(b) Not Applicable
Item 2 – Code of Ethics – The registrant (or the “Fund”)
has adopted a code of ethics, as of the end of the period covered by this
report, applicable to the registrant’s principal executive officer, principal
financial officer, principal accounting officer or controller, or persons
performing similar functions. During the
period covered by this report, the code of ethics was amended to update certain
information and to make other non-material changes. During the period
covered by this report, there have been no waivers granted under the code of
ethics. The registrant undertakes to provide a
copy of the code of ethics to any person upon request, without charge, who calls
1-800-441-7762.
Item 3 – Audit Committee Financial
Expert – The registrant’s board of trustees (the “board of trustees”), has
determined that (i) the registrant has the following audit committee financial
experts serving on its audit committee and (ii) each audit committee financial
expert is independent:
Lorenzo A.
Flores
Arthur P. Steinmetz
Under applicable securities laws, a
person determined to be an audit committee financial expert will not be deemed
an “expert” for any purpose, including without limitation for the purposes of
Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or
identification of a person as an audit committee financial expert does not
impose on such person any duties, obligations, or liabilities greater than the
duties, obligations, and liabilities imposed on such person as a member of the
audit committee and board of trustees in the absence of such designation or
identification. The designation or identification of a person as an audit
committee financial expert does not affect the duties, obligations, or liability
of any other member of the audit committee or board of trustees.
Item 4 – Principal Accountant Fees and
Services
The following table presents fees
billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal
years for the services rendered to the Fund:
|
|
(a) Audit Fees |
(b) Audit-Related
Fees1 |
(c) Tax
Fees2 |
(d) All Other
Fees |
|
Entity
Name |
Current Fiscal Year
End |
Previous Fiscal Year
End |
Current Fiscal Year
End |
Previous Fiscal Year
End |
Current Fiscal Year
End |
Previous Fiscal Year
End |
Current Fiscal Year
End |
Previous Fiscal Year
End |
|
iShares Securitized Income Active
ETF |
$14,266 |
$32,595 |
$0 |
$0 |
$9,200 |
$17,100 |
$388 |
$407 |
|
iShares Mortgage-Backed Securities
Active ETF3 |
$14,266 |
$39,873 |
$0 |
$0 |
$9,200 |
$17,600 |
$388 |
$0 |
The following table presents fees
billed by D&T that were required to be approved by the registrant’s audit
committee (the “Committee”) for services that relate directly to the operations
or financial reporting of the Fund and that are rendered on behalf of BlackRock
Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities
controlling, controlled by, or under common control with BlackRock (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser) that provide
ongoing services to the Fund (“Affiliated Service Providers”):
|
|
Current Fiscal Year
End |
Previous Fiscal Year
End |
|
(b) Audit-Related
Fees1 |
$0 |
$0 |
|
(c) Tax
Fees2 |
$0 |
$0 |
|
(d) All Other Fees
4 |
$2,277,000 |
$2,149,000 |
1 The nature of the services includes
assurance and related services reasonably related to the performance of the
audit or review of financial statements not included in Audit Fees, including
accounting consultations, agreed-upon procedure reports, attestation reports,
comfort letters, out-of-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 iShares Mortgage-Backed Securities
Active ETF changed its fiscal year end from September 30 to April 30, effective
April 30, 2026, whereby this fiscal year consists of seven months ended April
30, 2026.
4 Non-audit fees of $2,277,000 and
$2,149,000 for the current fiscal year and previous fiscal year, respectively,
were paid to the Fund’s principal accountant in their entirety by BlackRock, in
connection with services provided to the Affiliated Service Providers of the
Fund and of certain other funds sponsored or advised by BlackRock or its
affiliates for a service organization review and an accounting research tool
subscription. These amounts represent aggregate fees paid by BlackRock and
were not allocated on a per fund basis.
(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 SEC’s auditor independence rules and (b)
routine and recurring services that will not impair the independence of the
independent accountants may be approved by the Committee without consideration
on a specific case-by-case basis (“general pre-approval”). The term of any
general pre-approval is 12 months from the date of the pre-approval, unless the
Committee provides for a different period. Tax or other non-audit services
provided to the registrant which have a direct impact on the operations or
financial reporting of the registrant will only be deemed pre-approved provided
that any individual project does not exceed $10,000 attributable to the
registrant or $50,000 per project. For this purpose, multiple projects
will be aggregated to determine if they exceed the previously mentioned cost
levels.
Any proposed services exceeding the pre-approved cost levels will require
specific pre-approval by the Committee, as will any other services not subject
to general pre-approval (e.g., unanticipated but permissible services).
The Committee is informed of each service approved subject to general
pre-approval at the next regularly scheduled in-person board meeting. At
this meeting, an analysis of such services is presented to the Committee for
ratification. The Committee may delegate to the Committee Chairman the
authority to approve the provision of and fees for any specific engagement of
permitted non-audit services, including services exceeding pre-approved cost
levels.
(e)(2) None of the services
described in each of Items 4(b) through (d) were approved by the Committee
pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined
as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All
Other Fees,” paid to the accountant for services rendered by the accountant to
the registrant, the Investment Adviser and the Affiliated Service Providers
were:
|
Entity Name |
Current Fiscal Year
End |
Previous Fiscal Year
End |
|
iShares Securitized Income Active
ETF |
$9,588 |
$17,507 |
|
iShares Mortgage-Backed Securities
Active ETF1 |
$9,588 |
$17,600 |
1 iShares Mortgage-Backed Securities
Active ETF changed its fiscal year end from September 30 to April 30, effective
April 30, 2026, whereby this fiscal year consists of seven months ended April
30, 2026.
Additionally, the amounts billed by D&T in connection with services provided
to the Affiliated Service Providers of the Fund and of other funds sponsored or
advised by BlackRock or its affiliates during the current and previous fiscal
years for a service organization review and an accounting research tool
subscription were:
|
Current Fiscal Year
End1 |
Previous Fiscal Year
End |
|
$2,277,000 |
$2,149,000 |
1 iShares
Mortgage-Backed Securities Active ETF changed its fiscal year end from September
30 to April 30, effective April 30, 2026, whereby this fiscal year consists of
seven months ended April 30, 2026.
These amounts represent aggregate fees paid by BlackRock and were not allocated
on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit
services that were rendered to the Investment Adviser and the Affiliated Service
Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal accountant’s
independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – Audit Committee of
Listed Registrant
(a) The following individuals are
members of the registrant’s separately designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Lorenzo A. Flores
J. Phillip Holloman
Arthur P. Steinmetz
(b) Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of
Investments is included as part of the Financial Statements and Financial
Highlights for Open-End Management Investment Companies filed under Item 7 of
this Form.
(b) Not Applicable due to no such
divestments during the semi-annual period covered since the previous Form N-CSR
filing.
Item 7 – Financial Statements and
Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial
Highlights are attached herewith.
