LOGO

  APRIL 30, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares U.S. ETF Trust

 

·  

BlackRock Short Maturity Bond ETF | NEAR | Cboe BZX

·  

BlackRock Short Maturity Municipal Bond ETF | MEAR | Cboe BZX

·  

BlackRock Ultra Short-Term Bond ETF | ICSH | Cboe BZX


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local- currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of April 30, 2022  
    

 

6-Month

   

 

12-Month

 

 

U.S. large cap equities
(S&P 500® Index)

    (9.65)     0.21

 

U.S. small cap equities
(Russell 2000® Index)

    (18.38)       (16.87)  

 

International equities
(MSCI Europe, Australasia, Far East Index)

    (11.80)       (8.15)  

 

Emerging market equities
(MSCI Emerging Markets Index)

    (14.15)       (18.33)  

 

3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)

    0.07       0.08  

 

U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index)

    (10.29)       (8.86)  

 

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

    (9.47)       (8.51)  

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (7.90)       (7.88)  

 

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

    (7.40)       (5.22)  

 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

H I S    A G E    I S    N  O T    A R T    O F    O U R    U N D     E P O R T


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     7  

Shareholder Expenses

     7  

Schedules of Investments

     8  

Financial Statements

  

Statements of Assets and Liabilities

     29  

Statements of Operations

     30  

Statements of Changes in Net Assets

     31  

Financial Highlights

     33  

Notes to Financial Statements

     36  

Statement Regarding Liquidity Risk Management Program

     45  

Supplemental Information

     46  

General Information

     47  

Glossary of Terms Used in this Report

     48  

 

 

 


Fund Summary as of April 30, 2022     BlackRock Short Maturity Bond ETF

 

Investment Objective

The BlackRock Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

          Average Annual Total Returns           Cumulative Total Returns
     6 Months     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    (0.86 )%      (0.73 )%       1.43      1.26       (0.73 )%       7.33      11.39

Fund Market

    (0.88     (0.75      1.41        1.26         (0.75      7.24        11.34  

Bloomberg Short-Term Government/Corporate Index

    (0.33     (0.28      1.30        0.93               (0.28      6.64        8.31  

The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.

The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

Past performance is no guarantee 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. See “About Fund Performance” on page 7 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 991.40        $ 1.23             $ 1,000.00        $ 1,023.60        $ 1.25        0.25

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY INVESTMENT TYPE

 

Investment Type  

Percent of   

Total Investments(a)

 

Corporate Bonds & Notes

    72.9%  

Asset-Backed Securities

    15.4     

Collaterized Mortgage Obligations

    8.5     

Commercial Paper

    2.4     

Certificates of Deposit

    0.8     

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*   Percent of   
Total Investments(a)
 

Aaa

    14.3%  

Aa

    2.4     

A

    32.5     

Baa

    34.1     

Ba

    2.6     

P-1

    0.8     

P-2

    1.2     

Not Rated

    12.1     

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary as of April 30, 2022     BlackRock Short Maturity Municipal Bond ETF

 

Investment Objective

The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6 Months     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    (0.89 )%      (0.96 )%       0.84      0.81       (0.96 )%       4.27      5.94

Fund Market

    (0.82     (0.93      0.84        0.82         (0.93      4.25        5.99  

Bloomberg Municipal Bond: 1 Year (1-2) Index

    (1.99     (1.98      0.85        0.81               (1.98      4.33        5.94  

The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

Past performance is no guarantee 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. See “About Fund Performance” on page 7 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 991.10        $ 1.23             $ 1,000.00        $ 1,023.60        $ 1.25          0.25

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*    
Percent of
Total Investments
 
(a) 

AAA

    0.5

AA+

    0.9  

AA

    4.8  

AA-

    2.2  

A+

    5.6  

A

    37.1  

A-

    2.5  

BBB+

    9.3  

BBB

    2.0  

BB+

    0.6  

Not Rated

    34.5  

TEN LARGEST STATES

 

State    
Percent of
Total Investments
 
(a) 

Texas

    13.3

New Jersey

    13.0  

Kentucky

    8.3  

Georgia

    7.8  

New York

    6.3  

Pennsylvania

    5.1  

Alabama

    4.2  

Mississippi

    3.6  

Illinois

    3.3  

Indiana

    3.1  

 

  *

Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary as of April 30, 2022    BlackRock Ultra Short-Term Bond ETF

 

Investment Objective

The BlackRock Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6 Months     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    (0.50 )%      (0.40 )%       1.54      1.20       (0.40 )%       7.96      10.52

Fund Market

    (0.53     (0.47      1.54        1.20         (0.47      7.96        10.50  

ICE BofA US 6-Month Treasury Bill Index

    (0.07     (0.04      1.25        0.89               (0.04      6.43        7.75  

The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.

Past performance is no guarantee 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. See “About Fund Performance” on page 7 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 995.00        $ 0.40             $ 1,000.00        $ 1,024.40        $ 0.40          0.08

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY INVESTMENT TYPE

 

Investment Type    
Percent of
Total Investments
 
(a) 

Corporate Bonds & Notes

    38.6

Commercial Paper

    37.5  

Certificates of Deposit

    14.6  

Repurchase Agreements

    4.4  

Municipal Debt Obligations

    3.6  

Asset-Backed Securities

    1.2  

U.S. Government & Agency Obligations

    0.1  

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*    
Percent of
Total Investments
 
(a) 

Aaa

    0.8

Aa

    13.0  

A

    26.3  

Baa

    10.8  

P-1

    23.2  

P-2

    9.4  

A-1

    1.7  

Not Rated

    14.8  

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a)

Excludes money market funds.

 

 

 

6  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

B O U T    U N D    E R F O  R M A N C E / S H A R E H O L D E R    X P E N S E S

  7


Schedule of Investments (unaudited) 

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Asset-Backed Securities

 

AGL Core CLO 4 Ltd., 2.13%, 04/20/33 (Call 07/20/22), (3 mo. LIBOR US + 1.070%)(a)(b)

    USD       1,400     $ 1,381,295  

AIG CLO Ltd., 2.18%, 04/20/32 (Call 07/20/22), (3 mo. LIBOR US +
1.120%)(a)(b)

    USD       1,000       1,003,523  

American Express Credit Account Master Trust, Series 2018-9, Class A, 0.93%, 04/15/26, (1 mo. LIBOR
US + 0.380%)(b)

    USD       17,650           17,709,585  

AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A2, 0.28%, 06/18/24 (Call 04/18/24)

    USD       2,520       2,517,197  

Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 1.33%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.050%)(a)(b)

    USD       4,500       4,480,790  

Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 1.37%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.090%)(a)(b)

    USD       13,840       13,780,858  

Apidos CLO XII, 2.12%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US +
1.08%)(a)(b)

    USD       500       496,103  

ASSURANT CLO Ltd., Series 2018-2A, Class A, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR
US + 1.040%)(a)(b)

    USD       250       247,747  

Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 1.30%, 11/17/27 (Call 05/17/22), (3 mo. LIBOR US + 0.830%)(a)(b)

    USD       6,574       6,534,225  

Atrium XIII, Series 13A, Class A1, 2.36%, 11/21/30 (Call 07/23/22), (3 mo. LIBOR US + 1.180%)(a)(b)

    USD       2,500       2,492,348  

Autoflorence of Amyloids

0.15%, 12/24/44 (Call 11/24/26)(b)(c)

    EUR       10,320       10,917,268  

0.20%, 12/24/44 (Call 11/24/26)(b)(c)

    EUR       898       938,976  

Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 2.03%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 0.97%)(a)(b)

    USD       3,200       3,174,017  

Barings Clo Ltd., 2.37%, 01/15/33 (Call 07/15/22), (3 mo. LIBOR US +
1.330%)(a)(b)

    USD       3,850       3,823,511  

Barings CLO Ltd., 2.13%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR
US + 1.070%)(a)(b)

    USD       550       543,586  

Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 2.06%, 07/20/29 (Call 07/20/22), (3 mo. LIBOR US + 1.000%)(a)(b)

    USD       360       358,468  

Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 2.16%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.1%)(a)(b)

    USD       750       746,293  

Benefit Street Partners Clo XII Ltd., 1.99%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.95%)(a)(b)

    USD       1,678       1,661,564  

Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25(b)

    USD       15,385       15,383,543  

Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 2.32%, 04/30/31 (Call 04/30/22), (3 mo. LIBOR US +
1.030%)(a)(b)

    USD       1,000       991,445  

Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 2.01%, 04/17/31 (Call 07/17/22), (3 mo. LIBOR US + 0.970%)(a)(b)

    USD       5,234       5,174,951  

Cbam Ltd., Series 2018-7A, Class A, 2.16%, 07/20/31 (Call 07/20/22),
(3 mo. LIBOR US + 1.1%)(a)(b)

    USD       750       745,229  

Cedar Funding IX CLO Ltd., 2.04%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 0.98%)(a)(b)

    USD       2,130       2,110,386  

Chesapeake Funding II LLC, Series 2020-1A, Class A2, 1.20%, 08/15/32 (Call 05/15/23), (1 mo. LIBOR US + 0.650%)(a)(b)

    USD       6,981       6,980,397  
Security          Par
(000)
    Value  

CIFC Funding Ltd.

Series 2014-2RA, Class A1, 2.23%, 04/24/30 (Call 07/24/22), (3 mo. LIBOR US + 1.050%)(a)(b)

    USD       250     $ 248,878  

Series 2015-2A, Class AR2, 2.05%, 04/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.010%)(a)(b)

    USD       13,000           12,941,132  

Series 2018-1A, Class A, 2.04%, 04/18/31 (Call 07/18/22), (3 mo. LIBOR US + 1.0%)(a)(b)

    USD       13,000       12,885,982  

Series 2018-2A, Class A1, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.040%)(a)(b)

    USD       1,250       1,238,778  

Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 1.07%, 04/22/26,
(1 mo. LIBOR + 0.620%)(b)

    USD       40,505       40,747,277  

College Ave Student Loans LLC, Series 2021-A, Class A1, 1.56%, 07/25/51
(Call 02/25/32), (1 mo. LIBOR US +
1.100%)(a)(b)

    USD       245       243,531  

Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)(a)

    USD       4,130       3,953,154  

Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34(a)

    USD       11,579       11,326,244  

Dowson Dwson

     

1.61%, 01/20/29(b)

    GBP       4,129       5,193,440  

2.44%, 01/20/29(b)

    GBP       646       812,408  

Dowson PLC

Series 2021-2, Class A, 1.37%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 0.680%)(b)(c)

    GBP       7,554       9,494,652  

Series 2021-2, Class B, 1.89%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 1.200%)(b)(c)

    GBP       1,600       1,995,004  

Drive Auto Receivables Trust, Series
2021-1, Class A3, 0.44%, 11/15/24
(Call 09/15/23)

    USD       3,870       3,869,174  

Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 1.99%, 07/18/30 (Call 07/18/22), (3 mo. LIBOR US + 0.95%)(a)(b)

    USD       10,750       10,655,424  

Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 1.48%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.0%)(a)(b)

    USD       250       249,688  

Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 1.94%, 04/15/29 (Call 07/15/22), (3 mo. LIBOR US + 0.900%)(a)(b)

    USD       15,023       14,893,746  

Dutch Property Finance, Series 2021-2, Class A, 0.29%, 04/28/59
(Call 04/28/26)(b)(c)

    EUR       6,269       6,582,646  

Dutch Property Finance BV, 1.00%, 10/28/59(b)

    EUR       8,498       8,937,768  

Elevation CLO Ltd., Series 2014-2A, Class A1R, 2.27%, 10/15/29 (Call 07/15/22), (3 mo. LIBOR US +
1.230%)(a)(b)

    USD       480       478,459  

Elmwood CLO X Ltd., Series 2021-3A, Class A, 2.10%, 10/20/34 (Call 10/20/22), (3 mo. LIBOR US + 1.04%)(a)(b)

    USD       13,000       12,781,584  

Elvet Mortgages PLC, Series 2021-1, Class A, 0.85%, 10/22/63
(Call 10/22/26)(b)(c)

    GBP       10,830       13,526,096  

Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 07/20/24)(a)

    USD       10,141       9,883,634  

Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 2.01%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US +
0.97%)(a)(b)

    USD       670       665,111  

Gilbert Park CLO Ltd., 2.23%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR
US + 1.190%)(a)(b)

    USD       250       249,196  

GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 2.35%, 10/29/29 (Call 04/29/22), (3 mo. LIBOR US + 1.110%)(a)(b)

    USD       16,240       16,185,993  

 

 

8  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Gosforth Funding PLC, Series 2018-1A, Class A1, 0.63%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR
US + 0.450%)(a)(b)

    USD       1,147     $ 1,147,200  

Highbridge Loan Management, Series 3A-2014, Class A1R, 2.22%, 07/18/29 (Call 07/18/22), (3 mo. LIBOR US + 1.18%)(a)(b)

    USD       1,100       1,097,096  

KKR CLO 21 Ltd., 2.04%, 04/15/31
(Call 07/15/22), (3 mo. LIBOR US +
1.000%)(a)(b)

    USD       5,590       5,541,046  

LCM 29 Ltd., Series 29A, Class AR, 2.11%, 04/15/31 (Call 07/15/22),
(3 mo. LIBOR US + 1.07%)(a)(b)

    USD       2,600       2,568,460  

Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 1.99%, 04/19/30 (Call 07/19/22), (3 mo. LIBOR US + 0.950%)(a)(b)

    USD       3,902       3,875,791  

Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 2.10%, 07/21/30 (Call 07/21/22), (3 mo. LIBOR US + 1.000%)(a)(b)

    USD       800       795,045  

Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 1.24%, 07/27/31 (Call 07/27/22), (3 mo. LIBOR US + 0.970%)(a)(b)

    USD       13,200           13,096,362  

Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 1.50%, 07/29/30,
(3 mo. LIBOR US + 1.2%)(a)(b)

    USD       4,875       4,880,057  

Madison Park Funding XXXVII Ltd., 2.11%, 07/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.070%)(a)(b)

    USD       1,750       1,725,991  

Mariner CLO LLC, Series 2016-3A, Class AR2, 2.17%, 07/23/29 (Call 07/23/22), (3 mo. LIBOR
US + 0.99%)(a)(b)

    USD       1,058       1,053,228  

Navient Private Education Loan Trust

Series 2017-A, Class A2B, 1.45%, 12/16/58 (Call 06/15/28), (1 mo. LIBOR US + 0.900%)(a)(b)

    USD       503       501,027  

Series 2020-IA, Class A1B, 1.55%, 04/15/69 (Call 12/15/30),
(1 mo. LIBOR US + 1.000%)(a)(b)

    USD       6,788       6,746,282  

Navient Private Education Refi Loan Trust

Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 07/15/28)(a)

    USD       6,640       6,202,463  

Series 2021-DA, Class A, 1.51%, 04/15/60 (Call 05/15/32),
(PRIME - 1.99%)(a)(b)

    USD       8,580       8,221,468  

Nelnet Student Loan Trust

1.28%, 04/20/62 (Call 04/20/31),
(1 mo. LIBOR US + 0.690%)(a)(b)

    USD       3,321       3,302,698  

1.33%, 04/20/62 (Call 01/20/31),
(1 mo. LIBOR US + 0.740%)(a)(b)

    USD       6,431       6,349,896  

Series 2021-A, Class A1, 1.39%, 04/20/62 (Call 02/20/29),
(1 mo. LIBOR US + 0.8%)(a)(b)

    USD       8,030       7,963,557  

Series 2021-BA, Class AFL, 1.37%, 04/20/62 (Call 07/20/29),
(1 mo. LIBOR US + 0.780%)(a)(b)

    USD       13,856       13,724,971  

Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 2.27%, 01/28/30 (Call 07/28/22), (3 mo. LIBOR US + 0.99%)(a)(b)

    USD       497       494,125  

Neuberger Berman Loan Advisers CLO 33 Ltd., 2.12%, 10/16/33 (Call 10/16/22),
(3 mo. LIBOR US + 1.080%)(a)(b)

    USD       2,050       2,023,770  

OCP CLO Ltd., Series 2017-13A, 2.00%, 07/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.96%)(a)(b)

    USD       2,350       2,328,404  

Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 2.18%, 01/25/31 (Call 07/25/22), (3 mo. LIBOR US + 1.0%)(a)(b)

    USD       3,000       2,976,446  

OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.83%, 06/18/31 (Call 05/18/22)(a)

    USD       184       183,909  
Security          Par
(000)
    Value  

Palmer Square CLO Ltd.

2.04%, 10/17/31 (Call 07/19/22),
(3 mo. LIBOR US + 1.000%)(a)(b)

    USD       1,800     $ 1,781,429  

Series 2015-2, 2.16%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR
US + 1.100%)(a)(b)

    USD       3,650       3,632,292  

Series 2021-3A, Class A1, 1.38%, 01/15/35 (Call 01/15/24)(a)(b)

    USD       500       491,218  

PFS Financing Corp.

0.87%, 02/15/26, (SOFR + 0.600%)(a)(b)

    USD       22,642       22,601,059  

Series 2020-F, Class A, 0.93%, 08/15/24(a)

    USD       3,274       3,264,657  

Pikes Peak CLO 1, Series 2018-1A, Class A, 2.36%, 07/24/31 (Call 07/24/22), (3 mo. LIBOR US + 1.180%)(a)(b)

    USD       1,500       1,493,466  

Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 1.71%, 07/25/51
(Call 02/25/27), (1 mo. LIBOR US +
1.25%)(a)(b)

    USD       1,864       1,846,822  

Red & Black Auto Germany 8 UG, Class B, 0.20%, 09/15/30 (Call 11/15/25)(b)(c)

    EUR       400       418,106  

Red & Black Auto Italy S.r.l., Class A, 0.16%, 12/28/31 (Call 09/28/25)(b)(c)

    EUR       16,009           16,963,133  

Romark WM-R Ltd., Series 2018-1A, Class A1, 2.09%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US +
1.03%)(a)(b)

    USD       3,879       3,845,729  

RR 3 Ltd., Series 2018-3A, Class A1R2, 2.13%, 01/15/30 (Call 07/15/22),
(3 mo. LIBOR US + 1.09%)(a)(b)

    USD       2,000       1,989,862  

Santander Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.32%, 09/16/24 (Call 09/15/23)

    USD       6,381       6,375,210  

Satus PLC

     

1.39%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 0.700%)(b)(c)

    GBP       860       1,081,014  

1.89%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.200%)(b)(c)

    GBP       400       499,655  

2.29%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.600%)(b)(c)

    GBP       300       373,735  

Shackleton Clo Ltd., Series 2017-11A, 1.60%, 08/15/30 (Call 05/15/22),
(3 mo. LIBOR US + 1.09%)(a)(b)

    USD       2,750       2,738,013  

Shackleton CLO Ltd., Series 2015-7R, 2.19%, 07/15/31 (Call 07/15/22),
(3 mo. LIBOR US + 1.150%)(a)(b)

    USD       2,750       2,731,376  

Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 2.04%, 04/20/29 (Call 07/20/22), (3 mo. LIBOR US + 0.98%(a)(b)

    USD       1,522       1,513,701  

Silver Creek CLO Ltd., 2.30%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 1.240%)(a)(b)

    USD       6,742       6,726,633  

SILVERSTONE MASTER ISSUER SMI 2022 1X 2A REGS, 0.98%, 01/21/70
(Call 04/21/27)(b)(c)

    GBP       3,485       4,345,527  

SLM Private Credit Student Loan Trust

     

Series 2004-A, Class A3, 1.23%, 06/15/33 (Call 06/15/22), (3 mo. LIBOR US + 0.400%)(b)

    USD       3,650       3,570,275  

Series 2004-B, Class A3, 1.16%, 03/15/24 (Call 03/15/24), (3 mo. LIBOR US + 0.330%)(b)

    USD       3,639       3,624,772  

Series 2005-A, Class A4, 1.14%, 12/15/38 (Call 12/15/26), (3 mo. LIBOR US + 0.310%)(b)

    USD       7,697       7,538,919  

Series 2005-B, Class A4, 1.16%, 06/15/39 (Call 06/15/26), (3 mo. LIBOR US + 0.330%)(b)

    USD       5,384       5,195,472  

Series 2006-A, Class A5, 1.12%, 06/15/39 (Call 03/15/28), (3 mo. LIBOR US + 0.290%)(b)

    USD       11,875       11,357,641  

Series 2006-B, Class A5, 1.10%, 12/15/39 (Call 06/15/27), (3 mo. LIBOR US + 0.270%)(b)

    USD       8,508       8,136,654  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

SMB Private Education Loan Trust

     

Series 2017-A, Class A2B, 1.45%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b)

    USD       12,379     $ 12,386,643  

Series 2021-C, Class A1, 0.80%, 01/15/53, (1 mo. LIBOR US + 0.400%)(a)(b)

    USD       2,541       2,540,090  

SoFi Professional Loan Program LLC, Series 16-C, Class A1, 1.77%, 10/27/36 (Call 12/25/22), (1 mo. LIBOR US + 1.100%)(a)(b)

    USD       543       543,543  

Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 2.08%, 01/23/29 (Call 07/23/22), (3 mo. LIBOR
US + 0.900%)(a)(b)

    USD       2,579       2,564,393  

Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 2.46%, 01/25/32 (Call 07/25/22), (3 mo. LIBOR
US + 1.28%)(a)(b)

    USD       1,250       1,243,233  

Southwick Park CLO LLC, 2.12%, 07/20/32 (Call 01/20/23),
(3 mo. LIBOR US + 1.060%)(a)(b)

    USD       8,760       8,635,000  

Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 1.39%, 10/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.15%)(a)(b)

    USD       500       496,248  

Tagus STC/Ulisses Finance No.2, 0.15%, 09/23/38 (Call 02/23/28)(b)(c)

    EUR       12,100       12,823,936  

TCI-Symphony CLO Ltd., 1.26%, 10/13/32 (Call 01/13/23), (3 mo. LIBOR US + 1.020%)(a)(b)

    USD       5,235       5,183,263  

TICP CLO IX Ltd., Series 2017-9A, Class A, 2.20%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR
US + 1.14%)(a)(b)

    USD       500       497,126  

Together Asset Backed Securitisation, 1.39%, 07/12/63 (Call 10/12/25)(b)(c)

    GBP       2,886       3,598,205  

Verizon Owner Trust, Series 2020-A, Class A1B, 0.86%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR
US + 0.270%)(b)

    USD       6,484       6,484,624  

VOYA CLO, Series 2017-2A, Class A1R, 2.02%, 06/07/30 (Call 07/15/22),
(3 mo. LIBOR US + 0.980%)(a)(b)

    USD       5,330       5,292,866  

Voya Ltd., Series 2012-4, 2.04%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)(a)(b)

    USD       13,000       12,906,093  

Wellfleet CLO Ltd., Series 2016-1A, Class AR, 1.97%, 04/20/28 (Call 07/20/22), (3 mo. LIBOR
US + 0.91%)(a)(b)

    USD       973       969,841  

Westlake Automobile Receivables Trust, Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 02/15/24)(a)

    USD       7,369       7,329,906  
     

 

 

 

Total Asset-Backed Securities — 13.7%
(Cost: $618,923,552)

 

      608,662,976  
     

 

 

 

Certificates of Deposit

     

Sumitomo Mitsui Banking Corp./New York, 0.70%, 07/15/22

    $            30,000       29,993,253  
     

 

 

 

Total Certificates of Deposit — 0.7%
(Cost: $30,000,000)

 

      29,993,253  
     

 

 

 

Collaterized Mortgage Obligations

 

 
Asset-Backed Securities — 1.2%        

Arbor Realty Commercial Real Estate Notes Ltd., 1.62%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR
US + 1.070%)(a)(b)

      14,450       14,396,442  

BDS 2021-FL9 Ltd., 1.62%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR
US + 1.070%)(a)(b)

      8,750       8,522,330  
Security          Par
(000)
    Value  
Asset-Backed Securities (continued)              

FS Rialto Issuer LLC, 2.20%, 01/19/39
(Call 04/17/24), (SOFR + 1.900%)(a)(b)

    $            5,000     $ 4,998,781  

HGI CRE CLO Ltd., 1.55%, 09/17/36
(Call 10/17/23), (1 mo. LIBOR US +
1.000%)(a)(b)

      5,380       5,318,409  

KREF Ltd., 1.97%, 02/17/39
(Call 02/17/24)(a)(b)

      9,360       9,150,272  

LoanCore Issuer Ltd.

     

1.85%, 11/15/38 (Call 11/15/23),
(1 mo. LIBOR US + 1.300%)(a)(b)

      2,640       2,597,100  

Series 2018-CRE1, Class A, 1.68%, 05/15/28 (Call 05/15/22), (1 mo. LIBOR US + 1.130%)(a)(b)

      1,463       1,457,357  

MF1 Multifamily Housing Mortgage Loan Trust, 1.65%, 07/16/36 (Call 07/16/23),

     

(1 mo. LIBOR US + 1.1%)(a)(b)

      4,520       4,458,206  

Multifamily Housing Mortgage Loan Trust, 1.62%, 02/19/37 (Call 03/17/24)(a)(b)

      1,860       1,825,125  

NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 1.85%, 02/15/36
(Call 05/15/22), (1 mo. LIBOR US +
1.300%)(a)(b)

      1,990       1,986,803  
     

 

 

 
Mortgage-Backed Securities — 6.4%        

280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 1.37%, 09/15/34 (Call 05/15/22), (1 mo. LIBOR
US + 0.880%)(a)(b)

    USD       12,100           11,964,008  

AREIT CRE TRUST 11/24 1, 1.30%, 11/17/24(a)(b)

    USD       1,975       1,957,341  

AREIT Trust, Series 2019-CRE3, Class A, 1.69%, 09/14/36, (1 mo. LIBOR US + 1.020%)(a)(b)

    USD       6,813       6,778,451  

BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 1.25%, 09/15/34, (1 mo. LIBOR
US + 0.850%)(a)(b)

    USD       19,220       18,834,506  

BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 1.12%, 03/15/37, (1 mo. LIBOR US + 0.722%)(a)(b)

    USD       8,630       8,376,705  

BX Commercial Mortgage Trust

     

1.24%, 10/15/38, (1 mo. LIBOR US + 0.69%)(a)(b)

    USD       9,306       9,067,113  

1.53%, 02/15/39(a)(b)

    USD       10,702       10,470,369  

Series 2018-BIOA, Class A, 1.23%, 03/15/37, (1 mo. LIBOR
US + 0.671%)(a)(b)

    USD       21,075       20,863,522  

BX Trust

     

1.30%, 10/15/36, (1 mo. LIBOR US + 0.89%)(a)(b)

    USD       8,520       8,306,662  

Series 2019-CALM, Class A, 1.27%, 11/15/32, (1 mo. LIBOR
US + 0.876%)(a)(b)

    USD       6,798       6,712,798  

Series 2021, Class A, 1.83%, 06/15/23,
(1 mo. LIBOR US + 1.280%)(a)(b)

    USD       2,070       2,041,536  

CEDR Commercial Mortgage Trust, 1.04%, 02/15/39(a)(b)

    USD       5,410       5,267,973  

Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1.57%, 07/25/49 (Call 11/25/23), (1 mo. LIBOR US + 0.900%)(a)(b)

    USD       1,311       1,300,483  

Cold Storage Trust, Series 2020-ICE5, Class A, 1.45%, 11/15/37, (1 mo. LIBOR US + 0.900%)(a)(b)

    USD       1,843       1,821,684  

Commission, Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/23)(a)

    USD       6,407       6,354,820  

Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 0.98%, 03/10/46 (Call 12/10/22), (1 mo. LIBOR US + 0.630%)(a)(b)

    USD       788       787,928  

Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 1.38%, 05/15/36, (1 mo. LIBOR
US + 0.980%)(a)(b)

    USD       6,333       6,298,169  

 

 

10  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Mortgage-Backed Securities (continued)                  

DBGS Mortgage Trust, Series 2018-5BP, Class A, 1.19%, 06/15/33 (Call 05/15/22),
(1 mo. LIBOR US + 0.645%)(a)(b)

    USD       4,200     $ 4,136,834  

Extended Stay America Trust, Series 2021-ESH, Class A, 1.48%, 07/15/38,
(1 mo. LIBOR US + 1.08%)(a)(b)

    USD       6,192       6,106,362  

GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 1.35%, 02/15/38,
(1 mo. LIBOR US + 0.800%)(a)(b)

    USD       8,600       8,442,242  

GS Mortgage Securities Corportation Trust, 1.50%, 10/15/36,
(1 mo. LIBOR US + 0.95%)(a)(b)

    USD       10,360       10,146,811  

J.P. Morgan Chase Commercial Mortgage Securities Trust, 1.45%, 03/15/39 (Call 03/15/24)(a)(b)

    USD       5,540       5,505,584  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD,
Class A, 1.40%, 09/15/29,
(1 mo. LIBOR US + 1.000%)(a)(b)

    USD       1,645       1,633,232  

KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 1.35%, 05/15/36,
(1 mo. LIBOR US + 0.800%)(a)(b)

    USD       8,533       8,447,240  

MED Trust LLC, 1.35%, 11/15/38(a)(b)

    USD       4,260       4,187,899  

MF1

     

1.37%, 12/15/34, (SOFR + 1.070%)(a)(b)

    USD       1,230       1,229,201  

1.67%, 12/15/34, (SOFR + 1.370%)(a)(b)

    USD       480       479,683  

Morgan Stanley Capital I Trust

     

Series 2017-CLS, Class A, 1.25%, 11/15/34,
(1 mo. LIBOR US + 0.700%)(a)(b)

    USD       14,512       14,438,981  

Series 2018-BOP, Class A, 1.40%, 08/15/33,
(1 mo. LIBOR US + 0.850%)(a)(b)

    USD       5,549       5,512,184  

Series 2018-SUN, Class A, 1.45%, 07/15/35 (Call 07/15/22),
(1 mo. LIBOR US + 0.900%)(a)(b)

 

 

USD

 

 

 

19,045

 

 

 

18,663,355

 

MSCG Trust, 1.45%, 10/15/37,
(1 mo. LIBOR US + 0.900%)(a)(b)

    USD       5,300       5,253,281  

MTN Commercial Mortgage Trust, 1.45%, 03/15/39(a)(b)

    USD       8,930       8,885,292  

Ready Capital Mortgage Financing LLC, 1.76%, 01/25/37 (Call 02/25/24),
(SOFR + 1.650%)(a)(b)

    USD       8,560       8,567,046  

Rialto Real Estate Fund LP, 1.00%, 01/19/37(b)

    USD       6,955       6,955,000  

Taurus CMBS, 1.11%, 08/17/31 (Call 08/17/26), (SOFR + 0.95%)(b)(c)

    GBP       6,966       8,657,771  

TPGI Trust, Series 2021 DGWD, Class A, 1.25%, 06/15/26,
(1 mo. LIBOR US + 0.700%)(a)(b)

    USD       6,320       6,193,384  

Vita Scientia, 1.30%, 08/27/25(b)

    EUR       5,709       6,022,711  

Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 1.43%, 12/15/34,
(1 mo. LIBOR US + 0.750%)(a)(b)

    USD       17,280       17,068,377  
     

 

 

 

Total Collaterized Mortgage Obligations — 7.6%
(Cost: $343,767,143)

 

    338,447,363  
     

 

 

 
Commercial Paper                  

Enel Finance America

     

0.00%, 06/27/22(d)

    $             13,800       13,773,018  

0.00%, 08/09/22(d)

      16,000       15,932,907  

1.27%, 07/08/22(b)

      20,000       19,950,728  

Energy Transfer Partners, 0.00%, 05/16/22(b)(d)

      30,000       29,986,216  

GM Financial Co. Inc., 0.00%, 06/16/22(d)

      15,000       14,975,240  
     

 

 

 

Total Commercial Paper — 2.1%
(Cost: $94,722,621)

        94,618,109  
     

 

 

 
Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 0.1%            

L3Harris Technologies Inc., 3.85%, 06/15/23
(Call 05/15/23)

    $        5,000     $ 5,040,771  
   

 

 

 
Agriculture — 0.3%            

BAT Capital Corp.

   

1.39%, 08/15/22 (Call 07/15/22),
(3 mo. LIBOR US + 0.880%)(b)

    10,000       10,005,948  

2.76%, 08/15/22 (Call 07/15/22)(e)

    2,994       2,997,895  
   

 

 

 
      13,003,843  
Auto Manufacturers — 7.5%            

American Honda Finance Corp.

   

1.95%, 05/20/22

    14,773       14,779,217  

2.20%, 06/27/22

    6,136       6,143,958  

BMW Finance NV, 2.25%, 08/12/22(a)

    16,350       16,351,108  

BMW U.S. Capital LLC
0.43%, 08/12/24, (SOFR + 0.380%)(a)(b)(e)

    22,230       22,070,135  

0.80%, 04/01/24(a)

    12,000       11,458,029  

1.12%, 04/01/25, (SOFR + 0.840%)(a)(b)

    11,100       11,132,271  

Daimler Finance North America LLC
0.75%, 03/01/24(a)(e)

    9,005       8,616,175  

2.55%, 08/15/22(a)

    19,691       19,720,233  

Daimler Trucks Finance North America LLC, 1.13%, 12/14/23(a)(e)

    15,000       14,500,293  

General Motors Financial Co. Inc.
0.91%, 10/15/24, (SOFR + 0.620%)(b)

    15,000       14,751,875  

1.05%, 03/08/24(e)

    20,000       19,091,212  

Hyundai Capital America
0.80%, 04/03/23(a)(e)

    17,710       17,304,296  

1.00%, 09/17/24(a)

    8,105       7,543,251  

Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24(a)(e)

    10,520       9,776,521  

Nissan Motor Acceptance Corp.
1.05%, 03/08/24(a)(e)

    12,515       11,804,302  

1.25%, 03/08/24,

   

(3 mo. LIBOR US + 0.640%)(a)(b)(e)

    4,375       4,352,865  

3.88%, 09/21/23(a)

    4,000       3,998,416  

Stellantis NV, 5.25%, 04/15/23

    9,400       9,558,766  

Volkswagen Group of America Finance LLC
0.75%, 11/23/22(a)(e)

    44,345       43,905,785  

0.88%, 11/22/23(a)

    14,000       13,440,740  

2.70%, 09/26/22(a)(e)

    2,145       2,144,333  

2.90%, 05/13/22(a)(e)

    35,500       35,515,633  

4.25%, 11/13/23(a)(e)

    13,000       13,156,349  
   

 

 

 
      331,115,763  
Banks — 23.4%            

Banco Santander SA
0.70%, 06/30/24 (Call 06/30/23)(b)

    21,200       20,496,026  

2.13%, 04/12/23,
(3 mo. LIBOR US + 1.120%)(b)

    10,000       10,058,804  

3.85%, 04/12/23

    9,291       9,372,228  

Bank of America Corp.

   

3.00%, 12/20/23 (Call 12/20/22),

   

(3 mo. LIBOR US + 0.790%)(b)

    58,985       58,846,706  

3.30%, 01/11/23

    25,000       25,201,082  

3.55%, 03/05/24 (Call 03/05/23),

   

(3 mo. LIBOR US + 0.780%)(b)

    30,000       30,019,139  

3.86%, 07/23/24 (Call 07/23/23),

   

(3 mo. LIBOR US + 0.940%)(b)

    10,000       10,023,319  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22(a)(e)

    $        20,000       $        19,972,910  

Barclays Bank PLC, 1.70%, 05/12/22

    15,000       15,002,855  

Barclays PLC, 1.84%, 05/16/24 (Call 05/16/23),

   

(3 mo. LIBOR US + 1.380%)(b)

    41,000       41,258,254  

BPCE SA
0.86%, 01/14/25,

(SOFR + 0.570%)(a)(b)

    3,110       3,089,059  

2.04%, 09/12/23,
(3 mo. LIBOR US + 1.240%)(a)(b)

    15,000       15,121,500  

3.00%, 05/22/22(a)

    17,993       18,005,844  

Canadian Imperial Bank of Commerce, 0.45%, 06/22/23

    27,480       26,765,569  

Citigroup Inc.
1.68%, 05/15/24 (Call 05/15/23),

   

(SOFR + 1.667%)(b)

    15,000       14,778,455  

1.91%, 10/27/22 (Call 09/27/22),

   

(3 mo. LIBOR US + 0.690%)(b)

    10,000       10,014,510  

2.70%, 10/27/22 (Call 09/27/22)(e)

    33,800       33,887,050  

2.88%, 07/24/23 (Call 07/24/22),

   

(3 mo. LIBOR US + 0.950%)(b)(e)

    13,250       13,247,547  

Cooperatieve Rabobank UA, 1.84%, 09/26/23,

   

(3 mo. LIBOR US + 0.860%)(a)(b)

    10,000       10,054,153  

Credit Suisse AG/New York NY, 0.52%, 08/09/23

    25,000       24,200,901  

Credit Suisse Group AG, 3.80%, 06/09/23

    8,500       8,526,600  

Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22

    19,380       19,489,874  

Deutsche Bank AG/New York NY
2.22%, 09/18/24 (Call 09/18/23),

   

(SOFR + 2.159%)(b)

    17,000       16,535,119  

Series E, 0.55%, 11/08/23,
(SOFR + 0.500%)(b)(e)

    13,790       13,709,632  

DNB Bank ASA, 1.11%, 03/28/25 (Call 03/28/24),

   

(3 mo. LIBOR US + 0.390%)(a)(b)(e)

    15,000       15,014,250  

Federation des Caisses Desjardins du Quebec, 0.48%, 05/21/24,
(SOFR + 0.430%)(a)(b)

    20,000       19,855,392  

Goldman Sachs Group Inc. (The)
0.52%, 03/08/23 (Call 09/08/22)(e)

    25,000       24,545,447  

1.22%, 12/06/23 (Call 12/06/22)

    28,860       28,028,386  

2.11%, 11/29/23,
(3 mo. LIBOR US + 1.600%)(b)

    13,800       13,963,564  

2.18%, 07/24/23 (Call 07/24/22),

   

(3 mo. LIBOR US + 1.000%)(b)

    5,000       4,999,192  

3.20%, 02/23/23 (Call 01/23/23)(e)

    7,583       7,609,697  

HSBC Holdings PLC
0.73%, 08/17/24 (Call 08/17/23),

   

(SOFR + 0.534%)(b)

    11,120       10,702,284  

1.98%, 03/11/25 (Call 03/11/24),

   

(3 mo. LIBOR US + 1.230%)(b)(e)

    13,000       12,993,569  

3.60%, 05/25/23(e)

    10,000       10,074,433  

Series ., 0.63%, 11/22/24 (Call 11/22/23),
(SOFR + 0.580%)(b)

    6,570       6,491,423  

Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22)(e)

    15,430       15,436,432  

JPMorgan Chase & Co.
0.70%, 03/16/24 (Call 03/16/23),

   

(SOFR + 0.580%)(b)

    2,000       1,954,835  

1.51%, 06/01/24 (Call 06/01/23),

   

(SOFR + 1.455%)(b)

    33,590       33,056,172  

3.25%, 09/23/22

    5,000       5,028,651  

3.56%, 04/23/24 (Call 04/23/23),

   

(3 mo. LIBOR US + 0.730%)(b)

    29,600       29,605,618  

KeyBank N.A./Cleveland OH, 0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(b)

    4,625       4,491,870  
Security   Par
(000)
    Value  
Banks (continued)            

Mitsubishi UFJ Financial Group Inc.
1.97%, 07/25/22,

(3 mo. LIBOR US + 0.790%)(b)

    $        3,000       $        3,002,216  

2.62%, 07/18/22(e)

    5,000       5,010,505  

2.67%, 07/25/22(e)

    5,000       5,011,055  

Mizuho Financial Group Inc.
1.13%, 05/25/24 (Call 05/25/23),

   

(3 mo. LIBOR US + 0.630%)(b)(e)

    10,000       9,978,783  

1.37%, 03/05/23,
(3 mo. LIBOR US + 0.790%)(b)(e)

    3,000       3,010,349  

1.65%, 09/13/23 (Call 09/13/22),

   

(3 mo. LIBOR US + 0.850%)(b)(e)

    25,000       25,036,118  

3.55%, 03/05/23(e)

    20,000       20,128,741  

Morgan Stanley

   

0.53%, 01/25/24 (Call 01/25/23),

   

(SOFR + 0.455%)(b)

    41,100       40,246,621  

0.56%, 11/10/23 (Call 11/10/22),

   

(SOFR + 0.466%)(b)

    5,500       5,424,495  

2.58%, 10/24/23 (Call 10/24/22),

   

(3 mo. LIBOR US + 1.400%)(b)

    23,700       23,784,591  

3.74%, 04/24/24 (Call 04/24/23),

   

(3 mo. LIBOR US + 0.847%)(b)

    20,000       19,990,698  

3.75%, 02/25/23(e)

    25,000       25,187,139  

National Bank of Canada, 0.54%, 08/06/24,

   

(SOFR + 0.490%)(b)(e)

    8,695       8,626,294  

Natwest Group PLC
1.98%, 05/15/23 (Call 05/15/22),

   

(3 mo. LIBOR US + 1.470%)(b)

    9,895       9,893,906  

2.52%, 06/25/24 (Call 06/25/23),

   

(3 mo. LIBOR US + 1.550%)(b)

    3,000       3,018,308  

3.50%, 05/15/23 (Call 05/15/22),
(3 mo. LIBOR US + 1.48%(b)(e)

    8,500       8,500,414  

3.88%, 09/12/23(e)

    20,000       20,058,097  

Skandinaviska Enskilda Banken AB, 1.45%, 12/12/22,
(3 mo. LIBOR US + 0.645%)(a)(b)(e)

    15,000       15,042,552  

Sumitomo Mitsui Financial Group Inc.
1.84%, 10/16/23,

(3 mo. LIBOR US + 0.800%)(b)(e)

    4,000       4,013,966  

2.78%, 07/12/22(e)

    5,000       5,011,902  

UBS AG/London, 0.50%, 08/09/24,

   

(SOFR + 0.450%)(a)(b)

    15,725       15,596,746  

UBS Group AG
1.70%, 05/23/23 (Call 05/23/22),

   

(3 mo. LIBOR US + 1.220%)(a)(b)

    20,000       20,009,055  

3.49%, 05/23/23 (Call 05/23/22)(a)

    20,000       20,026,237  

Wells Fargo & Co., 2.47%, 10/31/23 (Call 10/31/22),
(3 mo. LIBOR US + 1.230%)(b)

    14,000       14,054,316  
   

 

 

 
      1,041,191,455  
Beverages — 0.3%            

Keurig Dr Pepper Inc., 0.75%, 03/15/24

   

(Call 05/31/22)(e)

    11,955       11,407,116  
   

 

 

 
Biotechnology — 0.6%            

Gilead Sciences Inc., 0.75%, 09/29/23

   

(Call 05/10/22)(e)

    25,438       24,610,097  
   

 

 

 
Building Materials — 0.2%            

Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)(e)

    8,800       8,576,639  
   

 

 

 
Chemicals — 0.4%            

DuPont de Nemours Inc., 4.21%, 11/15/23

   

(Call 10/15/23)    

    2,000       2,025,994  

 

 

12  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Chemicals (continued)            

International Flavors & Fragrances Inc.
0.70%, 09/15/22(a)

    $      5,300     $ 5,269,266  

3.20%, 05/01/23 (Call 02/01/23)

    9,000       9,011,220  

Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/31/22)(e)

    1,254       1,254,805  
   

 

 

 
      17,561,285  
Computers — 0.5%            

Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)

    10,523       10,752,512  

International Business Machines Corp.
2.85%, 05/13/22

    7,500       7,504,284  

2.88%, 11/09/22(e)

    3,679       3,693,059  
   

 

 

 
      21,949,855  
Diversified Financial Services — 6.2%            

AerCap Ireland Capital DAC/AerCap Global

   

Aviation Trust

1.15%, 10/29/23(e)

    35,000       33,404,907  

4.63%, 07/01/22(e)

    20,500       20,565,526  

Air Lease Corp.
0.70%, 02/15/24 (Call 01/15/24)

    4,840       4,587,981  

1.18%, 12/15/22,
(3 mo. LIBOR US + 0.350%)(b)(e)

    28,600       28,566,029  

3.88%, 07/03/23 (Call 06/03/23)

    6,138       6,159,038  

American Express Co.
0.98%, 03/04/25 (Call 02/01/25),

   

(SOFR + 0.930%)(b)(e)

    8,930       8,989,856  

1.16%, 02/27/23 (Call 01/27/23),

   

(3 mo. LIBOR US + 0.650%)(b)(e)

    4,000       4,004,181  

2.50%, 08/01/22 (Call 07/01/22)(e)

    15,000       15,024,362  

3.40%, 02/27/23 (Call 01/27/23)(e)

    22,382       22,543,611  

3.40%, 02/22/24 (Call 01/22/24)(e)

    25,000       25,064,604  

Aviation Capital Group LLC, 3.88%, 05/01/23

   

(Call 04/01/23)(a)

    20,240       20,191,629  

Capital One Financial Corp.
2.60%, 05/11/23 (Call 04/11/23)(e)

    14,000       13,968,443  

3.20%, 01/30/23 (Call 12/30/22)(e)

    10,000       10,062,069  

Charles Schwab Corp. (The), 0.55%, 03/18/24

   

(Call 02/18/24), (SOFR + 0.500%)(b)

    34,500       34,456,644  

International Lease Finance Corp., 5.88%, 08/15/22(e)

    21,825       22,002,305  

Synchrony Financial, 4.38%, 03/19/24

   

(Call 02/19/24)(e)

    6,250       6,301,695  
   

 

 

 
      275,892,880  
Electric — 3.3%            

Dominion Energy Inc., Series D, 1.36%,
09/15/23 (Call 05/20/22),
(3 mo. LIBOR US + 0.530%)(b)(e)

    10,975       10,955,648  

Duke Energy Corp.
0.30%, 06/10/23, (SOFR + 0.250%)(b)(e)

    13,865       13,812,413  

3.05%, 08/15/22 (Call 05/31/22)(e)

    17,045       17,066,679  

NextEra Energy Capital Holdings Inc.
0.59%, 03/01/23, (SOFR + 0.540%)(b)(e)

    5,580       5,573,397  

0.65%, 03/01/23(e)

    24,670       24,272,967  

0.68%, 11/03/23 (Call 05/31/22),

   

(SOFR + 0.400%)(b)

    24,300       24,166,981  

0.75%, 02/22/23 (Call 05/31/22),

   

(3 mo. LIBOR US + 0.270%)(b)

    26,954       26,879,223  

Southern California Edison Co., 0.07%, 04/03/23

    26,240       25,677,969  
   

 

 

 
      148,405,277  
Security   Par
(000)
    Value  
Food — 0.3%            

General Mills Inc.
2.05%, 10/17/23,

(3 mo. LIBOR US + 1.010%)(b)(e)

    $      2,696     $ 2,726,466  

2.60%, 10/12/22 (Call 09/12/22)(e)

    9,135       9,139,707  
   

 

 

 
      11,866,173  
Gas — 0.6%            

Atmos Energy Corp., 0.63%, 03/09/23

   

(Call 05/16/22)(e)

    7,875       7,736,545  

ONE Gas Inc., 0.85%, 03/11/23
(Call 05/31/22)(e)

    20,000       19,650,288  
   

 

 

 
      27,386,833  
Health Care - Products — 0.4%            

Baxter International Inc., 0.49%, 11/29/24,

   

(SOFR + 0.440%)(a)(b)

    6,430       6,398,296  

Thermo Fisher Scientific Inc., 0.82%, 10/18/24

   

(Call 10/18/22), (SOFR + 0.530%)(b)

    12,850       12,796,159  
   

 

 

 
      19,194,455  
Health Care - Services — 1.7%            

Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)(e)

    4,555       4,571,317  

3.13%, 05/15/22

    27,616       27,631,027  

Humana Inc., 0.65%, 08/03/23 (Call 05/09/22)

    43,100       41,831,160  
   

 

 

 
      74,033,504  
Home Builders — 0.1%            

Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)(e)

    4,500       4,566,331  
   

 

 

 
Household Products & Wares — 0.2%            

Avery Dennison Corp., 0.85%, 08/15/24

   

(Call 08/15/22)(e)

    10,440       9,836,278  
   

 

 

 
Insurance — 0.4%            

MassMutual Global Funding II, 0.92%, 03/21/25, (SOFR + 0.270%)(a)(b)

    3,996       4,004,233  

Metropolitan Life Global Funding I, 0.96%, 03/21/25, (SOFR + 0.910%)(a)(b)

    8,745       8,775,172  

New York Life Global Funding, 2.90%, 01/17/24(a)

    5,000       4,974,700  
   

 

 

 
      17,754,105  
Internet — 0.3%            

Amazon.com Inc., 3.00%, 04/13/25(b)(e)

    14,825       14,778,005  
   

 

 

 
Machinery — 0.3%            

Caterpillar Financial Services Corp., 1.02%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b)

    9,600       9,626,006  

Rockwell Automation Inc., 0.35%, 08/15/23

   

(Call 08/15/22), (SOFR + 0.25000%)

    3,870       3,751,519  
   

 

 

 
      13,377,525  
Manufacturing — 0.6%            

Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22)

    9,115       8,801,123  

General Electric Co., 2.70%, 10/09/22

    17,655       17,697,232  
   

 

 

 
      26,498,355  
Media — 2.3%            

Charter Communications Operating LLC/Charter Communications Operating Capital

2.94%, 02/01/24 (Call 01/01/24),
(3 mo. LIBOR US + 1.650%)(b)

    18,300       18,639,087  

4.46%, 07/23/22 (Call 05/31/22)(e)

    74,155       74,282,030  

4.50%, 02/01/24 (Call 01/01/24)

    10,000       10,123,210  
   

 

 

 
      103,044,327  
Oil & Gas — 0.5%            

ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23)

    5,365       5,220,632  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par
(000)

    Value  
Oil & Gas (continued)            

Phillips 66, 0.90%, 02/15/24 (Call 05/31/22)(e)

    $      19,400     $ 18,628,701  
   

 

 

 
      23,849,333  
Pharmaceuticals — 5.4%            

AbbVie Inc.
2.30%, 11/21/22

    21,924       21,920,538  

2.90%, 11/06/22(e)

    50,000       50,132,701  

Bayer U.S. Finance II LLC
1.84%, 12/15/23 (Call 11/15/23),

   

(3 mo. LIBOR US + 1.010%)(a)(b)

    32,500       32,651,716  

3.88%, 12/15/23 (Call 11/15/23)(a)

    15,000       15,118,865  

Bristol-Myers Squibb Co., 2.60%, 05/16/22

    10,400       10,406,871  

Cigna Corp.
0.61%, 03/15/24 (Call 05/31/22)(e)

    9,360       8,920,107  

3.05%, 11/30/22 (Call 10/31/22)(e)

    19,937       20,029,674  

CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)(e)

    15,000       15,037,587  

3.50%, 07/20/22 (Call 05/20/22)(e)

    33,390       33,423,423  

Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)(e)

    9,760       9,736,004  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)

    20,000       20,310,683  
   

 

 

 
      237,688,169  
Pipelines — 1.4%            

Enbridge Inc.
0.45%, 02/17/23, (SOFR + 0.400%)(b)

    3,130       3,123,849  

0.55%, 10/04/23(e)

    2,805       2,702,168  

2.15%, 02/16/24

    7,980       7,798,535  

4.00%, 10/01/23 (Call 07/01/23)

    6,000       6,057,256  

Energy Transfer LP
3.45%, 01/15/23 (Call 10/15/22)

    10,000       10,020,049  

3.60%, 02/01/23 (Call 11/01/22)(e)

    6,400       6,411,515  

4.25%, 03/15/23 (Call 12/15/22)(e)

    8,000       8,060,333  

Kinder Morgan Energy Partners LP
3.50%, 09/01/23 (Call 06/01/23)(e)

    7,123       7,137,713  

4.30%, 05/01/24 (Call 02/01/24)(e)

    4,820       4,874,647  

Kinder Morgan Inc., 3.15%, 01/15/23
(Call 12/15/22)(e)

    6,309       6,325,868  
   

 

 

 
      62,511,933  
Retail — 1.2%            

7-Eleven Inc.
0.63%, 02/10/23 (Call 05/31/22)(a)(e)

    34,000       33,400,342  

0.80%, 02/10/24 (Call 05/31/22)(a)(e)

    15,600       14,862,015  

Starbucks Corp., 0.47%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)(b)

    4,130       4,133,872  
   

 

 

 
      52,396,229  
Semiconductors — 0.1%            

Analog Devices Inc., 0.52%, 10/01/24,
(SOFR + 0.250%)(b)

    5,025       5,001,108  
   

 

 

 
Software — 3.3%            

Fidelity National Information Services Inc., 0.38%, 03/01/23(e)

    32,634       32,026,458  

Fiserv Inc.

   

3.50%, 10/01/22 (Call 07/01/22)(e)

    25,675       25,746,409  

3.80%, 10/01/23 (Call 09/01/23)

    11,769       11,878,406  

Oracle Corp.

   

2.40%, 09/15/23 (Call 07/15/23)

    8,000       7,924,816  

2.50%, 10/15/22(e)

    23,441       23,450,825  

2.63%, 02/15/23 (Call 01/15/23)(e)

    10,780       10,784,006  
Security  

Par/

Shares

(000)

    Value  
Software (continued)            

VMware Inc., 0.60%, 08/15/23(e)

    $      34,000     $ 32,897,056  
   

 

 

 
      144,707,976  
Telecommunications — 1.5%            

AT&T Inc.
0.91%, 03/25/24 (Call 05/31/22),

   

(SOFR + 0.640%)(b)

    22,000       21,978,902  

1.98%, 06/12/24,
(3 mo. LIBOR US + 1.180%)(b)

    15,000       15,186,891  

Rogers Communications Inc., 2.95%, 03/15/25 (Call 03/15/23)(a)

    9,385       9,150,873  

Verizon Communications Inc.
0.80%, 03/22/24, (SOFR + 0.500%)(b)

    12,440       12,416,918  

1.61%, 05/15/25 (Call 03/15/25),

   

(3 mo. LIBOR US + 1.100%)(b)

    10,000       10,111,326  
   

 

 

 
      68,844,910  
Transportation — 1.0%            

Ryder System Inc.
2.88%, 06/01/22 (Call 05/31/22)

    20,000       20,025,266  

3.65%, 03/18/24 (Call 02/18/24)(e)

    19,000       18,933,901  

3.88%, 12/01/23 (Call 11/01/23)(e)

    5,000       5,039,284  
   

 

 

 
      43,998,451  
Trucking & Leasing — 0.7%            

Penske Truck Leasing Co. LP/PTL Finance
Corp. 2.70%, 03/14/23 (Call 02/14/23)(a)

    10,000       9,966,446  

4.13%, 08/01/23 (Call 07/01/23)(a)

    15,000       15,104,947  

4.88%, 07/11/22(a)

    4,901       4,928,870  
   

 

 

 
      30,000,263  
   

 

 

 

Total Corporate Bonds & Notes — 65.1%
(Cost: $2,933,848,702)

      2,890,089,244  
   

 

 

 

Money Market Funds

   

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.38%(f)(g)(h)

    60,065       60,065,271  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.34%(f)(g)

    446,610       446,610,000  
   

 

 

 

Total Money Market Funds — 11.4%
(Cost: $506,663,262)

      506,675,271  
   

 

 

 

Total Investments in Securities — 100.6%
(Cost: $4,527,925,280)

      4,468,486,216  

Other Assets, Less Liabilities — (0.6)%

      (27,505,864
   

 

 

 

Net Assets — 100.0%

    $ 4,440,980,352  
   

 

 

 

 

(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) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(d) 

Zero-coupon bond.

(e) 

All or a portion of this security is on loan.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

14  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

   BlackRock Short Maturity Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
10/31/21
   

Purchases

at Cost

    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 49,889,059     $ 10,193,143 (a)    $     $ (20,226   $  3,295     $ 60,065,271       60,065     $ 36,943 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    208,310,000       238,300,000 (a)                        446,610,000       446,610       153,334        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (20,226   $ 3,295     $ 506,675,271       $ 190,277     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

         
Currency Purchased   Currency Sold     Counterparty     Settlement Date   Unrealized
Appreciation
(Depreciation)
 
USD          9,116,021     EUR          8,473,000       BBP           06/15/22   $ 159,832  
USD        58,080,902     EUR        52,860,000       DB           06/15/22     2,206,455  
USD        53,202,546     GBP        40,763,000       BBP           06/15/22     1,943,335  
       

 

 

 
          4,309,622  
       

 

 

 

                    Net unrealized appreciation

  $ 4,309,622  
       

 

 

 

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:

 

   
     Foreign
Currency
Exchange
Contracts
 

Assets — Derivative Financial Instruments

 

Forward foreign currency exchange contracts

 

Unrealized appreciation on forward foreign currency exchange contracts

  $ 4,309,622  
 

 

 

 

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

   
     Foreign
Currency
Exchange
Contracts
 

Net Realized Gain (Loss) from:

 

Forward foreign currency exchange contracts

  $ 5,697,209  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Forward foreign currency exchange contracts

  $ 3,837,887  
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Forward foreign currency exchange contracts:

 

Average amounts purchased — in USD

  $ 486,450  

Average amounts sold — in USD

  $ 104,111,245  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

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

  15


Schedule of Investments (unaudited) (continued)

April 30, 2022

   BlackRock Short Maturity Bond 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:

       

Forward foreign currency exchange contracts

   $ 4,309,622        $  
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     4,309,622           

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

               
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

     4,309,622           
  

 

 

      

 

 

 

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

 

Counterparty     



Derivative
Assets
Subject to

an MNA by
Counterparty

 
 
 


 

      

Derivatives
Available for
Offset
 
 
 
      

Non-Cash
Collateral
Received
 
 
 
      

Cash
Collateral
Received
 
 
 
      

Net Amount
of Derivative
Assets
 
 
(a)(b)  

Barclays Bank PLC

     $2,103,167        $        $        $          $2,103,167  

Deutsche Bank Securities Inc.

     2,206,455                                     2,206,455  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
     $4,309,622        $             —        $             —        $             —          $    4,309,622  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 
  (b) 

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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  

Investments

                 

Assets

                 

Asset-Backed Securities

   $        $ 608,662,976        $        $ 608,662,976  

Certificates of Deposit

              29,993,253                   29,993,253  

Collaterized Mortgage Obligations

              338,447,363                   338,447,363  

Commercial Paper

              94,618,109                   94,618,109  

Corporate Bonds & Notes

              2,890,089,244                   2,890,089,244  

Money Market Funds

     506,675,271                            506,675,271  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   506,675,271        $ 3,961,810,945        $                     —        $ 4,468,486,216  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Forward Foreign Currency Exchange Contracts

   $        $ 4,309,622        $        $ 4,309,622  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

16  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

BlackRock Short Maturity Municipal Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Debt Obligations

   
Alabama — 4.3%            

Black Belt Energy Gas District RB
4.00%, 06/01/22

  $     170     $         170,330  

4.00%, 12/01/22

    240       243,144  

4.00%, 12/01/22

    750       758,653  

4.00%, 06/01/23

    240       244,391  

4.00%, 12/01/24

    1,250       1,277,215  

Series A, VRDN, 4.00%, 08/01/47 (Put
05/20/22)(a)(b)

    4,000       4,016,064  

Columbia Industrial Development Board RB, VRDN, 0.39%, 12/01/37 (Put 04/29/22)(a)(b)

    3,300       3,300,000  

Southeast Alabama Gas Supply District (The) RB, Series A, 4.00%, 06/01/22

    1,500       1,502,301  

Southeast Energy Authority A Cooperative District RB

   

Series A, 4.00%, 10/01/22

    355       357,606  

Series A, 4.00%, 10/01/23

    450       456,100  

Series B, 4.00%, 06/01/24

    1,200       1,221,662  
   

 

 

 
      13,547,466  
California — 0.6%            

California County Tobacco Securitization Agency RB, Series A, 4.00%, 06/01/22

    545       546,058  

State of California GO, 5.00%, 12/01/24

    1,190       1,267,883  
   

 

 

 
      1,813,941  
Colorado — 0.1%            

City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23

    250       259,571  
   

 

 

 
Connecticut — 2.0%            

Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22

    500       501,707  

State of Connecticut GO

   

Series A, 3.00%, 01/15/23

    2,000       2,017,876  

Series C, VRDN, 0.48%, 05/15/34 (Put 04/29/22)(a)(b)

    1,920       1,920,000  

Series C, 3.00%, 06/01/22

    900       901,140  

Series C, 5.00%, 07/15/22

    900       906,547  

State of Connecticut Special Tax Revenue ST, Series A, 5.00%, 05/01/22

    200       200,000  
   

 

 

 
      6,447,270  
District of Columbia — 2.7%            

District of Columbia RB, VRDN, 0.55%, 04/01/38 (Put 04/29/22)(a)(b)

    2,890       2,890,000  

Metropolitan Washington Airports Authority RB, 5.00%, 10/01/22

    1,200       1,215,068  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 10/01/53
(Put 10/01/29)(a)(b)(c)

    4,525       4,525,000  
   

 

 

 
      8,630,068  
Florida — 2.8%            

County of Martin FL RB, VRDN, 0.40%, 07/15/22 (Put 04/29/22)(a)(b)

    500       500,000  

County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23

    2,500       2,584,407  

County of Palm Beach FL RB, VRDN, 0.48%, 07/01/32 (Put 05/02/22)(a)(b)

    2,800       2,800,000  

Florida Development Finance Corp. RB, VRDN, 0.30%, 12/01/56 (Put 05/31/22)(a)(b)

    2,150       2,144,432  

Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23

    1,000       967,265  
   

 

 

 
      8,996,104  
Security  

Par

(000)

    Value  
Georgia — 7.9%            

Bartow County Development Authority RB, VRDN, 1.55%, 08/01/43 (Put 08/19/22)(a)(b)

  $     2,000     $         1,995,994  

Burke County Development Authority RB, VRDN, 2.25%, 10/01/32 (Put 05/25/23)(a)(b)

    2,000       1,985,544  

City of Atlanta GA TA, 5.00%, 12/01/22

    3,975       4,040,063  

Main Street Natural Gas Inc. RB

   

Series A, VRDN, 4.00%, 04/01/48 (Put 06/01/23)(a)(b)

    5,685       5,775,869  

Series D, VRDN, 1.14%, 08/01/48 (Put 09/01/23)(a)(b)

    5,000       4,975,170  

Monroe County Development Authority RB, VRDN, 0.39%, 06/01/49 (Put 04/29/22)(a)(b)

    3,700       3,700,000  

Municipal Electric Authority of Georgia RB, VRDN, 0.46%, 01/01/48 (Put 04/29/22)(a)(b)

    1,000       1,000,000  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 01/01/44 (Put 07/01/28) (AGM)(a)(b)(c)

    1,700       1,700,000  
   

 

 

 
      25,172,640  
Illinois — 3.4%            

County of Cook IL GO, 4.00%, 11/15/22

    1,395       1,411,630  

Illinois Development Finance Authority RB, VRDN, 0.48%, 02/01/33 (Put 04/29/22)(a)(b)

    2,000       2,000,000  

Illinois Finance Authority RB, VRDN, 0.45%, 01/01/37 (Put 05/02/22)(a)(b)

    3,300       3,300,000  

Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.48%, 03/01/33
(Put 05/06/22)(a)(b)(c)

    4,000       4,000,000  
   

 

 

 
      10,711,630  
Indiana — 3.2%            

City of Rockport IN RB, VRDN, 1.35%, 07/01/25 (Put 09/01/22)(a)(b)

    2,250       2,245,529  

Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23

    1,800       1,851,027  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.59%, 04/01/30
(Put 05/06/22)(a)(b)(c)

    6,000       6,000,000  
   

 

 

 
      10,096,556  
Iowa — 1.0%            

Iowa Finance Authority RB, VRDN, 0.49%, 12/01/41 (Put 04/29/22)(a)(b)(c)

    3,200       3,200,000  
   

 

 

 
Kansas — 2.2%            

City of Burlington KS RB

   

Series A, VRDN, 0.67%, 09/01/35 (Put 04/29/22)(a)(b)

    4,000       4,000,000  

Series B, VRDN, 0.67%, 09/01/35 (Put 04/29/22)(a)(b)

    3,000       3,000,000  
   

 

 

 
      7,000,000  
Kentucky — 8.4%            

County of Meade KY RB

   

VRDN, 0.60%, 08/01/61 (Put 04/29/22)(a)(b)

    7,600       7,600,000  

VRDN, 0.59%, 08/01/61 (Put 04/29/22)(a)(b)

    7,500       7,500,000  

Kentucky Public Energy Authority RB

   

4.00%, 02/01/23

    1,000       1,013,616  

Series A, VRDN, 4.00%, 04/01/48 (Put 01/02/24)(a)(b)

    3,930       4,004,065  

Kentucky State Property & Building Commission RB, Series A, 5.00%, 11/01/22

    1,000       1,016,571  

Louisville/Jefferson County Metropolitan Government RB, VRDN, 0.52%, 06/01/33 (Put 04/29/22)(a)(b)

    5,000       5,000,000  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 12/01/41 (Put 12/01/27) (AGM)(a)(b)(c)

    500       500,000  
   

 

 

 
      26,634,252  
Louisiana — 3.0%            

Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB, 5.00%, 08/01/22 (AGM)

    465       469,236  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Municipal Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Louisiana (continued)            

Lake Charles Harbor & Terminal District RB, VRDN, 1.00%, 12/01/51 (Put 12/01/24)(a)(b)

  $     4,325     $       4,091,761  

Louisiana Offshore Terminal Authority RB, VRDN, 1.65%, 09/01/27 (Put 12/01/23)(a)(b)

    400       392,594  

Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23)

    2,325       2,362,358  

Parish of St Charles LA RB, 4.00%, 12/01/40
(Put 06/01/22)(a)(b)

    2,345       2,348,661  
   

 

 

 
      9,664,610  
Massachusetts — 1.9%            

Massachusetts Educational Financing Authority RB

5.00%, 07/01/22

    1,445       1,451,835  

5.00%, 01/01/24

    2,500       2,582,732  

Massachusetts Housing Finance Agency RB

   

Series A, 0.30%, 12/01/23 (Call 06/01/22)

    1,000       951,862  

Series A, 0.40%, 06/01/24 (Call 06/01/23)

    1,000       959,541  
   

 

 

 
      5,945,970  
Michigan — 2.1%            

Michigan Finance Authority RB
0.40%, 10/15/23

    665       644,694  

5.00%, 10/15/22

    3,250       3,289,552  

5.00%, 11/01/22

    240       243,867  

5.00%, 12/01/22

    1,390       1,415,583  

Series A, 4.00%, 06/01/22

    1,000       1,001,776  
   

 

 

 
      6,595,472  
Minnesota — 0.6%            

City of Minneapolis MN RB, Class C, 0.33%, 11/15/48 (Put 04/29/22)(a)(b)

    2,050       2,050,000  
   

 

 

 
Mississippi — 3.6%            

Mississippi Business Finance Corp. RB

   

VRDN, 0.33%, 12/01/30 (Put 05/02/22)(a)(b)

    1,600       1,600,000  

Series A, VRDN, 0.47%, 12/01/30 (Put 05/02/22)(a)(b)

    10,000       10,000,000  
   

 

 

 
      11,600,000  
Missouri — 1.0%            

City of Kansas City MO RB, 5.00%, 09/01/22

    810       818,307  

County of Greene MO COP, Series A, 3.00%, 03/01/23

    350       353,409  

RBC Municipal Products Inc. Trust RB, VRDN, 0.49%, 09/01/39 (Put 05/06/22)(a)(b)(c)

    2,000       2,000,000  
   

 

 

 
      3,171,716  
Nebraska — 0.9%            

Central Plains Energy Project RB, VRDN, 5.00%, 03/01/50 (Put 10/01/23)(a)(b)

    1,000       1,028,529  

County of Douglas NE RB, 0.97%, 07/01/35

    2,000       1,950,722  
   

 

 

 
      2,979,251  
Nevada — 0.8%            

County of Clark Department of Aviation RB, 5.00%, 07/01/22

    2,165       2,176,806  

Nevada Housing Division RB, 0.25%, 12/01/22 (Call 05/20/22)

    485       480,648  
   

 

 

 
      2,657,454  
New Jersey — 13.2%            

Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22

    4,000       4,009,496  

New Jersey Economic Development Authority RB
5.00%, 06/15/22

    200       200,768  

5.25%, 09/01/24 (c)

    7,600       8,004,457  

Series A, 4.00%, 07/01/22

    2,000       2,007,336  

Series AAA, 5.00%, 06/15/22

    1,000       1,003,838  

Series B, 5.00%, 11/01/23 (SAP)

    1,450       1,498,634  
Security  

Par

(000)

    Value  
New Jersey (continued)            

Series B, 5.00%, 11/01/24

  $     1,010     $       1,062,325  

Series NN, 5.00%, 03/01/23

    1,000       1,022,281  

Series UU, 5.00%, 06/15/22

    2,000       2,007,676  

Series UU, 5.00%, 06/15/23

    1,575       1,617,741  

New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23

    1,500       1,549,686  

New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24

    500       525,060  

New Jersey Housing & Mortgage Finance Agency RB, 4.00%, 04/01/23

    1,290       1,309,149  

New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/22

    220       220,854  

Series A, 5.00%, 06/15/22

    2,750       2,760,266  

Series A, 5.00%, 06/15/24

    1,575       1,653,378  

Series A, 5.50%, 12/15/22

    1,430       1,461,396  

Series A, 5.50%, 12/15/22 (AGM-CR)

    190       194,194  

Series A, 5.50%, 12/15/23

    155       161,782  

Series B, 5.25%, 12/15/22 (AMBAC)

    910       928,134  

Series D, 5.00%, 12/15/23

    470       487,395  

Series D, 5.25%, 12/15/23

    1,275       1,327,197  

State of New Jersey GO, Series A, 4.00%, 06/01/23

    1,290       1,311,985  

Tobacco Settlement Financing Corp. RB,
Series A, 5.00%, 06/01/22

    3,000       3,008,067  

Township of Deptford NJ RB, Series A, 1.00%, 07/13/22

    1,478       1,477,297  

Township of Evesham NJ GO, 1.00%, 06/14/22

    988       987,090  
   

 

 

 
      41,797,482  
New Mexico — 0.2%            

New Mexico Municipal Energy Acquisition Authority RB, Series A, 4.00%, 05/01/22

    600       600,000  
   

 

 

 
New York — 6.4%            

Albany Industrial Development Agency RB, VRDN, 0.55%, 07/01/32 (Put 05/05/22)(a)(b)

    900       900,000  

Amherst Development Corp. RB, VRDN, 0.51%, 02/01/35 (Put 04/29/22)(a)(b)

    1,720       1,720,000  

City of New York NY GO, VRDN, 0.35%, 12/01/47 (Put 04/29/22)(a)(b)

    2,400       2,400,000  

Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD)

    1,425       1,470,415  

New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA)

    1,560       1,444,189  

New York City Transitional Finance Authority Future Tax Secured Revenue RB, VRDN, 0.36%, 02/01/44 (Put 04/29/22)(a)(b)

    3,200       3,200,000  

New York Transportation Development Corp. RB 5.00%, 12/01/22

    495       502,761  

Series A, 5.00%, 12/01/23

    1,250       1,285,794  

Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.47%, 09/01/26 (Put
05/06/22)(a)(b)(c)

    2,195       2,195,000  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 07/01/50 (Put
07/01/30)(a)(b)(c)

    2,000       2,000,000  

Town of Newburgh NY GOL, 1.00%, 05/18/22

    820       819,773  

Town of Oyster Bay NY GOL
4.00%, 03/01/23

    425       431,819  

5.00%, 08/15/22 (BAM)

    715       722,189  

Village of Kings Point NY RB, 1.00%, 07/22/22

    1,300       1,299,156  
   

 

 

 
      20,391,096  
North Carolina — 0.2%            

North Carolina Medical Care Commission RB, VRDN, 0.47%, 10/01/35 (Put 04/29/22)(a)(b)

    500       500,000  
   

 

 

 

 

 

18  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Municipal Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
North Dakota — 2.2%            

North Dakota Housing Finance Agency RB, VRDN, 0.44%, 07/01/36 (Put 05/06/22)(a)(b)

  $     6,875     $       6,875,000  
   

 

 

 
Ohio — 2.1%            

Akron Bath Copley Joint Township Hospital District RB

   

5.00%, 11/15/22

    225       228,295  

5.00%, 11/15/23

    325       337,185  

City of Cleveland OH GOL, Series A, 2.00%, 12/01/22

    300       300,832  

Ohio Higher Educational Facility Commission RB, VRDN, 0.41%, 01/01/39
(Put 04/29/22)(a)(b)

    5,975       5,975,000  
   

 

 

 
      6,841,312  
Oregon — 1.9%            

Oregon State Facilities Authority RB, VRDN, 0.32%, 08/01/34 (Put 04/29/22)(a)(b)

    6,100       6,100,000  
   

 

 

 
Pennsylvania — 5.2%            

Allegheny County Hospital Development Authority RB, 1.00%, 11/15/23(a)(b)

    1,500       1,500,005  

Butler County Industrial Development Authority/PA RB, VRDN, 0.53%, 05/01/34 (Put 05/02/22)(a)(b)

    2,200       2,200,000  

Connellsville Area School District GOL, 4.00%, 08/15/22 (BAM SAW)

    500       503,561  

Ephrata Area School District GO, 3.00%, 03/01/24

    1,000       1,007,895  

General Authority of Southcentral Pennsylvania RB, VRDN, 0.38%, 06/01/37
(Put 04/29/22)(a)(b)

    3,300       3,300,000  

Muhlenberg School District GOL, 4.00%, 05/15/22 (SAW)

    700       700,614  

Pennsylvania Economic Development Financing Authority RB, VRDN, 0.75%, 12/01/37
(Put 04/29/22)(a)(b)

    3,000       3,000,000  

Pennsylvania Housing Finance Agency RB 5.00%, 10/01/25

    500       539,509  

Series 133, 5.00%, 10/01/22

    380       385,353  

Philadelphia Gas Works Co. RB, Series A, 5.00%, 08/01/22

    1,315       1,325,932  

Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/22

    360       361,001  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 10/01/41
(Put 10/01/29)(a)(b)(c)

    1,620       1,620,000  
   

 

 

 
      16,443,870  
Puerto Rico — 1.0%            

Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22

    3,000       3,052,932  
   

 

 

 
South Carolina — 0.3%            

South Carolina Public Service Authority RB, VRDN, 0.50%, 01/01/36 (Put 04/29/22)(a)(b)

    900       900,000  
   

 

 

 
South Dakota — 0.6%            

South Dakota Housing Development Authority RB, VRDN, 0.45%, 11/01/62
(Put 04/29/22)(a)(b)

    1,780       1,780,000  
   

 

 

 
Tennessee — 0.6%            

Metropolitan Government Nashville & Davidson County Health & Educational Facility RB, 5.00%, 05/01/22

    535       535,000  

Tennergy Corp./TN

   

Series A, 4.00%, 09/01/22

    335       337,375  

Series A, 4.00%, 03/01/23

    375       380,114  

Series A, 4.00%, 09/01/23

    320       325,633  

Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23

    250       256,942  
   

 

 

 
      1,835,064  
Security   Par
(000)
    Value  
Texas — 13.5%            

Fort Bend Independent School District RB

   

0.55%, 05/27/22

  $     5,000     $       4,999,244  

0.60%, 05/27/22

    5,000       4,999,313  

Harris County Cultural Education Facilities Finance Corp. RB, VRDN, 5.00%, 06/01/32 (Put 09/01/22)(a)(b)

    4,000       4,071,820  

Port of Arthur Navigation District Industrial Development Corp. RB
VRDN, 0.49%, 12/01/40 (Put 05/02/22)(a)(b)

    7,000       7,000,000  

VRDN, 0.49%, 06/01/41 (Put 05/02/22)(a)(b)

    3,000       3,000,000  

State of Texas GO

   

VRDN, 0.47%, 12/01/43 (Put 05/06/22)(a)(b)

    9,700       9,700,000  

Series A, VRDN, 0.47%, 06/01/44 (Put 05/02/22)(a)(b)

    410       410,000  

Series A, VRDN, 0.47%, 06/01/45 (Put 04/29/22)(a)(b)

    2,910       2,910,000  

Tarrant County Cultural Education Facilities Finance Corp. RB, VRDN, 0.32%, 10/01/41 (Put 04/29/22)(a)(b)

    1,000       1,000,000  

Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.54%, 06/15/27
(Put 05/06/22)(a)(b)(c)

    1,500       1,500,000  

Texas Municipal Gas Acquisition & Supply Corp. III RB

   

5.00%, 12/15/22

    2,000       2,030,104  

5.00%, 12/15/23

    1,150       1,183,122  
   

 

 

 
      42,803,603  
Virginia — 0.1%            

Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23

    300       308,728  
   

 

 

 
Washington — 0.3%            

King County Housing Authority RB, 3.00%, 06/01/22

    250       250,290  

Washington Health Care Facilities Authority RB, VRDN, 5.00%, 08/01/49 (Put 02/01/25)(a)(b)

    800       840,096  
   

 

 

 
      1,090,386  
Wisconsin — 1.0%            

Public Finance Authority RB, 5.00%, 06/01/22

    175       175,462  

Wisconsin Health & Educational Facilities Authority RB, VRDN, 0.62%, 08/15/54 (Put 01/01/26)(a)(b)

    2,000       1,956,224  

Wisconsin Housing & Economic Development Authority RB, VRDN, 0.44%, 03/01/41 (Put 04/29/22)(a)(b)

    1,000       1,000,000  
   

 

 

 
      3,131,686  
   

 

 

 

Total Municipal Debt Obligations — 101.3%
(Cost $324,336,707)

 

    321,625,130  
   

 

 

 

Total Investments in Securities — 101.3%
(Cost: $324,336,707)

 

    321,625,130  
Other Assets, Less Liabilities — (1.3)%         (4,063,007)  
   

 

 

 
Net Assets — 100.0%         $317,562,123  
   

 

 

 

 

(a)  

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.

(b)  

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(c)  

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.

 

 

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

  19


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Short Maturity Municipal Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/22
    Shares
Held at
04/30/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Liquidity Funds: MuniCash(a)

  $     $       $        (3)(b)     $             3     $             —     $             —           $     11     $             —  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

(a) As of period end, the entity is no longer held.

(b) Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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  

Investments

         

Assets

         

Municipal Debt Obligations

  $                 —      $ 321,625,130      $                 —     $ 321,625,130  
 

 

 

    

 

 

    

 

 

   

 

 

 

See notes to financial statements.

 

 

20  

2 0 2 2    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2022

  

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Asset-Backed Securities

 

 

CarMax Auto Owner Trust 2.81%, 05/15/25

  $ 3,752     $ 3,751,689  

Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 06/15/24)

    1,662       1,660,499  

Ford Credit Auto Lease Trust
0.24%, 04/15/24 (Call 01/15/24)

    7,361       7,296,796  

3.06%, 10/15/24

    4,343       4,344,384  

Ford Credit Auto Owner Trust, 0.73%, 09/15/24 (Call 08/15/25)

    11,021       10,905,104  

Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 05/15/25)

    14,164       14,043,266  

Hyundai Auto Lease Securitization Trust
0.24%, 01/16/24 (Call 03/15/24)(a)

    14,741       14,580,326  

0.81%, 04/15/24 (Call 06/15/24)(a)

    10,000       9,861,733  

Toyota Auto Receivables, 2.35%, 01/15/25

    9,455       9,432,001  
   

 

 

 

Total Asset-Backed Securities — 1.2%
(Cost: $76,495,328)

      75,875,798  
   

 

 

 

Certificates of Deposit

 

Banco Santander SA, 0.62%, 08/01/22

    10,000       9,982,436  

Banco Santander SA/New York, 0.75%, 10/19/22, (SOFR + 0.450%)(b)

    10,000       10,000,139  

Bank of Montreal, 0.50%, 11/28/22

    7,000       6,935,419  

Barclays Bank PLC, 1.65%, 03/03/23

    15,000       14,896,899  

Barclays Bank PLC/NY, 0.57%, 02/03/23,
(SOFR + 0.300%)(b)

    30,000       29,958,136  

Bayerische Landesbank/New York
0.90%, 06/27/23

    15,000       14,821,625  

1.38%, 01/27/23, (3 mo. LIBOR US + 0.160%)(b)

    22,500       22,486,494  

BNP Paribas NY, 0.20%, 09/08/22

    35,000       34,841,396  

Canadian Imperial Bank of Commerce
0.35%, 11/02/22

    6,000       5,950,437  

1.39%, 09/12/22

    35,000       35,001,361  

Canadian Imperial Bank of Commerce/New York NY
0.50%, 08/24/22, (SOFR + 0.220%)(b)

    22,000       21,996,495  

0.56%, 03/03/23, (SOFR + 0.280%)(b)

    30,000       29,957,026  

0.58%, 01/06/23, (SOFR + 0.300%)(b)

    10,000       9,991,483  

Credit Industriel et Commercial/New York, 0.37%, 05/06/22,

   

(3 mo. LIBOR US + 0.5000%)(b)

    7,000       6,999,838  

Credit Suisse AG/New York NY, 0.50%, 10/28/22

    15,000       14,885,213  

Kookmin Bank/New York
0.58%, 01/30/23, (SOFR + 0.300%)(b)

    25,000       24,965,230  

0.60%, 02/09/23, (SOFR + 0.320%)(b)

    10,000       9,986,935  

0.60%, 02/21/23, (SOFR + 0.320%)(b)

    20,000       19,972,128  

0.68%, 12/02/22, (3 mo. LIBOR US + 0.180%)(b)

    10,000       10,002,880  

1.35%, 10/24/22, (3 mo. LIBOR US + 0.170%)(b)

    5,000       5,000,737  

Landesbank Baden-Wuerttemberg
0.34%, 10/21/22

    10,000       9,927,814  

0.81%, 06/03/22, (SOFR + 0.28000%)

    8,000       7,996,013  

Lloyds Bank Corp.
0.23%, 08/17/22

    6,700       6,677,059  

0.40%, 12/01/22

    16,000       15,845,779  

Lloyds Bank Corporate Markets PLC, 0.23%, 06/30/22

    15,000       14,980,635  

Lloyds Bank Corporate Markets PLC/New York NY, 0.55%, 02/03/23, (SOFR + 0.280%)(b)

    25,000       24,972,292  

Mitsubishi UFJ Financial Group, 0.25%, 05/05/22,
(SOFR + 0.466%)

    8,000       7,999,778  

Mizuho Bank Ltd./New York NY, 0.46%, 07/25/22,
(SOFR + 0.160%)(b)

    11,500       11,495,807  
Security  

Par

(000)

    Value  

MUFG Bank Ltd.
0.23%, 07/15/22

  $ 7,000     $ 6,985,690  

0.30%, 10/31/22

    7,500       7,440,330  

0.32%, 08/08/22

    5,000       4,985,744  

MUFG Bank Ltd/New York NY
0.55%, 01/24/23, (SOFR + 0.280%)(b)

    15,000       14,983,183  

0.55%, 01/27/23, (SOFR + 0.280%)(b)

    25,000       24,971,663  

Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)(b)

    12,000       11,999,163  

Natixis SA/New York NY, 0.56%, 02/07/23,
(SOFR + 0.280%)(b)

    10,000       9,987,810  

Nordea Bank Abp/New York NY, 0.46%, 10/27/22,
(SOFR + 0.190%)(b)

    20,000       19,979,828  

Oversea Chinese Bannking Corp., 0.17%, 06/03/22,
(3 mo. LIBOR US + 0.25%)

    10,130       10,123,821  

Royal Bank of Canada
0.20%, 08/16/22

    18,000       17,933,956  

0.37%, 11/10/22

    10,000       9,910,767  

0.40%, 11/15/22

    15,000       14,863,004  

0.53%, 01/11/23, (SOFR + 0.250%)(b)

    18,000       17,976,174  

Royal Bank of Canada/New York NY, 0.41%, 05/24/22, (SOFR + 0.130%)(b)

    10,000       9,999,797  

Standard Chartered Bank/New York
0.58%, 03/13/23, (SOFR + 0.300%)(b)

    30,000       29,953,549  

0.63%, 05/01/23, (SOFR + 0.350%)(b)

    25,000       24,964,987  

0.69%, 07/28/23, (SOFR + 0.420%)(b)

    15,000       14,994,400  

Sumitomo Mitsui Banking Corp., 2.70%, 04/25/23

    50,000       49,970,811  

Sumitomo Mitsui Banking Corp./New York
0.56%, 01/23/23, (SOFR + 0.280%)(b)

    20,000       19,971,846  

0.70%, 07/15/22

    10,000       9,997,751  

Sumitomo Mitsui Trust Bank, 0.25%, 05/11/22,
(SOFR + 0.28%)

    5,000       4,999,617  

Svenska Handelsbanken/New York NY
0.44%, 09/09/22, (SOFR + 0.170%)(b)

    10,000       9,993,875  

0.72%, 10/27/22, (SOFR + 0.190%)(b)

    15,000       14,984,871  

Toronto Dominion Bank
0.50%, 07/26/22

    20,000       19,964,584  

0.73%, 12/30/22

    8,000       7,917,643  

Toronto-Dominion Bank
0.53%, 07/05/22

    25,000       24,975,142  

1.75%, 10/21/22

    15,000       14,987,087  

2.69%, 04/28/23

    10,000       9,999,291  

Toronto-Dominion Bank/NY, 0.34%, 10/28/22

    7,000       6,943,114  

UBS AG/Stamford Branch, 1.68%, 10/20/22

    5,000       4,996,245  

Westpac Banking Corp., 2.25%, 01/23/23

    30,000       29,989,956  
   

 

 

 

Total Certificates of Deposit — 14.6%
(Cost: $922,323,732)

 

    920,273,183  
   

 

 

 

Commercial Paper

   

Amcor Flexibles North America
0.70%, 05/11/22(c)

    30,000       29,992,980  

1.09%, 06/09/22(c)

    30,000       29,962,895  

Ameren Corp.
0.70%, 05/12/22(c)

    22,614       22,608,325  

1.03%, 06/02/22(c)

    15,000       14,985,451  

American Electric Power Inc.
0.58%, 05/03/22(c)

    28,250       28,248,189  

0.59%, 05/04/22(c)

    20,000       19,998,358  

American Honda Financial, 1.26%, 07/06/22(c)

    20,000       19,952,664  

Amphenol Corp., 0.65%, 05/10/22(c)

    19,000       18,996,255  

Antalis SA, 1.40%, 08/04/22(c)     

    25,000       24,912,228  

 

 

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

  21


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

ANZ New Zealand International Ltd.
0.36%, 05/02/22(c)

  $ 30,000     $ 29,999,092  

1.86%, 10/21/22(c)

    25,000       24,776,389  

ASB Bank Ltd., 0.84%, 09/15/22,
(SOFR + 0.790%)(a)(b)

    18,250       18,280,323  

ASB Finance Ltd., 1.53%, 09/12/22(c)

    15,000       14,913,640  

AT&T Inc., 0.78%, 05/17/22(c)

    66,300       66,274,276  

AT+T Inc., 1.55%, 08/16/22(c)

    45,000       44,789,358  

Australia & New Zealand Banking Group Ltd., 1.20%, 07/28/22(c)

    10,000       9,970,000  

Avery Dennison Corp.
0.62%, 05/06/22(c)

    5,250       5,249,367  

0.67%, 05/10/22(c)

    7,965       7,963,382  

Barclays Bank PLC, Series 10-10.51%, 07/22/22,
(SOFR + 0.230%)(a)(b)

    10,000       9,998,670  

Base Aktiengesellsch
1.72%, 09/02/22(c)

    10,000       9,940,325  

2.14%, 10/03/22(c)

    17,400       17,239,051  

Baxter International, 0.56%, 05/02/22(c)

    37,037       37,035,262  

Bedford Row Funding Corp., 0.44%, 06/27/22,
(FEDL01 + 0.110%)(a)(b)

    15,000       14,995,920  

Bell Canada, 0.66%, 05/12/22(c)

    30,000       29,992,872  

BNZ Financial Funding Ltd., 0.82%, 06/13/22(c)

    7,500       7,492,313  

BNZ International Funding Ltd., 0.94%, 07/01/22(c)

    10,000       9,983,585  

BPCE SA
1.25%, 08/01/22(c)

    15,000       14,951,198  

2.43%, 03/01/23(c)

    13,500       13,227,125  

2.51%, 02/22/23(c)

    10,000       9,795,600  

Brookfield Infrastructure Holdings, 0.58%, 05/03/22(c)

    19,316       19,314,762  

Brookfield Renewable, 0.81%, 05/19/22(c)

    12,000       11,994,580  

Church & Dwight Co. Inc., 0.93%, 05/25/22(c)

    14,060       14,050,607  

Citigroup Global Markets Inc.
1.32%, 08/01/22(c)

    18,000       17,938,383  

2.20%, 01/03/23(c)

    20,000       19,699,817  

2.60%, 04/11/23(c)

    30,000       29,267,541  

Collateralized Commercial Paper Flex Co. LLC
0.27%, 08/18/22(a)

    15,000       14,947,561  

0.92%, 06/24/22(c)

    30,000       29,955,153  

Collateralized Commercial Paper V Co.
1.46%, 09/14/22(c)

    18,750       18,634,497  

1.66%, 10/14/22(c)

    12,650       12,543,622  

1.70%, 10/21/22(c)

    15,000       14,865,250  

Commonwealth Bank of Australia
0.63%, 10/14/22, (SOFR + 0.350%)(a)(b)

    15,000       15,000,000  

1.77%, 10/21/22(c)

    5,000       4,957,465  

Crown Point Capital Co., 0.30%, 10/04/22(a)

    10,000       9,939,342  

Disney (walt) Co. (The), 1.69%, 09/30/22(c)

    5,000       4,964,174  

DNB Bank ASA
1.73%, 10/19/22(c)

    5,000       4,958,696  

1.86%, 11/07/22(c)

    5,000       4,950,933  

2.41%, 03/02/23(c)

    10,000       9,798,915  

DZ Bank AG Deutsche Zentral, 1.36%, 08/12/22(c)

    6,260       6,235,260  

Enbridge Inc.
0.83%, 05/09/22(c)

    10,000       9,997,686  

0.95%, 05/18/22(c)

    20,000       19,990,004  

1.37%, 07/05/22(c)

    30,000       29,923,843  

Enel Finance America
1.07%, 06/08/22(c)

    8,860       8,849,496  

1.08%, 06/10/22(c)

    10,000       9,987,400  

1.27%, 07/08/22(c)

    12,000       11,970,437  

1.36%, 07/21/22(c)

    15,000       14,953,209  

1.45%, 08/03/22(c)

    15,100       15,042,016  
<
Security  

Par

(000)

    Value  

1.68%, 09/07/22(c)

  $ 10,000     $ 9,939,376  

1.73%, 09/15/22(c)

    28,000