BlackRock ETF Trust II

09/30/2025 | Press release | Distributed by Public on 09/30/2025 10:02

Annual Report by Investment Company (Form N-CSR)

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:
07/31/2025
Item 1 - Reports to Stockholders
(a) The Reports to Shareholders are attached herewith
iShares Large Cap Moderate Buffer ETF
IVVM | Cboe BZX Exchange
Annual Shareholder Report - July 31, 2025
This annual shareholder report contains important information about iShares Large Cap Moderate Buffer ETF (the "Fund") for the period of August 1, 2024 to July 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).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment 		Costs paid as a percentage of a
$10,000 investment
iShares Large Cap Moderate Buffer ETF $50(a) 0.47%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 13.96%.
  • For the same period, the S&P 500® Index returned 16.33%.
What contributed to performance?
The Fund accomplished its goal of delivering upside performance to the cap in line with the index, as well as protecting against the majority of the losses for the index during times of market weakness.
What detracted from performance?
As designed, the Fund underperformed during periods of strong equity returns and provided a measure of downside protection when equities moved lower in early 2025. The Fund used derivatives, such as options and futures contracts, during the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 28, 2023 through July 31, 2025
Initial investment of $10,000
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 13.96 % 14.40 %
S&P 500® Index 16.33 21.09
Key Fund statistics
Net Assets $108,091,373
Number of Portfolio Holdings 6
Net Investment Advisory Fees $371,136
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.comfor more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 99.8 %
Purchased Put Options 1.5 %
Futures 0.0 %(a)
Written Put Options (0.7 )%
Written Call Options (0.9 )%
Money Market Funds 0.3 %
Other assets, less liabilities 0.0
​(a)
​(a)
Rounds to less than 0.1%.
Material fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at blackrock.com/fundreportsor upon request by contacting us at 1-800-iShares (1-800-474-2737).
On July 11, 2025, the Fund's Board approved a change in the name of the Fund to iShares Large Cap Moderate Quarterly Laddered ETF. The investment objective of the Fund will change to seek to track the share price return of the iShares Core S&P 500 ETF (the "Underlying ETF") up to an approximate upside limit, while seeking to provide downside protection. In connection with the Fund's name change, the Fund's investment strategy will change to seek to obtain downside protection by employing a "laddered" strategy pursuant to which it buys and sells approximately three-month FLEX Options or other exchange-traded options with overlapping expiration dates. These changes are expected to become effective on or about October 1, 2025.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Large Cap Moderate Buffer ETF
Annual Shareholder Report - July 31, 2025
IVVM-07/25-AR
iShares Large Cap Deep Buffer ETF
IVVB | Cboe BZX Exchange
Annual Shareholder Report - July 31, 2025
This annual shareholder report contains important information about iShares Large Cap Deep Buffer ETF (the "Fund") for the period of August 1, 2024 to July 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).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment 		Costs paid as a percentage of a
$10,000 investment
iShares Large Cap Deep Buffer ETF $50(a) 0.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year?
  • For the reporting period ended July 31, 2025, the Fund returned 9.78%.
  • For the same period, the S&P 500® Index returned 16.33%.
What contributed to performance?
The Fund accomplished its goal of delivering upside performance to the cap in line with the index, as well as protecting against the majority of the losses for the index during times of market weakness.
What detracted from performance?
As designed, the Fund underperformed during periods of strong equity returns and provided a measure of downside protection when equities moved lower in early 2025. The Fund used derivatives, such as options and futures contracts, during the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 28, 2023 through July 31, 2025
Initial investment of $10,000
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Fund NAV 9.78 % 12.10 %
S&P 500® Index 16.33 21.09
Key Fund statistics
Net Assets $235,650,295
Number of Portfolio Holdings 6
Net Investment Advisory Fees $728,398
Portfolio Turnover Rate 1%
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.comfor more recent performance information.
What did the Fund invest in?
(as of July 31, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 100.0 %
Purchased Put Options 0.8 %
Futures 0.0 %(a)
Written Put Options (0.2 )%
Written Call Options (0.9 )%
Money Market Funds 0.3 %
Liabilities in excess of other assets (0.0 )(b)
​(a)
Rounds to less than 0.1%.
​(b)
Rounds to greater than (0.1)%.
Material fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at blackrock.com/fundreportsor upon request by contacting us at 1-800-iShares (1-800-474-2737).
On July 11, 2025, the Fund's Board approved a change in the name of the Fund to iShares Large Cap Deep Quarterly Laddered ETF. The investment objective of the Fund will change to seek to track the share price return of the iShares Core S&P 500 ETF (the "Underlying ETF") up to an approximate upside limit, while seeking to provide downside protection. In connection with the Fund's name change, the Fund's investment strategy will change to seek to obtain downside protection by employing a "laddered" strategy pursuant to which it buys and sells approximately three-month FLEX Options or other exchange-traded options with overlapping expiration dates. These changes are expected to become effective on or about October 1, 2025.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Large Cap Deep Buffer ETF
Annual Shareholder Report - July 31, 2025
IVVB-07/25-AR

(b) Not Applicable

Item 2 -

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

Item 3 -

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

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

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

Item 4 -

Principal Accountant Fees and Services

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

(a) Audit Fees

(b) Audit-Related

Fees1

(c) Tax Fees2 (d) All Other Fees
Entity Name

 Current 
Fiscal
Year

End

 Previous 
Fiscal
Year

End

 Current 
Fiscal
Year

End

 Previous 
Fiscal
Year

End

 Current 
Fiscal
Year

End

 Previous 
Fiscal
Year

End

 Current 
Fiscal
Year

End

 Previous 
Fiscal
Year

End

iShares Large Cap Deep Buffer ETF $13,938 $13,433 $0 $0 $10,185 $9,700 $0 $0
iShares Large Cap Moderate Buffer ETF $13,938 $13,433 $0 $0 $10,185 $9,700 $0 $0

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or

2

"BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviserwhose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

 Current Fiscal Year End   Previous Fiscal Year End 

(b) Audit-Related Fees1

$0 $0

(c) Tax Fees2

$0 $0

(d) All Other Fees3

$2,149,000 $2,149,000

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

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

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

(e)(1) Audit Committee Pre-ApprovalPolicies and Procedures:

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

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

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

(f) Not Applicable

(g) The aggregate non-auditfees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax

3

Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name  Current Fiscal 
Year End 		 Previous Fiscal 
Year End
iShares Large Cap Deep Buffer ETF $10,185 $9,700
iShares Large Cap Moderate Buffer ETF $10,185 $9,700

(h) The Committee has considered and determined that the provision of non-auditservices that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-Xis compatible with maintaining the principal accountant's independence.

(i) - Not Applicable

(j) - Not Applicable

Item 5 -

Audit Committee of Listed Registrant

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

Lorenzo A. Flores

J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

(b) Not Applicable

Item 6 -

Investments

(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-EndManagement 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-CSRfiling.

Item 7 -

Financial Statements and Financial Highlights for Open-EndManagement Investment Companies

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

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

4

JULY 31, 2025

2025 Annual Financial Statements

and Additional Information

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

Report of Independent Registered Public Accounting Firm

21

Important Tax Information

22

Additional Information

23

Disclosure of Investment Advisory Agreement

25

Glossary of Terms Used in these Financial Statements

28

Additional Information:

Schedule of Investments (unaudited)

30

Statement of Assets and Liabilities (unaudited)

36

2  

Schedule of Investments

July 31, 2025

iShares®Large Cap Moderate Buffer ETF

(Percentages shown are based on Net Assets)

Security Shares Value
Investment Companies
Equity Funds - 99.8%

iShares Core S&P 500 ETF(a)(b)

169,900 $ 107,869,510

Total Long-Term Investments - 99.8%
(Cost: $99,789,820)

107,869,510

Short-Term Securities

Money Market Funds - 0.3%

BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(a)(c)

308,378 308,378

Total Short-Term Securities - 0.3%
(Cost: $308,378)

308,378

Options Purchased - 1.4%
(Cost: $2,755,074)

1,563,735

Total Investments Before Options Written - 101.5%
(Cost: $102,853,272)

109,741,623

Options Written - (1.6)%
(Premiums Received: $(2,455,182))

(1,705,582 )

Total Investments Net of Options Written - 99.9%
(Cost: $100,398,090)

108,036,041

Other Assets Less Liabilities - 0.1%

55,332

Net Assets - 100.0%

$  108,091,373
(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 year ended July 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
07/31/25 		Shares
Held at
07/31/25 		Income Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Cash Funds: Treasury, SL Agency Shares

$ 361,092 $ - $ (52,714) (a) $   - $ - $ 308,378 308,378 $ 17,487 $ -

iShares Core S&P 500 ETF

 46,160,721  94,113,338 (43,532,723) 8,368,128   2,760,046 107,869,510 169,900 1,014,815 -
$  8,368,128 $  2,760,046 $  108,177,888 $  1,032,302 $   -
(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

20 09/19/25 $ 637 $ 25,429

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

3

Schedule of Investments (continued)

July 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

1,709 10/01/25 USD 620.90 USD 108,504 $  1,563,735

Exchange-Traded Options Written

Description Number of
Contracts 		Expiration
Date 		Exercise
Price

Notional
Amount

(000)

Value

Call

iShares Core S&P 500 ETF

1,709 10/01/25 USD 655.17 USD 108,504 $ (938,241 )

Put

iShares Core S&P 500 ETF

1,709 10/01/25 USD 589.86 USD 108,504 (767,341 )
$  (1,705,582 )

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 $ (2,455,182 ) $ 749,600 $ - $ (1,705,582 )

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Commodity
Contracts 		Credit
Contracts 		Equity
Contracts 		Foreign
Currency
Exchange
Contracts 		Interest
Rate
Contracts 		Other
Contracts 		Total

Assets - Derivative Financial Instruments

Futures contracts

Unrealized appreciation on futures contracts(a)

$ - $ - $ 25,429 $ - $ - $ - $ 25,429

Options purchased

Investments at value - unaffiliated(b)

- - 1,563,735 - - - 1,563,735
$ - $ - $ 1,589,164 $ - $ - $ - $ 1,589,164

Liabilities - Derivative Financial Instruments

Options written

Options written at value

$ - $ - $  1,705,582 $ - $ - $ - $  1,705,582
(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

(b)

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

4

2 0 2 5  B L A C K R O C K  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 (continued)

July 31, 2025

iShares®Large Cap Moderate Buffer ETF

For the period ended July 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

$ - $ - $ 46,753 $ - $ - $ - $ 46,753

Options purchased(a)(b)

- - (3,854,004 ) - - - (3,854,004 )

Options written(a)

- - 2,422,878 - - - 2,422,878
$ - $ - $ (1,384,373 ) $ - $ - $ - $ (1,384,373 )

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts

$ - $ - $ 21,321 $ - $ - $ - $ 21,321

Options purchased(c)

- - (1,054,223 ) - - - (1,054,223 )

Options written

- - 764,565 - - - 764,565
$ - $ - $ (268,337 ) $ - $ - $ - $ (268,337 )
(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

$  684,174

Options:

Average value of option contracts purchased

1,991,124

Average value of option contracts written

1,827,153

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

$ 107,869,510 $ - $ - $ 107,869,510

Short-Term Securities

Money Market Funds

308,378 - - 308,378

Options Purchased

Equity Contracts

1,563,735 - - 1,563,735
$   109,741,623 $      - $      - $   109,741,623

Derivative Financial Instruments(a)

Assets

Equity Contracts

$ 25,429 $ - $ - $ 25,429

Liabilities

Equity Contracts

(1,705,582 ) - - (1,705,582 )
$ (1,680,153 ) $ - $ - $ (1,680,153 )
(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  O F  I N V E S T M E N T S

5

Schedule of Investments

July 31, 2025

iShares®Large Cap Deep Buffer ETF

(Percentages shown are based on Net Assets)

Security Shares Value
Investment Companies
Equity Funds - 100.0%

iShares Core S&P 500 ETF(a)(b)

371,100 $ 235,611,390

Total Long-Term Investments - 100.0%
(Cost: $212,418,155)

235,611,390

Short-Term Securities

Money Market Funds - 0.3%

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%(a)(c)

759,341 759,341

Total Short-Term Securities - 0.3%
(Cost: $759,341)

759,341

Options Purchased - 0.8%
(Cost: $3,458,541)

1,800,871

Total Investments Before Options Written - 101.1%
(Cost: $216,636,037)

238,171,602

Options Written - (1.1)%
(Premiums Received: $(2,724,106))

(2,527,358 )

Total Investments Net of Options Written - 100.0%
(Cost: $213,911,931)

235,644,244

Other Assets Less Liabilities - 0.0%

6,051

Net Assets - 100.0%

$ 235,650,295
(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 year ended July 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
07/31/25 		Shares
Held at
07/31/25 		Income

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

$ 471,240 $ 288,101 (a) $   - $ - $ - $ 759,341 759,341 $ 27,473 $ -

iShares Core S&P 500 ETF

 65,402,424  261,751,199 (124,983,218 ) 16,162,647   17,278,338 235,611,390 371,100 2,341,253 -
$ 16,162,647 $ 17,278,338 $ 236,370,731 $ 2,368,726 $   -
(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

46 09/19/25 $ 1,466 $ 62,481
6

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Schedule of Investments (continued)

July 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

3,734 10/02/25 USD 589.86 USD 237,072 $  1,800,871

Exchange-Traded Options Written

Description Number of
Contracts 		Expiration
Date 		Exercise
Price

Notional
Amount

(000)

Value

Call

iShares Core S&P 500 ETF

3,734 10/02/25 USD 655.98 USD 237,072 $ (2,047,763 )

Put

iShares Core S&P 500 ETF

3,734 10/02/25 USD 496.72 USD 237,072 (479,595 )
$  (2,527,358 )

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 $ (2,724,106 ) $ 210,338 $ (13,590 ) $ (2,527,358 )

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Commodity
Contracts 		Credit
Contracts 		Equity
Contracts 		Foreign
Currency
Exchange
Contracts 		Interest
Rate
Contracts 		Other
Contracts 		Total

Assets - Derivative Financial Instruments

Futures contracts

Unrealized appreciation on futures contracts(a)

$ - $ - $ 62,481 $ - $ - $ - $ 62,481

Options purchased

Investments at value - unaffiliated(b)

- - 1,800,871 - - - 1,800,871
$ - $ - $ 1,863,352 $ - $ - $ - $  1,863,352

Liabilities - Derivative Financial Instruments

Options written

Options written at value

$ - $ - $ 2,527,358 $ - $ - $ - $ 2,527,358
(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

(b)

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

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

7

Schedule of Investments (continued)

July 31, 2025

iShares®Large Cap Deep Buffer ETF

For the period ended July 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

$ - $ - $ 145,948 $ - $ - $ - $ 145,948

Options purchased(a)(b)

- - (9,887,480 ) - - - (9,887,480 )

Options written(a)

- - (5,104,618 ) - - - (5,104,618 )
$ - $ - $  (14,846,150 ) $ - $ - $ - $  (14,846,150 )

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts

$ - $ - $ 57,004 $ - $ - $ - $ 57,004

Options purchased(c)

- - (1,591,181 ) - - - (1,591,181 )

Options written

- - 254,194 - - - 254,194
$ - $ - $ (1,279,983 ) $ - $ - $ - $ (1,279,983 )
(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

$ 1,141,930 

Options:

Average value of option contracts purchased

2,275,462 

Average value of option contracts written

1,957,022 

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

$ 235,611,390 $      - $      - $ 235,611,390

Short-Term Securities

Money Market Funds

759,341 - - 759,341

Options Purchased

Equity Contracts

1,800,871 - - 1,800,871
$ 238,171,602    $ -    $ -    $ 238,171,602

Derivative Financial Instruments(a)

Assets

Equity Contracts

$ 62,481 $ - $ - $ 62,481

Liabilities

Equity Contracts

(2,527,358 ) - - (2,527,358 )
$ (2,464,877 ) $ - $ - $ (2,464,877 )
(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.

8

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Statements of Assets and Liabilities

July 31, 2025

iShares
Large Cap Moderate
Buffer ETF

iShares

Large Cap

Deep Buffer

ETF

ASSETS

Investments, at value - unaffiliated(a)

$ 1,563,735 $ 1,800,871

Investments, at value - affiliated(b)

108,177,888 236,370,731

Cash

247 218

Cash pledged:

Futures contracts

48,000 109,000

Receivables:

Investments sold

19,911 -

Capital shares sold

1,318,227 -

Dividends - affiliated

852 2,581

Total assets

111,128,860 238,283,401

LIABILITIES

Options written, at value(c)

1,705,582 2,527,358

Payables:

Investments purchased

1,288,139 -

Investment advisory fees

41,566 100,688

Variation margin on futures contracts

2,200 5,060

Total liabilities

3,037,487 2,633,106

Commitments and contingent liabilities

NET ASSETS

$ 108,091,373 $ 235,650,295

NET ASSETS CONSIST OF:

Paid-in capital

$ 100,121,007 $ 213,412,161

Accumulated earnings

7,970,366 22,238,134

NET ASSETS

$ 108,091,373 $ 235,650,295

NET ASSET VALUE

Shares outstanding

3,280,000 7,480,000

Net asset value

$ 32.95 $ 31.50

Shares authorized

Unlimited Unlimited

Par value

None None

(a) Investments, at cost - unaffiliated

$ 2,755,074 $ 3,458,541

(b) Investments, at cost - affiliated

$ 100,098,198 $ 213,177,496

(c)  Premiums received

$ 2,455,182 $ 2,724,106

See notes to financial statements.

S T A T E M E N T S  OF  A S S E T S   A N D  L I A B I L I T I E S

9

Statements of Operations

Year Ended July 31, 2025

iShares

Large Cap Moderate
Buffer ETF

iShares
Large Cap
Deep Buffer
ETF

INVESTMENT INCOME

Dividends - affiliated

$ 1,032,302 $ 2,368,726

Interest - unaffiliated

5,672 5,755

Total investment income

1,037,974 2,374,481

EXPENSES

Investment advisory

395,045 775,285

Interest expense

3,575 9,329

Total expenses

398,620 784,614

Less:

Investment advisory fees waived

(23,909 ) (46,887 )

Total expenses after fees waived

374,711 737,727

Net investment income

663,263 1,636,754

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments - unaffiliated

3,541 (32,697 )

Investments - affiliated

26,561 27,453

Options written

1,330 10,915

Futures contracts

46,753 145,948

In-kind redemptions - unaffiliated(a)

(1,435,997 ) (14,970,316 )

In-kind redemptions - affiliated(a)

8,341,567 16,135,194
6,983,755 1,316,497

Net change in unrealized appreciation (depreciation) on:

Investments - unaffiliated

(1,054,223 ) (1,591,181 )

Investments - affiliated

2,760,046 17,278,338

Options written

764,565 254,194

Futures contracts

21,321 57,004
2,491,709 15,998,355

Net realized and unrealized gain

9,475,464 17,314,852

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$ 10,138,727 $ 18,951,606
(a)

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

10

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Statements of Changes in Net Assets

iShares Large Cap Moderate Buffer
ETF

iShares Large Cap Deep Buffer

ETF

Year Ended

07/31/25

Year Ended

07/31/24

Year Ended

07/31/25

Year Ended

07/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income

$ 663,263 $ 122,276 $ 1,636,754 $ 161,619

Net realized gain (loss)

6,983,755 (1,036,860 ) 1,316,497 (727,040 )

Net change in unrealized appreciation (depreciation)

2,491,709 4,871,554 15,998,355 5,465,678

Net increase in net assets resulting from operations

10,138,727 3,956,970 18,951,606 4,900,257

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders

(523,881 ) - (754,426 ) -

CAPITAL SHARE TRANSACTIONS

Net increase in net assets derived from capital share transactions

51,921,544 31,270,513 151,454,159 48,704,483

NET ASSETS

Total increase in net assets

61,536,390 35,227,483 169,651,339 53,604,740

Beginning of year

46,554,983 11,327,500 65,998,956 12,394,216

End of year

$    108,091,373 $    46,554,983 $  235,650,295 $  65,998,956
(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

Year Ended
07/31/25

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)

0.26 0.13 (0.01 )

Net realized and unrealized gain(c)

3.78 3.23 0.72

Net increase from investment operations

4.04 3.36 0.71

Distributions(d)

From net investment income

(0.18 ) - -

From net realized gain

(0.01 ) - -

Total distributions

(0.19 ) - -

Net asset value, end of period

$ 32.95 $ 29.10 $ 25.74

Total Return(e)

Based on net asset value

13.96 % 13.02 % 2.84 %(f)

Ratios to Average Net Assets(g)

Total expenses

0.50 % 0.51 % 0.50 %(h)

Total expenses after fees waived

0.47 % 0.48 % 0.50 %(h)

Net investment income (loss)

0.84 % 0.46 % (0.48 )%(h)

Supplemental Data

Net assets, end of period (000)

$  108,091 $    46,555 $    11,328

Portfolio turnover rate

0 %(i)(j) 0 %(i) 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)

Where applicable, assumes the reinvestment of distributions.

(f)

Not annualized.

(g)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h)

Annualized.

(i)

Portfolio turnover rate excludes in-kind transactions.

(j)

Rounds to less than 0.5%.

See notes to financial statements.

12

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Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares Large Cap Deep Buffer ETF

Year Ended
07/31/25

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)

0.32 0.12 (0.01 )

Net realized and unrealized gain(c)

2.50 3.01 0.80

Net increase from investment operations

2.82 3.13 0.79

Distributions from net investment income(d)

(0.27 ) - -

Net asset value, end of period

$ 31.50 $ 28.95 $ 25.82

Total Return(e)

Based on net asset value

9.78 % 12.10 % 3.16 %(f)

Ratios to Average Net Assets(g)

Total expenses

0.51 % 0.51 % 0.50 %(h)

Total expenses after fees waived

0.48 % 0.49 % 0.50 %(h)

Total expenses after fees waived and excluding interest expense

0.47 % 0.49 % 0.50 %(h)

Net investment income (loss)

1.06 % 0.46 % (0.48 )%(h)

Supplemental Data

Net assets, end of period (000)

$  235,650 $    65,999 $    12,394

Portfolio turnover rate

1 %(i) 0 %(i)(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)

Where applicable, assumes the reinvestment of distributions.

(f)

Not annualized.

(g)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h)

Annualized.

(i)

Portfolio turnover rate excludes in-kind transactions.

(j)

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

1.  ORGANIZATION

BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

Fund Name Herein Referred To As Diversification
Classification

iShares Large Cap Moderate Buffer ETF

Large Cap Moderate Buffer Non-Diversified

iShares Large Cap Deep Buffer ETF

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 July 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, 2025 are available, without charge, on the U.S. Securities and Exchange Commission's ("SEC") website at www.sec.gov.

On July 11, 2025, the Board of Trustees of the Trust (the "Board") approved to change the name of iShares Large Cap Moderate Buffer ETF to iShares Large Cap Moderate Quarterly Laddered ETF and iShares Large Cap Deep Buffer ETF to iShares Large Cap Deep Quarterly Laddered ETF. The investment objective of each Fund will change to seek to track the share price return of the Core S&P 500 up to an approximate upside limit, while seeking to provide downside protection. In connection with each Fund's name change, each Fund's investment strategy will change to seek to obtain downside protection by employing a "laddered" strategy pursuant to which it buys and sells approximately three-month FLEX Options or other exchange-traded options with overlapping expiration dates. These changes are expected to become effective on or about October 1, 2025.

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 each Fund has 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.

14

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Notes to Financial Statements (continued)

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 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 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.

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 (continued)

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 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:

Fund Name 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 year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name Amounts Waived

Large Cap Moderate Buffer

$   23,909

Large Cap Deep Buffer

46,887

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.

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Notes to Financial Statements (continued)

6.   PURCHASES AND SALES

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

Fund Name Purchases Sales

Large Cap Moderate Buffer

$ 94,113,337 $ 203,553

Large Cap Deep Buffer

 261,751,200  1,179,259

For the year ended July 31, 2025, in-kind transactions were as follows:

Fund Name In-kind
Purchases

In-kind

Sales

Large Cap Moderate Buffer

$  - $ 43,329,170

Large Cap Deep Buffer

-  123,803,959

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 July 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2025, permanent differences attributable to distributions in connection with fund share redemptions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

Fund Name Paid-in capital Accumulated earnings (loss)

Large Cap Moderate Buffer

$ 6,954,218 $ (6,954,218 )

Large Cap Deep Buffer

 1,163,108  (1,163,108 )

The tax character of distributions paid was as follows:

Fund Name Period
Ended
07/31/25

Large Cap Moderate Buffer

Ordinary income

$ 499,311

Long term capital gains

24,570
$ 523,881

Large Cap Deep Buffer

Ordinary income

$   754,426

As of July 31, 2025, the tax components of accumulated earnings (losses) were as follows:

Fund Name Undistributed
Ordinary Income 		Undistributed Long-Term
Capital Gains 		Non-expiring
Capital Loss
Carryforwards(a) 		Net Unrealized
Gains(Losses)(b) 		Total

Large Cap Moderate Buffer

$ 325,144 $ 22,626 $ - $ 7,622,596 $ 7,970,366

Large Cap Deep Buffer

1,043,947 - (500,553 ) 21,694,740  22,238,134
(a)

Amounts available to offset future realized capital gains.

(b)

The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

For the year ended July 31, 2025, Large Cap Deep Buffer utilized $246,197 of its capital loss carryforwards.

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 (continued)

As of July 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:

Fund Name Tax Cost Gross Unrealized
Appreciation 		Gross Unrealized
Depreciation 		Net Unrealized
Appreciation
(Depreciation)

Large Cap Moderate Buffer

$ 102,853,819 $ 8,829,290 $  (1,191,886) $ 7,637,404

Large Cap Deep Buffer

216,636,037  23,403,573 (1,671,260 ) 21,732,313

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 2026 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 year ended July 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 each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, 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

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Notes to Financial Statements (continued)

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:

Year Ended
07/31/25 		Year Ended
07/31/24
Fund Name Shares Amount Shares Amount

Large Cap Moderate Buffer

Shares sold

3,080,000 $ 95,616,359 1,680,000 $  45,232,376

Shares redeemed

(1,400,000 ) (43,694,815 ) (520,000 ) (13,961,863 )
1,680,000 $ 51,921,544 1,160,000 $ 31,270,513

Large Cap Deep Buffer

Shares sold

9,080,000 $ 270,572,173 3,160,000 $ 83,909,115

Shares redeemed

(3,880,000 ) (119,118,014 ) (1,360,000 ) (35,204,632 )
5,200,000 $  151,454,159 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 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 July 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

Fund Name

Large Cap Moderate Buffer

1,064,500

Large Cap Deep Buffer

550,000

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

Notes to Financial Statements (continued)

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.

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Report of Independent Registered Public Accounting Firm

To the Board of

Trustees of BlackRock ETF Trust II and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting BlackRock ETF Trust II, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended July 31, 2025 and for the period June 28, 2023 (commencement of operations) through July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2025 and each of the financial highlights for each of the two years in the period ended July 31, 2025 and for the period June 28, 2023 (commencement of operations) through July 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

iShares Large Cap Moderate Buffer ETF

iShares Large Cap Deep Buffer ETF

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M

21

Important Tax Information (unaudited)

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2025:

Fund Name 20% Rate
Long-Term
Capital Gain
Dividends

Large Cap Moderate Buffer

$ 44,107

The Fund hereby designates the following amount, or maximum amount allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2025:

Fund Name Qualified
Short-Term
Capital Gains

Large Cap Moderate Buffer

$ 5,202
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Additional Information

Premium/Discount Information

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at blackrock.com.

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at 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 when available, at blackrock.com.

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

23

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
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Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust II (the "Trust") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement" or the "Agreement") between the Trust, on behalf of iShares Large Cap Moderate Buffer ETF ("IVVM") and iShares Large Cap Deep Buffer ETF ("IVVB" and together with IVVM, the "Funds" and each, a "Fund"), and BlackRock Fund Advisors (the "Manager" or "BlackRock"), each Fund's investment advisor.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

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25

Disclosure of Investment Advisory Agreement (continued)

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives. In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

B. The Investment Performance of each Fund

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year and since-inception periods reported, IVVM ranked in the first and second quartiles, respectively, against its Performance Peers.

The Board noted that for the one-year and since-inception periods reported, IVVB ranked in the first and second quartiles, respectively, against its Performance Peers.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's

26

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Disclosure of Investment Advisory Agreement (continued)

assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that IVVM's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to IVVM's Expense Peers.

The Board noted that IVVB's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to IVVB's Expense Peers.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, distribution, securities lending, ETF servicing and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that each Fund's fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

Conclusion

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

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

27

Glossary of Terms Used in these Financial Statements

Currency Abbreviation
USD    United States Dollar
Portfolio Abbreviation
ETF    Exchange-Traded Fund
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Additional Financial Information

Schedule of Investments (Unaudited)

July 31, 2025

Statement of Assets and Liabilities (Unaudited)

July 31, 2025

iShares Trust

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

29

Schedule of Investments (unaudited)

July 31, 2025

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

Security Shares Value

Common Stocks

Aerospace & Defense - 2.2%

Axon Enterprise, Inc.(a)(b)

883,744 $ 667,659,755

Boeing Co. (The)(a)(b)

9,006,181 1,997,931,193

GE Aerospace

12,737,334 3,452,836,501

General Dynamics Corp.

3,009,350 937,743,553

Howmet Aerospace, Inc.(a)

4,822,181 866,883,478

Huntington Ingalls Industries, Inc.

468,528 130,653,718

L3Harris Technologies, Inc.

2,232,687 613,587,041

Lockheed Martin Corp.

2,490,668 1,048,521,415

Northrop Grumman Corp.

1,616,181 931,906,126

RTX Corp.

15,957,896 2,514,485,673

Textron, Inc.(a)

2,156,950 167,746,002

TransDigm Group, Inc.

670,737 1,078,853,635
14,408,808,090
Air Freight & Logistics - 0.3%

CH Robinson Worldwide, Inc.

1,413,642 163,021,195

Expeditors International of Washington, Inc.

1,636,016 190,170,500

FedEx Corp.

2,632,871 588,420,340

United Parcel Service, Inc., Class B

8,763,968 755,103,483
1,696,715,518
Automobile Components - 0.0%

Aptiv plc(b)

2,601,447 178,563,322
Automobiles - 1.8%

Ford Motor Co.

46,651,559 516,432,758

General Motors Co.

11,485,206 612,620,888

Tesla, Inc.(a)(b)

33,471,599 10,318,289,824
11,447,343,470
Banks - 3.6%

Bank of America Corp.

78,271,769 3,699,906,521

Citigroup, Inc.

22,309,202 2,090,372,227

Citizens Financial Group, Inc.

5,179,890 247,184,351

Fifth Third Bancorp

7,975,794 331,553,757

Huntington Bancshares, Inc.

17,401,154 285,900,960

JPMorgan Chase & Co.

33,195,282 9,833,770,340

KeyCorp

11,781,582 211,125,949

M&T Bank Corp.

1,917,694 361,868,858

PNC Financial Services Group, Inc. (The)

4,724,424 898,916,155

Regions Financial Corp.

10,738,034 271,994,401

Truist Financial Corp.

15,642,154 683,718,551

US Bancorp

18,610,528 836,729,339

Wells Fargo & Co.

38,871,002 3,134,168,891
22,887,210,300
Beverages - 1.1%

Brown-Forman Corp., Class B, NVS

2,172,547 62,677,981

Coca-Cola Co. (The)

46,268,357 3,141,158,757

Constellation Brands, Inc., Class A

1,828,088 305,363,820

Keurig Dr Pepper, Inc.

16,223,482 529,696,687

Molson Coors Beverage Co., Class B

2,049,589 99,855,976

Monster Beverage Corp.(a)(b)

8,386,749 492,721,504

PepsiCo, Inc.

16,376,795 2,258,687,566
6,890,162,291
Biotechnology - 1.6%

AbbVie, Inc.

21,099,445 3,988,217,094

Amgen, Inc.

6,422,307 1,895,222,796

Biogen, Inc.(a)(b)

1,749,707 223,962,496

Gilead Sciences, Inc.

14,858,101 1,668,416,161

Incyte Corp.(a)(b)

1,913,176 143,277,750

Moderna, Inc.(a)(b)

4,065,271 120,169,411

Regeneron Pharmaceuticals, Inc.

1,240,156 676,455,492
Security Shares Value
Biotechnology (continued)

Vertex Pharmaceuticals, Inc.(b)

3,067,783 $ 1,401,578,019
10,117,299,219
Broadline Retail - 4.2%

Amazon.com, Inc.(b)

112,859,332 26,421,498,214

eBay, Inc.

5,506,753 505,244,588
26,926,742,802
Building Products - 0.5%

A O Smith Corp.

1,388,890 98,319,523

Allegion plc

1,028,053 170,574,554

Builders FirstSource, Inc.(a)(b)

1,319,930 167,802,701

Carrier Global Corp.

9,524,060 653,540,997

Johnson Controls International plc

7,859,781 825,277,005

Lennox International, Inc.

381,480 232,321,320

Masco Corp.

2,524,451 171,990,846

Trane Technologies plc

2,664,272 1,167,164,278
3,486,991,224
Capital Markets - 3.5%

Ameriprise Financial, Inc.

1,131,405 586,282,757

Bank of New York Mellon Corp. (The)

8,545,104 866,900,801

BlackRock, Inc.(c)

1,739,558 1,923,968,544

Blackstone, Inc., Class A

8,715,462 1,507,426,308

CBOE Global Markets, Inc.

1,250,971 301,534,050

Charles Schwab Corp. (The)

20,400,699 1,993,760,313

CME Group, Inc., Class A

4,304,633 1,197,893,271

Coinbase Global, Inc., Class A(a)(b)

2,525,391 953,991,704

FactSet Research Systems, Inc.

452,389 182,267,528

Franklin Resources, Inc.

3,689,909 88,557,816

Goldman Sachs Group, Inc. (The)

3,665,114 2,652,039,839

Intercontinental Exchange, Inc.

6,852,207 1,266,493,420

Invesco Ltd.

5,340,506 112,204,031

KKR & Co., Inc.

8,085,623 1,185,190,619

MarketAxess Holdings, Inc.

449,229 92,316,559

Moody's Corp.

1,847,676 952,901,943

Morgan Stanley

14,755,419 2,102,056,991

MSCI, Inc.

924,986 519,250,141

Nasdaq, Inc.

4,937,537 475,089,810

Northern Trust Corp.

2,323,897 302,106,610

Raymond James Financial, Inc.

2,168,798 362,471,210

S&P Global, Inc.

3,750,219 2,066,745,691

State Street Corp.

3,406,140 380,636,145

T. Rowe Price Group, Inc.

2,607,017 264,481,875
22,336,567,976
Chemicals - 1.2%

Air Products & Chemicals, Inc.

2,657,847 765,140,994

Albemarle Corp.

1,398,361 94,878,794

CF Industries Holdings, Inc.

1,935,769 179,697,436

Corteva, Inc.

8,148,697 587,765,515

Dow, Inc.

8,442,922 196,635,653

DuPont de Nemours, Inc.

4,998,797 359,413,504

Eastman Chemical Co.

1,378,978 100,127,593

Ecolab, Inc.

3,014,002 788,945,164

International Flavors & Fragrances, Inc.

3,055,325 217,019,735

Linde plc

5,622,899 2,587,995,494

LyondellBasell Industries NV, Class A

3,071,509 177,932,516

Mosaic Co. (The)

3,782,051 136,191,656

PPG Industries, Inc.

2,711,570 286,070,635

Sherwin-Williams Co. (The)

2,753,800 911,177,344
7,388,992,033
Commercial Services & Supplies - 0.5%

Cintas Corp.

4,100,057 912,467,685

Copart, Inc.(a)(b)

10,501,118 476,015,679

Republic Services, Inc.

2,426,325 559,631,861
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Schedule of Investments (unaudited) (continued)

July 31, 2025

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

Security Shares Value
Commercial Services & Supplies (continued)

Rollins, Inc.

3,357,650 $ 192,292,616

Veralto Corp.

2,960,312 310,329,507

Waste Management, Inc.

4,373,863 1,002,314,445
3,453,051,793
Communications Equipment - 0.9%

Arista Networks, Inc.(a)(b)

12,300,282 1,515,640,748

Cisco Systems, Inc.

47,519,196 3,235,106,864

F5, Inc.(a)(b)

686,568 215,184,143

Motorola Solutions, Inc.

1,994,235 875,429,280
5,841,361,035
Construction & Engineering - 0.1%

Quanta Services, Inc.(a)

1,769,693 718,725,418
Construction Materials - 0.1%

Martin Marietta Materials, Inc.

720,529 414,217,712

Vulcan Materials Co.

1,577,972 433,421,569
847,639,281
Consumer Finance - 0.6%

American Express Co.

6,611,322 1,978,834,788

Capital One Financial Corp.

7,640,500 1,642,707,500

Synchrony Financial

4,547,316 316,811,506
3,938,353,794
Consumer Staples Distribution & Retail - 1.9%

Costco Wholesale Corp.

5,299,755 4,979,861,788

Dollar General Corp.

2,627,356 275,609,644

Dollar Tree, Inc.(a)(b)

2,360,045 267,983,110

Kroger Co. (The)

7,318,648 513,037,225

Sysco Corp.

5,790,163 460,896,975

Target Corp.

5,427,074 545,420,937

Walgreens Boots Alliance, Inc.

8,540,248 99,408,487

Walmart, Inc.

51,606,827 5,056,436,909
12,198,655,075
Containers & Packaging - 0.2%

Amcor plc

27,370,542 255,914,568

Avery Dennison Corp.

933,673 156,642,319

Ball Corp.

3,314,368 189,780,712

International Paper Co.

6,305,999 294,742,393

Packaging Corp. of America

1,067,434 206,815,338

Smurfit WestRock plc

5,923,767 262,896,779
1,366,792,109
Distributors - 0.1%

Genuine Parts Co.

1,655,761 213,394,478

LKQ Corp.

3,094,726 91,201,575

Pool Corp.

448,860 138,311,720
442,907,773
Diversified Telecommunication Services - 0.7%

AT&T, Inc.

85,948,402 2,355,845,699

Verizon Communications, Inc.

50,359,039 2,153,352,507
4,509,198,206
Electric Utilities - 1.6%

Alliant Energy Corp.

3,068,677 199,494,692

American Electric Power Co., Inc.

6,380,446 721,883,660

Constellation Energy Corp.

3,743,648 1,302,190,520

Duke Energy Corp.

9,284,281 1,129,339,941

Edison International

4,595,818 239,534,034

Entergy Corp.

5,330,484 482,035,668

Evergy, Inc.

2,748,537 194,596,420

Eversource Energy

4,388,434 290,075,487

Exelon Corp.

12,058,574 541,912,316

FirstEnergy Corp.

6,135,389 262,042,464
Security Shares Value
Electric Utilities (continued)

NextEra Energy, Inc.

24,589,475 $ 1,747,328,094

NRG Energy, Inc.

2,335,028 390,416,682

PG&E Corp.

26,250,308 368,029,318

Pinnacle West Capital Corp.

1,425,579 129,185,969

PPL Corp.

8,829,857 315,137,596

Southern Co. (The)

13,128,059 1,240,339,014

Xcel Energy, Inc.

6,888,718 505,907,450
10,059,449,325
Electrical Equipment - 1.0%

AMETEK, Inc.

2,757,491 509,722,211

Eaton Corp. plc

4,674,075 1,798,210,134

Emerson Electric Co.

6,714,578 977,038,245

GE Vernova, Inc.

3,260,060 2,152,585,017

Generac Holdings, Inc.(a)(b)

709,726 138,176,555

Hubbell, Inc.

638,051 279,134,552

Rockwell Automation, Inc.

1,346,939 473,731,916
6,328,598,630
Electronic Equipment, Instruments & Components - 0.7%

Amphenol Corp., Class A

14,448,318 1,538,890,350

CDW Corp.

1,573,229 274,339,673

Corning, Inc.

9,207,260 582,267,122

Jabil, Inc.

1,281,859 286,072,473

Keysight Technologies, Inc.(a)(b)

2,064,177 338,339,252

Ralliant Corp.(b)

- 9

TE Connectivity plc

3,542,166 728,800,655

Teledyne Technologies, Inc.(a)(b)

560,044 308,595,445

Trimble, Inc.(a)(b)

2,850,178 239,101,433

Zebra Technologies Corp., Class A(b)

607,419 205,927,189
4,502,333,601
Energy Equipment & Services - 0.2%

Baker Hughes Co., Class A

11,834,380 533,138,819

Halliburton Co.

10,268,718 230,019,283

Schlumberger NV

17,925,572 605,884,334
1,369,042,436
Entertainment - 1.6%

Electronic Arts, Inc.

2,726,249 415,725,710

Live Nation Entertainment, Inc.(a)(b)

1,882,484 278,042,887

Netflix, Inc.(b)

5,083,155 5,893,409,907

Take-Two Interactive Software, Inc.(b)

2,023,705 450,739,815

TKO Group Holdings, Inc., Class A(a)

801,109 134,594,323

Walt Disney Co. (The)(a)

21,473,544 2,557,713,826

Warner Bros Discovery, Inc.(a)(b)

26,892,020 354,167,903
10,084,394,371
Financial Services - 4.2%

Apollo Global Management, Inc.

5,392,184 783,592,179

Berkshire Hathaway, Inc., Class B(a)(b)

21,902,953 10,335,565,462

Block, Inc., Class A(a)(b)

6,636,068 512,702,614

Corpay, Inc.(a)(b)

842,398 272,136,674

Fidelity National Information Services, Inc.

6,275,643 498,348,810

Fiserv, Inc.(a)(b)

6,622,567 920,139,459

Global Payments, Inc.

2,913,200 232,910,340

Jack Henry & Associates, Inc.

868,140 147,423,194

Mastercard, Inc., Class A

9,689,038 5,488,549,356

PayPal Holdings, Inc.(a)(b)

11,616,871 798,776,050

Visa, Inc., Class A

20,437,467 7,060,531,724
27,050,675,862
Food Products - 0.6%

Archer-Daniels-Midland Co.

5,739,208 310,950,290

Bunge Global SA

1,605,077 128,020,942

Campbell's Co. (The)

2,342,760 74,780,899

Conagra Brands, Inc.

5,702,170 104,121,624

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

31

Schedule of Investments (unaudited) (continued)

July 31, 2025

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

Security Shares Value
Food Products (continued)

General Mills, Inc.

6,540,739 $ 320,365,396

Hershey Co. (The)

1,767,327 328,952,575

Hormel Foods Corp.

3,481,266 97,788,762

J M Smucker Co. (The)

1,269,008 136,215,319

Kellanova

3,211,795 256,397,595

Kraft Heinz Co. (The)

10,320,203 283,392,774

Lamb Weston Holdings, Inc.

1,685,315 96,180,927

McCormick & Co., Inc. (Non-Voting), NVS

3,018,061 213,165,648

Mondelez International, Inc., Class A

15,465,812 1,000,483,378

Tyson Foods, Inc., Class A

3,418,900 178,808,470
3,529,624,599
Gas Utilities - 0.0%

Atmos Energy Corp.

1,897,489 295,856,485
Ground Transportation - 0.9%

CSX Corp.

22,439,808 797,510,777

JB Hunt Transport Services, Inc.

935,802 134,802,278

Norfolk Southern Corp.

2,692,792 748,596,176

Old Dominion Freight Line, Inc.

2,221,593 331,572,755

Uber Technologies, Inc.(a)(b)

24,977,903 2,191,810,988

Union Pacific Corp.

7,137,146 1,584,232,298
5,788,525,272
Health Care Equipment & Supplies - 2.2%

Abbott Laboratories

20,781,702 2,622,442,975

Align Technology, Inc.(a)(b)

813,669 104,971,438

Baxter International, Inc.

6,129,729 133,382,903

Becton Dickinson & Co.

3,423,259 610,195,917

Boston Scientific Corp.(b)

17,671,095 1,854,051,287

Cooper Cos., Inc. (The)(a)(b)

2,388,640 168,852,962

Dexcom, Inc.(b)

4,683,116 378,255,279

Edwards Lifesciences Corp.(b)

7,006,551 555,689,560

GE HealthCare Technologies, Inc.(a)

5,468,989 390,048,296

Hologic, Inc.(a)(b)

2,662,313 177,895,755

IDEXX Laboratories, Inc.(a)(b)

960,156 513,020,952

Insulet Corp.(a)(b)

841,063 242,562,569

Intuitive Surgical, Inc.(b)

4,281,601 2,059,835,425

Medtronic plc

15,319,531 1,382,434,478

ResMed, Inc.

1,751,863 476,401,624

Solventum Corp.(a)(b)

1,653,559 117,997,970

STERIS plc

1,173,588 265,805,946

Stryker Corp.

4,108,316 1,613,458,943

Zimmer Biomet Holdings, Inc.

2,363,471 216,612,117
13,883,916,396
Health Care Providers & Services - 1.5%

Cardinal Health, Inc.

2,851,092 442,546,500

Cencora, Inc.

2,060,684 589,520,479

Centene Corp.(b)

5,943,963 154,959,115

Cigna Group (The)

3,191,390 853,313,858

CVS Health Corp.

14,974,756 929,932,348

DaVita, Inc.(a)(b)

496,558 69,701,846

Elevance Health, Inc.

2,698,456 763,878,924

HCA Healthcare, Inc.

2,068,835 732,346,902

Henry Schein, Inc.(a)(b)

1,454,110 98,370,542

Humana, Inc.

1,441,390 360,160,119

Labcorp Holdings, Inc.

999,345 259,909,648

McKesson Corp.

1,494,589 1,036,557,255

Molina Healthcare, Inc.(a)(b)

647,448 102,212,616

Quest Diagnostics, Inc.

1,333,527 223,245,755

UnitedHealth Group, Inc.

10,835,309 2,704,059,714

Universal Health Services, Inc., Class B

683,411 113,753,761
9,434,469,382
Security Shares Value
Health Care REITs - 0.3%

Alexandria Real Estate Equities, Inc.

1,834,753 $ 140,230,172

Healthpeak Properties, Inc.

8,325,848 141,039,865

Ventas, Inc.

5,389,910 362,094,154

Welltower, Inc.

7,420,715 1,224,937,425
1,868,301,616
Hotel & Resort REITs - 0.0%

Host Hotels & Resorts, Inc.

8,321,741 130,817,768
Hotels, Restaurants & Leisure - 2.0%

Airbnb, Inc., Class A(a)(b)

5,154,721 682,536,607

Booking Holdings, Inc.

388,462 2,138,118,156

Caesars Entertainment, Inc.(a)(b)

2,484,450 66,285,126

Carnival Corp.(a)(b)

12,541,491 373,360,187

Chipotle Mexican Grill, Inc.(a)(b)

16,093,652 690,095,798

Darden Restaurants, Inc.

1,397,763 281,886,864

Domino's Pizza, Inc.

408,776 189,349,131

DoorDash, Inc., Class A(a)(b)

4,094,964 1,024,764,741

Expedia Group, Inc.

1,452,717 261,808,658

Hilton Worldwide Holdings, Inc.

2,839,009 761,081,533

Las Vegas Sands Corp.

4,051,163 212,280,941

Marriott International, Inc., Class A

2,715,277 716,371,531

McDonald's Corp.

8,540,815 2,562,842,357

MGM Resorts International(a)(b)

2,470,826 90,061,608

Norwegian Cruise Line Holdings
Ltd.(a)(b)

5,337,096 136,416,174

Royal Caribbean Cruises Ltd.

2,983,683 948,423,315

Starbucks Corp.

13,574,124 1,210,268,896

Wynn Resorts Ltd.

1,051,285 114,621,603

Yum! Brands, Inc.

3,322,581 478,950,051
12,939,523,277
Household Durables - 0.3%

DR Horton, Inc.

3,302,218 471,688,819

Garmin Ltd.

1,839,930 402,503,087

Lennar Corp., Class A

2,773,323 311,111,374

Mohawk Industries, Inc.(a)(b)

624,353 71,494,662

NVR, Inc.(a)(b)

35,217 265,870,390

PulteGroup, Inc.

2,393,759 270,303,266
1,792,971,598
Household Products - 0.9%

Church & Dwight Co., Inc.

2,941,322 275,807,764

Clorox Co. (The)

1,472,452 184,881,073

Colgate-Palmolive Co.

9,679,866 811,656,764

Kimberly-Clark Corp.

3,963,567 493,939,719

Procter & Gamble Co. (The)

28,004,891 4,213,895,949
5,980,181,269
Independent Power and Renewable Electricity Producers - 0.1%

AES Corp. (The)

8,479,664 111,507,582

Vistra Corp.(a)

4,050,777 844,749,035
956,256,617
Industrial Conglomerates - 0.4%

3M Co

6,428,813 959,307,476

Honeywell International, Inc.

7,676,442 1,706,856,879
2,666,164,355
Industrial REITs - 0.2%

Prologis, Inc.

11,084,017 1,183,551,335
Insurance - 1.9%

Aflac, Inc.

5,811,990 577,479,326

Allstate Corp. (The)

3,162,849 642,849,059

American International Group, Inc.

6,884,224 534,422,309

Aon plc, Class A

2,578,856 917,324,868

Arch Capital Group Ltd.

4,464,228 384,191,462

Arthur J Gallagher & Co.

3,058,834 878,650,067
32

2 0 2 5  B L A C K R O C K  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)

July 31, 2025

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

Security Shares Value

Insurance (continued)

Assurant, Inc.

605,698 $ 113,447,235

Brown & Brown, Inc.

3,342,362 305,391,616

Chubb Ltd.

4,451,494 1,184,275,464

Cincinnati Financial Corp.

1,866,733 275,361,785

Erie Indemnity Co., Class A, NVS

297,634 106,029,136

Everest Group Ltd.

507,956 170,571,625

Globe Life, Inc.

986,248 138,538,257

Hartford Insurance Group, Inc. (The)

3,393,892 422,166,226

Loews Corp.

2,079,279 188,257,921

Marsh & McLennan Cos., Inc.

5,885,603 1,172,412,118

MetLife, Inc.

6,735,963 511,596,390

Principal Financial Group, Inc.

2,464,009 191,773,820

Progressive Corp. (The)(a)

7,002,224 1,694,818,297

Prudential Financial, Inc.

4,228,449 437,982,747

Travelers Cos., Inc. (The)

2,706,551 704,352,832

Willis Towers Watson plc

1,184,824 374,179,267

WR Berkley Corp.

3,575,567 246,034,765
12,172,106,592
Interactive Media & Services - 6.9%

Alphabet, Inc., Class A

69,517,873 13,340,479,829

Alphabet, Inc., Class C, NVS

56,077,647 10,815,135,000

Match Group, Inc.

2,929,519 100,394,616

Meta Platforms, Inc., Class A

25,934,500 20,058,779,680
44,314,789,125
IT Services - 1.0%

Accenture plc, Class A

7,478,150 1,997,413,865

Akamai Technologies, Inc.(a)(b)

1,746,143 133,248,172

Cognizant Technology Solutions Corp., Class A

5,889,321 422,617,675

EPAM Systems, Inc.(a)(b)

674,794 106,421,762

Gartner, Inc.(b)

918,894 311,183,453

GoDaddy, Inc., Class A(a)(b)

1,701,834 274,982,338

International Business Machines Corp.

11,101,657 2,810,384,469

VeriSign, Inc.

1,004,172 269,991,726
6,326,243,460
Leisure Products - 0.0%

Hasbro, Inc.

1,573,604 118,272,077
Life Sciences Tools & Services - 0.8%

Agilent Technologies, Inc.

3,405,176 390,948,257

Bio-Techne Corp.

1,884,473 103,137,207

Charles River Laboratories International, Inc.(a)(b)

586,722 99,531,520

Danaher Corp.

7,608,223 1,500,037,247

IQVIA Holdings, Inc.(a)(b)

1,963,141 364,869,386

Mettler-Toledo International, Inc.(a)(b)

247,964 305,908,228

Revvity, Inc.(a)

1,408,446 123,802,403

Thermo Fisher Scientific, Inc.

4,509,324 2,108,920,648

Waters Corp.(a)(b)

710,686 205,217,689

West Pharmaceutical Services, Inc.

857,773 205,230,768
5,407,603,353
Machinery - 1.6%

Caterpillar, Inc.

5,618,304 2,460,929,518

Cummins, Inc.

1,645,116 604,777,544

Deere & Co.

3,015,905 1,581,450,105

Dover Corp.

1,637,747 296,661,492

Fortive Corp.

4,056,452 194,425,744

IDEX Corp.

901,837 147,459,368

Illinois Tool Works, Inc.

3,184,419 815,115,732

Ingersoll Rand, Inc.(a)

4,819,063 407,837,302

Nordson Corp.

645,878 138,353,526

Otis Worldwide Corp.

4,714,349 403,972,566

PACCAR, Inc.

6,270,603 619,284,752

Parker-Hannifin Corp.

1,525,861 1,116,777,666

Pentair plc

1,967,029 201,030,364
Security Shares Value

Machinery (continued)

Snap-on, Inc.

624,059 $ 200,441,510

Stanley Black & Decker, Inc.

1,847,665 124,994,537

Westinghouse Air Brake Technologies Corp.

2,044,044 392,558,650

Xylem, Inc.

2,907,107 420,425,814
10,126,496,190
Media - 0.5%

Charter Communications, Inc., Class A(a)(b)

1,139,771 307,008,717

Comcast Corp., Class A

44,485,704 1,478,259,944

Fox Corp., Class A, NVS

2,556,326 142,540,738

Fox Corp., Class B

1,572,330 80,408,956

Interpublic Group of Cos., Inc. (The)

4,431,991 109,026,979

News Corp., Class A, NVS

4,500,911 131,966,710

News Corp., Class B(a)

1,330,254 44,457,089

Omnicom Group, Inc.

2,330,384 167,904,167

Paramount Global, Class B, NVS(a)

7,187,729 90,349,753

Trade Desk, Inc. (The), Class A(a)(b)

5,348,622 465,116,169
3,017,039,222
Metals & Mining - 0.3%

Freeport-McMoRan, Inc.

17,155,231 690,326,495

Newmont Corp.

13,294,945 825,616,085

Nucor Corp.

2,756,113 394,317,087

Steel Dynamics, Inc.

1,648,664 210,303,580
2,120,563,247
Multi-Utilities - 0.6%

Ameren Corp.

3,228,866 326,535,219

CenterPoint Energy, Inc.

7,796,292 302,652,055

CMS Energy Corp.

3,573,384 263,715,739

Consolidated Edison, Inc.

4,303,673 445,430,156

Dominion Energy, Inc.

10,185,650 595,351,243

DTE Energy Co.

2,478,205 343,008,354

NiSource, Inc.

5,622,556 238,677,502

Public Service Enterprise Group, Inc.

5,960,813 535,221,399

Sempra

7,789,625 636,256,570

WEC Energy Group, Inc.

3,811,539 415,762,674
4,102,610,911
Office REITs - 0.0%

BXP, Inc.

1,739,882 113,840,479
Oil, Gas & Consumable Fuels - 2.8%

APA Corp.

4,310,378 83,147,192

Chevron Corp.

22,907,043 3,473,623,928

ConocoPhillips

15,079,193 1,437,650,261

Coterra Energy, Inc.

9,115,796 222,334,264

Devon Energy Corp.

7,669,983 254,796,835

Diamondback Energy, Inc.

2,233,122 331,975,917

EOG Resources, Inc.

6,519,426 782,461,509

EQT Corp.

7,149,989 384,311,909

Expand Energy Corp.

2,586,804 271,045,323

Exxon Mobil Corp.

51,482,345 5,747,488,996

Kinder Morgan, Inc.

23,091,113 647,936,631

Marathon Petroleum Corp.

3,669,406 624,496,207

Occidental Petroleum Corp.

8,462,785 371,854,773

ONEOK, Inc.

7,461,241 612,642,498

Phillips 66

4,867,330 601,504,641

Targa Resources Corp.

2,591,144 431,192,273

Texas Pacific Land Corp.(a)

225,017 217,845,708

Valero Energy Corp.

3,741,330 513,722,022

Williams Cos., Inc. (The)

14,584,749 874,355,703
17,884,386,590
Passenger Airlines - 0.2%

Delta Air Lines, Inc.

7,798,664 414,966,911

Southwest Airlines Co.

6,806,958 210,539,211

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

33

Schedule of Investments (unaudited) (continued)

July 31, 2025

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

Security Shares Value

Passenger Airlines (continued)

United Airlines Holdings, Inc.(a)(b)

3,901,428 $ 344,535,107
970,041,229
Personal Care Products - 0.1%

Estee Lauder Cos., Inc. (The), Class A

2,797,315 261,101,382

Kenvue, Inc.

22,932,365 491,669,906
752,771,288
Pharmaceuticals - 2.7%

Bristol-Myers Squibb Co.

24,308,001 1,052,779,523

Eli Lilly & Co.

9,395,642 6,953,432,775

Johnson & Johnson

28,739,558 4,734,554,785

Merck & Co., Inc.

29,993,618 2,343,101,438

Pfizer, Inc.

67,909,573 1,581,613,955

Viatris, Inc.

14,019,861 122,533,585

Zoetis, Inc., Class A

5,318,112 775,327,549
17,563,343,610
Professional Services - 0.6%

Automatic Data Processing, Inc.

4,849,028 1,500,774,166

Broadridge Financial Solutions, Inc.

1,402,710 347,184,752

Dayforce, Inc.(a)(b)

1,909,342 110,111,753

Equifax, Inc.

1,483,195 356,307,935

Jacobs Solutions, Inc.

1,435,347 203,632,679

Leidos Holdings, Inc.

1,537,572 245,473,370

Paychex, Inc.

3,828,888 552,623,405

Paycom Software, Inc.

582,346 134,836,393

Verisk Analytics, Inc.

1,671,334 465,817,499
3,916,761,952
Real Estate Management & Development - 0.2%(a)(b)

CBRE Group, Inc., Class A

3,507,232 546,216,312

CoStar Group, Inc.

5,039,266 479,687,730
1,025,904,042
Residential REITs - 0.2%

AvalonBay Communities, Inc.

1,698,507 316,397,884

Camden Property Trust

1,276,085 139,348,482

Equity Residential

4,084,630 258,148,616

Essex Property Trust, Inc.

769,057 200,093,250

Invitation Homes, Inc.

6,808,466 208,679,483

Mid-America Apartment Communities, Inc.

1,398,126 199,135,086

UDR, Inc.

3,601,105 141,487,416
1,463,290,217
Retail REITs - 0.3%

Federal Realty Investment Trust

927,478 85,476,372

Kimco Realty Corp.

8,090,966 171,771,208

Realty Income Corp.

10,786,359 605,438,331

Regency Centers Corp.

1,951,023 139,303,042

Simon Property Group, Inc.

3,664,872 600,269,385
1,602,258,338
Semiconductors & Semiconductor Equipment - 13.4%

Advanced Micro Devices, Inc.(a)(b)

19,367,070 3,414,608,112

Analog Devices, Inc.

5,924,522 1,330,825,377

Applied Materials, Inc.

9,704,791 1,747,444,667

Broadcom, Inc.

56,162,506 16,494,928,012

Enphase Energy, Inc.(a)(b)

1,579,134 51,100,776

First Solar, Inc.(a)(b)

1,280,681 223,773,391

Intel Corp.

52,102,255 1,031,624,649

KLA Corp.

1,579,523 1,388,448,103

Lam Research Corp.

15,284,208 1,449,554,287

Microchip Technology, Inc.

6,423,586 434,170,178

Micron Technology, Inc.

13,349,314 1,456,944,130

Monolithic Power Systems, Inc.

571,636 406,570,388

NVIDIA Corp.

291,303,228 51,814,105,164
Security Shares Value

Semiconductors & Semiconductor Equipment (continued)

NXP Semiconductors NV

3,017,496 $ 645,050,120

ON Semiconductor Corp.(a)(b)

4,991,916 281,344,386

QUALCOMM, Inc.

13,106,134 1,923,456,226

Skyworks Solutions, Inc.

1,793,867 122,951,644

Teradyne, Inc.

1,916,537 205,893,570

Texas Instruments, Inc.

10,851,201 1,964,718,453
86,387,511,633
Software - 11.8%

Adobe, Inc.(a)(b)

5,091,439 1,821,156,816

Autodesk, Inc.(a)(b)

2,555,250 774,521,828

Cadence Design Systems, Inc.(a)(b)

3,261,237 1,188,949,173

Crowdstrike Holdings, Inc.,
Class A(a)(b)

2,975,031 1,352,359,842

Datadog, Inc., Class A(a)(b)

3,812,678 533,698,666

Fair Isaac Corp.(b)

290,318 417,105,677

Fortinet, Inc.(b)

7,588,405 758,081,660

Gen Digital, Inc.

6,519,180 192,250,618

Intuit, Inc.

3,339,277 2,621,766,551

Microsoft Corp.

88,779,110 47,363,655,185

Oracle Corp.

19,427,360 4,930,081,147

Palantir Technologies, Inc., Class A(b)

25,405,697 4,022,992,120

Palo Alto Networks, Inc.(a)(b)

7,908,769 1,372,962,298

PTC, Inc.(a)(b)

1,432,965 307,815,212

Roper Technologies, Inc.

1,283,748 706,574,899

Salesforce, Inc.

11,460,191 2,960,511,141

ServiceNow, Inc.(a)(b)

2,472,329 2,331,702,926

Synopsys, Inc.(a)(b)

2,203,535 1,395,873,316

Tyler Technologies, Inc.(a)(b)

514,623 300,828,021

Workday, Inc., Class A(a)(b)

2,587,712 593,569,379
75,946,456,475
Specialized REITs - 0.8%

American Tower Corp.

5,591,403 1,165,192,471

Crown Castle, Inc.

5,201,368 546,611,763

Digital Realty Trust, Inc.

3,781,610 667,227,269

Equinix, Inc.

1,168,663 917,599,128

Extra Space Storage, Inc.

2,534,527 340,539,048

Iron Mountain, Inc.

3,524,023 343,098,879

Public Storage

1,885,721 512,802,969

SBA Communications Corp.

1,283,035 288,323,625

VICI Properties, Inc.

12,622,220 411,484,372

Weyerhaeuser Co.

8,663,047 217,009,327
5,409,888,851
Specialty Retail - 1.7%

AutoZone, Inc.(a)(b)

199,975 753,581,790

Best Buy Co., Inc.

2,301,277 149,721,082

CarMax, Inc.(a)(b)

1,819,723 103,014,519

Home Depot, Inc. (The)

11,872,471 4,363,251,817

Lowe's Cos., Inc.

6,685,211 1,494,612,623

O'Reilly Automotive, Inc.(a)(b)

10,211,291 1,003,974,131

Ross Stores, Inc.

3,928,237 536,361,480

TJX Cos., Inc. (The)

13,336,240 1,660,761,967

Tractor Supply Co.

6,333,210 360,676,310

Ulta Beauty, Inc.(a)(b)

539,652 277,926,177

Williams-Sonoma, Inc.

1,465,117 274,050,135
10,977,932,031
Technology Hardware, Storage & Peripherals - 6.1%

Apple, Inc.

178,405,142 37,031,555,325

Dell Technologies, Inc., Class C

3,578,848 474,877,341

Hewlett Packard Enterprise Co.

15,689,887 324,623,762

HP, Inc.

11,259,724 279,241,155

NetApp, Inc.

2,429,631 252,997,476

Seagate Technology Holdings plc

2,534,595 397,956,761

Super Micro Computer, Inc.(a)(b)

6,130,590 361,520,893
34

2 0 2 5  B L A C K R O C K  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)

July 31, 2025

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

Security Shares Value

Technology Hardware, Storage & Peripherals (continued)

Western Digital Corp.

4,167,293 $ 327,924,286
39,450,696,999
Textiles, Apparel & Luxury Goods - 0.3%

Deckers Outdoor Corp.(a)(b)

1,813,302 192,518,273

Lululemon Athletica, Inc.(b)

1,320,131 264,725,869

NIKE, Inc., Class B

14,064,945 1,050,510,742

Ralph Lauren Corp., Class A

476,842 142,456,548

Tapestry, Inc.

2,481,198 268,043,820
1,918,255,252
Tobacco - 0.7%

Altria Group, Inc.

20,120,143 1,246,241,657

Philip Morris International, Inc.

18,592,295 3,050,065,995
4,296,307,652
Trading Companies & Distributors - 0.3%

Fastenal Co.

13,703,230 632,130,000

United Rentals, Inc.

776,007 685,167,621

WW Grainger, Inc.

522,378 543,032,826
1,860,330,447
Water Utilities - 0.1%

American Water Works Co., Inc.

2,329,251 326,654,160
Wireless Telecommunication Services - 0.2%

T-Mobile US, Inc.

5,695,803 1,357,936,393

Total Long-Term Investments - 99.9%
(Cost: $569,855,641,087)

641,857,026,738
Security Shares Value
Short-Term Securities
Money Market Funds - 0.5%(c)(d)

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.44%(e)

2,900,661,182 $ 2,901,821,445

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%

272,789,124 272,789,124

Total Short-Term Securities - 0.5%
(Cost: $3,173,152,946)

3,174,610,569

Total Investments - 100.4%
(Cost: $573,028,794,033)

645,031,637,307

Liabilities in Excess of Other Assets - (0.4)%

(2,512,220,068 )

Net Assets - 100.0%

$  642,519,417,239
(a)

All or a portion of this security is on loan.

(b)

Non-income producing security.

(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

1,976 09/19/25 $ 629,776 $   24,895,392

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

Common Stocks

$    641,857,026,738 $           - $           - $    641,857,026,738

Short-Term Securities

Money Market Funds

3,174,610,569 - - 3,174,610,569
$ 645,031,637,307 $ - $ - $ 645,031,637,307

Derivative Financial Instruments(a)

Assets

Equity contracts

$ 24,895,392 $ - $ - $ 24,895,392
(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

35

Statement of Assets and Liabilities (unaudited)

July 31, 2025

iShares Core

S&P 500 ETF

ASSETS

Investments, at value - unaffiliated(a)(b)

$  639,933,058,194

Investments, at value - affiliated(c)

5,098,579,113

Cash

32,028

Cash pledged:

Futures contracts

42,983,000

Receivables:

Securities lending income - affiliated

394,954

Capital shares sold

12,061,363

Dividends - unaffiliated

348,447,891

Dividends - affiliated

2,454,555

Total assets

645,438,011,098

LIABILITIES

Collateral on securities loaned

2,759,091,828

Payables:

Investments purchased

140,493,211

Capital shares redeemed

852,824

Investment advisory fees

16,159,660

Variation margin on futures contracts

1,996,336

Total liabilities

2,918,593,859

Commitments and contingent liabilities

NET ASSETS

$ 642,519,417,239

NET ASSETS CONSIST OF:

Paid-in capital

$ 556,415,593,189

Accumulated earnings

86,103,824,050

NET ASSETS

$ 642,519,417,239

NET ASSET VALUE

Shares outstanding

1,011,800,000

Net asset value

$ 635.03

Shares authorized

Unlimited

Par value

None

(a) Investments, at cost - unaffiliated

$ 568,273,582,106

(b) Securities loaned, at value

$ 2,783,621,833

(c)  Investments, at cost - affiliated

$ 4,755,211,927
36

2 0 2 5  B L A C K R O C K  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

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation
MSCI Morgan Stanley Capital International
Nasdaq National Association of Securities Dealers Automated Quotations
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

37

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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-EndManagement Investment Companies - See Item 7

Item 9 -

Proxy Disclosures for Open-EndManagement Investment Companies - See Item 7

Item 10 -

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

Item 11 -

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

Item 12 -

Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies - Not Applicable

Item 13 -

Portfolio Managers of Closed-EndManagement Investment Companies - Not Applicable

Item 14 -

Purchases of Equity Securities by Closed-EndManagement 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-EndManagement Investment Companies - Not Applicable

Item 18 -

Recovery of Erroneously Awarded Compensation - Not Applicable

Item 19 -

Exhibits attached hereto

(a)(1) Code of Ethics - See Item 2

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1under 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.

5

(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.

6

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

BlackRock ETF Trust II

  By:

/s/ John M. Perlowski       

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

Date: September 23, 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: September 23, 2025

  By:

/s/ Trent Walker       

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

Date: September 23, 2025

7

BlackRock ETF Trust II published this content on September 30, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 30, 2025 at 16:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]