BlackRock ETF Trust (0001761055) (Filer)

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:

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:

7/31/2026

Date of reporting period:

7/31/2026

Item 1 — Reports to Stockholders

(a) The Reports to Shareholders are attached herewith

iShares FinTech Active ETF

BPAY | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares FinTech Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned (13.85)%.

• For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 22.11%.

What contributed to performance?

Sezzle, Inc., a U.S.-based provider of buy now, pay later services, was the leading contributor to the Fund’s absolute performance. The company reported strong growth in payment volumes, revenue, and profitability, supported by increased customer engagement and more frequent use of its products. In addition, it raised its full-year guidance. Nu Holdings Ltd., one of the largest digital financial services platforms in Latin America, was also a top contributor. The company continued to add customers across Brazil, Mexico and Colombia, while increasing the number of financial products used by each customer. Investors reacted favorably to the company’s robust revenue growth and improving profitability, as well as the ongoing expansion of its credit portfolio. Affirm Holdings, Inc., a U.S. provider of installment payment solutions, was another key contributor. Affirm reported strong growth in gross merchandise volume and revenue, together with a significant improvement in profitability.

What detracted from performance?

The blockchain infrastructure company Circle Internet Group, Inc. was the largest detractor. The shares declined from the elevated levels they reached following the company’s initial public offering, as investors became more cautious about its valuation and the sensitivity of its earnings interest rate movements. Accelerant Holdings, a specialty insurance marketplace that connects underwriters with providers of risk capital, was an additional detractor due to concerns about the concentration of its third-party insurance relationships. Coinbase Global, Inc., a cryptocurrency exchange and digital asset infrastructure platform, also detracted. The company was affected by weaker cryptocurrency prices and lower spot trading activity, which reduced transaction revenue and weighed on profitability.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: August 16, 2022 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was August 16, 2022.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Industry allocation

Ten largest holdings

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737. 

Effective November 28, 2025, BlackRock Fund Advisors (“BFA”) has contractually agreed to cap the Fund’s total annual fund operating expenses to 0.55% as a percentage of the Fund’s average daily net assets through June 30, 2027.

Additionally, effective November 28, 2025, for its investment advisory services to the Fund, BFA will be paid a management fee by the Fund, based on a percentage of the Fund’s average daily net assets, at an annual rate of 0.66% of the first $3 billion of the Fund’s average daily net assets, 0.63% of the next $2 billion of the Fund’s average daily net assets, 0.61% of the next $5 billion of the Fund’s average daily net assets and 0.60% of the average daily net assets of the Fund in excess of $10 billion. Prior to November 28, 2025, BFA was paid a management fee by the Fund, based on a percentage of the Fund’s average daily net assets, at an annual rate of 0.70% of the first $1 billion of the Fund’s average daily net assets, 0.66% of the next $2 billion of the Fund’s average daily net assets, 0.63% of the next $2 billion of the Fund’s average daily net assets, 0.61% of the next $5 billion of the Fund’s average daily net assets and 0.60% of the average daily net assets of the Fund in excess of $10 billion.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares FinTech Active ETF

Annual Shareholder Report — July 31, 2026

BPAY-07/26-AR

iShares Health Innovation Active ETF

BMED | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares Health Innovation Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 25.58%.

• For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 22.11%, and the STOXX Global Breakthrough Healthcare Index (Net) returned 26.42%.

What contributed to performance?

Exact Sciences Corp., which was taken over at a premium by Abbott Laboratories in November 2025, was the leading contributor to absolute performance. Johnson & Johnson, which delivered strong results, raised its guidance, and demonstrated a healthy new product pipeline, was also a top contributor. Bruker Corp., a provider of scientific instruments and diagnostics solutions, further contributed to results. The stock advanced on signs of a return to organic revenue growth and profit margin expansion.

What detracted from performance?

Boston Scientific Corp. a leading cardiovascular and medical-surgical technology company, was the Fund’s largest individual detractor. The stock fell sharply in February 2026 after management issued revenue guidance that was well below expectations, and it weakened further in August after again cutting its sales and earnings outlook. Intuitive Surgical, Inc., a maker of robotic surgical systems, also detracted meaningfully. The stock lagged due to tariff headwinds, pricing pressures, and reduced demand for bariatric procedures stemming from rising GLP-1 usage. WuXi Biologics, Inc., which was pressured by changes in U.S. biosecurity policy, was an additional detractor of note.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: September 29, 2020 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was September 29, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Industry allocation

Ten largest holdings

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737. 

Effective February 24, 2026, the Fund added “Focus Risk,” or the risk of focusing its investments in the securities of a limited number of issuers, to its principal investment risks.

Effective November 28, 2025, BlackRock Fund Advisors (“BFA”) has contractually agreed to cap the Fund’s total annual fund operating expenses to 0.55% as a percentage of the Fund’s average daily net assets through June 30, 2027.

Additionally, effective November 28, 2025, for its investment advisory services to the Fund, BFA will be paid a management fee by the Fund, based on a percentage of the Fund’s average daily net assets, at an annual rate of 0.77% of the first $5 billion of the Fund’s average daily net assets, 0.74% of the next $5 billion of the Fund’s average daily net assets and 0.72% of the average daily net assets of the Fund in excess of $10 billion. Prior to November 28, 2025, for its investment advisory services to the Fund, BFA was paid a management fee by the Fund, based on a percentage of the Fund’s average daily net assets, at an annual rate of 0.85% of the first $1 billion of the Fund’s average daily net assets, 0.80% of the next $2 billion of the Fund’s average daily net assets, 0.77% of the next $2 billion of the Fund’s average daily net assets, 0.74% of the next $5 billion of the Fund’s average daily net assets and 0.72% of the average daily net assets of the Fund in excess of $10 billion.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., STOXX Ltd. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Health Innovation Active ETF

Annual Shareholder Report — July 31, 2026

BMED-07/26-AR

iShares International Country Rotation Active ETF

CORO | NASDAQ

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares International Country Rotation Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 31.73%.

• For the same period, the Fund’s benchmark, the MSCI ACWI ex-USA Index (Net) returned 28.46%.

What contributed to performance?

Holdings within South Korea, Japan and Taiwan made the largest contributions to return over the period.

South Korea was the largest contributor to return, driven by strong performance in technology and semiconductors. The robust demand for AI-related hardware, memory chips, and other technology components support South Korea’s exceptional earnings growth. Japan was a positive contributor to performance as improving corporate fundamentals, market reforms, and continued economic normalization helped fuel equity market gains. Taiwan was another positive contributor as companies there benefited from playing a central role in the global semiconductor and AI supply chain. The continued strong chip demand has supported earnings growth in Taiwan.

What detracted from performance?

Holdings within India, Finland and Qatar weighed most heavily on return.

India was the largest detractor from performance as elevated equity valuations, concerns around the pace of economic growth and softer earnings expectations weighed on investor sentiment there and led to foreign investor outflows. Finland’s equity market faced pressure from a challenging economic backdrop and slowing growth across parts of Europe, with particular weakness in several of the country’s industrial and technology-related companies. Qatar was another detractor as energy market disruption and moderation in sentiment toward Gulf markets broadly weighed on returns there. In addition, Qatar’s equity market is concentrated in energy and financial companies which saw their shares negatively impacted as investors rotated toward faster-growing, more technology-oriented markets.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: December 3, 2024 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was December 3, 2024.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Portfolio composition

Ten largest holdings

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737. 

The Fund's net expense ratio decreased from the prior fiscal year primarily due to an increase in the investment advisory fee waiver, which the Manager applies in an amount equal to the acquired fund fees and expenses attributable to the Fund's investments in affiliated funds, reflecting a greater allocation to BlackRock-managed underlying funds during the current fiscal year.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares International Country Rotation Active ETF

Annual Shareholder Report — July 31, 2026

CORO-07/26-AR

iShares International Equity Factor Rotation Active ETF

IDYN | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares International Equity Factor Rotation Active ETF (the “Fund”) for the period of August 5, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

How did the Fund perform during the period?

• For the abbreviated reporting period beginning August 5, 2025 and ended July 31, 2026, the Fund returned 23.34%.

• For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 23.73%.

What contributed to performance?

Positive contributions to performance were led by technology and semiconductor-related companies, along with exposure to the broader digital economy and innovation. Select holdings in health care, industrials and financials also contributed positively. ASML Holding N.V. was the top individual contributor. The Dutch provider of photolithography systems used in manufacturing advanced chips has benefited from surging demand driven by the AI data center buildout. Other leading contributors included Swiss pharmaceutical company Novartis AG, Japanese semiconductor test equipment manufacturer Advantest Corp., Japanese electrical equipment manufacturer Fujikura Ltd., and Spanish bank Banco Santander S.A.

What detracted from performance?

Detractors from performance were spread across a range of sectors, reflecting increased stock level performance dispersion over the period rather than weakness in a single area of the market. This occurred against a backdrop of shifting market leadership and periods of investor rotation across growth-oriented, cyclical and more defensive areas. The largest individual detractors included German enterprise software company SAP SE, British multinational information and analytics company RELX Plc, Japanese video game manufacturer Nintendo Co., Ltd., Norwegian fertilizer producer Yara International ASA, and German arms manufacturer Rheinmetall AG.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: August 5, 2025 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

As of the date of this report, the Fund does not have a full fiscal year of performance information to report. The inception date of the Fund was August 5, 2025.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Sector allocation

Geographic allocation

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares International Equity Factor Rotation Active ETF

Annual Shareholder Report — July 31, 2026

IDYN-07/26-AR

iShares Large Cap Core Active ETF

BLCR | NASDAQ

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares Large Cap Core Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 30.39%.

• For the same period, the Fund’s benchmark, the Russell 1000 Index returned 18.94%.

What contributed to performance?

Positive contributions to performance were led by stock selection within the information technology sector, most notably a position in Micron Technology, Inc. as the memory chip manufacturer has benefited from surging demand for AI-related memory and data center infrastructure. An overweight in Intel Corp. also boosted returns as investors gained confidence in the company's turnaround efforts and ability to participate in the expanding semiconductor and AI ecosystem. Networking company Ciena Corp. and hard disk drive manufacturer Western Digital Corp. were also beneficiaries of enthusiasm around artificial intelligence. Outside of information technology, stock selection within industrials and consumer discretionary contributed meaningfully.

What detracted from performance?

The largest detractor from performance was stock selection in the financials sector, most notably an overweight position in futures and derivatives exchange CME Group, Inc. as reduced market volatility led investors to temper expectations for future trading activity and earnings growth. Holdings of Intercontinental Exchange, Inc., an operator of financial exchanges, clearing businesses and mortgage technology platforms, detracted as investors rotated away from financial infrastructure companies toward higher-growth areas of the market. Positioning in healthcare equipment & supplies also detracted, most notably positions in medical technology companies Medtronic plc and Boston Scientific Corp. as capital flowed toward industries perceived as more direct beneficiaries of artificial intelligence, digital infrastructure, and accelerating technology spending.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: October 24, 2023 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was October 24, 2023.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Industry allocation

Ten largest holdings

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Large Cap Core Active ETF

Annual Shareholder Report — July 31, 2026

BLCR-07/26-AR

iShares Large Cap Value Active ETF

BLCV | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares Large Cap Value Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 25.50%.

• For the same period, the Fund’s benchmark, the Russell 1000 Index returned 18.94%, and the Russell 1000 Value Index returned 31.19%.

What contributed to performance?

Positive contributions to the Fund’s performance were led by the information technology sector, most notably holdings within the technology hardware, storage & peripherals industry. In this vein, data storage device manufacturer Western Digital Corp. highlighted contributions as favorable storage supply-demand dynamics and increasing AI-related infrastructure demand supported pricing and profitability expectations. Technology hardware provider Hewlett Packard Enterprise Co. also contributed as AI-related infrastructure demand and strength in its networking segment supported business momentum.

Utilities holdings also generated strong returns, supported by growing electricity demand and increased investment in power generation and grid infrastructure. In particular, exposure to a pair of midwestern utilities, Evergy Inc. and DTE Energy Co., drove performance within the sector. Finally, consumer discretionary holdings performed well, led by the automobile industry where General Motors Co. led contributions.

What detracted from performance?

On the downside, financials and real estate were the only sector-level detractors during the period. Within financials, concerns around AI-related business model disruption weighed on shares of banking software and payment processing provider Fidelity National Information Services. Similarly, sentiment around Intercontinental Exchange Inc., operator of the New York Stock Exchange, was impacted by concerns that AI could disrupt its securities exchange and fixed income data businesses. With respect to real estate, continued elevated interest rates have weighed on the sector broadly. The weakest performance was concentrated in the specialized and industrial REIT industries, with cell tower company Crown Castle Inc. the biggest detractor from Fund returns.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: May 19, 2023 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

On February 27, 2026, the Fund acquired all of the assets, subject to the liabilities, of iShares Large Cap Value Active ETF (the “Predecessor Fund”) and CornerCap Fundametrics^® Large-Cap ETF, a series of Advisor Managed Portfolios, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund commenced operations on May 19, 2023 and is the performance and accounting survivor of the Reorganization.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Industry allocation

Ten largest holdings

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737. 

On February 27, 2026, the Predecessor Fund and CornerCap Fundametrics^® Large-Cap ETF, a series of Advisor Managed Portfolios, were reorganized into the Fund as part of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. Following the Reorganization, as of March 2, 2026, the Fund changed its name from iShares Large Cap Value Active ETF II to iShares Large Cap Value Active ETF.

In connection with the Reorganization, the Fund’s Board approved an investment advisory agreement for the Fund, pursuant to which BlackRock Fund Advisors is paid a management fee from the Fund at an annual rate of 0.45% of the Fund’s average daily net assets. The Fund's net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s expense structure in connection with the Reorganization.

As of June 2, 2026, the Fund changed its classification from “non-diversified” to “diversified” under the Investment Company Act of 1940, as amended. As a result of this change, the Fund removed the risk factor entitled "Non-Diversification Risk" from its prospectus.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Large Cap Value Active ETF

Annual Shareholder Report — July 31, 2026

BLCV-07/26-AR

iShares U.S. Carbon Transition Readiness Aware Active ETF

LCTU | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares U.S. Carbon Transition Readiness Aware Active ETF (the “Fund”) (formerly known as BlackRock U.S. Carbon Transition Readiness ETF) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 17.60%.

• For the same period, the Fund’s benchmark, the Russell 1000 Index returned 18.94%.

What contributed to performance?

At a time of positive returns for the broader market, all eleven sectors contributed to the Fund’s absolute performance. Holdings in information technology made the largest contribution due to the combination of the sector’s sizable portfolio weighting and robust total return. Apple, Inc. was the top contributor in both the sector and the portfolio as a whole. A number of semiconductor stocks further helped results, led by Advanced Micro Devices, Inc., Micron Technology, Inc., and NVIDIA Corp., among others. Healthcare was the second-largest contributor, highlighted by a strong gain for Eli Lilly & Co., Inc. The Fund’s holdings in industrials and financials also performed very well and had a meaningful influence on results. RTX Corp. and Goldman Sachs Group, Inc. were the leading contributors in the two sectors, respectively.

What detracted from performance?

The strong performance for more carbon-intensive energy and materials stocks was a headwind for the Fund given its emphasis on lower-carbon companies.

Although no sector finished the annual period with a negative return, certain individual holdings—including Meta Platforms, Inc., Microsoft Corp., and Netflix, Inc.—lost ground and hurt the Fund’s performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: April 6, 2021 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was April 6, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Sector allocation

Ten largest holdings

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737. 

On February 19, 2026, the Fund’s Board approved certain changes to the Fund’s investment strategy and investment process. Effective April 24, 2026, under the Fund’s revised investment strategy, although a majority of the Low Carbon Economy Transition Readiness score will be comprised of environmental considerations, the score will also incorporate social and governance considerations, as well as certain non-sustainability signals, including financial signals. The weighting of these inputs is determined and dynamically adjusted by BlackRock Fund Advisors based on their assessed relative importance and prevailing market conditions.

On February 20, 2025, the Fund’s Board approved a change in the name of BlackRock U.S. Carbon Transition Readiness ETF to iShares U.S. Carbon Transition Readiness Aware Active ETF. This change became effective on November 21, 2025.

Also on February 20, 2025, the Fund’s Board approved a change in the Fund's principal investment strategies. Under Fund’s revised strategies, investments in derivatives are counted toward the Fund’s policy to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities of issuers listed in the United States of America to the extent that such derivatives provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Additionally, under the Fund’s revised strategies, the Fund seeks to maintain a Low Carbon Economy Transition Readiness score that is at least 10% better than that of the Russell 1000 Index.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Carbon Transition Readiness Aware Active ETF

Annual Shareholder Report — July 31, 2026

LCTU-07/26-AR

iShares U.S. Equity Factor Rotation Active ETF

DYNF | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares U.S. Equity Factor Rotation Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 21.46%.

• For the same period, the Fund’s benchmark, the MSCI USA Index returned 19.09%.

What contributed to performance?

Positive contributions to performance were led by holdings of several U.S. mega-cap and technology-related companies which experienced strong earnings supported by ongoing investment in AI and digital infrastructure. Holdings of Apple Inc. highlighted contributions as the iPhone manufacturer benefited from a successful product upgrade and investors rewarded the company’s disciplined approach to spending on AI. Shares of Google parent Alphabet Inc. rose sharply as investors viewed the company’s elevated infrastructure spending as vindicated by its enormous cloud services order backlog. Memory chip manufacturer Micron Technology, Inc., networking equipment provider Cisco Systems, Inc. and semiconductor manufacturing equipment provider Applied Materials, Inc. all saw surging demand driven by the AI infrastructure buildout.

What detracted from performance?

On the downside, the Fund’s largest detractors included social media giant Meta Platforms Inc., hyperscaler and enterprise software provider Microsoft Corp., streaming services company Netflix Inc., data analytics software provider Palantir Technologies Inc., and customer relationship management software firm Salesforce Inc. While AI remained an important driver of broader market performance, returns across growth and technology-related companies became increasingly differentiated as market leadership shifted and investors became more selective. In this vein, perceived risk from AI-related business model disruption weighed on holdings of software companies held in the Fund.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: March 19, 2019 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was March 19, 2019.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Sector allocation

Ten largest holdings

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Equity Factor Rotation Active ETF

Annual Shareholder Report — July 31, 2026

DYNF-07/26-AR

iShares U.S. Industry Rotation Active ETF

INRO | NASDAQ

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares U.S. Industry Rotation Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 20.90%.

• For the same period, the Fund’s benchmark, the MSCI USA Index returned 19.09%.

What contributed to performance?

Positions in the semiconductor industry made the largest contribution to performance, led by Micron Technology, Inc. and NVIDIA Corp. Semiconductor companies continued to deliver strong results, fueled by AI-linked chip demand and investments in AI infrastructure.

Holdings in the technology hardware, storage, & peripherals industry also contributed. Apple, Inc., which continued to demonstrate durable earnings, was the leading individual contributor.

Interactive media & services, where shares of Google parent Alphabet, Inc. rallied on the strength of the AI boom, was a further contributor of note.

What detracted from performance?

Software was the largest detractor, as the industry lagged considerably due to concerns about AI displacement. Microsoft Corp. was the most significant individual detractor in the category.

The entertainment industry also weighed on performance. Changing consumer spending patterns and increased competition for audience engagement caused companies to experience slowing revenue projections.

Professional services, which suffered from concerns about displacement from the rise of AI technology, was an additional detractor.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: March 26, 2024 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was March 26, 2024.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Sector allocation

Ten largest holdings

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Industry Rotation Active ETF

Annual Shareholder Report — July 31, 2026

INRO-07/26-AR

iShares U.S. Thematic Rotation Active ETF

THRO | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares U.S. Thematic Rotation Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 18.21%.

• For the same period, the Fund’s benchmark, the S&P 500 Index returned 19.56%.

What contributed to performance?

Positive contributions to performance were led by holdings of several U.S. mega-cap and technology-related companies which experienced strong earnings supported by ongoing investment in AI and digital infrastructure. Holdings of Apple Inc. highlighted contributions as the iPhone manufacturer benefited from a successful product upgrade and investors rewarded the company’s disciplined approach to spending on AI. Memory chip manufacturer Micron Technology, Inc. saw surging demand driven by the AI infrastructure buildout. Shares of Google parent Alphabet Inc. rose sharply as investors viewed the company’s elevated spending as vindicated by its enormous cloud services order backlog. Semiconductor company Intel Corp. also outperformed on a turnaround story and strong AI-related demand for its chips featuring advanced processing speed.

What detracted from performance?

Detractors were spread across a range of industries, reflecting greater stock-level performance dispersion over the period rather than weakness in a single area of the market. Holdings that had the biggest negative impact on performance included social media giant Meta Platforms Inc., cloud services and enterprise software company Microsoft Corp., medical device manufacturer Boston Scientific Corp., cybersecurity software provider Check Point Software Technologies Ltd., and electronic vehicle and satellite technology provider Tesla Inc. Perceived risk from AI-related business model disruption weighed on software companies held in the Fund. Boston Scientific has faced increasing competitive pressure and lower standalone usage for its industry-leading Watchman heart implant device, leading management to reduce forward guidance and analysts to revise outlooks downward.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: December 14, 2021 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was December 14, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Industry allocation

Ten largest holdings

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Thematic Rotation Active ETF

Annual Shareholder Report — July 31, 2026

THRO-07/26-AR

iShares World ex U.S. Carbon Transition Readiness Aware Active ETF

LCTD | NYSE Arca

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares World ex U.S. Carbon Transition Readiness Aware Active ETF (the “Fund”) (formerly known as BlackRock World ex U.S. Carbon Transition Readiness ETF) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 22.03%.

• For the same period, the Fund’s benchmark, the MSCI World ex USA Index (Net) returned 25.00%.

What contributed to performance?

At a time of positive returns for the broader market, ten of eleven sectors contributed to the Fund’s absolute performance. Holdings in financials made the largest contribution due to the combination of the sector’s sizable portfolio weighting and robust total return. HSBC Holdings PLC, Royal Bank of Canada, and Canadian Imperial Bank of Commerce were the leading contributors in the sector. Information technology was the second-largest contributor, highlighted by strong gains for the semiconductor stocks ASML Holding NV and Advantest Corp. The Fund’s holdings in industrials also had a meaningful, positive influence on results, led by the European companies Siemens AG and Schneider Electric SE.

What detracted from performance?

The strong performance for more carbon-intensive energy and materials stocks was a headwind for the Fund given its emphasis on lower-carbon companies.

Communication services was the only sector in which the Fund’s holdings finished the period with a negative absolute return. Autotrader Group PLC was the largest detractor, followed by Telus Corp. and Nintendo Co., Ltd. Outside of communication services, the largest detractors were the German enterprise software provider SAP SE, the Canadian infrastructure firm WSP Global, Inc., and the U.K. IT services company RELX PLC.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: April 6, 2021 through July 31, 2026

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

The inception date of the Fund was April 6, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Sector allocation

Ten largest holdings

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737. 

On February 19, 2026, the Fund’s Board approved certain changes to the Fund’s investment strategy and investment process. Effective April 24, 2026, under the Fund’s revised investment strategy, although a majority of the Low Carbon Economy Transition Readiness score will be comprised of environmental considerations, the score will also incorporate social and governance considerations, as well as certain non-sustainability signals, including financial signals. The weighting of these inputs is determined and dynamically adjusted by BlackRock Fund Advisors based on their assessed relative importance and prevailing market conditions.

On February 20, 2025, the Fund’s Board approved a change in the name of BlackRock World ex U.S. Carbon Transition Readiness ETF to iShares World ex U.S. Carbon Transition Readiness Aware Active ETF. This change became effective on November 21, 2025.

Also on February 20, 2025, the Fund’s Board approved a change in the Fund’s principal investment strategies. Under Fund’s revised strategies, the Fund seeks to maintain a Low Carbon Economy Transition Readiness score that is at least 10% better than that of the MSCI World ex USA Index.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares World ex U.S. Carbon Transition Readiness Aware Active ETF

Annual Shareholder Report — July 31, 2026

LCTD-07/26-AR

(b) Not Applicable

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

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

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

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

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

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

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

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

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

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this

meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

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

(f) Not Applicable

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

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

(i) Not Applicable

(j) Not Applicable

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

Neil A. Cotty

Henry R. Keizer

Lori Richards

Kenneth L. Urish

Claire A. Walton

(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.

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

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

July 31, 2026

Table of Contents

2

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Funds can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

3

2026 BlackRock Annual Financial Statements and Additional Information

Schedule of Investments

July 31, 2026

iShares FinTech Active ETF

(Percentages shown are based on Net Assets)

Schedule of Investments

4

Schedule of Investments (continued)

July 31, 2026

iShares FinTech Active ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 

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. 

See notes to financial statements.

5

2026 BlackRock Annual Financial Statements and Additional Information

Schedule of Investments

July 31, 2026

iShares Health Innovation Active ETF

(Percentages shown are based on Net Assets)

Schedule of Investments

6

Schedule of Investments (continued)

July 31, 2026

iShares Health Innovation Active ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 

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. 

See notes to financial statements.

7

2026 BlackRock Annual Financial Statements and Additional Information

Schedule of Investments

July 31, 2026

iShares International Country Rotation Active ETF

(Percentages shown are based on Net Assets)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 

Schedule of Investments

8

Schedule of Investments (continued)

July 31, 2026

iShares International Country Rotation Active ETF

Affiliates (continued)