ThZeal - The Zeal

BlackRock ETF Trust II

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 Large Cap Deep Buffer ETF

iShares Large Cap Moderate Buffer 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:

07/31/2025

Date of reporting period:

01/31/2025

Item 1 — Reports to Stockholders

(a) The Reports to Shareholders are attached herewith

iShares Large Cap Moderate Buffer ETF

IVVM | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2025

This semi-annual shareholder report contains important information about iShares Large Cap Moderate Buffer ETF (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Large Cap Moderate Buffer ETF	$25(a)	0.48%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		Since Fund Inception
Fund NAV	7.90	%	17.00	%	15.27	%
S&P 500^® Index	10.12		26.38		24.24

Key Fund statistics

Net Assets	$89,868,544
Number of Portfolio Holdings	6
Portfolio Turnover Rate	0%

The inception date of the Fund was June 28, 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 blackrock.com for more recent performance information.

What did the Fund invest in?

(as of January 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Equity Funds	100.2	%
Purchased Put Options	1.2	%
Futures	(0.0	)%(a)
Written Put Options	(0.5	)%
Written Call Options	(1.3	)%
Money Market Funds	0.4	%
Other assets, less liabilities	0.0	(b)

^(a)	Rounds to greater than (0.1)%.
^(b)	Rounds to less than 0.1%.

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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.

iShares Large Cap Moderate Buffer ETF

Semi-Annual Shareholder Report — January 31, 2025

IVVM-01/25-SAR

iShares Large Cap Deep Buffer ETF

IVVB | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2025

This semi-annual shareholder report contains important information about iShares Large Cap Deep Buffer ETF (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Large Cap Deep Buffer ETF	$26(a)	0.49%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		Since Fund Inception
Fund NAV	8.35	%	19.35	%	15.20	%
S&P 500^® Index	10.12		26.38		24.24

Key Fund statistics

Net Assets	$82,087,964
Number of Portfolio Holdings	6
Portfolio Turnover Rate	0%

The inception date of the Fund was June 28, 2023.

What did the Fund invest in?

(as of January 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Equity Funds	100.2	%
Purchased Put Options	0.6	%
Futures	(0.0	)%(a)
Written Put Options	(0.1	)%
Written Call Options	(1.1	)%
Money Market Funds	0.4	%
Liabilities in Excess of Other Assets	(0.0	)(a)

^(a)	Rounds to greater than (0.1)%.

Additional information

iShares Large Cap Deep Buffer ETF

Semi-Annual Shareholder Report — January 31, 2025

IVVB-01/25-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

Item 6 –

Investments

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

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

Item 7 –

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

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

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


		JANUARY 31, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

BlackRock ETF Trust II

iShares Large Cap Moderate Buffer ETF | IVVM | Cboe BZX Exchange

iShares Large Cap Deep Buffer ETF | IVVB | Cboe BZX Exchange

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents


	Page

Schedules of Investments		3
Statements of Assets and Liabilities		9
Statements of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		14
Additional Information		20
Glossary of Terms Used in these Financial Statements		22
Additional Information:
Schedule of Investments (unaudited)		24
Statement of Assets and Liabilities (unaudited)		31


2

Schedule of Investments (unaudited)

January 31, 2025

iShares^® Large Cap Moderate Buffer ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Investment Companies

Equity Funds — 100.2%
iShares Core S&P 500 ETF^(a)(b)		148,950	$	90,064,107


Total Long-Term Investments — 100.2% (Cost: $80,553,116)				90,064,107


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.35%^(a)(c)		384,320		384,320


Total Short-Term Securities — 0.4% (Cost: $384,320)				384,320

Options Purchased — 1.2% (Cost: $2,127,017)				1,101,900


Total Investments Before Options Written — 101.8% (Cost: $83,064,453)				91,550,327

Options Written — (1.8)% (Premiums Received: $(1,889,596))				(1,678,700	)


Total Investments Net of Options Written — 100.0% (Cost: $81,174,857)				89,871,627

Liabilities in Excess of Other Assets — (0.0)%				(3,083	)


Net Assets — 100.0%			$	89,868,544

^(a)	Affiliate of the Fund.

^(b)	All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(c)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/25		Shares Held at 01/31/25		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	361,092	$	23,228	^(a)	$	—		$	—	$	—	$	384,320		384,320	$	7,483	$	—
iShares Core S&P 500 ETF		46,160,721		46,847,771			(8,936,328	)		1,800,596		4,191,347		90,064,107		148,950		493,369		—

									$	1,800,596	$	4,191,347	$	90,448,427			$	500,852	$	—

^(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
Micro E-Mini S&P 500 Index		19		03/21/25	$	576	$	(4,064	)


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^® Large Cap Moderate Buffer ETF

Exchange-Traded Options Purchased

Description

Number of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

iShares Core S&P 500 ETF

1,499

04/01/25

USD

588.68

USD

90,639

1,101,900

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Call
iShares Core S&P 500 ETF		1,499		04/01/25	USD	617.88	USD	90,639	$	(1,154,065	)


Put
iShares Core S&P 500 ETF		1,499		04/01/25	USD	559.25	USD	90,639		(524,635	)

									$	(1,678,700)

Balances Reported in the Statements of Assets and Liabilities for Options Written


Description	Options Premiums Paid		Options Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value

Options Written	$	N/A	$	(1,889,596	)	$	567,841	$	(356,945	)	$	(1,678,700	)

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
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	1,101,900	$	—	$	—	$	—	$	1,101,900


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(b)	$	—	$	—	$	4,064	$	—	$	—	$	—	$	4,064
Options written
Options written at value		—		—		1,678,700		—		—		—		1,678,700

	$	—	$	—	$	1,682,764	$	—	$	—	$	—	$	1,682,764

^(a)

Includes options purchased at value as reported in the Schedule of Investments.

^(b)

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).


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^® Large Cap Moderate Buffer ETF

For the period ended January 31, 2025, 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	$	—	$	—	$	40,010		$	—	$	—	$	—	$	40,010
Options purchased^(a)(b)		—		—		(2,938,214	)		—		—		—		(2,938,214	)
Options written^(a)		—		—		2,191,733			—		—		—		2,191,733

	$	—	$	—	$	(706,471	)	$	—	$	—	$	—	$	(706,471	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(8,172	)	$	—	$	—	$	—	$	(8,172	)
Options purchased^(c)		—		—		(888,001	)		—		—		—		(888,001	)
Options written		—		—		225,861			—		—		—		225,861

	$	—	$	—	$	(670,312	)	$	—	$	—	$	—	$	(670,312	)

^(a)

Includes activity from In-kind redemptions.

^(b)

Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(c)

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			$560,773
Options:
Average value of option contracts purchased			$1,592,574
Average value of option contracts written			$1,495,397

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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
Investment Companies	$	90,064,107		$	—	$	—	$	90,064,107
Short-Term Securities
Money Market Funds		384,320			—		—		384,320
Options Purchased
Equity Contracts		1,101,900			—		—		1,101,900

	$	91,550,327		$	—	$	—	$	91,550,327

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(1,682,764	)	$	—	$	—	$	(1,682,764	)

^(a)

Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S		5

Schedule of Investments (unaudited)

January 31, 2025

iShares^® Large Cap Deep Buffer ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Investment Companies

Equity Funds — 100.2%
iShares Core S&P 500 ETF^(a)(b)		136,050	$	82,263,993


Total Long-Term Investments — 100.2% (Cost: $77,831,445)				82,263,993


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.35%^(a)(c)		299,867		299,867


Total Short-Term Securities — 0.4% (Cost: $299,867)				299,867

Options Purchased — 0.6% (Cost: $1,009,253)				488,431


Total Investments Before Options Written — 101.2% (Cost: $79,140,565)				83,052,291

Options Written — (1.2)% (Premiums Received: $(786,553))				(956,657	)


Total Investments Net of Options Written — 100.0% (Cost: $78,354,012)				82,095,634

Liabilities in Excess of Other Assets — (0.0)%				(7,670	)


Net Assets — 100.0%			$	82,087,964

^(a)	Affiliate of the Fund.

^(b)	All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(c)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 07/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/25		Shares Held at 01/31/25		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	471,240	$	—	$	(171,373	)^(a)	$	—	$	—		$	299,867		299,867	$	10,041	$	—
iShares Core S&P 500 ETF		65,402,424		77,905,507		(69,505,612	)		9,944,023		(1,482,349	)		82,263,993		136,050		783,993		—


								$	9,944,023	$	(1,482,349	)	$	82,563,860			$	794,034	$	—

^(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
Micro E-Mini S&P 500 Index		17		03/21/25	$	516	$	(5,243	)


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Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^® Large Cap Deep Buffer ETF

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount
(000)

Value

Put
iShares Core S&P 500 ETF

1,369

04/02/25

USD 559.25

USD 82,778

488,431

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call iShares Core S&P 500 ETF		1,369		04/02/25		USD 621.76		USD 82,778	$	(857,733	)

Put iShares Core S&P 500 ETF		1,369		04/02/25		USD 470.94		USD 82,778		(98,924	)

									$	(956,657	)

Balances Reported in the Statements of Assets and Liabilities for Options Written


Description	Options Premiums Paid		Options Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Options Written	$	N/A	$	(786,553	)	$	100,645	$	(270,749	)	$	(956,657	)

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
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	488,431	$	—	$	—	$	—	$	488,431

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(b)	$	—	$	—	$	5,243	$	—	$	—	$	—	$	5,243
Options written
Options written at value		—		—		956,657		—		—		—		956,657

	$	—	$	—	$	961,900	$	—	$	—	$	—	$	961,900

^(a)

Includes options purchased at value as reported in the Schedule of Investments.

^(b)


S C H E D U L E S O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^® Large Cap Deep Buffer ETF

For the period ended January 31, 2025, 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	$	—	$	—	$	55,703		$	—	$	—	$	—	$	55,703
Options purchased^(a)(b)		—		—		(2,307,320	)		—		—		—		(2,307,320	)
Options written^(a)		—		—		1,368,727			—		—		—		1,368,727

	$	—	$	—	$	(882,890	)	$	—	$	—	$	—	$	(882,890	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(10,720	)	$	—	$	—	$	—	$	(10,720	)
Options purchased^(c)		—		—		(454,333	)		—		—		—		(454,333	)
Options written		—		—		(112,658	)		—		—		—		(112,658	)

	$	—	$	—	$	(577,711	)	$	—	$	—	$	—	$	(577,711	)

^(a)

Includes activity from In-kind redemptions.

^(b)

Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(c)

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	$	559,129
Options:
Average value of option contracts purchased	$	854,721
Average value of option contracts written	$	776,071

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Investment Companies	$	82,263,993		$	—	$	—	$	82,263,993
Short-Term Securities
Money Market Funds		299,867			—		—		299,867
Options Purchased
Equity Contracts		488,431			—		—		488,431

	$	83,052,291		$	—	$	—	$	83,052,291

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(961,900	)	$	—	$	—	$	(961,900	)

^(a)

See notes to financial statements.


8		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

January 31, 2025


	iShares Large Cap Moderate Buffer ETF		iShares Large Cap Deep Buffer ETF

ASSETS
Investments, at value — unaffiliated^(a)	$	1,101,900	$	488,431
Investments, at value — affiliated^(b)		90,448,427		82,563,860
Cash		178		119
Cash pledged:
Futures contracts		33,000		29,000
Receivables:
Dividends — affiliated		1,074		1,243

Total assets		91,584,579		83,082,653


LIABILITIES
Options written, at value^(c)		1,678,700		956,657
Payables:
Investment advisory fees		34,295		35,312
Variation margin on futures contracts		3,040		2,720

Total liabilities		1,716,035		994,689


Commitments and contingent liabilities

NET ASSETS	$	89,868,544	$	82,087,964


NET ASSETS CONSIST OF:
Paid-in capital	$	80,128,397	$	70,073,104
Accumulated earnings		9,740,147		12,014,860

NET ASSETS	$	89,868,544	$	82,087,964


NET ASSET VALUE
Shares outstanding		2,880,000		2,640,000


Net asset value	$	31.20	$	31.09


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Investments, at cost — unaffiliated	$	2,127,017	$	1,009,253
^(b)Investments, at cost — affiliated	$	80,937,436	$	78,131,312
^(c)Premiums received	$	1,889,596	$	786,553

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		9

Statements of Operations (unaudited)

Six Months Ended January 31, 2025


	iShares Large Cap Moderate Buffer ETF			iShares Large Cap Deep Buffer ETF

INVESTMENT INCOME
Dividends — affiliated	$	500,852		$	794,034
Interest — unaffiliated		3,382			1,103

Total investment income		504,234			795,137


EXPENSES
Investment advisory		172,589			237,307
Interest expense		2,968			8,049

Total expenses		175,557			245,356

Less:
Investment advisory fees waived		(10,452	)		(14,371	)

Total expenses after fees waived		165,105			230,985

Net investment income		339,129			564,152


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(992	)		(20,436	)
Investments — affiliated		22,827			(662	)
Options written		59			6,300
Futures contracts		40,010			55,703
In-kind redemptions — unaffiliated^(a)		(745,547	)		(924,458	)
In-kind redemptions — affiliated^(a)		1,777,769			9,944,685

		1,094,126			9,061,132

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(888,001	)		(454,333	)
Investments — affiliated		4,191,347			(1,482,349	)
Options written		225,861			(112,658	)
Futures contracts		(8,172	)		(10,720	)

		3,521,035			(2,060,060	)

Net realized and unrealized gain		4,615,161			7,001,072


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,954,290		$	7,565,224

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


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Statements of Changes in Net Assets


	iShares Large Cap Moderate Buffer ETF						iShares Large Cap Deep Buffer ETF
	Six Months Ended 01/31/25 (unaudited)			Year Ended 07/31/24			Six Months Ended 01/31/25 (unaudited)			Year Ended 07/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	339,129		$	122,276		$	564,152		$	161,619
Net realized gain (loss)		1,094,126			(1,036,860	)		9,061,132			(727,040	)
Net change in unrealized appreciation (depreciation)		3,521,035			4,871,554			(2,060,060	)		5,465,678

Net increase in net assets resulting from operations		4,954,290			3,956,970			7,565,224			4,900,257


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(523,881	)^(b)		—			(754,426	)^(b)		—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		38,883,152			31,270,513			9,278,210			48,704,483


NET ASSETS
Total increase in net assets		43,313,561			35,227,483			16,089,008			53,604,740
Beginning of period		46,554,983			11,327,500			65,998,956			12,394,216

End of period	$	89,868,544		$	46,554,983		$	82,087,964		$	65,998,956

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		11

Financial Highlights

(For a share outstanding throughout each period)



	iShares Large Cap Moderate Buffer ETF
		Six Months Ended 01/31/25 (unaudited	)		Year Ended 07/31/24			Period From 06/28/23 to 07/31/23	^(a)

Net asset value, beginning of period	$	29.10		$	25.74		$	25.03

Net investment income (loss)^(b)		0.15			0.13			(0.01	)
Net realized and unrealized gain^(c)		2.14			3.23			0.72

Net increase from investment operations		2.29			3.36			0.71


Distributions^(d)
From net investment income		(0.18	)^(e)		—			—
From net realized gain		(0.01	)		—			—

Total distributions		(0.19	)		—			—


Net asset value, end of period	$	31.20		$	29.10		$	25.74


Total Return^(f)
Based on net asset value		7.90	%^(g)		13.02	%		2.84	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.51	%⁽ⁱ⁾		0.51	%		0.50	%⁽ⁱ⁾

Total expenses after fees waived		0.48	%⁽ⁱ⁾		0.48	%		0.50	%⁽ⁱ⁾

Total expenses after fees waived and/or reimbursed and excluding interest expense and fees		0.47	%⁽ⁱ⁾		0.48	%		0.50	%⁽ⁱ⁾

Net investment income (loss)		0.98	%⁽ⁱ⁾		0.46	%		(0.48	)%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	89,869		$	46,555		$	11,328

Portfolio turnover rate		0	%^(j)(k)		0	%^(j)		0	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

^(k)	Rounds to less than 0.5%.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares Large Cap Deep Buffer ETF
		Six Months Ended 01/31/25 (unaudited)			Year Ended 07/31/24			Period From 06/28/23 to 07/31/23	^(a)

Net asset value, beginning of period	$	28.95		$	25.82		$	25.03

Net investment income (loss)^(b)		0.18			0.12			(0.01	)
Net realized and unrealized gain^(c)		2.23			3.01			0.80

Net increase from investment operations		2.41			3.13			0.79


Distributions from net investment income^(d)		(0.27	)^(e)		—			—


Net asset value, end of period	$	31.09		$	28.95		$	25.82


Total Return^(f)
Based on net asset value		8.35	%^(g)		12.10	%		3.16	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.52	%⁽ⁱ⁾		0.51	%		0.50	%⁽ⁱ⁾

Total expenses after fees waived		0.49	%⁽ⁱ⁾		0.49	%		0.50	%⁽ⁱ⁾

Total expenses after fees waived and/or reimbursed and excluding interest expense and fees		0.47	%⁽ⁱ⁾		0.49	%		0.50	%⁽ⁱ⁾

Net investment income (loss)		1.19	%⁽ⁱ⁾		0.46	%		(0.48	)%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	82,088		$	65,999		$	12,394

Portfolio turnover rate		0	%^(j)(k)		0	%^(j)(k)		0	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

^(k)	Rounds to less than 0.5%.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		13

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

BlackRock ETF Trust II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust 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”):




iShares ETF	Diversification Classification


Large Cap Moderate Buffer		Non-Diversified
Large Cap Deep Buffer		Non-Diversified

Each Fund seeks to achieve its investment objective by investing primarily in iShares Core S&P 500 ETF (“Core S&P 500”). The unaudited Schedule of Investments and Statement of Assets and Liabilities as of January 31, 2025 for Core S&P 500 are included elsewhere in this report and should be read in conjunction with the Funds’ financial statements. Core S&P 500’s audited financial statements as of March 31, 2024 are available, without charge, on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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 Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.

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 the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.

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 BlackRock Fund Advisors (“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


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Notes to Financial Statements (unaudited) (continued)

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:

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded 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.

•

Flexible Exchange Options (“FLEX Options”) are valued at the last executed trade price on the options market in which the options trade. If there were no executed trades, FLEX Options are valued by an independent pricing service using a mathematical model, such as Black-Scholes model, which incorporates a number of market data factors, such as trades and prices of the underlying instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that 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.

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 privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the 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.

Options: An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy (in the case of a call option) or sell (in the case of a put option) a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).

The Funds invest primarily in FLEX Options. FLEX Options provide the Funds with the ability to customize key option contract terms such as strike price, style and expiration date, while avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in


N O T E S T O F I N A N C I A L S T A T E M E N T S		15

Notes to Financial Statements (unaudited) (continued)

which the Funds invest are European-style, which are exercisable at the strike price only on the expiration date. The FLEX Options traded by the Funds are listed on the Chicago Board Options Exchange (“CBOE”). Although each Fund will generally utilize FLEX Options that are physically settled, a fund may also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe an amount) of cash upon the exercise of the option.

The Funds will purchase and sell call and put European-style FLEX Options. A European-style 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 on the expiration date. A European-style put option gives the seller (holder) of the option the right (but not the obligation) to sell, and obligates the buyer (writer) to buy (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date.

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 put options, cash is segregated in an amount sufficient to cover the obligations. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

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.

5.	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. 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 is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fees

Large Cap Moderate Buffer		0.50	%
Large Cap Deep Buffer		0.50	%

Expense Waivers: 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, 2026. 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, 2026. 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 six months ended January 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:




iShares ETF	Amounts Waived


Large Cap Moderate Buffer	$	10,452
Large Cap Deep Buffer		14,371

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.

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.

6.	PURCHASES AND SALES

For the six months ended January 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


Large Cap Moderate Buffer	$	46,847,770	$	183,253
Large Cap Deep Buffer		77,905,507		99,248


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Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2025, in-kind transactions were as follows:




iShares ETF	In-kind Purchases		In-kind Sales


Large Cap Moderate Buffer	$	—	$	9,009,829
Large Cap Deep Buffer		—		69,407,463

7.	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 January 31, 2025, 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.

As of July 31, 2024, the iShares Large Cap Deep Buffer ETF had non-expiring capital loss carryforwards available to offset future realized capital gains of $746,750.

As of January 31, 2025, 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:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Large Cap Moderate Buffer	$	83,064,453	$	10,078,832	$	(1,386,126	)	$	8,692,706
Large Cap Deep Buffer		79,142,121		4,531,636		(796,813	)		3,734,823

8.	BANK BORROWINGS

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. 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 Secured Overnight Financing Rate (“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 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2025, the Funds did not borrow under the credit agreement.

9.	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 the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation 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.

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 a 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. Each 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.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		17

Notes to Financial Statements (unaudited) (continued)

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, 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 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.

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.

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.

FLEX Options Risk: FLEX Options are subject to the risk that they may be less liquid than certain other securities, such as standardized options. In less liquid markets, terminating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market, the liquidation of a large number of options may significantly impact the price of the options and may adversely impact the value of the Funds. Additionally, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Funds at prices that reflect the market price of the Funds’ shares, the Funds’ NAV and, in turn the share prices of the Funds, could be negatively impacted.

10.	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:


	Six Months Ended 01/31/25						Year Ended 07/31/24

iShares ETF	Shares			Amount			Shares			Amount

Large Cap Moderate Buffer
Shares sold		1,560,000		$	47,491,996			1,680,000		$	45,232,376
Shares redeemed		(280,000	)		(8,608,844	)		(520,000	)		(13,961,863	)

		1,280,000		$	38,883,152			1,160,000		$	31,270,513


Large Cap Deep Buffer
Shares sold		2,640,000		$	79,194,349			3,160,000		$	83,909,115
Shares redeemed		(2,280,000	)		(69,916,139	)		(1,360,000	)		(35,204,632	)

		360,000		$	9,278,210			1,800,000		$	48,704,483

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to


18		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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 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.

As of January 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:




iShares ETF


Large Cap Moderate Buffer			1,064,500
Large Cap Deep Buffer			950,000

11.	SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


N O T E S T O F I N A N C I A L S T A T E M E N T S		19

Additional Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at blackrock.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 the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at blackrock.com.


20		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Information (continued)

Fund and Service Providers


Investment Adviser		Independent Registered Public Accounting Firm
BlackRock Fund Advisors		PricewaterhouseCoopers LLP
San Francisco, CA 94105		Philadelphia, Pennsylvania 19103

Administrator, Custodian and Transfer Agent		Legal Counsel
The Bank of New York Mellon		Willkie Farr & Gallagher LLP
New York, NY 10286		New York, NY 10019

Distributor		Address of the Trust
BlackRock Investments, LLC		100 Bellevue Parkway
Princeton, NJ 08540		Wilmington, DE 19809


A D D I T I O N A L I N F O R M A T I O N		21

Glossary of Terms Used in these Financial Statements


Currency Abbreviation

USD		United States Dollar

Portfolio Abbreviation

ETF		Exchange-Traded Fund


22		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Financial Information

Schedules of Investments (Unaudited)

January 31, 2025

Statements of Assets and Liabilities (Unaudited)

January 31, 2025

iShares Trust

iShares Core S&P 500 ETF | IVV | NYSE Arca


23

Schedule of Investments (unaudited)

January 31, 2025

iShares^®Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
Axon Enterprise, Inc.^(a)		849,586	$	554,082,997
Boeing Co. (The)^(a)(b)		8,767,393		1,547,620,212
GE Aerospace		12,692,884		2,583,890,396
General Dynamics Corp.		3,026,422		777,729,926
Howmet Aerospace, Inc.^(b)		4,764,533		603,094,587
Huntington Ingalls Industries, Inc.		458,333		90,410,768
L3Harris Technologies, Inc.		2,224,381		471,591,016
Lockheed Martin Corp.		2,474,100		1,145,384,595
Northrop Grumman Corp.		1,606,156		782,631,634
RTX Corp.		15,609,837		2,012,888,481
Textron, Inc.^(b)		2,176,243		166,504,352
TransDigm Group, Inc.		659,451		892,461,416


			11,628,290,380

Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.		1,384,490		137,742,910
Expeditors International of Washington, Inc.		1,641,664		186,460,197
FedEx Corp.		2,636,134		698,232,813
United Parcel Service, Inc., Class B		8,577,331		979,788,520


			2,002,224,440

Automobile Components — 0.0%
Aptiv plc^(a)(b)		2,756,435		172,056,673
BorgWarner, Inc.		2,561,640		81,716,316


			253,772,989

Automobiles — 2.4%
Ford Motor Co.		45,778,570		461,447,985
General Motors Co.		12,895,797		637,826,120
Tesla, Inc.^(a)		32,752,725		13,251,752,535


			14,351,026,640

Banks — 3.6%
Bank of America Corp.		78,287,551		3,624,713,611
Citigroup, Inc.		22,180,302		1,806,141,992
Citizens Financial Group, Inc.		5,168,436		245,862,501
Fifth Third Bancorp		7,863,966		348,452,333
Huntington Bancshares, Inc.		17,028,316		292,887,035
JPMorgan Chase & Co.		33,017,632		8,825,613,034
KeyCorp		11,625,152		209,020,233
M&T Bank Corp.		1,945,882		391,589,294
PNC Financial Services Group, Inc. (The)		4,653,376		935,095,907
Regions Financial Corp.		10,658,939		262,636,257
Truist Financial Corp.		15,568,849		741,388,589
US Bancorp		18,295,682		874,167,686
Wells Fargo & Co.		39,047,471		3,076,940,715


			21,634,509,187

Beverages — 1.1%
Brown-Forman Corp., Class B, NVS		2,133,278		70,419,507
Coca-Cola Co. (The)		45,468,729		2,886,354,917
Constellation Brands, Inc., Class A		1,830,949		331,035,579
Keurig Dr Pepper, Inc.		13,203,779		423,841,306
Molson Coors Beverage Co., Class B		2,045,929		112,014,613
Monster Beverage Corp.^(a)(b)		8,211,947		400,003,938
PepsiCo, Inc.		16,090,358		2,424,656,047


			6,648,325,907

Biotechnology — 1.6%
AbbVie, Inc.		20,724,594		3,811,252,837
Amgen, Inc.		6,304,058		1,799,304,234
Biogen, Inc.^(a)		1,707,920		245,820,926
Gilead Sciences, Inc.		14,615,909		1,420,666,355
Incyte Corp.^(a)		1,873,330		138,926,153
Moderna, Inc.^(a)(b)		3,972,677		156,602,927


Security	Shares		Value

Biotechnology (continued)
Regeneron Pharmaceuticals, Inc.^(a)		1,234,604	$	830,863,800
Vertex Pharmaceuticals, Inc.^(a)(b)		3,020,239		1,394,383,941


			9,797,821,173

Broadline Retail — 4.4%
Amazon.com, Inc.^(a)(b)		109,752,595		26,085,996,779
eBay, Inc.		5,617,595		379,075,311


			26,465,072,090

Building Products — 0.5%
A O Smith Corp.		1,395,185		93,895,950
Allegion plc		1,020,124		135,401,059
Builders FirstSource, Inc.^(a)(b)		1,349,690		225,776,143
Carrier Global Corp.		9,785,891		639,801,554
Johnson Controls International plc		7,834,308		611,076,024
Lennox International, Inc.^(b)		376,001		222,750,512
Masco Corp.		2,530,252		200,598,379
Trane Technologies plc		2,639,029		957,307,770


			3,086,607,391

Capital Markets — 3.3%
Ameriprise Financial, Inc.		1,137,768		618,217,620
Bank of New York Mellon Corp. (The)		8,526,997		732,724,852
BlackRock, Inc.^(b)(c)		1,707,401		1,836,309,778
Blackstone, Inc., Class A		8,467,479		1,499,675,206
CBOE Global Markets, Inc.		1,227,733		250,862,684
Charles Schwab Corp. (The)		17,532,015		1,450,248,281
CME Group, Inc., Class A		4,226,202		999,581,297
FactSet Research Systems, Inc.		445,524		211,361,041
Franklin Resources, Inc.		3,621,952		80,552,212
Goldman Sachs Group, Inc. (The)		3,681,461		2,357,607,624
Intercontinental Exchange, Inc.		6,733,796		1,076,262,615
Invesco Ltd.		5,264,323		101,232,931
KKR & Co., Inc.		7,916,872		1,322,671,805
MarketAxess Holdings, Inc.		442,333		97,591,930
Moody’s Corp.		1,827,561		912,757,066
Morgan Stanley		14,548,258		2,013,915,355
MSCI, Inc.		919,115		548,500,259
Nasdaq, Inc.		4,853,249		399,616,523
Northern Trust Corp.		2,324,654		261,035,398
Raymond James Financial, Inc.		2,145,829		361,529,270
S&P Global, Inc.		3,723,563		1,941,502,984
State Street Corp.		3,438,005		349,370,068
T. Rowe Price Group, Inc.		2,605,427		304,626,525


			19,727,753,324

Chemicals — 1.3%
Air Products & Chemicals, Inc.		2,607,257		874,108,982
Albemarle Corp.		1,377,066		115,935,186
Celanese Corp.^(b)		1,281,983		91,072,072
CF Industries Holdings, Inc.		2,040,951		188,196,092
Corteva, Inc.		8,060,406		526,102,700
Dow, Inc.		8,210,512		320,620,494
DuPont de Nemours, Inc.		4,901,674		376,448,563
Eastman Chemical Co.		1,357,758		135,300,585
Ecolab, Inc.		2,955,563		739,452,307
FMC Corp.		1,466,067		81,777,217
International Flavors & Fragrances, Inc.		2,998,578		261,146,158
Linde plc		5,584,268		2,491,253,640
LyondellBasell Industries NV, Class A		3,046,937		230,653,131
Mosaic Co. (The)		3,720,650		103,768,928
PPG Industries, Inc.		2,720,841		313,930,635
Sherwin-Williams Co. (The)		2,717,379		973,256,463


			7,823,023,153


S C H E D U L E O F I N V E S T M E N T S			24

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^®Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies — 0.6%
Cintas Corp.		4,020,324	$	806,356,385
Copart, Inc.^(a)(b)		10,281,390		595,600,923
Republic Services, Inc.		2,387,171		517,705,775
Rollins, Inc.		3,294,293		163,067,503
Veralto Corp.^(b)		2,900,370		299,869,254
Waste Management, Inc.		4,283,482		943,479,745


				3,326,079,585

Communications Equipment — 0.9%
Arista Networks, Inc.^(a)		12,114,813		1,395,989,902
Cisco Systems, Inc.		46,747,062		2,832,871,957
F5, Inc.^(a)(b)		681,334		202,533,345
Juniper Networks, Inc.		3,878,107		135,190,810
Motorola Solutions, Inc.		1,959,957		919,709,822


				5,486,295,836

Construction & Engineering — 0.1%
Quanta Services, Inc.^(b)		1,731,158		532,521,512


Construction Materials — 0.1%
Martin Marietta Materials, Inc.^(b)		716,777		390,012,701
Vulcan Materials Co.		1,548,780		424,598,037


				814,610,738

Consumer Finance — 0.7%
American Express Co.		6,526,633		2,071,879,646
Capital One Financial Corp.		4,474,141		911,427,263
Discover Financial Services		2,944,512		592,111,918
Synchrony Financial		4,566,135		314,971,992


				3,890,390,819

Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.		5,196,265		5,091,716,148
Dollar General Corp.		2,579,112		183,271,699
Dollar Tree, Inc.^(a)(b)		2,368,128		173,702,189
Kroger Co. (The)		7,806,079		481,166,710
Sysco Corp.		5,760,982		420,090,807
Target Corp.		5,402,687		745,084,564
Walgreens Boots Alliance, Inc.		8,411,032		86,465,409
Walmart, Inc.		50,906,165		4,996,949,156


				12,178,446,682

Containers & Packaging — 0.2%
Amcor plc		16,945,388		164,709,171
Avery Dennison Corp.		942,535		175,057,026
Ball Corp.		3,499,940		194,946,658
International Paper Co.		4,072,289		226,541,437
Packaging Corp. of America		1,045,754		222,390,046
Smurfit WestRock plc^(b)		5,795,250		307,669,822


				1,291,314,160

Distributors — 0.1%
Genuine Parts Co.		1,630,651		189,563,179
LKQ Corp.		3,044,979		113,851,765
Pool Corp.		445,830		153,476,977


				456,891,921

Diversified Telecommunication Services — 0.7%
AT&T, Inc.		84,150,065		1,996,881,043
Verizon Communications, Inc.		49,369,483		1,944,663,935


				3,941,544,978

Electric Utilities — 1.5%
Alliant Energy Corp.		3,006,434		177,018,834
American Electric Power Co., Inc.		6,245,794		614,336,298
Constellation Energy Corp.		3,668,055		1,100,343,139
Duke Energy Corp.		9,059,486		1,014,571,837
Edison International		4,540,401		245,181,654


Security	Shares		Value

Electric Utilities (continued)
Entergy Corp.		5,029,052	$	407,755,536
Evergy, Inc.		2,696,563		173,038,448
Eversource Energy		4,297,075		247,855,286
Exelon Corp.		11,784,450		471,378,000
FirstEnergy Corp.		6,015,426		239,413,955
NextEra Energy, Inc.		24,117,022		1,725,814,094
NRG Energy, Inc.		2,375,644		243,360,971
PG&E Corp.^(b)		25,639,311		401,255,217
Pinnacle West Capital Corp.		1,334,324		116,032,815
PPL Corp.		8,655,817		290,835,451
Southern Co. (The)		12,849,919		1,078,750,700
Xcel Energy, Inc.		6,734,574		452,563,373


				8,999,505,608

Electrical Equipment — 0.8%
AMETEK, Inc.		2,712,723		500,660,157
Eaton Corp. plc		4,634,811		1,512,987,703
Emerson Electric Co.		6,687,168		868,997,482
GE Vernova, Inc.		3,232,794		1,205,444,227
Generac Holdings, Inc.^(a)(b)		696,907		104,069,122
Hubbell, Inc.		629,442		266,260,260
Rockwell Automation, Inc.		1,324,031		368,649,951


				4,827,068,902

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		14,139,141		1,000,768,400
CDW Corp.		1,562,890		311,233,915
Corning, Inc.		9,037,271		470,661,074
Jabil, Inc.		1,323,397		214,932,907
Keysight Technologies, Inc.^(a)(b)		2,035,269		362,990,226
TE Connectivity plc		3,508,499		519,152,597
Teledyne Technologies, Inc.^(a)(b)		546,535		279,459,741
Trimble, Inc.^(a)		2,863,194		214,625,022
Zebra Technologies Corp., Class A^(a)(b)		604,916		237,090,777


				3,610,914,659

Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		11,604,922		535,915,298
Halliburton Co.		10,302,861		268,080,443
Schlumberger NV		16,561,401		667,093,232


				1,471,088,973

Entertainment — 1.4%
Electronic Arts, Inc.^(b)		2,799,047		344,030,867
Live Nation Entertainment, Inc.^(a)(b)		1,838,997		266,066,086
Netflix, Inc.^(a)		5,013,125		4,896,619,975
Take-Two Interactive Software, Inc.^(a)(b)		1,915,530		355,349,970
Walt Disney Co. (The)		21,238,259		2,401,197,562
Warner Bros Discovery, Inc.^(a)(b)		26,183,104		273,351,606


				8,536,616,066

Financial Services — 4.5%
Apollo Global Management, Inc.^(b)		5,242,248		896,319,563
Berkshire Hathaway, Inc., Class B^(a)(b)		21,496,401		10,074,718,257
Corpay, Inc.^(a)(b)		817,553		311,070,741
Fidelity National Information Services, Inc.		6,313,685		514,375,917
Fiserv, Inc.^(a)(b)		6,672,144		1,441,449,990
Global Payments, Inc.		2,984,699		336,823,282
Jack Henry & Associates, Inc.		854,724		148,798,901
Mastercard, Inc., Class A		9,613,140		5,339,426,350
PayPal Holdings, Inc.^(a)(b)		11,757,536		1,041,482,539
Visa, Inc., Class A		20,266,801		6,927,192,582


				27,031,658,122

Food Products — 0.6%
Archer-Daniels-Midland Co.		5,607,535		287,274,018
Bunge Global SA		1,635,519		124,512,061


25		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^®Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Campbell’s Co. (The)		2,300,726	$	89,199,147
Conagra Brands, Inc.		5,599,915		144,981,799
General Mills, Inc.		6,510,770		391,557,708
Hershey Co. (The)		1,732,949		258,642,638
Hormel Foods Corp.		3,411,442		102,275,031
J M Smucker Co. (The)		1,248,128		133,412,402
Kellanova		3,153,176		257,709,075
Kraft Heinz Co. (The)		10,352,066		308,905,649
Lamb Weston Holdings, Inc.		1,670,274		100,116,224
McCormick & Co., Inc. (Non-Voting), NVS		2,958,376		228,475,379
Mondelez International, Inc., Class A		15,682,289		909,415,939
Tyson Foods, Inc., Class A		3,351,589		189,331,263


				3,525,808,333

Gas Utilities — 0.0%
Atmos Energy Corp.		1,820,537		259,444,728


Ground Transportation — 0.9%
CSX Corp.		22,616,035		743,389,070
JB Hunt Transport Services, Inc.		934,450		159,996,529
Norfolk Southern Corp.		2,653,287		677,384,171
Old Dominion Freight Line, Inc.		2,203,392		408,971,589
Uber Technologies, Inc.^(a)(b)		24,695,248		1,650,877,329
Union Pacific Corp.		7,110,035		1,761,795,573


				5,402,414,261

Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		20,341,269		2,602,258,543
Align Technology, Inc.^(a)(b)		823,295		180,392,168
Baxter International, Inc.		5,988,667		194,990,998
Becton Dickinson & Co.		3,389,814		839,317,946
Boston Scientific Corp.^(a)		17,284,689		1,769,260,766
Cooper Cos., Inc. (The)^(a)		2,336,055		225,546,110
Dexcom, Inc.^(a)(b)		4,580,803		397,751,125
Edwards Lifesciences Corp.^(a)		6,917,034		501,139,113
GE HealthCare Technologies, Inc.^(b)		5,358,095		473,119,789
Hologic, Inc.^(a)(b)		2,724,030		196,511,524
IDEXX Laboratories, Inc.^(a)(b)		960,327		405,306,010
Insulet Corp.^(a)(b)		822,642		229,007,080
Intuitive Surgical, Inc.^(a)(b)		4,177,182		2,388,846,842
Medtronic plc		15,040,465		1,365,975,031
ResMed, Inc.		1,721,590		406,605,126
Solventum Corp.^(a)(b)		1,621,024		120,053,038
STERIS plc		1,157,611		255,426,867
Stryker Corp.		4,023,728		1,574,444,529
Teleflex, Inc.		544,070		98,063,177
Zimmer Biomet Holdings, Inc.		2,334,691		255,601,971


				14,479,617,753

Health Care Providers & Services — 2.2%
Cardinal Health, Inc.		2,838,248		350,977,748
Cencora, Inc.		2,056,717		522,838,029
Centene Corp.^(a)		5,920,937		379,117,596
Cigna Group (The)		3,262,112		959,745,971
CVS Health Corp.		14,758,307		833,549,179
DaVita, Inc.^(a)(b)		528,187		93,066,549
Elevance Health, Inc.		2,719,938		1,076,279,467
HCA Healthcare, Inc.		2,138,839		705,624,374
Henry Schein, Inc.^(a)(b)		1,460,434		116,834,720
Humana, Inc.		1,412,151		414,085,038
Labcorp Holdings, Inc.		980,897		245,028,071
McKesson Corp.		1,488,722		885,417,409
Molina Healthcare, Inc.^(a)(b)		670,829		208,232,030
Quest Diagnostics, Inc.		1,308,995		213,497,084
UnitedHealth Group, Inc.		10,792,871		5,855,024,589


Security	Shares		Value

Health Care Providers & Services (continued)
Universal Health Services, Inc., Class B		688,987	$	129,915,389


				12,989,233,243

Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.		1,824,387		177,604,074
Healthpeak Properties, Inc.		8,204,888		169,512,986
Ventas, Inc.		4,919,923		297,261,748
Welltower, Inc.		6,937,622		946,846,651


				1,591,225,459

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		8,187,805		136,818,222


Hotels, Restaurants & Leisure — 1.9%
Airbnb, Inc., Class A^(a)		5,076,677		665,907,722
Booking Holdings, Inc.		388,156		1,838,912,339
Caesars Entertainment, Inc.^(a)(b)		2,488,843		89,722,790
Carnival Corp.^(a)(b)		12,182,191		337,081,225
Chipotle Mexican Grill, Inc.^(a)		15,980,162		932,442,453
Darden Restaurants, Inc.		1,378,011		269,042,868
Domino’s Pizza, Inc.		405,095		181,936,266
Expedia Group, Inc.^(a)(b)		1,440,437		246,242,705
Hilton Worldwide Holdings, Inc.		2,858,994		732,102,594
Las Vegas Sands Corp.		4,081,513		187,055,741
Marriott International, Inc., Class A		2,705,022		786,052,343
McDonald’s Corp.		8,404,345		2,426,334,402
MGM Resorts International^(a)(b)		2,650,536		91,390,481
Norwegian Cruise Line Holdings Ltd.^(a)(b)		5,154,216		146,122,024
Royal Caribbean Cruises Ltd.		2,901,038		773,416,731
Starbucks Corp.		13,293,415		1,431,434,927
Wynn Resorts Ltd.		1,083,513		94,103,104
Yum! Brands, Inc.		3,272,891		427,112,275


				11,656,412,990

Household Durables — 0.3%
DR Horton, Inc.		3,420,100		485,312,190
Garmin Ltd.		1,801,620		388,879,677
Lennar Corp., Class A		2,800,654		367,557,831
Millrose Properties, Inc., Class A^(a)		1,406,320		15,553,894
Mohawk Industries, Inc.^(a)		615,164		75,234,557
NVR, Inc.^(a)(b)		35,935		288,061,428
PulteGroup, Inc.		2,405,153		273,658,308


				1,894,257,885

Household Products — 1.1%
Church & Dwight Co., Inc.		2,873,276		303,188,084
Clorox Co. (The)		1,451,674		230,351,630
Colgate-Palmolive Co.		9,581,710		830,734,257
Kimberly-Clark Corp.		3,911,034		508,317,089
Procter & Gamble Co. (The)		27,619,365		4,584,538,396


				6,457,129,456

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		8,325,891		91,584,801
Vistra Corp.		3,990,090		670,454,823


				762,039,624

Industrial Conglomerates — 0.4%
3M Co.		6,386,457		972,018,756
Honeywell International, Inc.		7,625,939		1,706,075,073


				2,678,093,829

Industrial REITs — 0.2%
Prologis, Inc.		10,861,958		1,295,288,492


Insurance — 2.1%
Aflac, Inc.		5,863,590		629,632,294
Allstate Corp. (The)		3,105,546		597,289,662


S C H E D U L E O F I N V E S T M E N T S			26

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^®Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
American International Group, Inc.		7,315,414	$	538,853,395
Aon plc, Class A		2,536,314		940,515,957
Arch Capital Group Ltd.		4,394,591		409,004,584
Arthur J Gallagher & Co.		2,929,628		884,220,323
Assurant, Inc.		600,771		129,279,912
Brown & Brown, Inc.		2,783,527		291,323,936
Chubb Ltd.		4,396,516		1,195,324,770
Cincinnati Financial Corp.		1,833,479		251,278,297
Erie Indemnity Co., Class A, NVS		292,723		117,952,733
Everest Group Ltd.		504,187		175,210,024
Globe Life, Inc.		983,341		120,056,103
Hartford Financial Services Group, Inc. (The)		3,399,772		379,244,567
Loews Corp.^(b)		2,120,021		181,155,794
Marsh & McLennan Cos., Inc.		5,759,763		1,249,177,399
MetLife, Inc.		6,821,250		590,106,338
Principal Financial Group, Inc.		2,467,848		203,474,068
Progressive Corp. (The)		6,870,260		1,693,106,874
Prudential Financial, Inc.		4,175,082		504,182,902
Travelers Cos., Inc. (The)		2,662,425		652,773,362
Willis Towers Watson plc		1,181,277		389,307,555
WR Berkley Corp.		3,530,576		207,703,786


				12,330,174,635

Interactive Media & Services — 7.2%
Alphabet, Inc., Class A		68,525,301		13,980,531,910
Alphabet, Inc., Class C, NVS		55,815,224		11,475,610,054
Match Group, Inc.^(b)		2,941,055		104,995,664
Meta Platforms, Inc., Class A		25,566,527		17,619,939,078


				43,181,076,706

IT Services — 1.2%
Accenture plc, Class A		7,328,160		2,820,975,192
Akamai Technologies, Inc.^(a)(b)		1,762,009		176,024,699
Cognizant Technology Solutions Corp., Class A		5,814,904		480,369,219
EPAM Systems, Inc.^(a)		665,454		168,998,698
Gartner, Inc.^(a)(b)		904,607		491,047,818
GoDaddy, Inc., Class A^(a)(b)		1,646,473		350,122,483
International Business Machines Corp.		10,844,014		2,772,814,380
VeriSign, Inc.^(a)		969,254		208,389,610


				7,468,742,099

Leisure Products — 0.0%
Hasbro, Inc.		1,535,495		88,813,031


Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		3,369,712		510,578,762
Bio-Techne Corp.		1,864,494		137,133,534
Charles River Laboratories International, Inc.^(a)(b)		598,986		98,688,933
Danaher Corp.^(b)		7,538,894		1,679,213,250
IQVIA Holdings, Inc.^(a)		2,022,160		407,182,138
Mettler-Toledo International, Inc.^(a)(b)		247,489		337,683,891
Revvity, Inc.^(b)		1,427,432		180,041,998
Thermo Fisher Scientific, Inc.		4,485,866		2,681,426,402
Waters Corp.^(a)(b)		695,980		289,165,770
West Pharmaceutical Services, Inc.		849,349		290,095,151


				6,611,209,829

Machinery — 1.7%
Caterpillar, Inc.		5,662,187		2,103,162,739
Cummins, Inc.		1,608,838		573,148,537
Deere & Co.		2,984,105		1,422,105,079
Dover Corp.		1,608,955		327,711,954
Fortive Corp.^(b)		4,068,936		330,926,565
IDEX Corp.		888,063		199,201,412
Illinois Tool Works, Inc.		3,151,517		816,747,146
Ingersoll Rand, Inc.^(b)		4,726,430		443,339,134
Nordson Corp.		637,427		140,374,174


Security	Shares		Value

Machinery (continued)
Otis Worldwide Corp.		4,684,781	$	447,021,803
PACCAR, Inc.		6,148,876		681,787,371
Parker-Hannifin Corp.		1,509,598		1,067,361,266
Pentair plc		1,937,854		200,916,703
Snap-on, Inc.		615,790		218,697,818
Stanley Black & Decker, Inc.		1,808,096		159,239,015
Westinghouse Air Brake Technologies Corp.		2,015,883		419,142,393
Xylem, Inc.		2,849,200		353,414,768


				9,904,297,877

Media — 0.4%
Charter Communications, Inc., Class A^(a)(b)		1,133,996		391,784,278
Comcast Corp., Class A		44,765,983		1,506,822,988
Fox Corp., Class A, NVS^(b)		2,590,475		132,580,511
Fox Corp., Class B		1,548,862		75,274,693
Interpublic Group of Cos., Inc. (The)		4,363,161		125,091,826
News Corp., Class A, NVS		4,443,855		124,961,202
News Corp., Class B^(b)		1,314,032		41,589,113
Omnicom Group, Inc.		2,288,034		198,578,471
Paramount Global, Class B, NVS		6,981,161		75,955,031


				2,672,638,113

Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		16,851,946		604,142,264
Newmont Corp.		13,351,467		570,374,670
Nucor Corp.		2,753,829		353,674,259
Steel Dynamics, Inc.		1,660,506		212,876,869


				1,741,068,062

Multi-Utilities — 0.6%
Ameren Corp.		3,130,466		294,889,897
CenterPoint Energy, Inc.		7,643,226		248,939,871
CMS Energy Corp.		3,501,652		231,109,032
Consolidated Edison, Inc.		4,062,636		380,831,499
Dominion Energy, Inc.		9,851,435		547,641,272
DTE Energy Co.		2,429,204		291,212,975
NiSource, Inc.		5,474,271		204,190,308
Public Service Enterprise Group, Inc.		5,843,064		488,129,567
Sempra		7,428,350		616,033,065
WEC Energy Group, Inc.		3,710,126		368,267,107


				3,671,244,593

Office REITs — 0.0%
BXP, Inc.		1,703,902		124,623,392


Oil, Gas & Consumable Fuels — 2.9%
APA Corp.		4,342,147		95,223,284
Chevron Corp.		19,600,541		2,924,204,712
ConocoPhillips		15,170,504		1,499,300,910
Coterra Energy, Inc.		8,638,819		239,468,063
Devon Energy Corp.		7,703,964		262,705,172
Diamondback Energy, Inc.		2,191,600		360,211,376
EOG Resources, Inc.		6,596,280		829,746,061
EQT Corp.		6,997,768		357,725,900
Exxon Mobil Corp.		51,544,618		5,506,511,541
Hess Corp.		3,241,404		450,652,398
Kinder Morgan, Inc.		22,667,726		622,909,110
Marathon Petroleum Corp.		3,769,171		549,205,906
Occidental Petroleum Corp.		7,923,355		369,624,511
ONEOK, Inc.		7,276,309		707,038,945
Phillips 66		4,843,434		570,895,566
Targa Resources Corp.		2,557,392		503,294,746
Texas Pacific Land Corp.^(b)		220,817		286,437,188
Valero Energy Corp.		3,712,834		493,806,922
Williams Cos., Inc. (The)		14,296,281		792,442,856


				17,421,405,167


27		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^®Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		7,518,843	$	505,792,569
Southwest Airlines Co.		7,033,573		216,001,027
United Airlines Holdings, Inc.^(a)(b)		3,856,979		408,222,657


				1,130,016,253

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		2,737,679		228,404,559
Kenvue, Inc.		22,485,128		478,708,375


				707,112,934

Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		23,785,974		1,402,183,167
Eli Lilly & Co.		9,240,678		7,494,929,112
Johnson & Johnson		28,236,022		4,296,110,747
Merck & Co., Inc.		29,666,962		2,931,689,185
Pfizer, Inc.		66,461,097		1,762,548,293
Viatris, Inc.		13,992,354		157,833,753
Zoetis, Inc., Class A		5,291,155		904,258,390


				18,949,552,647

Professional Services — 0.6%
Automatic Data Processing, Inc.		4,778,557		1,447,950,557
Broadridge Financial Solutions, Inc.		1,370,846		326,562,934
Dayforce, Inc.^(a)(b)		1,847,148		130,667,249
Equifax, Inc.		1,453,679		399,441,916
Jacobs Solutions, Inc.		1,457,161		204,191,971
Leidos Holdings, Inc.		1,564,872		222,258,770
Paychex, Inc.		3,756,510		554,723,832
Paycom Software, Inc.^(b)		569,440		118,192,966
Verisk Analytics, Inc.		1,656,088		476,025,935


				3,880,016,130

Real Estate Management & Development — 0.1%^(a)(b)
CBRE Group, Inc., Class A		3,527,674		510,595,535
CoStar Group, Inc.		4,807,914		368,286,212


				878,881,747

Residential REITs — 0.3%
AvalonBay Communities, Inc.		1,665,929		369,019,933
Camden Property Trust		1,250,365		142,179,004
Equity Residential		4,004,085		282,808,523
Essex Property Trust, Inc.		753,865		214,527,363
Invitation Homes, Inc.		6,681,571		208,130,937
Mid-America Apartment Communities, Inc.		1,370,741		209,147,662
UDR, Inc.		3,518,378		146,857,098


				1,572,670,520

Retail REITs — 0.3%
Federal Realty Investment Trust		895,686		97,298,370
Kimco Realty Corp.		7,905,458		177,477,532
Realty Income Corp.		10,264,264		560,839,385
Regency Centers Corp.		1,913,835		137,489,906
Simon Property Group, Inc.		3,596,832		625,345,212


				1,598,450,405

Semiconductors & Semiconductor Equipment — 10.5%
Advanced Micro Devices, Inc.^(a)(b)		19,031,892		2,206,747,877
Analog Devices, Inc.		5,822,752		1,233,782,921
Applied Materials, Inc.		9,668,412		1,743,698,104
Broadcom, Inc.		54,775,391		12,120,150,767
Enphase Energy, Inc.^(a)(b)		1,582,458		98,555,484
First Solar, Inc.^(a)(b)		1,255,550		210,329,736
Intel Corp.		50,581,829		982,804,938
KLA Corp.		1,568,706		1,158,081,517
Lam Research Corp.		15,089,934		1,223,039,151
Microchip Technology, Inc.		6,297,926		341,977,382
Micron Technology, Inc.^(b)		13,003,073		1,186,400,381


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Monolithic Power Systems, Inc.		572,081	$	364,627,267
NVIDIA Corp.		287,681,944		34,541,971,016
NXP Semiconductors NV^(b)		2,980,681		621,621,023
ON Semiconductor Corp.^(a)		4,993,645		261,367,379
QUALCOMM, Inc.		13,029,541		2,253,198,525
Skyworks Solutions, Inc.		1,871,775		166,138,749
Teradyne, Inc.		1,909,995		221,158,321
Texas Instruments, Inc.		10,698,263		1,975,006,332


				62,910,656,870

Software — 10.1%
Adobe, Inc.^(a)(b)		5,162,558		2,258,360,997
ANSYS, Inc.^(a)(b)		1,025,594		359,470,697
Autodesk, Inc.^(a)		2,521,469		785,034,158
Cadence Design Systems, Inc.^(a)(b)		3,216,492		957,292,349
Crowdstrike Holdings, Inc., Class A^(a)(b)		2,729,248		1,086,431,751
Fair Isaac Corp.^(a)(b)		285,546		534,987,564
Fortinet, Inc.^(a)		7,460,684		752,633,802
Gen Digital, Inc.		6,359,687		171,139,177
Intuit, Inc.		3,287,196		1,977,281,266
Microsoft Corp.		87,194,497		36,190,947,925
Oracle Corp.		18,849,047		3,205,468,933
Palantir Technologies, Inc., Class A^(a)(b)		24,039,733		1,983,037,575
Palo Alto Networks, Inc.^(a)(b)		7,675,843		1,415,578,966
PTC, Inc.^(a)(b)		1,408,845		272,583,331
Roper Technologies, Inc.		1,257,555		723,911,536
Salesforce, Inc.		11,211,740		3,831,051,558
ServiceNow, Inc.^(a)(b)		2,415,917		2,460,321,555
Synopsys, Inc.^(a)		1,801,550		946,678,494
Tyler Technologies, Inc.^(a)(b)		501,935		301,984,173
Workday, Inc., Class A^(a)(b)		2,498,015		654,629,811


				60,868,825,618

Specialized REITs — 0.9%
American Tower Corp.		5,480,251		1,013,572,422
Crown Castle, Inc.		5,096,860		455,047,661
Digital Realty Trust, Inc.		3,656,836		599,209,147
Equinix, Inc.		1,131,589		1,033,887,606
Extra Space Storage, Inc.		2,486,098		382,859,092
Iron Mountain, Inc.		3,441,628		349,566,156
Public Storage		1,848,273		551,672,525
SBA Communications Corp.		1,261,002		249,123,555
VICI Properties, Inc.		12,363,097		368,049,398
Weyerhaeuser Co.^(b)		8,521,178		260,918,470


				5,263,906,032

Specialty Retail — 1.9%
AutoZone, Inc.^(a)(b)		198,246		664,165,732
Best Buy Co., Inc.		2,288,769		196,513,706
CarMax, Inc.^(a)(b)		1,814,697		155,410,651
Home Depot, Inc. (The)		11,649,103		4,799,197,454
Lowe’s Cos., Inc.		6,653,086		1,730,068,484
O’Reilly Automotive, Inc.^(a)		677,055		876,393,533
Ross Stores, Inc.		3,890,838		585,804,569
TJX Cos., Inc. (The)		13,227,424		1,650,650,241
Tractor Supply Co.		6,326,014		343,882,121
Ulta Beauty, Inc.^(a)		552,554		227,735,131


				11,229,821,622

Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.		177,274,739		41,836,838,403
Dell Technologies, Inc., Class C		3,602,346		373,203,046
Hewlett Packard Enterprise Co.		15,230,480		322,733,871
HP, Inc.		11,302,253		367,323,222
NetApp, Inc.		2,401,647		293,241,099
Seagate Technology Holdings plc		2,480,774		239,047,383


S C H E D U L E O F I N V E S T M E N T S			28

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^®Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Super Micro Computer, Inc.^(a)(b)		5,903,750	$	168,374,950
Western Digital Corp.^(a)		4,054,381		264,061,834


				43,864,823,808

Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.^(a)		1,781,706		316,003,376
Lululemon Athletica, Inc.^(a)(b)		1,324,709		548,694,468
NIKE, Inc., Class B		13,963,048		1,073,758,391
Ralph Lauren Corp., Class A		471,656		117,772,503
Tapestry, Inc.		2,732,989		199,344,218


				2,255,572,956

Tobacco — 0.6%
Altria Group, Inc.		19,876,359		1,038,142,230
Philip Morris International, Inc.		18,234,709		2,374,159,112


				3,412,301,342

Trading Companies & Distributors — 0.3%
Fastenal Co.		6,718,670		492,075,391
United Rentals, Inc.		769,600		583,402,976
WW Grainger, Inc.		519,739		552,311,043


				1,627,789,410

Water Utilities — 0.1%
American Water Works Co., Inc.		2,285,670		284,885,909


Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.		5,716,162		1,331,694,261


Total Long-Term Investments — 99.8% (Cost: $517,981,225,678)			599,923,431,478


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.7%^(c)(d)

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.54%^(e)		2,850,071,802	$	2,851,496,838
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.35%		1,391,665,214		1,391,665,214


Total Short-Term Securities — 0.7% (Cost: $4,241,552,161)				4,243,162,052


Total Investments — 100.5% (Cost: $522,222,777,839)				604,166,593,530
Liabilities in Excess of Other Assets — (0.5)%				(3,186,031,012)


Net Assets — 100.0%			$	600,980,562,518

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

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

S&P 500 E-Mini Index

3,414

03/21/25

1,035,680

6,384,864


29		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S

Schedule of Investments (unaudited) (continued)

January 31, 2025

iShares^®Core S&P 500 ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	599,907,877,584	$	15,553,894	$	—	$	599,923,431,478
Short-Term Securities
Money Market Funds		4,243,162,052		—		—		4,243,162,052

	$	604,151,039,636	$	15,553,894	$	—	$	604,166,593,530

Derivative Financial Instruments^(a)
Assets
Equity contracts	$	6,384,864	$	—	$	—	$	6,384,864

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.


S C H E D U L E O F I N V E S T M E N T S			30

Statements of Assets and Liabilities (unaudited)

January 31, 2025


	iShares Core S&P 500 ETF
ASSETS
Investments, at value — unaffiliated^(a)(b)	$	598,087,121,700
Investments, at value — affiliated^(c)		6,079,471,830
Cash		4,768
Cash pledged:
Futures contracts		96,886,000
Receivables:
Investments sold		149,947,142
Securities lending income — affiliated		618,743
Capital shares sold		1,778,823
Dividends — unaffiliated		331,900,694
Dividends — affiliated		4,397,959

Total assets		604,752,127,659


LIABILITIES
Collateral on securities loaned		2,998,884,868
Payables:
Investments purchased		746,967,605
Capital shares redeemed		1,423,058
Investment advisory fees		15,155,262
Variation margin on futures contracts		9,134,348

Total liabilities		3,771,565,141


Commitments and contingent liabilities

NET ASSETS	$	600,980,562,518


NET ASSETS CONSIST OF:
Paid-in capital	$	462,759,198,834
Accumulated earnings		138,221,363,684

NET ASSETS	$	600,980,562,518


NET ASSET VALUE
Shares outstanding		993,450,000

Net asset value	$	604.94

Shares authorized		Unlimited

Par value		None


^(a) Investments, at cost — unaffiliated	$	516,527,242,733
^(b)Securities loaned, at value	$	2,778,348,095
^(c) Investments, at cost — affiliated	$	5,695,535,106


31		2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation



MSCI		Morgan Stanley Capital International
NVS		Non-Voting Shares
REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S			32

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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 – Not Applicable

Item 12 –

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

Item 13 –

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

Item 14 –

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

Item 15 –

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

Item 16 –

Controls and Procedures

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

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

Item 17 –

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

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 –

Exhibits attached hereto

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

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

(a)(3) Section 302 Certifications are attached.

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

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

(b) Section 906 Certifications are attached.

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

BlackRock ETF Trust II


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

		Date: March 24, 2025

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: March 24, 2025


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock ETF Trust II

		Date: March 24, 2025