BlackRock Health Sciences Trust II: insider trades · United States · SEC (Form 4)

About BlackRock Health Sciences Trust II

BlackRock Health Sciences Trust II, now marketed by BlackRock as BlackRock Health Sciences Term Trust (ticker BMEZ), is a US-listed closed-end fund traded on the NYSE in the United States. For investors, it should be viewed not as an operating company but as an actively managed equity vehicle focused on the healthcare and life-sciences complex within BlackRock’s closed-end fund platform. Its stated objective is to deliver total return and income, primarily through long-term capital appreciation, and under normal market conditions it invests at least 80% of total assets in equity securities of companies principally engaged in the health sciences industries, plus equity derivatives tied to that theme. ([blackrock.com](https://www.blackrock.com/us/individual/products/312196/health-sciences-trust-ii?utm_source=openai)) The fund’s history is tied to BlackRock’s healthcare closed-end fund franchise. It launched on January 29, 2020, and recent tax documentation shows that the former name BlackRock Health Sciences Trust II was later changed to BlackRock Health Sciences Term Trust. BlackRock Advisors’ mailing address on the tax filing is in Boston, Massachusetts, underscoring the fund’s US domicile and the American base of its management platform. ([blackrock.com](https://www.blackrock.com/us/individual/products/312196/health-sciences-trust-ii?utm_source=openai)) From a competitive standpoint, BMEZ is positioned as a thematic, actively managed healthcare allocation where stock selection and sector research matter. The portfolio is led by Erin Xie, PhD, who heads BlackRock’s Health Sciences team within Fundamental Equities, alongside Xiang Liu, a co-portfolio manager on the health sciences equity portfolios. That dedicated specialist team is an important differentiator versus more passive healthcare ETFs and broad market funds, especially in a sector where clinical readouts, regulatory decisions and pipeline execution can materially affect returns. ([blackrock.com](https://www.blackrock.com/us/individual/products/312196/)) The portfolio is diversified across large-cap pharmaceutical and healthcare leaders as well as higher-growth names in biotechnology, diagnostics and medical technology. Recent top holdings disclosed by BlackRock include Johnson & Johnson, Merck & Co., Gilead Sciences, Moderna, Biogen, Edwards Lifesciences, Guardant Health, GSK and Roche Holding. That mix suggests a balance between defensive cash-generative franchises and more volatile innovation-driven companies, while also providing meaningful geographic diversification beyond the United States. ([blackrock.com](https://www.blackrock.com/us/individual/products/312196/health-sciences-trust-ii)) Recent headlines have been material. In April 2025, BlackRock announced the final results of a tender offer for up to 40% of the fund’s outstanding common shares; the offer was undersubscribed, meaning all properly tendered shares were accepted and repurchased. In addition, the 2024 tax filing confirms that the fund made regular monthly distributions during 2023, with part of those distributions characterized as non-taxable return of capital. That is a key point for income-focused investors, because a high distribution rate can be attractive, but the composition of payouts deserves scrutiny. ([blackrock.com](https://www.blackrock.com/us/individual/literature/press-release/4-21-2025-pr-bmez-to-final-results.pdf)) Overall, BlackRock Health Sciences Trust II/BMEZ is a NYSE-listed US healthcare closed-end fund combining BlackRock’s fundamental equity research, a high-distribution profile, and active exposure to a structurally attractive but valuation-sensitive sector. ([blackrock.com](https://www.blackrock.com/us/individual/products/312196/health-sciences-trust-ii?utm_source=openai))