BlackRock ETF Trust

07/02/2026 | Press release | Distributed by Public on 07/02/2026 10:04

Semi-Annual Report by Investment Company (Form N-CSRS)

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:
811-23402
Name of Fund:
BlackRock ETF Trust
iShares Dynamic Short-Term Active ETF (formerly iShares Enhanced Short-Term Bond Active ETF)
iShares Managed Futures Active ETF
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
10/31/2026
Date of reporting period:
4/30/2026
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith
iShares Enhanced Short-Term Bond Active ETF
CSHP | NYSE Arca
Semi-Annual Shareholder Report - April 30, 2026
This semi-annual shareholder report contains important information about iShares Enhanced Short-Term Bond Active ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474-2737.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment 		Costs paid as a percentage of a
$10,000 investment
iShares Enhanced Short-Term Bond Active ETF $10 0.20%(a)
​(a)
Annualized.
Key Fund statistics
Net Assets $190,394,590
Number of Portfolio Holdings 56
Portfolio Turnover Rate 0%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Treasury Obligations 63.0 %
Foreign Government Obligations 27.8 %
Corporate Bonds & Notes 9.2 %
Ten largest holdings
Security Percent of Total
Investments(a)
U.S. Treasury Bills, 3.70%, 07/21/26 20.0 %
U.S. Treasury Bills, 3.67%, 05/05/26 9.8 %
U.S. Treasury Bills, 3.69%, 06/30/26 9.5 %
U.S. Treasury Bills, 3.69%, 06/18/26 8.8 %
U.S. Treasury Bills, 3.68%, 07/09/26 5.6 %
U.S. Treasury Bills, 3.69%, 06/04/26 5.5 %
Italy Buoni Ordinari del Tesoro BOT, 2.14%, 08/14/26 4.6 %
France Treasury Bills, 2.23%, 08/26/26 4.6 %
Spain Letras del Tesoro, 2.20%, 09/04/26 4.6 %
Portugal Treasury Bills, 2.32%, 11/20/26 4.6 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Enhanced Short-Term Bond Active ETF
Semi-Annual Shareholder Report - April 30, 2026
CSHP-04/26-SAR
iShares Managed Futures Active ETF
ISMF | Cboe BZX Exchange
Semi-Annual Shareholder Report - April 30, 2026
This semi-annual shareholder report contains important information about iShares Managed Futures Active ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474-2737.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment 		Costs paid as a percentage of a
$10,000 investment
iShares Managed Futures Active ETF $42 0.80%(a)
​(a)
Annualized.
Key Fund statistics
Net Assets $57,160,053
Number of Portfolio Holdings 92
Portfolio Turnover Rate 0%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Percent of
Notional Amount
Asset Type Long Short Total
Forward Foreign Currency Exchange Contracts 28.6 % 30.8 % 59.4 %
Futures Contracts 10.9 % 13.3 % 24.2 %
U.S. Treasury Obligations 16.3 % - % 16.3 %
Money Market Funds 0.1 - 0.1 %
55.9 44.1 100.0
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Managed Futures Active ETF
Semi-Annual Shareholder Report - April 30, 2026
ISMF-04/26-SAR

(b) Not Applicable

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

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

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

Item 5 - Audit Committee of Listed Registrant - Not Applicable

Item 6 - Investments

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

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

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

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

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

April 30, 2026
 
 
2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock ETF Trust
• iShares Enhanced Short-Term Bond Active ETF | CSHP | NYSE Arca
• iShares Managed Futures Active ETF | ISMF | Cboe BZX Exchange
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents
 
Page
Derivative Financial Instruments
3
Schedules of Investments
4
Statements of Assets and Liabilities
14
Statements of Operations
15
Statements of Changes in Net Assets
16
Financial Highlights
17
Notes to Financial Statements
19
Additional Information
27
Glossary of Terms Used in these Financial Statements
28
2
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Funds can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
3
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
iShares Enhanced Short-Term Bond Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Aerospace & Defense - 1.0%
L3Harris Technologies, Inc., 5.40%, 01/15/27
$958
$965,744
RTX Corp., 5.75%, 11/08/26
958
964,926
1,930,670
Auto Manufacturers - 0.5%
Ford Motor Credit Co. LLC, 4.27%, 01/09/27
1,000
996,085
Banks - 3.7%
Bank of America Corp., 4.25%, 10/22/26
958
958,164
Citigroup, Inc., 3.20%, 10/21/26
958
953,683
Goldman Sachs Group, Inc. (The), 3.85%,
01/26/27
722
720,442
Morgan Stanley, 3.63%, 01/20/27
1,001
997,566
Sumitomo Mitsui Trust Bank Ltd., 4.80%,
09/14/26, (1-day SOFR + 1.15%)(a)(b)
500
501,540
Wells Fargo & Co., 3.00%, 10/23/26
2,867
2,852,518
6,983,913
Building Materials - 0.4%
Carrier Global Corp., 2.49%, 02/15/27
760
750,283
Computers - 0.5%
Dell International LLC/EMC Corp., 4.90%,
10/01/26
958
959,574
Diversified Financial Services - 0.8%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 2.45%, 10/29/26
1,000
991,875
American Express Co., 4.32%, 11/04/26, (1-day
SOFR Index + 0.65%)(b)
472
472,673
1,464,548
Health Care - Services - 0.5%
HCA, Inc., 4.50%, 02/15/27
958
957,994
Media - 0.5%
Comcast Corp., 2.35%, 01/15/27
958
946,723
Oil & Gas - 0.5%
BP Capital Markets America, Inc., 3.02%,
01/16/27
958
951,269
Pharmaceuticals - 1.0%
AbbVie, Inc., 2.95%, 11/21/26
958
952,180
Novartis Capital Corp., 2.00%, 02/14/27
958
943,775
1,895,955
Software - 0.7%
Adobe, Inc., 2.15%, 02/01/27
958
945,192
Oracle Corp., 2.65%, 07/15/26
472
470,309
1,415,501
Total Corporate Bonds & Notes - 10.1%
(Cost: $19,242,686)
19,252,515
Foreign Government Obligations
Canada - 5.0%
Canadian Treasury Bills, 2.28%, 08/26/26(c)
CAD13,159
9,614,542
Security
Par
(000
)
Value
France - 5.1%
France Treasury Bills, 2.23%, 08/26/26(c)(d)
EUR8,333
$9,710,201
Italy - 5.1%
Italy Buoni Ordinari del Tesoro BOT, 2.14%,
08/14/26(c)
EUR8,327
9,711,509
Japan - 5.1%
Japan Treasury Discount Bills, 0.82%, 08/10/26(c)
JPY1,510,400
9,625,354
Portugal - 5.1%
Portugal Treasury Bills, 2.32%, 11/20/26(c)
EUR8,375
9,700,580
Spain - 5.1%
Spain Letras del Tesoro, 2.20%, 09/04/26(c)
EUR8,334
9,707,877
Total Foreign Government Obligations - 30.5%
(Cost: $57,741,307)
58,070,063
U.S. Treasury Obligations(c)
U.S. Treasury Bills
3.67%, 05/05/26
$20,567
20,559,110
3.68%, 07/09/26
11,680
11,599,120
3.69%, 05/07/26
7,915
7,910,454
3.69%, 06/04/26
11,537
11,497,317
3.69%, 06/18/26
18,421
18,331,981
3.69%, 06/30/26
20,000
19,887,378
3.70%, 07/21/26
42,075
41,735,968
Total U.S. Treasury Obligations - 69.1%
(Cost: $131,518,492)
131,521,328
Shares
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.61%(e)(f)
850,000
850,000
Total Money Market Funds - 0.4%
(Cost: $850,000)
850,000
Total Investments - 110.1%
(Cost: $209,352,485)
209,693,906
Liabilities in Excess of Other Assets - (10.1)%
(19,299,316
)
Net Assets - 100.0%
$190,394,590
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Rates are discount rates or a range of discount rates as of period end.
(d)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
Schedule of Investments 4
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Short-Term Bond Active ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$870,000
$-
$(20,000
)(a)
$-
$-
$850,000
850,000
$93,039
(b)
$-
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to
and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
90-day bank bill
46
09/09/27
$32,728
$(18,678)
3-mo. Euro EURIBOR
26
09/13/27
7,418
(3,714)
(22,392)
Short Contracts
3-mo. CORRA
107
09/14/27
19,091
32,279
3-mo. SOFR
76
09/14/27
18,291
33,726
3-mo. SONIA
13
09/14/27
4,228
3,495
69,500
$47,108
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
JPY
29,450,000
USD
188,115
Barclays Bank PLC
08/10/26
$1,481
EUR
108,000
USD
125,937
Morgan Stanley & Co. International PLC
08/14/26
1,367
EUR
54,000
USD
63,521
UBS AG
08/14/26
131
CAD
170,000
USD
124,579
Barclays Bank PLC
08/26/26
1,159
CAD
86,000
USD
63,227
Goldman Sachs & Co.
08/26/26
382
EUR
108,220
USD
126,253
Barclays Bank PLC
08/26/26
1,362
EUR
54,461
USD
64,093
Morgan Stanley & Co. International PLC
08/26/26
129
USD
9,945,342
CAD
13,415,000
Barclays Bank PLC
08/26/26
23,096
EUR
108,000
USD
126,039
Barclays Bank PLC
09/04/26
1,355
EUR
54,000
USD
63,572
Morgan Stanley & Co. International PLC
09/04/26
125
EUR
108,772
USD
127,298
Goldman Sachs & Co.
11/20/26
1,335
EUR
54,739
USD
64,621
UBS AG
11/20/26
113
32,035
USD
9,883,979
JPY
1,539,850,000
Morgan Stanley & Co. International PLC
08/10/26
$(29,397
)
USD
9,949,830
EUR
8,489,000
Barclays Bank PLC
08/14/26
(56,490
)
USD
9,962,063
EUR
8,495,270
Barclays Bank PLC
08/26/26
(55,714
)
USD
9,966,488
EUR
8,496,000
Barclays Bank PLC
09/04/26
(55,203
)
5
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Short-Term Bond Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Pur-
chased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
10,044,173
EUR
8,538,567
Barclays Bank PLC
11/20/26
$(53,480
)
(250,284
)
$(218,249
)
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)
$-
$-
$-
$-
$69,500
$-
$69,500
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$-
$-
$-
$32,035
$-
$-
$32,035
$-
$-
$-
$32,035
$69,500
$-
$101,535
Liabilities-Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$-
$-
$-
$-
$22,392
$-
$22,392
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$-
$-
$-
$250,284
$-
$-
$250,284
$-
$-
$-
$250,284
$22,392
$-
$272,676
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current
day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended April 30, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$-
$-
$-
$-
$131,268
$-
$131,268
Forward foreign currency exchange contracts
-
-
-
590,081
-
-
590,081
$-
$-
$-
$590,081
$131,268
$-
$721,349
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$-
$-
$-
$-
$50,845
$-
$50,845
Forward foreign currency exchange contracts
-
-
-
(937,899
)
-
-
(937,899
)
$-
$-
$-
$(937,899
)
$50,845
$-
$(887,054
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts - long
$51,773,307
Average notional value of contracts - short
$48,558,973
Forward foreign currency exchange contracts:
Average amounts purchased - in USD
$568,628
Average amounts sold - in USD
$42,526,462
For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments 6
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Short-Term Bond Active ETF
 
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$-
$34,154
Forward foreign currency exchange contracts
32,035
250,284
Total derivative assets and liabilities in the Statements of Assets and Liabilities
32,035
284,438
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
-
(34,154
)
Total derivative assets and liabilities subject to an MNA
$32,035
$250,284
The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$28,453
$(28,453
)
$-
$-
$-
Goldman Sachs & Co.
1,717
-
-
-
1,717
Morgan Stanley & Co. International PLC
1,621
(1,621
)
-
-
-
UBS AG
244
-
-
-
244
$32,035
$(30,074
)
$-
$-
$1,961
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
Barclays Bank PLC
$220,887
$(28,453
)
$-
$-
$192,434
Morgan Stanley & Co. International PLC
29,397
(1,621
)
-
-
27,776
$250,284
$(30,074
)
$-
$-
$220,210
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above. 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Short-Term Securities 
Corporate Bonds & Notes
$-
$19,252,515
$-
$19,252,515
Foreign Government Obligations
-
58,070,063
-
58,070,063
U.S. Treasury Obligations
-
131,521,328
-
131,521,328
Money Market Funds
850,000
-
-
850,000
$850,000
$208,843,906
$-
$209,693,906
Derivative Financial Instruments(a) 
Assets 
Foreign Currency Exchange Contracts
$-
$32,035
$-
$32,035
Interest Rate Contracts
69,500
-
-
69,500
7
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Short-Term Bond Active ETF
 
Fair Value Hierarchy as of Period End (continued)
Level 1
Level 2
Level 3
Total
Liabilities 
Foreign Currency Exchange Contracts
$-
$(250,284
)
$-
$(250,284
)
Interest Rate Contracts
(22,392
)
-
-
(22,392
)
$47,108
$(218,249
)
$-
$(171,141
)
 
(a)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are
valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments 8
Consolidated Schedule of Investments (unaudited)
April 30, 2026
iShares Managed Futures Active ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
U.S. Treasury Obligations(a)
U.S. Treasury Bills, 3.59%, 08/06/26
$52,438
$51,930,446
Total U.S. Treasury Obligations - 90.9%
(Cost: $51,942,366)
51,930,446
Shares
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(b)(c)
420,000
420,000
Total Money Market Funds - 0.7%
(Cost: $420,000)
420,000
Total Investments - 91.6%
(Cost: $52,362,366)
52,350,446
Other Assets Less Liabilities - 8.4%
4,809,607
Net Assets - 100.0%
$57,160,053
 
(a)
Rates are discount rates or a range of discount rates as of period end.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$3,790,000
$-
$(3,370,000
)(a)
$-
$-
$420,000
420,000
$30,328
$-
 
(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
FTSE China A50 Index
9
05/28/26
$141
$945
Brent Crude Oil(a)
5
05/29/26
552
80,720
Gasoline RBOB(a)
8
05/29/26
1,215
185,006
NY Harbor ULSD(a)
5
05/29/26
857
122,519
Low Sulphur Gasoil(a)
8
06/11/26
986
166,936
TOPIX Index
7
06/11/26
1,681
73,817
E-Mini Russell 2000 Index
6
06/18/26
842
22,752
S&P/TSE 60 Index
14
06/18/26
4,090
178,197
10-Year Canadian Bond
80
06/19/26
7,016
(55,734)
FTSE 100 Index
29
06/19/26
4,101
5,975
MSCI Emerging Markets Index
67
06/19/26
5,475
408,678
Gold 100 OZ(a)
5
06/26/26
2,315
77,774
Long Gilt
39
06/26/26
4,595
(171,576)
Soybean(a)
2
07/14/26
120
1,932
Silver(a)
2
07/29/26
740
(82,151)
1,015,790
9
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Managed Futures Active ETF
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts
CAC 40 Index
9
05/15/26
$854
$7,087
NSE IFSC Nifty 50 Index
76
05/26/26
3,690
(5,233)
Euro BUND
18
06/08/26
2,648
(2,494)
10-Year Australian Treasury Bond
101
06/15/26
7,785
41,443
10-Year Japanese Government Treasury Bond
27
06/15/26
22,293
379,997
LME Copper(a)
1
06/15/26
324
10,187
E-Mini NASDAQ 100 Index
2
06/18/26
1,104
(138,910)
E-Mini S&P 500 Index
1
06/18/26
362
(6,152)
DAX Index
3
06/19/26
2,147
(86,948)
Corn(a)
50
07/14/26
1,187
(43,038)
155,939
$1,171,729
 
(a)
All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
5,259,000
USD
3,698,945
BNP Paribas SA
06/17/26
$84,223
AUD
464,000
USD
317,469
Goldman Sachs & Co.
06/17/26
16,319
BRL
7,011,000
USD
1,359,295
BNP Paribas SA
06/17/26
41,414
BRL
43,396,000
USD
8,178,271
Goldman Sachs & Co.
06/17/26
491,700
CAD
1,237,000
USD
900,841
BNP Paribas SA
06/17/26
11,617
CAD
672,000
USD
492,137
Goldman Sachs & Co.
06/17/26
3,556
CHF
326,000
EUR
354,048
BNP Paribas SA
06/17/26
2,814
EUR
1,062,198
SEK
11,429,000
BNP Paribas SA
06/17/26
8,449
EUR
7,580,000
USD
8,715,993
BNP Paribas SA
06/17/26
197,901
EUR
7,838,000
USD
9,091,296
Goldman Sachs & Co.
06/17/26
125,999
GBP
3,247,000
USD
4,326,158
BNP Paribas SA
06/17/26
91,856
GBP
2,181,000
USD
2,913,051
Goldman Sachs & Co.
06/17/26
54,515
JPY
100,934,000
USD
641,719
BNP Paribas SA
06/17/26
5,228
JPY
163,241,000
USD
1,029,971
Goldman Sachs & Co.
06/17/26
16,339
MXN
62,040,000
USD
3,470,169
BNP Paribas SA
06/17/26
68,603
MXN
44,653,000
USD
2,470,142
Goldman Sachs & Co.
06/17/26
76,873
NOK
45,361,000
EUR
4,036,199
BNP Paribas SA
06/17/26
147,268
NOK
26,651,000
EUR
2,415,891
Goldman Sachs & Co.
06/17/26
34,196
NZD
1,816,000
USD
1,066,355
BNP Paribas SA
06/17/26
8,012
SEK
2,762,000
EUR
253,093
Goldman Sachs & Co.
06/17/26
2,197
TWD
76,455,000
USD
2,401,736
BNP Paribas SA
06/17/26
14,386
TWD
19,051,000
USD
593,707
Goldman Sachs & Co.
06/17/26
8,341
USD
3,738,329
CAD
5,062,000
BNP Paribas SA
06/17/26
4,406
USD
1,314,689
EUR
1,112,000
BNP Paribas SA
06/17/26
7,005
USD
3,752,713
INR
353,191,000
BNP Paribas SA
06/17/26
50,748
USD
4,585,779
INR
426,268,000
Goldman Sachs & Co.
06/17/26
117,858
USD
512,294
MXN
8,890,000
BNP Paribas SA
06/17/26
5,207
USD
8,548,073
NZD
14,404,000
BNP Paribas SA
06/17/26
26,498
USD
109,471
TWD
3,464,000
Goldman Sachs & Co.
06/17/26
2
USD
445,098
ZAR
7,324,000
BNP Paribas SA
06/17/26
6,839
USD
365,005
ZAR
6,043,000
Goldman Sachs & Co.
06/17/26
3,399
Schedule of Investments 10
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Managed Futures Active ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
ZAR
28,557,000
USD
1,674,396
Goldman Sachs & Co.
06/17/26
$34,419
1,768,187
CAD
39,000
USD
28,859
Goldman Sachs & Co.
06/17/26
$(92
)
CHF
1,997,000
EUR
2,187,735
Goldman Sachs & Co.
06/17/26
(5,009
)
EUR
504,072
CHF
463,000
BNP Paribas SA
06/17/26
(2,542
)
EUR
1,827,483
CHF
1,678,000
Goldman Sachs & Co.
06/17/26
(8,473
)
EUR
498,508
NOK
5,558,000
Goldman Sachs & Co.
06/17/26
(13,388
)
EUR
3,775,120
SEK
40,973,000
Goldman Sachs & Co.
06/17/26
(8,358
)
INR
87,062,000
USD
925,425
BNP Paribas SA
06/17/26
(12,886
)
MXN
15,451,000
USD
885,331
Goldman Sachs & Co.
06/17/26
(4,004
)
NZD
146,000
USD
87,089
BNP Paribas SA
06/17/26
(714
)
NZD
2,732,000
USD
1,616,651
Goldman Sachs & Co.
06/17/26
(368
)
SEK
106,122,000
EUR
9,891,324
BNP Paribas SA
06/17/26
(111,923
)
TWD
29,436,000
USD
931,305
BNP Paribas SA
06/17/26
(1,072
)
USD
649,849
AUD
917,000
BNP Paribas SA
06/17/26
(9,813
)
USD
40,527
AUD
59,000
Goldman Sachs & Co.
06/17/26
(1,916
)
USD
820,368
BRL
4,147,000
BNP Paribas SA
06/17/26
(8,150
)
USD
522,155
BRL
2,796,000
Goldman Sachs & Co.
06/17/26
(36,451
)
USD
1,796,120
CAD
2,466,000
BNP Paribas SA
06/17/26
(22,895
)
USD
4,665,139
CAD
6,404,000
Goldman Sachs & Co.
06/17/26
(58,694
)
USD
814,716
EUR
695,000
BNP Paribas SA
06/17/26
(2,587
)
USD
2,653,828
EUR
2,271,000
Goldman Sachs & Co.
06/17/26
(16,813
)
USD
2,413,300
GBP
1,787,000
BNP Paribas SA
06/17/26
(18,172
)
USD
63,026
GBP
47,000
Goldman Sachs & Co.
06/17/26
(925
)
USD
858,842
INR
82,210,000
BNP Paribas SA
06/17/26
(2,840
)
USD
127,183
INR
12,203,000
Goldman Sachs & Co.
06/17/26
(723
)
USD
10,306,884
JPY
1,628,855,168
BNP Paribas SA
06/17/26
(133,423
)
USD
1,194,718
MXN
21,341,000
Goldman Sachs & Co.
06/17/26
(22,577
)
USD
955,234
NZD
1,632,000
BNP Paribas SA
06/17/26
(10,276
)
USD
7,914,229
NZD
13,664,000
Goldman Sachs & Co.
06/17/26
(169,553
)
USD
288,087
TWD
9,225,000
BNP Paribas SA
06/17/26
(3,440
)
USD
6,268,395
TWD
200,878,000
Goldman Sachs & Co.
06/17/26
(79,729
)
USD
779,839
ZAR
13,258,000
BNP Paribas SA
06/17/26
(13,503
)
USD
823,670
ZAR
14,128,000
Goldman Sachs & Co.
06/17/26
(21,732
)
ZAR
42,494,000
USD
2,554,758
BNP Paribas SA
06/17/26
(11,970
)
(815,011
)
$953,176
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)
$645,074
$-
$697,451
$-
$421,440
$-
$1,763,965
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$-
$-
$-
$1,768,187
$-
$-
$1,768,187
$645,074
$-
$697,451
$1,768,187
$421,440
$-
$3,532,152
11
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Managed Futures Active ETF
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities-Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$125,189
$-
$237,243
$-
$229,804
$-
$592,236
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$-
$-
$-
$815,011
$-
$-
$815,011
$125,189
$-
$237,243
$815,011
$229,804
$-
$1,407,247
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Consolidated Schedule of Investments. In the Statements of Assets and
Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings
(loss).
For the period ended April 30, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$676,356
$-
$435,812
$-
$(32,303
)
$-
$1,079,865
Forward foreign currency exchange contracts
-
-
-
722,904
-
-
722,904
$676,356
$-
$435,812
$722,904
$(32,303
)
$-
$1,802,769
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$453,766
$-
$234,983
$-
$178,980
$-
$867,729
Forward foreign currency exchange contracts
-
-
-
688,553
-
-
688,553
$453,766
$-
$234,983
$688,553
$178,980
$-
$1,556,282
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts - long
$28,177,234
Average notional value of contracts - short
$31,135,558
Forward foreign currency exchange contracts:
Average amounts purchased - in USD
$71,579,703
Average amounts sold - in USD
$75,953,301
For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$381,798
$-
Forward foreign currency exchange contracts
1,768,187
815,011
Total derivative assets and liabilities in the Statements of Assets and Liabilities
2,149,985
815,011
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(381,798
)
-
Total derivative assets and liabilities subject to an MNA
$1,768,187
$815,011
Schedule of Investments 12
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Managed Futures Active ETF
 
Derivative Financial Instruments - Offsetting as of Period End (continued)
The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
BNP Paribas SA
$782,474
$(366,206
)
$-
$-
$416,268
Goldman Sachs & Co.
985,713
(448,805
)
-
-
536,908
$1,768,187
$(815,011
)
$-
$-
$953,176
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
BNP Paribas SA
$366,206
$(366,206
)
$-
$-
$-
Goldman Sachs & Co.
448,805
(448,805
)
-
-
-
$815,011
$(815,011
)
$-
$-
$-
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Short-Term Securities 
U.S. Treasury Obligations
$-
$51,930,446
$-
$51,930,446
Money Market Funds
420,000
-
-
420,000
$420,000
$51,930,446
$-
$52,350,446
Derivative Financial Instruments(a) 
Assets 
Commodity Contracts
$645,074
$-
$-
$645,074
Foreign Currency Exchange Contracts
-
1,768,187
-
1,768,187
Interest Rate Contracts
421,440
-
-
421,440
Equity Contracts
609,627
87,824
-
697,451
Liabilities 
Commodity Contracts
(125,189
)
-
-
(125,189
)
Foreign Currency Exchange Contracts
-
(815,011
)
-
(815,011
)
Interest Rate Contracts
(229,804
)
-
-
(229,804
)
Equity Contracts
(232,010
)
(5,233
)
-
(237,243
)
$1,089,138
$1,035,767
$-
$2,124,905
 
(a)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are
valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
13
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited)
April 30, 2026
 
iShares
Enhanced
Short-Term
Bond Active
ETF
iShares
Managed
Futures
Active ETF
(Consolidated)
ASSETS
Investments, at value-unaffiliated(a)
$208,843,906
$51,930,446
Investments, at value-affiliated(b)
850,000
420,000
Cash
31,363
119,418
Cash pledged for futures contracts
190,000
2,146,000
Foreign currency, at value(c)
499,781
684,503
Receivables:
Investments sold
-
25
Capital shares sold
-
560,308
Dividends-affiliated
6,299
2,102
Interest-unaffiliated
141,919
-
Variation margin on futures contracts
-
381,798
Unrealized appreciation on forward foreign currency exchange contracts
32,035
1,768,187
Total assets
210,595,303
58,012,787
LIABILITIES
Payables:
Investments purchased
19,887,378
2,110
Investment advisory fees
28,897
35,613
Variation margin on futures contracts
34,154
-
Unrealized depreciation on forward foreign currency exchange contracts
250,284
815,011
Total liabilities
20,200,713
852,734
Commitments and contingent liabilities
NET ASSETS
$190,394,590
$57,160,053
NET ASSETS CONSIST OF
Paid-in capital
$189,805,177
$53,446,689
Accumulated earnings
589,413
3,713,364
NET ASSETS
$190,394,590
$57,160,053
NET ASSET VALUE
Shares outstanding
1,912,500
2,040,000
Net asset value
$99.55
$28.02
Shares authorized
Unlimited
Unlimited
Par value
None
None
(a) Investments, at cost-unaffiliated
$208,502,485
$51,942,366
(b) Investments, at cost-affiliated
$850,000
$420,000
(c) Foreign currency, at cost
$492,811
$684,186
See notes to financial statements.
Statements of Assets and Liabilities 14
Statements of Operations (unaudited)
Six Months Ended April 30, 2026
 
iShares
Enhanced
Short-Term
Bond Active
ETF
iShares
Managed
Futures
Active ETF
(Consolidated)
INVESTMENT INCOME
Dividends-affiliated
$90,436
$30,328
Interest-unaffiliated
2,797,585
566,246
Securities lending income-affiliated-net
2,603
-
Total investment income
2,890,624
596,574
EXPENSES
Investment advisory
173,484
134,601
Commitment costs
298
63
Interest expense
192
68
Total expenses
173,974
134,732
Less:
Investment advisory fees waived
(2,202
)
(731
)
Total expenses after fees waived
171,772
134,001
Net investment income
2,718,852
462,573
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments-unaffiliated
(43,221
)
3,613
Forward foreign currency exchange contracts
590,081
722,904
Foreign currency transactions
54,948
(81,664
)
Futures contracts
131,268
1,079,865
In-kind redemptions-unaffiliated(a)
(5,512
)
-
727,564
1,724,718
Net change in unrealized appreciation (depreciation) on:
Investments-unaffiliated
840,618
(21,096
)
Forward foreign currency exchange contracts
(937,899
)
688,553
Foreign currency translations
7,113
(2,344
)
Futures contracts
50,845
867,729
(39,323
)
1,532,842
Net realized and unrealized gain
688,241
3,257,560
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$3,407,093
$3,720,133
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
15
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
iShares
Enhanced Short-Term Bond Active ETF
iShares
Managed Futures Active ETF
(Consolidated)
Six Months
Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months
Ended
04/30/26
(unaudited)
Period From
03/12/25(a)
to 10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$2,718,852
$3,479,636
$462,573
$380,784
Net realized gain (loss)
727,564
(160,348
)
1,724,718
310,756
Net change in unrealized appreciation (depreciation)
(39,323
)
198,977
1,532,842
578,373
Net increase in net assets resulting from operations
3,407,093
3,518,265
3,720,133
1,269,913
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(3,311,313
)(c)
(3,101,520
)
(1,342,799
)(c)
-
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
76,740,214
85,501,609
33,418,030
20,094,776
NET ASSETS
Total increase in net assets
76,835,994
85,918,354
35,795,364
21,364,689
Beginning of period
113,558,596
27,640,242
21,364,689
-
End of period
$190,394,590
$113,558,596
$57,160,053
$21,364,689
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Statements of Changes in Net Assets 16
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Enhanced Short-Term Bond Active ETF
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Period From
07/17/24(a)
to 10/31/24
Net asset value, beginning of period
$99.83
$100.51
$100.00
Net investment income(b)
1.54
4.00
1.42
Net realized and unrealized gain(c)
0.39
0.15
0.08
Net increase from investment operations
1.93
4.15
1.50
Distributions from net investment income(d)
(2.21
)(e)
(4.83
)
(0.99
)
Net asset value, end of period
$99.55
$99.83
$100.51
Total Return(f)
Based on net asset value
1.97
%(g)
4.23
%
1.51
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.20
%(i)
0.20
%
0.20
%(i)
Total expenses after fees waived
0.20
%(i)
0.20
%
0.20
%(i)
Net investment income
3.13
%(i)
3.99
%
4.85
%(i)
Supplemental Data
Net assets, end of period (000)
$190,395
$113,559
$27,640
Portfolio turnover rate(j)
0
%
0
%
0
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund's underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
17
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Managed Futures Active ETF
(Consolidated)
Six Months Ended
04/30/26
(unaudited)
Period From
03/12/25(a)
to 10/31/25
Net asset value, beginning of period
$26.71
$25.00
Net investment income(b)
0.37
0.53
Net realized and unrealized gain(c)
2.58
1.18
Net increase from investment operations
2.95
1.71
Distributions(d)
From net investment income
(0.72
)(e)
-
From net realized gain
(0.92
)
-
Total distributions
(1.64
)
-
Net asset value, end of period
$28.02
$26.71
Total Return(f)
Based on net asset value
11.59
%(g)
6.82
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.80
%(i)
0.80
%(i)
Total expenses after fees waived
0.80
%(i)
0.78
%(i)
Net investment income
2.75
%(i)
3.32
%(i)
Supplemental Data
Net assets, end of period (000)
$57,160
$21,365
Portfolio turnover rate(j)
0
%
0
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund's underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights 18
Notes to Financial Statements (unaudited)
1. ORGANIZATION
BlackRock ETF Trust (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 Enhanced Short-Term Bond Active ETF
Enhanced Short-Term Bond Active
Non-diversified
iShares Managed Futures Active ETF
Managed Futures Active
Non-diversified
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of BlackRock Multi-Asset Complex.
Basis of Consolidation: The accompanying consolidated financial statements of iShares Managed Futures Active ETF include the account of iShares Managed Futures Active ETF Cayman, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of iShares Managed Futures Active ETF and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. iShares Managed Futures Active ETF may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $663,468, which is 1.2% of iShares Managed Futures Active ETF consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
On April 22, 2026, the Board of Trustees of the Trust (the "Board") approved a change in the name of iShares Enhanced Short-Term Bond Active ETF to iShares Dynamic Short-Term Active ETF and certain changes to the Fund's investment strategy. These changes are expected to become effective on or about June 23, 2026.
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.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Cash: The 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.
19
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
Segment Reporting: The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.
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 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:
• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.
• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.
• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.
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
Notes to Financial Statements 20
Notes to Financial Statements (unaudited) (continued)
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. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or to the applicable commodities market (commodities price risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of  Assets and Liabilities.  A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
21
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFA will be paid a management fee from the Funds based on a percentage of each Fund's average daily net assets as follows: 
Fund Name
Investment Advisory Fees
Enhanced Short-Term Bond Active
0.20%
Managed Futures Active
0.80
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, 2027. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2027. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
For the six months ended April 30, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows: 
Fund Name
Amounts Waived
Enhanced Short-Term Bond Active
$2,202
Managed Futures Active
731
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.
Securities Lending: The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash
Notes to Financial Statements 22
Notes to Financial Statements (unaudited) (continued)
Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Multi-Asset Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended April 30, 2026, the Funds paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
Enhanced Short-Term Bond Active
$928
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.
7. PURCHASES AND SALES
There were no purchases and sales of investments, excluding short-term securities and in-kind transactions, for the six months ended April 30, 2026.
For the six months ended April 30, 2026, in-kind transactions were as follows: 
Fund Name
In-kind
Purchases
In-kind
Sales
Enhanced Short-Term Bond Active
$64,843,680
$11,451,820
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.
As of October 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards(a)
Enhanced Short-Term Bond Active
$(101,952
)
23
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
(a)
Amounts available to offset future realized capital gains.
As of April 30, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Enhanced Short-Term Bond Active
$209,352,485
$459,115
$(288,835)
$170,280
Managed Futures Active
52,362,366
3,532,152
(1,419,167)
2,112,985
9. LINE OF CREDIT
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. 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) one-month 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 2027 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended April 30, 2026, the Funds did not borrow under the credit agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.
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, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.
Notes to Financial Statements 24
Notes to Financial Statements (unaudited) (continued)
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.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name
Shares
Amount
Shares
Amount
Enhanced Short-Term Bond Active
Shares sold
937,500
$92,868,993
2,812,500
$280,565,191
Shares redeemed
(162,500
)
(16,128,779
)
(1,950,000
)
(195,063,582
)
775,000
$76,740,214
862,500
$85,501,609
 
Six Months Ended
04/30/26
Period Ended
10/31/25(a)
Fund Name
Shares
Amount
Shares
Amount
Managed Futures Active
Shares sold
1,580,000
$42,848,158
800,000
$20,094,776
Shares redeemed
(340,000
)
(9,430,128
)
-
-
1,240,000
$33,418,030
800,000
$20,094,776
 
(a)
The Fund commenced operations on March 12, 2025.
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for the 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 Funds 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.
25
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
12. 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.
Notes to Financial Statements 26
Additional Information
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the 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 iShares.com.
Fund and Service Providers 
Investment Adviser
Independent Registered Public Accounting Firm
BlackRock Fund Advisors
San Francisco, CA 94105
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Administrator, Custodian and Transfer Agent
Legal Counsel
State Street Bank and Trust Company
Boston, MA 02114
Ropes & Gray LLP
New York, NY 10036
Distributor
Address of the Trust
BlackRock Investments, LLC
New York, NY 10001
100 Bellevue Parkway
Wilmington, DE 19809
27
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
Portfolio Abbreviation 
CORRA
Canadian Overnight Repo Rate
EURIBOR
Euro Interbank Offered Rate
SOFR
Secured Overnight Financing Rate
SONIA
Sterling Overnight Interbank Average Rate
 
Currency Abbreviation 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
EUR
Euro
GBP
British Pound
INR
Indian Rupee
JPY
Japanese Yen
MXN
Mexican Peso
NOK
Norwegian Krone
NZD
New Zealand Dollar
SEK
Swedish Krona
TWD
New Taiwan Dollar
USD
United States Dollar
ZAR
South African Rand
Glossary of Terms Used in this Report 28
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This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

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

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

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

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

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

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

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

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

Item 16 - Controls and Procedures

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

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

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

Item 18 - Recovery of Erroneously Awarded Compensation - Not Applicable

Item 19 - Exhibits attached hereto

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

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

(a)(3)

(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)

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

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

Date: June 23, 2026

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

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

Date: June 23, 2026

By: /s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

Date: June 23, 2026

BlackRock ETF Trust published this content on July 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 02, 2026 at 16:05 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]