243,629
Machinery - Diversified — 0.3%
Engineered Machinery Holdings, Inc., 2026 USD Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.49%, 11/26/32
12
12,029
LSF12 Helix Parent LLC, USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
02/10/33
133
131,526
 
143,555
Machinery- Construction & Mining — 0.2%
ACI Rover Parent LLC, 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/09/33
68
67,813
Knife River HoldCo, 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
03/08/32
20
19,908
 
87,721
Manufacturing — 0.6%
CompoSecure Holdings LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
01/14/33
154
153,363
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%, 07/06/29
22
22,512
Graham Packaging Co., Inc., 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 01/26/33
113
112,696
MSOF Beacon LLC, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 12/23/32
47
46,976
 
335,547
Media — 1.1%
CSC Holdings LLC, 2019 Term Loan B5, (Prime +
1.50%), 8.25%, 04/15/27
174
109,281
NEP Group, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.23%,
10/17/31
134
124,870
Nexstar Media, Inc., 2026 Term Loan B7, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.48%,
03/18/33
54
53,936
Numericable US LLC, 2025 USD Term Loan B14,
(3-mo. CME Term SOFR at 0.00% Floor + 6.88%),
10.63%, 05/31/31
104
105,718
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.61% and
1.50% PIK), 8.85%, 09/25/29(i)
181
161,307
Sunrise Financing Partnership, Term Loan AAA, (6-mo.
CME Term SOFR at 0.00% Floor + 2.47%), 6.34%,
02/15/32
40
39,255
Virgin Media Bristol LLC, 2020 USD Term Loan Q,
(1-mo. CME Term SOFR + 3.36%), 7.04%,
01/31/29
24
21,549
 
615,916
Security
Par
(000
)
Value
Metal Fabricate & Hardware — 0.3%
QTS Thunder Managing Issuer LLC, Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.03%, 07/22/33
$176
$173,360
Mining — 0.6%
Covia Holdings Corp., 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.50%, 02/26/32(f)
108
107,936
Novelis Corp., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%, 03/11/32
236
235,187
 
343,123
Oil & Gas — 0.2%
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.42%, 02/11/30
84
83,833
Oil & Gas Services — 0.1%
Deep Blue Operating I LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.90%,
10/01/32(f)
42
41,843
Packaging & Containers — 1.9%
Charter Next Generation, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.75% Floor +
2.50%), 6.17%, 11/29/30
216
215,754
Clydesdale Acquisition Holdings, Inc.
Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 3.18%), 6.91%, 04/13/29
20
19,510
2025 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 6.98%, 04/01/32
136
129,544
Labels Buyer LLC, 2026 USD PIK Takeback Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.38%), 6.03%, 05/11/33
81
67,763
Mauser Packaging Solutions Holding Co., 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.15%, 04/15/30
125
123,649
Pregis TopCo LLC, 2025 Refinancing Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.48%, 02/01/29
56
55,859
Proampac PG Borrower LLC, 2026 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.78%, 03/07/33
89
86,871
Ring Container Technologies Group LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.23%, 09/15/32
77
77,574
Sword Purchaser LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.73%,
04/11/33
200
192,322
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.48%,
09/15/28
73
67,993
 
1,036,839
Pharmaceuticals — 1.1%
Amneal Pharmaceuticals LLC, 2026 Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.73%, 08/02/32
181
181,909
Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
10/31/32
60
59,717
Endo Finance Holdings LP, 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.48%, 04/23/31
35
34,632
129
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pharmaceuticals (continued)
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 7.83%,
10/01/27
$51
$50,684
Jazz Financing Lux SARL, 2024 1st Lien Term Loan
B2, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 5.98%, 05/05/28
134
134,602
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
04/20/29
65
64,781
PRA Health Sciences, Inc., 2024 US Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
6
5,909
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.48%, 08/01/31
72
71,653
 
603,887
Pipelines — 1.5%
BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.73%,
12/06/30
20
20,009
Buckeye Partners LP, 2025 Term Loan B7, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
11/22/32
46
46,464
Calcasieu Pass Funding LLC, 2026 Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.95%, 04/11/33
86
86,524
Colossus Acquireco LLC, 2026 Term Loan B, (3-mo.
SOFR + 1.75%), 5.37%, 01/31/33
269
267,730
Crescent Midstream Intermediate Holdings LLC, Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
3.75%), 7.40%, 02/18/33
31
31,097
Freeport LNG Investments, LLLP, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 02/11/33
148
148,052
ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 1.98%), 5.71%,
10/11/30
50
49,903
M6 ETX Holdings II Midco LLC, 2025 1st Lien Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 04/01/32
58
58,659
NGL Energy Partners LP, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.18%,
03/11/33
56
56,105
Traverse Midstream Partners LLC, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.04%, 07/14/33
32
31,960
 
796,503
Real Estate — 0.5%
CoreLogic, Inc., 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.97%, 07/25/31
229
219,959
Cushman & Wakefield U.S. Borrower LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 5.98%, 06/13/33
43
42,674
 
262,633
Real Estate Investment Trusts — 0.4%
Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.73%,
01/31/31
60
59,439
NEXUS Buyer LLC, 2025 Incremental Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.73%, 07/31/31
70
68,205
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.48%, 05/20/30
$70
$70,078
 
197,722
Retail — 2.8%
Boots Group Finco LP, USD Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.92%,
08/30/32
111
111,719
Burger King (Restaurant Brands International,
Inc.)/New Red Finance, Inc., 2024 Term Loan B6,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.48%, 09/20/30
116
115,553
EG America LLC, 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.92%,
02/10/31
179
179,503
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31
116
100,858
IRB Holding Corp., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.23%,
12/16/30
119
119,338
LBM Acquisition LLC, 2024 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.75% Floor + 3.85%),
7.57%, 06/06/31
60
47,517
LS Group OpCo Acquistion LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 04/23/31
109
108,905
Murphy Oil USA, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.40%, 04/07/32
33
32,928
Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/14/32
21
20,942
QXO Building Products, Inc.
2025 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.73%, 04/30/32
82
81,994
2026 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.73%, 07/01/33
212
211,589
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 10/19/29
371
370,403
 
1,501,249
Semiconductors — 0.3%
Gryphon Acquire Newco LLC, Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.41%,
09/13/32
92
91,885
MKS, Inc., 2026 USD Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.42%, 02/04/33
86
86,041
 
177,926
Software — 8.7%
Applied Systems, Inc., 2024 1st Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 02/24/31
211
207,107
Avalara, Inc., 2025 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 03/26/32
90
84,934
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
11/25/31
123
120,488
Boxer Parent Co., Inc., 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.42%, 07/30/31
273
248,658
Schedule of Investments
130
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Software (continued)
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
06/17/30
$31
$30,457
CCC Intelligent Solutions, Inc., Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 5.73%,
01/23/32
38
37,967
Central Parent LLC, 2026 CoOp Steerco Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 07/06/29
184
117,362
Cloud Software Group, Inc.
2025 Term Loan B (2031), (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.98%, 03/21/31
193
174,634
2025 Term Loan B (2032), (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.98%, 08/13/32
173
154,316
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.85%), 7.58%, 10/08/28
43
38,361
Coreweave Financing DDTL V LLC
1st Lien Delayed Draw Term Loan, 09/30/31(d)
106
106,133
Delayed Draw Term Loan, (1-mo. SOFR + 4.50%),
8.14%, 11/17/31
115
114,716
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term
SOFR + 2.75%), 6.40%, 05/01/31
189
177,014
Darktrace Finco U.S. LLC, 1st Lien Term Loan, (3-mo.
CME Term SOFR + 3.25%), 6.99%, 10/09/31
80
72,824
Dayforce Bidco LLC, 2026 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.82%,
02/04/33
215
199,873
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR + 4.25%), 7.98%, 06/26/31
58
54,966
Ellucian Holdings, Inc., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.23%, 10/09/29
146
140,670
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME
Term SOFR at 0.75% Floor + 2.75%), 6.48%,
05/30/31
216
206,107
Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.75%,
09/15/32
195
186,554
Genesys Cloud Services, Inc., 2025 USD Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 01/30/32
172
165,406
Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.07%,
03/22/32
265
198,367
Mitchell International, Inc.
2026 Add-on Term Loan, (1-mo. CME Term SOFR
at 0.50% Floor + 3.00%), 6.73%, 06/17/31
30
29,100
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR
+ 5.25%), 8.98%, 06/17/32
33
30,310
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.07%, 07/01/31
54
49,894
OAK-Eagle Acquireco, Inc., USD Term Loan B,
08/04/33(d)
340
341,744
PointClickCare Technologies, Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.57%, 11/03/31
73
72,383
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.26%), 8.08%,
06/02/28
153
136,179
Security
Par
(000
)
Value
Software (continued)
Project Boost Purchaser LLC, 2025 Refinancing Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.48%, 07/16/31
$80
$78,586
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/28/30
48
40,635
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.26%), 6.99%, 04/24/28
153
145,983
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
05/09/31
136
136,162
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.07%, 02/10/31
240
229,781
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.07%, 04/12/31
155
148,513
Waystar Technologies, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
10/22/29(f)
60
59,931
Zelis Payments Buyer, Inc.
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
6.48%, 09/28/29
108
105,685
5th Amendment Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.98%,
11/26/31
215
210,560
 
4,652,360
Storage & Warehousing — 0.1%
TransMontaigne Partners LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.98%,
03/16/30
80
79,674
Telecommunications — 1.3%
Coral-U.S. Co-Borrower, LLC, 2021 Term Loan B6,
10/15/29(d)
40
39,493
Digicel International Finance Ltd., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.23%, 08/06/32(d)
46
45,915
Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.12%,
03/03/33
69
69,265
Level 3 Financing, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
03/29/32
236
236,663
Windstream Services LLC, 2025 Term Loan B, 0.00%,
10/06/32(f)
117
117,411
Zayo Group Holdings, Inc., 2025 USD Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%
and 0.50% PIK), 7.35%, 03/11/30(i)
183
183,099
 
691,846
Transportation — 1.5%
Carrix, Inc.
2026 Delayed Draw Term Loan, 0.00%, 07/27/33
18
17,821
2026 Term Loan B, 07/27/33(d)
89
89,104
GB AIT Buyer, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 8.07%,
04/29/33
60
59,891
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
04/10/31
328
326,720
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.35%), 10.08%,
12/15/26(f)
38
37,489
131
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Transportation (continued)
PODS LLC, 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.18%, 05/14/31
$64
$61,827
Rand Parent LLC, 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.82%,
03/18/30
174
173,756
Stonepeak Nile Parent LLC, 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.66%,
04/09/32
30
29,925
 
796,533
Total Floating Rate Loan Interests — 85.0%
(Cost: $46,547,209)
45,637,565
 
Shares
 
Common Stocks
Containers & Packaging — 0.0%
Labels Buyer LLC, NVS
14
1,162
Diversified Consumer Services — 0.0%
Luxco Co. Ltd., NVS
623
11,917
Food Products — 0.0%
Hearthside Equity, NVS
276
4,719
Health Care Providers & Services — 0.1%
United Site Services, Inc., NVS(f)
1,827
18,270
Hotels, Restaurants & Leisure — 0.0%
Aimbridge Acquisition Co., Inc., NVS
459
17,595
Leisure Products — 0.0%
Fortrex Technologies, Inc., NVS(f)
257
4,112
Total Common Stocks — 0.1%
(Cost $73,580)
57,775
Investment Companies
Exchange Traded Funds — 3.2%
iShares Broad USD High Yield Corporate Bond
ETF(b)(j)
47,000
1,728,660
Total Investment Companies — 3.2%
(Cost $1,725,917)
1,728,660
Preferred Stocks
Containers & Packaging — 0.1%
Labels Buyer LLC, Preference Shares, NVS
25
19,875
Software — 0.0%
Veritas Kapital Assurance PLC, Series G-1, Preference
Shares, NVS
76
1,520
Security
Shares
Value
Software (continued)
Veritas Kapital Assurance PLC, Series G, Preference
Shares, NVS
111
$2,220
 
3,740
Total Preferred Stocks — 0.1%
(Cost $23,925)
23,615
Warrants
Packaging & Containers — 0.0%
Labels Buyer LLC
25
47
Total Warrants — 0.0%
(Cost $0)
47
Total Long-Term Investments — 89.5%
(Cost: $48,957,774)
48,044,656
Short-Term Securities
Money Market Funds — 17.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.81%(j)(k)(l)
1,915,517
1,916,092
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.65%(j)(k)
7,180,000
7,180,000
Total Short-Term Securities — 17.0%
(Cost: $9,096,076)
9,096,092
Total Investments — 106.5%
(Cost: $58,053,850)
57,140,748
Liabilities in Excess of Other Assets — (6.5)%
(3,476,009
)
Net Assets — 100.0%
$53,664,739
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
All or a portion of this security is on loan.
(c)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(d)
Represents an unsettled loan commitment at period end. Certain details associated
with this purchase are not known prior to the settlement date, including coupon rate.
(e)
Rounds to less than 1,000.
(f)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(g)
Issuer filed for bankruptcy and/or is in default.
(h)
Non-income producing security.
(i)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
(l)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
132
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$1,351,543
$564,764
(a)
$—
$(150
)
$(65
)
$1,916,092
1,915,517
$2,220
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
5,960,000
1,220,000
(a)
—
—
—
7,180,000
7,180,000
244,079
—
iShares 0-5 Year High Yield Corporate Bond
ETF(c)
871,560
—
(864,675
)
13,548
(20,433
)
—
—
35,034
—
iShares Broad USD High Yield Corporate Bond
ETF
673,020
1,450,628
(366,792
)
(8,611
)
(19,585
)
1,728,660
47,000
85,053
—
iShares iBoxx $ High Yield Corporate Bond ETF(c)
576,726
—
(578,427
)
37,863
(36,162
)
—
—
8,388
—
 
 
 
 
$42,650
$(76,245)
$10,824,752
 
$374,774
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to
and from borrowers of securities.
(c)
As of period end, the entity is no longer held.
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.45.V4
5.00%
Quarterly
12/20/30
CCC+
USD
735
$60,062
$54,944
$5,118
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR, 3.66%
At
Termination
Markit iBoxx USD Liquid
Leveraged Loan Index
Quarterly
Barclays Bank
PLC
N/A
09/20/26
USD
288
$1,105
$(2,470)
$3,575
1-day SOFR, 3.66%
At
Termination
Markit iBoxx USD Liquid
Leveraged Loan Index
Quarterly
Morgan Stanley
& Co.
International
PLC
N/A
09/20/26
USD
1,000
22,999
(9,017)
32,016
1-day SOFR, 3.66%
At
Termination
Markit iBoxx USD Liquid
Leveraged Loan Index
Quarterly
Morgan Stanley
& Co.
International
PLC
N/A
09/20/26
USD
712
4,139
(6,109)
10,248
 
 
 
 
 
 
 
 
 
$28,243
$(17,596)
$45,839
133
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
 
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps 
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally Cleared Swaps(a)
$54,944
$—
$5,118
$—
OTC Swaps
—
(17,596
)
45,839
—
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within
the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$—
$5,118
$—
$—
$—
$—
$5,118
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$—
$—
$—
$45,839
$—
$45,839
 
$—
$5,118
$—
$—
$45,839
$—
$50,957
Liabilities—Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
$—
$—
$—
$—
$17,596
$—
$17,596
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current
day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended July 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Swaps
$—
$5,951
$—
$—
$(9,150
)
$—
$(3,199
)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps
$—
$4,402
$—
$—
$(13,302
)
$—
$(8,900
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Credit default swaps:
Average notional value — sell protection
$668,625
Total return swaps:
Average notional value
$2,500,000
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
134
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
 
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Swaps - centrally cleared
$445
$—
Swaps - OTC(a)
45,839
17,596
Total derivative assets and liabilities in the Statements of Assets and Liabilities
46,284
17,596
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(445
)
—
Total derivative assets and liabilities subject to an MNA
$45,839
$17,596
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)
Barclays Bank PLC
$3,575
$(2,470
)
$—
$—
$1,105
Morgan Stanley & Co. International PLC
42,264
(15,126
)
—
—
27,138
 
$45,839
$(17,596
)
$—
$—
$28,243
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)
Barclays Bank PLC
$2,470
$(2,470
)
$—
$—
$—
Morgan Stanley & Co. International PLC
15,126
(15,126
)
—
—
—
 
$17,596
$(17,596
)
$—
$—
$—
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Corporate Bonds & Notes
$—
$455,763
$—
$455,763
Fixed Rate Loan Interests
—
141,231
—
141,231
Floating Rate Loan Interests
—
44,864,863
772,702
45,637,565
Common Stocks
—
35,393
22,382
57,775
Investment Companies
1,728,660
—
—
1,728,660
Preferred Stocks
—
23,615
—
23,615
Warrants
—
47
—
47
Short-Term Securities 
Money Market Funds
9,096,092
—
—
9,096,092
Unfunded Floating Rate Loan Interests(a)
—
550
—
550
135
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Floating Rate Loan Active ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Short-Term Securities (continued)
Liabilities
Unfunded Floating Rate Loan Interests(a)
$—
$(274
)
$(376
)
$(650
)
 
$10,824,752
$45,521,188
$794,708
$57,140,648
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$5,118
$—
$5,118
Interest Rate Contracts
—
45,839
—
45,839
 
$—
$50,957
$—
$50,957
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps.  Swaps are valued at the unrealized appreciation (depreciation) on the instrument.   
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Floating
Rate Loan
Interests
Preferred
Stocks
Unfunded
Floating
Rate Loan
Interests
Total
Assets:
Opening balance, as of July 31, 2025
$102,264
$781,451
$4,208
$—
$887,923
Transfers into Level 3(a)
—
229,456
—
—
229,456
Transfers out of Level 3(b)
(74,184
)
(181,876
)
(4,208
)
—
(260,268
)
Accrued discounts/premiums
—
2,400
—
—
2,400
Net realized gain (loss)
35,742
(38,136
)
—
—
(2,394
)
Net change in unrealized appreciation (depreciation)(c)(d)
(26,529
)
11,457
—
(376
)
(15,448
)
Purchases
24,837
722,430
—
—
747,267
Sales
(39,748
)
(754,480
)
—
—
(794,228
)
Closing balance, as of July 31, 2026
$22,382
$772,702
$—
$(376
)
$794,708
Net change in unrealized appreciation (depreciation) on investment still held at July
31, 2026(d)
$(2,359
)
$1,174
$—
$(376
)
$(1,561
)
 (a)As of July 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of July 31, 2026, the Fund used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.
 (b)As of July 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of July 31, 2026, the Fund used observable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy.
 (c)Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.
 (d)Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2026 is
generally due to investments no longer held or categorized as Level 3 at period end.
 
The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.  Such valuations are based on unobservable inputs.  A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
Schedule of Investments
136
Schedule of Investments
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Municipal Debt Obligations
Alabama — 8.1%
Alabama Highway Authority, RB, 5.00%, 09/01/41
(AG)
$950
$1,027,286
Baldwin County Industrial Development Authority, RB,
AMT, 5.00%, 06/01/55(a)(b)
1,100
1,133,357
Black Belt Energy Gas District, RB
2.51%, 10/01/52(b)
1,120
1,119,505
4.00%, 10/01/49(b)
1,075
1,079,666
5.00%, 02/01/30
465
482,355
5.00%, 05/01/31
300
312,444
5.00%, 06/01/31
3,185
3,323,910
5.00%, 12/01/31
2,530
2,630,452
5.00%, 07/01/33
2,560
2,647,391
5.00%, 12/01/34
2,405
2,525,086
5.00%, 03/01/55(b)
4,375
4,532,234
5.00%, 10/01/55(b)
2,075
2,149,315
5.25%, 02/01/53(b)
1,275
1,329,316
5.25%, 01/01/54(b)
605
633,142
5.50%, 11/01/53(b)
900
935,575
5.50%, 10/01/54(b)
700
745,422
County of Jefferson Sewer Revenue, RB, 5.25%,
10/01/42
1,000
1,064,423
Energy Southeast A Cooperative District, RB
5.00%, 11/01/33
2,455
2,569,031
5.50%, 11/01/53(b)
1,000
1,056,133
5.75%, 04/01/54(b)
225
244,277
Southeast Alabama Gas Supply District (The), RB,
5.00%, 06/01/49(b)
3,000
3,112,984
Southeast Energy Authority A Cooperative District, RB
4.00%, 11/01/51(b)
1,315
1,326,977
4.24%, 05/01/53 (1-day SOFR)(b)
2,050
2,050,897
5.00%, 10/01/30
2,670
2,830,149
5.25%, 11/01/55(b)
2,155
2,270,485
5.50%, 01/01/53(b)
505
533,766
Tuscaloosa County Industrial Development Authority,
RB, 5.25%, 05/01/44(a)
101
102,437
 
43,768,015
Alaska — 0.1%
Alaska Housing Finance Corp., RB, 4.00%, 12/01/48
700
703,294
California — 6.3%
Bay Area Toll Authority, RB, 5.00%, 04/01/61(b)
1,000
1,106,204
California Community Choice Financing Authority, RB
4.40%, 12/01/53(b)
750
765,744
5.00%, 03/01/56(b)
275
287,061
5.00%, 10/01/56(b)
4,140
4,368,953
California Housing Finance Agency, RB, 3.60%,
07/01/56(b)
3,900
3,900,090
California Infrastructure & Economic Development
Bank, RB, AMT
3.50%, 01/01/65(a)(b)
2,325
2,324,387
12.00%, 01/01/65(a)(b)
2,240
1,433,600
California Municipal Finance Authority, RB, 6.00%,
06/01/38(a)(b)
200
196,609
California Municipal Finance Authority, RB, AMT,
4.00%, 07/15/29
500
502,676
California Pollution Control Financing Authority,
RB, AMT
2.88%, 08/17/26(a)(b)
360
359,951
4.25%, 07/01/31(b)
525
530,662
Security
Par
(000
)
Value
California (continued)
California Statewide Communities Development
Authority, RB
5.00%, 10/01/28(a)
$4,000
$4,163,714
5.80%, 06/01/36(a)
670
648,505
City of Los Angeles Department of Airports, RB, AMT
5.00%, 08/31/26
475
476,702
5.00%, 05/15/30
430
431,524
5.00%, 05/15/34
355
390,105
5.00%, 05/15/35
500
548,234
5.00%, 05/15/36
685
687,400
5.00%, 05/15/39
1,000
1,064,888
Hidden Valley Lake Community Services District, SA,
3.50%, 09/02/32
361
346,688
Riverside County Community Facilities Districts, ST,
3.88%, 09/01/28
405
403,945
Sacramento Housing Authority, RB, 5.80%,
07/01/38(a)
500
476,796
San Diego Unified School District California, GO,
Series C, 0.00%, 07/01/38(c)
1,945
1,245,173
San Francisco City & County Airport Commission San
Francisco International Airport, RB, 5.25%,
05/01/45
1,130
1,200,572
San Francisco City & County Airport Comm-San
Francisco International Airport, RB, AMT, 5.00%,
05/01/33
500
544,322
Southern California Public Power Authority, RB,
5.00%, 11/01/33
3,565
3,732,854
Yosemite Community College District, GO, 0.00%,
08/01/38(c)
2,700
1,656,247
 
33,793,606
Colorado — 2.5%
City & County of Denver Airport System Revenue,
RB, AMT
5.00%, 12/01/35
1,010
1,035,685
5.75%, 11/15/34
200
224,713
City & County of Denver Co. Airport System Revenue,
RB, AMT, 5.00%, 11/15/41
895
927,743
City of Colorado Springs Utilities System Revenue,
RB, 5.00%, 11/15/44
2,210
2,361,119
Colorado Health Facilities Authority, RB
5.00%, 11/15/36
550
604,703
5.00%, 11/15/57(b)
330
359,928
5.00%, 11/15/60(b)
285
306,083
Colorado Housing and Finance Authority, RB, 5.75%,
11/01/53 (GNMA COLL)
2,205
2,326,083
Denver City & County Housing Authority, RB, 5.00%,
06/01/29
415
428,982
Denver City & County School District No. 1, GO
5.00%, 12/01/35 (SAW)
1,860
1,871,935
5.00%, 12/01/36 (SAW)
640
643,896
E-470 Public Highway Authority, RB
0.00%, 09/01/35(c)
1,205
843,668
VRDN, 3.15%, 09/01/39 (1-day SOFR)(b)
910
907,805
State of Colorado, COP, 5.00%, 03/15/37
675
681,233
 
13,523,576
Connecticut — 2.7%
Aquarion Water Authority, RB
0.00%, 08/01/43 (BAM)(c)
470
213,093
5.25%, 02/01/31
905
982,963
5.25%, 08/01/38
800
885,909
137
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Connecticut (continued)
Connecticut Housing Finance Authority, RB, 1.85%,
05/15/38
$200
$145,592
Connecticut State Health & Educational Facilities
Authority, RB
5.00%, 12/01/30
740
745,405
5.00%, 07/01/36
175
198,073
State of Connecticut Special Tax Revenue, RB
5.00%, 07/01/38
220
236,423
5.00%, 07/01/39
5,000
5,473,398
State of Connecticut, GO
5.00%, 03/15/35
125
140,264
5.00%, 08/15/38
4,230
4,650,885
5.00%, 11/15/40
895
965,584
 
14,637,589
Delaware — 0.3%
Delaware State Economic Development Authority, RB,
4.00%, 10/01/45(b)
1,455
1,430,805
Delaware Transportation Authority, RB, 5.00%,
09/01/26
315
315,574
 
1,746,379
District of Columbia — 1.5%
District of Columbia Housing Finance Agency, RB,
3.20%, 09/01/40(b)
415
414,937
District of Columbia Income Tax Revenue, RB
5.00%, 06/01/40
175
189,290
5.00%, 06/01/40
2,000
2,178,466
District of Columbia Water & Sewer Authority, RB,
5.00%, 10/01/41
685
734,933
District of Columbia, GO
5.00%, 06/01/38
1,080
1,191,516
5.00%, 06/01/39
1,500
1,640,554
Metropolitan Washington Airports Authority Aviation
Revenue, RB, AMT
5.00%, 10/01/34
300
325,981
5.00%, 10/01/37
295
310,119
5.25%, 10/01/41
585
627,708
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, RB, 0.00%, 10/01/27 (AG)(c)
395
381,526
 
7,995,030
Florida — 3.3%
Brevard County Health Facilities Authority, RB, 5.00%,
07/01/34
2,415
2,648,463
County of Broward FL Airport System Revenue, RB,
5.00%, 10/01/28
1,105
1,148,109
County of Broward FL Airport System Revenue, RB,
AMT, 5.00%, 10/01/35
1,570
1,589,193
County of Lee Florida Airport Revenue, RB, 5.25%,
10/01/47
795
825,159
County of Lee Florida Airport Revenue, RB, AMT
5.00%, 10/01/56(b)
2,620
2,770,925
5.25%, 10/01/44
1,240
1,312,206
County of Miami-Dade Florida Aviation Revenue, RB,
5.00%, 10/01/41
1,250
1,348,310
County of Miami-Dade Florida, GO, Series A, 5.00%,
07/01/38
1,075
1,081,443
County of Miami-Dade Seaport Department RB, AMT,
5.00%, 10/01/36
1,330
1,398,083
County of Osceola Transportation Revenue, RB
5.00%, 10/01/33
735
754,356
5.00%, 10/01/39
985
993,963
Security
Par
(000
)
Value
Florida (continued)
Florida Development Finance Corp., RB, AMT, 4.38%,
10/01/54(a)(b)
$250
$250,776
Kissimmee Park Community Development District,
SA, 5.00%, 05/01/30
555
549,017
Miami-Dade County Expressway Authority, RB,
5.00%, 07/01/30
250
250,324
Palmetto Ridge Community Development District, SA,
4.13%, 05/01/31
565
559,241
Pinery Community Development District, SA, 4.25%,
05/01/31
500
488,343
 
17,967,911
Georgia — 3.5%
City of Atlanta GA Department of Aviation, RB, AMT,
5.25%, 07/01/42
300
319,300
City of Atlanta GA Water & Wastewater Revenue, RB
5.00%, 11/01/39
2,195
2,424,700
5.00%, 11/01/43
1,735
1,874,036
County of DeKalb Water & Sewerage Revenue, RB,
5.00%, 10/01/42
1,000
1,073,292
Development Authority of Cobb County. (The), RB,
5.70%, 06/15/38(a)
100
100,222
Georgia Housing & Finance Authority, RB, 4.05%,
12/01/35 (GNMA/FNMA/FHLMC)
250
246,998
Main Street Energy, Inc., RB
5.00%, 10/01/33
2,905
3,041,732
5.00%, 12/01/33
1,120
1,162,748
Main Street Natural Gas, Inc., RB
4.00%, 03/01/50(b)
720
720,673
5.00%, 12/01/29
850
877,194
5.00%, 05/15/37
500
522,835
5.00%, 07/01/53(b)
50
52,298
5.00%, 09/01/53(b)
920
966,197
5.00%, 12/01/54(b)
500
519,715
5.00%, 05/01/55(b)
270
281,376
5.00%, 12/01/55(b)
500
519,470
Newnan Housing Authority, RB, 6.00%, 08/01/44
(FHLMC COLL)(b)
530
523,944
State of Georgia, GO
3.00%, 08/01/37
820
749,404
5.00%, 07/01/43
2,575
2,811,576
 
18,787,710
Hawaii — 0.4%
State of Hawaii Airports System Revenue, RB, AMT,
5.00%, 07/01/42
2,250
2,368,536
Idaho — 0.8%
Idaho Health Facilities Authority, RB, 5.00%,
03/01/60(b)
1,810
1,959,699
Idaho Housing & Finance Association, RB
5.00%, 08/15/43
1,750
1,875,194
5.75%, 08/01/45 (FHLMC COLL)(a)(b)
540
537,801
 
4,372,694
Illinois — 4.9%
Chicago Board of Education, GO
5.50%, 12/01/32
625
656,798
6.00%, 12/01/38
1,900
2,026,982
Chicago O'Hare International Airport, RB
5.00%, 01/01/31
2,145
2,286,888
Series B, 5.00%, 01/01/37
570
573,184
Series B, 5.00%, 01/01/38
1,925
1,934,967
Schedule of Investments
138
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Illinois (continued)
Chicago O'Hare International Airport, RB, AMT
5.00%, 01/01/37
$1,765
$1,891,917
5.25%, 01/01/42
1,500
1,579,918
Chicago Transit Authority Capital Grant Receipts
Revenue, RB
5.00%, 06/01/27
670
680,473
5.00%, 06/01/28
785
812,594
City of Chicago Illinois, GO, 5.00%, 01/01/27
100
100,475
City of Granite City Illinois, RB, 1.25%, 05/01/27
670
654,634
Illinois Finance Authority, RB
5.00%, 08/01/31
1,255
1,350,053
5.00%, 02/15/32
250
251,994
Illinois Housing Development Authority, RB, 6.25%,
10/01/56 (GNMA/FNMA/FHLMC)
750
836,668
Illinois State Toll Highway Authority, RB
5.00%, 01/01/30
785
787,527
5.00%, 01/01/47
1,230
1,283,723
Metropolitan Water Reclamation District of Greater
Chicago, GO, 5.00%, 12/01/31
1,180
1,187,378
Northern Illinois Municipal Power Agency, RB, 4.00%,
12/01/36
100
95,738
Rock Island County School District No. 41 Rock
Island, GO, 5.00%, 01/01/42 (AGC)
350
361,919
State of Illinois, GO
5.00%, 10/01/30
385
410,555
5.00%, 04/01/34
500
545,284
5.00%, 11/01/34
1,120
1,123,107
5.00%, 02/01/37
100
107,475
5.00%, 09/01/43
1,000
1,035,950
5.25%, 04/01/44
3,000
3,176,658
Series B, 5.00%, 10/01/30
850
882,039
 
26,634,898
Indiana — 1.5%
Indiana Finance Authority, RB
5.00%, 10/01/34
775
776,858
5.00%, 02/01/40
325
352,277
5.00%, 10/01/42
625
665,518
5.00%, 10/01/57(b)
1,970
2,156,633
Indiana Municipal Power Agency, RB
5.00%, 01/01/40
1,975
2,128,910
5.00%, 01/01/41
1,000
1,070,678
5.00%, 01/01/42
1,000
1,067,781
 
8,218,655
Iowa — 0.0%
PEFA Inc., RB, 5.00%, 09/01/49(b)
210
210,308
Kansas — 0.5%
State of Kansas Department of Transportation, RB,
5.00%, 09/01/43
1,745
1,874,707
University of Kansas Hospital Authority, RB, 5.00%,
03/01/55(b)
565
596,777
 
2,471,484
Kentucky — 2.1%
City of Henderson Kentucky, RB, AMT, 3.70%,
01/01/32(a)
100
99,711
Kentucky Economic Development Finance Authority,
RB, 2.90%, 04/01/31(b)
2,045
2,045,000
Kentucky Public Energy Authority, RB
4.00%, 02/01/50(b)
1,050
1,057,740
5.00%, 01/01/55(b)
3,000
3,123,926
Security
Par
(000
)
Value
Kentucky (continued)
5.25%, 06/01/55(b)
$660
$693,978
Kentucky State Property & Building Commission, RB
5.00%, 10/01/42
1,040
1,108,167
5.00%, 03/01/45
3,000
3,175,875
 
11,304,397
Louisiana — 0.5%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB,
Class A,2.00%, 06/01/30
175
163,405
Louisiana Public Facilities Authority, RB, AMT, 4.38%,
05/01/53(a)(b)
2,000
2,006,451
Parish of St. James Louisiana, RB
3.70%, 08/01/41(b)
100
100,153
6.10%, 06/01/38(a)(b)
500
542,957
 
2,812,966
Maryland — 0.9%
City of Baltimore Maryland, RB, 4.00%, 06/01/35(a)
200
191,742
County of Baltimore Maryland, GO, 5.00%, 03/01/35
1,295
1,460,202
County of Montgomery Maryland, GO, 5.00%,
12/01/35
2,160
2,443,030
Maryland Economic Development Corp., RB, 5.00%,
06/01/35
500
510,788
Montgomery County Housing Opportunities
Commission, RB, 3.85%, 07/01/34 (FHA 542(C))
365
363,979
 
4,969,741
Massachusetts — 2.7%
Commonwealth of Massachusetts, GOL, 5.00%,
06/01/47
900
947,678
Massachusetts Bay Transportation Authority Sales Tax
Revenue, RB
5.00%, 07/01/36
1,025
1,163,557
5.00%, 07/01/47
2,500
2,627,015
Massachusetts Clean Water Trust (The), RB, 5.00%,
02/01/43
4,000
4,347,202
Massachusetts Development Finance Agency, RB
1.25%, 05/01/27(a)
1,000
977,067
5.00%, 10/01/42(b)
880
957,794
5.00%, 10/01/65(b)
950
1,050,016
Massachusetts Port Authority, RB, 5.25%, 07/01/48
1,750
1,823,611
Massachusetts School Building Authority, RB, 5.00%,
02/15/41
350
378,596
 
14,272,536
Michigan — 0.9%
Great Lakes Water Authority Water Supply System
Revenue, RB, 5.00%, 07/01/46
2,000
2,107,316
Michigan Finance Authority, RB
1.20%, 10/15/38(b)
1,350
1,292,885
5.00%, 08/20/26
610
610,592
5.25%, 02/29/40
100
104,872
Michigan State Hospital Finance Authority, RB, 5.00%,
08/15/55(b)
215
230,715
Michigan Strategic Fund, RB, AMT
5.00%, 12/31/26
150
150,787
5.00%, 06/30/29
490
503,374
 
5,000,541
Minnesota — 1.2%
City of Rochester MN, RB, 5.00%, 11/15/38
1,495
1,648,732
Minnesota Housing Finance Agency, RB, 6.00%,
01/01/53 (GNMA/FNMA/FHLMC COLL)
4,105
4,346,239
139
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Minnesota (continued)
State of Minnesota, GO, 5.00%, 08/01/34
$500
$561,600
 
6,556,571
Missouri — 0.3%
Kansas City Industrial Development Authority, RB,
AMT, 5.00%, 03/01/34
750
771,742
Missouri Housing Development Commission, RB,
5.75%, 05/01/57 (GNMA/FNMA/FHLMC)
875
952,065
 
1,723,807
Nebraska — 1.0%
Central Plains Energy Project, RB, 5.00%, 05/01/53(b)
1,170
1,211,592
Nebraska Investment Finance Authority, RB, 6.25%,
03/01/55 (GNMA/FNMA/FHLMC)
725
798,570
Omaha Public Power District Nebraska City Station
Unit 2, RB, 5.00%, 02/01/49
3,000
3,087,880
 
5,098,042
Nevada — 0.7%
Clark County School District, GOL
5.00%, 06/15/36
1,000
1,001,068
5.00%, 06/15/39
1,000
1,077,925
County of Clark Department of Aviation, RB, 5.25%,
07/01/45
1,130
1,191,374
County of Washoe Nevada, RB
3.63%, 03/01/36(b)
275
275,127
4.13%, 03/01/36(b)
90
90,571
 
3,636,065
New Hampshire — 1.6%
New Hampshire Business Finance Authority, RB
4.13%, 04/20/43(b)
2,157
2,077,900
4.25%, 07/20/41
1,023
965,593
4.40%, 02/20/43(b)
1,443
1,430,383
5.13%, 01/28/43(b)
1,585
1,559,698
New Hampshire Housing Finance Authority, RB,
6.25%, 07/01/55 (GNMA/FNMA/FHLMC)
2,155
2,369,832
 
8,403,406
New Jersey — 3.0%
Middlesex County Improvement Authority, RB
5.00%, 06/01/36(a)
400
400,581
5.50%, 06/01/30(a)
500
504,422
New Jersey Economic Development Authority, RB,
5.00%, 06/15/28
225
234,485
New Jersey Educational Facilities Authority, RB
5.00%, 07/01/35
1,510
1,533,073
5.00%, 09/01/38
100
106,581
New Jersey Higher Education Student Assistance
Authority, RB, AMT, 5.00%, 12/01/33
450
481,163
New Jersey Housing & Mortgage Finance Agency,
RB, 3.50%, 05/01/29 (HUD SECT 8)
240
241,369
New Jersey Transportation Trust Fund Authority, RB
5.00%, 06/15/32
750
817,575
5.00%, 06/15/35
1,110
1,224,011
5.00%, 06/15/37
290
311,548
5.00%, 06/15/43
1,000
1,052,438
5.00%, 06/15/43
595
629,278
Series A, 0.00%, 12/15/34(c)
2,015
1,466,784
Series A, 0.00%, 12/15/37(c)
3,200
1,998,038
New Jersey Turnpike Authority, RB, 5.00%,
01/01/54(b)
3,000
3,305,342
Tobacco Settlement Financing Corp., RB
5.00%, 06/01/29
570
588,111
5.00%, 06/01/34
945
968,255
Security
Par
(000
)
Value
New Jersey (continued)
5.00%, 06/01/35
$500
$511,414
 
16,374,468
New York — 7.2%
City of New York, GO
5.00%, 08/01/36
350
386,145
5.00%, 02/01/42
500
527,785
Long Island Power Authority, RB
5.00%, 09/01/34
150
166,910
5.00%, 09/01/35
30
33,618
Metropolitan Transportation Authority Dedicated Tax
Fund, RB, 5.00%, 11/15/31
225
226,168
Metropolitan Transportation Authority, RB
5.00%, 11/15/33
520
522,249
5.00%, 11/15/43
1,355
1,425,039
Series B-1, 5.00%, 11/15/36
1,360
1,365,458
New York City Housing Development Corp., RB,
3.13%, 11/01/65 (HUD SECT 8)(b)
605
594,728
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
3.25%, 11/01/65(b)
1,550
1,539,452
3.75%, 05/01/65(b)
465
467,889
5.00%, 11/01/32
740
813,762
5.00%, 11/01/33
905
998,748
5.00%, 11/01/39
2,780
3,000,707
5.00%, 07/15/40 (SAW)
2,000
2,175,534
5.00%, 11/01/41
500
535,256
5.00%, 11/01/42
1,800
1,908,107
5.00%, 05/01/44
185
194,465
5.00%, 11/01/45
450
475,922
New York Counties Tobacco Trust VI, 5.00%,
06/01/36
730
730,288
New York Counties Tobacco Trust VI, RB, 5.00%,
05/01/38
1,000
1,090,033
New York Energy Finance Development Corp., RB,
5.00%, 07/01/56(b)
1,100
1,118,431
New York State Dormitory Authority, RB
5.00%, 10/01/38 (AG SAW)
1,000
1,088,113
5.00%, 03/15/39
500
540,697
5.00%, 03/15/42
630
671,832
Series A, 5.00%, 03/15/36
1,225
1,227,619
New York State Environmental Facilities Corp.,
RB, AMT
4.25%, 09/01/50(a)(b)
500
506,651
5.13%, 09/01/50(a)(b)
250
261,500
New York State Housing Finance Agency, RB, 1.75%,
05/01/30
505
463,516
New York State Thruway Authority, RB
5.00%, 03/15/40
1,000
1,079,622
5.00%, 09/15/44
3,000
3,189,945
5.00%, 01/01/50
1,000
1,029,385
New York Transportation Development Corp., RB,
6.00%, 06/30/50
800
846,449
New York Transportation Development Corp.,
RB, AMT
4.00%, 12/01/42
250
226,509
5.00%, 12/01/26
450
452,480
5.00%, 01/01/28
275
281,454
5.00%, 12/01/31
605
643,311
5.00%, 01/01/33
710
722,942
6.00%, 06/30/40
500
550,451
Schedule of Investments
140
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
New York (continued)
Port Authority of New York & New Jersey, RB, 5.00%,
09/15/30
$2,240
$2,296,595
Port Authority of New York & New Jersey, RB, AMT,
5.00%, 09/01/41
565
594,556
Triborough Bridge & Tunnel Authority, RB
5.00%, 11/15/38
100
108,822
5.00%, 11/15/42
650
698,984
5.00%, 11/15/42
150
161,672
5.00%, 11/15/43
1,000
1,076,518
 
39,016,317
North Carolina — 1.2%
County of Wake North Carolina, GO, 5.00%, 05/01/40
1,000
1,085,269
Cumberland County Industrial Facilities & Pollution
Control Financing Authority, RB, AMT, 3.13%,
12/01/27(b)
1,925
1,923,661
North Carolina Medical Care Commission, RB, 3.45%,
11/01/30
250
245,278
North Carolina Turnpike Authority, RB, 5.00%,
01/01/30
300
311,850
State of North Carolina, RB
5.00%, 03/01/35
260
290,468
5.00%, 03/01/39
2,320
2,517,505
 
6,374,031
Ohio — 4.4%
Buckeye Tobacco Settlement Financing Authority, RB,
4.00%, 06/01/39
200
194,429
City of Columbus Ohio, GOL, 5.00%, 04/01/32
600
660,362
Ohio Air Quality Development Authority, RB, 4.00%,
09/01/30(b)
230
231,140
Ohio Air Quality Development Authority, RB, AMT
3.70%, 10/01/28
3,325
3,338,422
3.75%, 01/01/29
2,480
2,492,044
4.25%, 11/01/39(b)
615
619,042
4.50%, 01/15/48(a)
200
187,532
Ohio Housing Finance Agency, RB, 6.00%, 03/01/55
(GNMA/FNMA/FHLMC COLL)
1,605
1,732,286
Ohio Water Development Authority Water Pollution
Control Loan Fund, RB, 5.00%, 12/01/34
1,235
1,386,633
Ohio Water Development Authority, RB
5.00%, 12/01/42
1,005
1,082,173
5.00%, 12/01/42
2,500
2,709,605
5.00%, 12/01/43
1,000
1,079,924
5.00%, 12/01/44
2,195
2,346,932
5.00%, 12/01/44
1,330
1,428,527
5.00%, 12/01/46
550
584,135
Port of Greater Cincinnati Development Authority, RB,
3.75%, 12/01/31(a)
250
252,509
State of Ohio, GO
5.00%, 05/01/38
400
444,744
5.00%, 03/01/39
1,200
1,323,084
State of Ohio, RB, AMT, 5.00%, 12/31/39
1,500
1,483,357
 
23,576,880
Oklahoma — 0.8%
Oklahoma City Public Property Authority, RB, 5.00%,
06/01/31
2,930
3,178,480
Oklahoma Housing Finance Agency, RB, 4.00%,
03/01/50 (GNMA/FNMA/FHLMC)
440
442,925
Oklahoma Turnpike Authority, RB, 5.00%, 01/01/41
515
553,989
 
4,175,394
Security
Par
(000
)
Value
Oregon — 3.2%
City of Portland Oregon, GOL, 5.00%, 05/01/40
$2,500
$2,726,945
Lane County School District No 19 Springfield, GO,
0.00%, 06/15/33(c)
1,115
878,273
Multnomah County School District No. 1J Portland,
GO, 5.00%, 06/15/39 (GTD)
1,625
1,784,253
Port of Morrow Oregon, GOL, 5.15%, 10/01/26(a)
2,360
2,360,328
Port of Portland Airport Revenue, RB, AMT
5.00%, 07/01/33
500
543,986
5.00%, 07/01/41
1,000
1,044,603
5.00%, 07/01/43
300
311,125
5.25%, 07/01/41
665
702,905
Port of Portland OR Airport Revenue RB, AMT, 5.00%,
07/01/38
345
365,700
Port of Portland OR Airport Revenue, RB, 5.25%,
07/01/42
5,000
5,301,008
Salem-Keizer School District No. 24J, GO, 0.00%,
06/15/27 (GTD)(c)
1,250
1,219,023
 
17,238,149
Pennsylvania — 4.2%
Allentown Neighborhood Improvement Zone
Development Authority, RB, 5.50%, 05/01/32(a)
410
435,511
Commonwealth Financing Authority, RB
5.00%, 06/01/34
1,615
1,662,386
5.00%, 06/01/35
1,605
1,611,590
Commonwealth of Pennsylvania, GO, 5.00%,
04/01/42
5,000
5,388,799
Pennsylvania Economic Development Financing
Authority, RB, 5.00%, 03/15/60(b)
535
576,384
Pennsylvania Economic Development Financing
Authority, RB, AMT
5.50%, 06/30/38
500
531,188
5.50%, 06/30/42 (AGM)
395
419,687
Pennsylvania Higher Educational Facilities
Authority, RB
5.00%, 08/15/40
250
266,615
5.25%, 11/01/38
2,000
2,127,206
Pennsylvania Housing Finance Agency, RB
2.00%, 10/01/32
445
387,447
4.25%, 10/01/52
615
621,152
5.25%, 04/01/32
125
134,743
5.25%, 10/01/32
150
162,178
5.25%, 04/01/33
225
243,287
5.25%, 10/01/33
275
298,338
Pennsylvania Turnpike Commission, RB
5.00%, 12/01/42
1,095
1,174,949
5.00%, 12/01/43
650
691,367
School District of Philadelphia (The), GOL, 5.00%,
09/01/31 (SAW)
2,150
2,328,104
State Public School Building Authority, RB, 5.00%,
06/01/32 (AG SAW)
3,540
3,558,754
 
22,619,685
Puerto Rico — 0.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, 4.33%, 07/01/40
250
244,099
Rhode Island — 0.4%
Rhode Island Health and Educational Building
Corp., RB
5.00%, 09/15/28 (SAP)
230
230,439
5.00%, 09/15/35
585
591,493
141
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Rhode Island (continued)
Rhode Island Housing & Mortgage Finance Corp., RB
4.25%, 04/01/51 (GNMA COLL)
$885
$895,668
5.00%, 10/01/41 (GNMA COLL)
250
261,579
 
1,979,179
South Carolina — 1.9%
Charleston Housing Authority South Carolina, RB,
4.50%, 09/01/35
1,000
994,330
City of Hardeeville South Carolina, SA, 3.00%,
05/01/27(a)
45
44,465
South Carolina Jobs-Economic Development
Authority, RB
4.00%, 03/01/62(b)
145
142,273
5.00%, 11/01/34
575
628,967
5.00%, 11/01/38
1,000
1,058,961
5.00%, 11/01/49(b)
225
243,976
5.25%, 11/01/42
1,225
1,321,908
5.50%, 11/01/46
1,000
1,065,866
5.50%, 11/01/49
1,000
1,052,656
South Carolina Public Service Authority, RB
5.00%, 12/01/29
205
205,204
5.00%, 12/01/31
1,030
1,030,873
5.00%, 12/01/43
300
316,166
South Carolina State Housing Finance & Development
Authority, RB, 6.25%, 01/01/56
(GNMA/FNMA/FHLMC)
1,680
1,858,070
 
9,963,715
Tennessee — 1.3%
Metropolitan Government of Nashville & Davidson
County Tennessee, GO, 5.00%, 01/01/36
785
883,902
Metropolitan Nashville Airport Authority (The), RB
5.00%, 07/01/36
510
553,656
5.00%, 07/01/45
200
206,632
Metropolitan Nashville Airport Authority (The),
RB, AMT
5.00%, 07/01/35
1,730
1,882,376
5.00%, 07/01/41
2,510
2,639,244
Tennergy Corp. Tennessee, RB, 5.50%, 10/01/53(b)
750
789,952
 
6,955,762
Texas — 15.1%
Alvin Independent School District Texas, GO, 5.00%,
02/15/39 (PSF)
1,200
1,316,101
Austin Independent School District, GO
5.00%, 08/01/30 (PSF)
225
225,349
5.00%, 08/01/39 (PSF)
1,325
1,441,682
Board of Regents of the University of Texas
System, RB
5.00%, 08/15/36
350
393,386
5.00%, 08/15/38
2,205
2,478,519
Central Texas Regional Mobility Authority, RB, 5.00%,
01/01/27
1,195
1,205,932
Central Texas Turnpike System, RB, 5.00%, 08/15/34
895
984,081
City of Austin Texas Airport System Revenue, RB,
AMT, 5.00%, 11/15/36
280
302,372
City of Austin Texas Water & Wastewater System
Revenue, RB, 5.00%, 11/15/38
850
932,518
City of Austin Texas, GOL, 5.00%, 09/01/45
1,190
1,253,293
City of Austin Water & Wastewater System Revenue,
RB, 5.00%, 11/15/36
1,145
1,149,318
City of El Paso Water & Sewer Revenue, RB, 5.00%,
03/01/42
960
1,009,697
Security
Par
(000
)
Value
Texas (continued)
City of Galveston Wharves & Terminal Revenue, RB,
AMT, 5.00%, 08/01/33
$500
$535,714
City of Houston Airport System Revenue, RB, AMT
5.25%, 07/01/36
715
790,224
5.50%, 07/15/37
100
107,224
City of Houston Texas Airport System Revenue,
RB, AMT
5.00%, 07/01/34 (AG)
1,000
1,076,370
5.50%, 07/01/45
960
1,031,829
City of Houston Texas, GOL, 5.00%, 03/01/41
2,175
2,314,261
City of San Antonio Texas Airport System, RB, 5.25%,
07/01/45
1,000
1,057,377
City of San Antonio Texas Electric & Gas Systems
Revenue, RB
2.90%, 02/01/55(b)
1,000
991,645
5.00%, 02/01/40
2,000
2,151,614
County of Dallas Texas, GOL, 5.00%, 08/15/45
735
783,898
County of Hays Texas, SA, 4.50%, 09/15/35(a)
300
297,872
Crowley Independent School District, GO, 5.00%,
02/01/40 (PSF)
1,640
1,773,814
Dallas Fort Worth International Airport, RB, 5.00%,
11/01/31
2,025
2,175,823
Dallas Fort Worth International Airport, RB, AMT
5.00%, 11/01/32
1,000
1,079,473
5.25%, 11/01/41
1,435
1,525,868
5.25%, 11/01/43
2,930
3,092,482
Del Mar College District, GOL, 5.00%, 08/15/30
420
420,299
Harris County Cultural Education Facilities Finance
Corp., RB, 5.00%, 12/01/36
855
942,970
Harris County Industrial Development Corp., RB,
4.05%, 11/01/50(b)
1,975
2,027,902
Houston Independent School District, GOL, 5.00%,
02/15/27 (PSF)
255
258,064
Leander Independent School District, GO, 5.00%,
08/15/39 (PSF)
560
606,260
Lewisville Independent School District, GO, 5.00%,
08/15/42 (PSF)
880
934,443
Lower Colorado River Authority, RB
5.00%, 05/15/40 (BAM)
750
804,657
5.00%, 05/15/45(b)
475
510,031
Matagorda County Navigation District No. 1, RB
2.60%, 11/01/29
590
574,734
4.00%, 06/01/30
3,550
3,551,038
Mission Economic Development Corp., RB, AMT,
4.00%, 06/01/54(b)
2,005
2,016,746
New Hope Cultural Education Facilities Finance
Corp., RB
4.00%, 08/15/34
750
749,617
5.25%, 08/15/41
160
173,676
New Hope Higher Education Finance Corp., RB,
Series A, 5.00%, 06/15/30(a)
250
231,421
Newark Higher Education Finance Corp., RB, 5.00%,
08/15/37
1,000
985,341
North Texas Tollway Authority, RB, 0.00%, 01/01/38
(AG)(c)
2,785
1,742,681
Port Arthur Housing Authority, RB, 3.90%, 04/01/36
(FNMA COLL)
1,000
985,862
San Antonio Independent School District Texas, GO,
5.00%, 08/15/30 (PSF)
265
265,385
San Antonio Water System, RB, 5.00%, 05/15/42
1,250
1,335,604
Schedule of Investments
142
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Texas (continued)
Spring Independent School District, GO, 5.00%,
08/15/40 (PSF)
$635
$683,756
State of Texas, GO
5.00%, 08/01/31
2,455
2,635,236
5.00%, 10/01/32
1,270
1,400,960
5.00%, 08/01/40
2,100
2,274,524
5.00%, 10/01/42
1,850
1,990,770
Tarrant County Cultural Education Facilities Finance
Corp., RB
5.00%, 10/01/33
1,000
1,071,908
5.00%, 11/15/39
2,645
2,838,994
5.00%, 11/15/40
540
576,795
5.00%, 12/01/43
2,280
2,399,198
5.00%, 11/15/51(b)
1,650
1,780,533
5.00%, 11/15/51(b)
2,460
2,690,630
5.00%, 11/15/64(b)
410
432,132
5.00%, 11/15/64(b)
725
786,510
Terrell Independent School District Texas, GO, 5.00%,
08/01/41 (PSF)
1,000
1,065,150
Texas Department of Housing & Community Affairs,
RB, 6.00%, 01/01/57 (GNMA COLL)
1,075
1,187,003
Texas Municipal Gas Acquisition & Supply Corp. I, RB,
3.33%, 12/15/26(b)
1,170
1,170,128
Texas Municipal Gas Acquisition & Supply Corp. II, RB
3.28%, 09/15/27(b)
110
110,165
3.50%, 09/15/27(b)
2,000
2,004,015
Texas Municipal Gas Acquisition & Supply Corp. V,
RB, 5.00%, 01/01/55(b)
520
538,934
Texas Transportation Finance Corp., RB, 5.00%,
10/01/43
1,295
1,372,973
 
81,604,781
Utah — 0.6%
City of Salt Lake City Airport Revenue, RB, AMT,
5.00%, 07/01/36
1,000
1,081,792
City of Salt Lake City Utah Airport Revenue, RB, AMT,
5.00%, 07/01/35
1,355
1,476,483
Downtown Revitalization Public Infrastructure District,
RB, 5.00%, 06/01/35 (AG)
475
526,673
 
3,084,948
Virginia — 0.4%
Virginia Housing Development Authority, RB, 2.05%,
12/01/33
270
229,374
Virginia Public School Authority, RB, 4.00%, 02/01/34
(SAW)
1,615
1,660,458
 
1,889,832
Washington — 3.2%
Energy Northwest, RB, 5.00%, 07/01/40
400
432,481
Port of Seattle WA, RB, 5.25%, 07/01/41
1,250
1,329,560
Port of Seattle WA, RB, AMT, 5.00%, 08/01/42
545
561,421
Port of Seattle Washington, RB, AMT
5.00%, 04/01/32
435
452,075
5.25%, 10/01/41
1,000
1,069,095
Seattle Housing Authority, RB, 5.00%, 12/01/29
500
517,840
State of Washington, GO
5.00%, 08/01/31
600
600,000
5.00%, 02/01/40
4,000
4,374,585
5.00%, 02/01/41
1,565
1,673,707
5.00%, 08/01/47
3,000
3,161,262
Vancouver Housing Authority, RB
5.00%, 08/01/32
100
104,028
Security
Par
(000
)
Value
Washington (continued)
5.00%, 08/01/35
$130
$135,963
5.00%, 08/01/40
500
501,911
Washington Economic Development Finance
Authority, RB, AMT, 5.88%, 12/01/45(b)
1,000
1,013,391
Washington Health Care Facilities Authority, RB
5.00%, 08/01/30
100
104,844
5.00%, 08/01/49(b)
1,355
1,355,000
 
17,387,163
West Virginia — 0.1%
West Virginia Hospital Finance Authority, RB, 5.00%,
06/01/36
550
555,367
Wisconsin — 0.6%
Public Finance Authority, RB, 3.63%, 06/15/63(b)
1,270
1,258,179
Wisconsin Health & Educational Facilities
Authority, RB
4.20%, 08/15/28
30
30,001
5.00%, 11/15/35
725
727,423
Wisconsin Housing & Economic Development
Authority Home Ownership Revenue, RB, 5.75%,
09/01/56 (GNMA/FNMA/FHLMC)
1,000
1,078,425
 
3,094,028
Total Municipal Debt Obligations — 96.0%
(Cost: $522,311,664)
517,111,555
 
Shares
 
Warrants
Internet Infrastructure Software — 0.0%
Brightline West (Expires 11/26/35, Strike Price
USD 5.00)(d)
90,016
180,032
Total Warrants — 0.0%
(Cost $0)
180,032
Total Long-Term Investments — 96.0%
(Cost: $522,311,664)
517,291,587
Short-Term Securities
Money Market Funds — 3.7%
BlackRock Liquidity Funds: MuniCash, 2.19%(e)(f)
20,175,900
20,177,918
Total Short-Term Securities — 3.7%
(Cost: $20,177,918)
20,177,918
Total Investments — 99.7%
(Cost: $542,489,582)
537,469,505
Other Assets Less Liabilities — 0.3%
1,481,341
Net Assets — 100.0%
$538,950,846
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Zero-coupon bond.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(e)
Affiliate of the Fund.
143
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Intermediate Muni Income Active ETF
 
(f)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds: MuniCash
$5,797,475
$14,380,443
(a)
$—
$—
$—
$20,177,918
20,175,900
$392,909
$—
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Municipal Debt Obligations
$—
$517,111,555
$—
$517,111,555
Warrants
—
—
180,032
180,032
Short-Term Securities 
Money Market Funds
20,177,918
—
—
20,177,918
 
$20,177,918
$517,111,555
$180,032
$537,469,505
See notes to financial statements.
Schedule of Investments
144
Schedule of Investments
July 31, 2026
iShares Short-Term California Muni Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Municipal Debt Obligations
California — 99.9%
Amador Water Agency Water Revenue, RB, 5.00%,
09/01/30 (AG)
$650
$702,352
Anaheim Redevelopment Successor Agency, TA, 5.00%,
02/01/28
425
439,578
Bay Area Toll Authority, RB
VRDN, 1.50%, 08/07/26(a)(b)
185
185,000
VRDN, 2.70%, 08/03/26(a)(b)
7,000
7,000,000
VRDN, 2.70%, 08/03/26(a)(b)
4,000
4,000,000
VRDN, 1.60%, 08/07/26(a)(b)
5,000
5,000,000
VRDN, 2.75%, 08/03/26(a)(b)
5,900
5,900,000
Burbank-Glendale-Pasadena Airport Authority Brick
Campaign, RB
2.37%, 08/10/26(a)
2,000
1,999,853
5.00%, 07/01/29
305
320,546
5.00%, 07/01/30
1,940
2,063,742
California Community Choice Financing Authority Clean
Energy Project, RB, VRDN, 2.16%, 08/07/26(a)(b)(c)
460
460,000
California Community Choice Financing Authority, RB
4.00%, 09/01/27(a)
3,230
3,253,278
4.00%, 05/01/28(a)
3,910
3,943,827
5.00%, 09/01/27
410
417,046
5.00%, 10/01/28
770
793,881
5.00%, 11/01/28
150
154,691
5.00%, 12/01/28
800
813,713
5.00%, 03/01/29
1,000
1,034,185
5.00%, 05/01/29(a)
8,960
9,279,907
5.00%, 09/01/29
2,000
2,088,001
5.00%, 10/01/29
75
78,137
5.00%, 11/01/29
1,235
1,282,643
5.00%, 04/01/30
2,450
2,528,002
5.00%, 07/01/30
500
527,601
5.00%, 10/01/30
75
78,726
5.00%, 11/01/30
6,525
6,835,292
5.00%, 12/01/30(a)
5,380
5,602,708
5.00%, 02/01/31
500
520,843
5.00%, 04/01/31
1,250
1,290,147
5.25%, 01/01/30(a)
5,185
5,412,888
5.50%, 08/01/28(a)
3,145
3,258,573
5.50%, 08/01/30(a)
2,150
2,317,720
VRDN, 2.85%, 08/03/26(a)(b)(c)
3,400
3,400,000
California County Tobacco Securitization Agency, RB,
5.00%, 06/01/28
430
445,836
California Educational Facilities, RB, VRDN, 2.18%,
08/07/26(a)(b)(c)
4,275
4,275,000
California Health Facilities Financing Authority, RB
4.00%, 08/21/26
260
260,064
5.00%, 04/01/30(a)
3,000
3,195,861
VRDN, 2.55%, 08/03/26(a)(b)
2,700
2,700,000
VRDN, 2.85%, 08/03/26(a)(b)
7,300
7,300,000
California Housing Finance Agency, RB
2.60%, 03/01/29 (HUD SECT 8)(a)
500
486,760
2.75%, 11/01/28(a)
1,385
1,373,171
2.88%, 07/01/29(a)
1,000
989,672
2.90%, 12/01/28(a)
2,500
2,481,106
2.95%, 11/01/27(a)
3,000
2,996,350
2.95%, 07/01/28(a)
2,750
2,745,065
2.95%, 01/01/29(a)
1,000
993,622
3.50%, 02/01/30 (FHA 542(C))
460
461,681
VRDN, 1.50%, 08/07/26(a)(b)(c)
8,155
8,155,000
Security
Par
(000
)
Value
California (continued)
California Infrastructure & Economic Development Bank,
RB, VRDN, 2.16%, 08/07/26(a)(b)
$125
$125,000
California Municipal Finance Authority, RB
2.50%, 03/01/28(a)
2,000
1,958,231
2.90%, 08/01/28(a)
2,000
1,990,837
2.93%, 06/01/28(a)
2,000
1,990,804
2.95%, 12/01/28(a)
5,600
5,556,374
2.95%, 02/01/29(a)
4,500
4,460,121
3.00%, 07/01/28 (HUD SECT 8)(a)
1,500
1,495,157
3.00%, 08/01/28(a)
5,000
4,984,727
3.00%, 12/01/28(a)
6,000
5,961,081
3.25%, 03/01/29(a)
1,250
1,242,058
3.30%, 02/01/28(a)(c)
1,000
999,788
5.00%, 07/01/28(a)
150
156,094
California Municipal Finance Authority, RB, AMT
2.88%, 09/15/26(a)
4,000
3,998,396
2.88%, 06/01/27(a)
6,500
6,497,110
3.05%, 11/05/27(a)
2,500
2,498,549
3.38%, 06/05/28(a)
1,000
996,384
3.45%, 08/31/26(a)
1,500
1,503,588
3.45%, 12/01/26(a)
1,000
1,001,014
California Pollution Control Financing Authority, RB, AMT
2.88%, 08/17/26(a)(c)
6,000
5,999,178
2.95%, 10/15/26(a)
2,000
2,000,026
3.63%, 08/31/26
360
360,177
4.25%, 12/01/27
500
505,716
California State Public Works Board, RB
5.00%, 08/31/26
500
503,704
Series C, 5.00%, 11/01/26
1,000
1,005,548
Series F, 5.00%, 08/31/26
200
201,484
California State University
2.41%, 09/09/26
2,000
1,999,663
2.45%, 09/09/26
2,000
1,999,707
California Statewide Communities Development
Authority, RB
5.00%, 11/01/29(a)
1,500
1,590,697
5.00%, 04/01/30
725
769,798
5.00%, 04/01/30
955
1,011,580
5.00%, 10/01/30(c)
900
961,111
California Statewide Communities Development
Authority, SA, 4.00%, 09/02/28
785
790,247
Campbell Union School District, GO, 5.00%, 08/01/26
3,715
3,715,000
Central Valley Energy Authority, RB
5.00%, 08/01/30
250
259,658
VRDN, 2.16%, 08/07/26(a)(b)(c)
155
155,000
Chino Valley Unified School District, GO, VRDN, 2.17%,
08/07/26(a)(b)(c)
500
500,000
City of Long Beach Harbor Revenue, RB, AMT, 5.00%,
05/15/27
400
406,176
City of Los Angeles California, RB
2.85%, 10/01/28(a)
1,000
985,155
5.00%, 06/24/27
4,000
4,084,547
5.00%, 06/30/27
1,515
1,547,575
City of Los Angeles Department of Airports, RB
5.00%, 05/15/28
995
1,026,152
5.00%, 05/15/29
1,240
1,304,451
5.00%, 05/15/29
245
256,660
5.00%, 05/15/30
1,075
1,144,273
City of Los Angeles Department of Airports, RB, AMT
5.00%, 08/31/26
890
893,189
5.00%, 05/15/27
1,760
1,790,429
145
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Short-Term California Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
California (continued)
5.00%, 11/15/27
$720
$738,178
5.00%, 05/15/28
1,000
1,035,401
5.00%, 05/15/28
900
929,773
5.00%, 05/15/29
1,485
1,562,185
City of Modesto Water Revenue, COP, VRDN, 1.70%,
08/07/26 (AGM)(a)(b)
11,465
11,465,000
City of Pasadena California, COP, VRDN, 1.69%,
08/07/26(a)(b)
1,090
1,090,000
City of San Jose California, RB, 3.05%, 05/01/29(a)
2,500
2,478,713
Compton Community Redevelopment Successor Agency,
TA, 5.00%, 08/01/26 (AGM)
415
415,000
County of Riverside California, RB, 5.00%, 06/30/27
3,000
3,065,872
County of Sacramento Airport System Revenue, RB,
AMT, 5.00%, 07/01/30
700
744,120
County of Sacramento California Airport System Revenue
RB, AMT, 5.00%, 07/01/28
2,485
2,569,421
County of Sacramento California Airport System
Revenue, RB, 5.00%, 07/01/28
1,130
1,168,249
DEPARTMENT of APT, 2.41%, 08/03/26
2,000
2,000,014
East County Advanced Water Purification Joint Powers
Authority, RB
3.13%, 08/21/26
460
459,928
5.00%, 08/21/26
125
125,144
East Side Union High School District, GO, 5.00%,
08/01/29
100
106,814
Eastern Municipal Water District, RB, 2.65%,
08/03/26(a)(b)
1,145
1,145,000
El Monte City School District/CA, GO, 5.00%, 08/01/26
(AG)
1,615
1,615,000
El Rancho Unified School District, GO
5.00%, 08/01/28 (BAM)
125
131,013
5.50%, 08/01/27 (BAM)
110
113,325
Fullerton Redevelopment Successor Agency, TA, 4.00%,
09/01/26 (BAM)
375
375,336
Jefferson Union High School District, GO, 5.00%,
08/01/29
100
106,992
Jurupa Public Financing Authority, ST, 4.00%, 09/01/29
(BAM)
1,000
1,040,832
Jurupa Unified School District, GO, 5.00%, 08/01/27
1,000
1,025,543
Lake Elsinore Facilities Financing Authority Successor
Agency, ST, 5.00%, 09/01/29 (AG)
500
533,581
Los Angeles Calif Mun Impt Cor, 2.40%, 08/04/26
2,000
2,000,010
Los Angeles County, 2.40%, 08/04/26
500
500,005
Los Angeles Housing Authority, RB
3.00%, 07/01/28(a)
1,575
1,560,150
3.37%, 10/01/28(a)
3,200
3,196,999
Metropolitan Water District of Southern California, RB
VRDN, 1.60%, 08/07/26(a)(b)
2,400
2,400,000
VRDN, 1.50%, 08/07/26(a)(b)
5,600
5,600,000
VRDN, 1.75%, 08/07/26(a)(b)
5,900
5,900,000
Modesto Irrigation District, RB, 5.00%, 08/19/26
920
920,948
Mount Diablo Unified School District California, COP,
5.00%, 09/01/26 (AG)
620
621,130
Mount Diablo Unified School District California, GO,
5.00%, 08/01/29
550
588,130
M-S-R Energy Authority, RB, 6.13%, 11/01/29
515
534,734
Municipal Improvement Corp. of Los Angeles, 2.32%,
08/06/26
4,000
3,999,954
Municipal Improvement Corp. of Los Angeles, RB
5.00%, 11/01/29
330
351,869
5.00%, 11/01/30
5,000
5,411,873
Security
Par
(000
)
Value
California (continued)
Municipal Water District of Orange County Water
Facilities Corp., COP, VRDN, 1.77%, 08/07/26(a)(b)
$11,145
$11,145,000
Northern California Energy Authority, RB
5.00%, 08/01/26
375
375,000
5.00%, 05/01/30(a)
6,685
6,985,370
Ontario International Airport Authority, RB, 5.00%,
05/15/29 (AG)
425
446,393
Ontario Public Financing Authority, RB, 5.00%, 11/01/29
190
203,830
Pasadena California, GO, VRDN, 2.65%, 08/03/26(a)(b)(c)
5,000
5,000,000
Peralta Community College District, GO, 5.00%,
08/01/27
500
513,669
Pittsburg California Public Facilities Financing Authority,
RB, VRDN, 2.19%, 08/07/26 (AG)(a)(b)(c)
2,000
2,000,000
Pittsburg Successor Agency Redevelopment Agency, TA
5.00%, 09/01/29
1,000
1,062,899
5.00%, 09/01/30
650
700,225
Port of Los Angeles, RB, AMT, 5.00%, 08/01/29
465
490,184
Port of Oakland, RB, AMT
5.00%, 05/01/27
400
406,009
5.00%, 11/01/27
1,690
1,726,086
5.00%, 05/01/28
1,625
1,680,781
5.00%, 05/01/29
730
764,216
5.00%, 11/01/29
730
768,868
Poway Redevelopment Successor Agency, TA, 5.00%,
08/31/26
565
570,875
Poway Unified School District Public Financing Authority,
ST, 5.00%, 09/01/26
500
500,710
Public Facilities Financing Authority Of The City Of San
Diego/Lease Revenue, RB, VRDN, 2.19%,
08/07/26(a)(b)(c)
1,400
1,400,000
Riverside County Housing Authority, RB, VRDN, 1.71%,
08/06/26(a)(b)
345
345,000
Sacramento County Housing Authority, RB, VRDN,
1.71%, 08/07/26 (FANNIE MAE)(a)(b)
240
240,000
Sacramento Municipal Utility District, 2.50%, 08/04/26
4,000
4,000,041
San Diego California Unified School District, GO, VRDN,
2.19%, 08/07/26(a)(b)(c)
1,650
1,650,000
San Diego County Regional Airport Authority, RB, AMT
5.00%, 07/01/29
1,965
2,070,758
5.00%, 07/01/29
1,785
1,868,047
5.00%, 07/01/30
1,915
2,040,046
San Diego County Regional Transportation Commission,
2.40%, 09/01/26
3,000
2,999,580
San Diego County Water Authority, 2.25%, 11/18/26
1,500
1,498,777
San Diego Public Facilities Financing Authority, RB
VRDN, 2.16%, 08/07/26(a)(b)(c)
1,875
1,875,000
VRDN, 2.24%, 08/07/26(a)(b)(c)
4,600
4,600,000
VRDN, 2.85%, 08/03/26(a)(b)(c)
6,500
6,500,000
San Francisco California City and County, RB, VRDN,
2.16%, 08/07/26(a)(b)(c)
1,690
1,690,000
San Francisco City & County Airport Commission San
Francisco International Airport, RB
5.00%, 05/01/31
5,595
6,014,043
VRDN, 1.80%, 08/07/26(a)(b)
2,500
2,500,000
San Francisco City & County Airport Commission San
Francisco International Airport, RB, AMT
5.00%, 05/01/27
335
339,933
5.00%, 05/01/30
3,000
3,189,675
San Francisco City & County Airport Comm-San
Francisco International Airport, RB, AMT
5.00%, 05/01/28
1,145
1,182,131
Schedule of Investments
146
Schedule of Investments (continued)
July 31, 2026
iShares Short-Term California Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
California (continued)
5.00%, 05/01/29
$2,765
$2,902,697
5.00%, 05/01/30
2,160
2,296,566
San Francisco City & County Public Utilities Commission,
2.32%, 08/04/26
2,000
1,999,983
San Francisco City & County Public Utilities Commission
Power Revenue
2.30%, 08/05/26
2,221
2,220,978
2.50%, 12/01/26
400
399,794
San Francisco City & County Public Utility Commission
Water Revenue, 2.42%, 08/04/26
4,000
4,000,029
San Francisco City & County Redevelopment Successor
Agency, TA, 5.00%, 08/01/28 (AGC)
520
545,003
San Joaquin Valley Clean Energy Authority, RB, 5.00%,
07/01/29
840
867,486
San Juan Unified School District, GO, 5.00%, 08/01/26
1,460
1,460,000
San Mateo California Union High School District, GO,
VRDN, 2.70%, 08/03/26(a)(b)(c)
480
480,000
San Mateo County Transportation Authority, RB, VRDN,
1.69%, 08/07/26(a)(b)
3,300
3,300,000
San Mateo Union High School District, GO, Series C,
0.00%, 09/01/27 (NPFGC)(d)
400
388,471
Santa Clara County Financing Authority, RB, VRDN,
1.70%, 08/07/26(a)(b)
985
985,000
Santa Clara Valley Water District, 2.40%, 08/17/26
3,000
2,999,850
SD CNTY WTR Authority, 2.40%, 09/08/26
4,000
3,999,319
Sequoia Union High School District, GO, 4.00%,
08/31/26
440
440,544
Southern California Public Power Authority, RB
5.00%, 09/01/26
150
150,149
5.00%, 07/01/29
200
213,493
5.00%, 06/01/30(a)
4,900
5,083,561
5.00%, 11/01/30
1,200
1,253,182
VRDN, 2.60%, 08/03/26(a)(b)
300
300,000
State of California
2.40%, 09/01/26
2,000
1,999,721
2.48%, 09/14/26
2,000
1,999,871
State of California, GO
5.00%, 09/01/26
800
801,535
5.00%, 09/01/26
750
753,059
5.00%, 08/01/27
800
818,400
5.00%, 11/01/27
500
514,179
5.00%, 03/01/29
850
900,172
VRDN, 1.50%, 08/07/26(a)(b)
7,000
7,000,000
VRDN, 1.50%, 08/07/26(a)(b)
9,920
9,920,000
Security
Par
(000
)
Value
California (continued)
VRDN, 1.71%, 08/07/26(a)(b)
$2,800
$2,800,000
Temecula Valley Unified School District Financing
Authority, ST, 5.00%, 09/01/26
500
500,923
University of California, RB
VRDN, 1.80%, 08/07/26(a)(b)
2,900
2,900,000
VRDN, 1.90%, 08/07/26(a)(b)
2,500
2,500,000
VRDN, 2.70%, 08/03/26(a)(b)
3,210
3,210,000
Series AL 4, VRDN, 2.80%, 08/03/26(a)(b)
5,250
5,250,000
VRDN, 1.93%, 08/07/26(a)(b)
2,100
2,100,000
VRDN, 2.18%, 08/07/26(a)(b)(c)
1,325
1,325,000
VRDN, 2.70%, 08/03/26(a)(b)
7,500
7,500,000
Ventura California Unified School District, GO, VRDN,
2.85%, 08/03/26(a)(b)(c)
160
160,000
 
447,232,629
Total Long-Term Investments — 99.9%
(Cost: $448,370,018)
447,232,629
 
Shares
 
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds: MuniCash, 2.19%(e)(f)
543,417
543,471
Total Short-Term Securities — 0.1%
(Cost: $543,471)
543,471
Total Investments — 100.0%
(Cost: $448,913,489)
447,776,100
Other Assets Less Liabilities — 0.0%
41,200
Net Assets — 100.0%
$447,817,300
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(b)
Variable rate security. Rate as of period end and maturity is the date the principal
owed can be recovered through demand.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Zero-coupon bond.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds: MuniCash
$57,012
$486,459
(a)
$—
$—
$—
$543,471
543,417
$12,275
$—
 
(a)
Represents net amount purchased (sold).
147
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Short-Term California Muni Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Municipal Debt Obligations
$—
$447,232,629
$—
$447,232,629
Short-Term Securities 
Money Market Funds
543,471
—
—
543,471
 
$543,471
$447,232,629
$—
$447,776,100
See notes to financial statements.
Schedule of Investments
148
Schedule of Investments
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Municipal Debt Obligations
Alabama — 10.5%
Baldwin County Industrial Development Authority,
RB, AMT
4.30%, 03/01/56(a)(b)
$6,250
$6,196,357
5.00%, 06/01/55(a)(b)
2,500
2,575,812
Black Belt Energy Gas District, RB
5.00%, 12/01/31
11,095
11,535,520
5.00%, 05/01/32
4,670
4,624,408
5.00%, 07/01/33
8,000
8,273,096
5.00%, 12/01/34
9,775
10,103,839
5.00%, 12/01/35
2,500
2,595,567
5.00%, 11/01/36
7,000
7,222,799
5.25%, 05/01/55(b)
2,500
2,555,563
5.25%, 05/01/56(b)
4,620
4,657,018
5.50%, 10/01/54(b)
2,000
2,129,778
Energy Southeast A Cooperative District, RB, 5.25%,
07/01/54(b)
600
636,161
Hoover Industrial Development Board, RB, AMT,
5.75%, 10/01/49
3,250
3,325,934
Southeast Alabama Gas Supply District (The), RB,
5.00%, 08/01/54(b)
1,000
1,046,406
Southeast Energy Authority A Cooperative District, RB
5.00%, 11/01/35
4,000
4,139,044
5.00%, 05/01/55(b)
5,000
5,273,124
5.00%, 01/01/56(b)
6,000
6,022,653
5.50%, 01/01/53(b)
100
105,696
Stadium Trace Village Improvement District (The), RB,
3.63%, 03/01/36
1,050
952,357
Tuscaloosa County Industrial Development Authority,
RB, 5.25%, 05/01/44(a)
161
162,969
 
84,134,101
Arizona — 1.2%
Arizona Industrial Development Authority, RB
4.50%, 07/01/29(a)
385
384,926
5.25%, 07/01/37(a)
155
149,600
Glendale Industrial Development Authority, RB,
4.00%, 05/15/28
380
378,851
Industrial Development Authority of the County of
Pima. (The), RB, 5.00%, 06/15/49(a)
1,235
1,070,812
Maricopa County Industrial Development Authority, RB
5.50%, 05/01/36
1,000
1,023,915
7.38%, 10/01/29(a)
3,750
3,892,156
Sierra Vista Industrial Development Authority, RB
5.00%, 06/15/34(a)
1,000
993,033
5.38%, 06/15/34(a)
335
342,249
5.63%, 06/15/41(a)
1,115
1,087,534
5.75%, 06/15/53(a)
160
149,886
6.38%, 06/15/64(a)
500
492,935
 
9,965,897
Arkansas — 1.4%
Arkansas Development Finance Authority, RB
4.88%, 07/01/56(a)(b)
4,475
4,601,491
7.00%, 07/01/48(a)
1,000
1,095,357
7.38%, 07/01/56(a)
5,000
5,158,272
 
10,855,120
California — 8.4%
California Community Choice Financing Authority, RB
5.00%, 01/01/55(b)
4,150
4,234,734
5.00%, 02/01/55(b)
4,000
4,179,956
Security
Par
(000
)
Value
California (continued)
California County Tobacco Securitization Agency, RB,
5.00%, 06/01/47
$1,370
$1,278,502
California Enterprise Development Authority, RB
5.00%, 07/01/50(a)
600
565,853
7.00%, 08/15/26(a)
3,000
3,000,169
California Housing Finance Agency, RB
3.60%, 07/01/56(b)
5,100
5,100,117
5.80%, 04/01/36(a)
1,315
1,285,452
6.85%, 04/01/36(a)
286
279,854
California Infrastructure & Economic Development
Bank, RB, AMT, 12.00%, 01/01/65(a)(b)
12,465
7,977,600
California Municipal Finance Authority, RB
5.00%, 11/15/39
1,000
1,016,756
5.50%, 06/01/38(a)
800
800,039
5.88%, 05/01/59(a)
200
200,969
6.00%, 02/01/38(b)
1,400
1,367,053
6.00%, 06/01/38(a)(b)
1,100
1,081,350
6.05%, 07/01/41(a)
795
795,000
6.10%, 12/01/37
1,100
1,082,412
7.05%, 07/01/41(a)
550
546,507
7.10%, 02/01/38(b)
500
492,569
7.10%, 06/01/38(a)(b)
300
295,762
8.00%, 08/01/56(a)(b)
500
490,209
9.50%, 08/01/56(a)(b)
1,525
1,520,367
California Municipal Finance Authority, RB, AMT
4.00%, 07/15/29
7,200
7,238,539
5.00%, 12/31/38
4,935
5,003,861
California Pollution Control Financing Authority, RB,
5.00%, 07/01/39(a)
500
509,108
California Statewide Communities Development
Authority, RB
5.00%, 12/01/41(a)
500
500,106
5.00%, 12/01/46(a)
1,000
1,000,041
5.80%, 06/01/36(a)
3,155
3,053,782
6.85%, 06/01/36(a)
515
499,216
7.50%, 01/01/37(a)
4,850
4,677,683
California Statewide Financing Authority, RB, 0.00%,
06/01/55(a)(c)
4,250
249,242
CSCDA Community Improvement Authority, RB
4.00%, 07/01/56(a)
250
202,004
4.00%, 07/01/58(a)
100
52,682
Inland Empire Tobacco Securitization Corp., RB,
0.00%, 06/01/36(c)
1,205
604,176
Perris Joint Powers Authority, ST
3.38%, 09/01/28
465
460,751
3.75%, 09/01/28
420
416,302
Sacramento Housing Authority, RB
5.80%, 07/01/38(a)
600
572,155
6.80%, 07/01/38(a)
1,100
1,051,526
Snowline Joint Unified School District, ST, 3.50%,
09/01/29
545
535,157
Southern California Public Power Authority, RB,
5.00%, 11/01/33
1,800
1,884,751
Tobacco Securitization Authority of Southern
California, RB, 5.00%, 06/01/48
1,000
1,004,142
Upland Community Facilities District, ST, 3.50%,
09/01/27
470
468,066
 
67,574,520
Colorado — 2.6%
City & County of Denver Colorado, RB, AMT, 5.00%,
10/01/32
9,595
9,602,437
149
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Colorado (continued)
Colorado Educational & Cultural Facilities
Authority, RB
4.00%, 12/01/30(a)
$100
$97,120
4.00%, 07/01/31(a)
115
110,235
Colorado Health Facilities Authority, RB
5.00%, 05/15/49
100
75,906
5.25%, 11/01/39
65
68,959
E-470 Public Highway Authority, RB, VRDN, 3.15%,
09/01/39, (1-day SOFR)(b)(d)
455
453,902
Elbert County Independence Water & Sanitation
District, RB, 5.13%, 12/01/33
1,500
1,537,026
Four Corners Business Improvement District, GOL,
6.00%, 12/01/52
1,500
1,507,883
Granary Metropolitan District No 9 Special
Assessment District No 1, 5.45%, 12/01/44(a)
760
768,965
Independence Metropolitan District No. 3, GOL,
7.13%, 12/15/54
500
488,410
Loretto Heights Community Authority, RB, 4.88%,
12/01/51
500
393,508
Prairie Point Community Authority Board Special
Improvement District No. 1, SA, 5.00%, 12/01/35
2,500
2,510,208
Redtail Ridge Metropolitan District, GOL, 0.00%,
12/01/32(c)
2,193
1,423,143
Riverpark Metropolitan District/Arapahoe County,
GOL, 6.38%, 12/01/54
1,000
1,018,009
Wildgrass Metropolitan District, GO, 4.00%, 12/01/34
(BAM)
1,000
950,213
 
21,005,924
Connecticut — 0.5%
Aquarion Water Authority, RB, 0.00%, 08/01/44
(BAM)(c)
1,700
725,467
Connecticut State Health & Educational Facilities
Authority, RB, 5.38%, 07/01/54
205
191,671
Mohegan Tribal Finance Authority, RB, 7.00%,
02/01/45(a)
450
453,405
Stamford Housing Authority, RB
4.25%, 10/01/30
1,500
1,509,488
5.50%, 10/01/35
800
830,058
 
3,710,089
Delaware — 0.3%
Affordable Housing Opportunities Trust, RB, 6.88%,
05/01/39(a)
118
116,864
Delaware State Economic Development Authority, RB
4.00%, 10/01/40(b)
1,700
1,671,732
4.00%, 10/01/45(b)
800
786,697
 
2,575,293
District of Columbia — 0.1%
District of Columbia Tobacco Settlement Financing
Corp., RB, Series C, 0.00%, 06/15/55(c)
6,100
531,497
District of Columbia, RB, AMT, 5.50%, 02/28/37
90
98,612
 
630,109
Florida — 14.3%
Alachua County Housing Finance Authority, RB,
4.90%, 07/01/29(a)(b)
1,850
1,846,273
Arbor Park Phase 1 Community Development District,
SA, 5.75%, 05/01/35
2,000
2,047,169
Ave Maria Stewardship Community District, SA,
4.38%, 05/01/35
565
549,293
Security
Par
(000
)
Value
Florida (continued)
Babcock Ranch Community Independent Special
District, SA
4.25%, 05/01/32
$100
$99,570
5.00%, 05/01/42
1,000
1,004,112
Berry Bay II Community Development District, SA,
4.45%, 05/01/31
185
184,333
Boggy Creek Improvement District, SA, 5.13%,
05/01/43
435
434,974
Bradbury Community Development District, SA,
4.38%, 05/01/30
1,325
1,327,111
Brevard County Health Facilities Authority, RB, 4.00%,
11/15/32(a)
150
141,827
Brightshore Community Development District, SA,
5.30%, 05/01/46
1,745
1,691,033
Buckhead Trails Community Development District, SA
4.70%, 05/01/31
535
537,454
5.60%, 05/01/44
145
147,813
Cabot Citrus Farms Community Development District,
SA, 5.25%, 03/01/29
495
497,437
Capital Trust Agency, Inc., RB
4.88%, 06/15/56(a)
100
78,224
5.38%, 06/15/48(a)
230
212,832
Capital Trust Authority, RB, 5.00%, 07/01/36(a)
855
855,072
Center Lake Ranch West Community Development
District, SA, 4.25%, 05/01/35(a)
400
388,402
City of Pompano Beach Florida, RB, 5.00%, 09/01/39
1,590
1,590,361
Coastal Ridge Community Development District, SA,
4.40%, 05/01/30
1,840
1,847,533
Connerton East Community Development District, SA,
4.25%, 06/15/35
350
342,170
County of Lake Florida, RB, 5.00%, 01/15/39(a)
1,350
1,263,634
County of Miami-Dade Aviation Revenue, RB, AMT,
5.00%, 10/01/40
3,500
3,526,457
Crossings Community Development District, SA
4.75%, 05/01/31
175
175,756
5.35%, 05/01/44
780
784,061
Curiosity Creek Community Development District, SA
4.25%, 05/01/30(a)
400
395,903
4.50%, 05/01/35(a)
750
727,958
4.65%, 05/01/31(a)
200
200,336
Cypress Creek Reserve Community Development
District, SA, 4.20%, 05/01/30
750
750,958
Cypress Reserve Community Development District,
SA, 4.00%, 05/01/30(a)
300
293,464
Darby Community Development District, SA, 5.88%,
05/01/35
100
102,103
Dowden Central Community Development District, SA
4.00%, 05/01/31
220
217,426
4.35%, 05/01/36
275
267,901
East Ridge Community Development District, SA
4.25%, 05/01/31
900
888,461
4.65%, 05/01/36
1,385
1,354,955
Escambia County Health Facilities Authority, RB,
5.00%, 08/15/40
1,000
1,007,717
Firethorn Community Development District, SA,
4.35%, 05/01/35
880
854,590
Florida Development Finance Corp., RB
4.35%, 04/01/37(b)
4,000
3,972,791
4.55%, 06/01/46(a)(b)
5,500
5,498,140
6.00%, 06/15/50
400
393,825
Series A, 5.13%, 06/15/55(a)
495
410,630
Schedule of Investments
150
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Florida (continued)
Florida Development Finance Corp., RB, AMT
4.38%, 10/01/54(a)(b)
$2,880
$2,888,944
10.00%, 07/15/59(a)(b)(e)(f)
2,900
812,000
Florida Housing Finance Corp., RB, 5.00%, 06/01/57
1,950
1,891,980
Florida Local Government Finance Commission,
4.45%, 11/15/31(a)
1,000
1,002,637
Gas Worx Community Development District SA,
4.63%, 05/01/30(a)
345
348,076
Greater Orlando Aviation Authority, RB, AMT
5.25%, 11/01/34
3,150
3,338,129
5.50%, 11/01/36
1,000
1,071,260
Greenbriar Community Development District, SA
4.50%, 05/01/36
1,160
1,139,983
4.80%, 05/01/32
355
359,817
Hammock Oaks Community Development District, SA
4.50%, 05/01/32(a)
585
587,442
5.85%, 05/01/44
90
91,672
Harbor Reserve Community Development District, SA,
4.25%, 05/01/30
940
930,690
Harvest Hills South Community Development District,
SA, 4.50%, 05/01/35
375
364,498
Hickory Tree Community Development District, SA,
5.15%, 05/01/44
1,000
983,929
Hillcrest Preserve Community Development District,
SA, 5.00%, 05/01/44(a)
1,000
974,664
Horseshoe Creek Community Development District,
SA, 4.00%, 05/01/30
490
485,460
Hyde Park Community Development District No. 1,
SA, 5.25%, 05/01/34
1,495
1,494,974
Ibis Landing Community Development District, SA,
4.13%, 06/15/30
160
160,312
KD52 Community Development District No. 1, SA,
4.25%, 05/01/30
2,360
2,319,899
Kings Creek I Community Development District, SA
4.50%, 05/01/30
245
246,373
5.00%, 05/01/36
455
460,804
Kingston One Community Development District, SA,
4.25%, 05/01/30
1,000
998,613
Lakes of Sarasota Community Development District
2, SA
5.20%, 05/01/35
3,035
3,037,582
5.85%, 05/01/35
3,175
3,184,018
Lakes of Sarasota Community Development District,
SA, 5.25%, 05/01/34
1,830
1,848,522
Laurel Road Community Development District, SA,
4.00%, 05/01/30
355
353,653
Lee County Industrial Development Authority, Florida,
RB, 4.75%, 11/15/29
250
250,479
Lee County Industrial Development Authority/Florida,
RB, 5.25%, 10/01/44(a)
2,500
2,498,430
Lowery Hills Community Development District, SA,
4.55%, 05/01/32(a)
385
385,648
LTC Ranch West Residential Community
Development District, SA, 4.75%, 05/01/31
235
235,457
Madeira Community Development District, SA, 5.00%,
05/01/39
565
584,997
Magnolia Island Community Development District, SA,
5.55%, 05/01/45
745
748,230
Mainstreet at Coconut Creek Community
Development District, SA, 5.00%, 05/01/31
2,650
2,617,486
Security
Par
(000
)
Value
Florida (continued)
Malabar Springs Community Development District,
SA, 4.50%, 05/01/31
$330
$330,558
Mckendree Pointe Community Development District,
SA, 4.50%, 05/01/30
400
395,651
Miami-Dade County Industrial Development Authority,
RB, 5.00%, 06/15/41
810
825,846
New York City Transitional Finance Authority Building
Aid Revenue, SA, 4.25%, 06/15/35(a)
200
194,388
Newfield Community Development District, SA
4.40%, 05/01/30
765
768,465
5.00%, 05/01/35
795
817,248
Normandy Community Development District, SA
4.63%, 05/01/31(a)
1,700
1,699,253
5.30%, 05/01/44(a)
1,480
1,449,880
North Springs Improvement District, SA, 4.00%,
05/01/31
790
774,443
North-1 Pasco Community Development District, SA,
5.75%, 05/01/44
50
51,059
Northlake Stewardship District, SA, 4.10%, 05/01/31
325
320,795
Palmetto Ridge Community Development District, SA
4.10%, 05/01/31
685
677,291
4.50%, 05/01/36
710
695,035
Parrish Lakes II Community Development District, SA,
4.25%, 05/01/31
990
988,519
Parrish Plantation Community Development District,
SA, 5.63%, 05/01/44
250
255,243
PBR Community Development District, SA
5.00%, 03/01/48
1,335
1,299,922
5.13%, 03/01/56
1,000
954,970
Pinery Community Development District, SA, 4.50%,
05/01/36
500
479,668
Ranches at Lake Mcleod Community Development
District, SA
4.25%, 06/15/30
210
210,915
4.55%, 06/15/35
370
371,331
Reflection Bay Community Development District, SA,
4.50%, 05/01/30
265
266,658
Rustic Oaks Community Development District, SA,
3.20%, 05/01/32
1,000
938,454
School Board of Miami-Dade County (The), RB,
4.00%, 01/07/27
5,000
5,027,138
Solaeris Community Development District, SA, 4.63%,
05/01/32(a)
1,085
1,082,266
Sugarloaf Community Development District, SA,
4.00%, 12/15/33
545
524,623
Sunrise Community Development District, SA
4.25%, 05/01/30(a)
610
603,132
4.50%, 05/01/35(a)
880
849,890
Sunstone Community Development District, SA,
4.10%, 05/01/31
550
540,507
Three Rivers Community Development District, SA,
4.13%, 05/01/31
1,965
1,915,385
Tradition Community Development District No. 9, SA,
4.35%, 05/01/32
535
537,829
Two Lakes Community Development District, SA,
5.00%, 05/01/44
1,000
1,004,687
Village Community Development District No. 12, SA,
4.00%, 05/01/33
370
364,839
Village Community Development District No. 14, SA,
5.38%, 05/01/42
95
96,761
151
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Florida (continued)
Village Community Development District No. 16, SA,
4.00%, 05/01/35
$2,605
$2,547,178
Vivid Shores Community Development District, SA,
4.25%, 05/01/35
500
486,203
Waterset South Community Development District, SA,
4.00%, 05/01/34
1,375
1,313,993
West Villages Improvement District, SA
4.50%, 05/01/31
430
430,954
4.75%, 05/01/32
1,500
1,471,530
4.75%, 05/01/39
1,745
1,696,997
Wildblue Community Development District, SA,
4.45%, 05/01/36
610
597,580
Willow Creek II Community Development District, SA
4.00%, 05/01/31
650
641,845
4.30%, 05/01/36
805
775,580
 
114,881,226
Georgia — 3.9%
Atlanta Development Authority (The)
5.00%, 04/01/34(a)
180
182,584
5.50%, 04/01/39(a)
280
284,036
City of Atlanta GA Airport Passenger Facility Charge,
RB, 4.00%, 07/01/39
5,340
5,138,352
City of Atlanta GA Water & Wastewater Revenue, RB,
5.00%, 11/01/32
10,000
11,079,077
Development Authority of Cobb County. (The), RB,
5.70%, 06/15/38(a)
275
275,611
Main Street Energy, Inc., RB, 5.00%, 12/01/33
6,715
6,971,300
Main Street Natural Gas, Inc., RB, 5.00%, 12/01/52(b)
1,000
1,029,888
Newnan Housing Authority, RB, 6.00%, 08/01/44
(FHLMC COLL)(b)
6,130
6,059,954
 
31,020,802
Idaho — 0.8%
Idaho Housing & Finance Association, RB
5.00%, 12/01/38(a)
625
608,384
5.75%, 08/01/45 (FHLMC COLL)(a)(b)
5,805
5,781,360
 
6,389,744
Illinois — 4.7%
Chicago Board of Education, GO
4.00%, 12/01/39
125
108,875
5.00%, 12/01/36
3,000
2,969,585
5.00%, 12/01/46
4,965
4,522,169
5.00%, 12/01/47
500
446,144
5.50%, 12/01/34
3,500
3,685,355
6.00%, 12/01/38
5,000
5,334,165
County of Cook Illinois, RB, 6.50%, 01/01/45
350
356,739
Illinois Finance Authority, RB
5.00%, 11/01/36
1,215
1,273,420
5.25%, 10/01/39(a)
500
514,860
Illinois State Toll Highway Authority, RB
5.00%, 01/01/37
250
250,814
5.00%, 01/01/38
5,000
5,005,015
Metropolitan Pier & Exposition Authority, RB, 4.00%,
12/15/42 (BAM-TCRS)
10,100
9,542,259
State of Illinois, GO, 4.00%, 07/01/37
4,020
3,904,064
 
37,913,464
Indiana — 1.4%
City of Valparaiso Indiana, RB, AMT, 4.50%,
01/01/34(a)
100
102,228
City of Whiting Indiana, RB, 4.00%, 12/01/44(b)
5,000
4,990,970
Security
Par
(000
)
Value
Indiana (continued)
Indiana Finance Authority, RB
Class A,4.13%, 12/01/26
$640
$641,022
5.00%, 10/15/35(a)
545
536,543
Indianapolis Local Public Improvement Bond Bank,
RB, 5.00%, 01/01/32
5,000
5,369,307
 
11,640,070
Kentucky — 1.4%
City of Henderson Kentucky, RB, AMT, 4.70%,
01/01/52(a)
650
609,997
Kentucky Economic Development Finance Authority,
RB, 5.25%, 06/01/41
1,000
1,001,323
Kentucky Municipal Power Agency, RB, 3.00%,
09/01/43 (AG-CR)
1,005
778,519
Kentucky Public Energy Authority, RB
4.00%, 02/01/50(b)
500
503,685
5.00%, 12/01/33
8,000
8,119,870
 
11,013,394
Louisiana — 1.8%
Juban Crossing Community Development District, SA,
6.25%, 06/01/34
3,000
3,088,283
Louisiana Public Facilities Authority, RB
5.00%, 06/01/39(a)
1,285
1,241,030
5.00%, 12/15/43(a)
665
641,686
6.50%, 06/01/62(a)
100
85,180
Louisiana Public Facilities Authority, RB, AMT, 4.38%,
05/01/53(a)(b)
4,700
4,715,159
Parish of St. James Louisiana, RB, 3.70%,
08/01/41(b)
5,000
5,007,647
 
14,778,985
Maine — 0.2%
Finance Authority of Maine, RB, 9.50%, 06/01/32
25
21,240
Finance Authority of Maine, RB, AMT
4.63%, 12/01/47(a)(b)
175
180,026
5.00%, 08/01/35(a)
1,000
1,035,948
8.50%, 06/01/32
25
21,241
8.50%, 06/01/35(e)(f)
141
72,786
Maine Health & Higher Educational Facilities Authority,
RB, 4.00%, 07/01/37(a)
260
239,898
 
1,571,139
Maryland — 0.1%
City of Baltimore Maryland, RB
4.00%, 06/01/35(a)
400
383,483
4.50%, 06/01/33
100
101,438
Maryland Health & Higher Educational Facilities
Authority, RB, 5.50%, 01/01/46
245
245,807
 
730,728
Michigan — 0.7%
City of Detroit Michigan, GOL, Series B-1, 4.00%,
04/01/44(b)
346
271,587
Flint International Academy, RB, 5.75%, 10/01/37
2,485
2,484,797
Kalamazoo Economic Development Corp., RB,
5.00%, 08/15/36(a)
1,000
994,225
Michigan Strategic Fund, RB, 5.00%, 11/15/29
970
999,652
Michigan Strategic Fund, RB, AMT, 4.00%,
10/01/61(b)
550
550,123
 
5,300,384
Minnesota — 0.0%
City of Forest Lake Minnesota, RB, 5.00%, 07/01/56
260
213,119
Schedule of Investments
152
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Missouri — 0.0%
Kansas City Industrial Development Authority, RB,
5.00%, 06/01/46(a)
$115
$115,250
Montana — 0.9%
City of Forsyth MT, RB, AMT, 4.00%, 03/01/31
5,000
4,865,226
Montana Facility Finance Authority, RB, 4.10%,
11/15/31
2,000
2,000,269
 
6,865,495
Nevada — 0.2%
Nevada Housing Division, RB, 4.35%, 10/01/41
(GNMA/FNMA/FHLMC)
1,000
983,437
Sparks Tourism Improvement District No. 1, RB,
3.88%, 06/15/28
645
646,833
 
1,630,270
New Hampshire — 4.0%
New Hampshire Business Finance Authority, RB
0.00%, 04/01/32(a)(c)
255
176,688
0.00%, 12/15/33(a)(c)
1,900
1,211,781
0.00%, 12/15/33(a)(c)
2,585
1,475,912
0.00%, 12/15/34(a)(c)
10,000
5,763,683
0.00%, 12/15/41(c)
4,000
1,504,006
3.63%, 07/01/43(a)(b)
250
198,528
4.25%, 07/20/41
499
449,778
4.40%, 02/20/43
3,995
3,959,539
4.50%, 04/20/43(b)
4,993
4,818,453
5.13%, 01/28/43(b)
1,935
1,904,111
5.38%, 12/15/35(a)
947
939,847
5.75%, 04/28/42
470
472,809
5.88%, 12/15/33(a)
1,277
1,269,243
5.88%, 12/15/36(a)
2,350
2,352,411
5.95%, 12/01/31(a)
1,489
1,488,120
6.13%, 12/15/33(a)
1,500
1,494,374
6.50%, 12/01/34(a)
2,900
2,900,689
 
32,379,972
New Jersey — 1.3%
Camden County Improvement Authority (The), RB,
6.00%, 06/15/62
75
76,507
Middlesex County Improvement Authority, RB
5.00%, 06/01/36(a)
600
600,871
5.50%, 06/01/30(a)
3,165
3,192,991
New Jersey Economic Development Authority, RB,
AMT, 6.38%, 01/01/35(a)
835
878,866
New Jersey Health Care Facilities Financing Authority,
RB, 5.00%, 07/01/34
5,005
5,532,328
 
10,281,563
New Mexico — 0.2%
Mesa Del Sol Public Improvement District No. 1, RB,
4.35%, 10/01/36(a)
1,750
1,728,677
New York — 5.4%
Build NYC Resource Corp., RB
5.00%, 07/01/32
245
240,809
5.13%, 07/01/33
175
179,755
5.25%, 06/15/43(a)
500
500,596
5.25%, 06/01/46(a)
1,000
988,529
6.50%, 12/15/45(a)
1,000
1,011,014
Erie Tobacco Asset Securitization Corp., RB, 5.00%,
06/01/38
2,000
1,768,811
New York Energy Finance Development Corp., RB,
5.00%, 07/01/56(b)
5,000
5,083,779
Security
Par
(000
)
Value
New York (continued)
New York Liberty Development Corp., RB
5.00%, 11/15/44(a)
$4,200
$4,205,761
5.38%, 11/15/40(a)
550
550,652
New York State Environmental Facilities Corp., RB,
4.30%, 12/01/44(a)(b)
1,375
1,364,389
New York State Environmental Facilities Corp.,
RB, AMT
4.25%, 09/01/50(a)(b)
1,000
1,013,301
5.13%, 09/01/50(a)(b)
250
261,500
New York Transportation Development Corp., RB,
5.00%, 12/01/38
500
521,953
New York Transportation Development Corp.,
RB, AMT
3.00%, 08/01/31
1,000
960,877
5.00%, 01/01/30
250
255,786
5.00%, 01/01/34
4,500
4,575,779
5.00%, 10/01/40
2,310
2,354,104
5.00%, 07/01/46
7,000
6,879,591
5.25%, 08/01/31
9,150
9,474,277
Suffolk Regional Off-Track Betting Corp., RB
5.75%, 12/01/44
200
204,178
6.00%, 12/01/53
200
203,336
Westchester County Local Development Corp., RB,
6.00%, 12/01/45(a)
730
753,688
 
43,352,465
North Carolina — 0.6%
North Carolina Medical Care Commission, RB
4.00%, 11/01/31
3,000
2,952,063
4.25%, 04/01/33
990
985,998
5.00%, 09/01/34
900
940,847
 
4,878,908
North Dakota — 0.1%
North Dakota Housing Finance Agency, RB, 4.70%,
07/01/49
750
737,810
Ohio — 0.5%
Buckeye Tobacco Settlement Financing Authority, RB,
4.00%, 06/01/39
300
291,644
Cleveland-Cuyahoga County Port Authority, RB,
5.25%, 01/01/34(a)
745
754,791
Hickory Chase Community Authority, RB, 5.00%,
12/01/40(a)
315
321,906
Ohio Air Quality Development Authority, RB, AMT,
4.50%, 01/15/48(a)
2,400
2,250,381
Port of Greater Cincinnati Development Authority, RB,
3.75%, 12/01/31(a)
240
242,409
 
3,861,131
Oklahoma — 0.3%
Oklahoma Development Finance Authority, RB,
Series A-2, 7.25%, 09/01/51(a)
250
248,665
Tulsa County Industrial Authority, RB
5.00%, 11/15/32
335
337,873
5.00%, 11/15/38
500
500,016
5.00%, 07/01/41
1,265
1,210,090
5.25%, 11/15/45
75
74,952
 
2,371,596
Oregon — 0.4%
Port of Morrow Oregon, GOL, 5.15%, 10/01/26(a)
3,500
3,500,486
153
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pennsylvania — 4.1%
Allegheny Community Broadband, Inc., RB, 7.50%,
09/01/35(a)
$255
$255,079
Allentown Neighborhood Improvement Zone
Development Authority, RB
5.00%, 05/01/42(a)
3,230
3,234,809
5.00%, 05/01/42(a)
370
380,334
5.25%, 05/01/42(a)
1,000
1,023,298
5.25%, 05/01/42(a)
1,900
1,953,489
5.50%, 05/01/32(a)
1,140
1,210,933
Beaver County Industrial Development Authority, RB,
3.75%, 10/01/47
295
245,766
Berks County Industrial Development Authority, RB,
5.00%, 05/15/37
2,500
2,507,663
Berks County Municipal Authority. (The), RB, 5.00%,
10/01/39
390
361,067
Doylestown Hospital Authority, RB
5.00%, 07/01/31(a)
100
104,480
5.38%, 07/01/39(a)
100
107,391
Hospitals & Higher Education Facilities Authority of
Philadelphia. (The), RB, 5.00%, 07/01/33
4,870
4,891,706
Lancaster County Hospital Authority, RB, 5.25%,
07/01/41
100
97,392
Pennsylvania Economic Development Financing
Authority, RB
5.00%, 12/31/32
2,365
2,525,250
5.25%, 12/01/37(b)
230
230,170
5.25%, 12/01/38(b)
130
130,094
Pennsylvania Economic Development Financing
Authority, RB, AMT
5.25%, 06/30/53
100
100,802
5.45%, 03/01/56(a)(b)
3,000
3,078,656
5.75%, 06/30/48
860
900,628
Pennsylvania Higher Education Assistance Agency,
RB, AMT
5.00%, 06/01/31
1,000
1,049,031
5.00%, 06/01/51
100
93,335
Philadelphia Authority for Industrial Development, RB,
5.50%, 12/01/58(a)
8,000
8,063,319
 
32,544,692
Puerto Rico — 4.6%
Children's Trust Fund, RB, Series A, 0.00%,
05/15/57(c)
1,180
46,911
Commonwealth of Puerto Rico Notes, 0.00%,
11/01/51(b)(e)(f)
22,320
14,675,326
Commonwealth of Puerto Rico, GO
0.00%, 07/01/33(c)
515
373,890
5.75%, 07/01/31
2,546
2,746,943
Puerto Rico Commonwealth Aqueduct & Sewer
Authority, RB, 5.00%, 07/01/37(a)
1,500
1,562,620
Puerto Rico Electric Power Authority, RB
4.80%, 07/01/29
1,420
1,033,050
5.00%, 07/01/21
192
139,680
5.00%, 07/01/24
1,697
1,234,567
5.00%, 07/01/26(e)(f)
1,000
727,500
5.00%, 07/01/28
430
312,825
5.25%, 07/01/23(e)(f)
553
402,307
5.25%, 07/01/25(e)(f)
5,254
3,822,285
5.25%, 07/01/27(e)(f)
433
315,008
5.50%, 07/01/17(e)(f)
1,000
727,500
5.75%, 07/01/36(e)(f)
1,640
1,193,100
Security
Par
(000
)
Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB, BAB,
6.13%, 07/01/40(e)(f)
$505
$367,388
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, 0.00%, 07/01/29(c)
8,000
7,251,150
 
36,932,050
Rhode Island — 0.1%
Rhode Island Commerce Corp., RB, 5.00%, 07/01/37
1,110
1,110,966
Tobacco Settlement Financing Corp., RB, 5.00%,
06/01/50
60
59,046
 
1,170,012
South Carolina — 0.4%
City of Goose Creek South Carolina, SA, 5.00%,
10/01/35(a)
405
416,743
City of Hardeeville South Carolina, SA, 4.00%,
05/01/52(a)
100
75,457
Patriots Energy Group Financing Agency, RB, 5.25%,
10/01/54(b)
160
169,343
South Carolina Jobs-Economic Development
Authority, RB
5.00%, 10/01/35
1,000
1,027,687
5.00%, 04/01/36
1,270
1,355,230
7.50%, 08/15/62(a)
25
22,142
 
3,066,602
Tennessee — 0.5%
Bartlett Industrial Development Board, TA, 6.20%,
07/01/49(a)
3,000
3,028,660
Metropolitan Government Nashville & Davidson
County Health & Educational Facilities Board, RB,
5.00%, 10/01/37
345
345,010
Metropolitan Government Nashville & Davidson
County Industrial Development Board, SA, 0.00%,
06/01/43(a)(c)
90
40,545
Tennergy Corp. Tennessee, RB, 5.50%, 10/01/53(b)
500
526,635
 
3,940,850
Texas — 7.5%
Angelina & Neches River Authority, RB, AMT,
Series A, Class A,7.50%, 12/01/45(a)(e)(f)
100
5,000
Arlington Higher Education Finance Corp., RB
4.75%, 08/15/61
4,000
3,938,382
5.75%, 08/15/62
250
87,500
7.88%, 11/01/62(a)(e)(f)
25
15,000
City of Anna Texas, SA
4.25%, 09/15/35
810
809,635
5.35%, 09/15/46(a)
1,000
990,028
City of Buda Texas, SA
5.00%, 09/01/33(a)
100
100,852
5.75%, 09/01/33(a)
640
643,757
City of Celina Texas, SA
4.35%, 09/01/30(a)
205
205,113
4.38%, 09/01/36
600
590,108
4.50%, 09/01/30(a)
1,435
1,440,346
4.50%, 09/01/31(a)
2,000
2,016,122
4.60%, 09/01/35(a)
333
333,981
City of Corpus Christi Texas, SA
5.38%, 09/15/31
100
102,797
6.13%, 09/15/44
100
101,274
6.50%, 09/15/54
103
102,948
City of Crandall, Texas, SA, 4.25%, 09/15/35(a)
918
901,258
City of Ennis Texas, SA, 4.13%, 09/15/35(a)
650
643,137
City of Friendswood Texas, SA, 7.00%, 09/15/54
303
303,650
Schedule of Investments
154
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Texas (continued)
City of Gunter Texas, SA, 4.75%, 09/15/36
$2,175
$2,139,704
City of Houston Airport System Revenue, RB, AMT
5.50%, 07/15/35
2,000
2,170,842
5.50%, 07/15/38
200
213,037
City of Lavon Texas, SA, 5.00%, 09/15/35
600
594,968
City of Lowry Crossing Texas, SA, 4.25%, 09/15/30(a)
200
201,196
City of Marble Falls Texas, SA, 6.38%, 09/01/44(a)
500
498,050
City of Mclendon-Chisholm, SA, 4.50%, 09/15/36
620
610,816
City of Oak Point Texas, SA
4.60%, 09/15/36
695
681,997
4.70%, 09/15/31(a)
200
201,601
5.50%, 09/15/46
600
594,804
City of Pilot Point Texas, SA
4.50%, 09/15/36
1,592
1,531,103
6.13%, 09/15/45(a)
240
250,397
City of Princeton Texas, SA
4.13%, 09/01/35(a)
728
720,621
4.25%, 09/01/30(a)
300
301,303
4.35%, 09/01/36(a)
620
607,555
4.38%, 09/01/31(a)
50
49,940
5.00%, 09/01/44(a)
50
50,255
City of Royse City Texas, SA, 4.38%, 09/15/36(a)
500
491,538
City of San Antonio Texas, 2.80%, 11/17/26
2,500
2,499,571
City of Seagoville Texas, SA, 4.25%, 09/15/30(a)
532
534,842
Clifton Higher Education Finance Corp., RB, 5.00%,
06/15/34(a)
200
197,081
Club Municipal Management District No. 1, SA,
4.38%, 09/01/31(a)
1,500
1,507,251
County of Denton Texas, SA
4.63%, 12/31/31(a)
1,825
1,847,854
4.75%, 12/31/30(a)
650
644,262
5.00%, 12/31/35(a)
1,000
1,013,066
5.25%, 12/31/44(a)
1,000
1,013,925
County of Hays Texas, SA, 4.50%, 09/15/35(a)
700
695,036
County of Medina Texas, SA, 5.45%, 09/01/46
600
596,513
DBR Series 2026-3 Terrell Trust, RB, 1.00%,
09/01/66
1,130
1,124,661
Mesquite Housing Finance Corp.(The), RB, 4.53%,
02/01/44 (FNMA)
1,000
959,131
Mission Economic Development Corp., RB, 5.00%,
12/01/64(b)
2,300
2,373,453
Mission Economic Development Corp., RB, AMT,
4.63%, 10/01/31(a)
3,400
3,402,071
New Hope Cultural Education Facilities Finance
Corp., RB
4.00%, 08/15/29(a)
2,240
2,205,635
5.00%, 08/15/50(a)
1,000
829,414
5.00%, 08/15/51(a)
1,000
902,992
5.50%, 10/01/35
750
793,623
New Hope Higher Education Finance Corp., RB,
Series A, 5.00%, 06/15/30(a)
250
231,421
Newark Higher Education Finance Corp., RB, 5.00%,
08/15/37
3,835
3,778,783
Port Arthur Housing Authority, RB, 7.50%, 10/01/36(a)
2,625
2,525,820
Port of Beaumont Industrial Development Authority,
RB, 4.10%, 01/01/28(a)
2,300
2,115,379
Port of Beaumont Navigation District, RB, AMT
4.00%, 01/01/50(a)
1,810
1,388,480
5.25%, 01/01/54(a)
600
545,429
Security
Par
(000
)
Value
Texas (continued)
Town of Trophy Club Public Improvement District No.
1, SA, 5.00%, 09/01/30
$1,000
$1,046,198
 
60,012,506
Utah — 1.2%
Mida Mountain Village Public Infrastructure District, TA
5.00%, 06/01/35(a)(g)
500
398,249
5.50%, 06/15/39(a)
2,250
2,310,350
Resort Core Public Infrastructure District No. 1, GOL,
5.00%, 03/01/41
2,000
2,000,431
Utah Charter School Finance Authority, RB
3.25%, 06/15/31(a)
830
741,155
5.00%, 06/15/40(a)
1,450
1,392,899
5.00%, 10/15/44 (UT CSCE)
500
492,687
5.25%, 06/15/32(a)
625
633,575
5.25%, 06/15/37(a)
790
724,355
Utah City West Public Infrastructure District No. 1, SA,
5.00%, 12/01/36(a)
1,000
1,019,475
Utah Infrastructure Agency, RB
5.50%, 10/15/44
55
57,062
5.50%, 10/15/48
50
50,754
 
9,820,992
Vermont — 0.6%
East Central Vermont Telecommunications District,
RB, 4.50%, 12/01/44(a)
100
82,719
Vermont Economic Development Authority, RB, AMT,
5.00%, 06/01/52(a)(b)
5,000
5,032,680
 
5,115,399
Virginia — 0.4%
Tobacco Settlement Financing Corp., RB, Series B1,
5.00%, 06/01/47
1,550
1,241,620
Virginia Beach Development Authority, RB, 5.38%,
09/01/29
100
100,120
Virginia Small Business Financing Authority, RB,
3.10%, 12/01/30
2,000
1,990,103
 
3,331,843
Washington — 0.7%
County of King Sewer Revenue, RB, 4.00%, 07/01/39
500
490,926
Washington Economic Development Finance
Authority, RB, AMT, 5.88%, 12/01/45
1,200
1,216,070
Washington State Housing Finance Commission, RB
3.38%, 04/20/37
971
889,262
3.95%, 07/01/29(a)
100
100,000
4.75%, 01/01/34(a)
945
931,939
4.88%, 01/01/36
1,000
991,492
5.50%, 01/01/44(a)
1,000
992,916
 
5,612,605
Wisconsin — 4.1%
Public Finance Authority, RB
0.00%, 12/15/32(a)(c)
1,299
871,608
0.00%, 12/15/36(a)(c)
6,000
3,051,299
0.00%, 12/15/37(a)(c)
1,438
708,103
0.00%, 12/15/38(a)(c)
352
161,047
0.00%, 12/15/40(a)(c)
1,198
466,465
3.63%, 06/15/63
925
916,390
5.00%, 06/15/29(a)
285
283,794
5.00%, 07/15/30(a)
208
207,985
5.00%, 06/15/31(a)
315
309,448
5.00%, 12/01/34(a)
4,870
4,968,522
5.00%, 12/15/34(a)
800
809,404
5.00%, 10/01/36(a)
800
801,808
155
2026 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Wisconsin (continued)
5.00%, 06/15/56(a)
$25
$20,784
5.25%, 12/01/51(a)(e)(f)
65
41,109
5.50%, 12/01/31(a)
375
392,096
5.50%, 11/15/32(a)
1,409
1,397,136
5.75%, 12/15/33(a)
1,870
1,852,633
7.50%, 11/01/36(a)
690
666,596
7.50%, 07/01/59(a)
865
945,350
7.75%, 02/01/37 (FNMA COLL)(a)
3,105
3,002,310
7.75%, 07/01/43(a)(e)(f)
310
253,172
8.00%, 02/01/37(a)
2,375
2,334,397
Series A, 5.00%, 06/15/55(a)
495
387,032
Public Finance Authority, RB, AMT, 5.50%, 07/01/44
1,750
1,783,712
Public Finance Authority, TA, 5.00%, 06/01/41(a)
6,000
6,045,960
 
32,678,160
Total Municipal Debt Obligations — 92.4%
(Cost: $751,763,492)
741,833,442
 
Shares
 
Common Stocks
Building Products — 0.0%
Timberhp by Go Lab, Inc., NVS(h)
15,027
28,551
Total Common Stocks — 0.0%
(Cost $26)
28,551
Warrants
Internet Infrastructure Software — 0.1%
Brightline West (Expires 11/26/35, Strike Price
USD 5.00)(h)
352,857
705,714
Total Warrants — 0.1%
(Cost $0)
705,714
Total Long-Term Investments — 92.5%
(Cost: $751,763,518)
742,567,707
Security
Shares
Value
Short-Term Securities
Money Market Funds — 6.8%
BlackRock Liquidity Funds: MuniCash, 2.19%(i)(j)
54,491,628
$54,497,077
Total Short-Term Securities — 6.8%
(Cost: $54,496,988)
54,497,077
Total Investments — 99.3%
(Cost: $806,260,506)
797,064,784
Other Assets Less Liabilities — 0.7%
5,668,239
Net Assets — 100.0%
$802,733,023
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(c)
Zero-coupon bond.
(d)
Variable rate security. Rate as of period end and maturity is the date the principal
owed can be recovered through demand.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Non-income producing security.
(g)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the
rate currently in effect.
(h)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(i)
Affiliate of the Fund.
(j)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds: MuniCash
$45,910,228
$8,586,849
(a)
$—
$—
$—
$54,497,077
54,491,628
$818,019
$—
 
(a)
Represents net amount purchased (sold).
Schedule of Investments
156
Schedule of Investments (continued)
July 31, 2026
iShares Short Duration High Yield Muni Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Municipal Debt Obligations
$—
$741,833,442
$—
$741,833,442
Common Stocks
—
—
28,551
28,551
Warrants
—
—
705,714
705,714
Short-Term Securities 
Money Market Funds
54,497,077
—
—
54,497,077
 
$54,497,077
$741,833,442
$734,265
$797,064,784
See notes to financial statements.
157
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Asset-Backed Securities
522 Funding CLO A Ltd., Series 2017-1A,
Class AR2, 4.78%, 10/20/34, (3-mo. CME
Term SOFR + 1.05%)(a)(b)
USD250
$250,151
A10 Issuer LLC, Series 2025-FL6, Class A,
5.14%, 05/15/42, (1-mo. CME Term SOFR +
1.47%)(a)(b)
USD700
699,709
AB Issuer LLC, Series 2026-1A, Class A2,
6.41%, 04/30/56(a)
USD172
170,882
ACREC LLC
Series 2025-FL3, Class A, 4.98%,
08/18/42, (1-mo. CME Term SOFR +
1.31%)(a)(b)
USD100
100,000
Series 2026-FL4, Class A, 5.12%,
01/18/43, (1-mo. CME Term SOFR +
1.45%)(a)(b)
USD765
765,994
Series 2026-FL5, Class A, 4.95%,
07/18/43, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD750
750,612
ACRES Commercial Realty Issuer LLC, Series
2026-FL4, Class A, 5.12%, 08/18/44, (1-mo.
CME Term SOFR + 1.45%)(a)(b)
USD785
785,517
ACRES LLC, Series 2025-FL3, Class A,
5.29%, 08/18/40, (1-mo. CME Term SOFR +
1.62%)(a)(b)
USD364
364,565
Affirm Master Trust
Series 2025-3A, Class A, 4.45%,
10/16/34(a)
USD430
425,963
Series 2026-1A, Class A, 4.37%,
02/15/34(a)
USD202
200,766
Series 2026-1A, Class B, 4.57%,
02/15/34(a)
USD100
99,187
Series 2026-2A, Class A, 4.67%,
04/16/35(a)
USD150
148,798
Allegro Clo VIII-S Ltd., Series 2024-3A,
Class A, 5.14%, 10/15/37, (3-mo. CME
Term SOFR + 1.39%)(a)(b)
USD750
751,333
ALLO Issuer LLC
Series 2026-1A, Class A2, 5.61%,
06/20/56(a)
USD882
884,104
Series 2026-1A, Class B, 6.05%,
06/20/56(a)
USD500
499,882
Anchorage Capital CLO 17 Ltd., Series
2021-17A, Class A1R, 4.98%,
02/15/38, (3-mo. CME Term SOFR +
1.23%)(a)(b)
USD250
250,094
Anchorage Capital CLO 18 Ltd., Series
2021-18A, Class A1R, 4.94%,
07/15/39, (3-mo. CME Term SOFR +
1.25%)(a)(b)
USD250
250,048
Anchorage Capital CLO 20 Ltd., Series
2021-20A, Class CR, 5.68%,
01/20/35, (3-mo. CME Term SOFR +
1.95%)(a)(b)
USD355
355,415
Apidos CLO LIV, Series 2025-54A, Class D2,
7.63%, 10/20/38, (3-mo. CME Term SOFR +
3.90%)(a)(b)
USD250
247,610
Apidos CLO XXXIX Ltd., Series 2022-39A,
Class A1R, 4.96%, 10/21/38, (3-mo. CME
Term SOFR + 1.23%)(a)(b)
USD250
250,199
Security
Par
(000
)
Value
Arbor Realty Commercial Real Estate
Notes LLC
Series 2025-FL1, Class A, 5.02%,
01/20/43, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD175
$175,067
Series 2026-FL1, Class A, 5.17%,
09/20/43, (1-mo. CME Term SOFR +
1.50%)(a)(b)
USD250
250,563
AREIT, Series 2025-CRE11, Class A, 5.23%,
07/25/43, (1-mo. CME Term SOFR +
1.55%)(a)(b)
USD334
335,098
AREIT Ltd., Series 2025-CRE10, Class A,
5.07%, 12/17/29, (1-mo. CME Term SOFR +
1.39%)(a)(b)
USD323
323,253
Ares LIII CLO Ltd., Series 2019-53A,
Class A1R2, 4.87%, 10/24/36, (3-mo. CME
Term SOFR + 1.09%)(a)(b)
USD750
750,215
Ares XLIV CLO Ltd., Series 2017-44A,
Class CRR, 6.50%, 04/15/34, (3-mo. CME
Term SOFR + 2.75%)(a)(b)
USD250
250,304
Argent Securities Trust, Series 2006-W2,
Class A2C, 4.42%, 03/25/36, (1-mo. CME
Term SOFR + 0.69%)(b)
USD253
141,268
Arini U.S. CLO IV Ltd., Series 4A, Class A,
5.01%, 01/15/39, (3-mo. CME Term SOFR +
1.26%)(a)(b)
USD500
500,310
Bain Capital Credit CLO Ltd.
Series 2019-2A, Class BR3, 5.20%,
10/17/32, (3-mo. CME Term SOFR +
1.45%)(a)(b)
USD250
249,460
Series 2019-3A, Class DRR, 6.53%,
10/21/34, (3-mo. CME Term SOFR +
2.80%)(a)(b)
USD500
496,916
Ballyrock CLO 19 Ltd., Series 2022-19A,
Class A1R, 4.84%, 04/20/35, (3-mo. CME
Term SOFR + 1.11%)(a)(b)
USD750
750,187
Ballyrock CLO 20 Ltd.
Series 2022-20A, Class BR3, 5.40%,
10/15/36, (3-mo. CME Term SOFR +
1.65%)(a)(b)
USD280
279,827
Series 2022-20A, Class C1R3, 6.55%,
10/15/36, (3-mo. CME Term SOFR +
2.80%)(a)(b)
USD280
276,958
BAR Issuer LLC, Series 2026-FL1, Class A,
5.27%, 08/20/43, (1-mo. CME Term SOFR +
1.60%)(a)(b)
USD750
752,368
Barclays Mortgage Loan Trust, Series
2026-CES1, Class A1A, 4.85%,
01/25/56(a)(c)
USD208
204,581
Battalion CLO XIV Ltd., Series 2019-14A,
Class AR2, 4.87%, 01/20/35, (3-mo. CME
Term SOFR + 1.14%)(a)(b)
USD744
744,193
Battalion CLO XXI Ltd., Series 2021-21A,
Class AR, 4.90%, 07/15/34, (3-mo. CME
Term SOFR + 1.15%)(a)(b)
USD250
249,897
BBAM U.S. CLO I Ltd., Series 2022-1A,
Class AR, 4.95%, 03/30/38, (3-mo. CME
Term SOFR + 1.20%)(a)(b)
USD250
249,888
BBAM U.S. CLO VI Ltd., Series 2025-6A,
Class A1, 5.06%, 01/27/39, (3-mo. CME
Term SOFR + 1.25%)(a)(b)
USD250
250,379
Schedule of Investments
158
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
BDS LLC, Series 2024-FL13, Class A, 5.25%,
09/19/39, (1-mo. CME Term SOFR +
1.58%)(a)(b)
USD126
$125,911
Bear Stearns Asset Backed Securities I Trust
Series 2006-AQ1, Class 2A3, 4.46%,
10/25/36, (1-mo. CME Term SOFR +
0.73%)(b)
USD70
63,781
Series 2007-HE5, Class M2, 4.22%,
06/25/47, (1-mo. CME Term SOFR +
0.49%)(b)
USD94
84,258
Bear Stearns Structured Products Trust, Series
2007-EMX1, Class M3, 5.84%,
03/25/37, (1-mo. CME Term SOFR +
2.11%)(a)(b)
USD100
87,762
Benefit Street Partners CLO 49 Ltd., Series
2026-49A, Class A, 4.84%, 04/25/39, (3-mo.
CME Term SOFR + 1.16%)(a)(b)
USD750
749,358
Benefit Street Partners CLO IX Ltd., Series
2016-9A, Class CR2, 5.68%,
10/20/37, (3-mo. CME Term SOFR +
1.95%)(a)(b)
USD250
250,321
Benefit Street Partners CLO V-B Ltd., Series
2018-5BA, Class A1RR, 4.94%,
07/20/39, (3-mo. CME Term SOFR +
1.21%)(a)(b)
USD500
499,765
Birch Grove CLO 6 Ltd., Series 2023-6A,
Class A1R, 5.11%, 07/20/37, (3-mo. CME
Term SOFR + 1.38%)(a)(b)
USD250
250,749
Black Diamond CLO Ltd., Series 2019-2A,
Class A1AR, 5.07%, 07/23/32, (3-mo. CME
Term SOFR + 1.32%)(a)(b)
USD50
50,461
BlueMountain CLO Ltd.
Series 2016-3A, Class A1R2, 4.85%,
11/15/30, (3-mo. CME Term SOFR +
1.20%)(a)(b)
USD11
11,423
Series 2018-3A, Class A1R, 5.00%,
10/25/30, (3-mo. CME Term SOFR +
1.19%)(a)(b)
USD5
5,186
BlueMountain CLO XXVI Ltd., Series
2019-26A, Class AR2, 4.78%,
10/20/34, (3-mo. CME Term SOFR +
1.05%)(a)(b)
USD500
500,300
BRAVO Residential Funding Trust, Series
2024-CES2, Class A1A, 5.55%,
09/25/54(a)(c)
USD98
97,934
Bridge Street CLO III Ltd., Series 2022-1A,
Class A1R, 5.15%, 10/20/37, (3-mo. CME
Term SOFR + 1.42%)(a)(b)
USD250
250,533
Bridge Street CLO VI Ltd., Series 2025-2A,
Class A1, 5.03%, 01/15/39, (3-mo. CME
Term SOFR + 1.28%)(a)(b)
USD250
250,386
BSPDF Issuer LLC, Series 2025-FL2, Class A,
5.20%, 12/15/42, (1-mo. CME Term SOFR +
1.52%)(a)(b)
USD900
901,487
BVBA Consumer Fondo de Titulizacion
Series 2026-1, Class D, 4.72%,
05/20/39, (3-mo. EURIBOR +
2.50%)(b)(d)
EUR94
107,952
Series 2026-1, Class E, 5.72%,
05/20/39, (3-mo. EURIBOR +
3.50%)(b)(d)
EUR94
107,976
Security
Par
(000
)
Value
Series 2026-1, Class F, 7.32%,
05/20/39, (3-mo. EURIBOR +
5.10%)(b)(d)
EUR188
$215,564
BXMT Ltd., Series 2025-FL5, Class A, 5.31%,
10/18/42, (1-mo. CME Term SOFR +
1.64%)(a)(b)
USD273
273,518
California Street CLO IX LP, Series 2012-9A,
Class BR3, 5.80%, 07/16/32, (3-mo. CME
Term SOFR + 2.01%)(a)(b)
USD700
699,643
Canyon CLO Ltd., Series 2023-2A, Class BR,
5.28%, 07/15/39, (3-mo. CME Term SOFR +
1.60%)(a)(b)
USD250
249,915
CIFC Funding Ltd.
Series 2014-2RA, Class BR, 5.53%,
10/24/37, (3-mo. CME Term SOFR +
1.75%)(a)(b)
USD250
250,165
Series 2017-1A, Class AR3, 4.93%,
04/21/37, (3-mo. CME Term SOFR +
1.20%)(a)(b)
USD250
249,959
Series 2018-3A, Class D1R, 6.43%,
10/18/38, (3-mo. CME Term SOFR +
2.70%)(a)(b)
USD250
249,792
Series 2019-6A, Class A1R, 5.24%,
07/16/37, (3-mo. CME Term SOFR +
1.45%)(a)(b)
USD250
250,084
Series 2020-4A, Class A1R, 5.05%,
01/15/40, (3-mo. CME Term SOFR +
1.30%)(a)(b)
USD250
250,565
Series 2021-3A, Class BR, 5.30%,
10/15/38, (3-mo. CME Term SOFR +
1.55%)(a)(b)
USD250
250,977
CIT Mortgage Loan Trust, Series 2007-1,
Class 1M2, 5.59%, 10/25/37, (1-mo. CME
Term SOFR + 2.74%)(a)(b)
USD425
416,139
Citigroup Mortgage Loan Trust, Inc., Series
2007-WFH4, Class M4, 7.59%,
07/25/37, (1-mo. CME Term SOFR +
3.86%)(b)
USD134
122,689
College Avenue Student Loans LLC
Series 2021-C, Class A2, 2.32%,
07/26/55(a)
USD143
129,812
Series 2023-A, Class A2, 5.33%,
05/25/55(a)
USD61
60,399
Compass Datacenters Issuer II LLC, Series
2025-2A, Class A1, 4.93%, 11/25/50(a)
USD80
77,790
Compass Datacenters Issuer III LLC
Series 2025-3A, Class A2, 5.29%,
07/25/50(a)
USD74
72,384
Series 2026-1A, Class A21, 4.90%,
02/25/56(a)
USD32
31,185
Series 2026-1A, Class A22, 5.29%,
02/25/56(a)
USD136
133,171
Series 2026-1A, Class A23, 5.44%,
02/25/56(a)
USD136
132,335
Series 2026-2A, Class A21, 5.72%,
07/25/56(a)
USD532
532,577
Series 2026-2A, Class A22, 6.06%,
07/25/56(a)
USD200
200,193
Consolidated Communications LLC/Fidium
Fiber Finance Holdco LLC
Series 2025-4A, Class A2, 5.52%,
12/20/55(a)
USD330
329,752
159
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2025-4A, Class B, 5.77%,
12/20/55(a)
USD200
$198,636
Series 2026-1A, Class A2, 5.08%,
03/20/56(a)
USD117
114,116
Series 2026-1A, Class B, 5.42%,
03/20/56(a)
USD100
97,132
CoreVest American Finance Trust, Series
2026-1, Class A, 5.36%, 06/15/59(a)(c)
USD472
468,884
Creeksource Dunes Creek CLO Ltd.
Series 2024-1A, Class A1, 5.16%,
01/15/38, (3-mo. CME Term SOFR +
1.41%)(a)(b)
USD250
250,485
Series 2024-1A, Class B, 5.50%,
01/15/38, (3-mo. CME Term SOFR +
1.75%)(a)(b)
USD250
250,600
CWABS Asset-Backed Certificates Trust
Series 2006-11, Class 1AF4, 6.30%,
12/25/35(b)
USD40
38,569
Series 2006-7, Class M1, 4.26%,
04/25/46, (1-mo. CME Term SOFR +
0.53%)(b)
USD282
230,105
DB Master Finance LLC
Series 2025-1A, Class A2I, 4.89%,
08/20/55(a)
USD107
105,672
Series 2026-1A, Class A2I, 5.20%,
05/20/56(a)
USD654
648,887
Deephaven Residential Mortgage Trust, Series
2025-CES1, Class A1A, 5.22%,
10/25/55(a)(c)
USD80
79,326
Diameter Capital CLO 3 Ltd., Series 2022-3A,
Class A1R, 5.08%, 01/15/38, (3-mo. CME
Term SOFR + 1.33%)(a)(b)
USD250
250,353
Diameter Capital CLO 5 Ltd., Series 2023-5A,
Class A1R, 4.99%, 01/15/39, (3-mo. CME
Term SOFR + 1.24%)(a)(b)
USD500
500,545
Diameter Capital CLO 8 Ltd., Series 2024-8A,
Class A1A, 5.13%, 10/20/37, (3-mo. CME
Term SOFR + 1.40%)(a)(b)
USD350
350,649
DigitalBridge Issuer LLC, Series 2026-1A,
Class A2, 6.33%, 06/25/56(a)
USD108
107,272
Dowson PLC, Series 2026-1, Class X1, 7.49%,
05/20/33, (1-day SONIA+ 3.75%)(b)(d)
GBP99
133,476
Dryden 40 Senior Loan Fund, Series
2015-40A, Class AR2, 4.80%,
08/15/31, (3-mo. CME Term SOFR +
1.15%)(a)(b)
USD40
39,852
Dwight Issuer LLC
Series 2025-FL1, Class A, 5.33%,
06/18/42, (1-mo. CME Term SOFR +
1.66%)(a)(b)
USD100
100,094
Series 2026-FL2, Class A, 5.00%,
01/18/44, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD700
700,416
Edgeconnex Data Centers Europe BV, Series
2026-1X, Class A2, 4.50%, 04/30/56(c)(d)
EUR437
502,455
ELFI Graduate Loan Program LLC, Series
2024-A, Class A, 5.56%, 08/25/49(a)
USD121
121,691
Elmwood CLO 23 Ltd., Series 2023-2A,
Class A1R2, 4.88%, 07/16/39, (3-mo. CME
Term SOFR + 1.20%)(a)(b)
USD500
499,950
Ezee Fiber Funding LLC, Series 2026-1A,
Class A2, 5.99%, 08/20/56(a)
USD600
602,427
Security
Par
(000
)
Value
FIGRE Trust
Series 2026-HE1, Class A, 4.98%,
01/25/56(a)(b)
USD171
$167,411
Series 2026-HE2, Class A, 5.05%,
01/25/56(a)(b)
USD315
309,421
Financeit Securitization LP
Series 2026-1, Class A, 4.04%, 05/25/51(a)
CAD500
353,486
Series 2026-1, Class D, 8.12%, 05/25/51(a)
CAD500
351,872
First Franklin Mortgage Loan Trust, Series
2006-FFH1, Class M2, 4.44%,
01/25/36, (1-mo. CME Term SOFR +
0.71%)(b)
USD339
307,961
First NLC Trust, Series 2007-1, Class A3,
4.02%, 08/25/37, (1-mo. CME Term SOFR +
0.29%)(a)(b)
USD40
19,536
FirstKey Homes Trust, Series 2022-SFR1,
Class E2, 5.00%, 05/19/39(a)
USD170
167,703
FNA 8 LLC, Series 2025-1, Class A, 5.62%,
03/15/45(a)(b)
USD59
58,484
Fortuna Consumer Loan Abs DAC, Series
2026-1, Class E, 5.71%, 10/18/37, (1-mo.
EURIBOR + 3.50%)(b)(d)
EUR100
115,425
Fortuna Consumer Loan ABS DAC
Series 2026-2, Class C, 3.44%,
02/18/37, (1-mo. EURIBOR +
1.15%)(b)(d)
EUR100
115,315
Series 2026-2, Class D, 3.74%,
02/18/37, (1-mo. EURIBOR +
1.45%)(b)(d)
EUR100
115,315
Series 2026-2, Class E, 5.54%,
02/18/37, (1-mo. EURIBOR +
3.25%)(b)(d)
EUR100
115,315
Foundation Finance Trust
Series 2024-2A, Class B, 4.93%,
03/15/50(a)
USD144
143,231
Series 2025-1A, Class A, 4.95%,
04/15/50(a)
USD160
159,389
Series 2025-1A, Class B, 5.26%,
04/15/50(a)
USD133
132,162
Series 2025-3A, Class A, 4.56%,
08/15/52(a)
USD184
181,685
FS Rialto Issuer LLC
Series 2024-FL9, Class A, 5.30%,
10/19/39, (1-mo. CME Term SOFR +
1.63%)(a)(b)
USD100
100,157
Series 2026-FL11, Class A, 5.12%,
01/19/44, (1-mo. CME Term SOFR +
1.45%)(a)(b)
USD481
481,898
Goldentree Loan Management U.S. CLO 26
Ltd., Series 2025-26A, Class B, 5.38%,
07/20/38, (3-mo. CME Term SOFR +
1.65%)(a)(b)
USD250
250,555
Goldman Home Improvement Trust
Issuer Trust
Series 2022-GRN1, Class A, 4.50%,
06/25/52(a)
USD11
10,935
Series 2022-GRN2, Class A, 6.80%,
10/25/52(a)
USD247
251,073
GoodLeap Home Improvement Solutions Trust
Series 2024-1A, Class A, 5.35%,
10/20/46(a)
USD74
73,474
Schedule of Investments
160
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2025-1A, Class A, 5.38%,
02/20/49(a)
USD70
$70,398
Series 2025-2A, Class A, 5.32%,
06/20/49(a)
USD74
73,469
Series 2025-2A, Class B, 5.98%,
06/20/49(a)
USD129
128,430
Series 2025-3A, Class A, 5.00%,
10/20/49(a)
USD392
385,634
Great Lakes CLO IX Ltd., Series 2025-9A,
Class A1, 5.30%, 01/15/39, (3-mo. CME
Term SOFR + 1.55%)(a)(b)
USD250
249,968
GreenSky Home Improvement Issuer Trust
Series 2024-2, Class B, 5.26%, 10/27/59(a)
USD137
137,128
Series 2025-2A, Class B, 5.07%,
06/25/60(a)
USD270
268,827
Series 2025-3A, Class A3, 4.52%,
12/27/60(a)
USD67
66,010
Series 2026-REV1, Class A, 4.93%,
05/15/41(a)
USD462
460,643
Series 2026-REV1, Class C, 5.45%,
05/15/41(a)
USD100
99,337
GreenSky Home Improvement Trust
Series 2024-1, Class A4, 5.67%,
06/25/59(a)
USD42
42,139
Series 2024-1, Class B, 5.87%, 06/25/59(a)
USD112
112,718
GS Mortgage-Backed Securities Trust
Series 2026-CES1, Class A1, 4.90%,
05/25/56(a)(c)
USD390
385,675
Series 2026-CES1, Class A2, 5.27%,
05/25/56(a)(c)
USD182
179,385
GS REFT Issuer Ltd., Series 2026-FL1,
Class A, 5.17%, 10/19/43, (1-mo. CME
Term SOFR + 1.50%)(a)(b)
USD250
250,780
GSAMP Trust, Series 2006-HE4, Class M1,
4.29%, 06/25/36, (1-mo. CME Term SOFR +
0.56%)(b)
USD50
43,198
Halseypoint CLO 6 Ltd., Series 2022-6A,
Class A1R, 5.08%, 01/20/38, (3-mo. CME
Term SOFR + 1.35%)(a)(b)
USD750
751,259
Hill FL BV, Series 2026-1FL, Class E, 5.19%,
06/18/34, (1-mo. EURIBOR + 2.98%)(b)(d)
EUR101
116,387
Huntington Bank Auto Credit-Linked Notes,
Series 2025-2, Class B2, 4.82%,
09/20/33, (30-day Avg SOFR + 1.20%)(a)(b)
USD173
173,790
Incref LLC, Series 2026-FL3, Class A, 5.07%,
01/19/44, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD700
700,794
INCREF LLC, Series 2026-FL2, Class A,
5.12%, 12/19/43, (1-mo. CME Term SOFR +
1.45%)(a)(b)
USD130
130,203
Iskandar Enterprise LLC
Series 2026-1A, Class A22, 5.34%,
04/17/56(a)
USD132
129,534
Series 2026-1A, Class A23, 5.54%,
04/17/56(a)
USD189
185,334
Ivy Hill Middle Market Credit Fund XVIII Ltd.,
Series 18A, Class A1R, 5.31%,
01/22/37, (3-mo. CME Term SOFR +
1.58%)(a)(b)
USD250
250,062
Jersey Mike's Funding LLC
Series 2025-1A, Class A2, 5.61%,
08/16/55(a)
USD159
158,533
Security
Par
(000
)
Value
Series 2026-1A, Class A2II, 5.48%,
02/15/56(a)
USD478
$467,138
JP Morgan Mortgage Acquisition Trust, Series
2007-CH1, Class MF1, 4.32%, 11/25/36(c)
USD200
199,929
JP Morgan Mortgage Trust, Series
2026-CES1, Class A1B, 4.96%,
06/25/56(a)(c)
USD885
873,613
Kennedy Lewis CLO 12 Ltd., Series 2023-12A,
Class AR, 5.06%, 07/20/38, (3-mo. CME
Term SOFR + 1.33%)(a)(b)
USD250
250,461
Kennedy Lewis CLO 20 Ltd., Series 2024-20A,
Class B, 5.51%, 01/25/38, (3-mo. CME
Term SOFR + 1.70%)(a)(b)
USD250
250,445
Kennedy Lewis CLO 4 Ltd., Series 4A,
Class ARR, 5.16%, 07/20/37, (3-mo. CME
Term SOFR + 1.43%)(a)(b)
USD250
250,268
KKR CLO 58 Ltd., Series 2025-58A, Class B,
5.35%, 10/15/38, (3-mo. CME Term SOFR +
1.60%)(a)(b)
USD735
734,360
LCM 34 Ltd., Series 34A, Class BR, 5.43%,
10/20/34, (3-mo. CME Term SOFR +
1.70%)(a)(b)
USD500
499,990
Lendmark Funding Trust
Series 2021-2A, Class A, 2.00%,
04/20/32(a)
USD622
606,198
Series 2021-2A, Class B, 2.37%,
04/20/32(a)
USD179
168,803
Series 2024-2A, Class C, 5.25%,
02/21/34(a)
USD147
146,055
Series 2025-1A, Class B, 5.33%,
09/20/34(a)
USD100
100,174
Series 2025-3A, Class A, 4.51%,
05/21/35(a)
USD132
129,949
Series 2026-1A, Class A, 4.80%,
11/20/35(a)
USD107
105,745
Lmdv Issuer Co. LLC
Series 2025-1A, Class B, 5.90%,
12/15/55(a)
USD500
497,033
Series 2026-1A, Class A2, 5.38%,
07/17/56(a)
USD256
254,120
LMRE SFR1 Trust, Series 2025-SFR1,
Class A, 4.50%, 12/17/42(a)
USD100
95,707
LoanCore, Series 2025-CRE8, Class A,
5.06%, 08/17/42, (1-mo. CME Term SOFR +
1.39%)(a)(b)
USD116
116,106
LoanCore Issuer LLC, Series 2025-CRE9,
Class A, 5.12%, 08/18/42, (1-mo. CME
Term SOFR + 1.45%)(a)(b)
USD140
140,284
Long Beach Mortgage Loan Trust, Series
2006-2, Class 1A, 4.20%, 03/25/46, (1-mo.
CME Term SOFR + 0.47%)(b)
USD311
272,454
M&T Bank RV Trust, Series 2026-1A, Class A,
4.35%, 01/15/46(a)
USD94
92,433
Madison Park Funding XXXIX Ltd., Series
2021-39A, Class ARR, 4.76%,
10/22/34, (3-mo. CME Term SOFR +
1.03%)(a)(b)
USD500
500,289
Mariner Finance issuance Trust, Series
2024-BA, Class A, 4.91%, 11/20/38(a)
USD100
99,314
Mariner Finance Issuance Trust
Series 2021-BA, Class A, 2.10%,
11/20/36(a)
USD283
277,804
161
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Series 2025-AA, Class A, 4.98%,
05/20/38(a)
USD195
$194,672
Series 2025-AA, Class C, 5.69%,
05/20/38(a)
USD100
99,952
Series 2025-BA, Class A, 4.59%,
11/22/38(a)
USD102
100,756
Series 2026-AA, Class A, 5.01%,
05/20/39(a)
USD528
526,033
Mercury Financial Credit Card Master Trust,
Series 2026-2A, Class A, 5.07%,
06/21/32(a)
USD300
297,811
MF1 LLC, Series 2026-FL21, Class A, 5.02%,
02/18/41, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD251
251,193
MFA Trust, Series 2024-NPL1, Class A1,
6.33%, 09/25/54(a)(c)
USD78
78,272
Morgan Stanley ABS Capital I, Inc. Trust
Series 2006-HE8, Class A2FP, 3.91%,
10/25/36, (1-mo. CME Term SOFR +
0.18%)(b)
USD181
77,071
Series 2007-HE1, Class A2D, 4.07%,
11/25/36, (1-mo. CME Term SOFR +
0.34%)(b)
USD664
362,573
Morgan Stanley Mortgage Loan Trust
Series 2006-12XS, Class A4, 6.51%,
10/25/36(c)
USD11
2,169
Series 2007-3XS, Class 2A3S, 6.36%,
01/25/47(c)
USD76
25,237
Mtp Abs Funding LLC
Series 2026-1A, Class A2, 5.20%,
04/25/56(a)
USD192
189,893
Series 2026-1A, Class B, 5.88%,
04/25/56(a)
USD166
164,821
Navient Education Loan Trust, Series 2026-A,
Class A, 4.86%, 09/15/56(a)
USD96
94,556
Navient Private Education Loan Trust
Series 2020-A, Class A2A, 2.46%,
11/15/68(a)
USD64
62,606
Series 2020-A, Class B, 3.16%, 11/15/68(a)
USD100
90,615
Navient Private Education Refi Loan Trust
Series 2018-DA, Class A2A, 4.00%,
12/15/59(a)
USD40
39,573
Series 2019-A, Class B, 3.90%, 01/15/43(a)
USD129
124,874
Series 2019-CA, Class A2, 3.13%,
02/15/68(a)
USD22
22,285
Series 2020-CA, Class A2B, 5.39%,
11/15/68, (1-mo. CME Term SOFR +
1.71%)(a)(b)
USD76
76,518
Series 2020-IA, Class A1B, 4.79%,
04/15/69, (1-mo. CME Term SOFR +
1.11%)(a)(b)
USD198
197,141
Navient Refinance Loan Trust
Series 2025-B, Class A, 4.72%, 09/15/55(a)
USD100
99,206
Series 2025-C, Class A, 4.80%, 10/15/55(a)
USD78
76,900
Nelnet Student Loan Trust
Series 2021-A, Class A2, 4.81%,
04/20/62, (1-mo. CME Term SOFR +
1.14%)(a)(b)
USD381
381,284
Series 2021-DA, Class B, 2.90%,
04/20/62(a)
USD200
177,783
Security
Par
(000
)
Value
Series 2023-PL1A, Class A1A, 5.87%,
11/25/53, (30-day Avg SOFR +
2.25%)(a)(b)
USD282
$284,846
Series 2025-AA, Class A1B, 4.73%,
03/15/57, (30-day Avg SOFR +
1.10%)(a)(b)
USD210
208,843
Series 2025-BA, Class A1B, 4.98%,
05/17/55, (30-day Avg SOFR +
1.35%)(a)(b)
USD202
202,962
Series 2025-BA, Class B, 4.98%,
05/17/55(a)
USD115
113,116
Series 2025-BA, Class C, 5.38%,
05/17/55(a)
USD100
96,650
Series 2025-CA, Class A1B, 4.97%,
06/22/65, (30-day Avg SOFR +
1.35%)(a)(b)
USD106
105,773
New Mountain CLO 3 Ltd., Series CLO-3A,
Class CR, 5.68%, 10/20/38, (3-mo. CME
Term SOFR + 1.95%)(a)(b)
USD250
250,733
NewDay Funding, Series 2026-1X, Class D,
5.43%, 07/15/34, (1-day SONIA+
1.70%)(b)(d)
GBP100
134,677
NYACK Park CLO Ltd., Series 2021-1A,
Class CR, 5.58%, 10/20/38, (3-mo. CME
Term SOFR + 1.85%)(a)(b)
USD500
500,873
NYMT Trust, Series 2024-RR1, Class A,
7.38%, 05/25/64(a)(c)
USD113
111,833
Oban Cards PLC, Series 2026-1, Class D,
5.74%, 06/17/35, (1-day SONIA+
2.00%)(b)(d)
GBP100
134,774
OCP CLO Ltd., Series 2024-36A, Class B1,
5.49%, 10/16/37, (3-mo. CME Term SOFR +
1.70%)(a)(b)
USD250
250,528
Octagon Investment Partners 41 Ltd., Series
2019-2A, Class A1R2, 4.84%,
10/15/33, (3-mo. CME Term SOFR +
1.09%)(a)(b)
USD250
250,063
Octagon Investment Partners 47 Ltd., Series
2020-1A, Class XR2, 4.78%,
01/22/38, (3-mo. CME Term SOFR +
1.05%)(a)(b)
USD58
58,252
OHA Credit Funding 2 Ltd., Series 2019-2A,
Class B1R2, 5.28%, 01/21/38, (3-mo. CME
Term SOFR + 1.55%)(a)(b)
USD500
501,650
OHA Credit Funding 22 Ltd., Series 2025-22A,
Class A1, 5.06%, 07/20/38, (3-mo. CME
Term SOFR + 1.33%)(a)(b)
USD250
250,036
OHA Credit Funding 6 Ltd., Series 2020-6A,
Class AR2, 5.06%, 10/20/37, (3-mo. CME
Term SOFR + 1.33%)(a)(b)
USD250
250,374
OHA Credit Funding 7 Ltd., Series 2020-7A,
Class A1R2, 5.01%, 07/19/38, (3-mo. CME
Term SOFR + 1.28%)(a)(b)
USD250
250,540
OHA Loan Funding Ltd., Series 2016-1A,
Class A1R2, 5.19%, 07/20/37, (3-mo. CME
Term SOFR + 1.46%)(a)(b)
USD250
250,271
OHS Issuer LLC, Series 2026-1A, Class A2,
5.98%, 02/25/61(a)
USD259
252,013
Onemain Financial Issuance Trust, Series
2024-1A, Class B, 6.03%, 05/14/41(a)
USD148
152,107
Schedule of Investments
162
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
OneMain Financial Issuance Trust
Series 2019-2A, Class C, 3.66%,
10/14/36(a)
USD125
$120,632
Series 2021-1A, Class A2, 4.39%,
06/16/36, (30-day Avg SOFR +
0.76%)(a)(b)
USD218
218,551
Series 2023-2A, Class B, 6.17%,
09/15/36(a)
USD100
101,657
Series 2024-1A, Class A, 5.79%,
05/14/41(a)
USD100
102,577
Series 2026-1A, Class B, 5.20%,
07/14/39(a)
USD143
142,330
Series 2026-1A, Class C, 5.40%,
07/14/39(a)
USD300
299,083
Option One Mortgage Loan Trust, Series
2007-FXD1, Class 3A4, 5.86%, 01/25/37(c)
USD22
21,683
Orchard Park CLO Ltd., Series 2024-1A,
Class A, 5.09%, 10/20/37, (3-mo. CME
Term SOFR + 1.36%)(a)(b)
USD250
250,250
OWL Rock CLO VII LLC, Series 2022-7A,
Class AR, 5.13%, 04/20/38, (3-mo. CME
Term SOFR + 1.40%)(a)(b)
USD250
249,885
Palmer Square Loan Funding Ltd., Series
2025-3A, Class A1, 4.70%, 01/15/34, (3-mo.
CME Term SOFR + 0.95%)(a)(b)
USD214
214,011
Park Blue CLO Ltd.
Series 2022-2A, Class A1R2, 5.01%,
07/20/39, (3-mo. CME Term SOFR +
1.28%)(a)(b)
USD500
500,431
Series 2025-10A, Class A1, 5.01%,
01/20/39, (3-mo. CME Term SOFR +
1.28%)(a)(b)
USD250
250,395
Series 2025-7A, Class A1, 5.03%,
04/25/38, (3-mo. CME Term SOFR +
1.22%)(a)(b)
USD250
249,875
Series 2025-8A, Class A1, 5.12%,
10/25/38, (3-mo. CME Term SOFR +
1.31%)(a)(b)
USD150
150,207
Series 2025-9A, Class A1, 5.08%,
10/20/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
USD250
250,437
Pavillion Consumer PLC, Series 2025-1X,
Class C, 5.34%, 01/25/36, (1-day SONIA+
1.60%)(b)(d)
GBP103
138,655
Penta CLO 11 DAC
Series 2022-11A, Class CRR, 4.14%,
01/15/39, (3-mo. EURIBOR +
2.00%)(a)(b)
EUR500
580,074
Series 2022-11A, Class DRR, 4.84%,
01/15/39, (3-mo. EURIBOR +
2.70%)(a)(b)
EUR963
1,105,084
Perimeter Master Note Business Trust
Series 2026-1A, Class A, 6.01%,
01/15/32(a)
USD800
797,858
Series 2026-1A, Class B, 6.50%,
01/15/32(a)
USD500
498,206
Series 2026-1A, Class C, 8.73%,
01/15/32(a)
USD800
797,216
Series 2026-1A, Class D, 11.51%,
01/15/32(a)
USD600
597,792
Security
Par
(000
)
Value
PFP Ltd.
Series 2026-13, Class A, 5.17%,
08/18/43, (1-mo. CME Term SOFR +
1.50%)(a)(b)
USD465
$466,396
Series 2026-14, Class A, 4.99%,
12/18/43, (1-mo. CME Term SOFR +
1.32%)(a)(b)
USD100
100,084
Planet Fitness Master Issuer LLC, Series
2025-1A, Class A2II, 5.65%, 12/06/55(a)
USD111
107,952
Point Broadband Funding LLC
Series 2025-1A, Class A2, 5.34%,
07/20/55(a)
USD250
246,043
Series 2025-1A, Class B, 5.73%,
07/20/55(a)
USD153
150,970
Post CLO Ltd., Series 2023-1A, Class BR,
5.43%, 10/20/38, (3-mo. CME Term SOFR +
1.70%)(a)(b)
USD250
250,585
Progress Residential Trust, Series 2026-SFR1,
Class E, 4.10%, 02/17/43(a)
USD400
364,204
QTS Issuer ABS II LLC
Series 2025-1A, Class A2, 5.04%,
10/05/55(a)
USD1,106
1,069,924
Series 2026-1A, Class B, 6.73%,
01/05/56(a)
USD49
48,321
Series 2026-2A, Class A2, 5.85%,
01/05/56(a)
USD81
78,264
Series 2026-5A, Class A2, 6.18%,
03/06/56(a)
USD203
202,052
Series 2026-6A, Class A21, 5.34%,
07/05/56(a)
USD226
223,515
Series 2026-7A, Class A21, 5.59%,
07/05/56(a)
USD803
787,488
Quest Trust, Series 2004-X2, Class M3,
7.06%, 06/25/34, (1-mo. CME Term SOFR +
3.34%)(a)(b)
USD238
216,857
RAD CLO 23 Ltd., Series 2024-23A,
Class A2R, 5.31%, 07/20/41, (3-mo. CME
Term SOFR + 1.60%)(a)(b)
USD760
760,943
RAMP Series Trust, Series 2007-RS1,
Class A4, 4.40%, 02/25/37, (1-mo. CME
Term SOFR + 0.67%)(b)
USD111
21,046
RCKT Mortgage Trust, Series 2024-CES2,
Class B1, 8.01%, 04/25/44(a)(b)
USD138
139,489
Regatta 35 Funding Ltd., Series 2025-5A,
Class A1, 5.04%, 10/15/38, (3-mo. CME
Term SOFR + 1.29%)(a)(b)
USD350
350,794
Regional Management Issuance Trust
Series 2021-2, Class A, 1.90%, 08/15/33(a)
USD100
98,034
Series 2024-2, Class A, 5.11%, 12/15/33(a)
USD459
459,677
Series 2025-1, Class B, 5.53%, 04/17/34(a)
USD100
100,378
Series 2025-2, Class A, 4.59%, 11/16/37(a)
USD147
145,843
Republic Finance Issuance Trust
Series 2024-A, Class A, 5.91%, 08/20/32(a)
USD115
115,077
Series 2024-B, Class A, 5.42%, 11/20/37(a)
USD114
114,372
Series 2025-A, Class A, 4.59%, 11/20/34(a)
USD123
121,300
Series 2026-A, Class A, 4.82%, 06/20/39(a)
USD114
112,721
Retained Vantage Data Centers Issuer LLC,
Series 2025-1A, Class A2A, 5.09%,
08/15/50(a)
USD70
68,027
RIN VIII LLC, Series 2024-1A, Class A1R,
5.03%, 07/20/37, (3-mo. CME Term SOFR +
1.30%)(a)(b)
USD250
249,996
163
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Rockford Tower CLO Ltd.
Series 2018-1A, Class A, 5.00%,
05/20/31, (3-mo. CME Term SOFR +
1.36%)(a)(b)
USD5
$4,850
Series 2019-2A, Class BR2, 5.29%,
08/20/32, (3-mo. CME Term SOFR +
1.65%)(a)(b)
USD625
625,300
Series 2020-1A, Class A1RR, 4.82%,
01/20/36, (3-mo. CME Term SOFR +
1.09%)(a)(b)
USD250
250,100
Series 2021-1A, Class B, 5.64%,
07/20/34, (3-mo. CME Term SOFR +
1.91%)(a)(b)
USD250
250,178
RR 20 Ltd., Series 2022-20A, Class CR,
6.35%, 07/15/37, (3-mo. CME Term SOFR +
2.60%)(a)(b)
USD500
495,429
RR 32 Ltd., Series 2024-32RA, Class A1R,
5.11%, 10/15/39, (3-mo. CME Term SOFR +
1.36%)(a)(b)
USD250
250,241
RR 36 Ltd., Series 2024-36RA, Class A1R,
5.04%, 01/15/40, (3-mo. CME Term SOFR +
1.29%)(a)(b)
USD900
901,982
RR 41 Ltd., Series 2025-41A, Class A1A,
5.00%, 10/15/40, (3-mo. CME Term SOFR +
1.25%)(a)(b)
USD750
750,972
RR 43 Ltd., Series 2026-43A, Class B, 5.35%,
10/15/39, (3-mo. CME Term SOFR +
1.70%)(a)(b)
USD500
499,826
RR 5 Ltd.
Series 2018-5A, Class A1A2, 4.82%,
07/15/39, (3-mo. CME Term SOFR +
1.20%)(a)(b)
USD750
749,925
Series 2018-5A, Class A2R2, 5.17%,
07/15/39, (3-mo. CME Term SOFR +
1.55%)(a)(b)
USD750
753,083
Sagard-Halseypoint CLO 10 Ltd., Series
2025-10A, Class A1, 5.08%,
10/20/38, (3-mo. CME Term SOFR +
1.35%)(a)(b)
USD250
250,438
Sagard-Halseypoint CLO 8 Ltd., Series
2024-8A, Class A1, 5.23%, 01/30/38, (3-mo.
CME Term SOFR + 1.39%)(a)(b)
USD250
250,325
Sagard-Halseypoint CLO 9 Ltd.
Series 2025-9A, Class A, 5.02%,
04/20/38, (3-mo. CME Term SOFR +
1.29%)(a)(b)
USD290
290,603
Series 2025-9A, Class B, 5.63%,
04/20/38, (3-mo. CME Term SOFR +
1.90%)(a)(b)
USD400
400,436
Sandstone Peak II Ltd., Series 2023-1A,
Class A1R, 5.14%, 07/20/38, (3-mo. CME
Term SOFR + 1.41%)(a)(b)
USD250
250,594
Santander Consumo 10 FT
Series 10, Class C, 3.74%, 05/22/41, (3-mo.
EURIBOR + 1.50%)(b)(d)
EUR100
115,388
Series 10, Class D, 4.14%, 05/22/41, (3-mo.
EURIBOR + 1.90%)(b)(d)
EUR100
116,364
Santander Consumo 11 FT, Series 11,
Class E, 6.05%, 04/24/42, (3-mo. EURIBOR
+ 3.55%)(b)(d)
EUR200
231,277
Security
Par
(000
)
Value
Saxon Asset Securities Trust
Series 2004-2, Class MF5, 0.59%,
08/25/35(c)
USD167
$128,332
Series 2007-1, Class M1, 4.13%,
01/25/47, (1-mo. CME Term SOFR +
0.40%)(b)
USD212
208,718
Scooter S Coffee Issuer LLC, Series 2026-1A,
Class A2, 6.38%, 05/20/56(a)
USD875
864,087
Sculptor CLO XXXVI Ltd., Series 36A,
Class A1, 4.92%, 01/30/39, (3-mo. CME
Term SOFR + 1.25%)(a)(b)
USD250
250,186
Serval PLC, Series 2026-1X, Class E, 7.00%,
01/20/76(b)(d)
GBP145
194,384
Sesac Finance LLC, Series 2025-1, Class A2,
5.50%, 07/25/55(a)
USD91
88,590
Shentel Issuer LLC, Series 2025-1A, Class A2,
5.64%, 12/20/55(a)
USD375
375,461
Signal Peak CLO 11 Ltd., Series 2024-11A,
Class A1, 5.18%, 07/18/37, (3-mo. CME
Term SOFR + 1.45%)(a)(b)
USD930
931,069
Silver Point CLO 3 Ltd., Series 2023-3A,
Class A1R, 4.99%, 01/18/39, (3-mo. CME
Term SOFR + 1.26%)(a)(b)
USD250
250,340
Silver Point CLO 5 Ltd., Series 2024-5A,
Class A1, 5.13%, 10/20/37, (3-mo. CME
Term SOFR + 1.40%)(a)(b)
USD250
250,464
Silver Point CLO 8 Ltd., Series 2025-8A,
Class A1, 4.96%, 04/15/38, (3-mo. CME
Term SOFR + 1.21%)(a)(b)
USD250
249,835
SLM Private Education Loan Trust, Series
2010-C, Class A5, 8.54%, 10/15/41, (1-mo.
CME Term SOFR + 4.86%)(a)(b)
USD47
49,173
SMB Private Education Loan Trust
Series 2018-A, Class A2B, 4.59%,
02/15/36, (1-mo. CME Term SOFR +
0.91%)(a)(b)
USD16
16,299
Series 2020-B, Class A1A, 1.29%,
07/15/53(a)
USD79
75,305
Series 2021-A, Class B, 2.31%, 01/15/53(a)
USD48
46,438
Series 2021-D, Class A1B, 4.39%,
03/17/53, (1-mo. CME Term SOFR +
0.71%)(a)(b)
USD69
68,578
Series 2023-B, Class A1B, 5.43%,
10/16/56, (30-day Avg SOFR +
1.80%)(a)(b)
USD99
100,517
Sofi Consumer Loan Program Trust
Series 2026-B, Class A, 4.40%, 02/25/36(a)
USD416
415,537
Series 2026-B, Class B, 4.90%, 02/25/36(a)
USD32
31,765
Series 2026-B, Class C, 5.20%, 02/25/36(a)
USD32
31,796
Series 2026-B, Class D, 5.56%, 02/25/36(a)
USD32
31,833
SoFi Consumer Loan Program Trust, Series
2026-1, Class C, 4.74%, 12/26/35(a)
USD260
256,387
Sofi Professional Loan Program LLC
Series 2019-A, Class BFX, 4.11%,
06/15/48(a)
USD130
124,193
Series 2019-B, Class A2FX, 3.09%,
08/17/48(a)
USD44
43,831
Series 2019-C, Class BFX, 3.05%,
11/16/48(a)
USD227
203,661
Schedule of Investments
164
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
SoFi Professional Loan Program LLC
Series 2019-C, Class A2FX, 2.37%,
11/16/48(a)
USD45
$43,823
Series 2020-C, Class AFX, 1.95%,
02/15/46(a)
USD62
58,033
Soundview Home Loan Trust
Series 2005-OPT3, Class M4, 4.86%,
11/25/35, (1-mo. CME Term SOFR +
1.13%)(b)
USD46
37,221
Series 2007-NS1, Class M1, 4.36%,
01/25/37, (1-mo. CME Term SOFR +
0.64%)(b)
USD149
153,442
STAR Trust, Series 2025-SFR5, Class D,
6.13%, 02/17/42, (1-mo. CME Term SOFR +
2.45%)(a)(b)
USD350
351,149
Stream Innovations Issuer Trust, Series
2025-1A, Class A, 5.05%, 09/15/45(a)
USD82
81,591
Structured Asset Securities Corp. Mortgage
Loan Trust, Series 2006-BC6, Class A1,
4.16%, 01/25/37, (1-mo. CME Term SOFR +
0.43%)(b)
USD29
27,569
Subway Funding LLC, Series 2024-1A,
Class A2II, 6.27%, 07/30/54(a)
USD29
29,592
Summit Issuer LLC, Series 2025-1A, Class A2,
5.21%, 11/20/55(a)
USD91
89,532
Sunrise Spv 98 Srl
Series 2026-1, Class D, 3.72%,
04/27/51, (1-mo. EURIBOR +
1.50%)(b)(d)
EUR100
114,785
Series 2026-1, Class E, 5.07%,
04/27/51, (1-mo. EURIBOR +
2.85%)(b)(d)
EUR100
115,451
Sunshine Mortgage Funding 1 PLC, Series 1X,
Class A1, 5.25%, 04/30/91(d)
GBP700
922,422
Sycamore Tree CLO Ltd.
Series 2021-1A, Class AR, 5.12%,
01/20/38, (3-mo. CME Term SOFR +
1.39%)(a)(b)
USD310
310,429
Series 2025-7, Class D1, 6.73%,
08/28/38(a)(b)
USD500
502,678
Symphony CLO XXIX Ltd., Series 2021-29A,
Class BR, 5.40%, 10/15/35, (3-mo. CME
Term SOFR + 1.65%)(a)(b)
USD250
250,397
Taco Bell Funding LLC, Series 2025-1A,
Class A2I, 4.82%, 08/25/55(a)
USD130
127,355
TCW CLO Ltd., Series 2024-2A, Class C,
5.90%, 07/17/37, (3-mo. CME Term SOFR +
2.15%)(a)(b)
USD450
450,542
Terwin Mortgage Trust, Series 2005-10HE,
Class M5, 4.86%, 06/25/36, (1-mo. CME
Term SOFR + 1.13%)(b)
USD25
23,178
Towd Point Mortgage Trust, Series 2026-FIX1,
Class A2, 5.30%, 12/25/65(a)(c)
USD337
330,382
Trestles CLO Ltd.
Series 2017-1A, Class A1RR, 5.13%,
07/25/37, (3-mo. CME Term SOFR +
1.46%)(a)(b)
USD250
250,000
Series 2017-1A, Class BRR, 5.42%,
07/25/37, (3-mo. CME Term SOFR +
1.75%)(a)(b)
USD500
500,000
Security
Par
(000
)
Value
Series 2017-1AR, Class A1R3, 4.99%,
07/25/39, (3-mo. CME Term SOFR +
1.25%)(a)(b)
USD250
$250,000
Trestles CLO VI Ltd., Series 2023-6A,
Class A1R, 4.99%, 04/25/38, (3-mo. CME
Term SOFR + 1.18%)(a)(b)
USD250
249,656
Trinitas CLO XXXII Ltd., Series 2025-32A,
Class A1, 5.08%, 07/23/38, (3-mo. CME
Term SOFR + 1.33%)(a)(b)
USD125
125,208
Truist Bank Auto Credit-Linked Notes Series,
Series 2026-1, Class B, 5.07%, 06/26/34(a)
USD231
230,467
U.S. Bank N.A., Series 2026-RVM1, Class B1,
4.96%, 12/25/46(a)
USD221
216,874
UPG HI Issuer Trust
Series 2025-2, Class A, 5.00%, 09/25/47(a)
USD176
175,126
Series 2026-1, Class A, 5.03%, 02/25/48(a)
USD193
191,714
Upgrade Master Pass-Thru Trust, Series
2026-ST1, Class A, 4.24%, 03/15/34(a)
USD65
64,665
Upgrade Master Pass-Thru Trust Series
Series 2025-ST6, Class A, 4.61%,
10/15/32(a)
USD437
436,387
Series 2025-ST7, Class A, 4.55%,
11/15/32(a)
USD36
36,004
Series 2025-ST8, Class C, 5.25%,
12/15/33(a)
USD100
98,966
Series 2026-ST2, Class A, 4.41%,
06/15/34(a)
USD118
118,073
Series 2026-ST2, Class B, 5.43%,
06/15/34(a)
USD500
499,225
Series 2026-ST3, Class B, 5.70%,
09/15/33(a)
USD140
140,000
UPX HIL Issuer Trust, Series 2025-1, Class A,
5.16%, 01/25/47(a)
USD197
195,801
Vantage Data Centers Jersey Borrower
Spv Ltd.
Series 2024-1X, Class A2, 6.17%,
05/28/39(d)
GBP176
238,916
Series 2024-1X, Class B, 6.34%,
05/28/39(d)
GBP119
157,520
VB-S1 Issuer LLC
Series 2026-1A, Class C2, 4.69%,
03/15/56(a)
USD432
418,674
Series 2026-1A, Class D, 5.19%,
03/15/56(a)
USD79
77,209
Venture XXVII CLO Ltd., Series 2017-27A,
Class BR, 5.59%, 07/20/30, (3-mo. CME
Term SOFR + 1.86%)(a)(b)
USD17
17,126
Vista Point Securitization Trust
Series 2026-CES1, Class A1, 5.04%,
02/25/56(a)(c)
USD927
917,017
Series 2026-CES1, Class A2, 5.23%,
02/25/56(a)(c)
USD152
148,405
VMC Finance LLC, Series 2026-FL6, Class A,
5.27%, 11/19/43, (1-mo. CME Term SOFR +
1.60%)(a)(b)
USD107
107,615
Voya CLO Ltd., Series 2018-4A, Class D1RR,
7.00%, 10/15/37, (3-mo. CME Term SOFR +
3.25%)(a)(b)
USD300
303,150
165
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Washington Mutual Asset-Backed Certificates
WMABS Series Trust
Series 2007-HE1, Class 2A1, 3.96%,
11/25/36, (1-mo. CME Term SOFR +
0.23%)(b)
USD12
$3,725
Series 2007-HE1, Class 2A2, 4.18%,
11/25/36, (1-mo. CME Term SOFR +
0.45%)(b)
USD108
33,099
Whitebox CLO I Ltd., Series 2019-1A,
Class A1R3, 4.96%, 01/24/37, (3-mo. CME
Term SOFR + 1.18%)(a)(b)
USD250
249,892
Wise CLO Ltd., Series 2026-1A, Class A,
4.99%, 07/20/39, (3-mo. CME Term SOFR +
1.22%)(a)(b)
USD500
499,636
Total Asset-Backed Securities — 12.8%
(Cost: $95,151,707)
95,033,174
Collateralized Mortgage Obligations
Asset-Backed Securities — 0.0%
FIGRE Trust, Series 2024-SL1, Class A1,
5.75%, 07/25/53(a)(b)
USD88
87,838
Mortgage Securities — 0.1%
PENN Commercial Mortgage Trust, Series
2025-P11, Class A, 5.52%, 08/10/42(a)(b)
USD258
258,565
PRPM 2025-NQM3 Trust
Series 2025-NQM3, Class A1, 5.61%,
05/25/70(a)(b)
USD93
93,426
Series 2025-NQM3, Class B1, 6.85%,
05/25/70(a)(b)
USD150
149,458
 
501,449
Mortgage-Backed Securities — 15.0%
1301 Trust
Series 2025-1301, Class A, 5.06%,
08/11/42(a)(b)
USD20
19,833
Series 2025-1301, Class E, 7.24%,
08/11/42(a)(b)
USD38
37,821
Series 2025-1301, Class F, 8.10%,
08/11/42(a)(b)
USD371
381,494
1345T
Series 2025-AOA, Class A, 5.28%,
06/15/42, (1-mo. CME Term SOFR +
1.60%)(a)(b)
USD462
461,670
Series 2025-AOA, Class E, 8.18%,
06/15/42, (1-mo. CME Term SOFR +
4.50%)(a)(b)
USD40
40,274
2023-MIC Trust (The), Series 2023-MIC,
Class A, 8.44%, 12/05/38(a)(b)
USD10
10,484
245 Park Avenue Trust, Series 2017-245P,
Class E, 3.66%, 06/05/37(a)(b)
USD45
43,928
425 Trust
Series 2026-LEX, Class A, 5.35%,
07/15/43, (1-mo. CME Term SOFR +
1.67%)(a)(b)
USD467
466,792
Series 2026-LEX, Class B, 5.78%,
07/15/43, (1-mo. CME Term SOFR +
2.10%)(a)(b)
USD100
99,956
Series 2026-LEX, Class D, 7.18%,
07/15/43, (1-mo. CME Term SOFR +
3.50%)(a)(b)
USD100
99,957
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-LEX, Class E, 8.28%,
07/15/43, (1-mo. CME Term SOFR +
4.60%)(a)(b)
USD700
$699,704
Series 2026-LEX, Class F, 9.53%,
07/15/43, (1-mo. CME Term SOFR +
5.85%)(a)(b)
USD500
499,792
A&D Mortgage Trust
Series 2024-NQM5, Class A1, 5.70%,
11/25/69(a)
USD72
71,600
Series 2024-NQM5, Class M1, 6.52%,
11/25/69(a)(b)
USD100
99,915
Series 2026-NQM1, Class A1, 4.91%,
02/25/71(a)(b)
USD307
303,200
ACRA Trust, Series 2024-NQM1, Class A1,
5.61%, 10/25/64(a)(c)
USD99
98,911
ALA Trust
Series 2025-OANA, Class A, 5.42%,
06/15/40, (1-mo. CME Term SOFR +
1.74%)(a)(b)
USD658
660,467
Series 2025-OANA, Class D, 6.77%,
06/15/40, (1-mo. CME Term SOFR +
3.09%)(a)(b)
USD437
438,350
Alternative Loan Trust
Series 2004-J13, Class B, 6.46%,
02/25/35, (1-mo. CME Term SOFR +
2.74%)(b)
USD272
252,477
Series 2005-29CB, Class A6, 5.50%,
07/25/35
USD8
4,280
Series 2005-55CW, Class 2A3, 4.11%,
11/25/35, (1-mo. CME Term SOFR +
0.46%)(b)
USD15
11,330
Series 2005-59, Class 1A1, 4.44%,
11/20/35, (1-mo. CME Term SOFR +
0.77%)(b)
USD2
2,160
Series 2005-J4, Class B1, 5.86%,
07/25/35, (1-mo. CME Term SOFR +
2.14%)(b)
USD32
31,975
Series 2006-9T1, Class A4, 5.75%,
05/25/36
USD91
31,238
Series 2006-OA2, Class A5, 4.24%,
05/20/46, (1-mo. CME Term SOFR +
0.57%)(b)
USD182
164,766
Series 2006-OC10, Class 2A3, 4.30%,
11/25/36, (1-mo. CME Term SOFR +
0.57%)(b)
USD99
92,813
Series 2006-OC7, Class 2A3, 4.34%,
07/25/46, (1-mo. CME Term SOFR +
0.61%)(b)
USD163
151,333
Series 2007-OA3, Class 1A1, 4.12%,
04/25/47, (1-mo. CME Term SOFR +
0.39%)(b)
USD116
105,518
American Home Mortgage Investment Trust,
Series 2006-2, Class 2A2, 5.39%, 05/25/36,
(1-mo. CME Term SOFR + 1.74%)(b)
USD483
35,952
Angel Oak Mortgage Trust
Series 2021-2, Class A1, 0.99%,
04/25/66(a)(b)
USD157
134,696
Series 2023-1, Class A1, 4.75%,
09/26/67(a)(c)
USD69
68,594
Series 2024-1, Class A1, 5.21%,
08/25/68(a)(c)
USD144
143,652
Schedule of Investments
166
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2024-10, Class A1, 5.35%,
10/25/69(a)(c)
USD33
$33,345
Series 2025-1, Class A1, 5.69%,
01/25/70(a)(c)
USD251
251,018
Series 2025-2, Class A1, 5.64%,
02/25/70(a)(c)
USD155
154,550
Series 2026-2, Class A1LC, 4.80%,
02/25/71(a)(c)
USD276
269,171
Series 2026-3, Class A1, 5.51%,
06/25/71(a)(b)
USD643
641,026
Arbor Multifamily Mortgage Securities Trust,
Series 2022-MF4, Class A5, 3.28%,
02/15/55(a)(b)
USD170
156,824
Ares Commercial Mortgage Trust
Series 2024-IND, Class A, 5.37%,
07/15/41, (1-mo. CME Term SOFR +
1.69%)(a)(b)
USD293
293,549
Series 2026-AZURE, Class E, 6.93%,
03/15/38, (1-mo. CME Term SOFR +
3.25%)(a)(b)
USD250
250,077
Series 2026-GCP, Class A, 4.93%,
02/15/43, (1-mo. CME Term SOFR +
1.25%)(a)(b)
USD263
263,000
ARES1 2024-IND2, Series 2024-IND2,
Class A, 5.12%, 10/15/34, (1-mo. CME
Term SOFR + 1.44%)(a)(b)
USD80
80,225
Aspire Mortgage Trust, Series 2026-3,
Class A1, 5.46%, 05/25/66(a)(c)
USD738
735,046
Atrium Hotel Portfolio Trust
Series 2024-ATRM, Class A, 5.41%,
11/10/29(a)(b)
USD300
299,476
Series 2024-ATRM, Class E, 9.21%,
11/10/29(a)(b)
USD10
10,229
Series 2025-ATRM, Class A, 5.33%,
08/15/42, (1-mo. CME Term SOFR +
1.65%)(a)(b)
USD73
73,005
Series 2025-ATRM, Class F, 9.18%,
08/15/42, (1-mo. CME Term SOFR +
5.50%)(a)(b)
USD78
78,290
Series 2025-ATRM, Class G, 10.43%,
08/15/42, (1-mo. CME Term SOFR +
6.75%)(a)(b)
USD32
32,063
BAHA Trust
Series 2024-MAR, Class A, 5.97%,
12/10/41(a)(b)
USD210
212,916
Series 2024-MAR, Class B, 6.84%,
12/10/41(a)(b)
USD10
10,273
Series 2024-MAR, Class C, 7.52%,
12/10/41(a)(b)
USD114
116,758
BAMLL Commercial Mortgage Securities Trust,
Series 2026-HRHB, Class A, 5.19%,
05/05/40(a)(b)
USD398
392,113
BAMLL Trust
Series 2024-BHP, Class A, 6.03%,
08/15/39, (1-mo. CME Term SOFR +
2.35%)(a)(b)
USD275
275,845
Series 2025-ASHF, Class A, 5.53%,
02/15/42, (1-mo. CME Term SOFR +
1.85%)(a)(b)
USD69
68,934
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-ASHF, Class E, 8.93%,
02/15/42, (1-mo. CME Term SOFR +
5.25%)(a)(b)
USD41
$41,006
Banc of America Alternative Loan Trust
Series 2003-8, Class 1CB1, 5.50%,
10/25/33
USD72
71,656
Series 2006-7, Class A4, 6.50%,
10/25/36(c)
USD7
1,607
Banc of America Funding Corp., Series
2015-R3, Class 1A2, 3.89%, 03/27/36(a)(b)
USD75
62,986
Banc of America Funding Trust, Series 2007-1,
Class 1A6, 5.75%, 01/25/37
USD9
7,161
Bank 2021, Series 2021-BN35, Class C,
2.90%, 06/15/64(b)
USD13
10,817
Bank of America Merrill Lynch Commercial
Mortgage Trust, Series 2017-BNK3,
Class B, 3.88%, 02/15/50(b)
USD90
88,601
Barclays Mortgage Loan Trust
Series 2025-NQM1, Class A1, 5.66%,
01/25/65(a)(c)
USD172
171,732
Series 2025-NQM3, Class B1, 7.56%,
05/25/65(a)(b)
USD300
301,671
BAY Mortgage Trust, Series 2025-LIVN,
Class A, 5.48%, 05/15/35, (1-mo. CME
Term SOFR + 1.80%)(a)(b)
USD161
160,938
BBCMS Mortgage Trust
Series 2018-TALL, Class A, 4.60%,
03/15/37, (1-mo. CME Term SOFR +
0.92%)(a)(b)
USD100
94,508
Series 2022-C17, Class A5, 4.44%,
09/15/55
USD18
17,230
Series 2025-C35, Class D, 4.50%,
07/15/58(a)
USD18
13,708
Series 2025-C39, Class A5, 5.30%,
12/15/58
USD10
9,950
BCAP LLC Trust, Series 2015-RR6, Class
3A3, 3.97%, 05/26/46, (12-mo. MTA +
0.94%)(a)(b)
USD100
84,392
Bear Stearns Asset Backed Securities I Trust
Series 2006-AC2, Class 1A1, 4.19%,
03/25/36, (1-mo. CME Term SOFR +
0.46%)(b)
USD13
3,326
Series 2006-IM1, Class A3, 4.40%,
04/25/36, (1-mo. CME Term SOFR +
0.67%)(b)
USD117
117,618
Bear Stearns Mortgage Funding Trust, Series
2007-AR2, Class A1, 4.18%, 03/25/37,
(1-mo. CME Term SOFR + 0.45%)(b)
USD66
60,513
Benchmark Mortgage Trust, Series 2020-B21,
Class A5, 1.98%, 12/17/53
USD56
49,118
BFLD Commercial Mortgage Trust
Series 2024-UNIV, Class A, 5.17%,
11/15/41, (1-mo. CME Term SOFR +
1.49%)(a)(b)
USD20
20,038
Series 2024-UNIV, Class E, 7.32%,
11/15/41, (1-mo. CME Term SOFR +
3.64%)(a)(b)
USD13
13,033
Series 2025-5MW, Class A, 4.67%,
10/10/42(a)(b)
USD100
98,073
167
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-660F, Class A, 5.18%,
11/15/42, (1-mo. CME Term SOFR +
1.50%)(a)(b)
USD249
$249,311
BFLD Mortgage Trust, Series 2024-WRHS,
Class A, 5.17%, 07/15/39, (1-mo. CME
Term SOFR + 1.49%)(a)(b)
USD371
370,799
BFLD Trust, Series 2025-EWEST, Class A,
5.23%, 06/15/42, (1-mo. CME Term SOFR +
1.55%)(a)(b)
USD218
218,000
BHMS Commercial Mortgage Trust, Series
2025-ATLS, Class A, 5.53%, 08/15/42,
(1-mo. CME Term SOFR + 1.85%)(a)(b)
USD315
315,398
BIKE Pass-Through Trust
Series 2026-BAND, Class A, 5.83%,
07/15/43, (1-mo. CME Term SOFR +
2.15%)(a)(b)
USD200
199,889
Series 2026-BAND, Class B, 7.83%,
07/15/43, (1-mo. CME Term SOFR +
4.15%)(a)(b)
USD200
199,891
BMP Commercial Mortgage Trust
Series 2024-MF23, Class D, 6.07%,
06/15/41, (1-mo. CME Term SOFR +
2.39%)(a)(b)
USD285
286,199
Series 2024-MF23, Class E, 7.07%,
06/15/41, (1-mo. CME Term SOFR +
3.39%)(a)(b)
USD11
11,013
BOCA Commercial Mortgage Trust, Series
2025-BOCA, Class A, 5.28%, 12/15/42,
(1-mo. CME Term SOFR + 1.60%)(a)(b)
USD180
180,337
BOS Trust, Series 2026-LYRK, Class A,
5.05%, 05/11/41(a)(b)
USD90
88,433
BPR Commercial Mortgage Trust, Series
2025-STAR, Class A, 4.95%, 11/05/42(a)(b)
USD110
108,221
BPR Mortgage Trust, Series 2023-STON,
Class A, 7.50%, 12/05/39(a)
USD100
101,961
Braccan Mortgage Funding PLC, Series
2026-1X, Class D, 5.58%, 04/17/68, (1-day
SONIA+ 1.85%)(b)(d)
GBP100
134,607
BRAVO Residential Funding Trust
Series 2023-NQM6, Class B1, 7.96%,
09/25/63(a)(b)
USD100
99,653
Series 2025-NQM2, Class A1, 5.68%,
11/25/64(a)(c)
USD106
106,260
Series 2025-NQM7, Class A1, 5.46%,
07/25/65(a)(b)
USD155
154,366
Series 2026-NQM2, Class A1LC, 4.77%,
11/25/65(a)(c)
USD240
235,629
BRCK Trust
Series 2025-830B, Class A, 4.80%,
12/10/42(a)(b)
USD105
103,341
Series 2025-830B, Class E, 7.26%,
12/10/42(a)(b)
USD168
165,483
Series 2025-830B, Class F, 8.13%,
12/10/42(a)(b)
USD100
100,611
BRES Commercial Mortgage Trust, Series
2025-ATCAP, Class A, 5.17%, 11/15/42,
(1-mo. CME Term SOFR + 1.49%)(a)(b)
USD137
136,729
Bridge Commercial Mortgage Trust, Series
2026-MF, Class A, 4.93%, 06/15/39, (1-mo.
CME Term SOFR + 1.25%)(a)(b)
USD750
750,937
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
BSTN Commercial Mortgage Trust, Series
2025-1C, Class C, 6.24%, 06/15/44(a)(b)
USD100
$101,056
BWAY Mortgage Trust, Series 2025-1535,
Class A, 6.31%, 05/05/42(a)(b)
USD18
18,036
BX Commercial Mortgage Trust
Series 2020-VIV4, Class A, 2.84%,
03/09/44(a)
USD100
92,029
Series 2024-AIR2, Class A, 5.17%,
10/15/41, (1-mo. CME Term SOFR +
1.49%)(a)(b)
USD550
551,156
Series 2024-AIRC, Class A, 5.37%,
08/15/41, (1-mo. CME Term SOFR +
1.69%)(a)(b)
USD383
384,472
Series 2024-BRBK, Class A, 6.58%,
10/15/41, (1-mo. CME Term SOFR +
2.88%)(a)(b)
USD51
51,096
Series 2024-BRBK, Class B, 7.63%,
10/15/41, (1-mo. CME Term SOFR +
3.93%)(a)(b)
USD86
86,000
Series 2024-GPA3, Class B, 5.32%,
12/15/39, (1-mo. CME Term SOFR +
1.64%)(a)(b)
USD214
214,505
Series 2024-MDHS, Class A, 5.32%,
05/15/41, (1-mo. CME Term SOFR +
1.64%)(a)(b)
USD200
200,378
Series 2024-MF, Class A, 5.12%,
02/15/39, (1-mo. CME Term SOFR +
1.44%)(a)(b)
USD328
328,028
Series 2024-PURE, Class A, 4.20%,
11/15/41(a)(b)
CAD8
5,474
Series 2024-XL4, Class A, 5.12%,
02/15/39, (1-mo. CME Term SOFR +
1.44%)(a)(b)
USD554
554,691
Series 2024-XL4, Class E, 7.86%,
02/15/39, (1-mo. CME Term SOFR +
4.19%)(a)(b)
USD74
73,894
Series 2024-XL5, Class A, 5.07%,
03/15/41, (1-mo. CME Term SOFR +
1.39%)(a)(b)
USD169
169,712
Series 2024-XL5, Class D, 6.37%,
03/15/41, (1-mo. CME Term SOFR +
2.69%)(a)(b)
USD71
71,824
Series 2025-BCAT, Class A, 5.06%,
08/15/42, (1-mo. CME Term SOFR +
1.38%)(a)(b)
USD70
70,261
Series 2025-BCAT, Class E, 7.18%,
08/15/42, (1-mo. CME Term SOFR +
3.50%)(a)(b)
USD140
140,525
Series 2025-JDI, Class A, 5.08%,
11/15/42, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD231
231,956
Series 2025-JDI, Class E, 7.08%,
11/15/42, (1-mo. CME Term SOFR +
3.40%)(a)(b)
USD87
87,146
Series 2025-SPOT, Class A, 5.12%,
04/15/40, (1-mo. CME Term SOFR +
1.44%)(a)(b)
USD261
260,821
Series 2026-AHP, Class A, 4.93%,
06/15/43, (1-mo. CME Term SOFR +
1.25%)(a)(b)
USD100
99,906
Schedule of Investments
168
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-VLT9, Class A, 5.38%,
03/15/45, (1-mo. CME Term SOFR +
1.70%)(a)(b)
USD201
$200,498
Series 2026-XL6, Class E, 6.68%,
03/15/43, (1-mo. CME Term SOFR +
3.00%)(a)(b)
USD113
113,804
BX Trust
Series 2024-CNYN, Class A, 5.12%,
04/15/41, (1-mo. CME Term SOFR +
1.44%)(a)(b)
USD692
693,873
Series 2024-CNYN, Class D, 6.37%,
04/15/41, (1-mo. CME Term SOFR +
2.69%)(a)(b)
USD70
70,262
Series 2024-CNYN, Class E, 7.37%,
04/15/41, (1-mo. CME Term SOFR +
3.69%)(a)(b)
USD70
70,684
Series 2024-PALM, Class A, 5.22%,
06/15/37, (1-mo. CME Term SOFR +
1.54%)(a)(b)
USD164
164,112
Series 2024-PALM, Class D, 6.32%,
06/15/37, (1-mo. CME Term SOFR +
2.64%)(a)(b)
USD289
288,031
Series 2024-VLT4, Class A, 5.17%,
06/15/41, (1-mo. CME Term SOFR +
1.49%)(a)(b)
USD335
334,448
Series 2024-VLT4, Class C, 5.82%,
06/15/41, (1-mo. CME Term SOFR +
2.14%)(a)(b)
USD96
95,920
Series 2024-VLT4, Class E, 6.57%,
06/15/41, (1-mo. CME Term SOFR +
2.89%)(a)(b)
USD19
19,006
Series 2024-VLT4, Class F, 7.61%,
06/15/41, (1-mo. CME Term SOFR +
3.94%)(a)(b)
USD29
28,503
Series 2025-ARIA, Class A, 5.03%,
12/13/42(a)(b)
USD130
129,136
Series 2025-LUNR, Class A, 5.18%,
06/15/40, (1-mo. CME Term SOFR +
1.50%)(a)(b)
USD228
228,458
Series 2025-OMG, Class A, 5.03%,
10/15/42, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD88
88,055
Series 2025-ROIC, Class E, 6.62%,
03/15/30, (1-mo. CME Term SOFR +
2.94%)(a)(b)
USD93
92,540
Series 2025-TAIL, Class E, 6.98%,
06/15/35, (1-mo. CME Term SOFR +
3.30%)(a)(b)
USD137
136,353
Series 2025-VLT6, Class A, 5.12%,
03/15/42, (1-mo. CME Term SOFR +
1.44%)(a)(b)
USD281
280,475
Series 2025-VOLT, Class A, 5.38%,
12/15/44, (1-mo. CME Term SOFR +
1.70%)(a)(b)
USD350
349,125
Series 2026-ORBT, Class A, 5.08%,
07/15/43, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD156
156,293
Series 2026-PNDA, Class A, 4.98%,
05/15/43, (1-mo. CME Term SOFR +
1.30%)(a)(b)
USD625
626,172
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
CFK Trust, Series 2020-MF2, Class B, 2.79%,
03/15/39(a)
USD100
$94,255
CFMT LLC, Series 2024-R1, Class A1, 4.00%,
10/25/54(a)(c)
USD95
92,564
Chase Home Lending Mortgage Trust Series,
Series 2026-HYB1, Class A2A, 5.38%,
03/25/57(a)(b)
USD750
749,721
Chase Mortgage Finance Trust
Series 2007-A1, Class 3A1, 5.26%,
02/25/37(b)
USD90
88,836
Series 2007-S5, Class 1A10, 6.00%,
07/25/37
USD121
49,157
CHI Commercial Mortgage Trust
Series 2025-110W, Class A, 5.10%,
12/13/40(a)(b)
USD100
98,378
Series 2025-110W, Class D, 6.63%,
12/13/40(a)(b)
USD100
98,755
CHL Mortgage Pass-Through Trust
Series 2006-17, Class A6, 6.00%, 12/25/36
USD7
3,158
Series 2007-J1, Class 2A1, 6.00%,
02/25/37
USD798
271,792
CIM Trust
Series 2023-I1, Class B1, 7.01%,
04/25/58(a)(b)
USD100
99,607
Series 2023-I2, Class B1, 6.75%,
12/25/67(a)(b)
USD115
109,621
Series 2025-I1, Class A1, 5.66%,
10/25/69(a)(c)
USD91
91,399
Series 2025-I1, Class M1, 6.44%,
10/25/69(a)(b)
USD150
150,709
CIP Commercial Mortgage Trust
Series 2025-SBAY, Class A, 5.08%,
10/15/37, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD332
332,829
Series 2025-SBAY, Class E, 7.43%,
10/15/37, (1-mo. CME Term SOFR +
3.75%)(a)(b)
USD123
123,244
COLT Mortgage Loan Trust
Series 2021-5, Class A1, 1.73%,
11/26/66(a)(b)
USD75
67,454
Series 2022-3, Class B2, 4.21%,
02/25/67(a)(b)
USD100
81,659
Series 2023-3, Class B1, 7.76%,
09/25/68(a)(b)
USD193
192,766
Series 2025-11, Class A1, 5.05%,
11/25/70(a)(b)
USD138
136,082
Series 2025-12, Class A1, 4.98%,
01/26/71(a)(b)
USD539
534,716
Series 2025-7, Class A1, 5.47%,
06/25/70(a)(c)
USD84
83,585
Series 2025-8, Class A1, 5.48%,
08/25/70(a)(c)
USD81
81,165
Series 2025-8, Class B1, 7.10%,
08/25/70(a)(b)
USD100
99,869
Series 2026-1, Class B1, 6.46%,
02/25/71(a)(b)
USD212
209,702
Series 2026-5, Class A1, 5.41%,
07/27/71(a)(b)
USD750
746,784
169
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Commission Mortgage Trust
Series 2024-WCL1, Class A, 5.52%,
06/15/41, (1-mo. CME Term SOFR +
1.84%)(a)(b)
USD41
$40,970
Series 2024-WCL1, Class B, 6.27%,
06/15/41, (1-mo. CME Term SOFR +
2.59%)(a)(b)
USD11
10,992
Series 2025-167G, Class A, 5.50%,
08/10/40(a)
USD24
23,700
Series 2025-167G, Class E, 8.20%,
08/10/40(a)(b)
USD20
19,651
Series 2025-167G, Class F, 9.16%,
08/10/40(a)(b)
USD16
15,726
Series 2025-SBX, Class B, 5.55%,
08/10/41(a)(b)
USD17
16,790
CONE Trust
Series 2024-DFW1, Class A, 5.32%,
08/15/41, (1-mo. CME Term SOFR +
1.64%)(a)(b)
USD430
427,984
Series 2024-DFW1, Class E, 7.56%,
08/15/41, (1-mo. CME Term SOFR +
3.89%)(a)(b)
USD45
45,000
Countrywide Alternative Loan Trust, Series
2006-6CB, Class 2A10, 6.00%, 05/25/36
USD94
31,737
Cross 2025-CES1 Mortgage Trust, Series
2025-H8, Class A1A, 5.00%, 11/25/70(a)(c)
USD126
124,378
Cross Mortgage Trust
Series 2025-H1, Class A1, 5.74%,
02/25/70(a)(b)
USD463
463,868
Series 2025-H1, Class M1, 6.48%,
02/25/70(a)(b)
USD350
351,664
Series 2025-H10, Class A1, 4.97%,
01/25/71(a)(b)
USD223
220,019
Series 2025-H4, Class A1, 5.60%,
06/25/70(a)(b)
USD78
77,544
Series 2025-H5, Class A1, 5.51%,
07/25/70(a)(b)
USD474
472,461
Series 2026-NQM2, Class A1LC, 4.96%,
03/25/61(a)(c)
USD354
345,423
CSMC, Series 2022-LION, Class A, 7.12%,
02/15/27, (1-mo. CME Term SOFR +
3.44%)(a)(b)(e)
USD100
99,807
CSMC Trust
Series 2020-SPT1, Class PT, 6.49%,
04/25/65(a)(b)
USD405
392,807
Series 2021-BHAR, Class A, 4.94%,
11/15/38, (1-mo. CME Term SOFR +
1.26%)(a)(b)
USD80
79,225
Series 2022-NQM6, Class PT, 8.83%,
12/25/67(a)(b)
USD66
65,651
CSTL Commercial Mortgage Trust
Series 2025-GATE2, Class D, 5.63%,
11/10/42(a)(b)
USD100
98,704
Series 2026-GATE3, Class E, 6.34%,
02/10/43(a)(b)
USD100
98,398
CVLR Trust, Series 2026-R3LX, Class A,
5.23%, 06/15/43, (1-mo. CME Term SOFR +
1.55%)(a)(b)
USD266
264,674
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
DBC Mortgage Trust
Series 2025-DBC, Class A, 5.03%,
11/15/42, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD1,537
$1,538,922
Series 2025-DBC, Class C, 5.73%,
11/15/42, (1-mo. CME Term SOFR +
2.05%)(a)(b)
USD100
100,281
DBGS, Series 2024-SBL, Class A, 5.56%,
08/15/34, (1-mo. CME Term SOFR +
1.88%)(a)(b)
USD192
191,990
DC Trust, Series 2024-HLTN, Class A, 5.73%,
04/13/40(a)(b)
USD10
9,982
Deephaven Residential Mortgage Trust
Series 2022-2, Class A1, 5.30%,
03/25/67(a)(b)
USD459
442,753
Series 2025-INV1, Class A1, 5.09%,
11/25/60(a)(b)
USD132
130,584
Series 2026-INV1, Class A1, 4.80%,
12/25/70(a)(b)
USD530
522,277
Series 2026-INV1, Class B1, 6.57%,
12/25/70(a)(b)
USD172
169,221
Deutsche Alt-A Securities Mortgage Loan Trust
Series, Series 2007-OA4, Class 2A1,
4.24%, 08/25/47, (1-mo. CME Term SOFR +
0.51%)(b)
USD731
719,604
DGWD Trust, Series 2025-INFL, Class A,
5.28%, 08/15/35, (1-mo. CME Term SOFR +
1.60%)(a)(b)
USD905
908,974
DK Trust
Series 2024-SPBX, Class A, 5.18%,
03/15/34, (1-mo. CME Term SOFR +
1.50%)(a)(b)
USD20
20,013
Series 2024-SPBX, Class E, 7.68%,
03/15/34, (1-mo. CME Term SOFR +
4.00%)(a)(b)
USD58
58,116
Series 2025-LXP, Class A, 5.30%,
08/15/37, (1-mo. CME Term SOFR +
1.59%)(a)(b)
USD544
545,530
Series 2025-LXP, Class D, 6.60%,
08/15/37, (1-mo. CME Term SOFR +
2.89%)(a)(b)
USD15
15,061
Durst Commercial Mortgage Trust
Series 2025-151, Class A, 5.15%,
08/10/42(a)(b)
USD120
119,653
Series 2025-151, Class D, 6.79%,
08/10/42(a)(b)
USD100
102,094
EFMT
Series 2024-NQM1, Class A1A, 5.71%,
11/25/69(a)(c)
USD92
92,221
Series 2025-INV1, Class A1, 5.63%,
03/25/70(a)(c)
USD150
150,066
Series 2025-INV3, Class A1, 5.44%,
07/25/70(a)(c)
USD348
347,100
Series 2025-NQM1, Class M1, 6.59%,
01/25/70(a)(b)
USD350
350,724
Series 2025-NQM3, Class A1, 5.49%,
08/25/70(a)(c)
USD153
152,841
Series 2025-NQM5, Class A1, 5.03%,
11/25/70(a)(b)
USD83
82,595
Series 2025-NQM6, Class A1A, 5.00%,
12/25/70(a)(c)
USD416
411,838
Schedule of Investments
170
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2026-NQM1, Class A1, 4.77%,
02/25/71(a)(b)
USD764
$753,863
Series 2026-NQM1, Class A1LC, 4.96%,
02/25/71(a)(c)
USD234
230,047
Series 2026-NQM1, Class B1, 6.54%,
02/25/71(a)(b)
USD100
98,561
Series 2026-NQM3, Class A1, 5.03%,
03/25/71(a)(b)
USD947
937,347
Ellington Financial Mortgage Trust
Series 2021-3, Class A2, 1.40%,
09/25/66(a)(b)
USD1,114
918,726
Series 2022-3, Class M1, 4.98%,
08/25/67(a)(b)
USD500
418,188
ELM Trust
Series 2024-ELM, Class A10, 5.80%,
06/10/39(a)(b)
USD11
10,998
Series 2024-ELM, Class A15, 5.80%,
06/10/39(a)(b)
USD11
10,991
Series 2024-ELM, Class E10, 7.79%,
06/10/39(a)(b)
USD29
29,008
Elstree 2026-1 Mix PLC, Series 261-MIX,
Class C, 5.24%, 09/21/66, (1-day SONIA+
1.50%)(b)(d)
GBP100
134,865
EQT Trust
Series 2024-EXTR, Class A, 5.33%,
07/05/41(a)
USD70
70,549
Series 2026-IND1, Class A, 4.85%,
07/15/41, (1-mo. CME Term SOFR +
1.20%)(a)(b)
USD344
344,215
Fannie Mae REMICS, Series 2025-2,
Class FG, 5.07%, 02/25/55, (30-day Avg
SOFR + 1.45%)(b)
USD149
149,463
Fashion Show Mall LLC, Series 2024-SHOW,
Class A, 5.10%, 10/10/41(a)(b)
USD19
19,328
Federal Home Loan Mortgage Corp.
Series 2024-P015, Class A1, 4.44%,
11/25/32(b)
USD1
1,219
Series 5471, Class FM, 5.02%,
11/25/54, (30-day Avg SOFR + 1.40%)(b)
USD505
511,256
Series 5478, Class FD, 5.02%,
02/25/54, (30-day Avg SOFR + 1.40%)(b)
USD59
59,396
Series 5482, Class FC, 4.92%,
12/25/54, (30-day Avg SOFR + 1.30%)(b)
USD2,708
2,733,813
Series 5499, Class FW, 5.02%,
02/25/55, (30-day Avg SOFR + 1.40%)(b)
USD479
484,537
Series 5500, Class DF, 4.97%,
10/25/54, (30-day Avg SOFR + 1.35%)(b)
USD81
82,042
Series 5502, Class EF, 5.02%,
02/25/55, (30-day Avg SOFR + 1.40%)(b)
USD62
62,350
Series 5508, Class FE, 5.22%,
02/25/55, (30-day Avg SOFR + 1.60%)(b)
USD83
84,990
Series 5508, Class FG, 5.02%,
02/25/55, (30-day Avg SOFR + 1.40%)(b)
USD620
626,538
Series 5516, Class FC, 5.02%,
03/25/55, (30-day Avg SOFR + 1.40%)(b)
USD768
778,142
Series 5543, Class FH, 5.12%,
06/25/55, (30-day Avg SOFR + 1.50%)(b)
USD89
89,968
Series 5574, Class FB, 4.97%,
09/25/55, (30-day Avg SOFR + 1.35%)(b)
USD82
82,562
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Federal Home Loan Mortgage Corp. REMICS
Series 5468, Class WF, 4.72%,
11/25/54, (30-day Avg SOFR + 1.10%)(b)
USD145
$145,951
Series 5482, Class FB, 5.12%,
12/25/54, (30-day Avg SOFR + 1.50%)(b)
USD117
119,341
Series 5513, Class FD, 4.97%,
01/25/55, (30-day Avg SOFR + 1.35%)(b)
USD336
339,592
Series 5563, Class FA, 4.97%,
08/25/55, (30-day Avg SOFR + 1.35%)(b)
USD141
142,629
Federal National Mortgage Association
Series 2023-35, Class FC, 4.72%,
08/25/53, (30-day Avg SOFR + 1.10%)(b)
USD132
132,705
Series 2023-68, Class FB, 4.67%,
01/25/54, (30-day Avg SOFR + 1.05%)(b)
USD128
129,050
Series 2024-63, Class FH, 4.72%,
09/25/54, (30-day Avg SOFR + 1.10%)(b)
USD90
90,736
Series 2024-88, Class FC, 5.02%,
12/25/54, (30-day Avg SOFR + 1.40%)(b)
USD76
76,509
Series 2024-96, Class FA, 5.02%,
12/25/54, (30-day Avg SOFR + 1.40%)(b)
USD117
118,682
Series 2025-1, Class FX, 4.97%,
02/25/55, (30-day Avg SOFR + 1.35%)(b)
USD107
108,314
Series 2025-35, Class FJ, 5.22%,
05/25/55, (30-day Avg SOFR + 1.60%)(b)
USD182
185,821
Series 2025-5, Class FN, 4.97%,
02/25/55, (30-day Avg SOFR + 1.35%)(b)
USD353
357,472
Series 2025-63, Class DF, 5.02%,
08/25/55, (30-day Avg SOFR + 1.40%)(b)
USD62
62,916
Series 2025-9, Class FG, 4.97%,
03/25/55, (30-day Avg SOFR + 1.35%)(b)
USD49
49,535
Federal National Mortgage Association
REMICS, Series 2025-13, Class FB, 4.92%,
03/25/55, (30-day Avg SOFR + 1.30%)(b)
USD66
66,387
First Horizon Alternative Mortgage
Securities Trust
Series 2005-AA12, Class 2A1, 4.66%,
02/25/36(b)
USD11
6,205
Series 2006-AA7, Class A1, 4.42%,
01/25/37(b)
USD97
74,419
Fontainebleau Miami Beach Mortgage Trust,
Series 2024-FBLU, Class A, 5.13%,
12/15/39, (1-mo. CME Term SOFR +
1.45%)(a)(b)
USD385
385,481
FREMF Mortgage Trust, Series 2018-K80,
Class B, 4.24%, 08/25/50(a)(b)
USD95
92,407
FS
Series 2026-ORL, Class A, 5.03%,
02/15/41, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD500
500,469
Series 2026-ORL, Class E, 6.93%,
02/15/41, (1-mo. CME Term SOFR +
3.25%)(a)(b)
USD100
100,184
FS Trust
Series 2026-HULA, Class A, 5.13%,
03/15/41, (1-mo. CME Term SOFR +
1.45%)(a)(b)
USD162
162,304
Series 2026-PALM, Class A, 5.05%,
07/15/41, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD100
100,094
171
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
GCAT Trust
Series 2022-HX1, Class A1, 2.89%,
12/27/66(a)(b)
USD141
$127,864
Series 2022-NQM1, Class B1, 3.92%,
02/25/67(a)(b)
USD180
132,761
Series 2023-NQM4, Class A1, 4.25%,
05/25/67(a)(b)
USD276
256,430
Series 2025-NQM4, Class A1, 5.53%,
06/25/70(a)(c)
USD77
76,866
Series 2026-NQM1, Class A1A, 4.79%,
12/25/70(a)(c)
USD405
399,782
GGP Trust, Series 2026-TY, Class A, 4.67%,
03/05/43(a)(b)
USD51
49,879
Government National Mortgage Association
Series 2023-119, Class AD, 2.25%,
04/16/65
USD9
7,269
Series 2023-50, Class AC, 3.25%,
09/16/63(b)
USD5
4,107
Series 2025-126, Class AD, 5.00%,
05/16/65
USD133
130,227
Series 2025-129, Class AB, 4.75%,
09/16/54
USD20
19,337
Series 2025-130, Class AL, 4.75%,
08/16/56
USD56
55,142
Series 2025-88, Class AT, 5.00%, 06/16/58
USD138
136,346
Series 2025-9, Class FE, 4.87%,
01/20/55, (30-day Avg SOFR + 1.25%)(b)
USD56
56,134
GS Mortgage-Backed Securities Corp. Trust
Series 2017-375H, Class C, 3.48%,
09/10/37(a)(b)
USD203
195,119
Series 2024-RVR, Class E, 7.47%,
08/10/41(a)(b)
USD43
42,124
Series 2025-800D, Class A, 6.32%,
11/25/41, (1-mo. CME Term SOFR +
2.65%)(a)(b)
USD681
678,644
GS Mortgage-Backed Securities Trust
Series 2026-DSC1, Class A1, 4.73%,
05/25/66(a)(c)
USD480
470,215
Series 2026-DSC2, Class A1, 5.49%,
09/25/66(a)(c)
USD746
742,493
Series 2026-DSC2, Class B1, 6.89%,
09/25/66(a)(b)
USD130
128,639
Series 2026-NQM1, Class A1, 4.87%,
03/25/66(a)(b)
USD242
238,694
Series 2026-NQM1, Class B1, 6.63%,
03/25/66(a)(b)
USD279
276,869
Series 2026-NQM1, Class B2, 7.53%,
03/25/66(a)(b)
USD531
525,153
Series 2026-NQM4, Class A1, 5.46%,
06/25/66(a)(b)
USD379
377,597
GS Mortgage-Backed Securities Trust
2026-HLTV1, Series 2026-HLTV1, Class A1,
5.63%, 11/25/66(a)(b)
USD741
738,238
GSMPS Mortgage Loan Trust, Series 2004-4,
Class 1AF, 4.24%, 06/25/34, (1-mo. CME
Term SOFR + 0.51%)(a)(b)
USD264
240,457
GWT Trust, Series 2024-WLF2, Class A,
5.37%, 05/15/41, (1-mo. CME Term SOFR +
1.69%)(a)(b)
USD61
61,114
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
HarborView Mortgage Loan Trust, Series
2005-1, Class 1A, 4.42%, 03/19/35, (1-mo.
CME Term SOFR + 0.75%)(b)
USD15
$6,895
Harvest Commercial Capital Loan Trust, Series
2024-1, Class A, 6.16%, 10/25/56(a)
USD369
372,611
HIH Trust
Series 2024-61P, Class A, 5.52%,
10/15/41, (1-mo. CME Term SOFR +
1.84%)(a)(b)
USD8
8,229
Series 2024-61P, Class C, 6.52%,
10/15/41, (1-mo. CME Term SOFR +
2.84%)(a)(b)
USD82
82,445
Series 2024-61P, Class D, 7.32%,
10/15/41, (1-mo. CME Term SOFR +
3.64%)(a)(b)
USD8
8,260
HILT Commercial Mortgage Trust, Series
2024-ORL, Class A, 5.22%, 05/15/37,
(1-mo. CME Term SOFR + 1.54%)(a)(b)
USD100
100,031
HLTN Commercial Mortgage Trust, Series
2026-DPLO, Class A, 5.38%, 04/15/41,
(1-mo. CME Term SOFR + 1.70%)(a)(b)
USD100
100,188
HOMES Trust
Series 2025-AFC1, Class M1, 6.39%,
01/25/60(a)(b)
USD200
199,875
Series 2025-NQM1, Class M1, 6.52%,
01/25/70(a)(b)
USD100
100,113
Series 2025-NQM2, Class A1, 5.43%,
02/25/70(a)(c)
USD75
75,332
Series 2025-NQM5, Class A1, 5.03%,
09/25/70(a)(b)
USD99
98,200
HONO Mortgage Trust, Series 2021-LULU,
Class A, 4.94%, 10/15/36, (1-mo. CME
Term SOFR + 1.26%)(a)(b)
USD127
126,075
HTL Commercial Mortgage Trust, Series
2024-T53, Class D, 8.20%, 05/10/39(a)(b)
USD100
100,932
Idun European Loan Conduit No 42 SARL
Series 42X, Class B, 4.01%,
07/28/38, (3-mo. EURIBOR +
1.60%)(b)(d)
EUR100
115,215
Series 42X, Class E, 6.31%,
07/28/38, (3-mo. EURIBOR +
3.90%)(b)(d)
EUR100
115,307
ILPT Commercial Mortgage Trust, Series
2025-LPF2, Class A, 5.29%, 07/13/42(a)(b)
USD224
223,513
Impac Secured Assets Trust, Series 2006-3,
Class A1, 4.18%, 11/25/36, (1-mo. CME
Term SOFR + 0.45%)(b)
USD23
21,689
IndyMac INDX Mortgage Loan Trust, Series
2005-AR31, Class 2A1, 4.55%, 01/25/36(b)
USD124
123,536
INT Commercial Mortgage Trust, Series
2025-PLAZA, Class A, 4.88%, 11/05/37(a)(b)
USD100
98,785
INV Mortgage Trust, Series 2024-IND, Class A,
5.42%, 11/15/41, (1-mo. CME Term SOFR +
1.74%)(a)(b)
USD168
166,425
J.P. Morgan Chase Commercial Mortgage
Securities Trust, Series 2024-OMNI,
Class A, 5.80%, 10/05/39(a)(b)
USD130
130,616
J.P. Morgan Mortgage Trust, Series
2023-DSC1, Class A1, 4.63%,
07/25/63(a)(b)
USD275
264,499
Schedule of Investments
172
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
JP Morgan Alternative Loan Trust, Series
2006-A1, Class 2A1, 4.78%, 03/25/36(b)
USD197
$145,177
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2024-IGLG, Class A, 5.17%,
11/09/39(a)(b)
USD720
719,200
Series 2024-IGLG, Class D, 6.48%,
11/09/39(a)(b)
USD10
9,939
Series 2024-IGLG, Class E, 7.25%,
11/09/39(a)(b)
USD39
38,735
Series 2024-IGLG, Class F, 8.22%,
11/09/39(a)(b)
USD34
33,738
Series 2025-BHR5, Class A, 5.37%,
03/15/40, (1-mo. CME Term SOFR +
1.69%)(a)(b)
USD24
23,904
Series 2026-FUN, Class A, 5.33%,
06/15/39, (1-mo. CME Term SOFR +
1.65%)(a)(b)
USD400
400,500
JP Morgan Mortgage Trust
Series 2025-NQM5, Class A1, 4.88%,
05/25/66(a)(b)
USD312
307,993
Series 2025-NQM5, Class A1LC, 5.02%,
05/25/66(a)(c)
USD267
262,891
Series 2025-VIS1, Class M1, 6.41%,
08/25/55(a)(b)
USD253
252,969
Series 2025-VIS2, Class B1, 7.24%,
12/25/55(a)(b)
USD83
83,470
Series 2026-NQM1, Class A1LC, 4.93%,
06/25/66(a)(c)
USD899
882,702
Series 2026-NQX2, Class A1, 5.63%,
10/25/66(a)(b)
USD744
741,234
Series 2026-VIS1, Class A1LC, 4.90%,
06/25/66(a)(c)
USD329
323,068
JP Morgan Resecuritization Trust, Series
2014-5, Class 5C, 0.00% 05/27/36(a)(b)
USD294
46,893
JW Trust, Series 2024-BERY, Class A, 5.27%,
11/15/39, (1-mo. CME Term SOFR +
1.59%)(a)(b)
USD200
200,250
KELR Trust
Series 2026-MF, Class A, 5.00%,
08/15/43, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD454
454,142
Series 2026-MF, Class E, 6.45%,
08/15/43, (1-mo. CME Term SOFR +
2.80%)(a)(b)
USD100
100,000
KSL Commercial Mortgage Trust
Series 2025-MAK, Class A, 5.55%,
06/15/42(a)
USD358
358,667
Series 2025-MAK, Class E, 7.74%,
06/05/42(a)
USD160
160,480
LBA Trust
Series 2024-7IND, Class A, 5.12%,
10/15/41, (1-mo. CME Term SOFR +
1.44%)(a)(b)
USD14
14,217
Series 2024-7IND, Class D, 6.32%,
10/15/41, (1-mo. CME Term SOFR +
2.64%)(a)(b)
USD16
16,401
Series 2026-LBA6, Class A, 4.85%,
07/15/43, (1-mo. CME Term SOFR +
1.20%)(a)(b)
USD750
750,000
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Lehman XS Trust, Series 2007-16N,
Class AF2, 5.74%, 09/25/47, (1-mo. CME
Term SOFR + 2.01%)(b)
USD17
$25,010
LEX Mortgage Trust, Series 2024-BBG,
Class A, 4.87%, 10/13/33(a)(b)
USD289
286,833
LEX Trust
Series 2026-450, Class A, 5.03%,
03/15/43, (1-mo. CME Term SOFR +
1.35%)(a)(b)
USD189
189,236
Series 2026-450, Class E, 7.38%,
03/15/43, (1-mo. CME Term SOFR +
3.70%)(a)(b)
USD650
644,041
LQR Trust
Series 2025-CALI, Class A, 5.28%,
01/15/43, (1-mo. CME Term SOFR +
1.60%)(a)(b)
USD751
750,061
Series 2025-CALI, Class E, 7.63%,
01/15/43, (1-mo. CME Term SOFR +
3.95%)(a)(b)
USD88
87,999
MAC Trust, Series 2025-801B, Class A,
5.38%, 10/15/40, (1-mo. CME Term SOFR +
1.70%)(a)(b)
USD785
783,762
MAD Commercial Mortgage Trust, Series
2025-11MD, Class A, 4.75%, 10/15/42(a)(b)
USD100
98,338
MAIN Trust
Series 2026-OLAS, Class A, 5.38%,
01/15/41, (1-mo. CME Term SOFR +
1.70%)(a)(b)
USD500
499,997
Series 2026-OLAS, Class B, 5.68%,
01/15/41, (1-mo. CME Term SOFR +
2.00%)(a)(b)
USD500
499,997
Series 2026-OLAS, Class C, 6.13%,
01/15/41, (1-mo. CME Term SOFR +
2.45%)(a)(b)
USD110
109,999
Series 2026-OLAS, Class D, 6.83%,
01/15/41, (1-mo. CME Term SOFR +
3.15%)(a)(b)
USD250
249,998
Series 2026-OLAS, Class E, 7.93%,
01/15/41, (1-mo. CME Term SOFR +
4.25%)(a)(b)
USD250
249,997
Series 2026-OLAS, Class F, 8.93%,
01/15/41, (1-mo. CME Term SOFR +
5.25%)(a)(b)
USD250
249,996
Manhattan West Mortgage Trust, Series
2026-2MW, Class A, 5.32%, 06/10/48(a)(b)
USD500
493,502
MASTR Reperforming Loan Trust, Series
2005-1, Class 1A3, 7.00%, 08/25/34(a)
USD220
140,525
MCR Mortgage Trust
Series 2024-HTL, Class C, 6.78%,
02/15/37, (1-mo. CME Term SOFR +
3.11%)(a)(b)
USD81
80,509
Series 2024-TWA, Class A, 5.92%,
06/12/39(a)
USD25
25,052
Series 2024-TWA, Class D, 7.40%,
06/12/39(a)
USD30
30,019
Series 2024-TWA, Class E, 8.73%,
06/12/39(a)
USD16
15,986
Series 2024-TWA, Class XA, 0.92%,
06/12/39(a)
USD71
214
MFA Trust, Series 2026-NQM1, Class A1,
5.05%, 02/25/71(a)(b)
USD964
954,383
173
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
MLTI Trust
Series 2026-MLTI, Class A10, 5.08%,
06/15/39, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD400
$400,974
Series 2026-MLTI, Class A2, 5.33%,
06/15/39, (1-mo. CME Term SOFR +
1.65%)(a)(b)
USD100
99,891
Series 2026-SF75, Class A, 5.08%,
03/15/36, (1-mo. CME Term SOFR +
1.40%)(a)(b)
USD134
134,084
Series 2026-SF75, Class E, 6.93%,
03/15/36, (1-mo. CME Term SOFR +
3.25%)(a)(b)
USD124
124,529
Morgan Stanley Capital I Trust
Series 2017-HR2, Class B, 4.06%,
12/15/50(b)
USD281
273,769
Series 2021-230P, Class B, 5.24%,
12/15/38, (1-mo. CME Term SOFR +
1.56%)(a)(b)
USD10
9,186
Series 2024-NSTB, Class A, 3.90%,
09/24/57(a)(b)
USD72
70,761
Morgan Stanley Resecuritization Trust, Series
2015-R3, Class 9B, 3.74%, 04/26/47,
(1-mo. CME Term SOFR + 0.37%)(a)(b)
USD100
75,902
Morgan Stanley Residential Mortgage
Loan Trust
Series 2025-DSC2, Class A1, 5.44%,
07/25/70(a)(b)
USD459
457,364
Series 2025-DSC2, Class B1, 7.06%,
07/25/70(a)(b)
USD200
199,931
Series 2025-NQM1, Class A1, 5.74%,
11/25/69(a)(b)
USD74
73,597
Series 2025-NQM1, Class M1, 6.50%,
11/25/69(a)(b)
USD100
100,344
Series 2026-DSC1, Class A1LC, 4.93%,
01/25/71(a)(c)
USD757
742,459
Series 2026-NQM2, Class A1, 4.73%,
01/26/71(a)(b)
USD492
484,715
Series 2026-NQM3, Class A1LC, 5.28%,
03/25/71(a)(c)
USD500
494,238
National Commercial Mortgage Trust, Series
2026-IND, Class A, 5.03%, 06/15/43, (1-mo.
CME Term SOFR + 1.35%)(a)(b)
USD341
341,426
NCMF Trust
Series 2025-MFS, Class A, 4.88%,
06/10/33(a)(b)
USD70
69,282
Series 2025-MFS, Class E, 7.53%,
06/10/33(a)(b)
USD236
235,491
Series 2025-MFS, Class F, 8.44%,
06/10/33(a)(b)
USD125
124,808
New Residential Mortgage Loan Trust
Series 2025-NQM1, Class A1, 5.64%,
01/25/65(a)(c)
USD112
112,642
Series 2025-NQM3, Class B1, 7.03%,
05/25/65(a)(b)
USD107
108,562
Series 2025-NQM4, Class A1, 5.35%,
07/25/65(a)(b)
USD78
77,655
Series 2025-NQM4, Class B1, 6.99%,
07/25/65(a)(b)
USD105
102,520
Series 2025-NQM5, Class A1, 5.11%,
08/25/65(a)(b)
USD80
78,559
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-NQM7, Class A1, 5.01%,
10/26/65(a)(b)
USD891
$885,264
Series 2026-NQM1, Class A1, 4.82%,
11/25/65(a)(b)
USD253
248,601
Series 2026-NQM3, Class A1, 4.83%,
02/25/66(a)(b)
USD715
703,814
NRTH Commercial Mortgage Trust, Series
2025-PARK, Class A, 5.07%, 10/15/40,
(1-mo. CME Term SOFR + 1.39%)(a)(b)
USD900
902,250
NRZT, Series 2025-NQM6, Class A1, 5.09%,
10/25/65(a)(b)
USD112
111,226
NYC Commercial Mortgage Trust
Series 2025-11X, Class A, 5.42%,
10/15/40, (1-mo. CME Term SOFR +
1.74%)(a)(b)
USD1,063
1,066,322
Series 2025-28L, Class A, 4.67%,
11/05/38(a)(b)
USD100
98,943
Series 2025-300P, Class E, 7.39%,
07/13/42(a)(b)
USD53
53,047
Series 2025-3BP, Class A, 4.89%,
02/15/42, (1-mo. CME Term SOFR +
1.21%)(a)(b)
USD160
159,900
NYC Trust, Series 2025-77C, Class A, 4.79%,
01/10/36(a)(b)
USD280
275,090
NYCT Trust 2024-3ELV, Series 2024-3ELV,
Class C, 6.52%, 08/15/29, (1-mo. CME
Term SOFR + 2.84%)(a)(b)
USD110
109,488
NYMT Loan Trust
Series 2024-INV1, Class A1, 5.38%,
06/25/69(a)(b)
USD74
74,430
Series 2026-INV1, Class A1, 4.77%,
02/25/61(a)(b)
USD410
403,179
Series 2026-INV1, Class A1LC, 4.95%,
02/25/61(a)(c)
USD166
163,355
Series 2026-INV1, Class B1, 6.47%,
02/25/61(a)(b)
USD200
195,322
Series 2026-INV3, Class A1, 5.31%,
06/27/61(a)(b)
USD495
492,141
OBX Trust
Series 2025-NQM3, Class A1, 5.65%,
12/01/64(a)(c)
USD67
66,666
Series 2026-NQM8, Class A1LC, 5.30%,
05/25/66(a)(c)
USD797
783,427
One New York Plaza Trust, Series 2020-1NYP,
Class A, 4.74%, 01/15/36, (1-mo. CME
Term SOFR + 1.06%)(a)(b)
USD38
36,671
PGA Trust, Series 2024-RSR2, Class A,
5.57%, 06/15/39, (1-mo. CME Term SOFR +
1.89%)(a)(b)
USD107
106,967
PLYM Commercial Mortgage Trust, Series
2026-IND, Class D, 5.83%, 03/15/43, (1-mo.
CME Term SOFR + 2.15%)(a)(b)
USD100
100,313
PRKCM Trust
Series 2022-AFC1, Class A1A, 5.10%,
04/25/57(a)(b)
USD95
93,388
Series 2026-AFC1, Class A1, 4.68%,
02/25/61(a)(b)
USD314
307,632
Series 2026-AFC4, Class A1, 5.60%,
07/25/61(a)(b)
USD744
743,122
PRM5 Trust, Series 2025-PRM5, Class D,
5.62%, 03/10/33(a)(b)
USD69
68,230
Schedule of Investments
174
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
PRPM Trust
Series 2025-NQM1, Class A1, 5.80%,
11/25/69(a)(c)
USD146
$146,699
Series 2025-NQM1, Class M1A, 6.65%,
11/25/69(a)(b)
USD172
172,227
Series 2025-NQM5, Class A1A, 5.18%,
10/25/70(a)(c)
USD92
91,559
Series 2025-NQM6, Class A1, 4.99%,
12/25/70(a)(b)
USD763
752,825
Series 2026-NQM1, Class A1, 5.13%,
02/25/71(a)(b)
USD462
456,939
Series 2026-RCF1, Class A2, 5.21%,
01/25/56(a)(c)
USD750
738,991
Series 2026-RCF1, Class M2, 5.50%,
01/25/56(a)(c)
USD709
677,239
Rain City Mortgage Trust, Series 2024-RTL1,
Class A1, 6.53%, 09/25/29(a)(c)
USD100
100,450
RALI Series Trust, Series 2006-QA10,
Class A2, 4.20%, 12/25/36, (1-mo. CME
Term SOFR + 0.47%)(b)
USD165
150,692
Residential Mortgage Loan Trust, Series
2019-2, Class B2, 6.04%, 05/25/59(a)(b)
USD100
97,496
RFMSI Series Trust, Series 2007-SA4, Class
3A1, 5.67%, 10/25/37(b)
USD53
29,738
RFMSI Trust, Series 2006-SA4, Class 2A1,
5.40%, 11/25/36(b)
USD6
5,465
Sage AR Funding
Series 2026-1X, Class C, 5.51%,
05/18/38, (1-day SONIA+ 1.75%)(b)(d)
GBP513
677,289
Series 2026-1X, Class D, 6.26%,
05/18/38, (1-day SONIA+ 2.50%)(b)(d)
GBP220
290,463
SAIF Securitization Trust, Series 2024-CES1,
Class A1, 5.97%, 07/25/54(a)(c)
USD49
49,140
Saluda Grade Alternative Mortgage Trust,
Series 2024-RTL5, Class A1, 7.76%,
04/25/30(a)(c)
USD49
48,921
Santander Mortgage Asset Receivable Trust
Series 2025-NQM3, Class B1, 7.05%,
05/25/65(a)(b)
USD210
209,171
Series 2025-NQM6, Class A1, 5.14%,
11/25/65(a)(b)
USD88
87,401
Series 2026-NQM1, Class A1, 4.95%,
11/25/65(a)(b)
USD135
133,263
Series 2026-NQM5, Class A1, 5.46%,
06/25/66(a)(b)
USD499
496,623
SCG Commercial Mortgage Trust, Series
2025-FLWR, Class A, 4.93%, 08/15/42,
(1-mo. CME Term SOFR + 1.25%)(a)(b)
USD120
120,000
SCG Mortgage Trust
Series 2024-MSP, Class A, 5.42%,
04/15/41, (1-mo. CME Term SOFR +
1.74%)(a)(b)
USD242
242,676
Series 2026-PALM, Class A, 4.90%,
07/15/43, (1-mo. CME Term SOFR +
1.27%)(a)(b)
USD725
725,680
SDAL Trust, Series 2025-DAL, Class A,
6.12%, 04/15/42, (1-mo. CME Term SOFR +
2.44%)(a)(b)
USD100
100,019
Sequoia Mortgage Trust, Series 2026-HYB1,
Class A1A, 4.67%, 04/25/56(a)(b)
USD930
907,441
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
SG Residential Mortgage Trust
Series 2021-1, Class A1, 1.16%,
07/25/61(a)(b)
USD212
$174,329
Series 2025-1, Class A1, 5.10%,
12/25/65(a)(b)
USD1,475
1,463,441
Series 2025-1, Class ALCF, 5.23%,
12/25/65(a)
USD850
840,462
Series 2026-1, Class A1, 4.78%,
01/25/66(a)(b)
USD563
555,639
Series 2026-2, Class A1, 5.25%,
04/25/66(a)(b)
USD630
626,261
Series 2026-4, Class A1, 5.51%,
07/01/66(a)(b)
USD998
995,461
SHR Trust, Series 2024-LXRY, Class A,
5.63%, 10/15/41, (1-mo. CME Term SOFR +
1.95%)(a)(b)
USD100
100,156
SLG Commercial Mortgage Trust, Series
2026-PAT, Class A, 4.77%, 02/15/39(a)(b)
USD284
278,245
SLG Office Trust
Series 2026-OMA, Class A, 4.97%,
04/15/41(a)(b)
USD250
247,211
Series 2026-OMA, Class E, 6.96%,
04/15/41(a)(b)
USD1,100
1,086,109
Series 2026-OMA, Class F, 7.92%,
04/15/41(a)(b)
USD750
743,528
Spruce Hill Mortgage Loan Trust, Series
2020-SH2, Class B1, 5.00%, 06/25/55(a)(b)
USD64
63,078
Toorak Mortgage Trust, Series 2024-2,
Class A1, 6.33%, 10/25/31(a)(c)
USD100
100,201
TRK Trust, Series 2021-INV2, Class B1,
4.10%, 11/25/56(a)(b)
USD137
116,722
UBS Commercial Mortgage Trust, Series
2018-C15, Class B, 4.92%, 12/15/51(b)
USD71
67,903
UK Logistics DAC
Series 2026-3X, Class B, 5.48%,
05/18/36, (1-day SONIA+ 1.75%)(b)(d)
GBP268
360,895
Series 2026-3X, Class C, 5.78%,
05/18/36, (1-day SONIA+ 2.05%)(b)(d)
GBP160
215,370
University Trust, Series 2025-APTS, Class A,
5.33%, 11/15/42, (1-mo. CME Term SOFR +
1.65%)(a)(b)
USD393
391,603
Vanir Logistics Finance SARL, Series 1X,
Class C, 4.39%, 07/23/37, (3-mo. EURIBOR
+ 1.90%)(b)(d)
EUR100
115,413
VCC Trust, Series 2025-MC1, Class A1,
8.16%, 05/25/55(a)(c)
USD63
62,434
VEGAS
Series 2024-GCS, Class C, 6.22%,
07/10/36(a)(b)
USD40
40,153
Series 2024-GCS, Class D, 6.22%,
07/10/36(a)(b)
USD41
40,569
Velocity Commercial Capital Loan Trust
Series 2020-1, Class AFX, 2.61%,
02/25/50(a)(b)
USD116
109,733
Series 2022-2, Class M4, 5.71%,
04/25/52(a)(b)
USD600
533,463
Series 2024-1, Class A, 6.55%,
01/25/54(a)(b)
USD52
52,358
Series 2024-6, Class M4, 9.67%,
12/25/54(a)(b)
USD99
98,992
175
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
Series 2025-2, Class A, 5.67%,
04/25/55(a)(b)
USD286
$284,221
Series 2025-3, Class A, 5.87%,
06/25/55(a)(b)
USD218
217,426
Series 2025-5, Class M3, 6.70%,
12/25/55(a)(b)
USD99
96,899
Series 2026-1, Class A, 5.10%,
02/25/56(a)(b)
USD250
244,749
Verus Securitization Trust
Series 2021-8, Class A1, 2.82%,
11/25/66(a)(b)
USD71
63,480
Series 2023-8, Class B1, 8.06%,
12/25/68(a)(b)
USD100
100,259
Series 2024-7, Class B1, 6.50%,
09/25/69(a)(b)
USD100
99,966
Series 2025-12, Class A1LC, 5.11%,
12/25/70(a)(c)
USD1,012
993,965
Series 2025-12, Class B1, 6.56%,
12/25/70(a)(b)
USD129
127,800
Series 2025-5, Class A1, 5.43%,
06/25/70(a)(c)
USD86
86,085
Series 2025-5, Class B1, 7.06%,
06/25/70(a)(b)
USD100
100,455
Series 2025-6, Class A1, 5.42%,
07/25/70(a)(c)
USD514
512,531
Series 2025-R1, Class B1, 6.40%,
05/25/65(a)(b)
USD100
98,997
Series 2026-1, Class A1LC, 5.02%,
01/25/71(a)(c)
USD100
98,114
Series 2026-2, Class A1LC, 4.75%,
02/25/71(a)(c)
USD270
263,207
Series 2026-R1, Class A1, 4.83%,
10/25/67(a)(b)
USD232
228,672
Series 2026-R1, Class A1LC, 4.94%,
10/25/67(a)(c)
USD761
744,010
Visio Trust, Series 2022-1, Class B1, 5.74%,
08/25/57(a)(b)
USD100
99,645
Vista Point Securitization Trust, Series 2020-2,
Class B2, 5.16%, 04/25/65(a)(b)
USD100
95,574
WaMu Mortgage Pass-Through Certificates
Series Trust, Series 2007-OA5, Class 2A,
4.20%, 06/25/47, (12-mo. MTA + 0.80%)(b)
USD101
85,064
Washington Mutual Mortgage Pass-Through
Certificates WMALT Series Trust
Series 2006-AR10, Class A2A, 4.18%,
12/25/36, (1-mo. CME Term SOFR +
0.45%)(b)
USD191
159,968
Series 2007-OA1, Class 2A, 4.12%,
12/25/46, (12-mo. MTA + 0.72%)(b)
USD113
94,392
WCORE Commercial Mortgage Trust, Series
2024-CORE, Class A, 5.17%, 11/15/41,
(1-mo. CME Term SOFR + 1.49%)(a)(b)
USD800
801,250
Wells Fargo Commercial Mortgage Trust
Series 2024-BPRC, Class B, 6.22%,
07/15/43(a)
USD219
218,973
Series 2024-BPRC, Class C, 6.43%,
07/15/43(a)
USD12
11,778
Series 2024-BPRC, Class D, 7.08%,
07/15/43(a)
USD17
16,664
Series 2024-BPRC, Class X, 0.09%,
07/15/43(a)(b)
USD153
1,147
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
WEST Trust, Series 2025-ROSE, Class A,
5.28%, 04/10/35(a)(b)
USD108
$107,239
Wharf Commercial Mortgage Trust, Series
2025-DC, Class E, 7.72%, 07/15/40(a)(b)
USD100
100,127
 
111,146,279
Total Collateralized Mortgage Obligations — 15.1%
(Cost: $112,339,240)
111,735,566
Convertible Bonds
Commercial Services — 0.0%
Nexi SpA, 0.00% 02/24/28(d)(f)(g)
EUR100
108,524
Health Care - Services — 0.0%
Clariane SE, 0.88%, 03/06/27(d)(f)
EUR255
177,526
Media — 0.0%
AMC Global Media, Inc., 4.25%, 02/15/29(f)
USD17
19,367
Oil & Gas Services — 0.0%
Solaris Energy Infrastructure, Inc., 0.25%,
10/01/31(f)
USD79
93,516
Total Convertible Bonds — 0.0%
(Cost: $445,207)
398,933
Corporate Bonds & Notes
Advertising — 0.1%
Neptune Bidco U.S., Inc., 10.38%, 05/15/31(a)
USD100
104,694
Omnicom Group, Inc., 2.40%, 03/01/31
USD137
121,977
Outfront Media Capital LLC/Outfront Media
Capital Corp., 4.25%, 01/15/29(a)
USD25
24,288
Stagwell Global LLC, 5.63%, 08/15/29(a)
USD100
97,246
WPP Finance 2013, 3.63%, 06/09/31(d)
EUR390
437,052
 
785,257
Aerospace & Defense — 0.2%
Boeing Co.(The)
5.81%, 05/01/50
USD346
326,831
6.30%, 05/01/29
USD100
103,577
6.88%, 03/15/39
USD85
93,032
7.01%, 05/01/64
USD46
49,722
Bombardier, Inc., 7.25%, 07/01/31(a)
USD16
16,665
Honeywell Aerospace, Inc.
3.90%, 03/16/28(a)
USD86
85,020
4.30%, 03/16/31(a)
USD15
14,594
4.95%, 03/16/36(a)
USD50
48,200
5.73%, 03/16/56(a)
USD20
19,049
Lockheed Martin Corp., 4.09%, 09/15/52
USD203
152,334
Northrop Grumman Corp.
4.03%, 10/15/47
USD35
26,545
4.60%, 02/01/29
USD195
194,742
RTX Corp.
3.13%, 07/01/50
USD100
63,388
4.50%, 06/01/42
USD100
86,185
Spirit AeroSystems, Inc., 4.60%, 06/15/28(h)
USD100
99,413
TransDigm, Inc.
4.63%, 01/15/29
USD23
22,546
6.63%, 03/01/32(a)
USD25
25,418
6.75%, 08/15/28(a)
USD150
150,939
 
1,578,200
Schedule of Investments
176
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Agriculture — 0.1%
Altria Group, Inc.
3.40%, 02/04/41
USD54
$40,032
6.20%, 02/14/59
USD13
12,323
BAT Capital Corp., 7.08%, 08/02/43
USD27
29,097
Philip Morris International, Inc.
5.50%, 09/07/30
USD100
102,219
5.63%, 11/17/29
USD100
102,425
5.63%, 09/07/33
USD92
94,215
Reynolds American, Inc., 7.00%, 08/04/41
USD10
10,731
 
391,042
Airlines — 0.2%
Air France-KLM, 5.75%, (5-year EURIBOR
ICE Swap + 3.58%)(b)(d)(i)
EUR100
115,062
American Airlines 2025-1 Class B Pass
Through Trust, Series B, 5.65%, 05/11/36
USD9
8,788
American Airlines 2026-2 Class A Pass
Through Trust, Series A, 5.70%, 02/20/39
USD1,310
1,304,854
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.75%, 04/20/29(a)
USD21
20,968
JetBlue Airways Corp./JetBlue Loyalty LP,
9.88%, 09/20/31(a)
USD100
87,014
 
1,536,686
Apparel — 0.0%
VF Corp., 0.63%, 02/25/32
EUR200
188,360
Auto Manufacturers — 0.3%
American Honda Finance Corp., 4.80%,
03/05/30
USD258
255,767
Ford Motor Co., 4.75%, 01/15/43
USD47
36,103
Ford Motor Credit Co. LLC
4.97%, 04/06/29
USD200
197,655
5.92%, 03/20/28
USD202
204,192
General Motors Financial Co., Inc.
2.40%, 04/10/28
USD133
127,920
2.70%, 06/10/31
USD100
89,175
5.80%, 01/07/29(h)
USD100
102,035
6.40%, 01/09/33
USD100
104,873
Nissan Motor Acceptance Co. LLC
5.63%, 09/29/28(a)
USD31
30,816
7.05%, 09/15/28(a)
USD100
102,041
Nissan Motor Co. Ltd., 6.38%, 07/17/33(d)
EUR200
235,801
Stellantis NV
4.50%, 01/12/33(d)
EUR166
186,838
6.88%, (5-year EURIBOR ICE Swap +
4.24%)(b)(d)(i)
EUR100
110,887
8.25%, (5-year UK Government Bond +
4.08%)(b)(d)(i)
GBP100
130,364
Toyota Motor Credit Corp., 5.10%, 03/21/31
USD149
150,183
Volkswagen Bank GmbH, 4.00%, 11/26/30(d)
EUR100
115,067
 
2,179,717
Auto Parts & Equipment — 0.1%
Adient Global Holdings Ltd., 7.50%,
02/15/33(a)(h)
USD50
51,601
American Axle & Manufacturing, Inc.
5.00%, 10/01/29(h)
USD26
25,121
7.75%, 10/15/33(a)
USD100
98,472
Clarios Global LP/Clarios U.S. Finance Co.
6.75%, 02/15/30(a)
USD50
51,270
6.75%, 09/15/32(a)
USD100
100,751
Security
Par
(000
)
Value
Auto Parts & Equipment (continued)
Goodyear Tire & Rubber Co.(The)
5.00%, 07/15/29
USD12
$11,497
5.63%, 04/30/33(h)
USD100
87,356
Schaeffler AG, 5.00%, 05/13/33(d)
EUR100
115,328
Tenneco, Inc., 8.00%, 11/17/28(a)
USD25
25,063
ZF Europe Finance BV, 7.00%, 06/12/30(d)
EUR200
244,837
 
811,296
Banks — 2.4%
ABN AMRO Bank NV, 4.63%, 11/08/30(d)
GBP200
262,520
AIB Group PLC, 6.00%, (5-year EURIBOR ICE
Swap + 3.71%)(b)(d)(i)
EUR200
236,625
Axis Bank Ltd./Gandhinagar
5.35%, 06/30/31(d)
USD200
199,506
6.88%, (5-year CMT + 2.60%)(b)(d)(i)
USD400
400,756
Banco Santander SA
4.25%, 04/11/27
USD200
199,777
5.57%, 01/17/30
USD200
203,251
Bank of America Corp.
1.92%, 10/24/31, (1-day SOFR + 1.37%)(b)
USD195
171,789
2.48%, 09/21/36, (5-year CMT + 1.20%)(b)
USD100
86,304
2.97%, 02/04/33, (1-day SOFR + 1.33%)(b)
USD239
213,304
3.31%, 04/22/42, (1-day SOFR + 1.58%)(b)
USD153
114,700
4.08%, 03/20/51, (3-mo. CME Term SOFR +
3.41%)(b)
USD54
40,588
5.05%, 02/06/37, (1-day SOFR + 1.13%)(b)
USD108
104,001
5.52%, 10/25/35, (1-day SOFR + 1.74%)(b)
USD31
30,653
5.74%, 02/12/36, (1-day SOFR + 1.70%)(b)
USD100
100,063
5.82%, 09/15/29, (1-day SOFR + 1.57%)(b)
USD454
463,152
Series N, 2.65%, 03/11/32, (1-day SOFR +
1.22%)(b)
USD180
161,628
Bank of Montreal
3.80%, 12/15/32, (5-year USD Swap +
1.43%)(b)
USD170
167,093
5.37%, 06/04/27
USD100
100,794
Bank of New York Mellon (The), 4.71%,
02/01/34, (1-day SOFR + 1.51%)(b)
USD115
111,578
Bank of Nova Scotia (The), 4.81%, 02/02/34,
(1-day SOFR + 1.05%)(b)
USD47
45,486
BNP Paribas SA, 3.74%, 04/20/34, (3-mo.
EURIBOR + 1.05%)(b)(d)
EUR400
452,412
Canadian Imperial Bank of Commerce/New
York, 4.86%, 03/30/29, (1-day SOFR +
1.03%)(b)
USD13
13,018
Citigroup, Inc.
3.06%, 01/25/33, (1-day SOFR + 1.35%)(b)
USD92
82,491
4.50%, 09/11/31, (1-day SOFR + 1.17%)(b)
USD100
97,714
4.54%, 09/19/30, (1-day SOFR + 1.34%)(b)
USD56
55,333
5.41%, 09/19/39, (5-year CMT + 1.73%)(b)
USD145
140,565
5.83%, 02/13/35, (1-day SOFR + 2.06%)(b)
USD269
269,739
5.92%, 12/11/30(b)
USD375
349,124
Citizens Financial Group, Inc., 5.30%,
01/29/36, (5-year CMT + 1.45%)(b)
USD23
22,517
Deutsche Bank AG, 7.13%, (5-year EURIBOR
ICE Swap + 4.60%)(b)(d)(i)
EUR200
243,015
Deutsche Bank AG/New York, 5.37%,
01/10/29, (1-day SOFR + 1.21%)(b)
USD150
151,055
Fifth Third Bancorp, 4.90%, 09/06/30, (1-day
SOFR + 1.49%)(b)
USD100
99,705
First Citizens BancShares, Inc.
5.60%, 09/05/35, (5-year CMT + 1.85%)(b)
USD94
91,882
6.25%, 03/12/40, (5-year CMT + 1.97%)(b)
USD49
47,500
177
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
Freedom Mortgage Corp., 12.25%, 10/01/30(a)
USD10
$10,713
Fubon Bank Hong Kong Ltd., 5.38%, 07/14/36,
(5-year CMT + 1.23%)(b)(d)
USD250
247,670
Goldman Sachs Group, Inc., 3.51%, 08/17/33,
(3-mo. EURIBOR + 0.95%)(b)(d)
EUR450
505,977
Goldman Sachs Group, Inc.(The)
1.54%, 09/10/27, (1-day SOFR + 0.82%)(b)
USD30
29,909
2.60%, 02/07/30
USD100
92,352
3.10%, 02/24/33, (1-day SOFR + 1.41%)(b)
USD242
216,352
3.21%, 04/22/42, (1-day SOFR + 1.51%)(b)
USD100
72,398
3.98%, 12/18/36, (3-mo. EURIBOR +
1.10%)(b)(d)
EUR43
48,532
4.10%, 07/22/34, (3-mo. EURIBOR +
1.05%)(b)(d)
EUR158
182,000
4.37%, 10/21/31, (1-day SOFR + 1.06%)(b)
USD169
163,586
4.48%, 08/23/28, (1-day SOFR + 1.73%)(b)
USD27
26,935
4.80%, 07/08/44
USD100
85,223
4.97%, 06/03/32, (1-day SOFR + 1.03%)(b)
USD29
28,607
5.24%, 07/21/32, (1-day SOFR + 1.17%)(b)
USD29
28,943
5.39%, 02/02/41, (5-year CMT + 1.18%)(b)
USD96
90,936
5.43%, 06/03/37, (1-day SOFR + 1.31%)(b)
USD20
19,539
5.54%, 01/28/36, (1-day SOFR + 1.38%)(b)
USD89
88,322
5.66%, 07/21/37, (1-day SOFR + 1.45%)(b)
USD29
28,868
6.22%, 07/21/57, (1-day SOFR + 1.82%)(b)
USD25
24,761
HSBC Holdings PLC
2.21%, 08/17/29, (1-day SOFR + 1.29%)(b)
USD200
189,707
5.21%, 08/11/28, (1-day SOFR + 2.61%)(b)
USD200
200,947
6.16%, 03/09/29, (1-day SOFR + 1.97%)(b)
USD200
204,103
6.50%, 09/15/37
USD168
177,509
Intesa Sanpaolo SpA, 6.50%, 03/14/29,
(1-year GBP Swap + 2.59%)(b)(d)
GBP300
413,068
JPMorgan Chase & Co.
1.76%, 11/19/31, (3-mo. CME Term SOFR +
1.11%)(b)
USD93
81,219
2.52%, 04/22/31, (1-day SOFR + 2.04%)(b)
USD22
20,164
2.74%, 10/15/30, (3-mo. CME Term SOFR +
1.51%)(b)
USD100
93,546
3.11%, 04/22/41, (3-mo. CME Term SOFR +
2.46%)(b)
USD100
75,021
3.16%, 04/22/42, (3-mo. CME Term SOFR +
1.46%)(b)
USD60
44,274
4.03%, 07/24/48, (3-mo. CME Term SOFR +
1.72%)(b)
USD107
81,613
4.41%, 04/23/30, (1-day SOFR + 0.82%)(b)
USD100
98,649
4.51%, 10/22/28, (1-day SOFR + 0.86%)(b)
USD100
99,781
4.60%, 10/22/30, (1-day SOFR + 1.04%)(b)
USD100
98,992
4.86%, 07/23/30, (1-day SOFR + 0.85%)(b)
USD30
29,936
5.15%, 04/23/37, (1-day SOFR + 1.26%)(b)
USD20
19,393
5.35%, 06/01/34, (1-day SOFR + 1.85%)(b)
USD137
137,200
5.58%, 07/23/36, (1-day SOFR + 1.64%)(b)
USD18
17,831
5.77%, 04/22/35, (1-day SOFR + 1.49%)(b)
USD198
202,288
5.80%, 07/23/41, (5-year CMT + 1.25%)(b)
USD25
24,747
6.25%, 10/23/34, (1-day SOFR + 1.81%)(b)
USD80
83,977
Lloyds Banking Group PLC
4.24%, 02/10/30, (1-year CMT + 0.60%)(b)
USD200
196,637
5.09%, 11/26/28, (1-year CMT + 0.85%)(b)
USD223
224,041
M&T Bank Corp., 5.40%, 07/30/35, (5-year
CMT + 1.43%)(b)
USD98
97,161
Macquarie Bank Ltd., 5.77%, 08/20/36, (3-mo.
BB Swap + 1.32%)(b)(d)
AUD200
140,548
Security
Par
(000
)
Value
Banks (continued)
Mitsubishi UFJ Financial Group, Inc.
5.02%, 07/20/28, (1-year CMT + 1.95%)(b)
USD200
$200,695
5.47%, 09/13/33, (1-year CMT + 2.13%)(b)
USD200
201,841
Mizuho Financial Group, Inc., 2.20%, 07/10/31,
(3-mo. CME Term SOFR + 1.77%)(b)
USD215
192,592
Morgan Stanley
2.48%, 09/16/36, (1-day SOFR + 1.36%)(b)
USD100
85,827
2.80%, 01/25/52, (1-day SOFR + 1.43%)(b)
USD100
58,680
3.75%, 11/07/36, (3-mo. EURIBOR +
1.12%)(b)
EUR120
133,374
4.10%, 05/22/36, (3-mo. EURIBOR +
1.55%)(b)
EUR100
114,771
4.49%, 01/16/32, (1-day SOFR + 0.95%)(b)
USD849
824,135
4.81%, 04/16/32, (1-day SOFR Index +
1.18%)(b)
USD25
24,521
5.04%, 07/19/30, (1-day SOFR + 1.22%)(b)
USD100
100,225
5.07%, 01/30/37, (1-day SOFR + 1.18%)(b)
USD147
141,037
5.25%, 04/21/34, (1-day SOFR + 1.87%)(b)
USD238
235,689
5.30%, 04/10/37, (1-day SOFR Index +
1.41%)(b)
USD15
14,557
5.66%, 04/17/36, (1-day SOFR + 1.76%)(b)
USD88
88,298
6.38%, 07/24/42
USD95
99,065
Morgan Stanley Finance LLC, 5.00%,
05/08/31(a)(b)(e)
EUR705
797,727
NatWest Group PLC, 4.89%, 05/18/29, (3-mo.
SOFR US + 2.01%)(b)
USD200
200,472
PNC Financial Services Group, Inc. (The),
5.94%, 08/18/34, (1-day SOFR + 1.95%)(b)
USD266
274,990
Royal Bank of Canada
4.24%, 08/03/27
USD35
34,974
4.50%, 08/06/29, (1-day SOFR + 0.89%)(b)
USD147
146,290
4.70%, 08/06/31, (1-day SOFR + 1.06%)(b)
USD62
61,206
Santander Holdings USA, Inc., 5.35%,
09/06/30, (1-day SOFR + 1.94%)(b)
USD11
11,057
Standard Chartered PLC
7.00%, (5-year CMT + 2.67%)(b)(d)(i)
USD200
198,350
7.63%, (5-year CMT + 3.02%)(b)(d)(i)
USD300
311,658
State Street Corp., 3.03%, 11/01/34, (1-day
SOFR + 1.49%)(b)
USD403
376,667
Sumitomo Mitsui Financial Group, Inc.
3.04%, 07/16/29
USD200
190,202
5.80%, 07/08/46, (1-day SOFR + 1.78%)(b)
USD100
95,140
Texas Capital Bancshares, Inc., 5.30%,
02/27/32, (1-day SOFR + 1.94%)(b)
USD18
17,627
Toronto-Dominion Bank (The)
4.86%, 01/31/28
USD100
100,378
5.15%, 09/10/34, (5-year CMT + 1.50%)(b)
USD70
69,885
Truist Financial Corp.
5.12%, 01/26/34, (1-day SOFR + 1.85%)(b)
USD132
129,831
5.44%, 01/24/30, (1-day SOFR + 1.62%)(b)
USD69
69,788
U.S. Bancorp
4.48%, 01/26/32, (1-day SOFR + 0.87%)(b)
USD47
45,811
4.55%, 07/22/28, (1-day SOFR + 1.66%)(b)
USD19
18,992
4.84%, 02/01/34, (1-day SOFR + 1.60%)(b)
USD116
112,468
5.78%, 06/12/29, (1-day SOFR +
2.02%)(b)(h)
USD100
101,834
United Overseas Bank Ltd., 3.00%(b)(d)(i)
SGD250
195,093
Wells Fargo & Co.
2.88%, 10/30/30, (3-mo. CME Term SOFR +
1.43%)(b)
USD100
93,845
3.07%, 04/30/41, (1-day SOFR + 2.53%)(b)
USD100
73,809
Schedule of Investments
178
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Banks (continued)
3.90%, 07/22/32, (3-mo. EURIBOR +
1.22%)(b)(d)
EUR200
$231,735
4.61%, 04/25/53, (1-day SOFR + 2.13%)(b)
USD44
35,269
4.75%, 12/07/46
USD52
42,416
5.24%, 01/24/31, (1-day SOFR + 1.11%)(b)
USD67
67,444
5.39%, 04/24/34, (1-day SOFR + 2.02%)(b)
USD248
248,071
5.95%, 12/01/86
USD100
100,398
Westpac Banking Corp., 3.13%, 11/18/41
USD107
76,720
 
17,619,067
Beverages — 0.1%
Anheuser-Busch Cos LLC/Anheuser-Busch
InBev Worldwide, Inc.
4.70%, 02/01/36
USD64
60,878
4.90%, 02/01/46
USD118
103,186
Anheuser-Busch InBev Worldwide, Inc.,
5.55%, 01/23/49
USD100
94,303
Coca-Cola Co. (The), 5.30%, 05/13/54
USD69
63,635
Constellation Brands, Inc., 3.60%, 02/15/28
USD100
98,447
Keurig Dr. Pepper, Inc.
3.20%, 05/01/30
USD118
110,443
4.35%, 05/15/28
USD100
99,249
Pepsico Singapore Financing I Pte. Ltd.,
4.70%, 02/16/34
USD67
65,345
PepsiCo, Inc., 3.45%, 10/06/46
USD100
71,310
 
766,796
Biotechnology — 0.1%
Amgen, Inc.
2.00%, 01/15/32
USD503
430,637
3.15%, 02/21/40
USD86
65,034
Biogen, Inc., 2.25%, 05/01/30
USD100
90,758
Gilead Sciences, Inc.
2.60%, 10/01/40
USD100
70,569
4.75%, 03/01/46
USD41
35,201
Royalty Pharma PLC, 2.15%, 09/02/31
USD13
11,322
 
703,521
Building Materials — 0.2%
Builders FirstSource, Inc.
5.00%, 03/01/30(a)
USD17
16,475
6.75%, 05/15/35(a)
USD100
99,006
Cemex SAB de CV, 7.20%, (5-year CMT +
3.52%)(a)(b)(i)
USD200
205,900
EMRLD Borrower LP/Emerald Co-Issuer, Inc.,
6.63%, 12/15/30(a)
USD50
50,820
Heidelberg Materials Finance Luxembourg SA,
4.88%, 11/21/33(d)
EUR600
729,353
Quikrete Holdings, Inc., 6.38%, 03/01/32(a)
USD50
50,610
Standard Building Solutions, Inc., 6.50%,
08/15/32(a)
USD100
100,191
Standard Industries, Inc./New York, 4.75%,
01/15/28(a)
USD12
11,927
 
1,264,282
Chemicals — 0.9%
Bond U.S. Bidco 1 Inc/Bidco 2/Bidco
3/German Bidco 1 GmbH/German Bidco 2,
6.50%, 06/15/33(d)
EUR100
115,993
Brenntag Finance BV, 3.38%, 10/02/31(d)
EUR200
225,168
Celanese U.S. Holdings LLC
7.38%, 07/15/32
USD100
104,631
7.55%, 11/15/30
USD50
52,633
Security
Par
(000
)
Value
Chemicals (continued)
Chemours Co.(The)
4.63%, 11/15/29(a)
USD100
$94,368
5.75%, 11/15/28(a)
USD18
17,911
Dow Chemical Co.(The)
3.60%, 11/15/50
USD503
323,615
4.38%, 11/15/42
USD80
63,197
4.80%, 05/15/49
USD40
30,950
5.95%, 03/15/55(h)
USD755
681,347
7.38%, 11/01/29
USD100
107,494
9.40%, 05/15/39
USD267
344,647
DuPont de Nemours, Inc., 4.73%, 11/15/28(a)
USD125
124,672
Ecolab, Inc., 4.30%, 06/15/28
USD31
30,897
FMC Corp., 8.00%, 06/01/31(a)
USD983
1,016,451
Itelyum Regeneration SpA, 5.75%, 04/15/30(d)
EUR100
117,220
LYB International Finance BV, 5.25%,
07/15/43
USD100
85,599
LYB International Finance III LLC
3.63%, 04/01/51
USD829
529,889
4.20%, 10/15/49
USD996
699,152
5.88%, 01/15/36(h)
USD762
756,402
LyondellBasell Industries NV, 4.63%,
02/26/55(h)
USD131
96,415
Methanex Corp., 5.13%, 10/15/27
USD100
100,144
NOVA Chemicals Corp., 4.25%, 05/15/29(a)
USD25
24,318
Nutrien Ltd.
2.95%, 05/13/30
USD91
84,796
4.90%, 03/27/28
USD100
100,307
OCP SA, 6.75%, 05/02/34(d)
USD200
205,020
Olin Corp., 5.00%, 02/01/30
USD27
25,930
SCIH Salt Holdings, Inc.
6.75%, 08/15/31(a)
USD96
95,923
8.00%, 08/15/32(a)
USD68
67,660
WR Grace Holdings LLC, 7.00%, 08/01/33(a)
USD100
95,784
 
6,418,533
Commercial Services — 0.3%
Allied Universal Holdco LLC, 7.88%,
02/15/31(a)
USD24
24,918
Allied Universal Holdco LLC/Allied Universal
Finance Corp., 6.88%, 06/15/30(a)
USD100
102,181
APCOA GmbH, 6.00%, 04/15/31(d)
EUR100
115,751
Avis Budget Car Rental LLC/Avis Budget
Finance, Inc.
4.75%, 04/01/28(a)
USD12
11,804
8.38%, 06/15/32(a)(h)
USD100
99,523
BCP V Modular Services Finance II PLC,
6.50%, 07/10/31(d)
EUR100
96,680
Block, Inc., 3.50%, 06/01/31
USD100
91,173
Brink's Co. (The), 4.63%, 10/15/27(a)
USD11
10,929
DP World Ltd./United Arab Emirates, 6.85%,
07/02/37(d)
USD180
186,509
EC Finance PLC, 3.25%, 10/15/26(d)
EUR100
114,771
EquipmentShare.com, Inc., 9.00%, 05/15/28(a)
USD50
50,762
Garda World Security Corp., 8.25%,
08/01/32(a)(h)
USD50
50,704
GEO Group, Inc. (The), 8.63%, 04/15/29
USD100
104,249
Global Payments, Inc.
4.88%, 11/15/30
USD28
27,236
5.55%, 11/15/35
USD33
31,428
Herc Holdings, Inc., 6.63%, 06/15/29(a)
USD50
50,897
ION Platform Finance SARL, 6.50%,
09/30/30(d)
EUR100
98,075
179
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Commercial Services (continued)
Motability Operations Group PLC, 4.13%,
02/04/38(d)
EUR160
$178,765
Multiversity SpA, 7.13%, 05/17/31(d)
EUR100
118,284
PayPal Holdings, Inc., 2.85%, 10/01/29
USD69
65,032
S&P Global, Inc., 4.25%, 05/01/29
USD39
38,510
Triton Container International Ltd./TAL
International Container Corp., 5.15%,
02/15/33
USD100
96,587
United Rentals North America, Inc., 3.75%,
01/15/32
USD100
91,309
Verisk Analytics, Inc., 4.45%, 03/15/31
USD25
24,279
Worldline SA/France, 0.88%, 06/30/27(d)
EUR100
109,580
 
1,989,936
Computers — 0.4%
Amentum Holdings, Inc., 7.25%, 08/01/32(a)
USD50
51,370
Apple, Inc.
1.25%, 08/20/30
USD169
148,283
2.38%, 02/08/41
USD442
302,840
2.55%, 08/20/60(h)
USD40
20,145
2.65%, 02/08/51
USD120
68,785
2.70%, 08/05/51
USD100
57,756
3.85%, 05/04/43
USD580
460,803
4.25%, 02/09/47
USD128
102,651
Dell International LLC/EMC Corp.
5.00%, 04/01/30
USD100
99,981
5.30%, 10/01/29(h)
USD100
101,116
5.30%, 04/01/32
USD36
36,107
Gartner, Inc.
3.63%, 06/15/29(a)
USD365
344,113
4.50%, 07/01/28(a)
USD818
804,313
Hewlett Packard Enterprise Co.
4.40%, 09/25/27
USD73
72,772
4.85%, 10/15/31
USD94
92,618
International Business Machines Corp., 4.70%,
02/19/46
USD171
137,358
Kyndryl Holdings, Inc., 3.15%, 10/15/31
USD113
94,139
NCR Atleos Corp., 9.50%, 04/01/29(a)
USD100
106,055
NCR Voyix Corp., 5.00%, 10/01/28(a)
USD17
16,468
 
3,117,673
Cosmetics & Personal Care — 0.1%
Edgewell Personal Care Co., 4.13%,
04/01/29(a)
USD100
96,225
Kenvue, Inc., 5.05%, 03/22/28
USD191
192,313
Perrigo Finance Unlimited Co., 5.38%,
09/30/32
EUR100
111,972
Procter & Gamble Co. (The), 4.05%, 05/01/30
USD100
98,405
 
498,915
Diversified Financial Services — 1.3%
American Express Co.
4.80%, 10/24/36, (1-day SOFR + 1.24%)(b)
USD65
61,600
5.04%, 05/01/34, (1-day SOFR + 1.84%)(b)
USD40
39,453
5.53%, 04/25/30, (1-day SOFR Index +
1.09%)(b)
USD200
203,464
Apollo Global Management, Inc., 6.00%,
12/15/54, (5-year CMT + 2.17%)(b)
USD100
95,745
AT&T Reign II Multi-Property Lease-Backed
Pass-Through Trust, 6.09%, 12/15/44(a)
USD122
117,429
Brookfield Finance, Inc., 3.90%, 01/25/28
USD100
98,858
Capital One Financial Corp., 7.96%, 11/02/34,
(1-day SOFR Index + 3.37%)(b)
USD132
149,323
Security
Par
(000
)
Value
Diversified Financial Services (continued)
Caturus LLC, 12.00%, 05/14/31(a)(e)
USD1,717
$1,551,882
Charles Schwab Corp. (The), 6.20%, 11/17/29,
(1-day SOFR + 1.88%)(b)
USD25
25,772
Citigroup Global Markets Holdings
Inc/United States, 5.89%, 06/17/29(a)(b)
USD362
362,000
Credit Acceptance Corp., 6.63%, 03/15/30(a)
USD100
99,893
Encore Capital Group, Inc., 4.25%, 06/01/28(d)
GBP100
131,690
Flourishing Trade & Investment Ltd., 11.04%,
04/02/30(a)(e)
USD229
235,433
Freedom Mortgage Holdings LLC, 8.38%,
04/01/32(a)
USD100
100,440
Garfunkelux Holdco 3 SA, 9.00%, 09/01/28(d)
EUR96
110,755
GS Finance Corp.
2.25%, 05/14/31(a)(b)(e)
EUR432
499,207
5.95%, 01/15/31(b)
USD1,260
1,168,150
6.11%, 02/17/31(b)
USD356
338,596
7.35%, 02/17/31(b)
USD738
702,817
IIFL Finance Ltd.
7.60%, 09/10/29(d)
USD400
401,400
7.60%, 07/10/30(d)
USD200
198,101
Intercontinental Exchange, Inc., 4.25%,
09/21/48
USD174
135,272
Jane Street Group/JSG Finance, Inc., 7.13%,
04/30/31(a)
USD50
51,601
Jefferies Financial Group, Inc., 2.63%,
10/15/31
USD100
86,631
LPL Holdings, Inc., 5.70%, 05/20/27
USD100
100,795
Mastercard, Inc., 2.95%, 06/01/29
USD225
215,409
Muangthai Capital PCL
6.88%, 09/30/28(d)
USD200
200,250
7.55%, 07/21/30(d)
USD250
252,405
Oceana 11
Class A, 11.00%, 07/31/28
AUD243
170,987
Class A, 11.00%, 07/31/29
AUD485
341,270
PennyMac Financial Services, Inc.
6.75%, 02/15/34(a)
USD100
92,753
7.13%, 11/15/30(a)
USD50
49,844
Power Finance Corp. Ltd., 5.32%, 06/30/31(d)
USD200
199,822
Rocket Cos, Inc., 6.50%, 08/01/29(a)
USD100
101,314
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 4.00%, 10/15/33(a)
USD50
44,158
Sammaan Capital Ltd., 9.70%, 07/03/27(d)
USD200
205,500
SURA Asset Management SA, 6.35%,
05/13/32(a)
USD200
207,580
Synchrony Financial, 5.15%, 03/19/29
USD235
234,383
TER Finance Jersey Ltd., 4.50%, 03/31/32
EUR100
114,937
United Wholesale Mortgage LLC, 5.50%,
04/15/29(a)
USD27
25,216
UWM Holdings LLC, 6.25%, 03/15/31(a)
USD14
12,491
Visa, Inc., 2.00%, 08/15/50(h)
USD100
50,851
 
9,585,477
Electric — 2.2%
AEP Texas, Inc., Series E, 6.65%, 02/15/33
USD14
14,890
AEP Transmission Co. LLC
3.15%, 09/15/49
USD47
29,829
3.75%, 12/01/47
USD24
17,338
3.80%, 06/15/49
USD6
4,294
Series N, 2.75%, 08/15/51
USD20
11,530
AES Corp. (The), 6.95%, 07/15/55, (5-year
CMT + 2.89%)(b)
USD100
98,205
Schedule of Investments
180
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
Alabama Power Co.
3.85%, 12/01/42
USD9
$7,038
5.50%, 03/15/41
USD15
14,536
6.00%, 03/01/39
USD12
12,317
Alliant Energy Corp., 5.75%, 04/01/56, (5-year
CMT + 2.08%)(b)
USD100
98,065
American Electric Power Co., Inc.
Series C, 5.80%, 03/15/56, (5-year CMT +
2.13%)(b)
USD32
31,428
Series D, 6.05%, 03/15/56, (5-year CMT +
1.94%)(b)
USD100
98,273
Baltimore Gas and Electric Co.
2.90%, 06/15/50
USD5
2,980
3.75%, 08/15/47
USD17
12,158
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 5.63%, 02/15/32(d)
EUR200
233,532
CenterPoint Energy Houston Electric LLC,
5.15%, 03/01/34
USD151
149,662
CenterPoint Energy, Inc., 6.70%, 05/15/55,
(5-year CMT + 2.59%)(b)
USD224
227,750
CGE Treasury Ifsc Pvt Ltd., 7.88%,
07/28/31(d)
USD250
249,375
Clean Renewable Power Mauritius Pte. Ltd.,
4.25%, 03/25/27(d)
USD147
144,979
CMS Energy Corp., 3.75%, 12/01/50, (5-year
CMT + 2.90%)(b)
USD91
83,843
Commonwealth Edison Co., 3.80%, 10/01/42
USD256
198,587
Connecticut Light and Power Co. (The),
4.95%, 01/15/30
USD44
44,163
Consolidated Edison Co. of New York, Inc.,
4.50%, 05/15/58
USD137
104,830
Constellation Energy Generation LLC
4.40%, 01/15/31
USD32
31,155
4.63%, 02/01/29
USD23
22,838
Continuum Energy Aura Pte. Ltd., 9.50%,
02/24/27(d)
USD200
200,500
ContourGlobal Power Holdings SA, 4.38%,
07/31/31(d)
EUR100
112,003
Dominion Energy, Inc.
6.20%, 02/15/56, (5-year CMT + 2.01%)(b)
USD100
98,444
Series B, 7.00%, 06/01/54, (5-year CMT +
2.51%)(b)
USD160
166,935
DTE Electric Co., Series B, 5.55%, 03/01/56
USD35
32,385
DTE Energy Co.
4.95%, 07/01/27
USD100
100,387
Series C, 3.40%, 06/15/29
USD138
132,723
Duke Energy Carolinas LLC
3.20%, 08/15/49
USD64
41,192
3.45%, 04/15/51
USD41
27,324
3.70%, 12/01/47
USD27
19,323
5.35%, 01/15/53
USD58
52,127
Duke Energy Corp.
3.50%, 06/15/51
USD12
7,754
3.95%, 08/15/47
USD26
18,914
Duke Energy Ohio, Inc., 5.25%, 04/01/33
USD47
47,063
Duke Energy Progress LLC
2.50%, 08/15/50
USD178
98,104
4.00%, 04/01/52
USD9
6,541
EDP SA, 1.50%, 03/14/82, (5-year EUR Swap
+ 1.89%)(b)(d)
EUR100
114,132
Security
Par
(000
)
Value
Electric (continued)
EDP Servicios Financieros Espana SA, 3.75%,
03/01/33(d)
EUR600
$686,599
Engie SA, 6.48%(b)(d)(i)
AUD310
218,162
Entergy Corp.
5.88%, 06/15/56, (5-year CMT + 2.18%)(b)
USD45
44,499
6.10%, 06/15/56, (5-year CMT + 2.01%)(b)
USD100
98,273
Entergy Louisiana LLC, 4.95%, 01/15/45
USD206
181,754
Evergy Kansas Central, Inc., 5.90%, 11/15/33
USD60
62,188
Eversource Energy
5.45%, 03/01/28
USD100
101,044
Series A, 6.10%, 08/15/56, (5-year CMT +
2.52%)(b)
USD97
96,456
Exelon Corp., 6.50%, 03/15/55, (5-year CMT +
1.98%)(b)
USD100
101,492
FirstEnergy Transmission LLC
4.55%, 04/01/49(d)
USD36
28,691
5.45%, 07/15/44(a)
USD46
42,108
Florida Power & Light Co.
4.95%, 06/01/35
USD109
105,849
5.69%, 03/01/40
USD222
222,145
Georgia Power Co., Series B, 3.70%,
01/30/50
USD16
11,256
India Clean Energy Holdings, 4.50%,
04/18/27(d)
USD400
394,000
MidAmerican Energy Co., 3.15%, 04/15/50
USD36
22,931
Mong Duong Finance Holdings BV, 5.13%,
05/07/29(d)
USD119
117,377
MVM Energetika Zrt, 6.50%, 03/13/31(d)
USD200
207,926
National Rural Utilities Cooperative Finance
Corp., 5.05%, 09/15/28
USD193
194,383
Neoen Finco PLC, 5.50%, 06/15/31(d)
EUR100
117,476
NextEra Energy Capital Holdings, Inc.
4.00%, 05/15/56, (5-year EURIBOR ICE
Swap + 1.59%)(b)
EUR200
223,865
6.75%, 06/15/54, (5-year CMT + 2.46%)(b)
USD100
102,659
Northern States Power Co., 5.35%, 11/01/39
USD200
195,637
NRG Energy, Inc.
3.63%, 02/15/31(a)
USD24
22,114
5.75%, 07/15/29(a)
USD100
99,942
7.00%, 03/15/33(a)
USD26
27,679
Ohio Power Co.
4.00%, 06/01/49
USD21
15,267
Series R, 2.90%, 10/01/51
USD66
38,293
Oncor Electric Delivery Co. LLC
2.70%, 11/15/51
USD76
42,839
4.55%, 11/26/56, (5-year EURIBOR ICE
Swap + 1.53%)(b)(d)
EUR100
115,225
Pacific Gas and Electric Co.
3.30%, 08/01/40
USD218
159,460
3.50%, 08/01/50
USD309
197,682
3.75%, 08/15/42
USD136
99,782
4.00%, 12/01/46
USD197
141,249
4.25%, 03/15/46
USD66
49,345
4.60%, 06/15/43
USD8
6,451
4.75%, 02/15/44
USD51
41,729
4.95%, 07/01/50
USD111
89,551
5.25%, 03/01/52
USD52
43,223
5.45%, 06/15/27
USD100
100,586
5.90%, 10/01/54
USD157
142,095
6.00%, 05/01/56
USD2,965
2,729,489
6.10%, 10/15/55
USD329
306,727
181
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Electric (continued)
6.15%, 03/01/55
USD172
$161,072
6.75%, 01/15/53
USD629
636,559
PacifiCorp, 6.25%, 10/15/37
USD75
76,558
PG&E Corp.
5.25%, 07/01/30(h)
USD255
250,777
6.85%, 09/15/56, (5-year CMT + 3.23%)(b)
USD857
848,059
7.38%, 03/15/55, (5-year CMT + 3.88%)(b)
USD333
338,135
Pinnacle West Capital Corp., 5.15%, 05/15/30
USD224
224,903
PPL Electric Utilities Corp., 4.85%, 02/15/34
USD269
262,251
Public Service Electric and Gas Co., 3.65%,
09/01/42
USD100
77,176
San Miguel Global Power Holdings Corp.,
8.38%, (5-year CMT + 7.12%)(b)(d)(i)
USD200
198,338
Sempra
6.38%, 04/01/56, (5-year CMT + 2.63%)(b)
USD200
200,621
6.40%, 10/01/54, (5-year CMT + 2.63%)(b)
USD100
99,504
6.55%, 04/01/55, (5-year CMT + 2.14%)(b)
USD78
78,013
Sierra Pacific Power Co., 6.20%, 12/15/55,
(5-year CMT + 2.55%)(b)
USD132
129,494
Southern California Edison Co.
4.00%, 04/01/47
USD100
71,402
5.63%, 02/01/36
USD35
34,391
Southern Co.(The)
5.70%, 10/15/32
USD65
66,888
6.00%, 04/01/58, (5-year CMT + 1.99%)(b)
USD200
197,977
Series 2025, 6.38%, 03/15/55, (5-year CMT
+ 2.07%)(b)
USD50
50,623
Talen Energy Supply LLC, 6.38%,
05/01/33(a)(j)
USD100
98,481
Union Electric Co., 5.30%, 08/01/37
USD143
141,384
Virginia Electric and Power Co.
5.70%, 08/15/53
USD22
20,548
6.35%, 11/30/37
USD140
146,627
Vistra Operations Co. LLC
5.00%, 07/31/27(a)
USD16
15,995
6.00%, 04/15/34(a)
USD136
137,258
7.75%, 10/15/31(a)
USD100
104,252
VoltaGrid LLC, 7.38%, 11/01/30(a)
USD49
49,244
WEC Energy Group, Inc., 5.63%, 05/15/56,
(5-year CMT + 1.91%)(b)
USD100
98,506
Xcel Energy, Inc., 5.75%, 12/03/56, (5-year
CMT + 2.17%)(b)
USD100
98,071
XPLR Infrastructure Operating Partners LP,
8.38%, 01/15/31(a)(h)
USD100
106,283
 
16,284,334
Electrical Components & Equipment — 0.0%
Energizer Holdings, Inc., 4.38%, 03/31/29(a)
USD18
17,336
Electronics — 0.0%
Amphenol Corp., 2.80%, 02/15/30
USD100
93,309
Sensata Technologies, Inc., 4.38%,
02/15/30(a)
USD25
24,108
 
117,417
Engineering & Construction — 0.0%
Cellnex Finance Co. SA, 3.88%, 01/19/36(d)
EUR100
111,061
TAV Havalimanlari Holding A/S, 8.50%,
12/07/28(d)
USD200
205,000
 
316,061
Security
Par
(000
)
Value
Entertainment — 0.1%
Caesars Entertainment, Inc.
4.63%, 10/15/29(a)
USD11
$10,453
7.00%, 02/15/30(a)
USD100
100,331
Churchill Downs, Inc., 6.75%, 05/01/31(a)
USD24
24,285
Light & Wonder International, Inc., 7.50%,
09/01/31(a)
USD100
103,006
Live Nation Entertainment, Inc.
3.75%, 01/15/28(a)
USD25
24,477
4.75%, 10/15/27(a)
USD12
11,938
Midwest Gaming Borrower LLC/Midwest
Gaming Finance Corp., 4.88%, 05/01/29(a)
USD11
10,683
Pioneer Opco LLC, 7.00%, 05/15/33(a)
USD12
12,116
Resorts World Las Vegas LLC/RWLV Capital,
Inc., 4.63%, 04/16/29(d)
USD300
268,500
Six Flags Entertainment Corp., 7.25%,
05/15/31(a)(h)
USD100
98,059
Six Flags Entertainment Corp/Canada's
Wonderland Co/Millennium Operations LLC,
8.63%, 01/15/32(a)
USD12
12,137
Tabcorp Finance Pty. Ltd., 5.99%, 05/28/31(d)
AUD250
171,967
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp., 5.13%, 10/01/29(a)
USD16
15,834
 
863,786
Environmental Control — 0.1%
Biffa Group Holdings Ltd., 5.25%, 06/15/31(d)
EUR100
114,526
GFL Environmental, Inc., 4.00%, 08/01/28(a)
USD50
48,758
Republic Services, Inc., 5.00%, 11/15/29
USD144
145,204
Reworld Holding Corp., 4.88%, 12/01/29(a)
USD28
26,573
Waste Management, Inc.
1.50%, 03/15/31
USD152
131,078
4.50%, 03/15/28
USD30
30,004
 
496,143
Food — 0.2%
Albertsons Companies, Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC
3.50%, 03/15/29(a)
USD50
47,057
6.25%, 03/15/33(a)
USD100
96,857
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(d)
GBP100
126,286
Campbell's Co. (The), 4.55%, 03/21/31
USD15
14,491
Conagra Brands, Inc., 4.85%, 11/01/28
USD173
172,551
Froneri Lux FinCo SARL, 4.75%, 08/01/32(d)
EUR100
111,851
J M Smucker Co. (The), 3.38%, 12/15/27
USD100
98,439
Kraft Heinz Foods Co., 6.88%, 01/26/39
USD100
106,937
Mondelez International, Inc., 4.25%, 05/06/28
USD100
99,389
Nomad Foods Bondco PLC, 5.25%,
07/15/33(d)
EUR100
115,089
Pilgrim's Pride Corp., 4.25%, 04/15/31
USD18
17,115
Post Holdings, Inc., 4.63%, 04/15/30(a)
USD106
102,105
Sysco Corp., 5.95%, 04/01/30
USD100
102,737
 
1,210,904
Forest Products & Paper — 0.0%
Magnera Corp., 7.25%, 11/15/31(a)(h)
USD100
97,875
Gas — 0.1%
AmeriGas Partners LP/AmeriGas Finance
Corp., 9.38%, 06/01/28(a)
USD6
6,134
APA Infrastructure Ltd., 6.55%, 04/28/56,
(3-mo. BB Swap + 2.00%)(b)(d)
AUD170
121,132
Atmos Energy Corp., 3.00%, 06/15/27
USD100
98,852
Schedule of Investments
182
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Gas (continued)
EP Infrastructure A/S
4.13%, 02/27/33(d)
EUR100
$112,157
4.38%, 01/29/34(d)
EUR125
141,474
NiSource, Inc.
3.49%, 05/15/27
USD100
99,272
5.75%, 07/15/56, (5-year CMT + 2.04%)(b)
USD149
146,755
Spire, Inc., 6.25%, 06/01/56, (5-year CMT +
2.56%)(b)
USD100
98,944
 
824,720
Health Care - Products — 0.1%
Abbott Laboratories
4.75%, 03/15/38
USD100
94,057
4.75%, 04/15/43
USD125
110,451
Bausch & Lomb Corp., 8.38%, 10/01/28(a)
USD19
19,475
Baxter International, Inc., 1.73%, 04/01/31
USD37
31,321
GE HealthCare Technologies, Inc., 5.86%,
03/15/30
USD100
102,777
Medline Borrower LP/Medline Co-Issuer, Inc.
3.88%, 04/01/29(a)
USD27
26,117
5.25%, 10/01/29(a)
USD50
49,532
Stryker Corp., 3.65%, 03/07/28
USD100
98,544
Thermo Fisher Scientific, Inc., 4.55%,
06/15/33
USD92
89,053
 
621,327
Health Care - Services — 0.4%
Centene Corp.
3.38%, 02/15/30
USD100
92,489
4.25%, 12/15/27
USD20
19,924
4.63%, 12/15/29
USD100
97,014
Charles River Laboratories International, Inc.,
3.75%, 03/15/29(a)
USD6
5,733
CHS/Community Health Systems, Inc.
9.75%, 01/15/34(a)
USD100
101,306
10.88%, 01/15/32(a)
USD58
61,178
Cigna Group (The), 6.00%, 01/15/56
USD100
97,129
Cigna Group (The), 2.40%, 03/15/30
USD34
31,197
DaVita, Inc., 6.88%, 09/01/32(a)
USD100
102,766
Elevance Health, Inc., 4.65%, 01/15/43
USD209
178,458
Encompass Health Corp., 4.75%, 02/01/30
USD25
24,449
Ephios Subco 3 SARL, 7.88%, 01/31/31(d)
EUR100
120,902
HCA, Inc.
4.60%, 11/15/32
USD315
302,884
5.25%, 03/01/30
USD100
100,754
5.45%, 04/01/31
USD355
359,473
5.60%, 04/01/34
USD15
15,082
5.70%, 11/15/55
USD391
351,483
6.00%, 04/01/54
USD87
81,622
6.10%, 04/01/64
USD83
77,722
6.20%, 03/01/55
USD121
116,777
IQVIA, Inc.
4.63%, 06/15/33(d)
EUR100
115,448
6.25%, 06/01/32(a)
USD100
101,286
LifePoint Health, Inc., 7.00%, 05/01/34(a)
USD100
93,404
Mehilainen Yhtiot Oy, 5.13%, 06/30/32(d)
EUR200
231,702
Molina Healthcare, Inc., 4.38%, 06/15/28(a)
USD16
15,660
Select Medical Corp., 6.25%, 12/01/32(a)(h)
USD7
6,724
Tenet Healthcare Corp., 4.63%, 06/15/28
USD116
114,843
 
3,017,409
Holding Companies - Diversified — 0.1%
Ares Strategic Income Fund, 5.15%, 01/15/31
USD100
95,145
Security
Par
(000
)
Value
Holding Companies - Diversified (continued)
Blackstone Private Credit Fund, 5.60%,
11/22/29
USD100
$98,295
Blue Owl Credit Income Corp., 5.80%,
03/15/30
USD100
97,160
FS KKR Capital Corp., 6.88%, 08/15/29
USD100
100,414
Progroup AG, 5.38%, 04/15/31(d)
EUR100
117,552
 
508,566
Home Builders — 0.0%
Ashton Woods USA LLC/Ashton Woods
Finance Co.
4.63%, 08/01/29(a)
USD3
2,881
4.63%, 04/01/30(a)
USD10
9,495
6.88%, 08/01/33(a)
USD7
6,984
Beazer Homes USA, Inc.
7.25%, 10/15/29
USD18
18,231
8.00%, 01/15/32(a)
USD13
13,257
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30(a)(h)
USD12
11,181
5.00%, 06/15/29(a)
USD6
5,692
Forestar Group, Inc., 5.00%, 03/01/28(a)
USD11
10,919
LGI Homes, Inc.
7.00%, 11/15/32(a)(h)
USD15
14,621
8.75%, 12/15/28(a)
USD13
13,347
Mattamy Group Corp., 4.63%, 03/01/30(a)
USD15
14,375
STL Holding Co. LLC, 8.75%, 02/15/29(a)
USD10
10,373
Taylor Morrison Communities, Inc., 5.75%,
01/15/28(a)
USD15
15,133
 
146,489
Home Furnishings — 0.0%
Whirlpool Corp., 6.50%, 06/15/33(h)
USD100
84,735
Hotels, Restaurants & Leisure — 0.1%
Big Sky Funding LLC
5.75%, 10/20/35(e)(k)
USD690
690,481
5.75%, 10/20/35(a)
USD28
27,417
 
717,898
Housewares — 0.0%
Newell Brands, Inc.
6.63%, 09/15/29
USD25
25,301
6.63%, 05/15/32(h)
USD100
101,172
Scotts Miracle-Gro Co. (The), 4.38%,
02/01/32
USD25
23,120
 
149,593
Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer
7.00%, 01/15/31(a)
USD50
50,737
7.38%, 10/01/32(a)
USD100
100,561
American International Group, Inc., 4.85%,
05/07/30
USD30
29,957
AmWINS Group, Inc., 4.88%, 06/30/29(a)
USD100
96,256
Aon Corp./Aon Global Holdings PLC
2.85%, 05/28/27
USD100
98,747
5.35%, 02/28/33
USD87
87,386
Ardonagh Finco Ltd., 6.88%, 02/15/31(d)
EUR100
116,311
Arthur J Gallagher & Co., 5.55%, 02/15/55
USD100
89,961
Athene Holding Ltd., 6.88%, 06/28/55, (5-year
CMT + 2.58%)(b)(h)
USD100
94,456
183
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Insurance (continued)
Berkshire Hathaway Finance Corp., 3.85%,
03/15/52
USD100
$71,896
Brown & Brown, Inc., 2.38%, 03/15/31
USD69
60,815
Chubb INA Holdings LLC, 6.00%, 05/11/37
USD16
16,669
Corebridge Financial, Inc., 6.38%, 09/15/54,
(5-year CMT + 2.65%)(b)
USD100
98,128
CRC Insurance Group LLC, 7.13%,
06/01/31(a)
USD100
99,812
Equitable Holdings, Inc., 6.70%, 03/28/55,
(5-year CMT + 2.39%)(b)(h)
USD50
50,773
HUB International Ltd., 7.25%, 06/15/30(a)
USD100
102,967
Just Group PLC, 6.50%, 09/30/37, (5-year UK
Government Bond + 2.05%)(b)(d)
GBP100
133,666
Markel Group, Inc., 3.50%, 11/01/27
USD100
98,578
Marsh & McLennan Companies, Inc., 6.25%,
11/01/52
USD175
176,966
MetLife, Inc.
5.85%, 03/15/56, (5-year CMT + 1.82%)(b)
USD100
97,493
10.75%, 08/01/69
USD64
80,677
Series G, 6.35%, 03/15/55, (5-year CMT +
2.08%)(b)
USD78
79,123
Prudential Financial, Inc.
3.70%, 10/01/50, (5-year CMT + 3.04%)(b)
USD62
57,236
6.50%, 03/15/54, (5-year CMT + 2.40%)(b)
USD111
113,560
RLGH Finance Bermuda Ltd., 6.88%, (5-year
CMT + 3.02%)(b)(d)(i)
USD200
199,031
Travelers Companies, Inc. (The), 5.35%,
11/01/40
USD93
89,979
Willis North America, Inc., 4.65%, 06/15/27
USD100
100,082
 
2,491,823
Internet — 1.1%
Alphabet, Inc.
4.10%, 02/15/31(h)
USD37
35,868
4.80%, 02/15/36(h)
USD471
451,916
5.45%, 11/15/55
USD30
26,663
5.50%, 02/15/46
USD61
56,661
5.65%, 02/15/56
USD164
151,464
5.70%, 11/15/75
USD464
411,087
5.75%, 02/15/66
USD665
603,178
Amazon.com, Inc.
3.95%, 04/13/52
USD543
381,097
4.25%, 03/13/31
USD130
126,103
4.80%, 07/09/31
USD33
32,687
4.88%, 03/13/36
USD90
86,135
5.10%, 07/09/33
USD33
32,693
5.45%, 11/20/55
USD200
175,323
5.65%, 03/13/46
USD55
51,443
5.80%, 03/13/56
USD85
78,158
5.95%, 03/13/66
USD785
721,870
6.05%, 03/13/76
USD55
50,845
6.25%, 07/09/66
USD33
31,632
AppLovin Corp.
5.13%, 12/01/29
USD423
423,499
5.38%, 12/01/31
USD561
561,627
5.95%, 12/01/54
USD276
250,286
Beignet Investor LLC, 6.58%, 05/30/49(a)
USD945
916,143
Cogent Communications Group LLC/Cogent
Finance, Inc., 6.50%, 07/01/32(a)
USD100
89,002
ION Platform Finance U.S., Inc./ION Platform
Finance SARL
4.63%, 05/01/28(a)
USD12
11,211
Security
Par
(000
)
Value
Internet (continued)
5.75%, 05/15/28(a)
USD10
$9,458
9.50%, 05/30/29(a)
USD100
94,624
Match Group Holdings II LLC, 4.63%,
06/01/28(a)
USD26
25,586
Meta Platforms, Inc.
4.45%, 08/15/52
USD100
71,232
4.88%, 11/15/35
USD35
32,833
5.25%, 05/15/36
USD324
310,641
5.50%, 11/15/45
USD100
86,503
5.75%, 05/15/63
USD140
116,149
6.30%, 05/15/56
USD158
145,000
Rakuten Group, Inc.
4.25%, (5-year EUR Swap + 4.74%)(b)(d)(i)
EUR400
455,436
9.75%, 04/15/29(d)
USD400
434,308
Uber Technologies, Inc., 4.30%, 01/15/30
USD100
98,049
Wayfair LLC, 7.25%, 10/31/29(a)
USD100
102,979
 
7,739,389
Iron & Steel — 0.0%
Cleveland-Cliffs, Inc.
7.00%, 03/15/32(a)
USD50
50,105
7.50%, 09/15/31(a)
USD23
23,473
Fortescue Treasury Pty. Ltd., 4.50%,
09/15/27(a)
USD16
15,863
Mineral Resources Ltd., 9.25%, 10/01/28(a)
USD16
16,457
Samarco Mineracao SA
9.50%, 06/30/31, (4.00% Cash and 5.00%
PIK)(a)(k)
USD0
(l)
158
9.50%, 06/30/31, (9.00 % PIK)(d)(k)
USD186
186,958
Vale Overseas Ltd., 6.40%, 06/28/54
USD8
7,930
 
300,944
Leisure Time — 0.0%
Carnival Corp. Ltd., 5.75%, 08/01/32(a)
USD111
109,977
NCL Corp. Ltd., 6.75%, 02/01/32(a)
USD100
98,016
Viking Cruises Ltd., 7.00%, 02/15/29(a)
USD24
24,050
 
232,043
Lodging — 0.2%
Boyd Gaming Corp., 4.75%, 06/15/31(a)
USD23
21,962
Essendi SA, 5.63%, 05/15/32(d)
EUR100
116,650
Fortune Star BVI Ltd., 5.88%, 11/20/30(d)
EUR155
172,890
Full House Resorts, Inc., 8.25%, 02/15/28(a)(h)
USD5
4,880
Hilton Domestic Operating Co., Inc.
3.63%, 02/15/32(a)
USD25
22,621
4.00%, 05/01/31(a)
USD25
23,460
4.88%, 01/15/30
USD100
98,583
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc., 4.88%,
07/01/31(a)
USD18
16,649
Melco Resorts Finance Ltd., 5.75%,
07/21/28(d)
USD400
395,800
MGM Resorts International, 4.75%, 10/15/28
USD16
15,840
Station Casinos LLC, 4.50%, 02/15/28(a)
USD25
24,583
Studio City Finance Ltd.
5.00%, 01/15/29(d)
USD200
191,228
6.50%, 01/15/28(d)
USD200
199,600
Wynn Macau Ltd., 5.63%, 08/26/28(a)
USD200
197,340
 
1,502,086
Machinery — 0.1%
Caterpillar Financial Services Corp.
4.38%, 08/16/29
USD136
135,047
4.40%, 03/03/28
USD100
99,905
Schedule of Investments
184
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Machinery (continued)
Columbus McKinnon Corp./New York, 7.13%,
02/01/33(a)
USD4
$4,030
Deere & Co., 5.38%, 10/16/29
USD231
236,791
John Deere Capital Corp., 2.80%, 09/08/27
USD100
98,382
Solaris Energy Infrastructure LLC, 6.38%,
05/15/31(a)
USD79
77,603
Vertiv Holdings Co., 4.85%, 03/15/36
USD15
14,126
 
665,884
Manufacturing — 0.1%
3M Co.
2.88%, 10/15/27
USD200
196,290
4.80%, 03/15/30
USD61
60,983
Maxam Prill SARL, 6.00%, 07/15/30(d)
EUR100
117,684
Parker-Hannifin Corp., 4.25%, 09/15/27
USD100
99,768
Textron, Inc., 3.38%, 03/01/28
USD46
45,079
 
519,804
Media — 0.7%
AMC Global Media, Inc., 4.25%, 02/15/29(h)
USD18
15,800
CCO Holdings LLC/CCO Holdings
Capital Corp.
4.25%, 02/01/31(a)
USD35
30,980
4.25%, 01/15/34(a)(h)
USD172
140,436
4.50%, 08/15/30(a)
USD100
91,240
4.50%, 05/01/32
USD68
58,642
5.13%, 05/01/27(a)
USD31
30,936
7.00%, 02/01/33(a)
USD2
1,917
Charter Communications
Operating LLC/Charter Communications
Operating Capital
3.90%, 06/01/52
USD33
19,823
4.40%, 12/01/61
USD216
129,300
5.25%, 04/01/53(h)
USD27
19,842
5.38%, 05/01/47
USD56
42,609
Comcast Corp.
2.99%, 11/01/63
USD63
30,504
3.25%, 11/01/39
USD100
72,696
4.95%, 05/15/32
USD100
98,630
5.65%, 06/01/54(h)
USD116
98,789
6.95%, 08/15/37
USD29
30,795
Directv Financing LLC, 8.88%, 02/01/30(a)
USD14
14,254
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.
5.88%, 08/15/27(a)
USD2
1,995
9.25%, 06/01/32(a)
USD28
28,652
10.00%, 02/15/31(a)
USD100
104,493
Discovery Communications LLC
6.35%, 06/01/40
USD100
78,250
3.95%, 03/20/28
USD803
788,944
5.00%, 09/20/37
USD100
73,250
Discovery Global Holdings, Inc., 3.76%,
03/15/27
USD1,913
1,898,652
EchoStar Corp., 6.75%, 11/30/30, (6.00 %
Cash and 0.75 % PIK)(k)
USD100
101,420
Gray Media, Inc.
9.63%, 07/15/32(a)
USD100
101,075
10.50%, 07/15/29(a)
USD25
26,364
Grupo Televisa SAB, 6.63%, 01/15/40
USD2
1,740
iHeartCommunications, Inc., 7.75%,
08/15/30(a)
USD100
87,709
Security
Par
(000
)
Value
Media (continued)
Nexstar Media, Inc.
4.75%, 11/01/28(a)
USD26
$25,494
7.25%, 04/15/34(a)
USD100
100,224
Paramount Global
4.20%, 05/19/32
USD100
85,031
6.25%, 02/28/57, (3-mo. SOFR US +
4.16%)(b)
USD96
74,547
Sirius XM Radio LLC, 3.88%, 09/01/31(a)
USD100
90,244
Univision Communications, Inc.
8.88%, 04/15/33(a)
USD17
16,460
9.38%, 08/01/32(a)
USD100
99,883
Versant Media Group, Inc., 7.25%, 01/30/31(a)
USD6
6,185
VZ Secured Financing BV
5.00%, 01/15/32(a)
USD200
164,001
5.25%, 01/15/33(d)
EUR100
105,180
Ziggo Bond Co. BV
3.38%, 02/28/30(d)
EUR100
97,227
6.13%, 11/15/32(d)
EUR100
96,773
 
5,180,986
Mining — 0.1%
Glencore Funding LLC, 2.85%, 04/27/31(a)
USD21
19,006
Novelis Corp., 4.75%, 01/30/30(a)
USD100
95,968
Rio Tinto Finance USA PLC
4.88%, 03/14/30
USD100
100,142
5.00%, 03/09/33
USD90
89,274
Vedanta Resources Finance II PLC
7.00%, 07/13/32(d)
USD200
199,800
7.38%, 07/13/34(d)
USD200
199,304
Volcan Cia Minera SAA, 8.50%, 10/28/32(a)
USD2
2,064
 
705,558
Mortgage-Backed Securities — 0.0%
Resurgent Trade & Investment Ltd., 9.52%,
12/01/27(a)(e)
USD225
224,730
Office & Business Equipment — 0.0%
Xerox Corp., 10.25%, 10/15/30(a)
USD22
19,855
Oil & Gas — 4.4%
Antero Resources Corp.
5.38%, 03/01/30(a)
USD1,157
1,158,976
5.40%, 02/01/36
USD1,259
1,211,371
APA Corp.
5.10%, 09/01/40
USD867
780,548
5.25%, 02/01/42
USD5
4,261
6.75%, 02/15/55
USD323
322,918
BP Capital Markets America, Inc.
3.00%, 02/24/50
USD70
43,257
4.89%, 09/11/33
USD87
85,361
California Resources Corp., 7.00%,
01/15/34(a)
USD14
13,712
CNX Resources Corp., 7.25%, 03/01/32(a)
USD72
74,044
Comstock Resources, Inc. 6.75%, 03/01/29(a)
USD40
39,352
ConocoPhillips Co., 4.03%, 03/15/62
USD100
69,032
Crescent Energy Finance LLC
7.38%, 01/15/33(a)
USD54
54,244
9.75%, 10/15/30(a)
USD25
26,354
CVR Energy, Inc., 7.50%, 02/15/31(a)
USD19
19,248
Devon Energy Corp., 5.75%, 09/15/54(h)
USD1,447
1,333,440
Diamondback Energy, Inc.
3.13%, 03/24/31
USD877
808,666
3.25%, 12/01/26
USD421
419,365
185
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Oil & Gas (continued)
3.50%, 12/01/29
USD586
$562,280
5.20%, 04/18/27
USD30
30,138
5.75%, 04/18/54
USD1,909
1,776,273
5.90%, 04/18/64
USD816
758,118
6.25%, 03/15/33
USD87
91,213
6.25%, 03/15/53(h)
USD449
445,320
Ecopetrol SA
7.75%, 02/01/32
USD164
169,002
8.88%, 01/13/33
USD2
2,157
EQT Corp.
3.63%, 05/15/31(a)
USD493
457,589
3.90%, 10/01/27
USD173
171,387
4.50%, 01/15/29
USD205
202,376
4.75%, 01/15/31
USD2,378
2,337,917
5.00%, 01/15/29
USD198
198,527
5.50%, 07/15/28
USD278
278,591
5.70%, 04/01/28
USD75
76,045
5.75%, 02/01/34
USD4,250
4,289,037
7.00%, 02/01/30
USD864
911,169
7.50%, 06/01/30
USD493
528,438
Expand Energy Corp.
4.75%, 02/01/32
USD675
654,180
5.38%, 03/15/30
USD765
767,209
5.70%, 01/15/35
USD1,452
1,444,337
Exxon Mobil Corp.
3.00%, 08/16/39
USD60
46,382
3.45%, 04/15/51
USD81
54,939
Gran Tierra Energy, Inc., 9.75%, 04/15/31(a)
USD200
179,540
Granite Ridge Resources, Inc., 8.88%,
11/05/29(a)
USD123
120,265
Hilcorp Energy I LP/Hilcorp Finance Co.
6.00%, 02/01/31(a)
USD16
15,597
6.88%, 05/15/34(a)
USD100
97,946
KazMunayGas National Co. JSC, 6.38%,
10/24/48(d)
USD200
192,364
Matador Resources Co., 6.50%, 04/15/32(a)
USD50
49,906
Medco Cypress Tree Pte. Ltd., 8.63%,
05/19/30(a)
USD250
258,750
Northern Oil & Gas, Inc.
7.88%, 10/15/33(a)
USD11
11,008
8.75%, 06/15/31(a)
USD25
25,765
Occidental Petroleum Corp.
6.45%, 09/15/36
USD300
315,754
6.60%, 03/15/46
USD540
551,462
7.95%, 06/15/39
USD100
115,589
Ovintiv, Inc., 7.10%, 07/15/53(h)
USD244
261,213
Permian Resources Operating LLC
6.25%, 02/01/33(a)
USD1,226
1,247,997
7.00%, 01/15/32(a)
USD1,375
1,423,397
Petroleos de Venezuela SA, 6.00%,
11/15/26(d)(m)(n)
USD16
6,004
Petroleos Mexicanos
5.35%, 02/12/28
USD11
10,976
5.95%, 01/28/31
USD128
125,574
6.49%, 01/23/27(h)
USD24
24,175
6.50%, 01/23/29
USD116
117,647
6.70%, 02/16/32
USD10
9,983
8.75%, 06/02/29
USD360
382,280
Phillips 66 Co.
Series A, 5.88%, 03/15/56, (5-year CMT +
2.28%)(b)
USD120
118,565
Security
Par
(000
)
Value
Oil & Gas (continued)
Series B, 6.20%, 03/15/56, (5-year CMT +
2.17%)(b)
USD200
$199,004
Puma International Financing SA, 7.75%,
04/25/29(d)
USD200
204,160
Raizen Fuels Finance SA, 6.25%,
02/25/37(a)(m)(n)
USD203
107,083
Saturn Oil & Gas, Inc., 8.50%, 07/30/31(a)
USD29
29,080
SM Energy Co.
6.63%, 01/15/27
USD15
15,027
8.63%, 11/01/30(a)
USD4
4,199
Sunoco LP
6.25%, 07/01/33(a)
USD100
100,228
7.00%, 05/01/29(a)
USD50
51,089
Thaioil Treasury Center Co. Ltd., 6.10%(b)(d)(i)
USD300
293,625
TotalEnergies Capital International SA, 3.39%,
06/29/60
USD67
41,490
TotalEnergies Capital USA LLC, 4.57%,
01/13/33
USD93
90,188
TotalEnergies SE, 2.00%, (5-year EUR Swap +
1.90%)(b)(d)(i)
EUR200
228,400
Trafigura Funding SA, 5.63%, 07/01/31(d)
USD200
196,280
Valaris Ltd., 8.38%, 04/30/30(a)
USD100
103,530
Valero Energy Corp., 5.15%, 03/10/36
USD40
38,650
Validus Energy II Midcon LLC, 8.00%,
08/01/31(a)
USD39
38,824
Viper Energy Partners LLC
4.90%, 08/01/30
USD443
437,241
5.70%, 08/01/35
USD1,662
1,651,688
 
32,208,316
Oil & Gas Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes
Co-Obligor, Inc.
3.81%, 03/11/34
EUR120
136,367
5.85%, 06/15/56
USD80
75,528
Deepocean Ltd., 6.00%, 04/08/31(d)
EUR100
118,496
Halliburton Co., 4.75%, 08/01/43
USD43
36,408
Oceanica Lux, 11.25%, 05/08/31(a)
USD200
200,640
OEG Finance PLC, 7.25%, 09/27/29(d)
EUR100
119,750
USA Compression Partners LP/USA
Compression Finance Corp., 6.25%,
10/01/33(a)
USD5
4,920
 
692,109
Packaging & Containers — 0.1%
Ardagh Group SA, 9.50%, 12/01/30(d)
USD65
68,881
Ball Corp., 2.88%, 08/15/30
USD6
5,426
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29(a)
USD50
49,698
8.75%, 04/15/30(a)(h)
USD107
102,260
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/30(a)
USD25
25,498
9.25%, 04/15/30(a)
USD37
36,673
Owens-Brockway Glass Container, Inc.,
7.25%, 05/15/31(a)(h)
USD24
22,721
Sword Purchaser LLC, 10.50%, 04/15/34(a)
USD100
103,379
 
414,536
Pharmaceuticals — 0.5%
AbbVie, Inc.
3.20%, 11/21/29
USD100
95,323
4.25%, 11/14/28
USD100
99,378
4.30%, 05/14/36
USD47
43,434
Schedule of Investments
186
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Pharmaceuticals (continued)
4.40%, 11/06/42
USD100
$84,670
5.40%, 03/15/54
USD100
91,526
AdaptHealth LLC, 5.13%, 03/01/30(a)
USD100
96,426
Astrazeneca Finance LLC, 4.90%, 03/03/30
USD213
214,344
Bayer AG, 5.38%, 03/25/82, (5-year EUR
Swap + 4.46%)(b)(d)
EUR100
117,137
Becton Dickinson & Co., 2.82%, 05/20/30
USD59
54,669
Bristol-Myers Squibb Co.
2.55%, 11/13/50
USD100
55,579
4.35%, 11/15/47
USD97
77,264
5.90%, 11/15/33
USD150
156,711
Cardinal Health, Inc., 3.41%, 06/15/27
USD100
99,108
Cencora, Inc., 4.60%, 02/13/33
USD22
21,284
CVS Health Corp.
2.13%, 09/15/31
USD100
86,694
3.25%, 08/15/29
USD100
95,493
4.78%, 03/25/38
USD71
64,824
5.30%, 06/01/33
USD34
33,892
6.00%, 06/01/44
USD90
86,866
Dolcetto Holdco SpA, 5.63%, 07/14/32(d)
EUR200
231,443
Eli Lilly & Co.
4.20%, 08/14/29
USD89
88,125
4.88%, 02/27/53
USD100
85,769
5.10%, 02/09/64
USD18
15,523
5.50%, 02/12/55
USD28
26,346
Johnson & Johnson
3.40%, 01/15/38
USD45
38,230
6.95%, 09/01/29
USD197
211,486
McKesson Corp., 3.95%, 02/16/28
USD100
99,150
Merck & Co., Inc., 6.55%, 09/15/37
USD368
407,213
Nidda Healthcare Holding GmbH, 5.53%,
10/15/32, (3-mo. EURIBOR + 3.25%)(b)(d)
EUR100
115,176
Novartis Capital Corp.
4.40%, 05/06/44
USD73
61,509
5.70%, 03/18/56
USD100
96,641
Novartis Finance SA, 3.50%, 05/13/35(d)
EUR250
283,703
Pfizer Investment Enterprises Pte. Ltd., 5.30%,
05/19/53
USD85
76,240
Pfizer, Inc., 7.20%, 03/15/39
USD123
140,695
Teva Pharmaceutical Finance Netherlands III
BV, 3.15%, 10/01/26
USD100
99,530
Wyeth LLC, 6.50%, 02/01/34
USD69
74,173
 
3,825,574
Pipelines — 0.6%
Antero Midstream Partners LP/Antero
Midstream Finance Corp., 5.38%,
06/15/29(a)
USD6
5,981
Cameron LNG LLC, 3.40%, 01/15/38(a)
USD126
108,272
Cheniere Corpus Christi Holdings LLC, 2.74%,
12/31/39
USD220
184,570
Cheniere Energy Partners LP
3.25%, 01/31/32
USD61
55,189
5.35%, 11/30/36(a)
USD235
228,621
6.05%, 11/30/56(a)(h)
USD310
297,669
Cheniere Energy, Inc., 5.65%, 04/15/34
USD58
58,567
DT Midstream, Inc., 4.13%, 06/15/29(a)
USD17
16,579
Eastern Energy Gas Holdings LLC, 5.65%,
10/15/54
USD81
73,825
Enbridge, Inc.
5.30%, 04/05/29
USD100
101,317
7.20%, 06/27/54, (5-year CMT + 2.97%)(b)
USD100
105,297
Security
Par
(000
)
Value
Pipelines (continued)
Energy Transfer LP
6.75%, 02/15/56, (5-year CMT + 2.48%)(b)
USD100
$100,310
7.50%, 07/01/38
USD418
470,777
Enterprise Products Operating LLC
4.95%, 10/15/54
USD82
69,554
5.95%, 02/01/41
USD105
106,582
Series E, 5.25%, 08/16/77, (3-mo. CME
Term SOFR + 3.29%)(b)
USD126
125,698
Genesis Energy LP/Genesis Energy Finance
Corp., 8.00%, 05/15/33
USD100
104,032
Global Partners LP/GLP Finance Corp.,
8.25%, 01/15/32(a)
USD25
26,062
Hess Midstream Operations LP, 4.25%,
02/15/30(a)
USD50
47,876
Kinder Morgan Energy Partners LP
4.70%, 11/01/42
USD150
126,873
6.50%, 02/01/37
USD111
117,758
MPLX LP
4.50%, 04/15/38
USD34
30,102
5.50%, 06/01/34
USD91
90,632
6.10%, 04/01/56
USD27
25,581
NuStar Logistics LP, 6.38%, 10/01/30
USD50
51,008
ONEOK, Inc.
5.45%, 06/01/47
USD79
69,098
6.05%, 09/01/33
USD49
50,520
6.50%, 09/01/30(a)
USD5
5,214
Rockies Express Pipeline LLC, 4.95%,
07/15/29(a)
USD6
5,918
Sabine Pass Liquefaction LLC, 5.90%,
09/15/37
USD123
126,649
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp., 7.38%, 02/15/29(a)
USD25
25,568
Targa Resources Partners LP/Targa
Resources Partners Finance Corp., 5.50%,
03/01/30
USD258
259,620
TransCanada PipeLines Ltd.
6.13%, 10/17/56, (5-year CMT + 2.25%)(b)
USD100
99,925
6.38%, 10/17/56, (5-year CMT + 2.12%)(b)
USD100
100,301
Venture Global Calcasieu Pass LLC, 3.88%,
08/15/29(a)
USD117
111,263
Venture Global LNG, Inc.
7.00%, 01/15/30(a)
USD100
101,591
8.38%, 06/01/31(a)
USD26
26,879
9.00%, (5-year CMT + 5.44%)(a)(b)(i)
USD15
14,940
Venture Global Plaquemines LNG LLC, 6.50%,
06/15/34(a)
USD100
103,133
Western Midstream Operating LP, 5.30%,
03/01/48
USD12
10,045
Williams Companies, Inc. (The), 5.80%,
11/15/43
USD415
395,789
 
4,235,185
Real Estate — 0.1%
Adler Financing SARL, Series 1L, 8.25%,
12/31/28, (8.25% PIK)(k)
EUR70
91,758
alstria SARL, 5.50%, 03/20/31(d)
EUR100
114,618
Aroundtown Finance SARL, 5.25%, (5-year
EURIBOR ICE Swap + 3.43%)(b)(d)(i)
EUR100
109,643
Five Point Operating Co. LP, 8.00%,
10/01/30(a)
USD3
3,075
187
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Real Estate (continued)
New Immo Holding SA
4.95%, 11/14/30(d)
EUR100
$114,655
5.50%, 04/23/31(d)
EUR100
115,825
Vivion Investments SARL
5.63%, 06/08/30(d)
EUR100
110,536
6.50%, 02/28/29, (6.50% PIK)(d)(k)
EUR101
116,881
 
776,991
Real Estate Investment Trusts — 0.4%
Alexandria Real Estate Equities, Inc., 4.50%,
07/30/29
USD185
182,268
American Tower Corp., 5.35%, 03/15/35
USD40
39,463
AvalonBay Communities, Inc., 2.45%,
01/15/31
USD100
90,358
Boston Properties LP, 2.90%, 03/15/30
USD155
143,602
Crown Castle, Inc.
2.50%, 07/15/31
USD18
15,836
4.90%, 09/01/29
USD41
40,885
5.00%, 01/11/28
USD202
202,697
Equinix Europe 2 Financing Corp. LLC, 4.70%,
03/15/33
USD72
68,641
Equinix, Inc., 2.50%, 05/15/31
USD42
37,156
ERP Operating LP, 3.00%, 07/01/29
USD296
281,872
Essex Portfolio LP, 3.63%, 05/01/27
USD100
99,512
Extra Space Storage LP
2.20%, 10/15/30
USD7
6,245
4.00%, 06/15/29
USD31
30,241
5.50%, 07/01/30
USD91
92,212
GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/32
USD19
16,805
5.25%, 02/15/33
USD75
72,383
5.30%, 01/15/29
USD63
63,062
Iron Mountain, Inc.
4.50%, 02/15/31(a)
USD117
110,734
4.75%, 01/15/34(d)
EUR100
112,203
MPT Operating Partnership LP/MPT Finance
Corp., 7.00%, 02/15/32(d)
EUR100
116,003
NNN REIT, Inc., 4.30%, 10/15/28
USD123
121,855
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 4.88%,
05/15/29(a)
USD15
14,620
Prologis LP, 5.13%, 01/15/34
USD103
101,982
Public Storage Operating Co., 3.09%,
09/15/27
USD100
98,530
Realty Income Corp.
3.95%, 08/15/27
USD100
99,576
4.50%, 02/01/33
USD109
104,541
Regency Centers LP, 4.50%, 03/15/33
USD20
19,181
RHP Hotel Properties LP/RHP Finance Corp.,
4.50%, 02/15/29(a)
USD100
97,689
SBA Communications Corp., 3.88%, 02/15/27
USD100
99,340
Service Properties Trust
0.00%, 09/30/28(a)(g)
USD22
20,544
4.95%, 10/01/29(h)
USD19
17,758
8.88%, 06/15/32(h)
USD40
41,101
Simon Property Group LP, 2.20%, 02/01/31
USD96
85,502
Starwood Property Trust, Inc., 7.25%,
04/01/29(a)
USD25
25,760
Store Capital LLC, 5.40%, 04/30/30
USD10
10,013
Trust 2401, 7.70%, 01/23/32(a)
USD200
210,200
VICI Properties LP/VICI Note Co., Inc., 3.88%,
02/15/29(a)
USD207
200,731
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
Welltower OP LLC, 2.80%, 06/01/31
USD100
$90,920
 
3,282,021
Retail — 0.2%
Advance Auto Parts, Inc., 7.00%, 08/01/30(a)
USD100
102,463
Bath & Body Works, Inc., 6.63%, 10/01/30(a)
USD17
17,275
Boots Group Finco LP, 7.38%, 08/31/32(d)
GBP100
137,822
Burger King (Restaurant Brands International,
Inc.)/New Red Finance, Inc.
3.50%, 02/15/29(a)
USD25
23,946
4.00%, 10/15/30(a)
USD50
46,980
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(d)
GBP200
277,579
Dufry One BV, 4.63%, 06/11/33(d)
EUR100
115,336
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc., 6.75%,
01/15/30(a)(h)
USD100
98,201
FirstCash, Inc., 5.63%, 01/01/30(a)
USD17
16,735
Goldstory SAS, 6.75%, 02/01/30(d)
EUR100
117,590
Lowe's Companies, Inc.
1.70%, 10/15/30
USD117
102,650
3.70%, 04/15/46
USD81
58,181
5.63%, 04/15/53(h)
USD32
29,346
McDonald's Corp., 3.63%, 05/01/43
USD258
194,823
Nordstrom, Inc., 4.25%, 08/01/31
USD25
23,257
QXO Building Products, Inc., 6.75%,
04/30/32(a)
USD100
102,126
Target Corp., 5.25%, 02/15/36(h)
USD23
22,947
Walmart, Inc.
2.50%, 09/22/41
USD100
69,591
4.35%, 04/28/30
USD35
34,777
6.50%, 08/15/37
USD60
66,576
Yum! Brands, Inc., 4.75%, 01/15/30(a)
USD29
28,369
 
1,686,570
Semiconductors — 0.6%
Broadcom, Inc.
2.45%, 02/15/31
USD18
16,023
3.47%, 04/15/34
USD841
726,523
4.80%, 10/15/34
USD156
147,162
5.15%, 11/15/31
USD111
110,673
Entegris, Inc., 4.38%, 04/15/28(a)
USD12
11,779
Intel Corp.
4.10%, 05/19/46
USD50
36,423
4.95%, 03/25/60
USD128
99,454
5.15%, 02/21/34(h)
USD126
123,010
KLA Corp., 4.10%, 03/15/29
USD100
98,496
NVIDIA Corp.
4.75%, 06/15/33
USD996
965,664
4.95%, 06/15/36
USD1,970
1,884,934
NXP BV/NXP Funding LLC, 5.55%, 12/01/28
USD40
40,542
NXP BV/NXP Funding LLC/NXP USA, Inc.,
4.40%, 06/01/27
USD100
99,593
QUALCOMM, Inc., 4.75%, 05/20/32
USD268
264,723
Texas Instruments, Inc., 5.05%, 05/18/63
USD100
83,595
 
4,708,594
Software — 1.1%
Cloud Software Group LLC, 9.00%,
09/30/29(a)
USD107
104,834
Cloud Software Group, Inc., 6.50%,
03/31/29(a)
USD59
57,653
CoreWeave, Inc.
8.50%, 07/15/32(d)
EUR100
103,341
Schedule of Investments
188
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Software (continued)
9.25%, 06/01/30(a)(h)
USD20
$18,691
9.75%, 10/01/31(a)
USD154
139,734
Fair Isaac Corp., 6.25%, 09/15/34(a)
USD100
96,605
Fidelity National Information Services, Inc.
4.55%, 03/10/29
USD35
34,685
4.80%, 03/10/31
USD15
14,735
Fiserv, Inc.
4.20%, 10/01/28
USD285
280,764
4.25%, 06/23/34
EUR240
269,087
Intuit, Inc., 4.95%, 06/15/31
USD636
629,837
Microsoft Corp.
2.68%, 06/01/60
USD161
83,054
4.25%, 02/06/47(h)
USD482
386,501
5.30%, 02/08/41(h)
USD35
34,503
MSCI, Inc.
3.63%, 09/01/30(a)
USD254
238,340
3.88%, 02/15/31(a)
USD145
136,041
5.15%, 03/15/36
USD115
109,120
5.25%, 09/01/35
USD61
58,536
OAK-Eagle Acquireco, Inc., 7.25%,
07/01/33(a)
USD24
24,868
Open Text Corp., 3.88%, 02/15/28(a)
USD25
24,373
Open Text Holdings, Inc., 4.13%, 12/01/31(a)
USD100
88,237
Oracle Corp.
2.88%, 03/25/31
USD100
87,168
4.10%, 03/25/61(h)
USD124
72,458
4.80%, 09/26/32
USD100
92,040
5.50%, 09/27/64
USD122
88,128
5.55%, 02/06/53
USD280
210,331
5.70%, 02/04/36
USD293
271,250
5.95%, 09/26/55
USD800
635,631
6.10%, 09/26/65
USD257
201,944
6.13%, 08/03/65
USD139
109,902
6.15%, 11/09/29
USD200
202,324
6.55%, 02/04/46
USD144
127,436
6.70%, 02/04/56
USD200
176,352
6.85%, 02/04/66
USD1,127
991,632
Salesforce, Inc.
3.05%, 07/15/61
USD100
52,273
4.50%, 03/15/28
USD374
373,142
5.20%, 03/15/33
USD725
716,093
5.55%, 03/15/36
USD365
355,923
6.55%, 03/15/56
USD47
44,901
Synopsys, Inc., 4.65%, 04/01/28
USD121
120,831
UKG, Inc., 6.88%, 02/01/31(a)
USD100
97,976
 
7,961,274
Telecommunications — 0.7%
Altice France SA, 7.25%, 11/01/29(d)
EUR45
52,378
APLD ComputeCo LLC, 9.25%, 12/15/30(a)
USD100
106,276
AT&T, Inc.
2.55%, 12/01/33
USD63
51,890
3.50%, 09/15/53
USD100
60,407
3.65%, 09/15/59
USD65
38,510
3.80%, 12/01/57
USD145
89,697
3.85%, 06/01/60
USD61
37,800
4.50%, 05/15/35
USD35
32,124
5.45%, 03/01/47
USD110
96,120
5.85%, 04/30/46
USD79
71,897
Athomstart Invest 1083 A/S, 8.28%, 06/04/30,
(3-mo. EURIBOR + 6.00%)(a)(b)
EUR100
106,832
Security
Par
(000
)
Value
Telecommunications (continued)
British Telecommunications PLC, 8.38%,
12/20/83, (5-year UK Government Bond +
3.82%)(b)(d)
GBP200
$283,570
Cas Capital No. 2 Ltd., 6.25%, (5-year CMT +
2.53%)(b)(d)(i)
USD400
398,432
Cipher Compute LLC, 7.13%, 11/15/30(a)
USD3
3,060
Cisco Systems, Inc.
4.55%, 02/24/28
USD178
178,369
5.05%, 02/26/34
USD100
99,085
5.90%, 02/15/39
USD19
19,619
Core Scientific Finance I LLC, 7.75%,
05/15/31(a)
USD100
97,923
Fibercop SpA, 5.38%, 04/15/31(d)
EUR200
237,103
Level 3 Financing, Inc.
6.88%, 06/30/33(a)
USD50
50,597
7.00%, 03/31/34(a)
USD24
24,413
7.50%, 02/15/37(a)
USD6
5,959
Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)
USD212
203,697
Motorola Solutions, Inc., 5.60%, 06/01/32
USD73
74,244
PR RNO Property Owner 1 LLC, 6.50%,
05/01/31(a)
USD100
94,162
Rogers Communications, Inc.
7.00%, 04/15/55, (5-year CMT + 2.65%)(b)
USD100
100,600
7.50%, 08/15/38
USD45
49,592
SoftBank Group Corp.
6.38%, 04/22/30(d)
EUR100
115,894
6.38%, 07/10/33(d)
EUR200
225,354
Sunrise HoldCo IV BV, 5.00%, 07/31/33(d)
EUR100
114,107
SV RNO Property Owner 1 LLC, 5.88%,
03/01/31(a)
USD42
39,001
Telecom Argentina SA, 9.25%, 05/28/33(a)
USD5
4,824
Telefonica Europe BV, 8.25%, 09/15/30
USD80
88,774
T-Mobile USA, Inc.
2.70%, 03/15/32
USD22
19,315
3.60%, 11/15/60
USD114
68,150
5.80%, 09/15/62
USD63
55,473
Turkcell Iletisim Hizmetleri A/S, 7.65%,
01/24/32(d)
USD200
205,472
Uniti Group LP/Uniti Group Finance 2019,
Inc./CSL Capital LLC, 4.75%, 04/15/28(a)
USD100
99,621
Uniti Services LLC, 7.50%, 10/15/33(a)
USD5
5,109
Verizon Communications, Inc.
4.52%, 09/15/48
USD150
116,414
4.81%, 03/15/39
USD200
179,717
5.00%, 01/15/36
USD645
611,820
7.75%, 12/01/30
USD104
115,117
Viasat, Inc., 5.63%, 04/15/27(a)
USD50
49,891
VMED O2 U.K. Financing I PLC
4.25%, 01/31/31(a)
USD200
159,126
5.63%, 04/15/32(d)
EUR100
100,007
Vodafone Group PLC
5.25%, 05/30/48
USD27
23,201
6.10%, 06/18/56
USD281
261,775
WOM Mobile SA, 11.00%, 04/01/31, (12.50%
PIK)(a)(k)
USD17
17,913
Zegona Finance PLC, 4.25%, 01/15/32(d)
EUR100
114,485
 
5,454,916
Transportation — 0.2%
Burlington Northern Santa Fe LLC
4.45%, 03/15/43
USD110
93,909
5.50%, 03/15/55
USD44
40,707
189
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Transportation (continued)
6.20%, 08/15/36
USD55
$58,565
Canadian Pacific Railway Co.
2.05%, 03/05/30
USD70
63,666
2.45%, 12/02/31
USD100
88,131
4.80%, 09/15/35
USD16
15,382
CSX Corp., 6.00%, 10/01/36
USD210
220,572
Edge Finco PLC, 8.13%, 08/15/31(d)
GBP200
279,498
FedEx Corp., 5.10%, 01/15/44
USD98
87,084
Union Pacific Corp.
3.55%, 05/20/61
USD127
80,931
3.84%, 03/20/60
USD76
51,966
 
1,080,411
Trucking & Leasing — 0.0%
FTAI Aviation Investors LLC, 5.50%,
05/01/28(a)
USD100
99,668
GATX Corp., 3.50%, 03/15/28
USD100
98,127
 
197,795
Water — 0.0%
American Water Capital Corp., 2.95%,
09/01/27
USD60
59,081
Severn Trent Utilities Finance PLC, 4.25%,
01/29/40(d)
EUR100
110,940
 
170,021
Total Corporate Bonds & Notes — 21.8%
(Cost: $165,021,487)
161,186,766
Fixed Rate Loan Interests
Software — 0.1%
Coreweave Compute Acquisition Co. IV LLC,
2026 Delayed Draw Term Loan, 5.83%,
03/31/32(e)
$566
566,027
Total Fixed Rate Loan Interests — 0.1%
(Cost: $564,612)
566,027
Foreign Government Obligations
Argentina — 0.0%
Argentina Treasury Bond BONCER
0.00%, 12/15/27(g)
ARS15,222
26,200
0.00%, 09/29/28(g)
ARS37,498
19,980
Argentine Republic Government
International Bonds
0.75%, 07/09/30(c)
USD1
763
1.00%, 07/09/29
USD0
(l)
484
3.50%, 07/09/41(c)
USD18
13,311
4.75%, 07/09/35(c)
USD3
2,368
 
63,106
Barbados — 0.0%
Barbados Government International Bonds,
8.00%, 06/26/35(a)
USD20
21,267
Brazil — 0.1%
Brazil Letras do Tesouro Nacional
0.00%, 10/01/26(g)
BRL2,223
429,213
0.00%, 04/01/27(g)
BRL500
90,735
Security
Par
(000
)
Value
Brazil (continued)
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/27
BRL1,542
$299,874
Series F, 10.00%, 01/01/31
BRL694
118,722
 
938,544
Chile — 0.0%
Bonos de la Tesoreria de la Republica en
pesos, 5.00%, 10/01/28(a)
CLP125,000
134,683
Colombia — 0.1%
Colombian TES
12.00%, 03/13/58
COP133,400
41,398
12.50%, 02/27/30
COP229,400
72,369
13.25%, 02/09/33
COP403,300
132,981
Series B, 6.25%, 07/09/36
COP408,900
87,279
Series B, 7.00%, 06/30/32
COP137,400
34,132
Series B, 7.25%, 10/26/50
COP202,000
40,096
Series B, 7.75%, 09/18/30
COP925,900
249,632
 
657,887
Czech Republic — 0.0%
Czech Republic Government Bonds, 4.00%,
04/04/44
CZK2,470
100,534
Ecuador — 0.0%
Ecuador Government International Bonds,
6.90%, 07/31/35(c)(d)
USD25
22,773
Egypt — 0.1%
Egypt Government Bonds
23.38%, 08/26/28
EGP1,256
23,994
23.44%, 07/01/28
EGP351
6,714
24.44%, 08/05/28
EGP400
7,775
24.46%, 10/01/27
EGP1,743
33,606
Egypt Treasury Bills
0.00%, 10/20/26(g)
EGP2,925
54,261
0.00%, 06/29/27(g)
EGP7,100
113,077
0.00%, 07/06/27(g)
EGP15,675
248,796
 
488,223
Hungary — 0.1%
Hungary Government Bonds
3.00%, 10/27/38
HUF40,650
99,431
6.25%, 09/23/37
HUF29,840
99,448
7.00%, 10/24/35
HUF55,350
192,298
 
391,177
Indonesia — 0.1%
Indonesia Government International Bonds
2.85%, 02/14/30
USD400
371,000
3.05%, 03/12/51
USD620
368,280
Indonesia Treasury Bonds
6.63%, 05/15/33
IDR195,000
10,440
7.00%, 02/15/33
IDR291,000
15,921
8.25%, 06/15/32
IDR38,000
2,201
 
767,842
Italy — 0.5%
Italy Buoni Poliennali Del Tesoro
2.85%, 02/01/31(d)
EUR2,588
2,925,396
3.45%, 02/01/36(d)
EUR707
785,209
 
3,710,605
Lebanon — 0.0%
Lebanon Government International Bonds
6.25%, 11/04/24(d)(m)(n)
USD26
6,883
Schedule of Investments
190
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Lebanon (continued)
6.65%, 11/03/28(d)(m)(n)
USD9
$2,433
6.85%, 03/23/27(d)(m)(n)
USD37
10,074
 
19,390
Mexico — 0.4%
Mexican Bonos
7.00%, 09/03/26
MXN5,224
301,733
8.00%, 02/21/36
MXN1,966
104,930
8.00%, 04/29/55
MXN100
4,824
8.50%, 03/01/29
MXN410
24,024
Series M, 7.75%, 11/13/42
MXN1,800
87,508
Mexico Government International Bonds
2.66%, 05/24/31
USD1,190
1,047,379
4.50%, 01/31/50
USD1,180
829,717
5.38%, 05/16/40
EUR100
112,216
6.35%, 02/09/35
USD241
241,935
7.38%, 05/13/55
USD200
201,400
 
2,955,666
Panama — 0.5%
Panama Government International Bonds
3.88%, 03/17/28
USD3,240
3,180,546
8.88%, 09/30/27
USD153
159,322
 
3,339,868
Paraguay — 0.0%
Paraguay Government International Bonds,
8.50%, 04/04/38(a)
PYG249,000
40,013
Peru — 0.1%
Peruvian Government International Bonds
3.55%, 03/10/51
USD646
429,790
6.20%, 06/30/55
USD2
1,969
7.60%, 08/12/39(d)
PEN322
101,771
 
533,530
Philippines — 0.2%
Philippines Government Bonds
6.00%, 08/20/30
PHP10,700
167,231
6.38%, 04/28/35
PHP3,000
45,509
Philippines Government International Bonds
3.00%, 02/01/28
USD600
586,575
3.20%, 07/06/46
USD400
261,500
6.38%, 07/27/30
PHP3,140
49,804
 
1,110,619
Poland — 0.0%
Republic of Poland Government Bonds
1.75%, 08/25/31
PLN113
29,010
2.00%, 08/25/36
PLN133
32,034
4.00%, 07/25/31
PLN122
30,951
5.00%, 01/25/30
PLN190
51,146
5.00%, 10/25/34
PLN392
100,968
5.00%, 10/25/35
PLN196
49,831
 
293,940
Romania — 0.0%
Romanian Government International Bonds
2.12%, 07/16/31(d)
EUR5
5,106
4.63%, 03/04/33(a)
EUR8
8,830
5.25%, 05/30/32(d)
EUR13
15,117
5.38%, 06/07/33(a)
EUR3
3,455
6.13%, 10/07/37(a)
EUR3
3,453
6.50%, 10/07/45(a)
EUR3
3,405
 
39,366
Security
Par
(000
)
Value
South Africa — 0.1%
Republic of South Africa Government Bonds
7.00%, 02/28/31
ZAR9,102
$527,821
8.00%, 01/31/30
ZAR6,574
398,718
8.50%, 01/31/37
ZAR731
43,007
8.75%, 02/28/48
ZAR1,076
61,746
 
1,031,292
Spain — 0.7%
Spain Government Bonds
2.60%, 05/31/31
EUR691
779,233
3.30%, 04/30/36(a)
EUR3,724
4,195,824
3.40%, 10/31/36(a)
EUR358
404,780
 
5,379,837
Sri Lanka — 0.0%
Sri Lanka Government International Bonds
3.60%, 06/15/35(c)(d)
USD10
8,223
4.00%, 04/15/28(d)
USD2
1,526
 
9,749
Turkey — 0.0%
Turkiye Government Bonds
26.20%, 10/05/33
TRY620
10,600
27.70%, 09/27/34
TRY1,188
21,265
30.00%, 09/12/29
TRY789
14,461
31.08%, 11/08/28
TRY825
15,663
 
61,989
Ukraine — 0.0%
Ukraine Government International Bonds
3.00%, 02/01/30(a)(c)
USD1
728
3.00%, 02/01/35(a)(c)
USD2
1,198
3.00%, 02/01/36(c)(d)
USD32
19,199
4.50%, 02/01/36(a)(c)
USD2
1,363
6.00%, 02/01/36(c)(d)
USD9
5,931
 
28,419
Uruguay — 0.1%
Uruguay Government International Bonds
4.38%, 10/27/27
USD124
123,879
5.10%, 06/18/50
USD438
387,987
8.00%, 10/29/35
UYU2,331
58,970
9.75%, 07/20/33
UYU694
19,082
 
589,918
Venezuela — 0.0%
Venezuela Government International Bonds
9.25%, 09/15/27(m)(n)
USD15
7,463
11.95%, 08/05/31(d)(m)(n)
USD27
14,557
 
22,020
Total Foreign Government Obligations — 3.1%
(Cost: $23,015,842)
22,752,257
Municipal Debt Obligations
California — 0.2%
Bay Area Toll Authority, RB, BAB, Series S-1,
7.04%, 04/01/50(h)
$269
296,096
State of California, GO, 4.60%, 04/01/38
450
451,622
State of California, GO, BAB, 7.55%, 04/01/39
295
340,120
University of California, RB, Series AD, 4.86%,
12/31/99
142
111,992
 
1,199,830
191
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Georgia — 0.1%
Municipal Electric Authority of Georgia, RB,
BAB, Project J, Series 2010-A, 6.64%,
04/01/57
$338
$350,634
Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33
742
741,635
Louisiana — 0.0%
Louisiana Local Government Environmental
Facilities & Community Development
Authority, RB, 4.15%, 02/01/33
240
237,099
New Jersey — 0.0%
New Jersey Turnpike Authority, RB, BAB,
Series F, 7.41%, 01/01/40
193
220,356
New York — 0.0%
Metropolitan Transportation Authority, RB,
BAB, Series 2010-A, 6.67%, 11/15/39
155
163,394
New York City Municipal Water Finance
Authority, RB, 5.88%, 06/15/44
20
19,443
New York City Municipal Water Finance
Authority, RB, BAB, 6.01%, 06/15/42
10
9,897
Port Authority of New York & New Jersey, RB
Series 168, 4.93%, 10/01/51
30
26,727
Series 181, 4.96%, 08/01/46
105
95,486
 
314,947
Ohio — 0.0%
American Municipal Power, Inc., RB, Series B,
8.08%, 02/15/50
185
222,227
Texas — 0.1%
City of San Antonio Electric & Gas Systems
Revenue, RB, BAB, 5.81%, 02/01/41
170
170,568
State of Texas, GO, BAB, 5.52%, 04/01/39
403
400,756
 
571,324
Total Municipal Debt Obligations — 0.5%
(Cost: $3,970,599)
3,858,052
U.S. Government & Agency Obligations
Mortgage-Backed Securities — 58.9%
Federal Home Loan Mortgage Corp., 4.50%,
07/01/47
122
117,037
Federal National Mortgage Association, 5.81%,
06/01/31
20
20,388
Government National Mortgage Association
2.00%, 08/20/51
239
191,872
2.00%, 01/20/52
1,489
1,194,610
2.00%, 04/20/52
669
536,980
2.00%, 08/20/56(o)
4,352
3,483,640
2.50%, 08/20/51
677
566,000
2.50%, 09/20/51
105
87,572
2.50%, 04/20/52
203
169,227
2.50%, 05/20/52
3,340
2,790,649
2.50%, 08/20/56(o)
2,534
2,114,674
3.00%, 06/20/50
54
47,048
3.00%, 11/20/51
125
108,529
3.00%, 04/20/52
61
52,914
3.00%, 05/20/52
952
826,709
3.00%, 08/20/56(o)
3,515
3,047,202
3.50%, 03/20/44
103
93,111
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
3.50%, 03/20/47
$33
$29,477
3.50%, 06/20/47
5
4,836
3.50%, 07/20/47
12
10,581
3.50%, 12/20/47
7
6,494
3.50%, 03/20/48
12
10,887
3.50%, 07/20/48
9
8,120
3.50%, 04/20/52
933
830,092
3.50%, 05/20/52
414
370,183
3.50%, 06/20/52
234
209,203
3.50%, 07/20/52
424
379,518
3.50%, 10/20/52
356
315,861
3.50%, 08/20/56(o)
1,335
1,168,408
4.00%, 07/20/43
23
21,794
4.00%, 02/20/48
65
59,632
4.00%, 08/20/52
744
680,609
4.00%, 12/20/52
121
111,385
4.00%, 05/20/53
39
35,933
4.00%, 08/20/56(o)
1,619
1,464,409
4.50%, 01/20/41
22
21,352
4.50%, 09/20/48
52
49,941
4.50%, 11/20/54
709
666,712
4.50%, 08/20/56(o)
3,390
3,176,927
5.00%, 11/20/52
896
874,314
5.00%, 09/20/54
679
659,606
5.00%, 08/20/56(o)
5,091
4,925,401
5.50%, 09/20/53
203
202,827
5.50%, 01/20/54
23
23,124
5.50%, 02/20/54
615
614,487
5.50%, 08/20/56(o)
4,816
4,784,141
6.00%, 12/20/53
802
820,644
6.00%, 08/20/56(o)
1,883
1,913,710
6.00%, 09/21/56(o)
1,883
1,907,532
6.50%, 08/15/54(o)
1,110
1,146,838
Uniform Mortgage-Backed Securities
1.50%, 01/01/37
444
391,635
1.50%, 02/01/41
630
524,951
1.50%, 07/01/41
958
793,105
1.50%, 08/18/41(o)
155
136,754
1.50%, 09/01/41
42
34,520
1.50%, 11/01/41
124
102,338
1.50%, 01/01/42
819
681,277
1.50%, 01/01/51
60
44,841
1.50%, 02/01/51
51
38,327
1.50%, 03/01/51
34
25,236
1.50%, 05/01/51
569
424,381
1.50%, 06/01/51
36
26,687
1.50%, 04/01/52
380
283,424
2.00%, 12/01/35
144
130,210
2.00%, 05/01/36
103
94,082
2.00%, 07/01/36
160
145,224
2.00%, 02/01/37
209
188,959
2.00%, 03/01/37
110
99,161
2.00%, 04/01/37
1,883
1,704,690
2.00%, 03/01/41
54
46,760
2.00%, 08/18/41(o)
2,411
2,178,049
2.00%, 10/01/41
330
281,409
2.00%, 12/01/41
813
693,164
2.00%, 01/01/42
135
114,969
2.00%, 02/01/42
810
689,818
2.00%, 04/01/42
1,216
1,034,928
2.00%, 09/01/50
5,234
4,161,520
Schedule of Investments
192
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
2.00%, 11/01/50
$432
$342,328
2.00%, 01/01/51
734
578,552
2.00%, 02/01/51
429
337,450
2.00%, 04/01/51
325
255,900
2.00%, 05/01/51
767
603,171
2.00%, 10/01/51
606
475,020
2.00%, 11/01/51
2,036
1,595,089
2.00%, 02/01/52
2,548
1,999,426
2.00%, 03/01/52
7,962
6,242,688
2.00%, 04/01/52
1,334
1,046,669
2.00%, 05/01/52
1,008
796,326
2.00%, 06/01/52
658
516,414
2.00%, 08/01/52
74
57,537
2.00%, 08/13/56(o)
10,784
8,398,040
2.50%, 02/01/35
58
55,605
2.50%, 05/01/35
51
47,115
2.50%, 02/01/36
28
25,827
2.50%, 07/01/36
27
25,442
2.50%, 07/01/37
836
774,713
2.50%, 08/18/41(o)
782
722,799
2.50%, 07/01/50
419
348,270
2.50%, 09/01/50
930
773,630
2.50%, 01/01/51
556
463,625
2.50%, 05/01/51
64
52,433
2.50%, 06/01/51
568
466,725
2.50%, 09/01/51
559
459,550
2.50%, 10/01/51
5,963
4,898,423
2.50%, 11/01/51
807
671,984
2.50%, 12/01/51
89
72,999
2.50%, 01/01/52
743
615,768
2.50%, 03/01/52
3,306
2,723,453
2.50%, 04/01/52
1,568
1,286,504
2.50%, 05/01/52
1,491
1,229,546
2.50%, 06/01/52
134
110,004
2.50%, 07/01/53
114
93,415
2.50%, 08/13/56(o)
18,332
14,943,207
2.50%, 09/14/56(o)
14,220
11,586,587
3.00%, 02/01/29
10
10,296
3.00%, 11/01/34
13
13,035
3.00%, 02/01/37
400
374,147
3.00%, 06/01/37
23
21,563
3.00%, 07/01/37
23
21,367
3.00%, 08/18/41(o)
406
379,039
3.00%, 09/01/46
239
211,934
3.00%, 11/01/48
300
261,478
3.00%, 11/01/49
2,355
2,062,058
3.00%, 02/01/50
555
478,390
3.00%, 06/01/50
205
177,147
3.00%, 11/01/50
187
163,211
3.00%, 12/01/50
292
254,914
3.00%, 11/01/51
58
50,217
3.00%, 12/01/51
473
410,502
3.00%, 01/01/52
2,360
2,035,049
3.00%, 05/01/52
2,506
2,170,222
3.00%, 07/01/52
524
449,601
3.00%, 08/13/56(o)
8,873
7,563,190
3.00%, 09/14/56(o)
2,861
2,436,767
3.50%, 01/01/34
16
15,056
3.50%, 04/01/37
10
9,137
3.50%, 06/01/37
5
4,255
3.50%, 01/01/40
141
133,193
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
3.50%, 08/18/41(o)
$137
$128,847
3.50%, 02/01/45
102
93,569
3.50%, 02/01/47
35
32,740
3.50%, 05/01/47
9
7,909
3.50%, 10/01/47
57
51,360
3.50%, 09/01/49
658
597,819
3.50%, 01/01/50
197
177,138
3.50%, 03/01/50
439
391,723
3.50%, 02/01/51
31
27,948
3.50%, 06/01/52
1,447
1,294,263
3.50%, 08/01/52
37
33,628
3.50%, 08/13/56(o)
29,872
26,496,386
3.50%, 09/14/56(o)
7,200
6,381,562
4.00%, 08/15/39(o)
230
220,287
4.00%, 12/01/40
140
134,114
4.00%, 06/01/46
207
195,007
4.00%, 10/01/47
150
138,869
4.00%, 12/01/48
81
75,465
4.00%, 03/01/50
2,535
2,388,068
4.00%, 11/01/50
72
66,674
4.00%, 08/01/51
332
307,725
4.00%, 06/01/52
556
513,974
4.00%, 10/01/52
216
198,457
4.00%, 04/01/53
12
10,733
4.00%, 08/13/56(o)
9,208
8,404,724
4.50%, 08/15/39(o)
1,957
1,911,551
4.50%, 07/01/48
101
97,003
4.50%, 12/01/48
130
124,004
4.50%, 01/01/49
103
98,911
4.50%, 09/01/49
48
46,131
4.50%, 10/01/50
102
98,069
4.50%, 09/01/52
1,373
1,298,049
4.50%, 11/01/52
659
622,621
4.50%, 03/01/53
15
14,103
4.50%, 07/01/53
598
565,916
4.50%, 09/01/53
201
191,606
4.50%, 04/01/54
752
711,174
4.50%, 02/01/55
222
209,449
4.50%, 01/01/56
335
314,988
4.50%, 03/01/56
58
54,425
4.50%, 08/13/56(o)
37,326
35,046,424
4.50%, 09/14/56(o)
2,629
2,465,155
5.00%, 07/01/47
35
34,368
5.00%, 06/01/50
51
50,246
5.00%, 09/01/52
53
51,785
5.00%, 11/01/52
743
726,337
5.00%, 05/01/53
118
114,389
5.00%, 06/01/53
651
631,886
5.00%, 07/01/53
198
192,547
5.00%, 08/01/53
79
76,417
5.00%, 10/01/53
125
121,175
5.00%, 11/01/53
715
693,984
5.00%, 03/01/54
86
83,991
5.00%, 05/01/54
608
598,049
5.00%, 06/01/54
4,395
4,282,611
5.00%, 12/01/54
5,947
5,777,779
5.00%, 11/01/55
2,152
2,090,311
5.00%, 12/01/55
130
126,547
5.00%, 01/01/56
379
369,737
5.00%, 02/01/56
1,289
1,250,536
5.00%, 03/01/56
125
121,348
193
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
5.00%, 04/01/56
$107
$104,604
5.00%, 05/01/56
3,433
3,326,352
5.00%, 08/13/56(o)
6,224
6,005,948
5.50%, 11/01/52
110
109,957
5.50%, 02/01/53
142
141,088
5.50%, 05/01/53
364
362,444
5.50%, 06/01/53
277
276,220
5.50%, 07/01/53
481
481,021
5.50%, 08/01/53
432
430,698
5.50%, 09/01/53
433
431,143
5.50%, 10/01/53
50
49,831
5.50%, 11/01/53
25
25,355
5.50%, 03/01/54
104
103,859
5.50%, 08/01/54
406
404,306
5.50%, 01/01/55
765
762,012
5.50%, 04/01/55
141
140,048
5.50%, 09/01/55
2,767
2,752,763
5.50%, 03/01/56
269
267,545
5.50%, 05/01/56
149
147,888
5.50%, 08/13/56(o)
78,887
78,066,666
5.50%, 09/14/56(o)
29,988
29,631,768
6.00%, 11/01/52
73
74,329
6.00%, 12/01/52
47
48,126
6.00%, 01/01/53
94
95,642
6.00%, 04/01/53
11
10,909
6.00%, 05/01/53
71
72,528
6.00%, 06/01/53
21
20,984
6.00%, 08/01/53
67
67,972
6.00%, 09/01/53
97
98,731
6.00%, 10/01/53
227
229,989
6.00%, 11/01/53
78
78,940
6.00%, 12/01/53
349
355,553
6.00%, 02/01/54
175
177,021
6.00%, 03/01/54
169
171,667
6.00%, 04/01/54
139
141,612
6.00%, 05/01/54
101
102,231
6.00%, 06/01/54
205
208,197
6.00%, 08/01/54
65
65,891
6.00%, 11/01/54
2,557
2,592,798
6.00%, 02/01/55
67
68,134
6.00%, 08/01/55
895
905,982
6.00%, 09/01/55
159
161,820
6.00%, 10/01/55
1,137
1,154,524
6.00%, 11/01/55
54
55,255
6.00%, 12/01/55
1,159
1,179,379
6.00%, 08/01/56
100
101,559
6.00%, 08/13/56(o)
24,003
24,267,314
6.50%, 11/01/52
19
20,053
6.50%, 12/01/52
12
12,188
6.50%, 01/01/53
47
48,554
6.50%, 02/01/53
25
25,689
6.50%, 05/01/53
133
137,731
6.50%, 08/01/53
179
185,077
6.50%, 09/01/53
61
63,596
6.50%, 11/01/53
93
96,041
6.50%, 07/01/54
28
29,130
6.50%, 09/01/54
105
109,233
6.50%, 09/01/55
1,432
1,488,754
6.50%, 08/13/56(o)
13,322
13,733,625
6.50%, 09/14/56(o)
9,709
9,992,682
 
435,525,128
Security
Par
(000
)
Value
U.S. Government Obligations — 22.5%
U.S. Treasury Bonds
1.13%, 08/15/40
$1,145
$691,312
1.25%, 05/15/50
500
224,805
1.38%, 11/15/40
1,145
712,922
1.88%, 11/15/51
0
(l)
156
3.25%, 05/15/42
1,470
1,164,401
3.63%, 02/15/53
369
280,428
3.63%, 05/15/53
185
140,253
3.88%, 02/15/43(p)
1,782
1,517,832
4.00%, 11/15/52
23,460
19,109,147
4.13%, 08/15/44
826
716,972
4.38%, 02/15/38
3,250
3,141,201
4.63%, 05/15/44
9,980
9,263,857
4.63%, 11/15/44
115
106,456
4.63%, 02/15/55
26
23,514
4.75%, 11/15/43(q)(r)
31,440
29,729,222
4.75%, 11/15/53(q)
6,754
6,223,706
4.75%, 05/15/55
8
7,385
U.S. Treasury Notes
0.38%, 09/30/27
454
434,216
0.50%, 05/31/27
823
799,464
0.50%, 08/31/27
659
633,695
1.13%, 08/31/28(p)
343
321,629
1.25%, 03/31/28
257
244,913
1.25%, 05/31/28
489
463,289
1.25%, 09/30/28
174
163,427
1.50%, 11/30/28
1,144
1,073,483
1.50%, 02/15/30
236
214,023
2.00%, 11/15/26
623
619,650
2.25%, 08/15/27
203
199,362
2.38%, 05/15/27
203
200,568
2.38%, 03/31/29
601
571,748
2.63%, 05/31/27
920
908,863
2.63%, 07/31/29
1,016
967,661
2.88%, 04/30/29
514
494,906
2.88%, 05/15/32
45
41,324
3.13%, 08/31/29
800
772,153
3.25%, 06/30/27
859
852,234
3.25%, 06/30/29
1,048
1,017,521
3.38%, 09/15/27
1
991
3.50%, 09/30/27
15
14,883
3.50%, 02/15/29
886
868,591
3.50%, 01/31/30
767
745,294
3.50%, 11/30/30
7,440
7,174,369
3.63%, 03/31/28
3,294
3,260,545
3.63%, 05/31/28(p)
1,659
1,640,568
3.63%, 08/31/30
12,620
12,255,203
3.63%, 09/30/31
969
932,587
3.75%, 04/15/28
42
41,646
3.75%, 04/30/28
10,060
9,974,333
3.75%, 05/15/28
29
28,741
3.75%, 12/31/28
721
711,762
3.75%, 05/31/30
913
892,671
3.75%, 02/28/33
57
54,471
3.88%, 05/31/27
70
69,863
3.88%, 11/30/27
914
909,823
3.88%, 03/15/28
1,304
1,296,359
3.88%, 03/31/28
10,000
9,938,672
3.88%, 07/15/28
7
6,947
3.88%, 11/30/29
624
614,664
3.88%, 04/30/30
2
1,965
Schedule of Investments
194
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
U.S. Government Obligations (continued)
3.88%, 12/31/32
$7
$6,745
3.88%, 08/15/34
3
2,848
4.00%, 01/15/27
473
472,648
4.00%, 12/15/27
11,367
11,332,810
4.00%, 02/29/28
615
612,622
4.00%, 06/30/28
1,200
1,193,953
4.00%, 02/28/30
2,849
2,814,389
4.00%, 05/31/30
6,987
6,892,020
4.00%, 06/30/32
58
56,523
4.00%, 07/31/32
17
16,554
4.00%, 01/31/33
14
13,579
4.00%, 11/15/35
1
948
4.13%, 10/31/27
596
595,441
4.13%, 10/31/31
10
9,848
4.13%, 02/29/32
17
16,712
4.13%, 03/31/32
18
17,681
4.13%, 02/15/36
2,369
2,263,876
4.25%, 12/31/26
21
21,024
4.25%, 03/15/27
473
473,189
4.25%, 01/15/28
28
28,001
4.25%, 01/31/30
1
996
4.25%, 06/30/31
658
652,654
4.25%, 03/31/33
56
55,051
4.38%, 12/15/26
785
786,449
4.50%, 04/15/27
1,644
1,648,893
4.50%, 05/15/27
8
8,022
4.50%, 12/31/31
2
1,503
4.63%, 06/15/27
4
4,017
4.63%, 09/30/28
446
448,962
4.63%, 02/15/35(p)
15
14,963
4.88%, 10/31/30
861
875,896
 
166,821,463
Total U.S. Government & Agency Obligations — 81.4%
(Cost: $611,696,465)
602,346,591
Floating Rate Loan Interests(b)
Entertainment — 0.1%
Discovery Global Holdings, Inc., 2026 USD
Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.23%, 06/03/33
231
231,608
Peninsula Pacific Entertainment
Development LLC, 2025 Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.60%, 10/01/32
110
110,069
 
341,677
Office & Business Equipment — 0.0%
Xerox Corp., 2023 Non-CoOp Term Loan,
(3-mo. CME Term SOFR + 4.00%), 7.75%,
11/19/29
18
13,566
Pipelines — 0.0%
Crescent Midstream Intermediate
Holdings LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.75%),
7.40%, 02/18/33
112
112,350
Security
Par
(000
)
Value
Software — 0.0%
Coreweave Financing DDTL V LLC, Delayed
Draw Term Loan, (1-mo. SOFR + 4.50%),
8.14%, 11/17/31
$108
$107,251
Total Floating Rate Loan Interests — 0.1%
(Cost: $572,842)
574,844
 
Shares
 
Common Stocks
Aerospace & Defense — 0.1%
Anduril Industries, Inc., NVS, (Acquired
04/28/26, Cost $ 153,420)(a)(e)(j)
2,225
153,414
Boeing Co. (The)(n)
51
11,023
General Electric Co.
15
5,401
True Anomaly, Inc., NVS(e)
7,869
195,702
 
365,540
Banks — 0.1%
Citigroup, Inc.
75
9,934
Eagle Bancorp, Inc.
177
4,912
Fifth Third Bancorp
128
7,232
First Citizens BancShares, Inc., Class A
27
59,040
First Horizon Corp.
1,232
31,588
Flagstar Bank N.A.
8,043
114,371
 
227,077
Building Products — 0.0%
Carrier Global Corp.
75
4,636
Trane Technologies PLC
24
10,919
 
15,555
Capital Markets — 0.0%
Wealthfront Corp., NVS(n)
1,619
15,364
Chemicals — 0.0%
Methanex Corp.
652
36,219
Communications Equipment — 0.0%
Vistance Networks, Inc.
5,987
70,287
Electric Utilities — 0.0%
PG&E Corp.
2,229
38,740
Electrical Equipment — 0.0%
GE Vernova, Inc.
6
5,942
Innio NV(n)
30
732
 
6,674
Electronic Equipment, Instruments & Components — 0.0%
Corning, Inc.
85
11,751
Energy Equipment & Services — 0.0%
EagleRock Land LLC, Class A(n)
15
336
Solaris Energy Infrastructure, Inc., Class A
673
34,599
 
34,935
Entertainment — 0.0%
Walt Disney Co.(The)
260
25,010
Hotels, Restaurants & Leisure — 0.0%
Caesars Entertainment, Inc.(n)
750
22,313
Genius Sports Ltd.(n)
2,724
18,877
Six Flags Entertainment Corp.(h)(n)
713
12,356
 
53,546
195
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Household Durables — 0.0%
Century Communities, Inc.
381
$25,588
KB Home
338
18,580
Meritage Homes Corp.
306
21,481
 
65,649
IT Services — 0.0%
CoreWeave, Inc., Class A(n)
106
7,608
COSM, Series C, NVS(e)
12,832
85,974
 
93,582
Media — 0.0%
AMC Global Media, Inc.(n)
1,073
12,017
EchoStar Corp., Class A(n)
1,119
94,097
 
106,114
Metals & Mining — 0.0%
Algoma Steel Group, Inc.(n)
3,372
12,982
Oil, Gas & Consumable Fuels — 0.0%
APA Corp.
983
36,686
Marathon Petroleum Corp.
121
38,293
PBF Energy, Inc., Class A
472
34,116
SM Energy Co.
1,557
50,634
Valero Energy Corp.
78
24,406
Williams Companies, Inc.(The)
49
3,505
 
187,640
Pharmaceuticals — 0.0%
Eli Lilly & Co.
6
6,893
Semiconductors & Semiconductor Equipment — 0.0%
Cerebras Systems, Inc., Class A(h)(n)
4
795
First Solar, Inc.(n)
15
3,165
Kioxia Holdings Corp.(n)
100
27,874
KLA Corp.
25
4,571
Lam Research Corp.
17
4,981
SK hynix, Inc., ADR NVS(n)
412
59,217
 
100,603
Software — 0.0%
Fluidstack Ltd., NVS(e)
1,126
182,660
Synopsys, Inc.(n)
21
8,164
Zoom Communications, Inc., Class A(n)
67
6,436
 
197,260
Trading Companies & Distributors — 0.0%
QXO, Inc.(n)
699
9,297
Total Common Stocks — 0.2%
(Cost $1,583,615)
1,680,718
Investment Companies
Exchange Traded Funds — 2.4%
iShares China Large-Cap ETF(s)
900
32,850
iShares Flexible Income Active ETF(s)
148,494
7,720,203
iShares iBoxx $ High Yield Corporate Bond
ETF(h)(s)
18,438
1,465,452
iShares iBoxx $ Investment Grade Corporate
Bond ETF(s)
77,370
8,220,562
 
17,439,067
Total Investment Companies — 2.4%
(Cost $17,679,458)
17,439,067
Security
Shares
Value
Preferred Stocks
Aerospace & Defense — 0.0%
Boeing Co. (The), 6.00%, 10/15/27(f)
250
$16,703
Interactive Media & Services — 0.0%
Alphabet, Inc., Series A, 6.25%, 05/15/29(f)
1,000
50,160
Alphabet, Inc., Series B, 6.25%, 05/15/29(f)
1,000
50,200
 
100,360
Total Preferred Stocks — 0.0%
(Cost $111,937)
117,063
Warrants
Oil & Gas — 0.0%
Caturus LLC (e)(t)
4,392
89,245
Total Warrants — 0.0%
(Cost $51,120)
89,245
Total Long-Term Investments — 137.5%
(Cost: $1,032,204,131)
1,017,778,303
Short-Term Securities
Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL
Agency Shares, 3.81%(s)(u)(v)
45,920,666
45,934,442
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.65%(s)(u)
7,313,861
7,313,861
Total Short-Term Securities — 7.2%
(Cost: $53,246,561)
53,248,303
Options Purchased — 0.1%
(Cost: $590,563)
495,905
Total Investments  Before TBA Sales Commitments and
Options Written — 144.8%
(Cost: $1,086,041,255)
1,071,522,511
 
Par
(000
)
 
TBA Sales Commitments(o)
Mortgage-Backed Securities — (27.7)%
Government National Mortgage Association,
6.00%, 08/20/56
$(1,883
)
(1,913,710
)
Uniform Mortgage-Backed Securities
2.00%, 08/18/41
(169
)
(152,671
)
2.00%, 08/13/56
(5,065
)
(3,944,369
)
2.50%, 08/13/56
(18,137
)
(14,784,510
)
2.50%, 09/14/56
(4,727
)
(3,851,530
)
3.00%, 08/13/56
(6,467
)
(5,512,358
)
3.00%, 09/14/56
(1,423
)
(1,211,995
)
3.50%, 08/13/56
(11,434
)
(10,141,869
)
4.00%, 08/13/56
(115
)
(104,972
)
4.50%, 08/13/56
(37,069
)
(34,805,119
)
4.50%, 09/14/56(o)
(72,714
)
(68,182,313
)
5.00%, 08/13/56(o)
(19,063
)
(18,395,007
)
5.50%, 08/13/56
(16,605
)
(16,432,395
)
6.00%, 08/13/56
(14,838
)
(15,000,916
)
Schedule of Investments
196
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Mortgage-Backed Securities (continued)
6.50%, 08/13/56
(9,861
)
$(10,165,687
)
Total TBA Sales Commitments — (27.7)%
(Proceeds: $(206,714,552))
(204,599,421
)
Options Written — (0.3%)
(Premiums Received: $(1,946,066))
(2,430,113
)
Total Investments, Net of TBA Sales Commitments and
Options Written — 116.8%
(Cost: $877,380,637)
864,492,977
Liabilities in Excess of Other Assets — (16.8)%
(124,544,084
)
Net Assets — 100.0%
$739,948,893
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(d)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(f)
Convertible security.
(g)
Zero-coupon bond.
(h)
All or a portion of this security is on loan.
(i)
Perpetual security with no stated maturity date.
(j)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $251,895, representing less than 0.05% of its net
assets as of period end, and an original cost of $253,036.
(k)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(l)
Rounds to less than 1,000.
(m)
Issuer filed for bankruptcy and/or is in default.
(n)
Non-income producing security.
(o)
Represents or includes a TBA transaction.
(p)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(q)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(r)
All or a portion of the security has been pledged as collateral in connection with
outstanding TBA commitments.
(s)
Affiliate of the Fund.
(t)
All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the
Notes to Financial Statements for details on the wholly-owned subsidiary.
(u)
Annualized 7-day yield as of period end.
(v)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$4,402,822
$41,532,780
(a)
$—
$(2,902
)
$1,742
$45,934,442
45,920,666
$936,192
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
2,623,387
4,690,474
(a)
—
—
—
7,313,861
7,313,861
60,233
(b)
—
iShares China Large-Cap ETF
—
30,919
—
—
1,931
32,850
900
—
—
iShares Flexible Income Active ETF
—
7,761,416
—
—
(41,213
)
7,720,203
148,494
71,894
—
iShares iBoxx $ High Yield Corporate Bond
ETF
837,560
10,823,559
(10,080,996
)
(96,819
)
(17,852
)
1,465,452
18,438
237,973
—
iShares iBoxx $ Investment Grade Corporate
Bond ETF
—
16,340,258
(7,752,100
)
(182,949
)
(184,647
)
8,220,562
77,370
144,653
—
 
 
 
 
$(282,670)
$(240,039)
$70,687,370
 
$1,450,945
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to
and from borrowers of securities.
197
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
Euro BTP
27
09/08/26
$3,619
$(50,742
)
Euro OAT
7
09/08/26
945
(6,326
)
Euro-Schatz
1
09/08/26
122
120
Short-Term Euro BTP
4
09/08/26
491
(1,388
)
10-Year U.S. Treasury Notes
205
09/21/26
22,185
(215,699
)
10-Year U.S. Ultra Long Treasury Notes
76
09/21/26
8,358
(109,826
)
U.S. Long Bonds
71
09/21/26
7,712
(124,134
)
Ultra U.S. Treasury Bonds
50
09/21/26
5,503
(241,397
)
3-mo. SOFR
137
03/16/27
32,859
(238,232
)
3-Month SOFR
28
12/14/27
6,708
(5,968
)
3-mo. SOFR
41
03/14/28
9,828
(67,448
)
3-mo. SOFR
41
03/20/29
9,832
(48,953
)
 
 
 
(1,109,993
)
Short Contracts
 
 
Euro BOBL
27
09/08/26
3,544
4,061
Euro BUXL
1
09/08/26
122
3,827
Euro-Bond
78
09/08/26
11,186
103,934
Australian 10-Year Treasury Bonds
4
09/15/26
304
(701
)
E-Mini Russell 2000 Index
3
09/18/26
441
4,591
Euro STOXX 50
4
09/18/26
294
(5,082
)
Long Gilt
1
09/28/26
117
1,522
2-Year U.S. Treasury Notes
131
09/30/26
26,946
12,240
5-Year U.S. Treasury Notes
64
09/30/26
6,791
2,525
 
 
 
126,917
 
 
 
$(983,076
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
COP
884,000,000
USD
260,000
Barclays Bank PLC
08/03/26
$20,188
USD
282,210
COP
884,000,000
Barclays Bank PLC
08/03/26
2,021
BRL
187,482
EUR
32,000
Barclays Bank PLC
08/04/26
84
BRL
17,038,888
USD
3,336,661
Barclays Bank PLC
08/04/26
24,630
BRL
476,192
USD
93,788
Citibank N.A.
08/04/26
151
BRL
452,760
USD
86,919
Goldman Sachs International
08/04/26
2,398
BRL
1,087,987
USD
208,171
Morgan Stanley & Co. International PLC
08/04/26
6,458
EUR
32,094
BRL
187,482
Barclays Bank PLC
08/04/26
24
PEN
1,225,434
USD
358,000
Citibank N.A.
08/12/26
2,473
MXN
680,500
USD
37,044
Goldman Sachs International
08/18/26
2,200
MXN
3,471,899
USD
184,375
Morgan Stanley & Co. International PLC
08/18/26
15,849
CNH
613,707
USD
90,856
Morgan Stanley & Co. International PLC
08/24/26
155
CZK
6,159,176
USD
290,299
Citibank N.A.
08/24/26
3,000
PEN
389,997
USD
114,532
Barclays Bank PLC
08/24/26
140
PLN
53,317
USD
14,165
Goldman Sachs International
08/24/26
106
TRY
1,189,834
USD
24,330
Citibank N.A.
08/24/26
285
USD
91,177
CNH
613,743
JPMorgan Chase Bank N.A.
08/24/26
160
USD
3,100
CZK
64,514
Citibank N.A.
08/24/26
28
USD
299,248
HUF
90,602,079
Bank of America N.A.
08/24/26
13,160
USD
28,758
HUF
9,020,557
UBS AG
08/24/26
275
Schedule of Investments
198
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
407,810
IDR
7,241,475,684
Barclays Bank PLC
08/24/26
$6,909
USD
32,107
IDR
578,017,371
Citibank N.A.
08/24/26
107
USD
755,918
MXN
13,066,051
UBS AG
08/24/26
2,780
USD
155,778
PEN
527,958
Citibank N.A.
08/24/26
541
USD
298,292
PHP
18,013,848
Barclays Bank PLC
08/24/26
4,116
USD
589,845
PLN
2,158,239
Barclays Bank PLC
08/24/26
12,128
USD
1,203,150
ZAR
19,609,737
Bank of America N.A.
08/24/26
18,039
AUD
375,000
USD
261,579
JPMorgan Chase Bank N.A.
08/26/26
2,187
CLP
36,554,043
USD
39,267
UBS AG
08/26/26
55
CNH
3,818,757
USD
564,953
UBS AG
08/26/26
1,441
COP
143,190,699
GBP
32,690
Bank of America N.A.
08/26/26
1,099
COP
435,929,847
USD
133,086
Citibank N.A.
08/26/26
4,387
CZK
3,331,511
USD
157,183
Citibank N.A.
08/26/26
1,465
EUR
18,500
HUF
6,750,378
Goldman Sachs International
08/26/26
39
EUR
16,000
JPY
2,922,880
Goldman Sachs International
08/26/26
65
EUR
235,141
USD
268,703
JPMorgan Chase Bank N.A.
08/26/26
2,687
GBP
48,500
USD
64,853
JPMorgan Chase Bank N.A.
08/26/26
512
HUF
61,515,820
USD
192,713
Goldman Sachs International
08/26/26
1,514
JPY
1,734,048
CAD
15,000
Bank of America N.A.
08/26/26
207
JPY
7,320,367
USD
45,000
Bank of America N.A.
08/26/26
1,088
KRW
57,337,393
USD
38,780
Barclays Bank PLC
08/26/26
952
KRW
54,055,934
USD
36,541
Goldman Sachs International
08/26/26
917
MXN
3,824,329
USD
219,132
JPMorgan Chase Bank N.A.
08/26/26
1,268
MYR
386,237
USD
94,520
Barclays Bank PLC
08/26/26
79
PEN
183,832
USD
54,000
Barclays Bank PLC
08/26/26
49
PHP
3,217,240
USD
52,000
Bank of America N.A.
08/26/26
535
PHP
3,581,964
USD
58,000
Morgan Stanley & Co. International PLC
08/26/26
491
PLN
631,175
USD
166,362
Goldman Sachs International
08/26/26
2,590
THB
11,548,611
USD
341,491
Goldman Sachs International
08/26/26
4,947
USD
9,000
JPY
1,427,577
Goldman Sachs International
08/26/26
12
USD
36,000
JPY
5,713,295
JPMorgan Chase Bank N.A.
08/26/26
30
INR
68,473,247
USD
709,064
BNP Paribas SA
08/27/26
7,289
BRL
188,746
EUR
32,000
Goldman Sachs International
09/02/26
11
BRL
3,881,081
USD
756,661
Barclays Bank PLC
09/02/26
3,218
BRL
4,953,465
USD
934,001
Barclays Bank PLC
09/16/26
33,041
BRL
4,230,488
USD
800,000
Citibank N.A.
09/16/26
25,898
CNH
613,707
USD
91,096
Morgan Stanley & Co. International PLC
09/16/26
61
COP
460,615,403
USD
127,158
Citibank N.A.
09/16/26
17,398
COP
893,319,480
USD
246,000
Morgan Stanley & Co. International PLC
09/16/26
34,351
CZK
962,357
USD
45,398
Morgan Stanley & Co. International PLC
09/16/26
440
JPY
59,517,516
USD
365,000
JPMorgan Chase Bank N.A.
09/16/26
10,337
PLN
543,480
USD
143,083
Citibank N.A.
09/16/26
2,393
USD
716,776
CAD
1,000,000
Goldman Sachs International
09/16/26
2,103
USD
126,876
EUR
109,000
Barclays Bank PLC
09/16/26
969
USD
23,399,022
EUR
20,079,000
BNP Paribas SA
09/16/26
205,535
USD
659,378
EUR
568,709
Goldman Sachs International
09/16/26
2,455
USD
154,586
EUR
133,000
JPMorgan Chase Bank N.A.
09/16/26
956
USD
201,636
EUR
174,000
UBS AG
09/16/26
646
USD
295,000
IDR
5,300,796,000
Bank of America N.A.
09/16/26
2,178
USD
193,760
SGD
247,000
Bank of America N.A.
09/16/26
567
ZAR
11,666,144
USD
700,501
Citibank N.A.
09/16/26
3,263
ZAR
10,039,951
USD
601,876
Goldman Sachs International
09/16/26
3,788
AUD
393,867
USD
276,842
Bank of America N.A.
09/17/26
90
199
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
150,000
USD
104,299
Goldman Sachs International
09/17/26
$1,167
AUD
600,000
USD
413,466
Morgan Stanley & Co. International PLC
09/17/26
8,399
AUD
370,000
USD
256,317
UBS AG
09/17/26
3,834
MXN
4,352,064
USD
248,172
Barclays Bank PLC
09/17/26
2,183
MXN
3,264,383
USD
186,853
BNP Paribas SA
09/17/26
932
MXN
14,996,565
USD
852,156
UBS AG
09/17/26
10,529
USD
218,378
AUD
310,000
Morgan Stanley & Co. International PLC
09/17/26
414
USD
748,974
EUR
646,000
JPMorgan Chase Bank N.A.
09/17/26
2,743
USD
34,260
IDR
615,868,038
Barclays Bank PLC
09/17/26
242
USD
57,376
CLP
50,817,598
Citibank N.A.
10/09/26
2,689
USD
83,904
CLP
74,574,900
Morgan Stanley & Co. International PLC
10/09/26
3,651
PEN
186,477
USD
54,625
Barclays Bank PLC
10/23/26
69
USD
54,628
PEN
185,630
Citibank N.A.
10/23/26
182
NGN
51,593,496
USD
36,621
Citibank N.A.
10/26/26
14
 
 
 
 
561,056
TWD
5,016,150
USD
157,000
Goldman Sachs International
08/03/26
$(1,793
)
USD
154,571
TWD
5,016,150
Goldman Sachs International
08/03/26
(636
)
BRL
187,206
EUR
32,047
Goldman Sachs International
08/04/26
(24
)
EUR
32,000
BRL
187,206
Goldman Sachs International
08/04/26
(30
)
USD
3,329,138
BRL
17,038,888
Barclays Bank PLC
08/04/26
(32,153
)
USD
92,000
BRL
476,192
Citibank N.A.
08/04/26
(1,939
)
USD
89,173
BRL
452,760
Goldman Sachs International
08/04/26
(143
)
USD
214,271
BRL
1,087,987
Morgan Stanley & Co. International PLC
08/04/26
(358
)
USD
16,970
TRY
835,236
Barclays Bank PLC
08/04/26
(593
)
PHP
3,184,800
USD
52,371
Bank of America N.A.
08/24/26
(361
)
USD
154,216
COP
511,012,773
Barclays Bank PLC
08/24/26
(7,010
)
USD
223,021
COP
775,942,419
Citibank N.A.
08/24/26
(21,791
)
USD
2,758
CZK
58,346
Bank of America N.A.
08/24/26
(20
)
USD
132,053
CZK
2,817,984
Citibank N.A.
08/24/26
(2,139
)
USD
211,131
CZK
4,500,781
Morgan Stanley & Co. International PLC
08/24/26
(3,195
)
USD
103,924
CZK
2,209,500
UBS AG
08/24/26
(1,292
)
USD
139,993
EUR
122,523
Banco Santander SA
08/24/26
(1,406
)
USD
51,189
HUF
16,283,930
Citibank N.A.
08/24/26
(230
)
USD
56,068
MXN
979,084
JPMorgan Chase Bank N.A.
08/24/26
(367
)
USD
172,116
MXN
3,004,088
UBS AG
08/24/26
(1,042
)
USD
50,260
PHP
3,105,720
Morgan Stanley & Co. International PLC
08/24/26
(458
)
USD
147,428
PLN
558,987
Barclays Bank PLC
08/24/26
(2,201
)
USD
5,727
TRY
280,254
Morgan Stanley & Co. International PLC
08/24/26
(70
)
USD
36,709
UYU
1,482,527
Citibank N.A.
08/24/26
(83
)
CAD
15,000
JPY
1,703,449
JPMorgan Chase Bank N.A.
08/26/26
(14
)
CLP
68,575,277
USD
73,938
Morgan Stanley & Co. International PLC
08/26/26
(171
)
CLP
120,412,350
USD
130,500
UBS AG
08/26/26
(971
)
COP
203,905,000
USD
65,000
Barclays Bank PLC
08/26/26
(698
)
COP
202,150,000
USD
65,000
BNP Paribas SA
08/26/26
(1,251
)
COP
409,688,500
USD
130,000
Citibank N.A.
08/26/26
(803
)
HUF
926,079
EUR
2,538
Goldman Sachs International
08/26/26
(5
)
JPY
2,923,904
EUR
16,000
Citibank N.A.
08/26/26
(58
)
JPY
6,027,769
USD
38,000
Barclays Bank PLC
08/26/26
(50
)
JPY
5,042,463
USD
32,000
Goldman Sachs International
08/26/26
(254
)
MYR
2,433,361
USD
596,924
Barclays Bank PLC
08/26/26
(935
)
PEN
251,385
USD
74,000
Barclays Bank PLC
08/26/26
(89
)
USD
76,543
AUD
109,000
Barclays Bank PLC
08/26/26
(125
)
Schedule of Investments
200
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
194,013
AUD
277,749
Morgan Stanley & Co. International PLC
08/26/26
$(1,349
)
USD
54,000
CAD
75,977
Barclays Bank PLC
08/26/26
(248
)
USD
297,000
CAD
417,944
JPMorgan Chase Bank N.A.
08/26/26
(1,416
)
USD
85,000
COP
277,597,250
Bank of America N.A.
08/26/26
(2,542
)
USD
130,000
COP
427,180,000
Citibank N.A.
08/26/26
(4,713
)
USD
81,000
COP
263,468,700
UBS AG
08/26/26
(2,086
)
USD
5,219
HUF
1,665,954
Goldman Sachs International
08/26/26
(41
)
USD
38,000
JPY
6,181,644
Bank of America N.A.
08/26/26
(919
)
USD
75,321
KRW
110,013,853
Barclays Bank PLC
08/26/26
(913
)
USD
237,034
MXN
4,163,771
Bank of America N.A.
08/26/26
(2,929
)
USD
90,000
PLN
341,390
Citibank N.A.
08/26/26
(1,383
)
USD
69,000
PLN
261,785
Goldman Sachs International
08/26/26
(1,074
)
USD
19,090
TRY
926,438
Citibank N.A.
08/26/26
(44
)
USD
130,000
ZAR
2,174,341
Citibank N.A.
08/26/26
(1,385
)
ZAR
10,162,588
USD
617,638
Citibank N.A.
08/26/26
(3,562
)
USD
897,799
BRL
4,605,007
Barclays Bank PLC
09/02/26
(3,819
)
USD
248,502
COP
843,103,790
JPMorgan Chase Bank N.A.
09/08/26
(16,575
)
IDR
4,426,301,476
USD
244,953
Barclays Bank PLC
09/16/26
(439
)
IDR
2,656,475,047
USD
147,631
Citibank N.A.
09/16/26
(884
)
PLN
975,794
USD
264,607
Barclays Bank PLC
09/16/26
(3,412
)
USD
118,112
AUD
168,000
Morgan Stanley & Co. International PLC
09/16/26
(12
)
USD
1,500,000
BRL
7,914,150
Goldman Sachs International
09/16/26
(45,043
)
USD
623,855
BRL
3,291,756
Morgan Stanley & Co. International PLC
09/16/26
(18,779
)
USD
90,997
CNH
613,707
Morgan Stanley & Co. International PLC
09/16/26
(160
)
USD
136,231
COP
476,570,630
Citibank N.A.
09/16/26
(13,331
)
USD
1,275,016
EUR
1,113,000
BNP Paribas SA
09/16/26
(10,623
)
USD
557,525
EUR
487,000
Citibank N.A.
09/16/26
(5,015
)
USD
1,283,746
EUR
1,115,000
Goldman Sachs International
09/16/26
(4,203
)
USD
621,825
EUR
541,318
JPMorgan Chase Bank N.A.
09/16/26
(3,458
)
USD
1,979,278
EUR
1,737,000
Morgan Stanley & Co. International PLC
09/16/26
(27,151
)
USD
903,113
EUR
788,000
UBS AG
09/16/26
(7,115
)
USD
197,930
GBP
148,000
Bank of America N.A.
09/16/26
(1,533
)
USD
573,704
GBP
428,000
Barclays Bank PLC
09/16/26
(3,120
)
USD
134,124
GBP
100,000
BNP Paribas SA
09/16/26
(648
)
USD
268,357
GBP
200,000
Goldman Sachs International
09/16/26
(1,187
)
USD
4,006,821
GBP
2,985,000
JPMorgan Chase Bank N.A.
09/16/26
(16,123
)
USD
879,775
GBP
660,000
UBS AG
09/16/26
(9,720
)
USD
365,000
JPY
57,896,854
JPMorgan Chase Bank N.A.
09/16/26
(117
)
USD
700,501
ZAR
11,807,925
Citibank N.A.
09/16/26
(11,816
)
ZAR
1,754,000
USD
106,402
Morgan Stanley & Co. International PLC
09/16/26
(591
)
IDR
7,794,973,087
USD
433,625
Barclays Bank PLC
09/17/26
(3,061
)
USD
627,925
AUD
898,000
Bank of America N.A.
09/17/26
(3,467
)
USD
862,202
AUD
1,233,000
JPMorgan Chase Bank N.A.
09/17/26
(4,732
)
USD
721,785
MXN
12,661,505
Bank of America N.A.
09/17/26
(6,574
)
USD
196,258
SGD
251,000
JPMorgan Chase Bank N.A.
09/17/26
(79
)
USD
9,168
EUR
7,994
Citibank N.A.
10/16/26
(77
)
USD
31,663
PEN
109,000
Barclays Bank PLC
10/23/26
(307
)
USD
5,923
PEN
20,520
Citibank N.A.
10/23/26
(95
)
USD
82,660
BRL
453,719
Goldman Sachs International
04/02/27
(2,399
)
 
 
 
 
(335,027
)
 
 
 
 
$226,029
201
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Exchange-Traded Options Purchased 
Description
 
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
Nikkei 225 Index
1
09/11/26
JPY
67,000.00
JPY
64,362
$9,239
KraneShares CSI China Internet ETF
30
09/18/26
USD
32.00
USD
85
857
 
 
 
10,096
Put
 
 
Euro-BOBL Future
6
08/21/26
EUR
113.50
EUR
683
1,384
 
 
 
$11,480
OTC Barrier Options Purchased 
Description
Type of Option
Counterparty
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
 
 
 
EUR Currency
One Touch
UBS AG
09/28/26
USD
1.17
USD
1.17
EUR
21
$6,877
Put
 
 
 
 
 
 
 
 
 
 
EUR Currency
One Touch
Morgan Stanley & Co. International PLC
08/05/26
HUF
350.00
HUF
350.00
EUR
7
—
EUR Currency
One Touch
Barclays Bank PLC
08/13/26
USD
1.13
USD
1.13
EUR
16
420
EUR Currency
Down-and-out
UBS AG
08/26/26
USD
1.13
USD
1.11
EUR
229
119
EUR Currency
One Touch
BNP Paribas SA
10/19/26
HUF
351.00
HUF
351.00
EUR
18
1,823
EUR Currency
One Touch
Barclays Bank PLC
11/05/26
HUF
345.00
HUF
345.00
EUR
7
282
EUR Currency
One Touch
JPMorgan Chase Bank N.A.
11/11/26
HUF
339.00
HUF
339.00
EUR
7
94
 
 
 
 
 
 
 
 
 
 
2,738
 
 
 
 
 
 
 
 
 
 
$9,615
OTC Currency Options Purchased 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
AUD Currency
Morgan Stanley & Co. International PLC
08/04/26
USD
0.70
AUD
218
$1,001
USD Currency
JPMorgan Chase Bank N.A.
08/10/26
CLP
975.00
USD
179
82
USD Currency
BNP Paribas SA
08/11/26
COP
4,150.00
USD
162
—
USD Currency
JPMorgan Chase Bank N.A.
08/13/26
JPY
162.00
USD
937
1,212
USD Currency
Goldman Sachs International
08/20/26
MXN
17.60
USD
274
839
EUR Currency
Morgan Stanley & Co. International PLC
09/10/26
USD
1.16
EUR
2,984
17,018
USD Currency
JPMorgan Chase Bank N.A.
10/01/26
KRW
1,460.00
USD
261
3,281
 
 
 
23,433
Put
 
 
AUD Currency
Morgan Stanley & Co. International PLC
08/06/26
USD
0.69
AUD
581
95
USD Currency
Bank of America N.A.
08/06/26
ZAR
16.25
USD
257
173
USD Currency
Bank of America N.A.
08/11/26
THB
33.50
USD
261
1,696
EUR Currency
Citibank N.A.
08/13/26
USD
1.14
EUR
562
651
USD Currency
JPMorgan Chase Bank N.A.
08/13/26
JPY
162.00
USD
937
19,034
USD Currency
BNP Paribas SA
08/20/26
MXN
17.10
USD
274
466
EUR Currency
UBS AG
08/25/26
USD
1.13
EUR
337
368
USD Currency
JPMorgan Chase Bank N.A.
08/27/26
HUF
315.00
USD
261
2,341
USD Currency
BNP Paribas SA
09/11/26
COP
3,300.00
USD
256
11,105
 
 
 
35,929
 
 
 
$59,362
Schedule of Investments
202
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
OTC Credit Default Swaptions Purchased 
 
Paid by the Fund
 
Received by the Fund
 
 
Expiration
Credit
Exercise
Notional
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Date
Rating(a)
Price
Amount (000)(b)
Value
Put
 
 
 
 
 
 
 
 
 
 
 
Bought Protection on
5-Year Credit Default
Swap, 06/20/31
5.00%
 
ITRAXX.XO.45.V1
Quarterly
Morgan Stanley & Co.
International PLC
08/19/26
—
EUR 2.63
EUR
159
$853
Bought Protection on
5-Year Credit Default
Swap, 06/20/31
1.00%
 
CDX.NA.IG.46.V1
Quarterly
Morgan Stanley & Co.
International PLC
09/16/26
—
USD 0.58
USD
1,218
1,133
 
 
 
 
 
 
 
 
 
 
 
$1,986
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
30-Year Interest Rate Swap, 08/09/56
1-day SOFR,
3.66%
Annual
4.15%
Annual
Morgan Stanley & Co.
International PLC
08/07/26
4.15
USD
3,429
$8
30-Year Interest Rate Swap, 08/16/56
1-day SOFR,
3.66%
Annual
4.14%
Annual
Morgan Stanley & Co.
International PLC
08/14/26
4.14
USD
10,490
782
10-Year Interest Rate Swap, 03/29/38
1-day SOFR,
3.66%
Annual
4.12%
Annual
Morgan Stanley & Co.
International PLC
03/27/28
4.12
USD
2,798
63,579
10-Year Interest Rate Swap, 04/01/38
1-day SOFR,
3.66%
Annual
4.05%
Annual
Morgan Stanley & Co.
International PLC
03/30/28
4.05
USD
2,798
57,728
 
 
 
 
 
 
 
 
122,097
Put
 
 
 
 
 
 
 
2-Year Interest Rate Swap, 08/29/28
4.15%
Annual
1-day SOFR,
3.66%
Annual
Citibank N.A.
08/27/26
4.15
USD
5,920
9,860
2-Year Interest Rate Swap, 08/30/28
2.90%
Annual
6-mo.
EURIBOR,
2.71%
Semi-Annual
Citibank N.A.
08/28/26
2.90
EUR
5,920
23,429
2-Year Interest Rate Swap, 11/11/28
5.50%
Annual
1-day SONIA,
3.73%
Annual
Citibank N.A.
11/09/26
5.50
GBP
2,947
1,365
10-Year Interest Rate Swap, 03/29/38
4.12%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
03/27/28
4.12
USD
2,798
123,633
10-Year Interest Rate Swap, 04/01/38
4.05%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
03/30/28
4.05
USD
2,798
133,078
 
 
 
 
 
 
 
 
291,365
 
 
 
 
 
 
 
 
$413,462
Exchange-Traded Options Written 
Description
   
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
Euro-BOBL Future
2
08/21/26
EUR
114.50
EUR
228
$(196
)
Euro-BOBL Future
2
08/21/26
EUR
114.75
EUR
228
(104
)
iShares iBoxx $ Investment Grade Corporate Bond ETF
68
09/18/26
USD
109.00
USD
723
(642
)
KraneShares CSI China Internet ETF
30
09/18/26
USD
38.00
USD
85
(82
)
iShares iBoxx $ Investment Grade Corporate Bond ETF
679
10/16/26
USD
109.00
USD
7,214
(14,492
)
 
 
 
(15,516
)
Put
 
 
Nikkei 225 Index
1
09/11/26
JPY
59,000.00
JPY
64,362
(8,736
)
KraneShares CSI China Internet ETF
15
09/18/26
USD
26.00
USD
43
(562
)
203
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Exchange-Traded Options Written (continued)
Description
   
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
3-Month SOFR Future
8
12/11/26
USD
96.06
USD
1,919
$(5,000
)
 
 
 
(14,298
)
 
 
 
$(29,814
)
OTC Currency Options Written 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
USD Currency
BNP Paribas SA
08/06/26
COP
4,150.00
USD
59
$—
USD Currency
Morgan Stanley & Co. International PLC
08/10/26
CLP
975.00
USD
179
(82
)
USD Currency
Goldman Sachs International
08/11/26
COP
4,150.00
USD
103
—
USD Currency
Barclays Bank PLC
08/14/26
INR
95.00
USD
271
(2,009
)
USD Currency
UBS AG
09/04/26
TRY
49.00
USD
128
(997
)
USD Currency
Goldman Sachs International
09/08/26
INR
96.15
USD
123
(621
)
USD Currency
Citibank N.A.
09/18/26
COP
3,500.00
USD
127
(292
)
EUR Currency
JPMorgan Chase Bank N.A.
09/28/26
HUF
370.00
EUR
114
(1,264
)
USD Currency
Barclays Bank PLC
10/01/26
COP
3,500.00
USD
130
(457
)
USD Currency
JPMorgan Chase Bank N.A.
10/01/26
KRW
1,500.00
USD
392
(2,079
)
USD Currency
BNP Paribas SA
10/13/26
COP
3,400.00
USD
128
(1,067
)
EUR Currency
JPMorgan Chase Bank N.A.
11/11/26
HUF
380.00
EUR
63
(545
)
 
 
 
(9,413
)
Put
 
 
USD Currency
BNP Paribas SA
08/06/26
ZAR
16.25
USD
257
(173
)
USD Currency
Goldman Sachs International
08/20/26
MXN
17.10
USD
274
(466
)
USD Currency
Citibank N.A.
08/31/26
BRL
5.25
USD
166
(5,384
)
USD Currency
BNP Paribas SA
09/11/26
COP
3,200.00
USD
256
(5,378
)
 
 
 
(11,401
)
 
 
 
$(20,814
)
OTC Credit Default Swaptions Written 
 
Paid by the Fund
 
Received by the Fund
 
 
Expiration
Credit
Exercise
Notional
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Date
Rating(a)
Price
Amount (000)(b)
Value
Put
 
 
 
 
 
 
 
 
 
 
 
Sold Protection on 5-Year
Credit Default Swap,
06/20/31
ITRAXX.XO.45.V1
 
5.00%
Quarterly
Morgan Stanley & Co.
International PLC
08/19/26
N/A
EUR 3.00
EUR
159
$(205)
Sold Protection on 5-Year
Credit Default Swap,
06/20/31
CDX.NA.IG.46.V1
 
1.00%
Quarterly
Morgan Stanley & Co.
International PLC
09/16/26
N/A
USD 0.68
USD
1,624
(625)
 
 
 
 
 
 
 
 
 
 
 
$(830)
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaptions Written 
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
Call
 
 
 
 
 
 
 
10-Year Interest Rate Swap,
03/06/37
3.71%
Annual
1-day SOFR,
3.66%
Annual
Citibank N.A.
03/04/27
3.71
USD
1,326
$(5,494
)
10-Year Interest Rate Swap,
03/17/37
3.87%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
03/15/27
3.87
USD
4,080
(27,409
)
10-Year Interest Rate Swap,
11/10/37
3.87%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
11/08/27
3.87
USD
1,770
(23,412
)
Schedule of Investments
204
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
OTC Interest Rate Swaptions Written (continued)
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
10-Year Interest Rate Swap,
12/18/37
4.03%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
12/16/27
4.03
USD
2,180
$(39,231
)
10-Year Interest Rate Swap,
02/02/38
4.10%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
01/31/28
4.10
USD
2,789
(58,798
)
10-Year Interest Rate Swap,
02/09/38
4.07%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
02/07/28
4.07
USD
1,479
(29,801
)
10-Year Interest Rate Swap,
03/22/38
3.94%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
03/20/28
3.94
USD
3,209
(56,120
)
10-Year Interest Rate Swap,
04/09/38
4.06%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
04/07/28
4.06
USD
591
(12,510
)
10-Year Interest Rate Swap,
04/26/38
4.03%
Annual
1-day SOFR,
3.66%
Annual
Goldman Sachs Inter-
national
04/24/28
4.03
USD
2,582
(52,639
)
10-Year Interest Rate Swap,
06/18/38
4.16%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
06/16/28
4.16
USD
1,382
(34,974
)
 
 
 
 
 
 
 
 
(340,388
)
Put
 
 
 
 
 
 
 
2-Year Interest Rate Swap,
08/05/28
1-day SOFR,
3.66%
Annual
3.70%
Annual
Morgan Stanley & Co.
International PLC
08/03/26
3.70
USD
8,768
(71,644
)
2-Year Interest Rate Swap,
08/29/28
1-day SOFR,
3.66%
Annual
4.45%
Annual
Citibank N.A.
08/27/26
4.45
USD
11,840
(3,494
)
2-Year Interest Rate Swap,
08/30/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.20%
Annual
Citibank N.A.
08/28/26
3.20
EUR
11,840
(9,305
)
30-Year Interest Rate Swap,
10/11/56
1-day SOFR,
3.66%
Annual
4.65%
Annual
Morgan Stanley & Co.
International PLC
10/09/26
4.65
USD
1,813
(20,848
)
2-Year Interest Rate Swap,
10/14/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.08%
Annual
Morgan Stanley & Co.
International PLC
10/12/26
3.08
EUR
5,182
(16,197
)
5-Year Interest Rate Swap,
10/14/31
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.13%
Annual
Morgan Stanley & Co.
International PLC
10/12/26
3.13
EUR
2,215
(13,237
)
2-Year Interest Rate Swap,
10/22/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.20%
Annual
Bank of America N.A.
10/20/26
3.20
EUR
8,882
(20,327
)
2-Year Interest Rate Swap,
10/23/28
1-day SOFR,
3.66%
Annual
3.85%
Annual
Goldman Sachs Inter-
national
10/21/26
3.85
USD
20,619
(150,731
)
2-Year Interest Rate Swap,
10/23/28
1-day SOFR,
3.66%
Annual
3.85%
Annual
Goldman Sachs Inter-
national
10/21/26
3.85
USD
7,000
(51,172
)
5-Year Interest Rate Swap,
10/23/31
1-day SOFR,
3.66%
Annual
4.35%
Annual
Citibank N.A.
10/21/26
4.35
USD
3,750
(16,749
)
2-Year Interest Rate Swap,
11/04/28
1-day SOFR,
3.66%
Annual
4.50%
Annual
Goldman Sachs Inter-
national
11/02/26
4.50
USD
9,055
(14,081
)
10-Year Interest Rate Swap,
11/08/36
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.52%
Annual
Goldman Sachs Inter-
national
11/06/26
3.52
EUR
1,856
(9,597
)
2-Year Interest Rate Swap,
11/11/28
1-day SONIA,
3.73%
Annual
4.80%
Annual
Citibank N.A.
11/09/26
4.80
GBP
1,965
(3,723
)
10-Year Interest Rate Swap,
03/06/37
1-day SOFR,
3.66%
Annual
3.71%
Annual
Citibank N.A.
03/04/27
3.71
USD
1,326
(72,480
)
10-Year Interest Rate Swap,
03/17/37
1-day SOFR,
3.66%
Annual
3.87%
Annual
Bank of America N.A.
03/15/27
3.87
USD
4,080
(181,107
)
2-Year Interest Rate Swap,
09/22/29
1-day SOFR,
3.66%
Annual
4.30%
Annual
Goldman Sachs Inter-
national
09/20/27
4.30
USD
11,936
(76,358
)
2-Year Interest Rate Swap,
09/22/29
1-day SOFR,
3.66%
Annual
4.30%
Annual
Bank of America N.A.
09/20/27
4.30
USD
10,000
(63,973
)
2-Year Interest Rate Swap,
09/22/29
1-day SOFR,
3.66%
Annual
4.30%
Annual
Goldman Sachs Inter-
national
09/20/27
4.30
USD
11,000
(70,370
)
205
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
OTC Interest Rate Swaptions Written (continued)
Description
Paid by the Fund
Received by the Fund
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Rate
Frequency
Rate
Frequency
 
2-Year Interest Rate Swap,
10/06/29
1-day SOFR,
3.66%
Annual
4.05%
Annual
Goldman Sachs Inter-
national
10/04/27
4.05
USD
15,959
$(138,030
)
2-Year Interest Rate Swap,
10/06/29
1-day SOFR,
3.66%
Annual
4.05%
Annual
Goldman Sachs Inter-
national
10/04/27
4.05
USD
3,000
(25,947
)
2-Year Interest Rate Swap,
10/06/29
1-day SOFR,
3.66%
Annual
4.05%
Annual
Bank of America N.A.
10/04/27
4.05
USD
10,000
(86,490
)
2-Year Interest Rate Swap,
10/06/29
1-day SOFR,
3.66%
Annual
4.05%
Annual
Goldman Sachs Inter-
national
10/04/27
4.05
USD
9,000
(77,841
)
10-Year Interest Rate Swap,
11/10/37
1-day SOFR,
3.66%
Annual
3.87%
Annual
Bank of America N.A.
11/08/27
3.87
USD
1,770
(92,578
)
2-Year Interest Rate Swap,
12/10/29
1-day SOFR,
3.66%
Annual
4.00%
Annual
Morgan Stanley & Co.
International PLC
12/08/27
4.00
USD
8,366
(79,295
)
10-Year Interest Rate Swap,
12/18/37
1-day SOFR,
3.66%
Annual
4.03%
Annual
Morgan Stanley & Co.
International PLC
12/16/27
4.03
USD
2,180
(98,812
)
10-Year Interest Rate Swap,
02/02/38
1-day SOFR,
3.66%
Annual
4.10%
Annual
Morgan Stanley & Co.
International PLC
01/31/28
4.10
USD
2,789
(120,725
)
10-Year Interest Rate Swap,
02/09/38
1-day SOFR,
3.66%
Annual
4.07%
Annual
Morgan Stanley & Co.
International PLC
02/07/28
4.07
USD
1,479
(66,802
)
10-Year Interest Rate Swap,
03/22/38
1-day SOFR,
3.66%
Annual
3.94%
Annual
Bank of America N.A.
03/20/28
3.94
USD
3,209
(168,688
)
10-Year Interest Rate Swap,
04/09/38
1-day SOFR,
3.66%
Annual
4.06%
Annual
Bank of America N.A.
04/07/28
4.06
USD
591
(27,900
)
10-Year Interest Rate Swap,
04/26/38
1-day SOFR,
3.66%
Annual
4.03%
Annual
Goldman Sachs Inter-
national
04/24/28
4.03
USD
2,582
(127,659
)
10-Year Interest Rate Swap,
06/18/38
1-day SOFR,
3.66%
Annual
4.16%
Annual
Morgan Stanley & Co.
International PLC
06/16/28
4.16
USD
1,382
(62,107
)
 
 
 
 
 
 
 
 
(2,038,267
)
 
 
 
 
 
 
 
 
$(2,378,655
)
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
 
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx.XO.44.V1
5.00%
Quarterly
12/20/30
 
EUR
1,642
$76,760
$64,482
$12,278
CDX.NA.HY.46.V3
5.00
Quarterly
06/20/31
 
USD
12,974
(1,053,813
)
(992,517
)
(61,296
)
Federative Republic of Brazil
1.00
Quarterly
06/20/31
 
USD
194
1,881
3,832
(1,951
)
iTraxx.XO.45.V1
5.00
Quarterly
06/20/31
 
EUR
417
(50,447
)
(32,534
)
(17,913
)
Republic of Colombia
1.00
Quarterly
06/20/31
 
USD
214
4,013
7,398
(3,385
)
United Mexican States
1.00
Quarterly
06/20/31
 
USD
276
(1,949
)
648
(2,597
)
 
 
 
 
 
 
 
$(1,023,555
)
$(948,691
)
$(74,864
)
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6.91%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
09/11/26
MXN
12,064
$(419
)
$1
$(420
)
1-day
TIIEFONDEO,
6.55%
Monthly
6.98%
Monthly
N/A
11/05/26
MXN
1,054
83
—
83
4.00%
At Termination
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/26
PLN
319
(1,761
)
(14
)
(1,747
)
Schedule of Investments
206
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6.66%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/26
ZAR
4,266
$508
$1
$507
6.72%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/26
ZAR
3,173
319
(38
)
357
13.70%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
212
209
—
209
1-day BZDIOVER,
0.05%
At Termination
13.71%
At Termination
N/A
01/04/27
BRL
1,487
(1,719
)
—
(1,719
)
13.77%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
389
399
—
399
13.86%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
84
84
—
84
13.88%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/04/27
BRL
707
681
1
680
1-day SOFR,
3.66%
At Termination
3.50%
At Termination
N/A
06/10/27
USD
19,870
(94,911
)
30
(94,941
)
3-mo. JIBAR,
6.98%
Quarterly
7.31%
Quarterly
9/16/26(a)
09/16/27
ZAR
4,558
(340
)
1
(341
)
1-day SOFR,
3.66%
At Termination
3.23%
At Termination
12/11/26(a)
12/11/27
USD
10,230
(96,426
)
34
(96,460
)
3.88%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/27
PLN
630
(2,846
)
(54
)
(2,792
)
3.95%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/27
PLN
358
(1,748
)
(63
)
(1,685
)
6-mo. BUBOR,
5.55%
Semi-Annual
6.25%
Annual
N/A
12/17/27
HUF
45,011
5,566
—
5,566
6.55%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/27
ZAR
1,096
784
1
783
1-day BZDIOVER,
0.05%
At Termination
13.40%
At Termination
N/A
01/03/28
BRL
4,380
(7,236
)
4
(7,240
)
1-day BZDIOVER,
0.05%
At Termination
13.75%
At Termination
N/A
01/03/28
BRL
896
(523
)
1
(524
)
1-day BZDIOVER,
0.05%
At Termination
13.80%
At Termination
N/A
01/03/28
BRL
446
(209
)
1
(210
)
1-day BZDIOVER,
0.05%
At Termination
14.01%
At Termination
N/A
01/03/28
BRL
1,874
650
2
648
14.04%
At Termination
1-day BZDIOVER,
0.05%
At Termination
N/A
01/03/28
BRL
5,805
(2,498
)
5
(2,503
)
3.32%
Quarterly
3-mo. KLIBOR,
3.45%
Quarterly
N/A
03/18/28
MYR
1,432
1,398
1
1,397
3.49%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
03/18/28
PLN
87
263
—
263
6-mo. BUBOR,
5.55%
Semi-Annual
5.76%
Annual
N/A
03/18/28
HUF
6,236
2
1
1
6.98%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
06/15/28
MXN
12,083
1,282
3
1,279
3-mo. KRW CDC,
2.95%
Quarterly
3.71%
Quarterly
N/A
06/17/28
KRW
113,146
110
1
109
3-mo. KRW CDC,
2.95%
Quarterly
3.77%
Quarterly
N/A
06/26/28
KRW
1,897,500
2,927
6
2,921
3-mo. KRW CDC,
2.95%
Quarterly
3.97%
Quarterly
9/16/26(a)
09/16/28
KRW
291,933
758
1
757
6-mo. PRIBOR,
3.95%
Semi-Annual
4.31%
Annual
9/16/26(a)
09/16/28
CZK
9,811
(1,053
)
2
(1,055
)
1-day COOIS,
11.19%
Quarterly
11.74%
Quarterly
9/16/26(a)
09/16/28
COP
1,344,632
3,694
1
3,693
207
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
China Fixing Repo
Rates 7-day,
1.46%
Quarterly
1.54%
Quarterly
N/A
12/17/28
CNY
580
$266
$—
$266
1-day BZDIOVER,
0.05%
At Termination
12.90%
At Termination
N/A
01/02/29
BRL
356
(2,450
)
—
(2,450
)
1-day BZDIOVER,
0.05%
At Termination
13.02%
At Termination
N/A
01/02/29
BRL
336
(2,324
)
—
(2,324
)
1-day BZDIOVER,
0.05%
At Termination
13.09%
At Termination
N/A
01/02/29
BRL
1,837
(11,360
)
1
(11,361
)
1-day BZDIOVER,
0.05%
At Termination
14.41%
At Termination
N/A
01/02/29
BRL
7,475
12,994
6
12,988
1-day MIBOR,
6.64%
Semi-Annual
5.98%
Semi-Annual
N/A
06/29/29
INR
81,460
(4,460
)
4
(4,464
)
7.57%
Annual
1-day ZARONIA,
6.86%
Annual
9/16/26(a)
09/16/29
ZAR
9,954
807
6
801
11.19%
Quarterly
1-day COOIS,
11.19%
Quarterly
9/16/26(a)
09/16/30
COP
742,105
(4,590
)
1
(4,591
)
1-day
TIIEFONDEO,
6.55%
Monthly
7.32%
Monthly
N/A
11/05/30
MXN
428
(326
)
—
(326
)
China Fixing Repo
Rates 7-day,
1.46%
Quarterly
1.58%
Quarterly
N/A
12/17/30
CNY
505
427
1
426
China Fixing Repo
Rates 7-day,
1.46%
Quarterly
1.62%
Quarterly
N/A
12/17/30
CNY
693
732
1
731
4.05%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
12/17/30
PLN
142
(341
)
(13
)
(328
)
1-day MIBOR,
6.64%
Semi-Annual
5.71%
Semi-Annual
N/A
12/17/30
INR
6,751
(1,611
)
1
(1,612
)
1-day MIBOR,
6.64%
Semi-Annual
5.93%
Semi-Annual
N/A
12/17/30
INR
9,841
(1,498
)
1
(1,499
)
6-mo. BUBOR,
5.55%
Semi-Annual
6.29%
Annual
N/A
12/17/30
HUF
6,630
1,402
—
1,402
6.86%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/30
ZAR
3,229
5,827
2
5,825
6.87%
Quarterly
3-mo. JIBAR,
6.99%
Quarterly
N/A
12/17/30
ZAR
1,533
2,748
1
2,747
1-day
TIIEFONDEO,
6.55%
Monthly
7.53%
Monthly
N/A
01/03/31
MXN
644
(245
)
—
(245
)
3.58%
Annual
6-mo. PRIBOR,
3.95%
Semi-Annual
N/A
03/18/31
CZK
712
1,309
1
1,308
3.62%
Annual
6-mo. PRIBOR,
3.95%
Semi-Annual
N/A
03/18/31
CZK
714
1,258
1
1,257
6-mo. PRIBOR,
3.95%
Semi-Annual
3.74%
Annual
N/A
03/18/31
CZK
1,012
(1,503
)
—
(1,503
)
6-mo. BUBOR,
5.55%
Semi-Annual
5.98%
Annual
N/A
03/18/31
HUF
1,286
97
—
97
6.69%
Quarterly
3-mo. JIBAR,
6.98%
Quarterly
N/A
03/18/31
ZAR
573
1,366
—
1,366
1-day
TIIEFONDEO,
6.55%
Monthly
7.68%
Monthly
N/A
04/07/31
MXN
2,310
(268
)
1
(269
)
7.55%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
04/10/31
MXN
2,592
1,076
1
1,075
Schedule of Investments
208
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
2.00%
Quarterly
1-day THOR,
0.99%
Quarterly
N/A
06/17/31
THB
3,653
$(1,496
)
$1
$(1,497
)
2.00%
Quarterly
1-day THOR,
0.99%
Quarterly
N/A
06/17/31
THB
8,523
(3,519
)
3
(3,522
)
4.12%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
06/17/31
PLN
609
1,847
2
1,845
4.22%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
06/17/31
PLN
457
849
1
848
6-mo. PRIBOR,
3.95%
Semi-Annual
4.31%
Annual
N/A
06/17/31
CZK
2,696
(971
)
1
(972
)
6-mo. PRIBOR,
3.95%
Semi-Annual
4.31%
Annual
N/A
06/17/31
CZK
1,328
(493
)
—
(493
)
4.40%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
N/A
06/17/31
PLN
233
(73
)
1
(74
)
6-mo. PRIBOR,
3.95%
Semi-Annual
4.44%
Annual
N/A
06/17/31
CZK
1,122
(98
)
—
(98
)
6-mo. PRIBOR,
3.95%
Semi-Annual
4.59%
Annual
N/A
06/17/31
CZK
843
208
1
207
6-mo. PRIBOR,
3.95%
Semi-Annual
4.61%
Annual
N/A
06/17/31
CZK
843
244
—
244
1-day MIBOR,
6.64%
Semi-Annual
6.51%
Semi-Annual
N/A
06/17/31
INR
10,854
742
1
741
7.66%
Monthly
1-day
TIIEFONDEO,
6.55%
Monthly
N/A
07/09/31
MXN
3,669
960
2
958
3.98%
Annual
6-mo. WIBOR,
3.84%
Semi-Annual
9/16/26(a)
09/16/31
PLN
1,226
6,153
4
6,149
6-mo. PRIBOR,
3.95%
Semi-Annual
4.23%
Annual
9/16/26(a)
09/16/31
CZK
6,028
(3,857
)
3
(3,860
)
4.57%
Annual
6-mo. PRIBOR,
3.95%
Semi-Annual
9/16/26(a)
09/16/31
CZK
4,425
(387
)
3
(390
)
3-mo. JIBAR,
6.98%
Quarterly
7.41%
Quarterly
9/16/26(a)
09/16/31
ZAR
2,959
(2,622
)
2
(2,624
)
3-mo. JIBAR,
6.98%
Quarterly
7.47%
Quarterly
9/16/26(a)
09/16/33
ZAR
1,391
(2,447
)
2
(2,449
)
3-mo. JIBAR,
6.98%
Quarterly
7.62%
Quarterly
9/16/26(a)
09/16/33
ZAR
3,244
(4,093
)
3
(4,096
)
1-day
TIIEFONDEO,
6.55%
Monthly
8.27%
Monthly
N/A
12/05/35
MXN
366
43
1
42
1-day
TIIEFONDEO,
6.55%
Monthly
8.00%
Monthly
N/A
12/28/35
MXN
129
(119
)
—
(119
)
3.87%
Quarterly
3-mo. KRW CDC,
2.95%
Quarterly
N/A
06/17/36
KRW
26,403
310
—
310
6-mo. BUBOR,
5.55%
Semi-Annual
5.49%
Annual
6/18/31(a)
06/18/36
HUF
12,259
615
1
614
6-mo. BUBOR,
5.55%
Semi-Annual
5.54%
Annual
6/18/31(a)
06/18/36
HUF
12,206
679
1
678
6-mo. BUBOR,
5.55%
Semi-Annual
5.65%
Annual
6/18/31(a)
06/18/36
HUF
12,449
835
—
835
1-day THOR,
0.99%
Quarterly
2.07%
Quarterly
9/16/26(a)
09/16/36
THB
3,957
(1,345
)
2
(1,347
)
1-day THOR,
0.99%
Quarterly
2.09%
Quarterly
9/16/26(a)
09/16/36
THB
1,067
(309
)
1
(310
)
209
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day SOFR,
3.66%
Annual
4.09%
Annual
N/A
12/12/55
USD
14,300
$(927,764
)
$447
$(928,211
)
4.09%
Annual
1-day SOFR,
3.66%
Annual
N/A
12/12/55
USD
14,300
930,182
2,952
927,230
 
 
 
 
 
 
 
 
$(198,565
)
$3,380
$(201,945
)
 
(a)
Forward Swap.
OTC Credit Default Swaps — Buy Protection 
Reference Obligations/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Republic of Argentina
5.00
Quarterly
Barclays Bank PLC
12/20/27
USD
3
$(90)
$48
$(138)
OTC Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day COOIS,
11.20%
Quarterly
10.78%
Quarterly
Goldman Sachs
International
N/A
03/18/28
COP
$132,533
$(504
)
$—
$(504
)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
4.77%
Semi-Annual
Barclays Bank PLC
9/16/26(a)
09/16/28
CLP
187,760
(462
)
—
(462
)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
4.77%
Semi-Annual
Barclays Bank PLC
9/16/26(a)
09/16/28
CLP
137,269
(338
)
—
(338
)
1-day COOIS,
11.19%
Quarterly
11.00%
Quarterly
Citibank N.A.
9/16/26(a)
09/16/28
COP
179,887
(240
)
—
(240
)
1-day COOIS,
11.19%
Quarterly
11.00%
Quarterly
Citibank N.A.
9/16/26(a)
09/16/28
COP
277,472
(371
)
—
(371
)
1-day COOIS,
11.19%
Quarterly
11.17%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/28
COP
190,775
(76
)
—
(76
)
1-day COOIS,
11.19%
Quarterly
11.17%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/28
COP
123,680
(49
)
—
(49
)
1-day COOIS,
11.19%
Quarterly
10.45%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/29
COP
352,957
(1,011
)
—
(1,011
)
1-day COOIS,
11.19%
Quarterly
10.46%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/29
COP
1,062,600
(2,987
)
—
(2,987
)
1-day COOIS,
11.19%
Quarterly
10.47%
Quarterly
Citibank N.A.
9/16/26(a)
09/16/29
COP
713,110
(1,937
)
—
(1,937
)
1-day COOIS,
11.19%
Quarterly
10.77%
Quarterly
Morgan Stanley &
Co. International
PLC
9/16/26(a)
09/16/29
COP
302,071
(108
)
—
(108
)
Schedule of Investments
210
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
OTC Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Counterparty
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
10.60%
Quarterly
1-day COOIS,
11.20%
Quarterly
Goldman Sachs
International
N/A
03/18/30
COP
$73,251
$103
$—
$103
5.42%
Semi-Annual
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
BNP Paribas SA
N/A
06/17/36
CLP
53,205
595
—
595
 
 
 
 
 
 
 
 
$(7,385
)
$—
$(7,385
)
 
(a)
Forward Swap.
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR minus
0.20%, 3.66%
At
Termination
iShares iBoxx $ High
Yield Corporate Bond
ETF
At
Termination
Bank of America
N.A.
N/A
09/18/26
USD
9,519
$(90,122)
$—
$(90,122)
1-day SOFR minus
0.50%, 3.66%
At
Termination
iShares iBoxx $ High
Yield Corporate Bond
ETF
At
Termination
BNP Paribas SA
N/A
09/18/26
USD
896
(15,944)
—
(15,944)
1-day SOFR minus
0.50%, 3.66%
At
Termination
iShares iBoxx $ High
Yield Corporate Bond
ETF
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/18/26
USD
12,071
(110,362)
—
(110,362)
iShares iBoxx $ High
Yield Corporate Bond
ETF
At
Termination
1-day SOFR minus
0.85%, 3.66%
At
Termination
Morgan Stanley
& Co.
International
PLC
N/A
09/18/26
USD
11,246
98,557
—
98,557
 
 
 
 
 
 
 
 
 
$(117,871)
$—
$(117,871)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written 
Description
Premiums
Paid
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally Cleared Swaps(a)
$79,922
$(1,025,233
)
$1,003,004
$(1,279,813
)
$—
OTC Swaps
48
—
99,255
(224,649
)
—
Options Written
N/A
(1,946,066
)
390,100
(874,147
)
(2,430,113
)
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported
within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
211
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$4,591
$—
$128,229
$—
$132,820
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$—
$—
$—
$561,056
$—
$—
$561,056
Options Purchased
Investments at value — unaffiliated(b)
$—
$1,986
$10,096
$68,977
$414,846
$—
$495,905
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$—
$12,278
$—
$—
$990,726
$—
$1,003,004
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$48
$98,557
$—
$698
$—
$99,303
 
$—
$14,312
$113,244
$630,033
$1,534,499
$—
$2,292,088
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$5,082
$—
$1,110,814
$—
$1,115,896
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$—
$—
$—
$335,027
$—
$—
$335,027
Options written
Options written at value
$—
$830
$24,514
$20,814
$2,383,955
$—
$2,430,113
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
$—
$87,142
$—
$—
$1,192,671
$—
$1,279,813
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
$—
$138
$216,428
$—
$8,083
$—
$224,649
 
$—
$88,110
$246,024
$355,841
$4,695,523
$—
$5,385,498
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the
Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is
included in accumulated earnings (loss).
(b)
Includes options purchased at value as reported in the Schedule of Investments.
For the period ended July 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$—
$—
$(73,343
)
$—
$(3,226,678
)
$—
$(3,300,021
)
Forward foreign currency exchange contracts
—
—
—
170,196
—
—
170,196
Options purchased(a)
—
(3,156
)
(6,048
)
(13,490
)
(287,485
)
—
(310,179
)
Options written
—
16,292
107,011
143,134
245,995
—
512,432
Swaps
—
601,071
(49,872
)
—
172,398
30,364
753,961
 
$—
$614,207
$(22,252
)
$299,840
$(3,095,770
)
$30,364
$(2,173,611
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$—
$—
$28,009
$—
$(884,176
)
$—
$(856,167
)
Forward foreign currency exchange contracts
—
—
—
38,028
—
—
38,028
Options purchased(b)
—
(657
)
(7,328
)
6,524
29,100
—
27,639
Options written
—
672
6,722
8,128
(578,063
)
—
(562,541
)
Swaps
—
(411,187
)
(118,798
)
—
(402,381
)
(27,284
)
(959,650
)
 
$—
$(411,172
)
$(91,395
)
$52,680
$(1,835,520
)
$(27,284
)
$(2,312,691
)
 
(a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b)
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.
Schedule of Investments
212
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$142,427,147
Average notional value of contracts — short
$17,704,503
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$39,154,385
Average amounts sold — in USD
$17,716,622
Options:
Average value of option contracts purchased
$23,970
Average value of option contracts written
$70,906
Average notional value of swaption contracts purchased
$28,352,178
Average notional value of swaption contracts written
171,525,464
Credit default swaps:
Average notional value — buy protection
$3,917,243
Average notional value — sell protection
$4,098,140
Interest rate swaps:
Average notional value — pays fixed rate
$33,274,945
Average notional value — receives fixed rate
$125,061,717
Inflation swaps:
Average notional value – pays fixed rate
$7,722,420
Average notional value – receives fixed rate
$3,648,102
Total return swaps:
Average notional value
$16,116,717
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$—
$192,345
Forward foreign currency exchange contracts
561,056
335,027
Options
495,905
(a)
2,430,113
Swaps - centrally cleared
—
15,173
Swaps - OTC(b)
99,303
224,649
Total derivative assets and liabilities in the Statements of Assets and Liabilities
1,156,264
3,197,307
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(11,480
)
(237,332
)
Total derivative assets and liabilities subject to an MNA
$1,144,784
$2,959,975
 
(a)
Includes options purchased at value which is included in Investments at value -- Unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.
(b)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$38,832
$(38,832
)
$—
$—
$—
Barclays Bank PLC
111,792
(62,577
)
—
—
49,215
BNP Paribas SA
227,745
(35,084
)
—
—
192,661
Citibank N.A.
99,579
(99,579
)
—
—
—
Goldman Sachs International
25,254
(25,254
)
—
—
—
JPMorgan Chase Bank N.A.
46,924
(46,769
)
—
—
155
Morgan Stanley & Co. International PLC
567,734
(564,899
)
—
—
2,835
213
2026 BlackRock Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
UBS AG
$26,924
$(23,223
)
$—
$—
$3,701
 
$1,144,784
$(896,217
)
$—
$—
$248,567
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
Banco Santander SA
$1,406
$—
$—
$—
$1,406
Bank of America N.A.
868,981
(38,832
)
—
—
830,149
Barclays Bank PLC
62,577
(62,577
)
—
—
—
BNP Paribas SA
35,084
(35,084
)
—
—
—
Citibank N.A.
188,817
(99,579
)
—
—
89,238
Goldman Sachs International
852,848
(25,254
)
—
—
827,594
JPMorgan Chase Bank N.A.
46,769
(46,769
)
—
—
—
Morgan Stanley & Co. International PLC
880,270
(564,899
)
—
—
315,371
UBS AG
23,223
(23,223
)
—
—
—
 
$2,959,975
$(896,217
)
$—
$—
$2,063,758
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the
Statements of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Asset-Backed Securities
$—
$95,033,174
$—
$95,033,174
Collateralized Mortgage Obligations
—
111,635,759
99,807
111,735,566
Convertible Bonds
286,050
112,883
—
398,933
Corporate Bonds & Notes
—
157,187,306
3,999,460
161,186,766
Fixed Rate Loan Interests
—
—
566,027
566,027
Floating Rate Loan Interests
—
574,844
—
574,844
Foreign Government Obligations
—
22,752,257
—
22,752,257
Municipal Debt Obligations
—
3,858,052
—
3,858,052
U.S. Government & Agency Obligations
—
602,346,591
—
602,346,591
Common Stocks
1,035,094
27,874
617,750
1,680,718
Investment Companies
17,439,067
—
—
17,439,067
Preferred Stocks
117,063
—
—
117,063
Warrants
—
—
89,245
89,245
Short-Term Securities 
Money Market Funds
53,248,303
—
—
53,248,303
Options Purchased 
Credit Contracts
—
1,986
—
1,986
Equity Contracts
10,096
—
—
10,096
Foreign Currency Exchange Contracts
—
68,977
—
68,977
Schedule of Investments
214
Consolidated Schedule of Investments (continued)
July 31, 2026
iShares Total Return Active ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Options Purchased (continued)
Interest Rate Contracts
$1,384
$413,462
$—
$414,846
Unfunded Floating Rate Loan Interests(a)
—
1,054
2,715
3,769
Liabilities
Investments 
TBA Sales Commitments
—
(204,599,421
)
—
(204,599,421
)
 
$72,137,057
$789,414,798
$5,375,004
$866,926,859
Derivative Financial Instruments(b) 
Assets 
Credit Contracts
$—
$12,278
$—
$12,278
Equity Contracts
4,591
98,557
—
103,148
Foreign Currency Exchange Contracts
—
561,056
—
561,056
Interest Rate Contracts
128,229
991,424
—
1,119,653
Liabilities 
Credit Contracts
—
(88,110
)
—
(88,110
)
Equity Contracts
(29,596
)
(216,428
)
—
(246,024
)
Foreign Currency Exchange Contracts
—
(355,841
)
—
(355,841
)
Interest Rate Contracts
(1,116,114
)
(3,579,409
)
—
(4,695,523
)
 
$(1,012,890
)
$(2,576,473
)
$—
$(3,589,363
)
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written.  Swaps, futures contracts and forward foreign
currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.   
See notes to financial statements.
215
2026 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities
July 31, 2026
 
 
iShares
AAA CLO Active
ETF
iShares
BBB-B CLO
Active ETF
iShares
Flexible Income
Active ETF
(Consolidated)
iShares
Floating Rate
Loan Active
ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$2,211,601,267
$83,497,952
$18,452,427,690
$46,315,996
Investments, at value—affiliated(c)
24,240,000
950,000
1,726,992,061
10,824,752
Cash
20,753,661
502,202
—
—
Cash pledged:
 
 
 
 
Collateral — options written
—
—
280,390,000
—
Collateral — OTC derivatives
—
—
17,940,000
—
Collateral — TBA commitments
—
—
42,859,550
—
Futures contracts
—
—
46,068,000
—
Centrally cleared swaps
—
—
34,287,000
52,000
Foreign currency, at value(d)
—
—
228,719,732
—
Receivables:
 
 
 
 
Investments sold
—
—
145,644,420
901,541
Options written
—
—
707,694
—
Securities lending income—affiliated
—
—
305,695
471
Swaps
—
—
2,074,871
—
TBA sales commitments
—
—
1,359,585,315
—
Loans
—
—
864,431
51,771
Capital shares sold
5,196,244
44,584
31,190,587
—
Dividends—unaffiliated
—
—
29,220
—
Dividends—affiliated
103,976
3,136
1,276,979
21,388
Interest—unaffiliated
4,847,608
215,458
158,088,698
150,968
Variation margin on futures contracts
—
—
4,834,294
—
Variation margin on centrally cleared swaps
—
—
—
445
Swap premiums paid
—
—
220,021
—
Unrealized appreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
83,615,963
—
OTC swaps
—
—
1,648,382
45,839
Unfunded floating rate loan interests
—
—
92,770
550
Total assets
2,266,742,756
85,213,332
22,619,863,373
58,365,721
LIABILITIES
 
 
 
 
Bank overdraft
—
—
2,123,588
22,335
Cash received as collateral for OTC derivatives
—
—
12,880,000
—
Collateral on securities loaned, at value
—
—
762,773,187
1,916,114
Options written, at value(e)
—
—
17,782,222
—
TBA sales commitments, at value(f)
—
—
1,355,639,852
—
Payables:
 
 
 
 
Investments purchased
52,775,588
995,168
4,304,819,133
2,720,450
Swaps
—
—
473,275
—
Investment advisory fees
359,887
30,418
5,269,070
23,837
Options written
—
—
1,508,379
—
Variation margin on centrally cleared swaps
—
—
988,966
—
Swap premiums received
—
—
2,034,991
17,596
Unrealized depreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
28,077,271
—
OTC derivatives
—
—
6,993,446
—
Unfunded floating rate loan interests
—
—
27,172
650
Total liabilities
53,135,475
1,025,586
6,501,390,552
4,700,982
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$2,213,607,281
$84,187,746
$16,118,472,821
$53,664,739
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$2,206,378,210
$85,052,354
$16,381,817,856
$54,914,772
Accumulated earnings (loss)
7,229,071
(864,608)
(263,345,035)
(1,250,033)
NET ASSETS
$2,213,607,281
$84,187,746
$16,118,472,821
$53,664,739
Statements of Assets and Liabilities
216
Statements of Assets and Liabilities (continued)
July 31, 2026
 
iShares
AAA CLO Active
ETF
iShares
BBB-B CLO
Active ETF
iShares
Flexible Income
Active ETF
(Consolidated)
iShares
Floating Rate
Loan Active
ETF
NET ASSET VALUE
 
 
 
 
Shares outstanding
42,600,000
1,700,000
310,700,000
1,050,000
Net asset value
$51.96
$49.52
$51.88
$51.11
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
None
None
None
None
(a) Investments, at cost—unaffiliated
$2,212,095,712
$84,541,043
$18,569,847,560
$47,231,857
(b) Securities loaned, at value
$—
$—
$739,091,379
$1,866,531
(c) Investments, at cost—affiliated
$24,240,000
$950,000
$1,731,210,547
$10,821,993
(d) Foreign currency, at cost
$—
$—
$225,838,891
$—
(e) Premiums received
$—
$—
$13,067,241
$—
(f) Proceeds from TBA sales commitments
$—
$—
$1,359,585,315
$—
See notes to financial statements.
217
2026 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (continued)
July 31, 2026
 
 
iShares
Intermediate
Muni Income
Active ETF
iShares
Short-Term
California
Muni Active
ETF
iShares
Short
Duration
High Yield
Muni Active
ETF
iShares
Total Return Active
ETF
(Consolidated)
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$517,291,587
$447,232,629
$742,567,707
$1,000,835,141
Investments, at value—affiliated(c)
20,177,918
543,471
54,497,077
70,687,370
Cash
32
—
—
—
Cash pledged:
 
 
 
 
Futures contracts
—
—
—
1,705,000
Centrally cleared swaps
—
—
—
958,978
Foreign currency, at value(d)
—
—
—
2,202,324
Receivables:
 
 
 
 
Investments sold
—
—
148,053
7,971,226
Options written
—
—
—
16,144
Securities lending income—affiliated
—
—
—
3,889
Swaps
—
—
—
116,543
TBA sales commitments
—
—
—
206,714,552
Loans
—
—
—
1,225
Capital shares sold
—
2,515,827
2,205,312
4,932,794
Dividends—unaffiliated
—
—
—
1,454
Dividends—affiliated
47,907
225,654
88,148
114,728
Interest—unaffiliated
5,627,981
3,193,453
7,966,591
5,926,339
Swap premiums paid
—
—
—
48
Unrealized appreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
—
561,056
OTC swaps
—
—
—
99,255
Unfunded floating rate loan interests
—
—
—
3,769
Total assets
543,145,425
453,711,034
807,472,888
1,302,851,835
LIABILITIES
 
 
 
 
Bank overdraft
—
400,052
—
18,453
Collateral on securities loaned, at value
—
—
—
7,213,861
Options written, at value(e)
—
—
—
2,430,113
TBA sales commitments, at value(f)
—
—
—
204,599,421
Payables:
 
 
 
 
Investments purchased
4,064,556
5,423,800
4,515,026
347,492,747
Swaps
—
—
—
126,767
Investment advisory fees
130,023
69,882
224,839
225,038
Options written
—
—
—
29,348
Variation margin on futures contracts
—
—
—
192,345
Variation margin on centrally cleared swaps
—
—
—
15,173
Unrealized depreciation on:
 
 
 
 
Forward foreign currency exchange contracts
—
—
—
335,027
OTC derivatives
—
—
—
224,649
Total liabilities
4,194,579
5,893,734
4,739,865
562,902,942
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$538,950,846
$447,817,300
$802,733,023
$739,948,893
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$544,230,834
$448,352,672
$816,938,245
$756,291,204
Accumulated loss
(5,279,988)
(535,372)
(14,205,222)
(16,342,311)
NET ASSETS
$538,950,846
$447,817,300
$802,733,023
$739,948,893
NET ASSET VALUE
 
 
 
 
Shares outstanding
22,700,000
8,900,000
36,400,000
15,000,000
Net asset value
$23.74
$50.32
$22.05
$49.33
Statements of Assets and Liabilities
218
Statements of Assets and Liabilities (continued)
July 31, 2026
 
iShares
Intermediate
Muni Income
Active ETF
iShares
Short-Term
California
Muni Active
ETF
iShares
Short
Duration
High Yield
Muni Active
ETF
iShares
Total Return Active
ETF
(Consolidated)
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
None
None
None
None
(a) Investments, at cost—unaffiliated
$522,311,664
$448,370,018
$751,763,518
$1,015,115,236
(b) Securities loaned, at value
$—
$—
$—
$6,935,986
(c) Investments, at cost—affiliated
$20,177,918
$543,471
$54,496,988
$70,926,019
(d) Foreign currency, at cost
$—
$—
$—
$2,183,847
(e) Premiums received
$—
$—
$—
$1,946,066
(f) Proceeds from TBA sales commitments
$—
$—
$—
$206,714,552
See notes to financial statements.
219
2026 BlackRock Annual Financial Statements and Additional Information
Statements of Operations
Year Ended July 31, 2026  
 
 
iShares
AAA CLO
Active ETF
iShares
BBB-B CLO
Active ETF
iShares
Flexible
Income
Active ETF
(Consolidated)
iShares
Floating Rate
Loan Active
ETF
INVESTMENT INCOME
Dividends—affiliated
$769,241
$63,317
$37,630,877
$372,554
Interest—unaffiliated
83,944,646
5,095,075
805,772,179
3,455,241
Securities lending income—affiliated—net
—
—
3,435,712
2,220
Other income—unaffiliated
—
—
1,153,048
31,818
Foreign taxes withheld
—
—
(1,226,246
)
—
Total investment income
84,713,887
5,158,392
846,765,570
3,861,833
EXPENSES
Investment advisory
3,263,476
328,427
75,471,815
342,792
Commitment costs
4,851
256
43,628
—
Interest expense
1,267
—
(3,752
)
—
Total expenses
3,269,594
328,683
75,511,691
342,792
Less:
Investment advisory fees waived
(18,558
)
(1,523
)
(16,642,712
)
(37,475
)
Total expenses after fees waived
3,251,036
327,160
58,868,979
305,317
Net investment income
81,462,851
4,831,232
787,896,591
3,556,516
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(493,198
)
(159,283
)
27,356,803
(369,891
)
Investments—affiliated
—
—
(2,313,893
)
42,650
Forward foreign currency exchange contracts
—
—
20,159,049
—
Foreign currency transactions
—
—
5,862,811
—
Futures contracts
—
—
2,874,820
—
In-kind redemptions—unaffiliated
(48,989
)
—
2,896,431
—
Options written
—
—
35,800,874
—
Swaps
—
—
(9,802,481
)
(3,199
)
 
(542,187
)
(159,283
)
82,834,414
(330,440
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
(1,322,544
)
(463,287
)
(273,344,886
)
(836,492
)
Investments—affiliated
—
—
(8,957,141
)
(76,245
)
Forward foreign currency exchange contracts
—
—
(12,288,943
)
—
Foreign currency translations
—
—
2,820,015
—
Futures contracts
—
—
5,710,573
—
Options written
—
—
(6,128,160
)
—
Swaps
—
—
(23,225,621
)
(8,900
)
Unfunded floating rate loan interests
—
—
52,138
(66
)
 
(1,322,544
)
(463,287
)
(315,362,025
)
(921,703
)
Net realized and unrealized loss
(1,864,731
)
(622,570
)
(232,527,611
)
(1,252,143
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$79,598,120
$4,208,662
$555,368,980
$2,304,373
See notes to financial statements.
Statements of Operations
220
Statements of Operations (continued)
Year Ended July 31, 2026  
 
 
iShares
Intermediate
Muni Income
Active ETF
iShares
Short-Term
California
Muni Active
ETF
iShares
Short
Duration
High Yield
Muni Active
ETF
iShares
Total Return
Active ETF
(Consolidated)
INVESTMENT INCOME
Dividends—unaffiliated
$—
$—
$—
$17
Dividends—affiliated
392,909
12,275
818,019
1,394,501
Interest—unaffiliated
11,876,593
6,879,596
23,381,678
22,862,386
Securities lending income—affiliated—net
—
—
—
56,444
Other income—unaffiliated
—
—
—
14,562
Foreign taxes withheld
—
—
—
(15,266
)
Total investment income
12,269,502
6,891,871
24,199,697
24,312,644
EXPENSES
Investment advisory
1,305,654
638,869
2,044,239
1,926,770
Commitment costs
963
737
1,500
1,449
Interest expense
—
111
—
—
Total expenses
1,306,617
639,717
2,045,739
1,928,219
Less:
Investment advisory fees waived
(363,147
)
(129,121
)
(332,492
)
(150,277
)
Total expenses after fees waived
943,470
510,596
1,713,247
1,777,942
Net investment income
11,326,032
6,381,275
22,486,450
22,534,702
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
182,409
(301
)
(709,514
)
(872,090
)
Investments—affiliated
—
—
—
(282,670
)
Forward foreign currency exchange contracts
—
—
—
170,196
Foreign currency transactions
—
—
—
158,427
Futures contracts
—
—
—
(3,300,021
)
Options written
—
—
—
512,432
Swaps
—
—
—
753,961
 
182,409
(301
)
(709,514
)
(2,859,765
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
(5,105,881
)
(1,544,484
)
(2,763,603
)
(12,488,692
)
Investments—affiliated
—
—
—
(240,039
)
Forward foreign currency exchange contracts
—
—
—
38,028
Foreign currency translations
—
—
—
4,525
Futures contracts
—
—
—
(856,167
)
Options written
—
—
—
(562,541
)
Swaps
—
—
—
(959,650
)
Unfunded floating rate loan interests
—
—
—
3,769
 
(5,105,881
)
(1,544,484
)
(2,763,603
)
(15,060,767
)
Net realized and unrealized loss
(4,923,472
)
(1,544,785
)
(3,473,117
)
(17,920,532
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$6,402,560
$4,836,490
$19,013,333
$4,614,170
See notes to financial statements.
221
2026 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
iShares
AAA CLO Active ETF
iShares
BBB-B CLO Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/26
Period From
01/29/25(a)
to 07/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$81,462,851
$39,784,753
$4,831,232
$2,217,233
Net realized loss
(542,187
)
(426,972
)
(159,283
)
(143,431
)
Net change in unrealized appreciation (depreciation)
(1,322,544
)
398,758
(463,287
)
(579,804
)
Net increase in net assets resulting from operations
79,598,120
39,756,539
4,208,662
1,493,998
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(77,312,395
)
(37,420,342
)
(4,734,993
)
(1,832,275
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
1,187,728,651
621,685,651
19,864,224
65,188,130
NET ASSETS
Total increase in net assets
1,190,014,376
624,021,848
19,337,893
64,849,853
Beginning of period
1,023,592,905
399,571,057
64,849,853
—
End of period
$2,213,607,281
$1,023,592,905
$84,187,746
$64,849,853
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
222
Statements of Changes in Net Assets(continued)
 
 
iShares
Flexible Income Active ETF
iShares
Floating Rate Loan Active ETF
 
Year Ended(a)
07/31/26
Year Ended
07/31/25
Year Ended
07/31/26
Year Ended
07/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$787,896,591
$408,422,118
$3,556,516
$4,139,704
Net realized gain (loss)
82,834,414
(185,560,705
)
(330,440
)
(471,919
)
Net change in unrealized appreciation (depreciation)
(315,362,025
)
218,089,274
(921,703
)
(74,484
)
Net increase in net assets resulting from operations
555,368,980
440,950,687
2,304,373
3,593,301
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(861,648,994
)
(443,863,977
)
(3,574,011
)
(4,192,674
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
5,696,347,001
7,108,306,780
(5,081,149
)
10,803,601
NET ASSETS
Total increase (decrease) in net assets
5,390,066,987
7,105,393,490
(6,350,787
)
10,204,228
Beginning of year
10,728,405,834
3,623,012,344
60,015,526
49,811,298
End of year
$16,118,472,821
$10,728,405,834
$53,664,739
$60,015,526
 
(a)
Consolidated Statement of Changes in Net Assets.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
223
2026 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets(continued)
 
 
iShares
Intermediate Muni Income Active ETF
iShares
Short-Term California Muni Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/26
Year Ended
07/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$11,326,032
$1,961,542
$6,381,275
$1,817,170
Net realized gain (loss)
182,409
(797,686
)
(301
)
265
Net change in unrealized appreciation (depreciation)
(5,105,881
)
(52,568
)
(1,544,484
)
332,749
Net increase in net assets resulting from operations
6,402,560
1,111,288
4,836,490
2,150,184
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(10,309,241
)
(1,701,151
)
(6,055,731
)
(1,620,423
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
426,126,454
95,995,601
317,899,926
97,939,289
NET ASSETS
Total increase in net assets
422,219,773
95,405,738
316,680,685
98,469,050
Beginning of year
116,731,073
21,325,335
131,136,615
32,667,565
End of year
$538,950,846
$116,731,073
$447,817,300
$131,136,615
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
224
Statements of Changes in Net Assets(continued)
 
 
iShares
Short Duration High Yield Muni Active
ETF
iShares
Total Return Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended(a)
07/31/26
Year Ended
07/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$22,486,450
$12,322,770
$22,534,702
$7,672,714
Net realized loss
(709,514
)
(3,723,604
)
(2,859,765
)
(1,078,506
)
Net change in unrealized appreciation (depreciation)
(2,763,603
)
(9,706,656
)
(15,060,767
)
21,306
Net increase (decrease) in net assets resulting from operations
19,013,333
(1,107,490
)
4,614,170
6,615,514
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(21,235,937
)
(11,609,745
)
(21,124,114
)
(8,073,402
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
438,223,063
231,573,107
498,588,825
167,418,285
NET ASSETS
Total increase in net assets
436,000,459
218,855,872
482,078,881
165,960,397
Beginning of year
366,732,564
147,876,692
257,870,012
91,909,615
End of year
$802,733,023
$366,732,564
$739,948,893
$257,870,012
 
(a)
Consolidated Statement of Changes in Net Assets.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
225
2026 BlackRock Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares AAA CLO Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/24
Period From
01/10/23(a)
to 07/31/23
Net asset value, beginning of period
$51.96
$51.89
$50.96
$50.01
Net investment income(b)
2.59
3.01
3.49
1.73
Net realized and unrealized gain (loss)(c)
(0.05
)
0.05
0.60
0.60
Net increase from investment operations
2.54
3.06
4.09
2.33
Distributions(d)
From net investment income
(2.54
)
(2.97
)
(3.16
)
(1.38
)
From net realized gain
—
(0.02
)
—
—
Total distributions
(2.54
)
(2.99
)
(3.16
)
(1.38
)
Net asset value, end of period
$51.96
$51.96
$51.89
$50.96
Total Return(e)
Based on net asset value
5.03
%
6.09
%
8.29
%
4.73
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.20
%
0.20
%
0.20
%
0.20
%(h)
Total expenses after fees waived
0.20
%
0.20
%
0.20
%
0.20
%(h)
Net investment income
4.99
%
5.82
%
6.77
%
6.20
%(h)
Supplemental Data
Net assets, end of period (000)
$2,213,607
$1,023,593
$399,571
$40,768
Portfolio turnover rate(i)
101
%
89
%
33
%
19
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
226
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares BBB-B CLO Active ETF
 
Year Ended
07/31/26
Period From
01/29/25(a)
to 07/31/25
Net asset value, beginning of period
$49.88
$50.00
Net investment income(b)
3.28
1.82
Net realized and unrealized loss(c)
(0.39
)
(0.44
)
Net increase from investment operations
2.89
1.38
Distributions from net investment income(d)
(3.25
)
(1.50
)
Net asset value, end of period
$49.52
$49.88
Total Return(e)
Based on net asset value
6.01
%
2.84
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.45
%
0.45
%(h)
Total expenses after fees waived
0.45
%
0.45
%(h)
Net investment income
6.62
%
7.35
%(h)
Supplemental Data
Net assets, end of period (000)
$84,188
$64,850
Portfolio turnover rate(i)
23
%
30
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
227
2026 BlackRock Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Flexible Income Active ETF
 
Year Ended
07/31/26(a)
Year Ended
07/31/25
Year Ended
07/31/24
Period From
05/19/23(b)
to 07/31/23
Net asset value, beginning of period
$52.65
$52.70
$50.81
$50.00
Net investment income(c)
2.74
2.90
3.03
0.54
Net realized and unrealized gain (loss)(d)
(0.46
)
0.40
1.49
0.52
Net increase from investment operations
2.28
3.30
4.52
1.06
Distributions(e)
From net investment income
(2.91
)
(3.35
)
(2.63
)
(0.25
)
From net realized gain
(0.14
)
—
—
—
Total distributions
(3.05
)
(3.35
)
(2.63
)
(0.25
)
Net asset value, end of period
$51.88
$52.65
$52.70
$50.81
Total Return(f)
Based on net asset value
4.40
%
6.50
%
9.17
%
2.14
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%(i)
Total expenses after fees waived
0.39
%
0.38
%
0.38
%
0.37
%(i)
Net investment income
5.22
%
5.55
%
5.82
%
5.39
%(i)
Supplemental Data
Net assets, end of period (000)
$16,118,473
$10,728,406
$3,623,012
$129,574
Portfolio turnover rate(j)(k)
389
%
291
%
200
%
54
%
(a) Consolidated Financial Highlights.
(b) Commencement of operations.
(c) Based on average shares outstanding.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/24
Period From
05/19/23(a)
to 07/31/23
Portfolio turnover rate (excluding MDRs)
234
%
186
%
128
%
—
(k) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
228
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Floating Rate Loan Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/24
Period From
10/04/22(a)
to 07/31/23
Net asset value, beginning of period
$52.19
$52.43
$52.01
$50.37
Net investment income(b)
3.21
3.67
4.46
3.47
Net realized and unrealized gain (loss)(c)
(1.08
)
(0.13
)
0.41
1.25
Net increase from investment operations
2.13
3.54
4.87
4.72
Distributions(d)
From net investment income
(3.21
)
(3.62
)
(4.45
)
(3.08
)
From net realized gain
—
(0.16
)
—
—
Total distributions
(3.21
)
(3.78
)
(4.45
)
(3.08
)
Net asset value, end of period
$51.11
$52.19
$52.43
$52.01
Total Return(e)
Based on net asset value
4.20
%
7.04
%
9.82
%
9.62
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.60
%
0.60
%
0.61
%
0.60
%(h)
Total expenses after fees waived
0.53
%
0.53
%
0.53
%
0.53
%(h)
Net investment income
6.23
%
7.06
%
8.56
%
8.25
%(h)
Supplemental Data
Net assets, end of period (000)
$53,665
$60,016
$49,811
$20,803
Portfolio turnover rate(i)
40
%
38
%
33
%
22
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
229
2026 BlackRock Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Intermediate Muni Income Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Net asset value, beginning of year
$23.35
$23.69
$23.56
$24.02
$25.74
Net investment income(a)
0.83
0.88
0.84
0.67
0.34
Net realized and unrealized gain (loss)(b)
0.37
(0.40
)
0.13
(0.45
)
(1.67
)
Net increase (decrease) from investment operations
1.20
0.48
0.97
0.22
(1.33
)
Distributions(c)
From net investment income
(0.81
)
(0.82
)
(0.84
)
(0.68
)
(0.32
)
From net realized gain
—
—
—
—
(0.07
)
Total distributions
(0.81
)
(0.82
)
(0.84
)
(0.68
)
(0.39
)
Net asset value, end of year
$23.74
$23.35
$23.69
$23.56
$24.02
Total Return(d)
Based on net asset value
5.19
%
2.01
%
4.23
%
0.97
%
(5.21
)%
Ratios to Average Net Assets(e)
Total expenses
0.40
%
0.40
%
0.41
%
0.40
%
0.40
%
Total expenses after fees waived
0.29
%
0.29
%
0.31
%
0.29
%
0.30
%
Net investment income
3.47
%
3.74
%
3.59
%
2.88
%
1.36
%
Supplemental Data
Net assets, end of year (000)
$538,951
$116,731
$21,325
$25,915
$33,628
Portfolio turnover rate(f)
47
%
66
%
58
%
72
%
30
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
230
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Short-Term California Muni Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/24
Period From
07/11/23(a)
to 07/31/23
Net asset value, beginning of period
$50.44
$50.26
$50.06
$50.00
Net investment income(b)
1.26
1.46
1.60
0.04
Net realized and unrealized gain (loss)(c)
(0.10
)
0.15
0.09
0.02
Net increase from investment operations
1.16
1.61
1.69
0.06
Distributions from net investment income(d)
(1.28
)
(1.43
)
(1.49
)
—
Net asset value, end of period
$50.32
$50.44
$50.26
$50.06
Total Return(e)
Based on net asset value
2.32
%
3.26
%
3.43
%
0.11
%(f)
Ratios to Average Net Assets(g)
Total expenses
0.25
%
0.25
%
0.26
%
0.25
%(h)
Total expenses after fees waived
0.20
%
0.20
%
0.21
%
0.19
%(h)
Net investment income
2.50
%
2.90
%
3.19
%
1.60
%(h)
Supplemental Data
Net assets, end of period (000)
$447,817
$131,137
$32,668
$17,520
Portfolio turnover rate(i)
52
%
113
%
175
%
68
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
231
2026 BlackRock Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Short Duration High Yield Muni Active ETF
 
Year Ended
07/31/26
Year Ended
07/31/25
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Net asset value, beginning of year
$21.96
$22.75
$21.64
$22.74
$26.80
Net investment income(a)
0.98
1.03
1.01
0.94
0.79
Net realized and unrealized gain (loss)(b)
0.07
(0.83
)
1.10
(1.13
)
(3.81
)
Net increase (decrease) from investment operations
1.05
0.20
2.11
(0.19
)
(3.02
)
Distributions(c)
From net investment income
(0.96
)
(0.99
)
(1.00
)
(0.91
)
(0.81
)
From net realized gain
—
—
—
—
(0.23
)
Total distributions
(0.96
)
(0.99
)
(1.00
)
(0.91
)
(1.04
)
Net asset value, end of year
$22.05
$21.96
$22.75
$21.64
$22.74
Total Return(d)
Based on net asset value
4.85
%
0.86
%
10.10
%
(0.71
)%
(11.55
)%
Ratios to Average Net Assets(e)
Total expenses
0.40
%
0.44
%
0.46
%
0.45
%
0.45
%
Total expenses after fees waived
0.34
%
0.33
%
0.34
%
0.33
%
0.34
%
Net investment income
4.40
%
4.57
%
4.63
%
4.39
%
3.23
%
Supplemental Data
Net assets, end of year (000)
$802,733
$366,733
$147,877
$60,586
$27,291
Portfolio turnover rate(f)
31
%
50
%
46
%
30
%
38
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
232
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Total Return Active ETF
 
Year Ended
07/31/26(a)
Year Ended
07/31/25
Period From
12/12/23(b)
to 07/31/24
Net asset value, beginning of period
$50.07
$51.06
$50.00
Net investment income(c)
2.36
2.42
1.56
Net realized and unrealized gain (loss)(d)
(0.75
)
(0.65
)
0.82
Net increase from investment operations
1.61
1.77
2.38
Distributions(e)
From net investment income
(2.29
)
(2.49
)
(1.32
)
From net realized gain
(0.06
)
(0.27
)
—
Total distributions
(2.35
)
(2.76
)
(1.32
)
Net asset value, end of period
$49.33
$50.07
$51.06
Total Return(f)
Based on net asset value
3.20
%
3.59
%
4.84
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.40
%
0.40
%
0.40
%(i)
Total expenses after fees waived
0.37
%
0.37
%
0.37
%(i)
Net investment income
4.68
%
4.83
%
4.90
%(i)
Supplemental Data
Net assets, end of period (000)
$739,949
$257,870
$91,910
Portfolio turnover rate(j)(k)
864
%
647
%
379
%
(a) Consolidated Financial Highlights.
(b) Commencement of operations.
(c) Based on average shares outstanding.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:
 
Year Ended
07/31/26
Year Ended
07/31/25
Period From
12/12/23(a)
to 07/31/24
Portfolio turnover rate (excluding MDRs)
507
%
395
%
281
%
(k) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
233
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements
1. ORGANIZATION
BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios. 
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
Fund Name
Herein Referred To As
Diversification
Classification
iShares AAA CLO Active ETF
AAA CLO Active
Diversified(a)
iShares BBB-B CLO Active ETF
BBB-B CLO Active
Non-diversified
iShares Flexible Income Active ETF
Flexible Income Active
Diversified(a)
iShares Floating Rate Loan Active ETF
Floating Rate Loan Active
Diversified(a)
iShares Intermediate Muni Income Active ETF
Intermediate Muni Income Active
Non-diversified
iShares Short-Term California Muni Active ETF
Short-Term California Muni Active
Non-diversified
iShares Short Duration High Yield Muni Active ETF
Short Duration High Yield Muni Active
Non-diversified
iShares Total Return Active ETF
Total Return Active
Diversified
 
(a)
The Fund's classification changed from non-diversified to diversified during the reporting period.
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation: The accompanying consolidated financial statements of BINC include the accounts of BINC Subsidiary, LLC (the “BINC Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BINC. The BINC Taxable Subsidiary enables BINC to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BINC Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BINC. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BINC. Taxes payable or deferred as of July 31, 2026, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BINC may invest up to 25% of its total assets in the BINC Taxable Subsidiary. The net assets of the BINC Taxable Subsidiary as of period end were $5,614,862, which is less than 0.1% of BINC’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
The accompanying consolidated financial statements of BRTR include the accounts of BRTR Subsidiary, LLC (the “BRTR Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BRTR. The BRTR Taxable Subsidiary enables BRTR to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BRTR Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BRTR. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BRTR. Taxes payable or deferred as of July 31, 2026, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BRTR may invest up to 25% of its total assets in the BRTR Taxable Subsidiary. The net assets of the BRTR Taxable Subsidiary as of period end were $89,245, which is less than 0.1% of BRTR’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains
Notes to Financial Statements
234
Notes to Financial Statements  (continued)
(losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2026, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Funds may maintain cash at their custodian, which at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements. 
Recent Accounting Standard:  The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds’ adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund’s financial position or results of operations.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date.  U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BFA, the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price. 
235
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.
• Shares of underlying exchange-traded closed-end funds or other exchange-traded funds (“ETFs”) are valued at their most recent closing price. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. 
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
• Exchange-traded options (except ETF options, equity index options or those that are customized) are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”).  The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
 (i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
 (ii) recapitalizations and other transactions across the capital structure
 (iii) market or relevant indices multiples of comparable issuers
 (iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
 (v) quoted prices for similar investments or assets in active markets
 (vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
 (vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
 (viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such
Notes to Financial Statements
236
Notes to Financial Statements  (continued)
as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair  Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
• Level  2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). 
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than its underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
237
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering.  Such agreements may obligate a fund to make future cash payments.  As of July 31, 2026 , Flexible Income Active and Total Return Active had outstanding commitments of $6,371,591 and $579,000, respectively . These commitments are not included in the net assets of Flexible Income Active and Total Return Active as of July 31, 2026.  
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions.  The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government.  The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities.  The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day.  During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments.  The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
Notes to Financial Statements
238
Notes to Financial Statements  (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
Fund Name and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
Flexible Income Active
Barclays Bank PLC
$53,967,225
$(53,967,225)
$—
$—
Barclays Capital Inc.
193,851,674
(193,851,674)
—
—
BNP Paribas Prime Brokerage International Ltd.
25,031,771
(25,031,771)
—
—
BofA Securities, Inc.
7,066,003
(7,066,003)
—
—
Citadel Clearing LLC
4,004,254
(4,004,254)
—
—
Citigroup Global Markets, Inc.
179,574,470
(179,574,470)
—
—
Goldman Sachs & Co. LLC
984,722
(984,722)
—
—
Goldman Sachs & Co. LLC.
16,288,395
(16,288,395)
—
—
J.P. Morgan Securities LLC
64,410,329
(64,410,329)
—
—
Jefferies LLC
10,121,034
(10,121,034)
—
—
Morgan Stanley
60,468,064
(60,468,064)
—
—
National Bank Financial Inc.
7,032,106
(7,032,106)
—
—
RBC Capital Markets LLC
22,122,984
(22,122,984)
—
—
Santander US Capital Markets LLC
2,085,531
(2,085,531)
—
—
Scotia Capital (USA), Inc.
12,346,515
(12,346,515)
—
—
TD Securities (USA) LLC
4,331,699
(4,331,699)
—
—
UBS Securities LLC
249,970
(249,970)
—
—
Wells Fargo Bank N.A.
57,193,981
(57,193,981)
—
—
Wells Fargo Securities LLC
17,960,652
(17,960,652)
—
—
 
$739,091,379
$(739,091,379)
$—
$—
Floating Rate Loan Active
Citigroup Global Markets, Inc.
$155,158
$(155,158)
$—
$—
Wells Fargo Bank, National Association
1,711,373
(1,711,373)
—
—
 
$1,866,531
$(1,866,531)
$—
$—
Total Return Active
Barclays Bank PLC
$674,307
$(674,307)
$—
$—
BNP Paribas Prime Brokerage International Ltd.
2,451,841
(2,451,841)
—
—
BofA Securities, Inc.
99,149
(99,149)
—
—
Citigroup Global Markets, Inc.
765,051
(765,051)
—
—
HSBC Bank PLC
1,005
(1,005)
—
—
J.P. Morgan Securities LLC
711,823
(711,823)
—
—
Morgan Stanley
1,458,689
(1,458,689)
—
—
National Bank Financial Inc.
13,668
(13,668)
—
—
RBC Capital Markets LLC
707,991
(707,991)
—
—
Scotia Capital (USA), Inc.
52,462
(52,462)
—
—
 
$6,935,986
$(6,935,986)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate
239
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
(“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:  
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Flexible Income Active
Coreweave Compute Acquisition Co. IV LLC
$32,553,561
$32,472,177
$32,553,561
$81,384
 
Coreweave Financing DDTL V LLC
1,518,090
1,502,909
1,514,295
11,386
 
Vehis Auto Leasing 2025 Designated Activity Co.
5,846,428
1,592,208
1,565,036
(27,172)
 
 
$65,598
 
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Floating Rate Loan Active
Azuria Water Solutions, Inc.
$15,372
$15,350
$15,307
$(43)
 
Chicago U.S. Midco III LP
23,111
23,111
23,063
(48)
 
Citrin Cooperman Advisors LLC
5,097
5,295
4,919
(376)
 
Coreweave Financing DDTL V LLC
97,996
97,298
97,751
453
 
CP Iris Holdco I, Inc.
4,213
4,195
4,045
(150)
 
Kaman Corp.
5,114
5,108
5,110
2
 
Pinnacle Buyer LLC
15,618
15,618
15,672
54
 
Pye-Barker Fire & Safety LLC
12,166
12,165
12,206
41
 
Raven Acquisition Holdings LLC
6,284
6,277
6,244
(33)
 
 
$(100)
 
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Total Return Active
Coreweave Compute Acquisition Co. IV LLC
$1,085,973
$1,083,258
$1,085,973
$2,715
 
Coreweave Financing DDTL V LLC
140,480
139,075
140,129
1,054
 
 
$3,769
5. DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”). 
Notes to Financial Statements
240
Notes to Financial Statements  (continued)
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed.  Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of  Assets and Liabilities.   A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Options: The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
• Swaptions – The Funds may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities the Funds anticipate purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.
• Foreign currency options – The Funds may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.
• Barrier options – The Funds may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.
The Funds may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options and instant one-touch options provide the purchaser an
241
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.
In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. 
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund's counterparty on the swap.  Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.  Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
Total return swaps are entered into by the Flexible Income Active, Floating Rate Loan Active and Total Return Active to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting
Notes to Financial Statements
242
Notes to Financial Statements  (continued)
terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. 
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets.  BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFA will be paid a management fee from the Funds based on a percentage of each Fund’s average daily net assets as follows: 
Fund Name
Investment Advisory Fees
AAA CLO Active
0.20%
BBB-B CLO Active
0.45
Flexible Income Active
0.50
Floating Rate Loan Active
0.60
Intermediate Muni Income Active
0.40
Short-Term California Muni Active
0.25
Short Duration High Yield Muni Active
0.40
For its investment advisory services to the Total Return Active, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.40%
Over $1 billion, up to and including $3 billion
0.38
Over $3 billion, up to and including $5 billion
0.36
Over $5 billion, up to and including $10 billion
0.35
Over $10 billion
0.34
Expense Waivers: For the Flexible Income Active and Intermediate Muni Income Active, BFA has contractually agreed to waive 0.10% of the management fee through June 30, 2027.  For the Floating Rate Loan Active and Short-Term California Muni Active, BFA has contractually agreed to waive 0.05% of the management fee through June 30, 2027. For Short Duration High Yield Muni Active, BFA had contractually agreed to waive 0.05% of the management fee through June 30, 2026. This contractual waiver was not renewed. For the Total Return Active, BFA has contractually agreed to waive 0.02% of the management fee through June 30, 2027. Each agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
BFA may also from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.
243
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:  
Fund Name
Amounts Waived
Flexible Income Active
$15,094,363
Floating Rate Loan Active
28,566
Intermediate Muni Income Active
326,413
Short-Term California Muni Active
127,774
Short Duration High Yield Muni Active
255,530
Total Return Active
96,338
In addition, BFA has contractually agreed to waive a portion of its management fees to each Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. 
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows: 
Fund Name
Amounts Waived
AAA CLO Active
$18,558
BBB-B CLO Active
1,523
Flexible Income Active
1,548,349
Floating Rate Loan Active
8,909
Intermediate Muni Income Active
36,734
Short-Term California Muni Active
1,347
Short Duration High Yield Muni Active
76,962
Total Return Active
53,939
Sub-Adviser: BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together, the “Sub-Advisers”), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to Flexible Income Active and Total Return Active.
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.
Securities Lending: The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee.  If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Notes to Financial Statements
244
Notes to Financial Statements  (continued)
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Fixed-Income Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Consolidated Statements of Operations. For the year ended July 31, 2026, the Funds paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
Flexible Income Active
$888,209
Floating Rate Loan Active
766
Total Return Active
13,968
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
7. PURCHASES AND SALES
For the year ended July 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
 
U.S. Government Securities
Other Securities
Fund Name
Purchases
Sales
Purchases
Sales
AAA CLO Active
$—
$—
$1,659,478,034
$2,003,339,388
BBB-B CLO Active
—
—
32,687,487
16,722,345
Flexible Income Active
44,554,268,450
42,985,797,934
22,901,654,928
18,678,292,443
Floating Rate Loan Active
—
—
20,854,124
27,811,853
Intermediate Muni Income Active
—
—
547,740,862
144,116,962
Short-Term California Muni Active
—
—
232,311,910
66,269,147
Short Duration High Yield Muni Active
—
—
563,570,818
148,229,719
Total Return Active
4,460,765,657
4,229,482,369
604,476,299
347,916,414
For the year ended July 31, 2026, purchases and sales related to mortgage dollar rolls were as follows: 
Fund Name
Purchases
Sales
Flexible Income Active
$24,588,570,256
$24,604,589,057
Total Return Active
1,889,214,727
1,889,686,352
For the year ended July 31, 2026, in-kind transactions were as follows: 
Fund Name
In-kind
Purchases
In-kind
Sales
AAA CLO Active
$1,576,083,278
$50,316,200
BBB-B CLO Active
5,000,159
—
Flexible Income Active
1,095,142,130
206,183,285
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
245
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of July 31, 2026, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
Fund Name
Paid-in Capital
Accumulated
Earnings (Loss)
AAA CLO Active
$(48,989)
$48,989
Flexible Income Active
991,902
(991,902)
The tax character of distributions paid was as follows:  
Fund Name
Year Ended
07/31/26
Year Ended
07/31/25
AAA CLO Active
Ordinary income
$77,312,395
$37,306,626
Long-term capital gains
—
113,716
 
$77,312,395
$37,420,342
 
Fund Name
Year Ended
07/31/26
Period Ended
07/31/25
BBB-B CLO Active
Ordinary income
$4,734,993
$1,832,275
 
Fund Name
Year Ended
07/31/26
Year Ended
07/31/25
Flexible Income Active
Ordinary income
$861,218,314
$443,863,977
Long-term capital gains
430,680
—
 
$861,648,994
$443,863,977
Floating Rate Loan Active
Ordinary income
$3,574,011
$4,040,333
Long-term capital gains
—
152,341
 
$3,574,011
$4,192,674
Intermediate Muni Income Active
Tax-exempt income(a)
$10,275,591
$1,682,352
Ordinary income
33,650
18,799
 
$10,309,241
$1,701,151
Short-Term California Muni Active
Tax-exempt income(a)
$6,051,166
$1,619,728
Ordinary income
4,565
695
 
$6,055,731
$1,620,423
Short Duration High Yield Muni Active
Tax-exempt income(a)
$20,031,114
$11,293,158
Ordinary income
1,204,823
316,587
 
$21,235,937
$11,609,745
Total Return Active
Ordinary income
$21,124,114
$7,879,618
Long-term capital gains
—
193,784
 
$21,124,114
$8,073,402
 
(a)
The Funds designate these amounts paid during the fiscal year ended July 31, 2026, as exempt-interest dividends.
Notes to Financial Statements
246
Notes to Financial Statements  (continued)
As of July 31, 2026, the tax components of accumulated earnings (loss) were as follows: 
Fund Name
Undistributed
Ordinary Income
Undistributed
Tax Exempt Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Qualified
Late-Year
Capital Losses(c)
Total
AAA CLO Active
$8,715,899
$—
$(957,115)
$(529,713)
$—
$7,229,071
BBB-B CLO Active
481,197
—
(300,474)
(1,045,331)
—
(864,608)
Flexible Income Active
97,111,088
—
—
(300,515,528)
(59,940,595)
(263,345,035)
Floating Rate Loan Active
270,141
—
(601,055)
(919,119)
—
(1,250,033)
Intermediate Muni Income Active
—
1,620,841
(1,557,775)
(5,343,054)
—
(5,279,988)
Short-Term California Muni Active
—
941,766
(1,055)
(1,476,083)
—
(535,372)
Short Duration High Yield Muni Active
—
3,062,629
(7,473,670)
(9,794,181)
—
(14,205,222)
Total Return Active
3,219,944
—
—
(13,981,194)
(5,581,061)
(16,342,311)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains(losses) on certain foreign currency contracts, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the accounting for swap
agreements, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the classification of investments, the accrual of income
on securities in default, TBA transactions, the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains(losses) on certain options contracts and
amortization methods for premiums and discounts on fixed income securities.
(c)
The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.
For the year ended July 31, 2026, the Funds listed below utilized the following amounts of their respective capital loss carryforwards: 
Fund Name
Utilized
Flexible Income Active
$23,385,634
Intermediate Muni Income Active
163,207
As of July 31, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
AAA CLO Active
$2,236,370,980
$6,569,208
$(7,098,921)
$(529,713)
BBB-B CLO Active
85,493,283
14,454
(1,059,785)
(1,045,331)
Flexible Income Active
20,346,549,675
258,076,750
(449,434,341)
(191,357,591)
Floating Rate Loan Active
58,060,802
287,063
(1,206,082)
(919,019)
Intermediate Muni Income Active
542,812,559
1,966,154
(7,309,208)
(5,343,054)
Short-Term California Muni Active
449,252,183
549,964
(2,026,047)
(1,476,083)
Short Duration High Yield Muni Active
806,858,965
4,643,047
(14,437,228)
(9,794,181)
Total Return Active
1,086,499,284
4,593,581
(18,199,657)
(13,606,076)
9. LINE OF CREDIT
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. With respect to Floating Rate Loan Active, of the aggregate $2.40 billion commitment amount, $650 million is specifically designated to the Fund and another participating Fund. The remaining $1.75 billion commitment is available to all Participating Funds, but Floating Rate Loan Active can borrow up to an additional $350 million in the aggregate of the remaining aggregate commitment, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2027 unless extended or renewed.  Floating Rate Loan paid an upfront commitment fee of 0.04% on new commitments of $250 million, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2026, the Funds did not borrow under the credit agreement.
247
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations.  Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Notes to Financial Statements
248
Notes to Financial Statements  (continued)
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The risks of investing in CLOs depend largely on the type of the collateral securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt tranches, such as those in which certain Funds  invest, could experience losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO securities as an asset class. While certain Funds invest principally in CLO tranches that are rated BBB-B, such ratings do not constitute a guarantee of credit quality and may be downgraded. To the extent certain Funds invest in CLO tranches rated below BBB-B, the risks of investing in CLOs will be greater.
CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of securities. Some unrated CLO securities may not have an active trading market or may be difficult to value. As a result, proceeds from the sale of CLO securities may not be readily available to make additional investments or to meet certain Funds’ redemption obligations. During periods of limited liquidity and higher price volatility, certain Funds’ ability to acquire or dispose of CLO securities at a price and time such Funds deem advantageous may be impaired.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
07/31/26
Year Ended
07/31/25
Fund Name
Shares
Amount
Shares
Amount
AAA CLO Active
Shares sold
32,400,000
$1,680,193,204
13,000,000
$673,475,754
Shares redeemed
(9,500,000
)
(492,464,553
)
(1,000,000
)
(51,790,103
)
 
22,900,000
$1,187,728,651
12,000,000
$621,685,651
249
2026 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
 
Year Ended
07/31/26
Period Ended
07/31/25(a)
Fund Name
Shares
Amount
Shares
Amount
BBB-B CLO Active
Shares sold
400,000
$19,864,224
1,300,000
$65,188,130
 
(a)
The Fund commenced operations on January 29, 2025.
 
 
Year Ended
07/31/26
Year Ended
07/31/25
Fund Name
Shares
Amount
Shares
Amount
Flexible Income Active
Shares sold
142,250,000
$7,535,420,010
137,600,000
$7,241,758,979
Shares redeemed
(35,300,000
)
(1,839,073,009
)
(2,600,000
)
(133,452,199
)
 
106,950,000
$5,696,347,001
135,000,000
$7,108,306,780
Floating Rate Loan Active
Shares sold
—
$31,945
350,000
$18,379,762
Shares redeemed
(100,000
)
(5,113,094
)
(150,000
)
(7,576,161
)
 
(100,000
)
$(5,081,149
)
200,000
$10,803,601
Intermediate Muni Income Active
Shares sold
18,300,000
$440,492,374
4,200,000
$98,367,257
Shares redeemed
(600,000
)
(14,365,920
)
(100,000
)
(2,371,656
)
 
17,700,000
$426,126,454
4,100,000
$95,995,601
Short-Term California Muni Active
Shares sold
6,600,000
$333,020,012
2,050,000
$102,951,802
Shares redeemed
(300,000
)
(15,120,086
)
(100,000
)
(5,012,513
)
 
6,300,000
$317,899,926
1,950,000
$97,939,289
Short Duration High Yield Muni Active
Shares sold
20,000,000
$444,887,090
10,600,000
$240,437,321
Shares redeemed
(300,000
)
(6,664,027
)
(400,000
)
(8,864,214
)
 
19,700,000
$438,223,063
10,200,000
$231,573,107
Total Return Active
Shares sold
10,350,000
$523,758,861
3,350,000
$167,418,285
Shares redeemed
(500,000
)
(25,170,036
)
—
—
 
9,850,000
$498,588,825
3,350,000
$167,418,285
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund’s custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
Notes to Financial Statements
250
Notes to Financial Statements  (continued)
12. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the  financial statements.
251
2026 BlackRock Annual Financial Statements and Additional Information
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
BlackRock ETF Trust II and Shareholders of each of the eight funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eight of the funds constituting BlackRock ETF Trust II, hereafter collectively referred to as the "Funds") as of July 31, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2026, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. 
iShares AAA CLO Active ETF(1)
iShares BBB-B CLO Active ETF(2)
iShares Flexible Income Active ETF(1)*
iShares Floating Rate Loan Active ETF(1)
iShares Intermediate Muni Income Active ETF(1)
iShares Short-Term California Muni Active ETF(1)
iShares Short Duration High Yield Muni Active ETF(1)
iShares Total Return Active ETF(1)*
* The financial statements for iShares Flexible Income Active ETF and its subsidiary and iShares Total Return Active ETF and its subsidiary are presented on a consolidated basis as of and for the year ended July 31, 2026 and for iShares Flexible Income Active ETF and iShares Total Return Active ETF on a stand-alone basis for prior periods.
(1) Statement of operations for the year ended July 31, 2026 and statement of changes in net assets for each of the two years in the period ended July 31, 2026
(2) Statement of operations for the year ended July 31, 2026 and statement of changes in net assets for the year ended July 31, 2026 and the period January 29, 2025 (commencement of operations) to July 31, 2025
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 23, 2026
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
252
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as tax-exempt interest dividends for the fiscal year ended July 31, 2026: 
Fund Name
Exempt-Interest
Dividends
Intermediate Muni Income Active
$11,550,331
Short-Term California Muni Active
6,715,838
Short Duration High Yield Muni Active
21,848,642
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2026: 
Fund Name
Qualified Dividend
Income
Flexible Income Active
$27,675
Total Return Active
4,766
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2026:  
Fund Name
20% Rate Long-Term
Capital Gain Dividends
Flexible Income Active
$430,680
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2026: 
Fund Name
Foreign Source
Income Earned
AAA CLO Active
$83,807,847
BBB-B CLO Active
4,937,316
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended July 31, 2026:  
Fund Name
Federal Obligation
Interest
AAA CLO Active
$367,148
BBB-B CLO Active
29,956
Flexible Income Active
2,894,215
Floating Rate Loan Active
109,169
Total Return Active
2,840,057
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2026 qualified for the dividends-received deduction for corporate shareholders: 
Fund Name
Dividends-Received
Deduction
Total Return Active
0.02
%
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2026: 
Fund Name
Interest Dividends
AAA CLO Active
$81,344,780
BBB-B CLO Active
4,776,056
Flexible Income Active
686,757,594
Floating Rate Loan Active
3,439,214
Intermediate Muni Income Active
33,650
Short-Term California Muni Active
4,565
Short Duration High Yield Muni Active
1,204,822
Total Return Active
18,722,413
253
2026 BlackRock Annual Financial Statements and Additional Information
Important Tax Information (unaudited) (continued)
The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2026:  
Fund Name
Interest-Related
Dividends
Qualified Short-Term
Capital Gains
AAA CLO Active
$887,880
$ —
BBB-B CLO Active
205,913
—
Flexible Income Active
356,962,432
36,992,816
Floating Rate Loan Active
3,045,634
—
Intermediate Muni Income Active
33,650
—
Short-Term California Muni Active
4,565
—
Short Duration High Yield Muni Active
1,204,822
—
Total Return Active
14,964,877
409,528
Important Tax Information
254
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Trust’s policies and procedures with respect to the disclosure of each Fund’s portfolio securities is available in the Fund Prospectus. Each Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Fund and Service Providers 
Investment Adviser
Distributor
BlackRock Fund Advisors
San Francisco, CA 94105
BlackRock Investments, LLC(a)
New York, NY 10001
 
BlackRock Investments, LLC(b)
Princeton, NJ 08540
Sub-Adviser
Independent Registered Public Accounting Firm
BlackRock International Limited
Edinburgh, EH3 5PP
United Kingdom
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania 19103
 
Legal Counsel
BlackRock (Singapore) Limited
079912 Singapore
Willkie Farr & Gallagher LLP
New York, NY 10019
Administrator, Custodian and Transfer Agent
Address of the Trust
State Street Bank and Trust Company
Boston, MA 02114
100 Bellevue Parkway
Wilmington, DE 19809
 
(a) For BCLO, BINC, CALI and BRTR.
(b) For CLOA, BRLN, SHYM and INMU.
255
2026 BlackRock Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust II (the “Trust”) met on May 7, 2026 (the “May Meeting”) and June 4-5, 2026 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between the Trust, on behalf of iShares AAA CLO Active ETF (“CLOA”), iShares BBB-B CLO Active ETF (“BCLO”), iShares Flexible Income Active ETF (“BINC”), iShares Floating Rate Loan Active ETF (“BRLN”), iShares Intermediate Muni Income Active ETF (“INMU”), iShares Short Duration High Yield Muni Active ETF (“SHYM”), iShares Short-Term California Muni Active ETF (“CALI”) and iShares Total Return Active ETF (“BRTR” and collectively with CLOA, BCLO, BINC, BRLN, INMU, SHYM and CALI, the “Funds” and each, a “Fund”), and BlackRock Fund Advisors (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager and BlackRock International Limited (“BIL”), with respect to BINC and BRTR, and (2) BlackRock (Singapore) Limited (“BSL” and together with BIL, the “Sub-Advisors”), with respect to BINC and BRTR. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings during the year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also provided additional information to the Board in response to specific questions and requests from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any material outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for applicable services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and each Fund’s development and application of applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Prior to and in preparation for the May Meeting, the Board prepared and submitted questions, requested specific materials, and received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees, as applicable; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the
Disclosure of Investment Advisory Agreement
256
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)
existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made or benefits that inure to BlackRock or its affiliates, including relating to, as applicable, securities lending and cash management activities of a Fund. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of funds, relevant benchmarks, and performance metrics, as applicable. Throughout the year, the Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team (including the tenure of or changes in the portfolio management team); research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks, the role of BlackRock’s Risk & Quantitative Analysis Group, and BlackRock’s policies and procedures for third-party vendor oversight. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to a Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information, and periodic shareholder reports; (ii) oversight of daily accounting and net asset value; and services related to the valuation and pricing of the Fund’s portfolio holdings; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to BINC and BRTR facilitates the provision of investment advice and trading by investment personnel located outside of the United States. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each of BINC and BRTR and its shareholders.
B.  The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2025, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-year and since-inception periods reported, CLOA ranked in the third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed CLOA’s underperformance relative to its Performance Peers during the applicable period.
The Board noted that for the since-inception period reported, BCLO ranked in the second quartile against its Performance Peers.
257
2026 BlackRock Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)
The Board noted that for the one-year and since-inception periods reported, BINC ranked in the third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed BINC’s underperformance relative to its Performance Peers during the applicable period.
The Board noted that for the one-year, three-year and since-inception periods reported, BRLN ranked in the second, second and first quartiles, respectively, against its Performance Peers.
The Board noted that for each of the one-year, three-year and since-inception periods reported, INMU ranked in the first quartile against its Performance Peers.
The Board noted that for the one-year, three-year and since-inception periods reported, SHYM ranked in the third, first and first quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed SHYM’s underperformance relative to its Performance Peers during the applicable period.
The Board noted that for the one-year and since-inception periods reported, CALI ranked in the fourth and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed CALI’s underperformance relative to its Performance Peers during the applicable periods.
The Board noted that for the one-year and since-inception periods reported, BRTR ranked in the first and second quartiles, respectively, against its Performance Peers.
C.  Consideration of the Advisory/Management Fees and the Estimated Costs of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2025 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability information for other advisors is not publicly available.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that CLOA’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to CLOA’s Expense Peers.
The Board noted that BCLO’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to BCLO’s Expense Peers.
The Board noted that BINC’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to BINC’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BINC.
The Board noted that BRLN’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to BRLN’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BRLN.
The Board noted that INMU’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to INMU’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by INMU.
Disclosure of Investment Advisory Agreement
258
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)
The Board noted that SHYM’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to SHYM’s Expense Peers.
The Board noted that CALI’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to CALI’s Expense Peers. The Board also noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by CALI.
The Board noted that BRTR’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to BRTR’s Expense Peers. The Board also noted that BRTR has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of BRTR increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of BRTR decreases below certain contractually specified levels. The Board further noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by BRTR.
D.  Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E.  Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending, participation in the ETF Servicing Platform and cash management services. The Board also noted the revenue received by BlackRock and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BlackRock and/or its affiliates. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts. Throughout the year, the Board also received information and reporting, as applicable, regarding BlackRock’s soft dollar, brokerage, and trade execution practices.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2027, and the Sub-Advisory Agreements between the Manager and the Sub-Advisors, with respect to BINC and BRTR, for a one-year term ending June 30, 2027. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
259
2026 BlackRock Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
Portfolio Abbreviation 
ADR
American Depositary Receipt
AGC
Assured Guaranty Corp.
AGM
Assured Guaranty Municipal Corp.
BAB
Build America Bond
BAM
Build America Mutual Assurance Co.
BBSY
Bank Bill Swap Bid Rate
BUBOR
Budapest Interbank Offered Rate
BZDIOVER
Overnight Brazil Interbank Deposit (CETIP)
CLO
Collateralized Loan Obligation
CME
Chicago Mercantile Exchange
CMT
Constant Maturity Treasury
COOIS
Columbia Overnight Interbank Reference Rate
COP
Certificates of Participation
CPI
Consumer Price Index
CR
Custodian Receipt
ETF
Exchange-Traded Fund
EURIBOR
Euro Interbank Offered Rate
FHA
Federal Housing Administration
GO
General Obligation
GOL
General Obligation Limited
GTD
Guaranteed
JIBAR
Johannesburg Interbank Average Rate
JSC
Joint Stock Company
KLIBOR
Kuala Lumpur Interbank Offered Rate
MF
Multi-Family
MIBOR
Mumbai Interbank Offered Rate
MT
Mandatory Tender
NPFGC
National Public Finance Guarantee Corp.
NVS
Non-Voting Shares
PIK
Payment-in-kind
PILOT
Payment in Lieu of Taxes
PRIBOR
Prague Interbank Offer Rate
PSF
Permanent School Fund
RB
Revenue Bonds
REIT
Real Estate Investment Trust
SAP
Subject to Appropriations
SAW
State Aid Withholding
SOFR
Secured Overnight Financing Rate
SONIA
Sterling Overnight Interbank Average Rate
ST
Special Tax
STRIPS
Separate Trading of Registered Interest & Principal of
Securities
 
TA
Tax Allocation
TBA
To-Be-Announced
TIIEFONDEO
MXN - Overnight TIIE Funding Rate
WIBOR
Warsaw Interbank Offered Rate
ZARONIA
South African Rand Overnight Index Average
Glossary of Terms Used in these Financial Statements
260
Glossary of Terms Used in these Financial Statements (continued)
 
Currency Abbreviation 
ARS
Argentine Peso
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chilean Peso
CNH
Chinese Yuan
CNY
Chinese Yuan
COP
Colombian Peso
CZK
Czech Koruna
DOP
Dominican Peso
EGP
Egyptian Pound
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
KRW
South Korean Won
KZT
Kazakhstani Tenge
MXN
Mexican Peso
MYR
Malaysian Ringgit
NGN
Nigerian Naira
PEN
Peru Nuevo Sol
PHP
Philippine Peso
PLN
Polish Zloty
RON
Romanian Leu
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
TWD
New Taiwan Dollar
USD
United States Dollar
UYU
Uruguayan Peso
ZAR
South African Rand
261
2026 BlackRock Annual Financial Statements and Additional Information
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This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 –

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

 

Item 9 –

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

 

Item 10 

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

 

Item 11 

– Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

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

 

Item 13 –

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

 

Item 14 –

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

 

Item 15 –

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

 

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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

 

Item 17 –

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

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

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

(a)(3) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

 

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

 

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

Date: September 23, 2026

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

 

By:     /s/ John M. Perlowski 
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock ETF Trust II
Date: September 23, 2026
By:     /s/ Trent Walker      
   Trent Walker
   Chief Financial Officer (principal financial officer) of
   BlackRock ETF Trust II

Date: September 23, 2026